Goodwill and Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of goodwill by segment

The following table presents the details of goodwill by segment as of June 30, 2024 and December 31, 2023:

(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 June 30, 2024 and December 31, 2023:

	As of June 30, 2024
(in thousands)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Useful Lives (Years)
Customer relationships	$	479,130	$	(257,767)	$	221,363	10	to	12
Technology	136,000		(136,000)		—		1	to	6
Favorable occupancy leases	5,895		(5,562)		333		3	to	15
Exchange memberships	3,998		—		3,998		Indefinite
Trade name	3,600		(3,600)		—			3
ETF issuer relationships	950		(950)		—			9
ETF buyer relationships	950		(950)		—			9
Other	$	1,125	$	—	$	1,125	Indefinite
	$	631,648	$	(404,829)	$	226,819

	As of December 31, 2023
(in thousands)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Useful Lives (Years)
Customer relationships	$	486,600	$	(237,829)	$	248,771	10	to	12
Technology	136,000		(133,467)		2,533		1	to	6
Favorable occupancy leases	5,895		(5,177)		718		3	to	15
Exchange memberships	3,998		—		3,998		Indefinite
Trade name	3,600		(3,600)		—			3
ETF issuer relationships	950		(950)		—			9
ETF buyer relationships	950		(950)		—			9
Other	$	1,500	$	—	$	1,500	Indefinite
	$	639,493	$	(381,973)	$	257,520

Schedule of finite-lived intangible assets, future amortization expense

The Company expects to record amortization expense as follows over the next five subsequent years:

(in thousands)
Remainder of 2024	$	23,632
2025	47,132
2026	47,132
2027	47,132
2028	47,132
2029	9,466