Revenue Recognition (Tables)

6 Months Ended

Jun. 30, 2019

Revenue from Contract with Customer [Abstract]

Schedule of Revenue Recognition

The following table depicts the disaggregation of our revenue according to business line and segment (in millions). Segment totals here are consistent with the segment totals in Note 15:

	Trading and Clearing Segment		Data and Listings Segment		Total Consolidated
Six months ended June 30, 2019:
Transaction and clearing, net	$	1,769	$	—	$	1,769
Data services	—		1,099		1,099
Listings	—		222		222
Other revenues	127		—		127
Total revenues	1,896		1,321		3,217
Transaction-based expenses	649		—		649
Total revenues, less transaction-based expenses	$	1,247	$	1,321	$	2,568
Timing of Revenue Recognition
Services transferred at a point in time	$	1,075	$	—	$	1,075
Services transferred over time	172		1,321		1,493
Total revenues, less transaction-based expenses	$	1,247	$	1,321	$	2,568

	Trading and Clearing Segment		Data and Listings Segment		Total Consolidated
Six months ended June 30, 2018:
Transaction and clearing, net	$	1,762	$	—	$	1,762
Data services	—		1,046		1,046
Listings	—		220		220
Other revenues	108		—		108
Total revenues	1,870		1,266		3,136
Transaction-based expenses	665		—		665
Total revenues, less transaction-based expenses	$	1,205	$	1,266	$	2,471
Timing of Revenue Recognition
Services transferred at a point in time	$	1,030	$	—	$	1,030
Services transferred over time	175		1,266		1,441
Total revenues, less transaction-based expenses	$	1,205	$	1,266	$	2,471

	Trading and Clearing Segment		Data and Listings Segment		Total Consolidated
Three months ended June 30, 2019
Transaction and clearing, net	$	907	$	—	$	907
Data services	—		553		553
Listings	—		111		111
Other revenues	63		—		63
Total revenues	970		664		1,634
Transaction-based expenses	336		—		336
Total revenues, less transaction-based expenses	$	634	$	664	$	1,298
Timing of Revenue Recognition
Services transferred at a point in time	$	547	$	—	$	547
Services transferred over time	87		664		751
Total revenues, less transaction-based expenses	$	634	$	664	$	1,298

	Trading and Clearing Segment		Data and Listings Segment		Total Consolidated
Three months ended June 30, 2018
Transaction and clearing, net	$	864	$	—	$	864
Data services	—		526		526
Listings	—		111		111
Other revenues	55		—		55
Total revenues	919		637		1,556
Transaction-based expenses	310		—		310
Total revenues, less transaction-based expenses	$	609	$	637	$	1,246
Timing of Revenue Recognition
Services transferred at a point in time	$	521	$	—	$	521
Services transferred over time	88		637		725
Total revenues, less transaction-based expenses	$	609	$	637	$	1,246