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

12 Months Ended

Dec. 31, 2023

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,
	2021		2022		2023
Market maker:
Citadel Securities, LLC	22	%	16	%	12	%
Entities affiliated with Wolverine Holdings, L.P.(1)	10	%	8	%	6	%
Entities affiliated with Susquehanna International Group, LLP(2)	12	%	8	%	2	%
Tai Mo Shan Limited(3)	15	%	3	%	1	%
All others individually less than 10%	18	%	24	%	19	%
Total as percentage of total revenue:	77	%	59	%	40	%

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(1)Consists of Wolverine Execution Services, LLC and Wolverine Securities, LLC.

(2)Consists of Global Execution Brokers, LP and G1 Execution Services, 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)	2022		2023
Internally developed software	$	106	$	122
Leasehold improvements	52		39
Computer equipment	32		27
Furniture and fixtures	14		13
Construction in progress	23		30
Total	227		231
Less: accumulated depreciation and amortization	(81)		(111)
Property, software, and equipment, net	$	146	$	120