Revenues from Contracts with Customers (Tables)

6 Months Ended

Jun. 30, 2024

Revenue from Contract with Customer [Abstract]

Disaggregation of revenue

The following tables present the Company’s revenue from contracts with customers disaggregated by service, and timing of revenue recognition, reconciled to the Company’s segments, for the three and six months ended June 30, 2024 and 2023:

	Three Months Ended June 30, 2024
(in thousands)	Market Making		Execution Services		Corporate		Total
Revenues from contracts with customers:
Commissions, net	$	9,281	$	82,634	$	—	$	91,915
Workflow technology	—		24,194		—		24,194
Analytics	—		9,992		—		9,992
Total revenue from contracts with customers	9,281		116,820		—		126,101
Other sources of revenue	560,502		10,239		(3,857)		566,884
Total revenues	$	569,783	$	127,059	$	(3,857)	$	692,985
Timing of revenue recognition:
Services transferred at a point in time	$	569,783	$	109,194	$	(3,857)	$	675,120
Services transferred over time	—		17,865		—		17,865
Total revenues	$	569,783	$	127,059	$	(3,857)	$	692,985

	Three Months Ended June 30, 2023
(in thousands)	Market Making		Execution Services		Corporate		Total
Revenues from contracts with customers:
Commissions, net	$	6,634	$	69,993	$	—	$	76,627
Workflow technology	—		22,576		—		22,576
Analytics	—		10,301		—		10,301
Total revenue from contracts with customers	6,634		102,870		—		109,504
Other sources of revenue	398,616		6,246		(7,512)		397,350
Total revenues	$	405,250	$	109,116	$	(7,512)	$	506,854
Timing of revenue recognition:
Services transferred at a point in time	$	405,250	$	90,940	$	(7,512)	$	488,678
Services transferred over time	—		18,176		—		18,176
Total revenues	$	405,250	$	109,116	$	(7,512)	$	506,854

	Six Months Ended June 30, 2024
(in thousands)	Market Making		Execution Services		Corporate		Total
Revenues from contracts with customers:
Commissions, net	$	16,483	$	160,844	$	—	$	177,327
Workflow technology	—		48,112		—		48,112
Analytics	—		19,273		—		19,273
Total revenue from contracts with customers	16,483		228,229		—		244,712
Other sources of revenue	1,074,308		16,618		186		1,091,112
Total revenues	$	1,090,791	$	244,847	$	186	$	1,335,824
Timing of revenue recognition:
Services transferred at a point in time	$	1,090,791	$	209,332	$	186	$	1,300,309
Services transferred over time	—		35,515		—		35,515
Total revenues	$	1,090,791	$	244,847	$	186	$	1,335,824

	Six Months Ended June 30, 2023
(in thousands)	Market Making		Execution Services		Corporate		Total
Revenues from contracts with customers:
Commissions, net	$	16,334	$	147,251	$	—	$	163,585
Workflow technology	—		47,532		—		47,532
Analytics	—		19,831		—		19,831
Total revenue from contracts with customers	16,334		214,614		—		230,948
Other sources of revenue	887,835		12,979		(4,529)		896,285
Total revenues	$	904,169	$	227,593	$	(4,529)	$	1,127,233
Timing of revenue recognition:
Services transferred at a point in time	$	904,169	$	191,419	$	(4,529)	$	1,091,059
Services transferred over time	—		36,174		—		36,174
Total revenues	$	904,169	$	227,593	$	(4,529)	$	1,127,233