MarketAxess (MKTX) 10-Q 27 Jul 22 2022 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2022	Jul. 22, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Trading Symbol	MKTX
Entity Registrant Name	MARKETAXESS HOLDINGS INC.
Entity Central Index Key	0001278021
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Title of 12(b) Security	Common Stock, $0.003 par value
Security Exchange Name	NASDAQ
Entity File Number	001-34091
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	52-2230784
Entity Address, Address Line One	55 Hudson Yards
Entity Address, Address Line Two	15th Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10001
Document Quarterly Report	true
Document Transition Report	false
City Area Code	212
Local Phone Number	813-6000
Entity Common Stock, Shares Outstanding		37,640,008

Consolidated Statements of Fina

Consolidated Statements of Financial Condition - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
ASSETS
Cash and cash equivalents	$ 290,544	$ 506,735
Cash segregated under federal regulations	50,276	50,159
Investments, at fair value	34,297	36,078
Accounts receivable, net of allowance of $193 and $140 as of June 30, 2022 and December 31, 2021, respectively	87,475	63,881
Receivables from broker-dealers, clearing organizations and customers	617,817	408,346
Goodwill	154,789	154,789
Intangible assets, net of accumulated amortization	105,607	116,377
Furniture, equipment, leasehold improvements and capitalized software, net of accumulated depreciation and amortization	93,255	96,061
Operating lease right-of-use assets	68,602	70,960
Prepaid expenses and other assets	65,048	27,066
Total assets	1,567,710	1,530,452
Liabilities
Accrued employee compensation	35,685	59,719
Payables to broker-dealers, clearing organizations and customers	375,211	229,325
Income and other tax liabilities	27,660	40,456
Accounts payable, accrued expenses and other liabilities	42,797	71,218
Operating lease liabilities	85,555	88,425
Total liabilities	566,908	489,143
Commitments and Contingencies (Note 13)
Stockholders' equity
Preferred stock	0	0
Common stock	123	123
Additional paid-in capital	325,047	330,262
Treasury stock - Common stock voting, at cost, 3,270,512 shares and 2,992,550 as of June 30, 2022 and December 31, 2021, respectively	(320,252)	(232,712)
Retained earnings	1,035,723	956,966
Accumulated other comprehensive loss	(39,839)	(13,330)
Total stockholders' equity	1,000,802	1,041,309
Total liabilities and stockholders' equity	1,567,710	1,530,452
Series A Preferred Stock [Member]
Stockholders' equity
Preferred stock	$ 0	$ 0

Consolidated Statements of Fi_2

Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Allowance for accounts receivable	$ 193	$ 140
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	4,855,000	4,855,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.003	$ 0.003
Common stock, shares authorized	110,000,000	110,000,000
Common stock, shares issued	40,910,520	40,911,506
Common stock, shares outstanding	37,640,008	37,918,956
Treasury stock, shares	3,270,512	2,992,550
Series A Preferred Stock [Member]
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	110,000	110,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common Stock Non-Voting [Member]
Common stock, par value	$ 0.003	$ 0.003
Common stock, shares authorized	10,000,000	10,000,000
Common stock, shares issued	0	0
Common stock, shares outstanding	0	0

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Revenues
Revenues	$ 182,229	$ 176,334	$ 368,286	$ 371,798
Expenses
Employee compensation and benefits	45,435	40,732	93,191	88,820
Depreciation and amortization	15,240	13,097	30,414	24,876
Technology and communications	12,490	10,544	24,682	20,580
Professional and consulting fees	8,920	10,704	18,541	20,344
Occupancy	3,700	3,300	7,087	6,617
Marketing and advertising	2,949	3,128	4,738	4,332
Clearing costs	4,263	4,372	8,838	9,066
General and administrative	4,444	3,280	7,903	6,512
Total expenses	97,441	89,157	195,394	181,147
Operating income	84,788	87,177	172,892	190,651
Other income (expense)
Investment income	254	107	313	214
Interest expense	(337)	(171)	(510)	(362)
Equity in earnings of unconsolidated affiliate	191	0	191	0
Other, net	4,682	(1,060)	7,111	(2,649)
Total other income (expense)	4,790	(1,124)	7,105	(2,797)
Income before income taxes	89,578	86,053	179,997	187,854
Provision for income taxes	22,656	18,765	48,306	40,109
Net income	$ 66,922	$ 67,288	$ 131,691	$ 147,745
Net income per common share
Basic	$ 1.78	$ 1.79	$ 3.52	$ 3.94
Diluted	1.78	1.77	3.49	3.87
Cash dividends declared per common share	$ 0.70	$ 0.66	$ 1.40	$ 1.32
Weighted average shares outstanding
Basic	37,529	37,508	37,456	37,489
Diluted	37,608	38,104	37,716	38,129
Commissions [Member]
Revenues
Revenues	$ 163,463	$ 156,431	$ 329,576	$ 332,269
Information Services [Member]
Revenues
Revenues	9,396	9,844	19,205	19,006
Post-trade Services [Member]
Revenues
Revenues	9,144	9,848	19,056	20,109
Other [Member]
Revenues
Revenues	$ 226	$ 211	$ 449	$ 414

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 66,922	$ 67,288	$ 131,691	$ 147,745
Net cumulative translation adjustment and foreign currency exchange hedge net of tax of $0, $(133), $0, and $(546), respectively	(21,458)	1,138	(26,509)	(794)
Comprehensive income	$ 45,464	$ 68,426	$ 105,182	$ 146,951

Consolidated Statements of Co_2

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Statement of Comprehensive Income [Abstract]
Foreign currency exchange hedge, tax expense (benefit)	$ (133)	$ 0	$ (546)

Consolidated Statements of Chan

Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock Voting [Member]	Additional Paid-In Capital [Member]	Treasury Stock - Common Stock Voting [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Loss [Member]
Beginning Balance at Dec. 31, 2020	$ 955,061	$ 123	$ 329,742	$ (169,523)	$ 799,369	$ (4,650)
Net income	80,457				80,457
Cumulative translation adjustment and foreign currency exchange hedge, net of tax	(1,932)					(1,932)
Stock-based compensation	7,424		7,424
Exercise of stock options	244		244
Withholding tax payments on restricted stock vesting and stock option exercises	(27,422)		(27,422)
Repurchases of common stock	(520)			(520)
Cash dividend on common stock	(25,079)				(25,079)
Ending Balance at Mar. 31, 2021	988,233	123	309,988	(170,043)	854,747	(6,582)
Beginning Balance at Dec. 31, 2020	955,061	123	329,742	(169,523)	799,369	(4,650)
Net income	147,745
Cumulative translation adjustment and foreign currency exchange hedge, net of tax	(794)
Ending Balance at Jun. 30, 2021	1,021,860	123	313,683	(183,479)	896,977	(5,444)
Beginning Balance at Mar. 31, 2021	988,233	123	309,988	(170,043)	854,747	(6,582)
Net income	67,288				67,288
Cumulative translation adjustment and foreign currency exchange hedge, net of tax	1,138					1,138
Stock-based compensation	6,134		6,134
Exercise of stock options	4,421		4,421
Withholding tax payments on restricted stock vesting and stock option exercises	(6,860)		(6,860)
Repurchases of common stock	(13,436)			(13,436)
Cash dividend on common stock	(25,058)				(25,058)
Ending Balance at Jun. 30, 2021	1,021,860	123	313,683	(183,479)	896,977	(5,444)
Beginning Balance at Dec. 31, 2021	1,041,309	123	330,262	(232,712)	956,966	(13,330)
Net income	64,769				64,769
Cumulative translation adjustment and foreign currency exchange hedge, net of tax	(5,051)					(5,051)
Stock-based compensation	8,099		8,099
Exercise of stock options	50		50
Withholding tax payments on restricted stock vesting and stock option exercises	(20,292)		(20,292)
Repurchases of common stock	(38,800)			(38,800)
Cash dividend on common stock	(26,543)				(26,543)
Ending Balance at Mar. 31, 2022	1,023,541	123	318,119	(271,512)	995,192	(18,381)
Beginning Balance at Dec. 31, 2021	1,041,309	123	330,262	(232,712)	956,966	(13,330)
Net income	131,691
Cumulative translation adjustment and foreign currency exchange hedge, net of tax	(26,509)
Ending Balance at Jun. 30, 2022	1,000,802	123	325,047	(320,252)	1,035,723	(39,839)
Beginning Balance at Mar. 31, 2022	1,023,541	123	318,119	(271,512)	995,192	(18,381)
Net income	66,922				66,922
Cumulative translation adjustment and foreign currency exchange hedge, net of tax	(21,458)					(21,458)
Stock-based compensation	6,503		6,503
Exercise of stock options	86		86
Withholding tax payments on restricted stock vesting and stock option exercises	339		339
Repurchases of common stock	(48,740)			(48,740)
Cash dividend on common stock	(26,391)				(26,391)
Ending Balance at Jun. 30, 2022	$ 1,000,802	$ 123	$ 325,047	$ (320,252)	$ 1,035,723	$ (39,839)

Consolidated Statements of Ch_2

Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - $ / shares	3 Months Ended				6 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021
Statement of Stockholders' Equity [Abstract]
Cash dividends declared per common share	$ 0.70	$ 0.70	$ 0.66	$ 0.66	$ 1.40	$ 1.32

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash flows from operating activities
Net income	$ 131,691	$ 147,745
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	30,414	24,876
Amortization of operating lease right-of-use assets	2,999	3,368
Stock-based compensation expense	14,602	13,558
Deferred taxes	(2,164)	1,600
Other	(1,068)	(176)
Changes in operating assets and liabilities:
(Increase) in accounts receivable	(23,728)	(7,434)
(Increase) in receivables from broker-dealers, clearing organizations and customers	(190,074)	(211,434)
(Increase) in prepaid expenses and other assets	(3,632)	(4,624)
(Decrease) in accrued employee compensation	(24,034)	(23,048)
Increase in payables to broker-dealers, clearing organizations and customers	145,886	144,977
(Decrease) in income and other tax liabilities	(10,175)	(3,101)
Increase (decrease) in accounts payable, accrued expenses and other liabilities	1,141	(1,479)
(Decrease) in operating lease liabilities	(3,287)	(3,732)
Net cash provided by operating activities	69,907	73,567
Cash flows from investing activities
Acquisitions, net of cash and cash equivalents acquired	0	(17,078)
Acquisition of equity method investment	(34,400)	0
Purchases of furniture, equipment and leasehold improvements	(2,681)	(9,809)
Capitalization of software development costs	(18,561)	(16,459)
Net cash (used in) provided by investing activities	(55,642)	(43,346)
Cash flows from financing activities
Cash dividend on common stock	(53,527)	(50,238)
Exercise of stock options	136	4,665
Withholding tax payments on restricted stock vesting and stock option exercises	(19,953)	(34,282)
Repurchases of common stock	(87,540)	(13,956)
Payment of contingent consideration	(26,164)	0
Proceeds from short-term borrowings	100,000	70,348
Repayments of short-term borrowings	(100,000)	(69,302)
Net cash (used in) financing activities	(187,048)	(92,765)
Effect of exchange rate changes on cash and cash equivalents	(23,894)	(263)
Cash and cash equivalents including restricted cash
Net decrease for the period	(196,677)	(62,807)
Beginning of period	625,567	608,050
End of period	428,890	545,243
Supplemental cash flow information
Cash paid for income taxes	47,991	36,798
Cash paid for interest	429	362
Non-cash activity
Contingent consideration payable recognized in connection with acquisitions	0	22,450
Exercise of stock options - cashless	0	2,750
Operating lease right-of-use assets obtained in exchange for operating lease liabilities	1,651	1,208
Trading Investments [Member]
Changes in operating assets and liabilities:
Decrease (increase) in trading investments	0	5,569
Mutual Funds Held In Rabbi Trust [Member]
Changes in operating assets and liabilities:
Decrease (increase) in trading investments	$ 1,336	$ (1,960)

Organization and Principal Busi

Organization and Principal Business Activity	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Organization and Principal Business Activity	1. Organization and Principal Business Activity MarketAxess Holdings Inc. (the “Company” or “MarketAxess”) was incorporated in the State of Delaware on April 11, 2000 . Through its subsidiaries, MarketAxess operates leading electronic trading platforms delivering expanded liquidity opportunities, improved execution quality and significant cost savings across global fixed-income markets. Over 1,900 institutional investor and broker-dealer firms are active users of MarketAxess’ patented trading technology, accessing global liquidity on its platforms in U.S. investment-grade bonds, U.S. high-yield bonds, emerging market debt, Eurobonds, municipal bonds, U.S. government bonds and other fixed-income securities. Through its Open Trading ® protocols, MarketAxess executes bond trades between and among institutional investor and broker-dealer clients in the leading all-to-all anonymous trading environment for corporate bonds. MarketAxess also offers a number of trading-related products and services, including: Composite+™ pricing and other market data products to assist clients with trading decisions; auto-execution and other execution services for clients requiring specialized workflow solutions; connectivity solutions that facilitate straight-through processing; and technology services to optimize trading environments. The Company also provides a range of pre- and post-trade services, including trade matching, trade publication, regulatory transaction reporting and market and reference data across a range of fixed-income and other products.

