Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2020

The following table presents commission revenue by fee type:

	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
	(In thousands)
Commission revenue by fee type
Variable transaction fees
Disclosed trading	$	95,634	$	67,308	$	179,879	$	133,364
Open Trading - matched principal trading		47,373		23,454		87,731		46,490
U.S. Treasuries - matched principal trading		3,024		—		7,587		—
Total variable transaction fees		146,031		90,762		275,197		179,854
Distribution fees and unused minimum fees		26,061		23,362		52,849		47,030
Total commissions	$	172,092	$	114,124	$	328,046	$	226,884

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
	(In thousands)
Information services revenue by timing of recognition
Services transferred over time	$	7,819	$	7,050	$	15,625	$	14,269
Services transferred at a point in time		608		106		1,444		253
Total information services revenues	$	8,427	$	7,156	$	17,069	$	14,522

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

	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
	(In thousands)
Post-trade services revenue by timing of recognition
Services transferred over time	$	3,948	$	3,949	$	8,098	$	8,036
Services transferred at a point in time		106		7		109		20
Total post-trade services revenues	$	4,054	$	3,956	$	8,207	$	8,056

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			June 30, 2020
	(In thousands)
Information services	$	2,138	$	4,314	$	(3,844	)	$	—		$	2,608
Post-trade services		1,361		7,395		(7,203	)		(93	)		1,460
Total deferred revenue	$	3,499	$	11,709	$	(11,047	)	$	(93	)	$	4,068