REVENUE

3 Months Ended

Mar. 31, 2022

Revenue from Contract with Customer [Abstract]

REVENUES

NOTE 3: REVENUES

Disaggregation of Revenues

The following table presents our revenue disaggregated by revenue source:

	Three Months Ended March 31,
(in millions)	2021		2022
Transaction-based revenues:
Options	$	198	$	127
Cryptocurrencies	88		54
Equities	133		36
Other	1		1
Total transaction-based revenues	420		218
Net interest revenues:
Margin interest	28		35
Securities lending	35		24
Interest on segregated cash and securities	1		1
Other interest revenue	1		1
Interest expenses related to credit facilities	(3)		(6)
Total net interest revenues	62		55
Other revenues	40		26
Total net revenues	$	522	$	299

Contract Balances

Contract receivables are recognized when we have an unconditional right to invoice and receive payment under a contract and are derecognized when cash is received. Transaction-based revenue receivables due from market makers are reported in receivables from brokers, dealers, and clearing organizations while other revenue receivables due from our relationship with a third-party investor communications company are reported in other current assets on the unaudited condensed consolidated balance sheets.

Contract liabilities, which consist of unearned subscription revenue, are recognized when users remit cash payments in advance of the time we satisfy our performance obligations and are recorded as other current liabilities on the unaudited condensed consolidated balance sheets.

The table below sets forth contract receivables and liabilities for the period indicated:

(in millions)	Contract Receivables		Contract Liabilities
Beginning of period, January 1, 2022	$	83	$	3
End of period, March 31, 2022	90		3
Changes during the period	$	7	$	—

The difference between the opening and ending balances of our contract receivables primarily results from timing differences between our performance and counterparties’ payments. We recognized substantially all revenue from amounts included in the opening contract liability balances in the three months ended March 31, 2022.