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REVENUE RECOGNITION (Tables)
 6 Months Ended
Jun. 30, 2025
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 VantageDerivatives
Markets		Total
Three Months Ended June 30, 2025
Transaction and clearing fees$375.1 $— $492.6 $867.7 
Access and capacity fees— 101.2 — 101.2 
Market data fees17.0 56.4 9.0 82.4 
Regulatory fees71.3 — 25.5 96.8 
Other revenue24.2 0.7 0.5 25.4 
$487.6 $158.3 $527.6 $1,173.5 
Cash and Spot
Markets		Data VantageDerivatives
Markets		Total
Three Months Ended June 30, 2024
Transaction and clearing fees$283.6 $— $414.0 $697.6 
Access and capacity fees— 90.5 — 90.5 
Market data fees14.6 50.9 8.2 73.7 
Regulatory fees63.2 — 22.7 85.9 
Other revenue25.0 0.7 0.6 26.3 
$386.4 $142.1 $445.5 $974.0 
Cash and Spot
Markets		Data VantageDerivatives
Markets		Total
Six Months Ended June 30, 2025
Transaction and clearing fees$716.1 $— $984.2 $1,700.3 
Access and capacity fees— 199.0 — 199.0 
Market data fees32.7 110.4 17.1 160.2 
Regulatory fees192.0 — 66.6 258.6 
Other revenue47.7 1.4 1.3 50.4 
$988.5 $310.8 $1,069.2 $2,368.5 
Cash and Spot
Markets		Data VantageDerivatives
Markets		Total
Six Months Ended June 30, 2024
Transaction and clearing fees$588.8 $— $827.3 $1,416.1 
Access and capacity fees— 180.6 — 180.6 
Market data fees30.6 100.2 14.9 145.7 
Regulatory fees98.1 — 38.0 136.1 
Other revenue49.8 1.5 1.4 52.7 
$767.3 $282.3 $881.6 $1,931.2 
Schedule of Disaggregation of Revenue According to Segment
The following table depicts the disaggregation of revenue according to segment (in millions):
OptionsNorth
American
Equities 		Europe
and Asia
Pacific		FuturesGlobal FXDigital (1)Total
Three Months Ended June 30, 2025
Transaction and clearing fees$468.3 $300.2 $54.0 $24.3 $20.9 $— $867.7 
Access and capacity fees45.3 35.6 11.9 5.7 2.7 — 101.2 
Market data fees35.6 32.8 11.1 2.4 0.5 — 82.4 
Regulatory fees25.4 71.3 — 0.1 — — 96.8 
Other revenue1.2 1.9 22.0 — 0.3 — 25.4 
$575.8 $441.8 $99.0 $32.5 $24.4 $— $1,173.5 
Timing of revenue recognition
Services transferred at a point in time$494.9 $373.4 $76.0 $24.4 $21.2 $— $989.9 
Services transferred over time80.9 68.4 23.0 8.1 3.2 — 183.6 
$575.8 $441.8 $99.0 $32.5 $24.4 $— $1,173.5 
Three Months Ended June 30, 2024
Transaction and clearing fees$385.9 $227.2 $38.9 $28.1 $17.1 $0.4 $697.6 
Access and capacity fees41.6 30.6 10.0 5.5 2.8 — 90.5 
Market data fees31.0 30.3 9.8 2.2 0.4 — 73.7 
Regulatory fees22.6 63.2 — 0.1 — — 85.9 
Other revenue1.2 2.0 22.9 — 0.2 — 26.3 
$482.3 $353.3 $81.6 $35.9 $20.5 $0.4 $974.0 
Timing of revenue recognition
Services transferred at a point in time$409.7 $292.4 $61.8 $28.2 $17.3 $0.4 $809.8 
Services transferred over time72.6 60.9 19.8 7.7 3.2 — 164.2 
$482.3 $353.3 $81.6 $35.9 $20.5 $0.4 $974.0 
OptionsNorth
American
Equities		Europe
and Asia
Pacific		FuturesGlobal FXDigital (1)Total
Six Months Ended June 30, 2025
Transaction and clearing fees$932.8 $571.9 $104.8 $51.4 $39.4 $— $1,700.3 
Access and capacity fees89.3 70.1 22.8 11.3 5.5 — 199.0 
Market data fees69.2 63.8 21.4 4.9 0.9 — 160.2 
Regulatory fees66.5 192.0 — 0.1 — — 258.6 
Other revenue2.6 4.1 43.1 0.1 0.5 — 50.4 
$1,160.4 $901.9 $192.1 $67.8 $46.3 $— $2,368.5 
Timing of revenue recognition
Services transferred at a point in time$1,001.9 $768.0 $147.9 $51.6 $39.9 $— $2,009.3 
Services transferred over time158.5 133.9 44.2 16.2 6.4 — 359.2 
$1,160.4 $901.9 $192.1 $67.8 $46.3 $— $2,368.5 
Six Months Ended June 30, 2024
Transaction and clearing fees$775.7 $478.9 $77.7 $51.6 $32.6 $(0.4)$1,416.1 
Access and capacity fees83.3 60.3 20.1 11.2 5.6 0.1 180.6 
Market data fees60.1 61.0 19.5 4.4 0.7 — 145.7 
Regulatory fees37.9 98.1 — 0.1 — — 136.1 
Other revenue2.7 4.6 45.0 — 0.4 — 52.7 
$959.7 $702.9 $162.3 $67.3 $39.3 $(0.3)$1,931.2 
Timing of revenue recognition
Services transferred at a point in time$816.3 $581.6 $122.7 $51.7 $33.0 $(0.4)$1,604.9 
Services transferred over time143.4 121.3 39.6 15.6 6.3 0.1 326.3 
$959.7 $702.9 $162.3 $67.3 $39.3 $(0.3)$1,931.2 
__________________________
(1)The Digital segment results are prospectively included in the Futures segment beginning in the first quarter of 2025. Digital results from the three and six month periods ended June 30, 2024 have been retained in the former Digital segment for comparative purposes. See Note 1 (“Organization and Basis of Presentation”) for additional information.
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, 2024		Cash
Additions		Revenue
Recognized		Balance at
June 30, 2025
Liquidity provider sliding scale (1)$2.4 $4.8 $(3.6)$3.6 
Other, net (2)4.2 10.5 (7.7)7.0 
Total deferred revenue$6.6 $15.3 $(11.3)$10.6 
___________________________
(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.