REVENUES (Tables)

3 Months Ended

Mar. 31, 2024

Revenue from Contract with Customer [Abstract]

Schedule of Revenue Disaggregated by Revenue Source

The following table presents our revenues disaggregated by revenue source:

	Three Months Ended March 31,
(in millions)	2023		2024
Transaction-based revenues:
Options	$	133	$	154
Cryptocurrencies	38		126
Equities	27		39
Other	9		10
Total transaction-based revenues	207		329
Net interest revenues:
Margin interest	53		72
Interest on corporate cash and investments	68		70
Interest on segregated cash, securities, and deposits	45		58
Cash Sweep	22		39
Securities lending, net	26		15
Credit card, net	—		6
Interest expenses related to credit facilities	(6)		(6)
Total net interest revenues	208		254
Other revenues	26		35
Total net revenues	$	441	$	618

Schedule of Interest Revenue Earned and Interest Expense Paid from Fully-paid Securities Lending

The following table presents interest revenue earned and interest expense paid from Fully-Paid Securities Lending:

	Three Months Ended March 31,
(in millions)	2023		2024
Interest revenue	$	10	$	13
Interest expense	(2)		(2)
Fully-Paid Securities Lending, net	$	8	$	11

Schedule of Contract Receivables and Liabilities Balances

The table below sets forth contract receivables and liabilities for the period indicated:

(in millions)	Contract Receivables		Contract Liabilities
Beginning of the period, January 1, 2024	$	87	4
End of the period, March 31, 2024	166		5
Changes during the period	$	79	$	1