Significant Accounting Policies

Significant Accounting Policies	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Significant Accounting Policies	2. Significant Accounting Policies Basis of Presentation The consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany transactions and balances have been eliminated. These consolidated financial statements are unaudited and should be read in conjunction with the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. The consolidated financial information as of December 31, 2021 has been derived from audited financial statements not included herein. These unaudited consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) with respect to Form 10-Q and reflect all adjustments that, in the opinion of management, are normal and recurring, and that are necessary for a fair statement of the results for the interim periods presented. In accordance with such rules and regulations, certain disclosures that are normally included in annual financial statements have been omitted. Interim period operating results may not be indicative of the operating results for a full year. Certain reclassifications have been made to the prior periods’ consolidated financial statements in order to conform to the current period presentation. Such reclassifications are immaterial, individually and in the aggregate, to both current and all previously issued financial statements taken as a whole and have no effect on previously reported net income. Cash and Cash Equivalents The Company defines cash equivalents as short-term interest-bearing investments with maturities at the time of purchase of three months or less. Investments The Company determines the appropriate classification of securities at the time of purchase which are recorded in the Consolidated Statements of Financial Condition on the trade date. Securities are classified as available-for-sale or trading. Available-for-sale investments are carried at fair value with the unrealized gains or losses reported in accumulated other comprehensive loss in the Consolidated Statements of Financial Condition. Trading investments include U.S. Treasuries and are carried at fair value, with realized and unrealized gains or losses included in other, net in the Consolidated Statements of Operations. Fair Value Financial Instruments Fair value is defined as “the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.” A three-tiered hierarchy for determining fair value has been established that prioritizes inputs to valuation techniques used in fair value calculations. The three levels of inputs are defined as Level 1 (unadjusted quoted prices for identical assets or liabilities in active markets), Level 2 (inputs that are observable in the marketplace other than those inputs classified in Level 1) and Level 3 (inputs that are unobservable in the marketplace). The Company’s financial assets and liabilities measured at fair value on a recurring basis consist of its money market funds, trading securities and contingent consideration payables associated with acquisitions. All other financial instruments are short-term in nature and the carrying amounts reported on the Consolidated Statements of Financial Condition approximate fair value. Receivables from and Payables to Broker-dealers, Clearing Organizations and Customers Receivables from broker-dealers, clearing organizations and customers include amounts receivable for securities not delivered by the Company to the purchaser by the settlement date (“securities failed-to-deliver”) and cash deposits held at clearing organizations and clearing brokers to facilitate the settlement and clearance of matched principal transactions. Payables to broker-dealers, clearing organizations and customers include amounts payable for securities not received by the Company from a seller by the settlement date (“securities failed-to-receive”). Securities failed-to-deliver and securities failed-to-receive for transactions executed on a matched principal basis where the Company serves as a counterparty to both the buyer and the seller are recorded on a settlement date basis. The Company presents its securities failed-to-deliver and securities failed-to-receive balances on a net-by-counterparty basis within receivables from and payables to broker-dealers, clearing organizations and customers. The difference between the Company’s trade-date receivables and payables for unsettled matched principal transactions reflects commissions earned and is recorded within accounts receivable, net on a trade date basis. Allowance for Credit Losses All accounts receivable have contractual maturities of less than one year and are derived from trading-related fees and commissions and revenues from products and services. The Company continually monitors collections and payments from its customers and maintains an allowance for doubtful accounts. The allowance for credit losses is based on an estimate of the amount of potential credit losses in existing accounts receivable, as determined from a review of aging schedules, past due balances, historical collection experience and other specific collection issues that have been identified. Account balances are grouped for evaluation based on various risk characteristics, including billing type, legal entity, and geographic region. Additions to the allowance for credit losses are charged to bad debt expense, which is included in general and administrative expense in the Company’s Consolidated Statements of Operations. Balances that are determined to be uncollectable are written off against the allowance for credit losses. The allowance for credit losses was immaterial as of June 30, 2022 and December 31, 2021 . Depreciation and Amortization Fixed assets are carried at cost less accumulated depreciation. The Company uses the straight-line method of depreciation over three to seven years . The Company amortizes leasehold improvements on a straight-line basis over the lesser of the life of the improvement or the remaining term of the lease. Software Development Costs The Company capitalizes certain costs associated with the development of internal use software, including, among other items, employee compensation and related benefits and third party consulting costs at the point at which the conceptual formulation, design and testing of possible software project alternatives have been completed. Once the product is ready for its intended use, such costs are amortized on a straight-line basis over three years . The Company reviews the amounts capitalized for impairment whenever events or changes in circumstances indicate that the carrying amounts of the assets may not be recoverable. Cloud Computing Costs The Company capitalizes certain costs associated with cloud computing arrangements, including, among other items, employee compensation and related benefits and third party consulting costs that are part of the application development stage. These costs are recorded as a prepaid asset on the Consolidated Statement of Financial Condition and are amortized over the period of the hosting service contract, which ranges from one to five years . The Company reviews the amounts capitalized for impairment whenever events or changes in circumstances indicate that the carrying amounts of the assets may not be recoverable. Foreign Currency Translation and Forward Contracts Assets and liabilities denominated in foreign currencies are translated using exchange rates at the end of the period; revenues and expenses are translated at average monthly rates. Gains and losses on foreign currency translation are a component of accumulated other comprehensive loss in the Consolidated Statements of Financial Condition. Transaction gains and losses are recorded in other, net in the Consolidated Statements of Operations. The Company previously entered into foreign currency forward contracts to hedge its net investment in its U.K. subsidiaries. Gains and losses on these transactions are included in accumulated other comprehensive loss in the Consolidated Statements of Financial Condition. Revenue Recognition The Company’s classification of revenues in the Consolidated Statements of Operations represents revenues from contracts with customers disaggregated by type of revenue. The Company has four revenue streams as described below. Commission Revenue – The Company charges its broker-dealer clients variable transaction fees for trades executed on its platforms and, under certain plans, distribution fees or monthly minimum fees to use the platforms for a particular product area. Variable transaction fees are recognized on a trade date basis, are generally calculated as a percentage of the notional dollar volume of bonds traded on the platforms and vary based on the type, size, yield and maturity of the bond traded, as well as individual client incentives. Bonds that are more actively traded or that have shorter maturities generally generate lower commissions, while bonds that are less actively traded or that have longer maturities generally command higher commissions. Under the Company’s disclosed trading transaction fee plans, variable transaction fees, distribution fees and unused monthly fee commitments are invoiced and recorded on a monthly basis. For Open Trading trades that the Company executes between and among institutional investor and broker-dealer clients on a matched principal basis by serving as counterparty to both the buyer and the seller, the Company earns its commission through the difference in price between the two trades. The commission is collected upon settlement of the trade, which typically occurs within one to two trading days after the trade date. For the majority of the Company’s U.S. Treasury matched principal trades, commissions are invoiced and recorded on a monthly basis. The following table presents commission revenue by fee type: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 (In thousands) Commission revenue by fee type Variable transaction fees Disclosed trading $ 84,686 $ 84,581 $ 171,753 $ 183,399 Open Trading – matched principal trading 42,624 39,881 85,615 86,201 U.S. Treasuries – matched principal trading 4,512 2,637 9,327 5,897 Total variable transaction fees 131,822 127,099 266,695 275,497 Distribution fees and unused minimum fees 31,641 29,332 62,881 56,772 Total commissions $ 163,463 $ 156,431 $ 329,576 $ 332,269 Information services – Information services includes data licensed to the Company’s broker-dealer clients, institutional investor clients and data-only subscribers; professional and consulting services; technology software licenses; and maintenance and support services. The nature and timing of each performance obligation may vary as these contracts are either subscription-based services transferred over time, and may be net of volume-based discounts, or one-time services that are transferred at a point in time. Revenues for services transferred over time are recognized ratably over the contract period as the Company’s performance obligation is met, whereas revenues for services transferred at a point in time are recognized in the period the services are provided. Customers are generally billed monthly, quarterly, or annually; revenues billed in advance are deferred and recognized ratably over the contract period. The following table presents information services revenue by timing of recognition: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 (In thousands) Information services revenue by timing of recognition Services transferred over time $ 9,223 $ 9,512 $ 18,708 $ 18,557 Services transferred at a point in time 173 332 497 449 Total information services revenues $ 9,396 $ 9,844 $ 19,205 $ 19,006 Post-trade services – Post-trade services revenue is generated from regulatory transaction reporting, trade publication and trade matching services. Customers are generally billed monthly in arrears and revenue is recognized in the period transactions are processed. Revenues billed in advance are deferred and recognized ratably over the contract period. The Company also generates one-time implementation fees for onboarding clients which are invoiced and recognized in the period the implementation is completed. The following table presents post-trade services revenue by timing of recognition: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 (In thousands) Post-trade services revenue by timing of recognition Services transferred over time $ 9,143 $ 9,848 $ 19,014 $ 20,100 Services transferred at a point in time 1 — 42 9 Total post-trade services revenues $ 9,144 $ 9,848 $ 19,056 $ 20,109 Other revenues – Other revenues primarily includes revenue from telecommunications line charges to broker-dealer clients. Contract liabilities consist of deferred revenues that the Company records when cash payments are received or due in advance of services to be performed. The revenue recognized from contract liabilities and the remaining balance is shown below: December 31, 2021 Payments received in advance of services to be performed Revenue recognized for services performed during the period Foreign Currency Translation June 30, 2022 (In thousands) Information services $ 3,528 $ 4,948 $ ( 5,455 ) $ — $ 3,021 Post-trade services 720 8,167 ( 7,491 ) ( 72 ) 1,324 Total deferred revenue $ 4,248 $ 13,115 $ ( 12,946 ) $ ( 72 ) $ 4,345 The majority of the Company’s contracts are short-term in nature with durations of less than one year. For contracts with original durations extending beyond one year, the aggregate amount of the transaction price allocated to remaining performance obligations was $ 20.0 million as of June 30, 2022. The Company expects to recognize revenue associated with the remaining performance obligations over the next 28 months. Stock-Based Compensation The Company measures and recognizes compensation expense for all share-based payment awards based on their estimated fair values measured as of the grant date. These costs are recognized as an expense in the Consolidated Statements of Operations over the requisite service period, which is typically the vesting period, with an offsetting increase to additional paid-in capital. Forfeitures are recognized as they occur. Income Taxes Income taxes are accounted for using the asset and liability method. Deferred income taxes reflect the net tax effects of temporary differences between the financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when such differences are expected to reverse. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is recognized against deferred tax assets if it is more likely than not that such assets will not be realized in future years. Tax benefits for uncertain tax positions are recognized when it is more likely than not that the positions will be sustained upon examination based on their technical merits. The Company recognizes interest and penalties related to unrecognized tax benefits in the provision for income taxes in the Consolidated Statements of Operations. All tax effects related to share-based payments are recorded in the provision for income taxes in the periods during which the awards are exercised or vest. Business Combinations, Goodwill and Intangible Assets Business combinations are accounted for under the purchase method of accounting. The total cost of an acquisition is allocated to the underlying net assets based on their respective estimated fair values. The excess of the purchase price over the estimated fair values of the net assets acquired is recorded as goodwill. Determining the fair value of certain assets acquired and liabilities assumed requires judgment and often involves the use of significant estimates and assumptions, including assumptions with respect to future cash flows, discount rates, growth rates, customer attrition rates and asset lives. The Company operates as a single reporting unit. Following an acquisition, goodwill no longer retains its identification with a particular acquisition, but instead becomes identifiable with the entire reporting unit. As a result, all of the fair value of the Company is available to support the value of goodwill. An impairment review of goodwill is performed on an annual basis, at year-end, or more frequently if circumstances change. Intangible assets with definite lives, including purchased technologies, customer relationships and other intangible assets, are amortized over their estimated useful lives which range from one to 15 years using either a straight-line or accelerated amortization method based on the pattern of economic benefit the Company expects to realize from such assets. Intangible assets are assessed for impairment when events or circumstances indicate the existence of a possible impairment. Equity Investments and Consolidation The Company evaluates equity investments for potential consolidation under the voting-interest or variable-interest models. The Company consolidates investees over which the Company determines it has control under the voting interest model, generally greater than 50 % ownership, or for which the Company is the primary beneficiary under the variable-interest model. The Company uses the equity method of accounting when it exercises significant influence over the investee, but does not have operating control, generally between 20 % and 50 % ownership. Under the equity method of accounting, original investments are recorded at cost in prepaid expenses and other assets on the Consolidated Statements of Financial Condition and adjusted by the Company’s proportionate share of the investees’ undistributed earnings or losses. Equity investments are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the investment may not be recoverable. Earnings Per Share Basic earnings per share is computed by dividing the net income attributable to common stock by the weighted-average number of shares of common stock outstanding during the period. For purposes of computing diluted earnings per share, the weighted-average shares outstanding of common stock reflects the dilutive effect that could occur if convertible securities or other contracts to issue common stock were converted into or exercised for common stock. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Regulatory Capital Requirements

