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Condensed Consolidated Statements of Income - USD ($)
shares in Millions, $ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
Revenues:        
Total revenues $ 620.6 $ 667.5 $ 1,222.1 $ 1,445.2
Cost of revenues:        
Total cost of revenues 337.4 384.0 659.5 833.2
Revenues less cost of revenues 283.2 283.5 562.6 612.0
Operating expenses:        
Compensation and benefits 52.2 57.4 100.3 116.3
Depreciation and amortization 43.7 50.4 90.9 104.6
Technology support services 11.8 11.8 23.7 23.9
Professional fees and outside services 19.2 17.3 35.4 35.3
Travel and promotional expenses 3.0 3.5 5.6 7.2
Facilities costs 3.0 2.9 5.1 5.3
Acquisition-related costs 20.8 8.6 23.1 17.4
Other expenses 4.3 2.5 7.9 5.2
Total operating expenses 158.0 154.4 292.0 315.2
Operating income 125.2 129.1 270.6 296.8
Non-operating (expenses) income:        
Interest expense, net (10.0) (9.3) (19.9) (18.9)
Other (expense) income 4.4   (4.4) 1.3
Income before income tax provision 119.6 119.8 246.3 279.2
Income tax provision 35.1 36.8 67.7 78.1
Net income 84.5 83.0 178.6 201.1
Net loss attributable to redeemable noncontrolling interest 3.8 0.3 4.0 0.6
Net income excluding redeemable noncontrolling interest 88.3 83.3 182.6 201.7
Change in redemption value of redeemable noncontrolling interest (0.2) (0.3) (0.4) (0.6)
Net income allocated to participating securities (0.5) (0.6) (1.1) (1.4)
Net income allocated to common stockholders $ 87.6 $ 82.4 $ 181.1 $ 199.7
Basic earnings per share (in dollars per share) $ 0.79 $ 0.74 $ 1.62 $ 1.78
Diluted earnings per share (in dollars per share) $ 0.78 $ 0.73 $ 1.62 $ 1.77
Basic weighted average shares outstanding (in shares) 111.5 112.0 111.5 112.2
Diluted weighted average shares outstanding (in shares) 111.6 112.3 111.6 112.6
Transaction fees        
Revenues:        
Total revenues $ 426.9 $ 464.8 $ 856.2 $ 1,011.9
Access and capacity fees        
Revenues:        
Total revenues 54.5 52.2 108.9 102.8
Market data fees        
Revenues:        
Total revenues 51.8 52.5 103.4 106.7
Regulatory fees        
Revenues:        
Total revenues 79.7 89.3 138.4 205.6
Other revenue        
Revenues:        
Total revenues 7.7 8.7 15.2 18.2
Liquidity payments        
Cost of revenues:        
Total cost of revenues 235.8 271.1 479.5 574.0
Routing and clearing        
Cost of revenues:        
Total cost of revenues 9.2 9.8 18.4 20.1
Section 31 fees        
Cost of revenues:        
Total cost of revenues 70.3 81.1 118.5 189.9
Royalty fees        
Cost of revenues:        
Total cost of revenues 21.9 $ 22.0 42.9 $ 49.2
Other        
Cost of revenues:        
Total cost of revenues $ 0.2   $ 0.2