Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2025

Accounting Policies [Abstract]

Summary of Commission Revenue by Fee Type

The following table presents commission revenue by fee type:

	Three Months Ended March 31,
	2025		2024
	(In thousands)
Commission revenue by fee type
Variable transaction fees
Disclosed trading	$	95,455	$	94,778
Open Trading – matched principal trading		43,052		48,180
U.S. government bonds - matched principal trading		4,529		3,712
Other		4,955		4,849
Total variable transaction fees		147,991		151,519
Distribution fees and unused minimum fees		33,352		33,354
Total commissions	$	181,343	$	184,873

Summary of Information Services Revenue by Timing of Recognition

The following table presents information services revenue by timing of recognition:

	Three Months Ended March 31,
	2025		2024
	(In thousands)
Information services revenue by timing    of recognition
Services transferred over time	$	12,699	$	11,874
Services transferred at a point in time		205		7
Total information services revenues	$	12,904	$	11,881

Summary of Post-Trade Services Revenue by Timing of Recognition

The following table presents post-trade services revenue by timing of recognition:

	Three Months Ended March 31,
	2025		2024
	(In thousands)
Post-trade services revenue by timing    of recognition
Services transferred over time	$	11,049	$	10,540
Services transferred at a point in time		39		190
Total post-trade services revenues	$	11,088	$	10,730

Summary of Technology Services Revenue by Timing of Recognition

The following table presents technology services revenue by timing of recognition:

	Three Months Ended March 31,
	2025		2024
	(In thousands)
Technology services revenue by timing    of recognition
Services transferred over time	$	3,062	$	2,830
Services transferred at a point in time		179		4
Total technology services revenues	$	3,241	$	2,834

Summary of Revenue Recognized from Contract Liabilities and Remaining Balance

The revenue recognized from contract liabilities and the remaining balance is shown below:

	December 31, 2024			Payments received in advance of services to be performed		Revenue recognized for services performed during the period			Foreign Currency Translation		March 31, 2025
		(In thousands)
Information services	$		3,302	$	3,043	$	(3,713	)	$	—	$	2,632
Post-trade services			1,286		6,877		(6,251	)		39		1,951
Technology services			415		1,933		(1,980	)		—		368
Total deferred revenue	$		5,003	$	11,853	$	(11,944	)	$	39	$	4,951