REVENUES

9 Months Ended

Sep. 30, 2022

Revenue from Contract with Customer [Abstract]

REVENUES

NOTE 4: REVENUES

Disaggregation of Revenues

The following table presents our revenue disaggregated by revenue source:

	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2021		2022		2021		2022
Transaction-based revenues:
Options	$	164	$	124	$	527	$	364
Cryptocurrencies	51		51		372		163
Equities	50		31		235		96
Other	2		2		4		5
Total transaction-based revenues	267		208		1,138		628
Net interest revenues:
Margin interest	34		48		93		122
Securities lending, net	33		29		107		76
Interest on investments and corporate cash	—		29		1		40
Interest on segregated cash and cash equivalents and deposits	1		20		3		27
Cash sweep	1		8		3		10
Interest expenses related to credit facilities	(6)		(6)		(14)		(18)
Total net interest revenues	63		128		193		257
Other revenues	35		25		121		93
Total net revenues	$	365	$	361	$	1,452	$	978

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, September 30, 2022	73		3
Changes during the period	$	(10)	$	—

The difference between the opening and ending balances of our contract receivables primarily results from lower transaction-based revenue driven by the market environment which had a negative impact on the number of traders and notional trading volume and timing differences between our performance and counterparties’ payments. We recognized all revenue from amounts included in the opening contract liability balances in the nine months ended September 30, 2022.