Revenue Recognition (Tables)

3 Months Ended

Mar. 31, 2020

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). Amounts here have been aggregated as they follow consistent revenue recognition patterns, and are consistent with the segment information in Note 15:

	Trading and Clearing Segment		Data and Listings Segment		Total Consolidated
Three months ended March 31, 2020:
Transaction and clearing, net	$	1,364	$	—	$	1,364
Data services	—		564		564
Listings	—		112		112
Other revenues	75		—		75
Total revenues	1,439		676		2,115
Transaction-based expenses	556		—		556
Total revenues, less transaction-based expenses	$	883	$	676	$	1,559
Timing of Revenue Recognition
Services transferred at a point in time	$	766	$	—	$	766
Services transferred over time	117		676		793
Total revenues, less transaction-based expenses	$	883	$	676	$	1,559

	Trading and Clearing Segment		Data and Listings Segment		Total Consolidated
Three months ended March 31, 2019:
Transaction and clearing, net	$	862	$	—	$	862
Data services	—		546		546
Listings	—		111		111
Other revenues	64		—		64
Total revenues	926		657		1,583
Transaction-based expenses	313		—		313
Total revenues, less transaction-based expenses	$	613	$	657	$	1,270
Timing of Revenue Recognition
Services transferred at a point in time	$	528	$	—	$	528
Services transferred over time	85		657		742
Total revenues, less transaction-based expenses	$	613	$	657	$	1,270