REVENUE RECOGNITION (Tables)

9 Months Ended

Sep. 30, 2024

Revenue from Contract with Customer [Abstract]

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 and Spot Markets		Data and Access Solutions		Derivatives Markets		Total
Three Months Ended September 30, 2024
Transaction and clearing fees	$	288.9	$	—	$	437.0	$	725.9
Access and capacity fees	—		94.2		—		94.2
Market data fees	15.5		50.7		7.3		73.5
Regulatory fees	107.9		—		31.1		139.0
Other revenue	21.8		0.7		0.6		23.1
	$	434.1	$	145.6	$	476.0	$	1,055.7

	Cash and Spot Markets		Data and Access Solutions		Derivatives Markets		Total
Three Months Ended September 30, 2023
Transaction and clearing fees	$	268.6	$	—	$	410.0	$	678.6
Access and capacity fees	—		87.7		—		87.7
Market data fees	18.7		48.6		9.3		76.6
Regulatory fees	30.3		—		16.7		47.0
Other revenue	17.5		0.7		0.7		18.9
	$	335.1	$	137.0	$	436.7	$	908.8

	Cash and Spot Markets		Data and Access Solutions		Derivatives Markets		Total
Nine Months Ended September 30, 2024
Transaction and clearing fees	$	877.7	$	—	$	1,264.3	$	2,142.0
Access and capacity fees	—		274.8		—		274.8
Market data fees	46.1		150.9		22.2		219.2
Regulatory fees	206.0		—		69.1		275.1
Other revenue	71.6		2.2		2.0		75.8
	$	1,201.4	$	427.9	$	1,357.6	$	2,986.9

	Cash and Spot Markets		Data and Access Solutions		Derivatives Markets		Total
Nine Months Ended September 30, 2023
Transaction and clearing fees	$	859.5	$	—	$	1,237.3	$	2,096.8
Access and capacity fees	—		258.8		—		258.8
Market data fees	54.3		140.8		25.9		221.0
Regulatory fees	121.6		—		54.3		175.9
Other revenue	48.0		2.1		2.2		52.3
	$	1,083.4	$	401.7	$	1,319.7	$	2,804.8

Schedule of disaggregation of revenue according to segment

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

	Options		North American Equities		Europe and Asia Pacific		Futures		Global FX		Digital		Total
Three Months Ended September 30, 2024
Transaction and clearing fees	$	405.3	$	231.0	$	40.5	$	31.7	$	17.4	$	—	$	725.9
Access and capacity fees	42.3		33.2		10.3		5.7		2.7		—		94.2
Market data fees	30.5		30.2		10.0		2.4		0.4		—		73.5
Regulatory fees	31.0		107.9		—		0.1		—		—		139.0
Other revenue	1.2		1.3		20.3		—		0.2		0.1		23.1
	$	510.3	$	403.6	$	81.1	$	39.9	$	20.7	$	0.1	$	1,055.7
Timing of revenue recognition
Services transferred at a point in time	$	437.5	$	340.2	$	60.8	$	31.8	$	17.6	$	0.1	$	888.0
Services transferred over time	72.8		63.4		20.3		8.1		3.1		—		167.7
	$	510.3	$	403.6	$	81.1	$	39.9	$	20.7	$	0.1	$	1,055.7
Three Months Ended September 30, 2023
Transaction and clearing fees	$	384.6	$	221.9	$	32.6	$	25.4	$	15.6	$	(1.5)	$	678.6
Access and capacity fees	40.4		29.6		9.3		5.7		2.6		0.1		87.7
Market data fees	31.4		33.4		9.2		2.2		0.4		—		76.6
Regulatory fees	16.6		30.3		—		0.1		—		—		47.0
Other revenue	1.2		1.9		15.7		—		0.1		—		18.9
	$	474.2	$	317.1	$	66.8	$	33.4	$	18.7	$	(1.4)	$	908.8
Timing of revenue recognition
Services transferred at a point in time	$	402.4	$	254.1	$	48.3	$	25.5	$	15.7	$	(1.5)	$	744.5
Services transferred over time	71.8		63.0		18.5		7.9		3.0		0.1		164.3
	$	474.2	$	317.1	$	66.8	$	33.4	$	18.7	$	(1.4)	$	908.8

	Options		North American Equities		Europe and Asia Pacific		Futures		Global FX		Digital		Total
Nine Months Ended September 30, 2024
Transaction and clearing fees	$	1,181.0	$	709.9	$	118.2	$	83.3	$	50.0	$	(0.4)	$	2,142.0
Access and capacity fees	125.6		93.5		30.4		16.9		8.3		0.1		274.8
Market data fees	90.6		91.2		29.5		6.8		1.1		—		219.2
Regulatory fees	68.9		206.0		—		0.2		—		—		275.1
Other revenue	3.9		5.9		65.3		—		0.6		0.1		75.8
	$	1,470.0	$	1,106.5	$	243.4	$	107.2	$	60.0	$	(0.2)	$	2,986.9
Timing of revenue recognition
Services transferred at a point in time	$	1,253.8	$	921.8	$	183.5	$	83.5	$	50.6	$	(0.3)	$	2,492.9
Services transferred over time	216.2		184.7		59.9		23.7		9.4		0.1		494.0
	$	1,470.0	$	1,106.5	$	243.4	$	107.2	$	60.0	$	(0.2)	$	2,986.9
Nine Months Ended September 30, 2023
Transaction and clearing fees	$	1,164.7	$	706.3	$	110.3	$	72.6	$	46.4	$	(3.5)	$	2,096.8
Access and capacity fees	119.6		87.0		27.4		16.5		7.9		0.4		258.8
Market data fees	89.4		96.8		27.5		6.2		1.1		—		221.0
Regulatory fees	54.1		121.6		—		0.2		—		—		175.9
Other revenue	4.0		5.8		42.2		—		0.3		—		52.3
	$	1,431.8	$	1,017.5	$	207.4	$	95.5	$	55.7	$	(3.1)	$	2,804.8
Timing of revenue recognition
Services transferred at a point in time	$	1,222.8	$	833.7	$	152.5	$	72.8	$	46.7	$	(3.5)	$	2,325.0
Services transferred over time	209.0		183.8		54.9		22.7		9.0		0.4		479.8
	$	1,431.8	$	1,017.5	$	207.4	$	95.5	$	55.7	$	(3.1)	$	2,804.8

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, 2023		Cash Additions		Revenue Recognized		Balance at September 30, 2024
Liquidity provider sliding scale (1)	$	—	$	7.2	$	(5.4)	$	1.8
Other, net (2)	6.1		11.4		(13.1)		4.4
Total deferred revenue	$	6.1	$	18.6	$	(18.5)	$	6.2

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(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.

(2)Other, net deferred revenue represents cash received for unsatisfied performance obligations of liability classified contract liabilities that have yet to be recognized as revenue in the condensed consolidated statements of income, which include but are not limited to: licensing fees, listing fees, adjustments related to ORF, membership fees, and data subscription fees.