Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2021

The following table presents commission revenue by fee type:

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
	(In thousands)
Commission revenue by fee type
Variable transaction fees
Disclosed trading	$	84,581	$	95,634	$	183,399	$	179,879
Open Trading - matched principal trading		39,881		47,373		86,201		87,731
U.S. Treasuries - matched principal trading		2,637		3,024		5,897		7,587
Total variable transaction fees		127,099		146,031		275,497		275,197
Distribution fees and unused minimum fees		29,332		26,061		56,772		52,849
Total commissions	$	156,431	$	172,092	$	332,269	$	328,046

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
	(In thousands)
Information services revenue by timing of recognition
Services transferred over time	$	9,512	$	7,819	$	18,557	$	15,625
Services transferred at a point in time		332		608		449		1,444
Total information services revenues	$	9,844	$	8,427	$	19,006	$	17,069

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

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
	(In thousands)
Post-trade services revenue by timing of recognition
Services transferred over time	$	9,848	$	3,948	$	20,100	$	8,098
Services transferred at a point in time		—		106		9		109
Total post-trade services revenues	$	9,848	$	4,054	$	20,109	$	8,207

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


	December 31, 2020		Payments received in advance of services to be performed		Revenue recognized for services performed during the period			Foreign Currency Translation		June 30, 2021
	(In thousands)
Information services	$	3,203	$	5,060	$	(4,967	)	$	—	$	3,296
Post-trade services		1,045		8,395		(8,056	)		15		1,399
Total deferred revenue	$	4,248	$	13,455	$	(13,023	)	$	15	$	4,695