Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2018

Financial data for our business segments is as follows for the three months ended March 31, 2018 and 2017 (in millions):



	Three Months Ended March 31, 2018						Three Months Ended March 31, 2017
	Trading and Clearing Segment		Data and Listings Segment		Consolidated		Trading and Clearing Segment		Data and Listings Segment		Consolidated
Revenues:
Energy futures and options contracts	$	235	$	—	$	235	$	228	$	—	$	228
Agricultural and metals futures and options contracts	65		—		65		56		—		56
Interest rates and other financial futures and options contracts	91		—		91		83		—		83
Cash equities and equity options	438		—		438		381		—		381
OTC and other transactions	69		—		69		50		—		50
Pricing and analytics	—		254		254		—		238		238
Exchange data	—		143		143		—		138		138
Desktops and connectivity	—		123		123		—		144		144
Listings	—		109		109		—		108		108
Other revenues	53		—		53		45		—		45
Revenues	951		629		1,580		843		628		1,471
Transaction-based expenses	355		—		355		305		—		305
Revenues, less transaction-based expenses	596		629		1,225		538		628		1,166
Operating expenses	207		368		575		200		384		584
Operating income	$	389	$	261	$	650	$	338	$	244	$	582