v3.25.1
Revenue (Tables)
 3 Months Ended
Mar. 31, 2025
Revenue from Contract with Customer [Abstract]  
Schedule of Breakdown of Revenues Between Fixed and Variable Revenues The breakdown of revenues between fixed and variable revenues for the three months ended March 31, 2025 and 2024 is as follows:
Three Months EndedThree Months Ended
March 31, 2025March 31, 2024
(dollars in thousands)(dollars in thousands)
Variable
Fixed
Variable
Fixed
Revenues
Transaction fees and commissions$378,757 $42,587 $298,262 $37,189 
Subscription fees460 55,317 470 49,211 
LSEG market data fees— 28,925 — 20,500 
Other792 2,839 362 2,745 
Total revenue$380,009 $129,668 $299,094 $109,645 
Schedule of Recognized Revenue and Remaining Deferred Revenue Balance The revenue recognized and the remaining deferred revenue balances are shown below:
Amount
(dollars in thousands)
Deferred revenue balance - December 31, 2024$30,800 
New billings66,479 
Revenue recognized(50,382)
Effect of foreign currency exchange rate changes83 
Deferred revenue balance - March 31, 2025$46,980