Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2020

Accounting Policies [Abstract]

Summary of Commission Revenue by Fee Type

The following table presents commission revenue by fee type:

	Three Months Ended March 31,
	2020		2019
	(In thousands)
Commission revenue by fee type
Variable transaction fees
Disclosed trading	$	84,245	$	66,056
Open Trading - matched principal trading		40,358		23,036
U.S. Treasuries - matched principal trading		4,563		—
Total variable transaction fees		129,166		89,092
Distribution fees and unused minimum fees		26,788		23,668
Total commissions	$	155,954	$	112,760

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,
	2020		2019
	(In thousands)
Information services revenue by timing of recognition
Services transferred over time	$	7,806	$	7,219
Services transferred at a point in time		836		147
Total information services revenues	$	8,642	$	7,366

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,
	2020		2019
	(In thousands)
Post-trade services revenue by timing of recognition
Services transferred over time	$	4,150	$	4,087
Services transferred at a point in time		3		13
Total post-trade services revenues	$	4,153	$	4,100

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, 2019		Payments received in advance of services to be performed		Revenue recognized for services performed during the period			Foreign Currency Translation			March 31, 2020
	(In thousands)
Information services	$	2,138	$	2,103	$	(1,843	)	$	—		$	2,398
Post-trade services		1,361		4,014		(3,735	)		(88	)		1,552
Total deferred revenue	$	3,499	$	6,117	$	(5,578	)	$	(88	)	$	3,950