Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2019

The following table presents commission revenue by fee type for the three months ended March 31, 2019 and 2018:

	Three Months Ended March 31,
	2019		2018
	(In thousands)
Commission revenue by fee type
Variable transaction fees
Disclosed trading	$	66,056	$	66,253
Open Trading - matched principal trading		23,036		13,524
Total variable transaction fees		89,092		79,777
Distribution fees and unused minimum fees		23,668		22,995
Total commissions	$	112,760	$	102,772

The following table presents information services revenue by timing of recognition for the three months ended March 31, 2019 and 2018:


	Three Months Ended March 31,
	2019		2018
	(In thousands)
Information services revenue by timing of recognition
Services transferred over time	$	7,219	$	6,842
Services transferred at a point in time		147		224
Total information services revenues	$	7,366	$	7,066

The following table presents post-trade services revenue by timing of recognition for the three months ended March 31, 2019 and 2018:

	Three Months Ended March 31,
	2019		2018
	(In thousands)
Post-trade services revenue by timing of recognition
Services transferred over time	$	4,087	$	4,287
Services transferred at a point in time		13		289
Total post-trade services revenues	$	4,100	$	4,576

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

	December 31, 2018		Payments received in advance of services to be performed		Revenue recognized for services performed during the period			Foreign Currency Translation		March 31, 2019
	(In thousands)
Information services	$	1,959	$	1,957	$	(1,799	)	$	—	$	2,117
Post-trade services		851		3,709		(3,152	)		20		1,428
Total deferred revenue	$	2,810	$	5,666	$	(4,951	)	$	20	$	3,545