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Condensed Consolidated Statements of Income - USD ($)
shares in Millions, $ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Revenues:        
Total revenues $ 868.7 $ 620.6 $ 1,790.2 $ 1,222.1
Cost of revenues:        
Total cost of revenues 571.8 337.4 1,135.0 659.5
Revenues less cost of revenues 296.9 283.2 655.2 562.6
Operating expenses:        
Compensation and benefits 54.9 52.2 108.2 100.3
Depreciation and amortization 38.0 43.7 78.5 90.9
Technology support services 12.5 11.8 24.4 23.7
Professional fees and outside services 12.3 19.2 27.2 35.4
Travel and promotional expenses 0.9 3.0 3.0 5.6
Facilities costs 4.1 3.0 8.2 5.1
Acquisition-related costs 9.4 20.8 10.2 23.1
Other expenses 3.1 4.3 7.4 7.9
Total operating expenses 135.2 158.0 267.1 292.0
Operating income 161.7 125.2 388.1 270.6
Non-operating (expenses) income:        
Interest expense, net (7.3) (10.0) (14.6) (19.9)
Other income (expense), net 2.2 4.4 0.6 (4.4)
Income before income tax provision 156.6 119.6 374.1 246.3
Income tax provision 43.0 35.1 103.1 67.7
Net income 113.6 84.5 271.0 178.6
Net loss attributable to redeemable noncontrolling interest   3.8   4.0
Net income excluding redeemable noncontrolling interest 113.6 88.3 271.0 182.6
Change in redemption value of redeemable noncontrolling interest   (0.2)   (0.4)
Net income allocated to participating securities (0.3) (0.5) (0.7) (1.1)
Net income allocated to common stockholders $ 113.3 $ 87.6 $ 270.3 $ 181.1
Basic earnings per share (in dollars per share) $ 1.04 $ 0.79 $ 2.46 $ 1.62
Diluted earnings per share (in dollars per share) $ 1.03 $ 0.78 $ 2.45 $ 1.62
Basic weighted average shares outstanding (in shares) 109.5 111.5 109.9 111.5
Diluted weighted average shares outstanding (in shares) 109.6 111.6 110.1 111.6
Transaction fees        
Revenues:        
Total revenues $ 618.3 $ 426.9 $ 1,279.8 $ 856.2
Access and capacity fees        
Revenues:        
Total revenues 55.7 54.5 113.4 108.9
Market data fees        
Revenues:        
Total revenues 58.7 51.8 114.9 103.4
Regulatory fees        
Revenues:        
Total revenues 128.7 79.7 265.5 138.4
Other revenue        
Revenues:        
Total revenues 7.3 7.7 16.6 15.2
Liquidity payments        
Cost of revenues:        
Total cost of revenues 415.6 235.8 808.0 479.5
Routing and clearing        
Cost of revenues:        
Total cost of revenues 17.7 9.2 33.7 18.4
Section 31 fees        
Cost of revenues:        
Total cost of revenues 119.0 70.3 246.4 118.5
Royalty fees        
Cost of revenues:        
Total cost of revenues 19.4 21.9 46.8 42.9
Other        
Cost of revenues:        
Total cost of revenues $ 0.1 $ 0.2 $ 0.1 $ 0.2