Significant Accounting Policies (Tables)
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3 Months Ended |
Mar. 31, 2026 |
|---|
| Accounting Policies [Abstract] |
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| Summary of Commission Revenue by Fee Type |
The following table presents commission revenue by fee type:
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Three Months Ended March 31, |
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2026 |
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2025 |
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|
(In thousands) |
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Commission revenue by fee type |
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Variable transaction fees |
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Disclosed trading |
$ |
|
104,724 |
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|
$ |
|
95,455 |
|
Open Trading – matched principal trading |
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49,230 |
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|
|
43,052 |
|
U.S. government bonds - matched principal trading |
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|
5,315 |
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|
4,529 |
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Other |
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10,697 |
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|
|
4,955 |
|
Total variable transaction fees |
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|
169,966 |
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|
|
|
147,991 |
|
Distribution fees and unused minimum fees |
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33,505 |
|
|
|
|
33,352 |
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Total commissions |
$ |
|
203,471 |
|
|
$ |
|
181,343 |
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| Summary of Information Services Revenue by Timing of Recognition |
The following table presents information services revenue by timing of recognition:
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Three Months Ended March 31, |
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2026 |
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|
2025 |
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|
(In thousands) |
|
Information services revenue by timing
of recognition |
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|
Services transferred over time |
$ |
|
13,634 |
|
|
$ |
|
12,699 |
|
Services transferred at a point in time |
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|
811 |
|
|
|
|
205 |
|
Total information services revenues |
$ |
|
14,445 |
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|
$ |
|
12,904 |
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| Summary of Post-Trade Services Revenue by Timing of Recognition |
The following table presents post-trade services revenue by timing of recognition:
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Three Months Ended March 31, |
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2026 |
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2025 |
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|
(In thousands) |
|
Post-trade services revenue by timing
of recognition |
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Services transferred over time |
$ |
|
11,543 |
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|
$ |
|
11,049 |
|
Services transferred at a point in time |
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|
64 |
|
|
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|
39 |
|
Total post-trade services revenues |
$ |
|
11,607 |
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|
$ |
|
11,088 |
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| Summary of Technology Services Revenue by Timing of Recognition |
The following table presents technology services revenue by timing of recognition:
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Three Months Ended March 31, |
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2026 |
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|
2025 |
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|
(In thousands) |
|
Technology services revenue by timing
of recognition |
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|
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|
Services transferred over time |
$ |
|
3,602 |
|
|
$ |
|
3,062 |
|
Services transferred at a point in time |
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|
255 |
|
|
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|
179 |
|
Total technology services revenues |
$ |
|
3,857 |
|
|
$ |
|
3,241 |
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| Summary of Revenue Recognized from Contract Liabilities and Remaining Balance |
The revenue recognized from contract liabilities and the remaining balance is shown below:
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December 31, 2025 |
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Revenue billed in advance of services to be performed |
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Revenue recognized for services performed during the period |
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Foreign Currency Translation |
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March 31, 2026 |
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(In thousands) |
|
Information services |
|
$ |
|
3,343 |
|
|
$ |
|
3,866 |
|
|
$ |
|
(4,197 |
) |
|
$ |
|
— |
|
|
$ |
|
3,012 |
|
Post-trade services |
|
|
|
1,376 |
|
|
|
|
6,596 |
|
|
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(5,998 |
) |
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(24 |
) |
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|
1,950 |
|
Technology services |
|
|
|
312 |
|
|
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|
2,046 |
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(2,056 |
) |
|
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|
— |
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|
|
|
302 |
|
Total deferred revenue |
|
$ |
|
5,031 |
|
|
$ |
|
12,508 |
|
|
$ |
|
(12,251 |
) |
|
$ |
|
(24 |
) |
|
$ |
|
5,264 |
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