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.

Financial data for our business segments is as follows for the three months ended March 31, 2019 and 2018 (in millions):



	Three Months Ended March 31, 2019						Three Months Ended March 31, 2018
	Trading and Clearing Segment		Data and Listings Segment		Consolidated		Trading and Clearing Segment		Data and Listings Segment		Consolidated
Revenues:
Energy futures and options contracts	$	229	$	—	$	229	$	235	$	—	$	235
Agricultural and metals futures and options contracts	62		—		62		65		—		65
Financial futures and options contracts	83		—		83		91		—		91
Cash equities and equity options	390		—		390		438		—		438
Fixed income and credit	87		—		87		56		—		56
OTC and other transactions	11		—		11		13		—		13
Pricing and analytics	—		266		266		—		254		254
Exchange data and feeds	—		176		176		—		164		164
Desktops and connectivity	—		104		104		—		102		102
Listings	—		111		111		—		109		109
Other revenues	64		—		64		53		—		53
Revenues	926		657		1,583		951		629		1,580
Transaction-based expenses	313		—		313		355		—		355
Revenues, less transaction-based expenses	613		657		1,270		596		629		1,225
Operating expenses	228		377		605		207		368		575
Operating income	$	385	$	280	$	665	$	389	$	261	$	650

Revenue from one clearing member of the Trading and Clearing segment comprised $95 million, or 16% of our Trading and Clearing revenues for the three months ended March 31, 2019. Revenue from one clearing member of the Trading and Clearing segment comprised $104 million, or 18%, of our Trading and Clearing revenues for the three months ended March 31, 2018. 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 three months ended March 31, 2019 and 2018.