Trade and Other Receivables

12 Months Ended

Dec. 31, 2025

Disclosure Of Trade And Other Receivables [Abstract]

25 Trade and Other Receivables


	2025	2024
	$m	$m
Amounts due from exchanges, clearing houses and other counterparties1	4,311.3	3,124.0
Amounts due from clients1	3,085.7	2,737.1
Trade debtors1	367.4	283.5
Amounts due from Prime Brokers1	313.9	101.5
Settlement balances1	2,045.2	593.8
Default funds and deposits	419.4	474.1
Loans receivable	283.5	89.8
Other tax and social security taxes	18.3	12.3
Other debtors	150.1	104.5
Prepayments	48.6	32.6
	11,043.4	7,553.2

1.During 2025 the Group made a voluntary change in presentation to separate Amounts due from Prime Brokers (previously included in Amounts due from clients) and

Settlement balances, (previously reflected within Trade debtors and Amounts due from exchanges, clearing houses and other counterparties). The Group considers this

disaggregation to provide more useful information.

Amounts due from exchanges, clearing houses and other counterparties

These balances primarily include cash deposits to meet margin requirements. The margin

requirements comprise both initial and daily variation margin to secure futures, options and OTC products

pertaining to the Group’s membership of the exchanges and the legal agreements with the clearing

houses and other counterparties. Where the deposit of cash constitutes settlement, the amounts

receivable from the exchanges, clearing houses and other counterparties constitute cash receivable.

There are exchanges where the deposit of cash does not constitute the settlement of the outstanding

position, and when this is the case and where applicable the balance against these exchanges, clearing

houses and other counterparties are reported net reflecting the initial margin and cash collateral being

offset against the unrealized transactions.

Amounts receivable from clients

Receivables from clients include the total net deficits related to client activity in exchange-traded

futures, options and OTC derivative trading accounts. Client deficits arise from realized and unrealized

trading losses as well as from margin transactions. Client deficit accounts are reported gross of client

accounts that contain net credit or positive balances, except where a right of offset exists, or where the

agreement with the client is operated under a title transfer collateral agreement (TTCA). Where clients

operate under TTCA agreements, this represents a single legal agreement, and in particular where these

clients are provided clearing services by the Group, each client is accounted for as a single unit of

account. Regardless of whether the amounts receivable from clients is a single unit of account or whether

they represent part of a gross position, the income from clients is mainly reported through commission

income with interest being earned on client deficits and interest being paid to clients on excess cash on

deposit included within interest income and expense. Where clients are accounted for as a single unit of

account, the net interest income or expense from the excess cash placed with the Group or owing to the

Group from any margin financing will be recorded net within interest income or interest expense.

Trade debtors

Trade debtors primarily consist of invoiced commissions, fees and other trade related receivables.

Trade debtors includes balances of $56.6m (2024: $108.7m) that qualify as financial assets

measured at fair value through profit or loss, such as the provisionally priced invoices on physical

commodity sales and the Group’s trade facilitation invoices which the Group has funded.

25 Trade and Other Receivables continued

Settlement balances

Settlement balances primarily relate to short-term settlement balances arising from transactions

recognized on a trade date basis. These amounts settle within a few days through established clearing

mechanisms and represent intermediary cash flows rather than trading positions.

Amounts due from Prime Brokers

Amounts due from Prime Brokers include cash, realized and unrealized gains or losses on futures

and options and margin financing.

Loans Receivable

Loans receivable are measured at amortized cost in line with the Group's accounting policy

outlined in Note 3 (i). Loans receivable primarily consist of credit lines offered to the Group's clearing

clients and digital asset loans which form part of the Group's Hedging and Investment Solutions offering.

Default funds and deposits

These balances represent credit risk protection for the members of exchange, whereby a certain

amount of cash is placed on deposit representing the members’ activities and the volatility in the prices of

the exchange-traded commodities. These cash deposits are measured at amortized cost.

Other debtors

Other debtors mainly consist of interest receivable from banks on cash deposits which is accrued

based on payment expectations on average balances and using agreed upon rates. Additionally other

debtors include sign-on bonuses which are amortized over the contractual period.

