REVENUES

9 Months Ended

Sep. 30, 2023

Revenue from Contract with Customer [Abstract]

REVENUES

NOTE 5: 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)	2022		2023		2022		2023
Transaction-based revenues:
Options	$	124	$	124	$	364	$	384
Cryptocurrencies	51		23		163		92
Equities	31		27		96		79
Other	2		11		5		30
Total transaction-based revenues	208		185		628		585
Net interest revenues:
Interest on corporate cash and investments	29		75		40		217
Margin interest	48		67		122		177
Interest on segregated cash and cash equivalents and deposits	20		59		27		156
Cash sweep	8		35		10		86
Securities lending, net	29		17		76		70
Credit card, net	—		4		—		4
Interest expenses related to credit facilities	(6)		(6)		(18)		(17)
Total net interest revenues	128		251		257		693
Other revenues	25		31		93		116
Total net revenues	$	361	$	467	$	978	$	1,394

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. The program was launched during the three months ended June 30, 2022. The following table presents interest revenue earned and interest expense paid from Fully-Paid Securities Lending:

	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2022		2023		2022		2023
Interest revenue	$	5	$	12	$	5	$	35
Interest expense	(1)		(2)		(1)		(5)
Fully-Paid Securities Lending, net	$	4	$	10	$	4	$	30

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 primarily 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, September 30, 2023	58		4
Changes during the period	$	(2)	$	1

The change in contract receivables primarily results from lower transaction-based revenue in cryptocurrencies driven by the market environment which had a negative impact on the number of traders and notional trading volume, partially offset by increased revenues from our proxy services. In addition, contract receivable balances were impacted by 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, 2023.