Related Party Transactions |
12 Months Ended |
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Dec. 31, 2023 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions The Company incurs expenses and maintains balances with its affiliates in the ordinary course of business. As of December 31, 2023, and December 31, 2022, the Company had a net payables to its affiliates of $1.5 million and a net receivables from its affiliates of $0.5 million, respectively. The Company has held a minority interest in JNX since 2016 (see Note 9 “Financial Assets and Liabilities”). The Company pays exchange fees to JNX for the trading activities conducted on its proprietary trading system. The Company paid $12.1 million, $13.8 million, and $12.5 million for the years ended December 31, 2023, 2022, and 2021, respectively, to JNX for these trading activities. The Company makes payments to two JVs (see Note 2 “Summary of Significant Accounting Policies”) to fund the construction of the microwave communication networks, and to purchase microwave communication networks, which are recorded within Communications and data processing on the Consolidated Statements of Comprehensive Income. The Company made payments of $32.6 million, $27.7 million, and $25.3 million to the JVs for the years ended December 31, 2023, 2022, and 2021, respectively. The Company has an interest in Members Exchange, a member-owned equities exchange. The Company pays regulatory and transaction fees and receives rebates from trading activities. The Company paid $4.8 million, received $16.0 million, and received $3.6 million for the years ended December 31, 2023, 2022, and 2021, respectively. In the second quarter of 2022, the Company formed a JV to support the growth and expansion of a multi-asset request-for-quote communication platform. The Company consolidates this JV and recorded noncontrolling interest of $39.2 million in the condensed consolidated statement of changes in equity during the year ended December 31, 2022. Refer to Note 11 “Variable Interest Entities” for further details. On August 12, 2021, the Company entered into a Purchase Agreement with Ordinal Holdings I, LP to repurchase 1.5 million shares of the Company's Class A common stock for $39.2 million in accordance with the Company's previously disclosed share repurchase program. See Note 17 “Capital Structure” for a further discussion of the Company's share repurchase program. As described in Note 8 “Borrowings” and Note 17 “Capital Structure”, on March 20, 2020 a subsidiary of the Company entered into an agreement with the Founder Member to establish the Founder Member Facility and, upon the execution of the Founder Member Facility and in consideration of the Founder Member’s commitments thereunder, the Company delivered to the Founder Member the Warrant. The transactions were unanimously approved by the Company’s disinterested Directors. The Founder Member Loan Term expired as of September 20, 2020. On December 17, 2021, the Founder Member exercised in full its Warrant to purchase 3,000,000 shares of the Company's Class A Common Stock.
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