Revenue Recognition (Tables)

6 Months Ended

Jun. 30, 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
Six Months Ended June 30, 2020:
Transaction and clearing, net	$	2,571	$	—	$	2,571
Data services	—		1,138		1,138
Listings	—		223		223
Other revenues	149		—		149
Total revenues	2,720		1,361		4,081
Transaction-based expenses	1,127		—		1,127
Total revenues, less transaction-based expenses	$	1,593	$	1,361	$	2,954
Timing of Revenue Recognition
Services transferred at a point in time	$	1,387	$	—	$	1,387
Services transferred over time	206		1,361		1,567
Total revenues, less transaction-based expenses	$	1,593	$	1,361	$	2,954

	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
Three Months Ended June 30, 2020:
Transaction and clearing, net	$	1,207	$	—	$	1,207
Data services	—		574		574
Listings	—		111		111
Other revenues	74		—		74
Total revenues	1,281		685		1,966
Transaction-based expenses	571		—		571
Total revenues, less transaction-based expenses	$	710	$	685	$	1,395
Timing of Revenue Recognition
Services transferred at a point in time	$	621	$	—	$	621
Services transferred over time	89		685		774
Total revenues, less transaction-based expenses	$	710	$	685	$	1,395

	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