Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2019

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