Goodwill and Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of goodwill by segment

The following table presents the details of goodwill by segment as of September 30, 2020 and December 31, 2019:

(in thousands)	Market Making		Execution Services		Corporate		Total
Balance as of period-end	$	755,292	$	393,634	$	—	$	1,148,926

Schedule of acquired intangible assets

Acquired intangible assets consisted of the following as of September 30, 2020 and December 31, 2019:

	As of September 30, 2020
(in thousands)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Useful Lives (Years)
Customer relationships	486,600		(82,338)		404,262		10	to	12
Technology	136,000		(76,838)		59,162		1	to	6
Favorable occupancy leases	5,895		(2,641)		3,254		3	to	15
Exchange memberships	4,739		—		4,739		Indefinite
Trade name	3,600		(1,900)		1,700			3
ETF issuer relationships	950		(850)		100			9
ETF buyer relationships	950		(850)		100			9
	$	638,734	$	(165,417)	$	473,317

	As of December 31, 2019
(in thousands)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Useful Lives (Years)
Customer relationships	486,600		(46,456)		440,144		10	to	12
Technology	136,000		(58,203)		77,797		1	to	6
Purchased technology	110,000		(110,000)		—		1.4	to	2.5
Favorable occupancy leases	5,895		(2,040)		3,855		3	to	15
Exchange memberships	4,882		—		4,882		Indefinite
Trade name	3,600		(1,000)		2,600			3
ETF issuer relationships	950		(770)		180			9
ETF buyer relationships	950		(770)		180			9
	$	748,877	$	(219,239)	$	529,638

Schedule of finite-lived intangible assets, future amortization expense

The Company expects to record amortization expense as follows over the remaining current year and five subsequent years:

(in thousands)	September 30, 2020
Remainder of 2020	$	18,076
2021	69,676
2022	64,852
2023	63,960
2024	50,845
2025	47,879