Regulatory Capital Requirements	6 Months Ended
	Jun. 30, 2022
Broker-Dealer [Abstract]
Regulatory Capital Requirements	3. Regulatory Capital Requirements Certain U.S. subsidiaries of the Company are registered as a broker-dealer or swap execution facility (“SEF”) and therefore are subject to the applicable rules and regulations of the SEC, the Financial Industry Regulatory Authority (“FINRA”) and the Commodity Futures Trading Commission (“CFTC”). These rules contain minimum net capital requirements, as defined in the applicable regulations, and also may require that a significant part of the registrants’ assets be kept in relatively liquid form. Certain of the Company’s foreign subsidiaries are regulated by the Financial Conduct Authority (“FCA”) in the U.K. or other foreign regulators and must maintain financial resources, as defined in the applicable regulations, in excess of the applicable financial resources requirement. As of June 30, 2022, each of the Company’s subsidiaries that are subject to these regulations had net capital or financial resources in excess of their minimum requirements. As of June 30, 2022, the Company’s subsidiaries maintained aggregate net capital and financial resources that were $ 477.8 million in excess of the required levels of $ 21.7 million. The Company’s U.S. broker-dealer subsidiary is required to segregate funds in a special reserve bank account for the benefit of customers pursuant to Rule 15c3-3 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). As of June 30, 2022, the U.S. broker-dealer subsidiary had a balance of $ 50.3 million in its special reserve bank account. This U.S. broker-dealer subsidiary also maintained net capital that was $ 292.9 million in excess of the required level of $ 4.8 million. Each of the Company’s U.S. and foreign regulated subsidiaries are subject to local regulations which generally prohibit repayment of borrowings from the Company or affiliates, paying cash dividends, making loans to the Company or affiliates or otherwise entering into transactions that result in a significant reduction in regulatory net capital or financial resources without prior notification to or approval from such regulated entity’s principal regulator.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements	4. Fair Value Measurements The following table summarizes the valuation of the Company’s assets and liabilities measured at fair value as categorized based on the hierarchy described in Note 2: Level 1 Level 2 Level 3 Total (In thousands) As of June 30, 2022 Assets Money market funds $ 12,275 $ — $ — $ 12,275 Trading securities U.S. Treasuries — 24,438 — 24,438 Mutual funds held in rabbi trust — 9,859 — 9,859 Total assets $ 12,275 $ 34,297 $ — $ 46,572 Liabilities Contingent consideration payable $ — $ — $ 12,121 $ 12,121 As of December 31, 2021 Assets Money market funds $ 14,206 $ — $ — $ 14,206 Trading securities U.S. Treasuries — 24,883 — 24,883 Mutual funds held in rabbi trust — 11,195 — 11,195 Total assets $ 14,206 $ 36,078 $ — $ 50,284 Liabilities Contingent consideration payable $ — $ — $ 41,090 $ 41,090 Securities classified within Level 2 were valued using a market approach utilizing prices and other relevant information generated by market transactions involving comparable assets. The mutual funds held in a rabbi trust represent investments associated with the Company’s deferred cash incentive plan. Liabilities classified within Level 3 reflect contingent consideration payable recognized in connection with acquisitions. Significant unobservable inputs used in the valuation of contingent consideration payable include estimates of client retention, electronic trading volume and variable fees over periods of 18 to 24 months from the acquisition dates. The following table summarizes the change in the Company's Level 3 liabilities for the six months ended June 30, 2022: December 31, 2021 Payments Unrealized (Gain)/Loss Realized (Gain)/Loss Foreign Currency Translation June 30, 2022 (In thousands) Contingent consideration payable $ 41,090 $ ( 26,164 ) $ 313 $ ( 1,769 ) $ ( 1,349 ) $ 12,121 The table below presents the range and average significant unobservable inputs used in the valuation of the Company's Level 3 liabilities: Valuation Technique Unobservable Inputs Range Average ($ in thousands) As of June 30, 2022 Contingent consideration payable Discounted cash flows Present value factor 0.97 0.97 April 2022-March 2023 variable fee $ 3,556 - $ 5,658 $ 4,607 Percentage of electronic trading volume 86.0 % - 96.6 % 91.3 % As of December 31, 2021 Contingent consideration payable Discounted cash flows Present value factor 0.95 - 1 0.98 Customer retention rate 84.0 % 84.0 % April 2021-March 2022 variable fee $ 2,703 - $ 3,086 $ 2,895 Percentage of electronic trading volume 86.0 % - 96.6 % 91.3 % The table below presents the carrying value, fair value and fair value hierarchy category of the Company's financial assets and liabilities that are not measured at fair value on the Consolidated Statement of Financial Condition. The carrying values of the Company's financial assets and liabilities not measured at fair value categorized in the fair value hierarchy as Level 1 and Level 2 approximate fair value due to the short-term nature of the underlying assets and liabilities. Carrying Value Fair Value Level 1 Level 2 Level 3 Total (In thousands) As of June 30, 2022 Financial assets not measured at fair value: Cash and cash equivalents $ 290,544 $ 290,544 $ 290,544 $ — $ — $ 290,544 Cash segregated under federal regulations 50,276 50,276 50,276 — — 50,276 Accounts receivable, net of allowance 87,475 87,475 — 87,475 — 87,475 Receivables from broker-dealers, clearing organizations and customers 617,817 617,817 87,962 529,855 — 617,817 Total $ 1,046,112 $ 1,046,112 $ 428,782 $ 617,330 $ — $ 1,046,112 Financial liabilities not measured at fair value: Payables to broker-dealers, clearing organizations and customers $ 375,211 $ 375,211 $ — $ 375,211 $ — $ 375,211 As of December 31, 2021 Financial assets not measured at fair value: Cash and cash equivalents $ 506,735 $ 506,735 $ 506,735 $ — $ — $ 506,735 Cash segregated under federal regulations 50,159 50,159 50,159 — — 50,159 Accounts receivable, net of allowance 63,881 63,881 — 63,881 — 63,881 Receivables from broker-dealers, clearing organizations and customers 408,346 408,346 68,565 339,781 — 408,346 Total $ 1,029,121 $ 1,029,121 $ 625,459 $ 403,662 $ — $ 1,029,121 Financial liabilities not measured at fair value: Payables to broker-dealers, clearing organizations and customers $ 229,325 $ 229,325 $ — $ 229,325 $ — $ 229,325 The following table summarizes the Company’s investments: Amortized Gross Gross Fair (In thousands) As of June 30, 2022 Trading securities U.S. Treasuries $ 24,883 $ — $ ( 445 ) $ 24,438 Mutual funds held in rabbi trust 11,981 — ( 2,122 ) 9,859 Total investments $ 36,864 $ — $ ( 2,567 ) $ 34,297 As of December 31, 2021 Trading securities U.S. Treasuries $ 24,994 $ — $ ( 111 ) $ 24,883 Mutual funds held in rabbi trust 9,941 1,254 — 11,195 Total investments $ 34,935 $ 1,254 $ ( 111 ) $ 36,078 The following table summarizes the fair value of the investments based upon the contractual maturities: As of June 30, 2022 December 31, 2021 (In thousands) Less than one year $ 34,297 $ 11,195 Due in 1 - 5 years — 24,883 Total $ 34,297 $ 36,078 There were no proceeds from the sales and maturities of investments during the six months ended June 30, 2022. Proceeds from the sales and maturities of investments during the six months ended June 30, 2021 were $ 19.4 million. Net unrealized losses on trading securities were $ 2.6 million for the six months ended June 30, 2022 . Net unrealized gains on trading securities were $ 0.9 million for the six months ended June 30, 2021 .

