Revenue (Tables)

3 Months Ended

Mar. 31, 2020

Revenue

Breakdown of revenues between fixed and variable revenues

	Three Months Ended				Three Months Ended
	March 31, 2020				March 31, 2019
	(in thousands)				(in thousands)
	Variable		Fixed		Variable		Fixed
Revenues
Transaction fees	$	115,337	$	25,487	$	78,915	$	23,725
Subscription Fees including Refinitiv market data fees		465		48,646		455		47,606
Commissions		32,441		10,052		24,310		9,887
Other		110		2,068		303		1,591
Gross revenue	$	148,353	$	86,253	$	103,983	$	82,809

Schedule of recognized revenue and remaining deferred revenue balance

The recognized revenue and remaining balance is shown below (in thousands):

	Amount
Deferred revenue balance - December 31, 2019	$	23,990
New billings		29,273
Revenue recognized		(26,994)
Deferred revenue balance - March 31, 2020	$	26,269