Revenue (Tables)

9 Months Ended

Sep. 30, 2020

Revenue from Contract with Customer [Abstract]

Breakdown of revenues between fixed and variable revenues

The breakdown of revenues between fixed and variable revenues, in thousands, for the three and nine months ended September 30, 2020 and 2019 is as follows:

	Three Months Ended				Three Months Ended
	September 30, 2020				September 30, 2019
	(in thousands)				(in thousands)
	Variable		Fixed		Variable		Fixed
Revenues
Transaction fees	$	94,122	$	26,460	$	87,574	$	25,172
Subscription Fees including Refinitiv market data fees	400		50,090		440		48,198
Commissions	29,497		10,096		27,840		9,750
Other	117		2,088		87		1,920
Gross revenue	$	124,136	$	88,734	$	115,941	$	85,040

	Nine Months Ended				Nine Months Ended
	September 30, 2020				September 30, 2019
	(in thousands)				(in thousands)
	Variable		Fixed		Variable		Fixed
Revenues
Transaction fees	$	305,848	$	77,704	$	246,066	$	73,272
Subscription Fees including Refinitiv market data fees	1,280		147,892		1,330		143,320
Commissions	90,079		30,122		78,785		29,415
Other	464		6,194		692		5,378
Gross revenue	$	397,671	$	261,912	$	326,873	$	251,385

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	87,153
Revenue recognized	(81,286)
Deferred revenue balance - September 30, 2020	$	29,857