Segment Reporting

9 Months Ended

Sep. 30, 2017

We operate two business segments: our Trading and Clearing segment and our Data and Listings segment. This presentation is reflective of how our chief operating decision maker reviews and operates our business. Our Trading and Clearing segment comprises our transaction-based execution and clearing businesses. Our Data and Listings segment comprises our subscription-based data services and securities listings businesses. Our chief operating decision maker does not review total assets, intersegment revenues/expenses or statements of income below operating income by segments; therefore, such information is not presented below. Financial data for our business segments is as follows for the nine and three months ended September 30, 2017 and 2016 (in millions):



	Trading and Clearing Segment		Data and Listings Segment		Consolidated
Nine Months Ended September 30, 2017:
Revenues, less transaction-based expenses	$	1,611	$	1,874	$	3,485
Operating expenses	643		1,055		1,698
Operating income	968		819		1,787
Nine Months Ended September 30, 2016:
Revenues, less transaction-based expenses	$	1,584	$	1,777	$	3,361
Operating expenses	672		1,080		1,752
Operating income	912		697		1,609



	Trading and Clearing Segment		Data and Listings Segment		Consolidated
Three Months Ended September 30, 2017
Revenues, less transaction-based expenses	$	523	$	620	$	1,143
Operating expenses	213		334		547
Operating income	310		286		596
Three Months Ended September 30, 2016
Revenues, less transaction-based expenses	$	483	$	595	$	1,078
Operating expenses	245		359		604
Operating income	238		236		474

Revenue from two clearing members of our Trading and Clearing segment comprised 10% of our Trading and Clearing revenues for the nine and three months ended September 30, 2017 and revenue from one clearing member of our Trading and Clearing segment comprised 10% of our Trading and Clearing revenues for the nine and three months ended September 30, 2016. Clearing members are primarily intermediaries and represent a broad range of principal trading firms. If a clearing member ceased its operations, we believe that the trading firms would continue to conduct transactions and would clear those transactions through another clearing member firm. No additional customers or clearing members accounted for more than 10% of our segment revenues or consolidated revenues for the nine and three months ended September 30, 2017 and 2016.