Condensed Consolidated Statements of Income (unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Revenues:
Total revenues	$ 1,272.8	$ 1,195.0
Cost of revenues:
Total cost of revenues	543.9	629.8
Revenues less cost of revenues	728.9	565.2
Operating expenses:
Compensation and benefits	127.9	116.2
Depreciation and amortization	29.5	30.3
Technology support services	27.6	25.6
Professional fees and outside services	18.3	20.8
Travel and promotional expenses	8.0	6.4
Facilities costs	6.2	6.2
Acquisition-related costs	0.0	0.2
Other expenses	5.8	5.6
Total operating expenses	223.3	211.3
Operating income	505.6	353.9
Non-operating income (expense):
Interest expense	(13.3)	(12.8)
Interest income	17.7	8.4
Loss on investments, net	(0.7)	(3.3)
Other income, net	6.2	4.0
Income before income tax provision	515.5	350.2
Income tax provision	129.8	99.6
Net income	385.7	250.6
Net income allocated to participating securities	(1.6)	(1.2)
Net income allocated to common stockholders	384.1	249.4
Net income allocated to common stockholders	$ 384.1	$ 249.4
Basic earnings per share (in USD per share)	$ 3.67	$ 2.38
Diluted earnings per share (in USD per share)	$ 3.66	$ 2.37
Basic weighted average shares outstanding (in shares)	104.7	104.7
Diluted weighted average shares outstanding (in shares)	105.0	105.1
Cash and spot markets
Revenues:
Total revenues	$ 482.2	$ 500.9
Data Vantage
Revenues:
Total revenues	181.3	152.5
Derivatives markets
Revenues:
Total revenues	609.3	541.6
Liquidity payments
Cost of revenues:
Total cost of revenues	446.1	394.8
Routing and clearing
Cost of revenues:
Total cost of revenues	20.0	19.6
Regulatory fees cost of revenues
Cost of revenues:
Total cost of revenues	0.0	153.1
Royalty fees and other cost of revenues
Cost of revenues:
Total cost of revenues	$ 77.8	$ 62.3