Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Summary of Commission Revenue by Fee Type

The following table presents commission revenue by fee type:

	Year Ended December 31,
	2025		2024		2023
	(In thousands)
Commission revenue by fee type
Variable transaction fees
Disclosed trading	$	376,599	$	361,252	$	323,038
Open Trading – matched principal trading		175,557		177,966		178,517
U.S. government bonds - matched principal trading		18,029		19,310		15,222
Other		30,263		20,016		4,979
Total variable transaction fees		600,448		578,544		521,756
Distribution fees and unused minimum fees		134,175		133,166		141,208
Total commissions	$	734,623	$	711,710	$	662,964

Summary of Information Services Revenue by Timing of Recognition

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

	Year Ended December 31,
	2025		2024		2023
	(In thousands)
Information services revenue by timing    of recognition
Services transferred over time	$	51,941	$	49,560	$	45,102
Services transferred at a point in time		1,289		980		1,281
Total information services revenues	$	53,230	$	50,540	$	46,383

Summary of Post-Trade Services Revenue by Timing of Recognition

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

	Year Ended December 31,
	2025		2024		2023
	(In thousands)
Post-trade services revenue by timing    of recognition
Services transferred over time	$	44,319	$	42,170	$	40,061
Services transferred at a point in time		172		317		117
Total post-trade services revenues	$	44,491	$	42,487	$	40,178

Summary of Technology Services Revenue by Timing of Recognition

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

	Year Ended December 31,
	2025		2024		2023
	(In thousands)
Technology services revenue by timing    of recognition
Services transferred over time	$	13,150	$	12,334	$	3,021
Services transferred at a point in time		774		26		1
Total technology services revenues	$	13,924	$	12,360	$	3,022

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			Revenue billed in advance of services to be performed		Revenue recognized for services performed during the period			Foreign Currency Translation		December 31, 2025
		(In thousands)
Information services	$		3,302	$	15,512	$	(15,471	)	$	—	$	3,343
Post-trade services			1,286		21,552		(21,553	)		91		1,376
Technology services			415		5,943		(6,046	)		—		312
Total deferred revenue	$		5,003	$	43,007	$	(43,070	)	$	91	$	5,031