(a) Segregated balances

Included in Amounts receivable from exchanges, clearing houses and other counterparties,

Amounts due from Prime Brokers and Amounts due from clients are segregated balances of $2,011.1m

(2024: $1,833.7m) and non-segregated balances of $5,699.8m (2024: $4,128.9m).

(b) Aging and ECL allowances

The Group recognized a lifetime ECL allowance for Trade debtors of $0.6m as at 31 December

2025 (2024: $1.1m) using a provision matrix under the simplified approach. In addition the Group

recorded within amounts due from exchanges, clearing houses and other counterparties, an ECL

allowance of $16.7m as at 31 December 2025 (2024: $15.2m), based on individual assessment, to reflect

the expected credit losses associated with certain counterparties.

The Directors consider that the carrying amounts of trade and other receivables are not materially

different to their fair value.

The provision matrix for trade debtors is as follows.


2025	Current	Less than 30 days	31 to 60 days	61 to 90 days	91 to 120 days	More than 120 days	Total
Expected credit loss rate	0.17%	0.17%	0.17%	0.17%	0.17%	0.17%
Trade debtors $m	286.2	26.4	11.2	8.1	5.2	29.7	366.8
Trade debtors lifetime ECL $m	0.6	—	—	—	—	—	0.6

25 Trade and Other Receivables continued


2024	Current	Less than 30 days	31 to 60 days	61 to 90 days	91 to 120 days	More than 120 days	Total
Expected credit loss rate	0.14%	0.14%	0.14%	0.14%	0.14%	0.14%
Trade debtors $m	214.8	24.2	11.4	7.4	4.1	20.5	282.4
Trade debtors lifetime ECL $m	1.0	0.1	—	—	—	—	1.1

Below we present the ageing of the Group’s other receivables different from trade debtors,

excluding other tax and social security taxes and prepayments.


2025 ($m)	Current	Less than 30 days	31 to 60 days	61 to 90 days	91 to 120 days	More than 120 days	Total
Amounts due from exchanges, clearing houses and other counterparties	4,306.5	3.2	—	—	—	1.6	4,311.3
Amounts due from Prime Brokers	313.9	—	—	—	—	—	313.9
Settlement balances	2,017.7	26.1	1.0	0.2	—	0.2	2,045.2
Amounts receivable from clients	3,078.8	—	1.3	0.7	0.4	4.5	3,085.7
Default funds and deposits	419.4	—	—	—	—	—	419.4
Loans receivable	283.2	—	—	—	—	0.3	283.5
Other debtors	149.6	0.2	—	—	—	0.3	150.1
							10,609.1
Corresponding allowance for loan losses ECL							16.7


2024 ($m)	Current	Less than 30 days	31 to 60 days	61 to 90 days	91 to 120 days	More than 120 days	Total
Amounts due from exchanges, clearing houses and other counterparties	3,114.2	7.6	—	—	1.4	0.8	3,124.0
Amounts due from Prime Brokers	101.5	—	—	—	—	—	101.5
Settlement balances	589.0	4.4	0.1	0.1	0.1	0.1	593.8
Amounts receivable from clients	2,724.1	4.2	2.9	1.5	2.1	2.2	2,737.0
Default funds and deposits	474.1	—	—	—	—	—	474.1
Loans receivable	89.7	—	—	—	—	0.1	89.8
Other debtors	103.7	0.1	—	0.1	—	0.6	104.5
							7,224.7
Corresponding allowance for loan losses ECL							13.8


	2025	2024
	$m	$m
At 1 January	15.2	20.9
Bad debts written off	(0.8)	(4.5)
Released to the income statement	(3.0)	(3.2)
Charged to the income statement	2.3	1.5
Other balance sheet movements	3.9	0.5
At 31 December	17.6	15.2

The impairment allowance of $17.6m (2024: $15.2m) in the table above includes $0.3m (2024:

$0.3m) ECL for cash and cash equivalents.