Receivables from and Payables t

Receivables from and Payables to Broker-dealers, Clearing organizations and Customers	6 Months Ended
	Jun. 30, 2022
Due to and from Broker-Dealers and Clearing Organizations [Abstract]
Receivables from and Payables to Broker-dealers, Clearing organizations and Customers	5. Receivables from and Payables to Broker-dealers, Clearing organizations and Customers Receivables from and payables to broker-dealers, clearing organizations and customers consisted of the following: June 30, 2022 December 31, 2021 Receivables from broker-dealers, clearing organizations and customers: (In thousands) Securities failed-to-deliver – broker-dealers and clearing organizations $ 189,929 $ 152,766 Securities failed-to-deliver – customers 333,607 182,052 Deposits with clearing organizations and broker-dealers 87,962 68,565 Other 6,319 4,963 Total $ 617,817 $ 408,346 Payables to broker-dealers, clearing organizations and customers: Securities failed-to-receive – broker-dealers and clearing organizations $ 251,076 $ 166,010 Securities failed-to-receive – customers 115,365 59,879 Other 8,770 3,436 Total $ 375,211 $ 229,325

Acquisitions and Equity Investm

Acquisitions and Equity Investments	6 Months Ended
	Jun. 30, 2022
Business Combinations [Abstract]
Acquisitions and Equity Investments	6. Acquisitions and Equity Investments In May 2022, the Company invested $ 34.4 million to acquire a minority ownership stake in RFQ–hub Holdings LLC, an entity formed with a consortium of market participants to support the growth of RFQ-hub, a bilateral multi-asset request for quote platform. The Company possesses significant influence over RFQ–hub Holdings LLC and is accounting for its investment under the equity method of accounting. As of June 30, 2022, the Company’s investment is recorded at carrying value of $ 34.6 million within prepaid expenses and other assets on the Consolidated Statements of Financial Condition. The Company’s proportionate share of RFQ–hub Holdings LLC’s net earnings was $ 0.2 million for the six months ended June 30, 2022 and is recorded within equity in earnings of unconsolidated affiliate on the Consolidated Statements of Operations. On April 9, 2021, the Company acquired MuniBrokers LLC (“MuniBrokers”), a central electronic venue serving municipal bond brokers and dealers. The purchase price consisted of $ 17.1 million in cash paid at closing and up to $ 25.0 million of contingent consideration payable within approximately two years of the acquisition date. The Company accounted for the transaction as a business combination and utilized an independent third-party to assist in determining the fair value of the acquired intangible assets. The accounting purchase price was $ 39.6 million, comprised of $ 17.1 million of cash and $ 22.5 million of contingent consideration payable, which was included within accounts payable, accrued expenses, and other liabilities on the Consolidated Statements of Financial Condition. The Company recorded $ 32.0 million of amortizable intangible assets and $ 7.4 million of goodwill as of the acquisition date. The acquired intangible assets consist of customer relationships and technology and have useful lives ranging from 1 to 15 years. In 2022, the Company recognized a decrease of $ 1.6 million to the contingent consideration payable due to the finalization of the first earn-out period consideration, which was recorded as a gain in other, net on the Consolidated Statements of Operations. In May 2022, the Company made a payment of $ 8.3 million to settle the first earn-out period consideration. As of June 30, 2022, the remaining outstanding contingent consideration payable was $ 12.1 million. On November 30, 2020, the Company acquired Regulatory Services GmbH, the pan-European regulatory reporting business of Deutsche Börse Group (“Regulatory Reporting Hub”). The purchase price consisted of $ 22.5 million in cash paid at closing and up to $ 24.6 million in contingent consideration payable in cash within 18 months of the closing. The Company is accounting for the transaction as a purchase of assets and recorded $ 37.4 million in amortizable intangible assets as of the acquisition date. In April 2022, the Company made a final payment of $ 17.9 million to settle the contingent consideration payable.

Goodwill and Intangible Assets

Goodwill and Intangible Assets	6 Months Ended
	Jun. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	7. Goodwill and Intangible Assets Goodwill and intangible assets with indefinite lives were $ 154.8 million as of each of June 30, 2022 and December 31, 2021 . Intangible assets that are subject to amortization, including the related accumulated amortization, are comprised of the following: June 30, 2022 December 31, 2021 Cost Accumulated Net carrying Cost Accumulated Net carrying (In thousands) Customer relationships $ 128,942 $ ( 26,518 ) $ 102,424 $ 132,197 $ ( 19,813 ) $ 112,384 Technology and other intangibles 11,430 ( 8,247 ) 3,183 11,430 ( 7,437 ) 3,993 Total $ 140,372 $ ( 34,765 ) $ 105,607 $ 143,627 $ ( 27,250 ) $ 116,377 Amortization expense associated with identifiable intangible assets was $ 8.2 million and $ 6.1 million for the six months ended June 30, 2022 and 2021, respectively. Annual estimated total amortization expense is $ 16.5 million, $ 17.3 million, $ 15.0 million, $ 12.1 million and $ 10.4 million for 2022 through 2026.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Income Taxes	8. Income Taxes The Company's provision for income taxes includes U.S. federal, state and local, and foreign taxes. The Company’s effective tax rate was 25.3 % and 21.8 % for the three months ended June 30, 2022 and 2021, respectively, and 26.8 % and 21.4 % for the six months ended June 30, 2022 and 2021. The Company’s effective tax rate can vary from period to period depending on geographic mix of our earnings, changes in tax legislation and tax rates and the amount and timing of excess tax benefits related to share-based paymen ts, among other factors. During the six months ended June 30, 2022, the Company’s provision for income taxes included $ 3.2 million of expense related to a settlement with the New York State tax authorities to resolve the 2010 to 2014 audits. The Compa ny recognized excess tax detriments on share-based payments of $ 0.1 million and less than $ 0.1 million for the three and six months ended June 30, 2022, respectively, and $ 5.6 million and $ 9.7 million of excess tax benefits on share-based payments for the three and six months ended June 30, 2021, respectively. The Company or one of its subsidiaries files U.S. federal, state and foreign income tax returns. The Company is currently under a New York State income tax examination for the tax years 2015 through 2017 and a New York City income tax examination for the tax years 2016 through 2018 . At this time, the Company cannot estimate when the examinations will conclude or the impact such examinations will have on the Company’s Consolidated Financial Statements, if any. Generally, other than New York State and City, the Company is no longer subject to tax examinations by tax authorities for years prior to 2018.

Stock-Based Compensation Plans

Stock-Based Compensation Plans	6 Months Ended
	Jun. 30, 2022
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation Plans	9. Stock-Based Compensation Plans Equity Incentive Plan The Company maintains the MarketAxess Holdings Inc. 2020 Equity Incentive Plan (the “2020 Plan”) which provides for the grant of stock options, stock appreciation rights, restricted stock, restricted stock units, performance shares, performance units, or other stock-based awards as incentives to encourage employees, consultants and non-employee directors to participate in the long-term success of the Company. As of June 30, 2022, there were 2,475,894 shares available for grant under the 2020 Plan. Total stock-based compensation expense was as follows: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 (In thousands) Employees $ 6,059 $ 5,920 $ 13,701 $ 13,023 Non-employee directors 444 214 901 535 Total stock-based compensation $ 6,503 $ 6,134 $ 14,602 $ 13,558 The Company records stock-based compensation expense for employees in employee compensation and benefits and for non-employee directors in general and administrative expenses in the Consolidated Statements of Operations. During the six months ended June 30, 2022, the Company granted to employees and directors a total of 62,907 shares of restricted stock units, 23,904 options to purchase shares of common stock and performance stock units with an expected pay-out at target of 22,141 shares of common stock. The fair values of the restricted stock units and performance stock units were based on a weighted-average fair value per unit at the grant date of $ 354.03 and $ 350.85 , respectively. Based on the Black-Scholes option pricing model, the weighted-average fair value for each option granted was $ 101.38 per share. As of June 30, 2022, the total unrecognized compensation cost related to all non-vested awards was $ 51.6 million. That cost is expected to be recognized over a weighted-average period of 1.8 years. Employee Stock Purchase Plan In June 2022, the Company’s stockholders approved the MarketAxess Holdings Inc. Employee Stock Purchase Plan (the “ESPP”), under which a total of 121,211 shares of the Company’s Common Stock will be made available for purchase by employees. The ESPP is intended to qualify as an “employee stock purchase plan” meeting the requirements of Section 423 of the Internal Revenue Code. The ESPP was adopted by the Company’s Board of Directors in April 2022 and approved by the Company’s stockholders in June 2022. The ESPP has a series of six-month offering periods, with a new offering period beginning on the first trading day on or after February 16 and August 16 of each year. Subject to certain limitations, employees may contribute up to $ 2,000 of such employee’s total eligible compensation per month towards the purchase of common stock via payroll deductions. Purchase dates occur on the first trading day on or after February 15 and August 15 of each year and shares are purchased at a 15 % discount off the lesser of: (i) the fair market value per share on the first day of each offering period; and (ii) the fair market value per share on the purchase date, but in no event less than par value. The Company expects the first offering period under the ESPP to begin on August 15, 2022. The ESPP replaced the 2015 MarketAxess Holdings Inc. Employee Stock Purchase Plan, which was terminated by the Company’s Compensation & Talent Committee in February 2022.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2022
Earnings Per Share [Abstract]
Earnings Per Share	10. Earnings Per Share The following table sets forth basic and diluted weighted average shares outstanding used to compute earnings per share: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 (In thousands, except per share amounts) Basic weighted average shares outstanding 37,529 37,508 37,456 37,489 Dilutive effect of stock options and restricted stock 79 596 260 640 Diluted weighted average shares outstanding 37,608 38,104 37,716 38,129 Basic earnings per share $ 1.78 $ 1.79 $ 3.52 $ 3.94 Diluted earnings per share 1.78 1.77 3.49 3.87 Stock options and restricted stock totaling 333,413 shares and 28,570 shares for the three months ended June 30, 2022 and 2021, respectively, and 254,028 and 44,830 for the six months ended June 30, 2022 and 2021 , respectively, were excluded from the computation of diluted earnings per share because their effect would have been antidilutive. The computation of diluted shares can vary among periods due, in part, to the change in the average price of the Company’s common stock.

Credit Agreements and Short-ter

Credit Agreements and Short-term Financing	6 Months Ended
	Jun. 30, 2022
Debt Disclosure [Abstract]
Credit Agreements and Short-term Financing	11. Credit Agreements and Short-term Financing Prior Revolving Credit Agreement In November 2020, the Company entered into a one-year credit agreement (the “2020 Credit Agreement”) with a syndicate of lenders and JPMorgan Chase Bank, N.A., as administrative agent, that provided aggregate commitments totaling $ 500.0 million, consisting of a revolving credit facility and a $ 5.0 million letter of credit sub-limit for standby letters of credit. Borrowings under the 2020 Credit Agreement bore interest at a rate per annum equal to the base rate or adjusted London Inter-bank Offered Rate (“LIBOR”) plus an applicable margin that varies with the Company’s consolidated total leverage ratio. The 2020 Credit Agreement required that the Company satisfy certain covenants, which include leverage ratios and minimum earnings before interest, tax, and depreciation and amortization (“EBITDA”) requirements. 2021 Credit Agreement On October 15, 2021, the Company replaced the 2020 Credit Agreement with a new three-year revolving credit facility (the “2021 Credit Agreement” ) provided by a syndicate of lenders and JPMorgan Chase Bank, N.A., as administrative agent , which provides aggregate commitments totaling $ 500.0 million, consisting of a revolving credit facility and a $ 5.0 million letter of credit sub-limit for standby letters of credit. The 2021 Credit Agreement will mature on October 15, 2024 , with the Company's option to request up to two additional 364-day extensions at the discretion of each lender and subject to customary conditions. Subject to satisfaction of certain specified conditions, the Company is permitted to upsize the 2021 Credit Agreement by up to $ 250.0 million in total. As of June 30, 2022 , the Company had no letters of credit outstanding and $ 500.0 million in available borrowing capacity under the 2021 Credit Agreement. Borrowings under the 2021 Credit Agreement will bear interest at a rate per annum equal to the base rate or adjusted LIBOR plus an applicable margin that varies with the Company's consolidated total leverage ratio. The 2021 Credit Agreement requires that the Company satisfy certain covenants, which include a leverage ratio. The Company incurred $ 0.3 million of interest expense under the 2021 Credit Agreement for the six months ended June 30, 2022. Collateralized Agreement In connection with its self-clearing operations, the Company’s U.S. broker-dealer subsidiary entered into an agreement (the “Collateralized Agreement”) with its settlement bank to provide loans to the subsidiary in amounts up to an aggregate of $ 200.0 million on an uncommitted basis. Borrowings under the Collateralized Agreement are collateralized by securities pledged by the Company’s U.S. broker-dealer subsidiary to the settlement bank, subject to applicable haircuts and concentration limits. Borrowings under the Collateralized Agreement will bear interest at a base rate per annum equal to the higher of the upper range of the Federal Funds Rate, 0.25% or one-month Secured Overnight Financing Rate (“SOFR”), plus 1.00 %. The Company incurred no interest expense on borrowings under the Collateralized Agreement during the six months ended June 30, 2022. As of June 30, 2022 , the Company had no borrowings outstanding and $ 200.0 million in available borrowing capacity under the Collateralized Agreement. Short-term Financing Under arrangements with their settlement banks, certain of the Company’s U.S. and U.K. operating subsidiaries may receive overnight financing in the form of bank overdrafts. The Company incurred interest expense on such overnight financing of $ 0.2 million during the six months ended June 30, 2022. As of June 30, 2022 , the Company had no overdrafts payable outstanding.

