Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2020

Accounting Policies [Abstract]

Summary of Commission Revenue by Fee Type

The following table presents commission revenue by fee type:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
	(In thousands)
Commission revenue by fee type
Variable transaction fees
Disclosed trading	$	80,354	$	69,541	$	260,233	$	202,905
Open Trading - matched principal trading		40,565		26,444		128,296		72,934
U.S. Treasuries - matched principal trading		2,264		—		9,851		—
Total variable transaction fees		123,183		95,985		398,380		275,839
Distribution fees and unused minimum fees		27,403		23,884		80,252		70,914
Total commissions	$	150,586	$	119,869	$	478,632	$	346,753

Summary of Information Services Revenue by Timing of Recognition

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

	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
	(In thousands)
Information services revenue by timing of recognition
Services transferred over time	$	8,227	$	7,203	$	23,852	$	21,472
Services transferred at a point in time		274		490		1,718		743
Total information services revenues	$	8,501	$	7,693	$	25,570	$	22,215

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 September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
	(In thousands)
Post-trade services revenue by timing of recognition
Services transferred over time	$	4,557	$	3,775	$	12,655	$	11,811
Services transferred at a point in time		132		9		241		29
Total post-trade services revenues	$	4,689	$	3,784	$	12,896	$	11,840

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			September 30, 2020
	(In thousands)
Information services	$	2,138	$	7,467	$	(6,093	)	$	—		$	3,512
Post-trade services		1,361		11,490		(11,234	)		(37	)		1,580
Total deferred revenue	$	3,499	$	18,957	$	(17,327	)	$	(37	)	$	5,092