Segment Reporting

12 Months Ended

Dec. 31, 2019

Our reportable 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 in 2019, 2018 and 2017 (in millions):



	Year Ended December 31, 2019						Year Ended December 31, 2018						Year Ended December 31, 2017
	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	$	992	$	—	$	992	$	965	$	—	$	965	$	909	$	—	$	909
Agricultural and metals futures and options contracts	251		—		251		251		—		251		216		—		216
Financial futures and options contracts	332		—		332		354		—		354		326		—		326
Cash equities and equity options	1,643		—		1,643		1,624		—		1,624		1,491		—		1,491



	Year Ended December 31, 2019						Year Ended December 31, 2018						Year Ended December 31, 2017
	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
Fixed income and credit	364		—		364		240		—		240		139		—		139
OTC and other transactions	45		—		45		49		—		49		50		—		50
Pricing and analytics	—		1,083		1,083		—		1,043		1,043		—		970		970
Exchange data and feeds	—		704		704		—		670		670		—		632		632
Desktops and connectivity	—		424		424		—		402		402		—		482		482
Listings	—		449		449		—		444		444		—		426		426
Other revenues	260		—		260		234		—		234		202		—		202
Revenues	3,887		2,660		6,547		3,717		2,559		6,276		3,333		2,510		5,843
Transaction-based expenses	1,345		—		1,345		1,297		—		1,297		1,205		—		1,205
Revenues, less transaction-based expenses	2,542		2,660		5,202		2,420		2,559		4,979		2,128		2,510		4,638
Operating expenses	1,033		1,496		2,529		911		1,485		2,396		781		1,478		2,259
Operating income	$	1,509	$	1,164	$	2,673	$	1,509	$	1,074	$	2,583	$	1,347	$	1,032	$	2,379

Revenue from one clearing member of the Trading and Clearing segment comprised $368 million, or 14% of our Trading and Clearing revenues, less transaction-based expenses in 2019. Revenue from one clearing member of the Trading and Clearing segment comprised $406 million, or 17% of our Trading and Clearing revenues less transaction-based expenses 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. 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 2019, 2018 and 2017.

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, 2019	$	3,290	$	1,912	$	5,202
Year ended December 31, 2018	$	3,087	$	1,892	$	4,979
Year ended December 31, 2017	$	2,807	$	1,831	$	4,638
Net assets:
As of December 31, 2019	$	9,038	$	8,248	$	17,286
As of December 31, 2018	$	9,226	$	8,005	$	17,231
Property and equipment, net:
As of December 31, 2019	$	1,353	$	183	$	1,536
As of December 31, 2018	$	1,125	$	116	$	1,241

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