Deferred Contract Incentive	9 Months Ended
Sep. 30, 2021
Deferred Contract Incentive
Deferred Contract Incentive	10. Deferred Contract Incentive Effective August 1, 2021, MSCO entered into an amendment to its clearing agreement with National Financial Services LLC (“NFS”) that, among other things, extends the term of their arrangement for an additional four-year period commencing on August 1, 2021 and ending July 31, 2025. As part of this agreement, the Company received a one-time business development credit of $3 million from NFS which is within the line item “Deferred contract incentive” on the statements of financial condition. This credit will be recognized as contra expense over the term of the agreement in the line item “Clearing fees, including execution costs” on the statements of income. For the three and nine months ended September 30, 2021, the Company recognized $125,000 in contra expense, and the balance of the deferred contract incentive was $2.9 million as of September 30, 2021.

Deferred Contract Incentive

9 Months Ended

Sep. 30, 2021

10. Deferred Contract Incentive

Effective August 1, 2021, MSCO entered into an amendment to its clearing agreement with National Financial Services LLC (“NFS”) that, among other things, extends the term of their arrangement for an additional four-year period commencing on August 1, 2021 and ending July 31, 2025.

As part of this agreement, the Company received a one-time business development credit of $3 million from NFS which is within the line item “Deferred contract incentive” on the statements of financial condition. This credit will be recognized as contra expense over the term of the agreement in the line item “Clearing fees, including execution costs” on the statements of income. For the three and nine months ended September 30, 2021, the Company recognized $125,000 in contra expense, and the balance of the deferred contract incentive was $2.9 million as of September 30, 2021.