Segment and Geographic Information

9 Months Ended

Sep. 30, 2025

Segment Reporting [Abstract]

Segment and Geographic Information

15. Segment and Geographic Information

The Company’s end-to-end trading solutions comprise one reportable segment. The Company’s end-to-end trading solutions segment includes the operation of electronic platforms for the trading of fixed-income and other securities and related data, analytics, compliance tools, post-trade services and technology services. The Company derives revenue primarily in North America and Europe and manages its business activities on a consolidated basis. The Company considers its operations to constitute a single business segment due to the highly integrated nature of these products and services within the trading lifecycle, the use of a single inter-connected suite of technology solutions underlying all services, the financial markets in which the Company competes and the Company’s worldwide business activities.

The accounting policies of the Company’s reportable segment are the same as those described in the summary of significant accounting policies. The Company’s chief operating decision maker (“CODM”) assesses performance of the Company overall and decides how to allocate resources based on net income that is reported on the consolidated statement of operations as net income. The measure of segment assets is reported on the consolidated statement of financial condition as total assets. The Company’s CODM is its Chief Executive Officer. The CODM uses net income to evaluate income generated from segment assets in deciding whether to reinvest profits into the Company’s end-to-end trading solutions or into other areas, such as for acquisitions or to pay dividends. Net income is used to monitor budget versus actual results. The significant segment expenses and net income reviewed by the CODM conform to the presentation of such items in the consolidated statements of operations.

For the three and nine months ended September 30, 2025 and 2024, the U.K. was the only individual foreign country in which the Company had operations that accounted for 10.0% or more of total revenues or total long-lived assets. Revenues and long-lived assets are attributed to a geographic area based on the location of the client trading activity and receipt of services. Long-lived assets are defined as furniture, equipment, leasehold improvements and capitalized software. Revenues for the three and nine months ended September 30, 2025 and 2024, and long-lived assets as of September 30, 2025 and December 31, 2024 were as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
	(In thousands)
Revenues
United States	$	138,627	$	145,022	$	429,914	$	427,688
United Kingdom		44,656		41,897		131,955		121,008
Other		25,538		19,796		74,990		65,997
Total	$	208,821	$	206,715	$	636,859	$	614,693

	As of
	September 30, 2025		December 31, 2024
	(In thousands)
Long-lived assets, as defined
United States	$	99,193	$	92,983
United Kingdom		10,709		12,683
Other		1,720		1,632
Total	$	111,622	$	107,298