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SEGMENT REPORTING (Tables)
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Summarized Financial Data of Reportable Segments
Summarized financial data of reportable segments were as follows (in millions):
Three Months Ended March 31,
2026
OptionsNorth American EquitiesEurope and Asia PacificFuturesGlobal FXCorporate Items and EliminationsTotal
Revenues$668.4 $415.7 $119.4 $38.9 $30.4 $— $1,272.8 
Cost of revenues200.8 304.5 34.5 3.1 1.0 — 543.9 
Revenues less cost of revenues467.6 111.2 84.9 35.8 29.4 — 728.9 
Depreciation and amortization8.2 11.4 6.7 0.6 2.6 — 29.5 
Other segment operating expenses (a)99.8 33.3 38.5 11.1 9.0 2.1 193.8 
Operating income (loss)$359.6 $66.5 $39.7 $24.1 $17.8 $(2.1)$505.6 
Non-operating income (expenses):
Interest expense (b)$— $— $(2.4)$— $— $(10.9)$(13.3)
Interest income (b)— 0.8 1.1 0.5 — 15.3 17.7 
Loss on investments, net (b)— (0.3)— — — (0.4)(0.7)
Other income (expense), net (b)0.2 0.1 (0.4)— — 6.3 6.2 
Income before income tax provision359.8 67.1 38.0 24.6 17.8 8.2 515.5 
Income tax provision (c)— 1.2 — — — 128.6 129.8 
Net income (loss) (d)$359.8 $65.9 $38.0 $24.6 $17.8 $(120.4)$385.7 
Three Months Ended March 31,
2025
OptionsNorth American EquitiesEurope and Asia PacificFuturesGlobal FXCorporate Items and EliminationsTotal
Revenues$584.6 $460.1 $93.1 $35.3 $21.9 $— $1,195.0 
Cost of revenues232.2 365.5 29.0 2.5 0.6 — 629.8 
Revenues less cost of revenues352.4 94.6 64.1 32.8 21.3 — 565.2 
Depreciation and amortization6.9 12.0 7.9 0.6 2.9 — 30.3 
Other segment operating expenses (a)87.6 38.2 34.2 11.6 8.1 1.3 181.0 
Operating income (loss)$257.9 $44.4 $22.0 $20.6 $10.3 $(1.3)$353.9 
Non-operating (expenses) income:
Interest expense (b)$— $— $(1.8)$— $— $(11.0)$(12.8)
Interest income (b)0.2 0.7 1.1 0.6 — 5.8 8.4 
Earnings (loss) on investments, net (b)— 0.3 — — — (3.6)(3.3)
Other (expense) income, net (b)— (0.6)(0.2)— 0.2 4.6 4.0 
Income (loss) before income tax provision (benefit)258.1 44.8 21.1 21.2 10.5 (5.5)350.2 
Income tax provision (benefit) (c)0.1 0.9 — — (0.1)98.7 99.6 
Net income (loss) (d)$258.0 $43.9 $21.1 $21.2 $10.6 $(104.2)$250.6 
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(a) Other segment operating expenses include compensation and benefits, technology support services, professional fees and outside services, travel and promotional expenses, facilities costs, acquisition-related costs, and other expenses. The disaggregation of expenses is not regularly provided to the CODM at the segment-level.
(b) Non-operating income (expenses) at the segment-level is not regularly provided to the CODM, however non-operating income (expenses) is a component of a measure that is regularly provided to the CODM, and therefore has been disclosed separately.
(c) Income tax provision (benefit) at the segment-level is not regularly provided to the CODM, however income tax provision (benefit) is a component of a measure that is regularly provided to the CODM, and therefore has been disclosed separately.
(d) Net income (loss) at the segment-level is not regularly provided to the CODM, however net income (loss) is a component of a measure that is regularly provided to the CODM, and therefore has been disclosed separately.
Schedule of Long-Lived Assets by Geographic Areas The following summarizes revenues less cost of revenues and long-lived assets by geographic area based on primary jurisdiction (in millions):
Revenues less cost of revenuesLong-lived assets
Three months endedThree months endedAs ofAs of
March 31, 2026March 31, 2025March 31, 2026December 31, 2025
United States$633.8 $492.1 $188.8 $184.5 
United Kingdom **26.2 30.0 
Other95.1 73.1 27.5 29.6 
Total$728.9 $565.2 $242.5 $244.1 
___________________________
*Jurisdiction is less than 10% of revenues less cost of revenues for the periods presented.
Revenue from External Customers by Geographic Areas The following summarizes revenues less cost of revenues and long-lived assets by geographic area based on primary jurisdiction (in millions):
Revenues less cost of revenuesLong-lived assets
Three months endedThree months endedAs ofAs of
March 31, 2026March 31, 2025March 31, 2026December 31, 2025
United States$633.8 $492.1 $188.8 $184.5 
United Kingdom **26.2 30.0 
Other95.1 73.1 27.5 29.6 
Total$728.9 $565.2 $242.5 $244.1 
___________________________
*Jurisdiction is less than 10% of revenues less cost of revenues for the periods presented.