The following table depicts the disaggregation of our revenue according to business line and segment (in millions). Segment totals are consistent with the segment totals in Note 13:



	Trading and Clearing Segment		Data and Listings Segment		Total Consolidated
Six months ended June 30, 2018
Transaction and clearing, net	$	1,762	$	—	$	1,762
Data services	—		1,046		1,046
Listings	—		220		220
Other revenues	108		—		108
Total revenues	1,870		1,266		3,136
Transaction-based expenses	665		—		665
Total revenues, less transaction-based expenses	$	1,205	$	1,266	$	2,471

Timing of Revenue Recognition
Services transferred at a point in time	$	1,030	$	—	$	1,030
Services transferred over time	175		1,266		1,441
Total revenues, less transaction-based expenses	$	1,205	$	1,266	$	2,471



	Trading and Clearing Segment		Data and Listings Segment		Total Consolidated
Six months ended June 30, 2017
Transaction and clearing, net	$	1,615	$	—	$	1,615
Data services	—		1,041		1,041
Listings	—		217		217
Other revenues	94		—		94
Total revenues	1,709		1,258		2,967
Transaction-based expenses	621		—		621
Total revenues, less transaction-based expenses	$	1,088	$	1,258	$	2,346

Timing of Revenue Recognition
Services transferred at a point in time	$	928	$	—	$	928
Services transferred over time	160		1,258		1,418
Total revenues, less transaction-based expenses	$	1,088	$	1,258	$	2,346



	Trading and Clearing Segment		Data and Listings Segment		Total Consolidated
Three months ended June 30, 2018
Transaction and clearing, net	$	864	$	—	$	864
Data services	—		526		526
Listings	—		111		111
Other revenues	55		—		55
Total revenues	919		637		1,556
Transaction-based expenses	310		—		310
Total revenues, less transaction-based expenses	$	609	$	637	$	1,246

Timing of Revenue Recognition
Services transferred at a point in time	$	521	$	—	$	521
Services transferred over time	88		637		725
Total revenues, less transaction-based expenses	$	609	$	637	$	1,246



	Trading and Clearing Segment		Data and Listings Segment		Total Consolidated
Three months ended June 30, 2017
Transaction and clearing, net	$	817	$	—	$	817
Data services	—		521		521
Listings	—		109		109
Other revenues	49		—		49
Total revenues	866		630		1,496
Transaction-based expenses	316		—		316
Total revenues, less transaction-based expenses	$	550	$	630	$	1,180

Timing of Revenue Recognition
Services transferred at a point in time	$	470	$	—	$	470
Services transferred over time	80		630		710
Total revenues, less transaction-based expenses	$	550	$	630	$	1,180