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Condensed Consolidated Statements of Income - USD ($)
shares in Millions, $ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Revenues:        
Total revenues $ 1,055.7 $ 908.8 $ 2,986.9 $ 2,804.8
Cost of revenues:        
Total cost of revenues 523.7 428.3 1,439.0 1,385.8
Revenues less cost of revenues 532.0 480.5 1,547.9 1,419.0
Operating expenses:        
Compensation and benefits 119.1 96.1 350.5 313.0
Depreciation and amortization 31.8 38.8 100.9 120.0
Technology support services 25.5 25.0 74.3 75.5
Professional fees and outside services 21.9 24.4 69.2 68.7
Travel and promotional expenses 12.6 8.9 29.4 28.6
Facilities costs 5.9 6.2 18.5 20.0
Acquisition-related costs 0.0 0.8 1.2 7.9
Impairment of intangible assets 0.0 0.0 81.0 0.0
Other expenses 7.8 9.1 23.0 21.4
Total operating expenses 224.6 209.3 748.0 655.1
Operating income 307.4 271.2 799.9 763.9
Non-operating (expenses) income:        
Interest expense (12.8) (15.4) (38.6) (49.2)
Interest income 11.4 3.5 20.1 8.3
Earnings on investments 1.0 10.3 29.2 34.9
Other income (expense), net 2.0 0.5 (6.5) 2.2
Income before income tax provision 309.0 270.1 804.1 760.1
Income tax provision 90.5 61.9 235.7 210.7
Net income 218.5 208.2 568.4 549.4
Net income allocated to participating securities (1.1) (1.1) (3.0) (2.7)
Net income allocated to common stockholders 217.4 207.1 565.4 546.7
Net income allocated to common stockholders $ 217.4 $ 207.1 $ 565.4 $ 546.7
Basic earnings per share (in USD per share) $ 2.08 $ 1.96 $ 5.38 $ 5.17
Diluted earnings per share (in USD per share) $ 2.07 $ 1.95 $ 5.36 $ 5.15
Basic weighted average shares outstanding (in shares) 104.7 105.7 105.2 105.8
Diluted weighted average shares outstanding (in shares) 105.1 106.1 105.6 106.2
Cash and spot markets        
Revenues:        
Total revenues $ 434.1 $ 335.1 $ 1,201.4 $ 1,083.4
Data and access solutions        
Revenues:        
Total revenues 145.6 137.0 427.9 401.7
Derivatives markets        
Revenues:        
Total revenues 476.0 436.7 1,357.6 1,319.7
Liquidity payments        
Cost of revenues:        
Total cost of revenues 317.6 323.7 963.4 1,032.9
Routing and clearing        
Cost of revenues:        
Total cost of revenues 17.4 17.8 50.0 62.6
Section 31 fees        
Cost of revenues:        
Total cost of revenues 129.5 36.1 249.3 145.5
Royalty fees and other cost of revenues        
Cost of revenues:        
Total cost of revenues $ 59.2 $ 50.7 $ 176.3 $ 144.8