Significant Accounting Policies (Tables)
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6 Months Ended |
Jun. 30, 2026 |
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| Accounting Policies [Abstract] |
|
| Summary of Commission Revenue by Fee Type |
The following table presents commission revenue by fee type:
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2026 |
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2025 |
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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 |
$ |
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93,066 |
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$ |
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98,088 |
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$ |
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197,790 |
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$ |
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193,543 |
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Open Trading – matched principal trading |
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44,924 |
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47,319 |
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94,154 |
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90,371 |
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U.S. government bonds - matched principal trading |
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4,399 |
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5,329 |
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9,714 |
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9,858 |
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Other |
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10,309 |
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7,337 |
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21,006 |
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12,292 |
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Total variable transaction fees |
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152,698 |
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158,073 |
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322,664 |
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306,064 |
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Distribution fees and unused minimum fees |
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34,197 |
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33,697 |
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67,702 |
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67,049 |
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Total commissions |
$ |
|
186,895 |
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$ |
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191,770 |
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$ |
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390,366 |
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$ |
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373,113 |
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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 June 30, |
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Six Months Ended June 30, |
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2026 |
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2025 |
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|
2026 |
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2025 |
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(In thousands) |
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Information services revenue by timing
of recognition |
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Services transferred over time |
$ |
|
14,321 |
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$ |
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12,856 |
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$ |
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27,955 |
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$ |
|
25,554 |
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Services transferred at a point in time |
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1,773 |
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|
231 |
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2,584 |
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|
437 |
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Total information services revenues |
$ |
|
16,094 |
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$ |
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13,087 |
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$ |
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30,539 |
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$ |
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25,991 |
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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 June 30, |
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Six Months Ended June 30, |
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2026 |
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2025 |
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|
2026 |
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|
2025 |
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(In thousands) |
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Post-trade services revenue by timing
of recognition |
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Services transferred over time |
$ |
|
11,548 |
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$ |
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11,039 |
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$ |
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23,091 |
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$ |
|
22,089 |
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Services transferred at a point in time |
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50 |
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|
37 |
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|
114 |
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|
75 |
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Total post-trade services revenues |
$ |
|
11,598 |
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$ |
|
11,076 |
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$ |
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23,205 |
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$ |
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22,164 |
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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 June 30, |
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Six Months Ended June 30, |
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|
2026 |
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|
2025 |
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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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Services transferred over time |
$ |
|
3,609 |
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$ |
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3,289 |
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$ |
|
7,211 |
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$ |
|
6,351 |
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Services transferred at a point in time |
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|
219 |
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|
240 |
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|
474 |
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|
419 |
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Total technology services revenues |
$ |
|
3,828 |
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$ |
|
3,529 |
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$ |
|
7,685 |
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$ |
|
6,770 |
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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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June 30, 2026 |
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(In thousands) |
|
Information services |
|
$ |
|
3,343 |
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|
$ |
|
8,750 |
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|
$ |
|
(8,793 |
) |
|
$ |
|
— |
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$ |
|
3,300 |
|
Post-trade services |
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1,376 |
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|
13,121 |
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(12,659 |
) |
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(20 |
) |
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|
1,818 |
|
Technology services |
|
|
|
312 |
|
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4,106 |
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(4,126 |
) |
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— |
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|
292 |
|
Total deferred revenue |
|
$ |
|
5,031 |
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$ |
|
25,977 |
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$ |
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(25,578 |
) |
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$ |
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(20 |
) |
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$ |
|
5,410 |
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