Leases

Leases	6 Months Ended
	Jun. 30, 2022
Leases [Abstract]
Leases	12. Leases The Company has operating leases for corporate offices with initial lease terms ranging from one year to 15 years. Certain leases contain options to extend the initial term at the Company’s discretion . The Company accounts for the option to extend when it is reasonably certain of being exercised. The Company’s lease agreements do not contain any material residual value guarantees, restrictions or covenants. The following table presents the components of lease expense for the three and six months ended June 30, 2022 and 2021: Three Months Ended June 30, Six Months Ended June 30, Lease cost: Classification 2022 2021 2022 2021 (In thousands) Operating lease cost Occupancy $ 3,345 $ 3,346 $ 6,655 $ 6,669 Operating lease cost for subleased/assigned properties Other, net 13 544 469 1,041 Variable lease costs Occupancy 4 2 11 8 Sublease income subleased/assigned properties Other, net ( 15 ) ( 544 ) ( 405 ) ( 1,047 ) Net lease cost $ 3,347 $ 3,348 $ 6,730 $ 6,671 The Company determines whether an arrangement is, or includes, a lease at contract inception. Operating lease right-of-use assets and liabilities are recognized at commencement date and are initially measured based on the present value of lease payments over the defined lease term. As the Company's leases do not provide an implicit rate, the Company used its incremental borrowing rate based on the information available at the adoption date in determining the present value of lease payments. The weighted average remaining lease term and weighted average discount rate are as follows: As of Lease Term and Discount Rate June 30, 2022 December 31, 2021 Weighted average remaining lease term (in years) 11.0 11.5 Weighted average discount rate 5.9 % 5.9 % The following table presents the maturity of lease liabilities as of June 30, 2022: (In thousands) Remainder of 2022 $ 5,492 2023 10,988 2024 11,466 2025 11,274 2026 10,789 2027 and thereafter 67,975 Total lease payments 117,984 Less: interest 32,429 Present value of lease liabilities $ 85,555

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	13. Commitments and Contingencies Legal In the normal course of business, the Company and its subsidiaries included in the consolidated financial statements may be involved in various lawsuits, proceedings and regulatory examinations. The Company assesses its liabilities and contingencies in connection with outstanding legal proceedings, if any, utilizing the latest information available. For matters where it is probable that the Company will incur a material loss and the amount can be reasonably estimated, the Company will establish an accrual for the loss. Once established, the accrual will be adjusted to reflect any relevant developments. When a loss contingency is not both probable and estimable, the Company does not establish an accrual. Based on currently available information, the outcome of the Company’s outstanding matters is not expected to have a material adverse impact on the Company’s financial position. It is not presently possible to determine the ultimate exposure to these matters and there is no assurance that the resolution of the outstanding matters will not significantly exceed any reserves accrued by the Company. Other The Company, through certain of its subsidiaries, executes bond transactions between its institutional investor and broker-dealer clients on a matched principal basis by serving as counterparty to both the buyer and the seller in trades. The Company’s U.S. broker-dealer subsidiary operates under a self-clearing model for the settlement of such transactions. The Company’s subsidiaries also settle their transactions through third-party clearing brokers or settlement agents. Settlement typically occurs within one to two trading days after the trade date. Cash settlement of the transaction occurs upon receipt or delivery of the underlying instrument that was traded. Under both the self-clearing and the third-party clearing models, the Company may be exposed to credit risk in the event a counterparty does not fulfill its obligation to complete a transaction or if there is an error in executing a matched principal transaction. Pursuant to the terms of the securities clearing agreements, each third-party clearing broker has the right to charge the Company for any losses they suffer resulting from a counterparty’s failure on any of the Company’s trades. The Company did not record any liabilities or losses with regard to counterparty failures for the six months ended June 30, 2022 and 2021. In the normal course of business, the Company enters into contracts that contain a variety of representations, warranties and indemnification provisions. The Company’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Company that have not yet occurred. However, based on experience, the Company expects the risk of loss to be remote.

Share Repurchase Programs

Share Repurchase Programs	6 Months Ended
	Jun. 30, 2022
Equity [Abstract]
Share Repurchase Programs	14. Share Repurchase Programs In January 2021, the Board of Directors authorized a new share repurchase program for up to $ 100.0 million that commenced in April 2021 and was exhausted in January 2022 . In January 2022, the Board of Directors authorized a new share repurchase program for up to $ 150.0 million. For the six months ended June 30, 2022, the Company repurchased 280,315 shares of common stock at a cost of $ 87.5 million. Shares repurchased under each program will be held in treasury for future use.

Segment and Geographic Informat

Segment and Geographic Information	6 Months Ended
	Jun. 30, 2022
Segment Reporting [Abstract]
Segment and Geographic Information	15. Segment and Geographic Information The Company operates electronic platforms for the trading of fixed-income securities and provides related data, analytics, compliance tools and post-trade services. The Company considers its operations to constitute a single business segment because of the highly integrated nature of these products and services, the financial markets in which the Company competes and the Company’s worldwide business activities. The Company believes that results by geographic region or client sector are not necessarily meaningful in understanding its business. For the six months ended June 30, 2022 and 2021 , the U.K. was the only individual foreign country in which the Company had a subsidiary that accounted for 10 % or more of the total revenues or total long-lived assets. Revenues and long-lived assets are attributed to a geographic area based on the location of the particular subsidiary. Long-lived assets are defined as furniture, equipment, leasehold improvements and capitalized software. Revenues for the three and six months ended June 30, 2022 and 2021 and long-lived assets as of June 30, 2022 and December 31, 2021 were as follows: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 (In thousands) Revenues Americas $ 149,363 $ 143,239 $ 299,919 $ 303,358 Europe 27,800 28,317 58,536 57,861 Asia 5,066 4,778 9,831 10,579 Total $ 182,229 $ 176,334 $ 368,286 $ 371,798 As of June 30, 2022 December 31, 2021 (In thousands) Long-lived assets, as defined Americas $ 74,603 $ 75,328 Europe 18,290 20,547 Asia 362 186 Total $ 93,255 $ 96,061

Cash and Cash Equivalents and R

Cash and Cash Equivalents and Restricted Cash	6 Months Ended
	Jun. 30, 2022
Cash and Cash Equivalents [Abstract]
Cash and Cash Equivalents and Restricted Cash	16. Cash and Cash Equivalents and Restricted Cash The following table provides a reconciliation of cash and cash equivalents together with restricted or segregated cash as reported within the Consolidated Statements of Financial Condition to the sum of the same such amounts shown in the Consolidated Statements of Cash Flows. Statement of Financial Condition Location June 30, 2022 December 31, 2021 (In thousands) Cash and cash equivalents Cash and cash equivalents $ 290,544 $ 506,735 Cash segregated for regulatory purposes Cash segregated under federal regulations 50,276 50,159 Deposits with clearing organizations and broker-dealers Receivables from broker-dealers, clearing organizations and customers 87,962 68,565 Other deposits Prepaid expenses and other assets 108 108 Total $ 428,890 $ 625,567

