REVENUE RECOGNITION (Tables)

9 Months Ended

Sep. 30, 2022

REVENUE RECOGNITION

Schedule of disaggregated revenue contract types

The following table depicts the disaggregated revenue contract types listed above within each respective financial statement caption in the condensed consolidated statements of income (in millions):

	Cash		Data and
	and Spot		Access		Derivatives
	Markets		Solutions		Markets		Total
Three Months Ended September 30, 2022
Transaction and clearing fees	$	315.5	$	—	$	400.0	$	715.5
Access and capacity fees		—		81.8		—		81.8
Market data fees		19.9		43.1		8.0		71.0
Regulatory fees		90.4		—		24.5		114.9
Other revenue		8.4		1.2		0.7		10.3
	$	434.2	$	126.1	$	433.2	$	993.5
	Cash		Data and
	and Spot		Access		Derivatives
	Markets		Solutions		Markets		Total
Three Months Ended September 30, 2021
Transaction and clearing fees	$	301.2	$	—	$	331.7	$	632.9
Access and capacity fees		—		72.8		—		72.8
Market data fees		21.1		33.4		7.5		62.0
Regulatory fees		25.3		—		9.3		34.6
Other revenue		9.7		4.1		0.7		14.5
	$	357.3	$	110.3	$	349.2	$	816.8

	Cash		Data and
	and Spot		Access		Derivatives
	Markets		Solutions		Markets		Total
Nine Months Ended September 30, 2022
Transaction and clearing fees	$	1,070.2	$	—	$	1,150.2	$	2,220.4
Access and capacity fees		—		241.5		—		241.5
Market data fees		62.1		123.7		24.7		210.5
Regulatory fees		191.0		—		53.3		244.3
Other revenue		31.3		3.7		2.1		37.1
	$	1,354.6	$	368.9	$	1,230.3	$	2,953.8
	Cash		Data and
	and Spot		Access		Derivatives
	Markets		Solutions		Markets		Total
Nine Months Ended September 30, 2021
Transaction and clearing fees	$	1,042.8	$	—	$	971.5	$	2,014.3
Access and capacity fees		—		206.3		—		206.3
Market data fees		71.9		94.0		22.7		188.6
Regulatory fees		133.8		—		39.2		173.0
Other revenue		30.4		13.6		2.2		46.2
	$	1,278.9	$	313.9	$	1,035.6	$	2,628.4

Schedule of disaggregation of revenue according to segment

The following table depicts the disaggregation of revenue according to segment (in millions):

			North		Europe								Corporate
			American		and Asia				Global				Items and
	Options		Equities		Pacific		Futures		FX		Digital		Eliminations		Total
Three Months Ended September 30, 2022
Transaction and clearing fees	$	377.7	$	264.6	$	35.9	$	22.3	$	14.9	$	0.1	$	—	$	715.5
Access and capacity fees		38.6		27.8		8.1		5.0		2.3		—		—		81.8
Market data fees		26.4		34.0		8.4		1.9		0.3		—		—		71.0
Regulatory fees		24.4		90.4		—		0.1		—		—		—		114.9
Other revenue		1.8		1.9		6.5		—		0.1		—		—		10.3
	$	468.9	$	418.7	$	58.9	$	29.3	$	17.6	$	0.1	$	—	$	993.5
Timing of revenue recognition
Services transferred at a point in time	$	403.9	$	356.9	$	42.4	$	22.4	$	15.0	$	0.1	$	—	$	840.7
Services transferred over time		65.0		61.8		16.5		6.9		2.6		—		—		152.8
	$	468.9	$	418.7	$	58.9	$	29.3	$	17.6	$	0.1	$	—	$	993.5
Three Months Ended September 30, 2021
Transaction and clearing fees	$	308.4	$	253.2	$	36.2	$	23.2	$	11.9	$	—	$	—	$	632.9
Access and capacity fees		31.0		25.2		9.4		4.9		2.3		—		—		72.8
Market data fees		20.9		31.8		7.3		1.7		0.3		—		—		62.0
Regulatory fees		9.3		25.3		—		—		—		—		—		34.6
Other revenue		4.7		0.8		9.0		—		—		—		—		14.5
	$	374.3	$	336.3	$	61.9	$	29.8	$	14.5	$	—	$	—	$	816.8
Timing of revenue recognition
Services transferred at a point in time	$	322.4	$	279.3	$	45.2	$	23.2	$	11.9	$	—	$	—	$	682.0
Services transferred over time		51.9		57.0		16.7		6.6		2.6		—		—		134.8
	$	374.3	$	336.3	$	61.9	$	29.8	$	14.5	$	—	$	—	$	816.8

			North		Europe								Corporate
			American		and Asia				Global				Items and
	Options		Equities		Pacific		Futures		FX		Digital		Eliminations		Total
Nine Months Ended September 30, 2022
Transaction and clearing fees	$	1,079.0	$	899.9	$	126.6	$	71.1	$	43.6	$	0.2	$	—	$	2,220.4
Access and capacity fees		112.7		81.1		26.1		14.7		6.9		—		—		241.5
Market data fees		79.4		99.4		24.8		6.0		0.9		—		—		210.5
Regulatory fees		53.0		191.0		—		0.3		—		—		—		244.3
Other revenue		5.6		3.8		27.4		—		0.3		—		—		37.1
	$	1,329.7	$	1,275.2	$	204.9	$	92.1	$	51.7	$	0.2	$	—	$	2,953.8
Timing of revenue recognition
Services transferred at a point in time	$	1,137.6	$	1,094.7	$	154.0	$	71.4	$	43.9	$	0.2	$	—	$	2,501.8
Services transferred over time		192.1		180.5		50.9		20.7		7.8		—		—		452.0
	$	1,329.7	$	1,275.2	$	204.9	$	92.1	$	51.7	$	0.2	$	—	$	2,953.8
Nine Months Ended September 30, 2021
Transaction and clearing fees	$	900.3	$	903.0	$	104.2	$	71.0	$	35.8	$	—	$	—	$	2,014.3
Access and capacity fees		90.0		72.4		23.7		13.6		6.6		—		—		206.3
Market data fees		62.4		104.1		16.4		5.0		0.7		—		—		188.6
Regulatory fees		39.1		133.8		—		0.1		—		—		—		173.0
Other revenue		14.9		2.5		28.5		—		—		—		0.3		46.2
	$	1,106.7	$	1,215.8	$	172.8	$	89.7	$	43.1	$	—	$	0.3	$	2,628.4
Timing of revenue recognition
Services transferred at a point in time	$	954.3	$	1,039.3	$	132.7	$	71.1	$	35.8	$	—	$	0.3	$	2,233.5
Services transferred over time		152.4		176.5		40.1		18.6		7.3		—		—		394.9
	$	1,106.7	$	1,215.8	$	172.8	$	89.7	$	43.1	$	—	$	0.3	$	2,628.4

Schedule of revenue recognized from contract liabilities and the remaining balance

The revenue recognized from contract liabilities and the remaining balance is shown below (in millions):

	Balance at December 31, 2021		Cash Additions		Revenue Recognized		Balance at September 30, 2022
Liquidity provider sliding scale (1)	$	—	$	7.2	$	(5.4)	$	1.8
Other, net		15.3		12.9		(14.3)		13.9
Total deferred revenue	$	15.3	$	20.1	$	(19.7)	$	15.7

(1) Liquidity providers are eligible to participate in the sliding scale program, which involves prepayment of transaction fees, and to receive reduced fees based on the achievement of certain volume thresholds within a calendar month. These transaction fees are amortized and recorded ratably as the transactions occur over the period.