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Business Segment and Geographic Information
 9 Months Ended
Sep. 30, 2020
Segment Reporting [Abstract]  
Business Segment and Geographic Information Business Segment and Geographic Information
The Company operates electronic marketplaces for the trading of products across the rates, credit, equities and money markets asset classes and provides related pre-trade and post-trade services.  The Company’s operations constitute a single business segment because of the integrated nature of these marketplaces and services.  Information regarding revenue by client sector is as follows (in thousands):
Three Months EndedNine Months Ended
September 30,September 30,
2020201920202019
Gross revenue:
Institutional
$131,860 $120,858 $407,464 $341,167 
Wholesale
44,959 43,040 136,967 124,416 
Retail
17,453 20,169 59,495 61,314 
Market Data
18,598 16,914 55,657 51,361 
Total revenue
212,870 200,981 659,583 578,258 
Operating expenses
154,349 142,723 467,808 442,768 
Operating income
$58,521 $58,258 $191,775 $135,490 
The Company operates in the U.S. and internationally, primarily in the Europe and Asia regions. Revenues are attributed to geographic area based on the jurisdiction where the underlying transactions take place. The results by geographic region are not meaningful in understanding the Company's business. Long-lived assets are attributed to the geographic area based on the location of the particular subsidiary.
The following table provides a breakdown of revenue by geographic area for the three and nine months ended September 30, 2020 and 2019 (in thousands):
Three Months EndedNine Months Ended
September 30,September 30,
2020201920202019
U.S.
$136,785 $126,599 $422,114 $368,689 
International
76,085 74,382 237,469 209,569 
Gross Revenue$212,870 $200,981 $659,583 $578,258 
The following table provides information on the attribution of long-lived assets by geographic area as of September 30, 2020 and December 31, 2019 (in thousands):
September 30, 2020December 31, 2019
Long-lived assets
U.S.
$4,116,769 $4,200,133 
International
16,292 14,100 
Total
$4,133,061 $4,214,233