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany transactions and balances have been eliminated. These consolidated financial statements are unaudited and should be read in conjunction with the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. The consolidated financial information as of December 31, 2021 has been derived from audited financial statements not included herein. These unaudited consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) with respect to Form 10-Q and reflect all adjustments that, in the opinion of management, are normal and recurring, and that are necessary for a fair statement of the results for the interim periods presented. In accordance with such rules and regulations, certain disclosures that are normally included in annual financial statements have been omitted. Interim period operating results may not be indicative of the operating results for a full year. Certain reclassifications have been made to the prior periods’ consolidated financial statements in order to conform to the current period presentation. Such reclassifications are immaterial, individually and in the aggregate, to both current and all previously issued financial statements taken as a whole and have no effect on previously reported net income.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company defines cash equivalents as short-term interest-bearing investments with maturities at the time of purchase of three months or less.
Investments	Investments The Company determines the appropriate classification of securities at the time of purchase which are recorded in the Consolidated Statements of Financial Condition on the trade date. Securities are classified as available-for-sale or trading. Available-for-sale investments are carried at fair value with the unrealized gains or losses reported in accumulated other comprehensive loss in the Consolidated Statements of Financial Condition. Trading investments include U.S. Treasuries and are carried at fair value, with realized and unrealized gains or losses included in other, net in the Consolidated Statements of Operations.
Fair Value Financial Instruments	Fair Value Financial Instruments Fair value is defined as “the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.” A three-tiered hierarchy for determining fair value has been established that prioritizes inputs to valuation techniques used in fair value calculations. The three levels of inputs are defined as Level 1 (unadjusted quoted prices for identical assets or liabilities in active markets), Level 2 (inputs that are observable in the marketplace other than those inputs classified in Level 1) and Level 3 (inputs that are unobservable in the marketplace). The Company’s financial assets and liabilities measured at fair value on a recurring basis consist of its money market funds, trading securities and contingent consideration payables associated with acquisitions. All other financial instruments are short-term in nature and the carrying amounts reported on the Consolidated Statements of Financial Condition approximate fair value.
Receivables from and Payables to Broker - dealers, Clearing Organizations and Customers	Receivables from and Payables to Broker-dealers, Clearing Organizations and Customers Receivables from broker-dealers, clearing organizations and customers include amounts receivable for securities not delivered by the Company to the purchaser by the settlement date (“securities failed-to-deliver”) and cash deposits held at clearing organizations and clearing brokers to facilitate the settlement and clearance of matched principal transactions. Payables to broker-dealers, clearing organizations and customers include amounts payable for securities not received by the Company from a seller by the settlement date (“securities failed-to-receive”). Securities failed-to-deliver and securities failed-to-receive for transactions executed on a matched principal basis where the Company serves as a counterparty to both the buyer and the seller are recorded on a settlement date basis. The Company presents its securities failed-to-deliver and securities failed-to-receive balances on a net-by-counterparty basis within receivables from and payables to broker-dealers, clearing organizations and customers. The difference between the Company’s trade-date receivables and payables for unsettled matched principal transactions reflects commissions earned and is recorded within accounts receivable, net on a trade date basis.
Allowance for Credit Losses	Allowance for Credit Losses All accounts receivable have contractual maturities of less than one year and are derived from trading-related fees and commissions and revenues from products and services. The Company continually monitors collections and payments from its customers and maintains an allowance for doubtful accounts. The allowance for credit losses is based on an estimate of the amount of potential credit losses in existing accounts receivable, as determined from a review of aging schedules, past due balances, historical collection experience and other specific collection issues that have been identified. Account balances are grouped for evaluation based on various risk characteristics, including billing type, legal entity, and geographic region. Additions to the allowance for credit losses are charged to bad debt expense, which is included in general and administrative expense in the Company’s Consolidated Statements of Operations. Balances that are determined to be uncollectable are written off against the allowance for credit losses. The allowance for credit losses was immaterial as of June 30, 2022 and December 31, 2021 .
Depreciation and Amortization	Depreciation and Amortization Fixed assets are carried at cost less accumulated depreciation. The Company uses the straight-line method of depreciation over three to seven years . The Company amortizes leasehold improvements on a straight-line basis over the lesser of the life of the improvement or the remaining term of the lease.
Software Development Costs	Software Development Costs The Company capitalizes certain costs associated with the development of internal use software, including, among other items, employee compensation and related benefits and third party consulting costs at the point at which the conceptual formulation, design and testing of possible software project alternatives have been completed. Once the product is ready for its intended use, such costs are amortized on a straight-line basis over three years . The Company reviews the amounts capitalized for impairment whenever events or changes in circumstances indicate that the carrying amounts of the assets may not be recoverable.
Cloud Computing Costs	Cloud Computing Costs The Company capitalizes certain costs associated with cloud computing arrangements, including, among other items, employee compensation and related benefits and third party consulting costs that are part of the application development stage. These costs are recorded as a prepaid asset on the Consolidated Statement of Financial Condition and are amortized over the period of the hosting service contract, which ranges from one to five years . The Company reviews the amounts capitalized for impairment whenever events or changes in circumstances indicate that the carrying amounts of the assets may not be recoverable.
Foreign Currency Translation and Forward Contracts	Foreign Currency Translation and Forward Contracts Assets and liabilities denominated in foreign currencies are translated using exchange rates at the end of the period; revenues and expenses are translated at average monthly rates. Gains and losses on foreign currency translation are a component of accumulated other comprehensive loss in the Consolidated Statements of Financial Condition. Transaction gains and losses are recorded in other, net in the Consolidated Statements of Operations. The Company previously entered into foreign currency forward contracts to hedge its net investment in its U.K. subsidiaries. Gains and losses on these transactions are included in accumulated other comprehensive loss in the Consolidated Statements of Financial Condition.
Revenue Recognition	Revenue Recognition The Company’s classification of revenues in the Consolidated Statements of Operations represents revenues from contracts with customers disaggregated by type of revenue. The Company has four revenue streams as described below. Commission Revenue – The Company charges its broker-dealer clients variable transaction fees for trades executed on its platforms and, under certain plans, distribution fees or monthly minimum fees to use the platforms for a particular product area. Variable transaction fees are recognized on a trade date basis, are generally calculated as a percentage of the notional dollar volume of bonds traded on the platforms and vary based on the type, size, yield and maturity of the bond traded, as well as individual client incentives. Bonds that are more actively traded or that have shorter maturities generally generate lower commissions, while bonds that are less actively traded or that have longer maturities generally command higher commissions. Under the Company’s disclosed trading transaction fee plans, variable transaction fees, distribution fees and unused monthly fee commitments are invoiced and recorded on a monthly basis. For Open Trading trades that the Company executes between and among institutional investor and broker-dealer clients on a matched principal basis by serving as counterparty to both the buyer and the seller, the Company earns its commission through the difference in price between the two trades. The commission is collected upon settlement of the trade, which typically occurs within one to two trading days after the trade date. For the majority of the Company’s U.S. Treasury matched principal trades, commissions are invoiced and recorded on a monthly basis. The following table presents commission revenue by fee type: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 (In thousands) Commission revenue by fee type Variable transaction fees Disclosed trading $ 84,686 $ 84,581 $ 171,753 $ 183,399 Open Trading – matched principal trading 42,624 39,881 85,615 86,201 U.S. Treasuries – matched principal trading 4,512 2,637 9,327 5,897 Total variable transaction fees 131,822 127,099 266,695 275,497 Distribution fees and unused minimum fees 31,641 29,332 62,881 56,772 Total commissions $ 163,463 $ 156,431 $ 329,576 $ 332,269 Information services – Information services includes data licensed to the Company’s broker-dealer clients, institutional investor clients and data-only subscribers; professional and consulting services; technology software licenses; and maintenance and support services. The nature and timing of each performance obligation may vary as these contracts are either subscription-based services transferred over time, and may be net of volume-based discounts, or one-time services that are transferred at a point in time. Revenues for services transferred over time are recognized ratably over the contract period as the Company’s performance obligation is met, whereas revenues for services transferred at a point in time are recognized in the period the services are provided. Customers are generally billed monthly, quarterly, or annually; revenues billed in advance are deferred and recognized ratably over the contract period. The following table presents information services revenue by timing of recognition: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 (In thousands) Information services revenue by timing of recognition Services transferred over time $ 9,223 $ 9,512 $ 18,708 $ 18,557 Services transferred at a point in time 173 332 497 449 Total information services revenues $ 9,396 $ 9,844 $ 19,205 $ 19,006 Post-trade services – Post-trade services revenue is generated from regulatory transaction reporting, trade publication and trade matching services. Customers are generally billed monthly in arrears and revenue is recognized in the period transactions are processed. Revenues billed in advance are deferred and recognized ratably over the contract period. The Company also generates one-time implementation fees for onboarding clients which are invoiced and recognized in the period the implementation is completed. The following table presents post-trade services revenue by timing of recognition: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 (In thousands) Post-trade services revenue by timing of recognition Services transferred over time $ 9,143 $ 9,848 $ 19,014 $ 20,100 Services transferred at a point in time 1 — 42 9 Total post-trade services revenues $ 9,144 $ 9,848 $ 19,056 $ 20,109 Other revenues – Other revenues primarily includes revenue from telecommunications line charges to broker-dealer clients. Contract liabilities consist of deferred revenues that the Company records when cash payments are received or due in advance of services to be performed. The revenue recognized from contract liabilities and the remaining balance is shown below: December 31, 2021 Payments received in advance of services to be performed Revenue recognized for services performed during the period Foreign Currency Translation June 30, 2022 (In thousands) Information services $ 3,528 $ 4,948 $ ( 5,455 ) $ — $ 3,021 Post-trade services 720 8,167 ( 7,491 ) ( 72 ) 1,324 Total deferred revenue $ 4,248 $ 13,115 $ ( 12,946 ) $ ( 72 ) $ 4,345 The majority of the Company’s contracts are short-term in nature with durations of less than one year. For contracts with original durations extending beyond one year, the aggregate amount of the transaction price allocated to remaining performance obligations was $ 20.0 million as of June 30, 2022. The Company expects to recognize revenue associated with the remaining performance obligations over the next 28 months.
Stock-Based Compensation	Stock-Based Compensation The Company measures and recognizes compensation expense for all share-based payment awards based on their estimated fair values measured as of the grant date. These costs are recognized as an expense in the Consolidated Statements of Operations over the requisite service period, which is typically the vesting period, with an offsetting increase to additional paid-in capital. Forfeitures are recognized as they occur.
Income Taxes	Income Taxes Income taxes are accounted for using the asset and liability method. Deferred income taxes reflect the net tax effects of temporary differences between the financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when such differences are expected to reverse. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is recognized against deferred tax assets if it is more likely than not that such assets will not be realized in future years. Tax benefits for uncertain tax positions are recognized when it is more likely than not that the positions will be sustained upon examination based on their technical merits. The Company recognizes interest and penalties related to unrecognized tax benefits in the provision for income taxes in the Consolidated Statements of Operations. All tax effects related to share-based payments are recorded in the provision for income taxes in the periods during which the awards are exercised or vest.
Business Combinations, Goodwill and Intangible Assets	Business Combinations, Goodwill and Intangible Assets Business combinations are accounted for under the purchase method of accounting. The total cost of an acquisition is allocated to the underlying net assets based on their respective estimated fair values. The excess of the purchase price over the estimated fair values of the net assets acquired is recorded as goodwill. Determining the fair value of certain assets acquired and liabilities assumed requires judgment and often involves the use of significant estimates and assumptions, including assumptions with respect to future cash flows, discount rates, growth rates, customer attrition rates and asset lives. The Company operates as a single reporting unit. Following an acquisition, goodwill no longer retains its identification with a particular acquisition, but instead becomes identifiable with the entire reporting unit. As a result, all of the fair value of the Company is available to support the value of goodwill. An impairment review of goodwill is performed on an annual basis, at year-end, or more frequently if circumstances change. Intangible assets with definite lives, including purchased technologies, customer relationships and other intangible assets, are amortized over their estimated useful lives which range from one to 15 years using either a straight-line or accelerated amortization method based on the pattern of economic benefit the Company expects to realize from such assets. Intangible assets are assessed for impairment when events or circumstances indicate the existence of a possible impairment.
Equity Investments and Consolidation	Equity Investments and Consolidation The Company evaluates equity investments for potential consolidation under the voting-interest or variable-interest models. The Company consolidates investees over which the Company determines it has control under the voting interest model, generally greater than 50 % ownership, or for which the Company is the primary beneficiary under the variable-interest model. The Company uses the equity method of accounting when it exercises significant influence over the investee, but does not have operating control, generally between 20 % and 50 % ownership. Under the equity method of accounting, original investments are recorded at cost in prepaid expenses and other assets on the Consolidated Statements of Financial Condition and adjusted by the Company’s proportionate share of the investees’ undistributed earnings or losses. Equity investments are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the investment may not be recoverable.
Earnings Per Share	Earnings Per Share Basic earnings per share is computed by dividing the net income attributable to common stock by the weighted-average number of shares of common stock outstanding during the period. For purposes of computing diluted earnings per share, the weighted-average shares outstanding of common stock reflects the dilutive effect that could occur if convertible securities or other contracts to issue common stock were converted into or exercised for common stock.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Significant Accounting Polici_3

Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Summary of Commission Revenue by Fee Type	The following table presents commission revenue by fee type: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 (In thousands) Commission revenue by fee type Variable transaction fees Disclosed trading $ 84,686 $ 84,581 $ 171,753 $ 183,399 Open Trading – matched principal trading 42,624 39,881 85,615 86,201 U.S. Treasuries – matched principal trading 4,512 2,637 9,327 5,897 Total variable transaction fees 131,822 127,099 266,695 275,497 Distribution fees and unused minimum fees 31,641 29,332 62,881 56,772 Total commissions $ 163,463 $ 156,431 $ 329,576 $ 332,269
Summary of Information Services Revenue by Timing of Recognition	The following table presents information services revenue by timing of recognition: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 (In thousands) Information services revenue by timing of recognition Services transferred over time $ 9,223 $ 9,512 $ 18,708 $ 18,557 Services transferred at a point in time 173 332 497 449 Total information services revenues $ 9,396 $ 9,844 $ 19,205 $ 19,006
Summary of Post-Trade Services Revenue by Timing of Recognition	The following table presents post-trade services revenue by timing of recognition: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 (In thousands) Post-trade services revenue by timing of recognition Services transferred over time $ 9,143 $ 9,848 $ 19,014 $ 20,100 Services transferred at a point in time 1 — 42 9 Total post-trade services revenues $ 9,144 $ 9,848 $ 19,056 $ 20,109
Summary of Revenue Recognized from Contract Liabilities and Remaining Balance	The revenue recognized from contract liabilities and the remaining balance is shown below: December 31, 2021 Payments received in advance of services to be performed Revenue recognized for services performed during the period Foreign Currency Translation June 30, 2022 (In thousands) Information services $ 3,528 $ 4,948 $ ( 5,455 ) $ — $ 3,021 Post-trade services 720 8,167 ( 7,491 ) ( 72 ) 1,324 Total deferred revenue $ 4,248 $ 13,115 $ ( 12,946 ) $ ( 72 ) $ 4,345

