Segment Reporting

We operate two business segments: our Trading and Clearing segment and our Data and Listings segment. This presentation is reflective of how our chief operating decision maker reviews and operates our business. Our Trading and Clearing segment comprises our transaction-based execution and clearing businesses. Our Data and Listings segment comprises our subscription-based data services and securities listings businesses. Our chief operating decision maker does not review total assets or statements of income below operating income by segments; therefore, such information is not presented below. Our two segments do not engage in intersegment transactions.

Certain prior year’s segment expenses for the year ended December 31, 2016 have been reclassified to conform to our current year’s segment financial statement presentation. This reclassification increased the operating expenses for the Data and Listings segment by $55 million, while decreasing the operating expenses for the Trading and Clearing segment by the same amount.

Financial data for our business segments is as follows for the years ended December 31, 2017, 2016 and 2015 (in millions):



	Trading and Clearing Segment		Data and Listings Segment		Consolidated
Year Ended December 31, 2017
Revenues, less transaction-based expenses	$	2,128	$	2,501	$	4,629
Operating expenses	779		1,471		2,250
Operating income	1,349		1,030		2,379
Year Ended December 31, 2016
Revenues, less transaction-based expenses	$	2,102	$	2,397	$	4,499
Operating expenses	825		1,507		2,332
Operating income	1,277		890		2,167
Year Ended December 31, 2015
Revenues, less transaction-based expenses	$	2,062	$	1,276	$	3,338
Operating expenses	915		673		1,588
Operating income	1,147		603		1,750

Revenue from two clearing members of the Trading and Clearing segment comprised a combined $477 million or 22% of our Trading and Clearing revenues for the year ended December 31, 2017 and revenue from one clearing member of the Trading and Clearing segment comprised $221 million or 11% of our Trading and Clearing revenues for the year ended December 31, 2016. Clearing members are primarily intermediaries and represent a broad range of principal trading firms. If a clearing member ceased its operations, we believe that the trading firms would continue to conduct transactions and would clear those transactions through another clearing member firm. No additional customers or clearing members accounted for more than 10% of our segment revenues or consolidated revenues for the years ended December 31, 2017, 2016 and 2015.

Geographical Information

The following represents our revenues, less transaction-based expenses, net assets and net property and equipment based on the geographic location (in millions):



	United States		Foreign Countries		Total
Revenues, less transaction-based expenses:
Year ended December 31, 2017	$	2,794	$	1,835	$	4,629
Year ended December 31, 2016	$	2,744	$	1,755	$	4,499
Year ended December 31, 2015	$	1,973	$	1,365	$	3,338
Net assets:
As of December 31, 2017	$	9,124	$	7,828	$	16,952
As of December 31, 2016	$	7,877	$	7,913	$	15,790
Property and equipment, net:
As of December 31, 2017	$	1,134	$	112	$	1,246
As of December 31, 2016	$	1,009	$	120	$	1,129

The foreign countries category above primarily relates to the U.K. and to a lesser extent, EU, Israel, Canada and Singapore.