Related Party Transactions |
6 Months Ended |
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Jun. 30, 2025 | |
| 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 June 30, 2025 and December 31, 2024 the Company had net payables to its affiliates of $2.2 million and $0.1 million, respectively. The Company has held a minority interest in JNX since 2016 (see Note 10 “Financial Assets and Liabilities”). The Company pays exchange fees to JNX for the trading activities conducted on its proprietary trading system. The Company paid $3.0 million and $2.8 million for the three months ended June 30, 2025 and 2024, respectively, and $5.5 million and $5.0 million for the six months ended June 30, 2025 and 2024, respectively, to JNX for these trading activities. The Company pays monthly use fees to a JV in which it holds an interest (see Note 13 “Variable Interest Entities”). These monthly fees are for the use of communication networks operated by the JV and are recorded within Communications and data processing on the Condensed Consolidated Statements of Comprehensive Income. The Company previously held a similar arrangement with another telecommunication JV and paid a monthly use fee, and the Company disposed of its interests in this JV and ended the monthly fee arrangement as of September 1, 2024. The Company made payments to these JVs of $7.2 million and $7.4 million for the three months ended June 30, 2025 and 2024, respectively, and $14.4 million and $14.8 million for the six months ended June 30, 2025 and 2024, 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 made payments of $2.7 million and $3.3 million for the three months ended June 30, 2025 and 2024, respectively, and $5.4 million and $4.8 million for the six months ended June 30, 2025 and 2024, respectively.
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