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2022
Fair Value Disclosures [Abstract]
Valuation of Company's Assets and Liabilities Measured at Fair Value	The following table summarizes the valuation of the Company’s assets and liabilities measured at fair value as categorized based on the hierarchy described in Note 2: Level 1 Level 2 Level 3 Total (In thousands) As of June 30, 2022 Assets Money market funds $ 12,275 $ — $ — $ 12,275 Trading securities U.S. Treasuries — 24,438 — 24,438 Mutual funds held in rabbi trust — 9,859 — 9,859 Total assets $ 12,275 $ 34,297 $ — $ 46,572 Liabilities Contingent consideration payable $ — $ — $ 12,121 $ 12,121 As of December 31, 2021 Assets Money market funds $ 14,206 $ — $ — $ 14,206 Trading securities U.S. Treasuries — 24,883 — 24,883 Mutual funds held in rabbi trust — 11,195 — 11,195 Total assets $ 14,206 $ 36,078 $ — $ 50,284 Liabilities Contingent consideration payable $ — $ — $ 41,090 $ 41,090
Summary of the Change in the Company's Contingent Consideration Payable	The following table summarizes the change in the Company's Level 3 liabilities for the six months ended June 30, 2022: December 31, 2021 Payments Unrealized (Gain)/Loss Realized (Gain)/Loss Foreign Currency Translation June 30, 2022 (In thousands) Contingent consideration payable $ 41,090 $ ( 26,164 ) $ 313 $ ( 1,769 ) $ ( 1,349 ) $ 12,121 The table below presents the range and average significant unobservable inputs used in the valuation of the Company's Level 3 liabilities: Valuation Technique Unobservable Inputs Range Average ($ in thousands) As of June 30, 2022 Contingent consideration payable Discounted cash flows Present value factor 0.97 0.97 April 2022-March 2023 variable fee $ 3,556 - $ 5,658 $ 4,607 Percentage of electronic trading volume 86.0 % - 96.6 % 91.3 % As of December 31, 2021 Contingent consideration payable Discounted cash flows Present value factor 0.95 - 1 0.98 Customer retention rate 84.0 % 84.0 % April 2021-March 2022 variable fee $ 2,703 - $ 3,086 $ 2,895 Percentage of electronic trading volume 86.0 % - 96.6 % 91.3 %
Carrying Value of Financial Asset and Liability Not Measured at Fair Value	The table below presents the carrying value, fair value and fair value hierarchy category of the Company's financial assets and liabilities that are not measured at fair value on the Consolidated Statement of Financial Condition. The carrying values of the Company's financial assets and liabilities not measured at fair value categorized in the fair value hierarchy as Level 1 and Level 2 approximate fair value due to the short-term nature of the underlying assets and liabilities. Carrying Value Fair Value Level 1 Level 2 Level 3 Total (In thousands) As of June 30, 2022 Financial assets not measured at fair value: Cash and cash equivalents $ 290,544 $ 290,544 $ 290,544 $ — $ — $ 290,544 Cash segregated under federal regulations 50,276 50,276 50,276 — — 50,276 Accounts receivable, net of allowance 87,475 87,475 — 87,475 — 87,475 Receivables from broker-dealers, clearing organizations and customers 617,817 617,817 87,962 529,855 — 617,817 Total $ 1,046,112 $ 1,046,112 $ 428,782 $ 617,330 $ — $ 1,046,112 Financial liabilities not measured at fair value: Payables to broker-dealers, clearing organizations and customers $ 375,211 $ 375,211 $ — $ 375,211 $ — $ 375,211 As of December 31, 2021 Financial assets not measured at fair value: Cash and cash equivalents $ 506,735 $ 506,735 $ 506,735 $ — $ — $ 506,735 Cash segregated under federal regulations 50,159 50,159 50,159 — — 50,159 Accounts receivable, net of allowance 63,881 63,881 — 63,881 — 63,881 Receivables from broker-dealers, clearing organizations and customers 408,346 408,346 68,565 339,781 — 408,346 Total $ 1,029,121 $ 1,029,121 $ 625,459 $ 403,662 $ — $ 1,029,121 Financial liabilities not measured at fair value: Payables to broker-dealers, clearing organizations and customers $ 229,325 $ 229,325 $ — $ 229,325 $ — $ 229,325
Summary of Company's Investments	The following table summarizes the Company’s investments: Amortized Gross Gross Fair (In thousands) As of June 30, 2022 Trading securities U.S. Treasuries $ 24,883 $ — $ ( 445 ) $ 24,438 Mutual funds held in rabbi trust 11,981 — ( 2,122 ) 9,859 Total investments $ 36,864 $ — $ ( 2,567 ) $ 34,297 As of December 31, 2021 Trading securities U.S. Treasuries $ 24,994 $ — $ ( 111 ) $ 24,883 Mutual funds held in rabbi trust 9,941 1,254 — 11,195 Total investments $ 34,935 $ 1,254 $ ( 111 ) $ 36,078
Summary of Fair Value of Investments Based upon Contractual Maturities	The following table summarizes the fair value of the investments based upon the contractual maturities: As of June 30, 2022 December 31, 2021 (In thousands) Less than one year $ 34,297 $ 11,195 Due in 1 - 5 years — 24,883 Total $ 34,297 $ 36,078

Receivables from and Payables_2

Receivables from and Payables to Broker-dealers, Clearing organizations and Customers (Tables)	6 Months Ended
	Jun. 30, 2022
Due to and from Broker-Dealers and Clearing Organizations [Abstract]
Schedule of Receivables from and Payables to Broker-dealers, Clearing Organizations and Customers	Receivables from and payables to broker-dealers, clearing organizations and customers consisted of the following: June 30, 2022 December 31, 2021 Receivables from broker-dealers, clearing organizations and customers: (In thousands) Securities failed-to-deliver – broker-dealers and clearing organizations $ 189,929 $ 152,766 Securities failed-to-deliver – customers 333,607 182,052 Deposits with clearing organizations and broker-dealers 87,962 68,565 Other 6,319 4,963 Total $ 617,817 $ 408,346 Payables to broker-dealers, clearing organizations and customers: Securities failed-to-receive – broker-dealers and clearing organizations $ 251,076 $ 166,010 Securities failed-to-receive – customers 115,365 59,879 Other 8,770 3,436 Total $ 375,211 $ 229,325

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	6 Months Ended
	Jun. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Summary of Company's Intangible Assets	Intangible assets that are subject to amortization, including the related accumulated amortization, are comprised of the following: June 30, 2022 December 31, 2021 Cost Accumulated Net carrying Cost Accumulated Net carrying (In thousands) Customer relationships $ 128,942 $ ( 26,518 ) $ 102,424 $ 132,197 $ ( 19,813 ) $ 112,384 Technology and other intangibles 11,430 ( 8,247 ) 3,183 11,430 ( 7,437 ) 3,993 Total $ 140,372 $ ( 34,765 ) $ 105,607 $ 143,627 $ ( 27,250 ) $ 116,377

Stock-Based Compensation Plans

Stock-Based Compensation Plans (Tables)	6 Months Ended
	Jun. 30, 2022
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation Expense	Total stock-based compensation expense was as follows: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 (In thousands) Employees $ 6,059 $ 5,920 $ 13,701 $ 13,023 Non-employee directors 444 214 901 535 Total stock-based compensation $ 6,503 $ 6,134 $ 14,602 $ 13,558

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2022
Earnings Per Share [Abstract]
Basic and Diluted Weighted Average Shares Outstanding Used to Compute Earnings Per Share	The following table sets forth basic and diluted weighted average shares outstanding used to compute earnings per share: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 (In thousands, except per share amounts) Basic weighted average shares outstanding 37,529 37,508 37,456 37,489 Dilutive effect of stock options and restricted stock 79 596 260 640 Diluted weighted average shares outstanding 37,608 38,104 37,716 38,129 Basic earnings per share $ 1.78 $ 1.79 $ 3.52 $ 3.94 Diluted earnings per share 1.78 1.77 3.49 3.87

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2022
Leases [Abstract]
Schedule of Components of Lease Expense	The following table presents the components of lease expense for the three and six months ended June 30, 2022 and 2021: Three Months Ended June 30, Six Months Ended June 30, Lease cost: Classification 2022 2021 2022 2021 (In thousands) Operating lease cost Occupancy $ 3,345 $ 3,346 $ 6,655 $ 6,669 Operating lease cost for subleased/assigned properties Other, net 13 544 469 1,041 Variable lease costs Occupancy 4 2 11 8 Sublease income subleased/assigned properties Other, net ( 15 ) ( 544 ) ( 405 ) ( 1,047 ) Net lease cost $ 3,347 $ 3,348 $ 6,730 $ 6,671
Summary of Weighted Average Remaining Lease Term and Discount Rate	The weighted average remaining lease term and weighted average discount rate are as follows: As of Lease Term and Discount Rate June 30, 2022 December 31, 2021 Weighted average remaining lease term (in years) 11.0 11.5 Weighted average discount rate 5.9 % 5.9 %
Schedule of Maturity of Lease Liabilities	The following table presents the maturity of lease liabilities as of June 30, 2022: (In thousands) Remainder of 2022 $ 5,492 2023 10,988 2024 11,466 2025 11,274 2026 10,789 2027 and thereafter 67,975 Total lease payments 117,984 Less: interest 32,429 Present value of lease liabilities $ 85,555

Segment and Geographic Inform_2

Segment and Geographic Information (Tables)	6 Months Ended
	Jun. 30, 2022
Segment Reporting [Abstract]
Summary of Revenue and Long-lived Assets	Revenues for the three and six months ended June 30, 2022 and 2021 and long-lived assets as of June 30, 2022 and December 31, 2021 were as follows: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 (In thousands) Revenues Americas $ 149,363 $ 143,239 $ 299,919 $ 303,358 Europe 27,800 28,317 58,536 57,861 Asia 5,066 4,778 9,831 10,579 Total $ 182,229 $ 176,334 $ 368,286 $ 371,798 As of June 30, 2022 December 31, 2021 (In thousands) Long-lived assets, as defined Americas $ 74,603 $ 75,328 Europe 18,290 20,547 Asia 362 186 Total $ 93,255 $ 96,061

Cash and Cash Equivalents and_2

Cash and Cash Equivalents and Restricted Cash (Tables)	6 Months Ended
	Jun. 30, 2022
Cash and Cash Equivalents [Abstract]
Summary of Reconciliation of Cash and Cash Equivalents with Restricted or Segregated Cash	The following table provides a reconciliation of cash and cash equivalents together with restricted or segregated cash as reported within the Consolidated Statements of Financial Condition to the sum of the same such amounts shown in the Consolidated Statements of Cash Flows. Statement of Financial Condition Location June 30, 2022 December 31, 2021 (In thousands) Cash and cash equivalents Cash and cash equivalents $ 290,544 $ 506,735 Cash segregated for regulatory purposes Cash segregated under federal regulations 50,276 50,159 Deposits with clearing organizations and broker-dealers Receivables from broker-dealers, clearing organizations and customers 87,962 68,565 Other deposits Prepaid expenses and other assets 108 108 Total $ 428,890 $ 625,567

