Segment Reporting

6 Months Ended

Jun. 30, 2019

Segment Reporting [Abstract]

Segment Reporting

Segment Reporting

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 data services and our securities listings businesses, which are both largely subscription-based. Our chief operating decision maker does not review total assets or statements of income below operating income by segments; therefore, such information is not presented below. Our two segments do not engage in intersegment transactions.

Financial data for our business segments is as follows for the six months and three months ended June 30, 2019 and 2018 (in millions):

	Six Months Ended June 30, 2019						Six Months Ended June 30, 2018
	Trading and Clearing Segment		Data and Listings Segment		Consolidated		Trading and Clearing Segment		Data and Listings Segment		Consolidated
Revenues:
Energy futures and options contracts	$	484	$	—	$	484	$	485	$	—	$	485
Agricultural and metals futures and options contracts	134		—		134		139		—		139
Financial futures and options contracts	161		—		161		185		—		185
Cash equities and equity options	800		—		800		827		—		827
Fixed income and credit	167		—		167		101		—		101
OTC and other transactions	23		—		23		25		—		25
Pricing and analytics	—		536		536		—		516		516
Exchange data and feeds	—		356		356		—		328		328
Desktops and connectivity	—		207		207		—		202		202
Listings	—		222		222		—		220		220
Other revenues	127		—		127		108		—		108
Revenues	1,896		1,321		3,217		1,870		1,266		3,136
Transaction-based expenses	649		—		649		665		—		665
Revenues, less transaction-based expenses	1,247		1,321		2,568		1,205		1,266		2,471
Operating expenses	477		746		1,223		425		741		1,166
Operating income	$	770	$	575	$	1,345	$	780	$	525	$	1,305

	Three Months Ended June 30, 2019						Three Months Ended June 30, 2018
	Trading and Clearing Segment		Data and Listings Segment		Consolidated		Trading and Clearing Segment		Data and Listings Segment		Consolidated
Revenues:
Energy futures and options contracts	$	255	$	—	$	255	$	250	$	—	$	250
Agricultural and metals futures and options contracts	72		—		72		74		—		74
Financial futures and options contracts	78		—		78		94		—		94
Cash equities and equity options	410		—		410		389		—		389
Fixed income and credit	80		—		80		45		—		45
OTC and other transactions	12		—		12		12		—		12
Pricing and analytics	—		270		270		—		262		262
Exchange data and feeds	—		180		180		—		164		164
Desktops and connectivity	—		103		103		—		100		100
Listings	—		111		111		—		111		111
Other revenues	63		—		63		55		—		55
Revenues	970		664		1,634		919		637		1,556
Transaction-based expenses	336		—		336		310		—		310
Revenues, less transaction-based expenses	634		664		1,298		609		637		1,246
Operating expenses	249		369		618		218		373		591
Operating income	$	385	$	295	$	680	$	391	$	264	$	655

Revenue from one clearing member of the Trading and Clearing segment comprised $194 million, or 16% and $99 million, or 16% of our Trading and Clearing revenues for the six months and three months ended June 30, 2019, respectively. Revenue from one clearing member of the Trading and Clearing segment comprised $211 million, or 17%, and $107 million, or 17% of our Trading and Clearing revenues for the six months and three months ended June 30, 2018, respectively. 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 six months and three months ended June 30, 2019 and 2018.