DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Schedule of Concentration of Credit Risk

We derived transaction-based revenues from individual market makers in excess of 10% of total revenues, as follows:

	Year Ended December 31,
	2020		2021		2022
Market maker:
Citadel Securities, LLC	34	%	22	%	16	%
Entities affiliated with Susquehanna International Group, LLP(1)	18	%	12	%	8	%
Entities affiliated with Wolverine Holdings, L.P.(2)	10	%	10	%	8	%
Tai Mo Shan Limited(3)	—	%	15	%	3	%
All others individually less than 10%	13	%	18	%	24	%
Total as percentage of total revenue:	75	%	77	%	59	%

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(1)Consists of Global Execution Brokers, LP and G1X Execution Services, LLC

(2)Consists of Wolverine Execution Services, LLC and Wolverine Securities, LLC

(3)Member of Jump Trading Group

Schedule Of Property, Software and Equipment

Property, software, and equipment are stated at cost, net of accumulated depreciation and amortization. Depreciation and amortization is recorded on a straight-line basis over the useful life of the asset, which is as follows:

Property, Software, and Equipment	Useful Life
Computer equipment	3 years
Fixture and furniture	7 years
Tenant improvements	Shorter of estimated useful life or lease term
Internally developed software	3 years

Property, software, and equipment are presented net of accumulated depreciation and amortization and summarized as follows:

	Year Ended December 31,
(in millions)	2021		2022
Internally developed software	$	31	$	106
Leasehold improvements	64		52
Computer equipment	24		32
Furniture and fixtures	22		14
Construction in progress	44		23
Total	185		227
Less: accumulated depreciation and amortization	(39)		(81)
Property, software, and equipment, net	$	146	$	146