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 data services and our securities listings businesses, which are both largely subscription-based. 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 segment expenses have been reclassified to conform to our current year’s segment financial statement presentation, as follows:


•	In 2018, we began tracking fixed income and credit revenues separately as a result of acquisitions.


•	Exchange data revenues increased by $76 million and $66 million in 2017 and 2016, respectively, and desktops and connectivity revenues decreased by the same amount as a result of reclassifying feeds revenues to be included with exchange data revenues.


•	Operating expenses for the Data and Listings segment increased by $55 million in 2016 while decreasing the operating expenses for the Trading and Clearing segment by the same amount.

Financial data for our business segments is as follows in 2018, 2017 and 2016 (in millions):



	Year Ended December 31, 2018						Year Ended December 31, 2017						Year Ended December 31, 2016
	Trading and Clearing Segment		Data and Listings Segment		Consolidated		Trading and Clearing Segment		Data and Listings Segment		Consolidated		Trading and Clearing Segment		Data and Listings Segment		Consolidated
Revenues:
Energy futures and options contracts	$	965	$	—	$	965	$	909	$	—	$	909	$	865	$	—	$	865
Agricultural and metals futures and options contracts	251		—		251		216		—		216		228		—		228
Financial futures and options contracts	354		—		354		326		—		326		318		—		318
Cash equities and equity options	1,624		—		1,624		1,491		—		1,491		1,780		—		1,780
Fixed income and credit	240		—		240		139		—		139		143		—		143
OTC and other transactions	49		—		49		50		—		50		50		—		50
Pricing and analytics	—		1,043		1,043		—		970		970		—		858		858
Exchange data and feeds	—		670		670		—		632		632		—		602		602
Desktops and connectivity	—		402		402		—		482		482		—		518		518
Listings	—		444		444		—		426		426		—		432		432
Other revenues	234		—		234		202		—		202		177		—		177
Revenues	3,717		2,559		6,276		3,333		2,510		5,843		3,561		2,410		5,971
Transaction-based expenses	1,297		—		1,297		1,205		—		1,205		1,459		—		1,459
Revenues, less transaction-based expenses	2,420		2,559		4,979		2,128		2,510		4,638		2,102		2,410		4,512
Operating expenses	911		1,485		2,396		781		1,478		2,259		826		1,514		2,340
Operating income	$	1,509	$	1,074	$	2,583	$	1,347	$	1,032	$	2,379	$	1,276	$	896	$	2,172

Revenue from one clearing member of the Trading and Clearing segment comprised $406 million, or 17% of our Trading and Clearing revenues in 2018. Revenue from two clearing members of the Trading and Clearing segment comprised $477 million, or 22% of our Trading and Clearing revenues in 2017. Revenue from one clearing member of the Trading and Clearing segment comprised $221 million, or 11% of our Trading and Clearing revenues in 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 in 2018, 2017 and 2016.

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, 2018	$	3,087	$	1,892	$	4,979
Year ended December 31, 2017	$	2,807	$	1,831	$	4,638
Year ended December 31, 2016	$	2,757	$	1,755	$	4,512
Net assets:
As of December 31, 2018	$	9,226	$	8,005	$	17,231
As of December 31, 2017	$	9,152	$	7,833	$	16,985
Property and equipment, net:
As of December 31, 2018	$	1,125	$	116	$	1,241
As of December 31, 2017	$	1,134	$	112	$	1,246

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