REVENUES

6 Months Ended

Jun. 30, 2023

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 June 30,				Six Months Ended June 30,
(in millions)	2022		2023		2022		2023
Transaction-based revenues:
Options	$	113	$	127	$	240	$	260
Cryptocurrencies	58		31		112		69
Equities	29		25		65		52
Other	2		10		3		19
Total transaction-based revenues	202		193		420		400
Net interest revenues:
Interest on corporate cash and investments	10		74		11		142
Margin interest	39		57		74		110
Interest on segregated cash and cash equivalents and deposits	6		52		7		97
Securities lending, net	23		27		47		53
Cash sweep	2		29		2		51
Interest expenses related to credit facilities	(6)		(5)		(12)		(11)
Total net interest revenues	74		234		129		442
Other revenues	42		59		68		85
Total net revenues	$	318	$	486	$	617	$	927

For our fully-paid securities lending program under which we borrow fully-paid shares from participating users and lend them to third parties (“Fully-Paid Securities Lending”), we earn revenue for lending certain securities based on demand for those securities and portions of such revenues are paid to participating users, and those payments are recorded as interest expense. For the three and six months ended June 30, 2023, such interest revenue earned was $13 million and $23 million and such interest expenses paid to participating users was $1 million and $3 million. The program was launched during the three months ended June 30, 2022 and such interest revenue earned and interest expenses paid to participating users in those periods were immaterial.

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 related to proxy revenues due from issuers 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, 2023	$	60	$	3
End of period, June 30, 2023	101		3
Changes during the period	$	41	$	—

The difference between the opening and ending balances of our contract receivables primarily results from increased revenues from our proxy services and timing differences between our performance and counterparties’ payments. We recognized all revenue from amounts included in the opening contract liability balances in the six months ended June 30, 2023.