REVENUE RECOGNITION (Tables)

12 Months Ended

Dec. 31, 2023

REVENUE RECOGNITION

Schedule of disaggregated revenue contract types

The following table depicts the disaggregated revenue contract types listed above within each respective financial statement caption in the consolidated statements of income (in millions):

	Cash		Data and
	and Spot		Access		Derivatives
	Markets		Solutions		Markets		Total
Year Ended December 31, 2023
Transaction and clearing fees	$	1,149.7	$	—	$	1,681.6	$	2,831.3
Access and capacity fees		—		347.5		—		347.5
Market data fees		71.3		188.7		33.7		293.7
Regulatory fees		153.8		—		69.9		223.7
Other revenue		70.3		3.0		4.0		77.3
	$	1,445.1	$	539.2	$	1,789.2	$	3,773.5
	Cash		Data and
	and Spot		Access		Derivatives
	Markets		Solutions		Markets		Total
Year Ended December 31, 2022
Transaction and clearing fees	$	1,375.5	$	—	$	1,563.3	$	2,938.8
Access and capacity fees		—		324.2		—		324.2
Market data fees		80.3		168.7		33.2		282.2
Regulatory fees		280.2		—		84.5		364.7
Other revenue		41.6		4.1		2.9		48.6
	$	1,777.6	$	497.0	$	1,683.9	$	3,958.5
	Cash		Data and
	and Spot		Access		Derivatives
	Markets		Solutions		Markets		Total
Year Ended December 31, 2021
Transaction and clearing fees	$	1,366.5	$	—	$	1,326.6	$	2,693.1
Access and capacity fees		—		280.7		—		280.7
Market data fees		91.6		130.0		30.5		252.1
Regulatory fees		161.6		—		46.7		208.3
Other revenue		40.8		17.0		2.8		60.6
	$	1,660.5	$	427.7	$	1,406.6	$	3,494.8

Schedule of disaggregation of revenue according to segment

The following table depicts the disaggregation of revenue according to segment (in millions):

			North										Corporate
			American		Europe and								Items and
	Options		Equities		Asia Pacific		Futures		Global FX		Digital		Eliminations		Total
Year Ended December 31, 2023
Transaction and clearing fees	$	1,583.7	$	946.3	$	145.6	$	98.0	$	62.2	$	(4.5)	$	—	$	2,831.3
Access and capacity fees		161.0		117.1		36.3		22.0		10.7		0.4		—		347.5
Market data fees		118.8		128.3		36.7		8.5		1.4		—		—		293.7
Regulatory fees		69.6		153.8		—		0.3		—		—		—		223.7
Other revenue		6.4		7.5		62.6		0.2		0.6		—		—		77.3
	$	1,939.5	$	1,353.0	$	281.2	$	129.0	$	74.9	$	(4.1)	$	—	$	3,773.5
Timing of revenue recognition
Services transferred at a point in time	$	1,659.7	$	1,107.6	$	208.2	$	98.5	$	62.8	$	(4.5)	$	—	$	3,132.3
Services transferred over time		279.8		245.4		73.0		30.5		12.1		0.4		—		641.2
	$	1,939.5	$	1,353.0	$	281.2	$	129.0	$	74.9	$	(4.1)	$	—	$	3,773.5
Year Ended December 31, 2022
Transaction and clearing fees	$	1,471.7	$	1,155.3	$	161.9	$	91.6	$	58.0	$	0.3	$	—	$	2,938.8
Access and capacity fees		151.7		109.3		34.0		19.9		9.3		—		—		324.2
Market data fees		108.7		131.2		33.1		8.0		1.2		—		—		282.2
Regulatory fees		84.2		280.2		—		0.3		—		—		—		364.7
Other revenue		6.9		5.7		35.6		—		0.4		—		—		48.6
	$	1,823.2	$	1,681.7	$	264.6	$	119.8	$	68.9	$	0.3	$	—	$	3,958.5
Timing of revenue recognition
Services transferred at a point in time	$	1,562.8	$	1,441.2	$	197.5	$	91.9	$	58.4	$	0.3	$	—	$	3,352.1
Services transferred over time		260.4		240.5		67.1		27.9		10.5		—		—		606.4
	$	1,823.2	$	1,681.7	$	264.6	$	119.8	$	68.9	$	0.3	$	—	$	3,958.5
Year Ended December 31, 2021
Transaction and clearing fees	$	1,231.2	$	1,173.1	$	145.3	$	95.2	$	48.3	$	—	$	—	$	2,693.1
Access and capacity fees		124.0		98.0		31.2		18.7		8.8		—		—		280.7
Market data fees		84.3		134.6		25.6		6.6		1.0		—		—		252.1
Regulatory fees		46.6		161.6		—		0.1		—		—		—		208.3
Other revenue		18.9		3.2		38.2		—		—		—		0.3		60.6
	$	1,505.0	$	1,570.5	$	240.3	$	120.6	$	58.1	$	—	$	0.3	$	3,494.8
Timing of revenue recognition
Services transferred at a point in time	$	1,296.7	$	1,337.9	$	183.5	$	95.3	$	48.3	$	—	$	0.3	$	2,962.0
Services transferred over time		208.3		232.6		56.8		25.3		9.8		—		—		532.8
	$	1,505.0	$	1,570.5	$	240.3	$	120.6	$	58.1	$	—	$	0.3	$	3,494.8

Schedule of revenue recognized from contract liabilities and the remaining balance

The revenue recognized from contract liabilities and the remaining balance is shown below (in millions):

	Balance at		Cash		Revenue		Balance at
	December 31, 2022		Additions		Recognized		December 31, 2023
Liquidity provider sliding scale (1)	$	—	$	7.2	$	(7.2)	$	—
Other, net		11.7		18.7		(24.3)		6.1
Total deferred revenue	$	11.7	$	25.9	$	(31.5)	$	6.1

(1) Liquidity providers are eligible to participate in the sliding scale program, which involves prepayment of transaction fees, and to receive reduced fees based on the achievement of certain volume thresholds within a calendar month. These transaction fees are amortized and recorded ratably as the transactions occur over the period.