Organization and Principal Bu_2

Organization and Principal Business Activity - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2022 Institutional_Investor_and_BrokerDealer_Firm
Accounting Policies [Line Items]
Date of incorporation	Apr. 11, 2000
Minimum [Member]
Accounting Policies [Line Items]
Number of institutional investor and broker-dealer firms	1,900

Significant Accounting Polici_4

Significant Accounting Policies - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2022 Revenue
Significant Accounting Policies [Line Items]
Maximum maturity period for classification of investments as cash equivalents	3 months
Number of revenue streams	4
Description of commission revenue	For Open Trading trades that the Company executes between and among institutional investor and broker-dealer clients on a matched principal basis by serving as counterparty to both the buyer and the seller, the Company earns its commission through the difference in price between the two trades.
Settlement days of bond transaction	within one to two trading days
Ownership percentage	50%
Maximum [Member]
Significant Accounting Policies [Line Items]
Contractual maturities accounts receivable	1 year
Estimated useful life of fixed assets	7 years
Hosting service contract, amortization period	5 years
Ownership percentage	50%
Maximum [Member] | Business Combinations [Member]
Significant Accounting Policies [Line Items]
Estimated life of intangible assets	15 years
Minimum [Member]
Significant Accounting Policies [Line Items]
Estimated useful life of fixed assets	3 years
Hosting service contract, amortization period	1 year
Ownership percentage	20%
Minimum [Member] | Business Combinations [Member]
Significant Accounting Policies [Line Items]
Estimated life of intangible assets	1 year
Minimum [Member] | Internally Developed Software [Member]
Significant Accounting Policies [Line Items]
Estimated life of intangible assets	3 years

Significant Accounting Polici_5

Significant Accounting Policies - Summary of Commission Revenue by Fee Type (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Commission revenue by fee type
Revenues	$ 182,229	$ 176,334	$ 368,286	$ 371,798
Commissions [Member]
Commission revenue by fee type
Disclosed trading	84,686	84,581	171,753	183,399
Matched principal trading	42,624	39,881	85,615	86,201
Total variable transaction fees	131,822	127,099	266,695	275,497
Distribution fees and unused minimum fees	31,641	29,332	62,881	56,772
Revenues	163,463	156,431	329,576	332,269
Commissions [Member] | U.S. Treasuries [Member]
Commission revenue by fee type
Matched principal trading	$ 4,512	$ 2,637	$ 9,327	$ 5,897

Significant Accounting Polici_6

Significant Accounting Policies - Summary of Information Services Revenue by Timing of Recognition (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Significant Accounting Policies [Line Items]
Revenues	$ 182,229	$ 176,334	$ 368,286	$ 371,798
Information Services [Member]
Significant Accounting Policies [Line Items]
Revenues	9,396	9,844	19,205	19,006
Information Services [Member] | Transferred over Time [Member]
Significant Accounting Policies [Line Items]
Revenues	9,223	9,512	18,708	18,557
Information Services [Member] | Transferred at a Point in Time [Member]
Significant Accounting Policies [Line Items]
Revenues	$ 173	$ 332	$ 497	$ 449

Significant Accounting Polici_7

Significant Accounting Policies - Summary of Post-Trade Services Revenue by Timing of Recognition (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Significant Accounting Policies [Line Items]
Revenues	$ 182,229	$ 176,334	$ 368,286	$ 371,798
Post-trade Services [Member]
Significant Accounting Policies [Line Items]
Revenues	9,144	9,848	19,056	20,109
Post-trade Services [Member] | Transferred over Time [Member]
Significant Accounting Policies [Line Items]
Revenues	9,143	9,848	19,014	20,100
Post-trade Services [Member] | Transferred at a Point in Time [Member]
Significant Accounting Policies [Line Items]
Revenues	$ 1	$ 0	$ 42	$ 9

Significant Accounting Polici_8

Significant Accounting Policies - Summary of Revenue Recognized from Contract Liabilities and Remaining Balance (Detail) $ in Thousands	6 Months Ended
	Jun. 30, 2022 USD ($)
Significant Accounting Policies [Line Items]
Deferred revenues, beginning balance	$ 4,248
Payments received in advance of services to be performed	13,115
Revenue recognized for services performed during the period	(12,946)
Foreign Currency Translation	(72)
Deferred revenues, ending balance	4,345
Information Services [Member]
Significant Accounting Policies [Line Items]
Deferred revenues, beginning balance	3,528
Payments received in advance of services to be performed	4,948
Revenue recognized for services performed during the period	(5,455)
Deferred revenues, ending balance	3,021
Post-trade Services [Member]
Significant Accounting Policies [Line Items]
Deferred revenues, beginning balance	720
Payments received in advance of services to be performed	8,167
Revenue recognized for services performed during the period	(7,491)
Foreign Currency Translation	(72)
Deferred revenues, ending balance	$ 1,324

Significant Accounting Polici_9

Significant Accounting Policies - Additional Information (Detail 1) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-07-16 $ in Millions	Jun. 30, 2022 USD ($)
Significant Accounting Policies [Line Items]
Aggregate amount of transaction price allocated to remaining performance obligations	$ 20
Expected time to recognize revenue for remaining performance obligation	28 months

Regulatory Capital Requiremen_2

Regulatory Capital Requirements - Additional Information (Detail) $ in Millions	Jun. 30, 2022 USD ($)
Brokers And Dealers [Line Items]
Securities reserve deposit	$ 50.3
U.S. Subsidiaries
Brokers And Dealers [Line Items]
Aggregate net capital and financial resources in excess of required level	477.8
Aggregate net capital and financial resources, minimum capital requirement	21.7
U.S. Broker-Dealer Subsidiaries
Brokers And Dealers [Line Items]
Aggregate net capital and financial resources in excess of required level	292.9
Aggregate net capital and financial resources, minimum capital requirement	$ 4.8

Fair Value Measurements - Valua

Fair Value Measurements - Valuation of Company's Assets and Liabilities Measured at Fair Value (Detail) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Assets
Money market funds	$ 12,275	$ 14,206
Assets Fair Value Total	46,572	50,284
Liabilities
Contingent consideration payable	12,121	41,090
Mutual Funds Held In Rabbi Trust [Member]
Assets
Trading securities	9,859	11,195
U.S. Treasuries [Member]
Assets
Trading securities	24,438	24,883
Level 1 [Member]
Assets
Money market funds	12,275	14,206
Assets Fair Value Total	12,275	14,206
Level 2 [Member]
Assets
Assets Fair Value Total	34,297	36,078
Level 2 [Member] | Mutual Funds Held In Rabbi Trust [Member]
Assets
Trading securities	9,859	11,195
Level 2 [Member] | U.S. Treasuries [Member]
Assets
Trading securities	24,438	24,883
Level 3 [Member]
Liabilities
Contingent consideration payable	$ 12,121	$ 41,090

Fair Value Measurements - Summa

Fair Value Measurements - Summary of the Change in the Company's Contingent Consideration Payable (Detail) $ in Thousands	6 Months Ended
	Jun. 30, 2022 USD ($)
Fair Value Disclosures [Abstract]
Contingent Consideration Payable	$ 41,090
Payments	(26,164)
Unrealized (Gain)/Loss	313
Realized (Gain)/Loss	(1,769)
Foreign Currency Translation	(1,349)
Contingent Consideration Payable	$ 12,121

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Proceeds from the sales and maturities of securities available-for-sale	$ 0	$ 19.4
Net unrealized (losses) gains on trading securities	$ (2.6)	$ 0.9
Minimum [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Business combination, contingent consideration payment period	18 months
Maximum [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Business combination, contingent consideration payment period	24 months

Fair Value Measurements - Carry

Fair Value Measurements - Carrying Value of Financial Asset and Liability Not Measured at Fair Value (Detail) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Financial assets not measured at fair value:
Assets Fair Value Total	$ 46,572	$ 50,284
Level 1 [Member]
Financial assets not measured at fair value:
Assets Fair Value Total	12,275	14,206
Level 2 [Member]
Financial assets not measured at fair value:
Assets Fair Value Total	34,297	36,078
Financial Assets and Liabilities not Measured [Member]
Financial assets not measured at fair value:
Assets Fair Value Total	1,046,112	1,029,121
Financial Assets and Liabilities not Measured [Member] | Payables to Broker-Dealers, Clearing Organizations and Customers [Member]
Financial assets not measured at fair value:
Assets Fair Value Total		229,325
Financial liabilities not measured at fair value:
Financial liabilities not measured at fair value	375,211
Financial Assets and Liabilities not Measured [Member] | Cash and Cash Equivalents [Member]
Financial assets not measured at fair value:
Assets Fair Value Total	290,544	506,735
Financial Assets and Liabilities not Measured [Member] | Cash Segregated under Federal Regulations [Member]
Financial assets not measured at fair value:
Assets Fair Value Total	50,276	50,159
Financial Assets and Liabilities not Measured [Member] | Accounts Receivable, Net of Allowance [Member]
Financial assets not measured at fair value:
Assets Fair Value Total	87,475	63,881
Financial Assets and Liabilities not Measured [Member] | Receivables from Broker-Dealers, Clearing Organizations and Customers [Member]
Financial assets not measured at fair value:
Assets Fair Value Total	617,817	408,346
Financial Assets and Liabilities not Measured [Member] | Level 1 [Member]
Financial assets not measured at fair value:
Assets Fair Value Total	428,782	625,459
Financial Assets and Liabilities not Measured [Member] | Level 1 [Member] | Cash and Cash Equivalents [Member]
Financial assets not measured at fair value:
Assets Fair Value Total	290,544	506,735
Financial Assets and Liabilities not Measured [Member] | Level 1 [Member] | Cash Segregated under Federal Regulations [Member]
Financial assets not measured at fair value:
Assets Fair Value Total	50,276	50,159
Financial Assets and Liabilities not Measured [Member] | Level 1 [Member] | Receivables from Broker-Dealers, Clearing Organizations and Customers [Member]
Financial assets not measured at fair value:
Assets Fair Value Total	87,962	68,565
Financial Assets and Liabilities not Measured [Member] | Level 2 [Member]
Financial assets not measured at fair value:
Assets Fair Value Total	617,330	403,662
Financial Assets and Liabilities not Measured [Member] | Level 2 [Member] | Payables to Broker-Dealers, Clearing Organizations and Customers [Member]
Financial liabilities not measured at fair value:
Financial liabilities not measured at fair value	375,211	229,325
Financial Assets and Liabilities not Measured [Member] | Level 2 [Member] | Accounts Receivable, Net of Allowance [Member]
Financial assets not measured at fair value:
Assets Fair Value Total	87,475	63,881
Financial Assets and Liabilities not Measured [Member] | Level 2 [Member] | Receivables from Broker-Dealers, Clearing Organizations and Customers [Member]
Financial assets not measured at fair value:
Assets Fair Value Total	529,855	339,781
Financial Assets and Liabilities not Measured [Member] | Carrying Value [Member]
Financial assets not measured at fair value:
Assets Fair Value Total	1,046,112	1,029,121
Financial Assets and Liabilities not Measured [Member] | Carrying Value [Member] | Payables to Broker-Dealers, Clearing Organizations and Customers [Member]
Financial assets not measured at fair value:
Assets Fair Value Total	375,211
Financial liabilities not measured at fair value:
Financial liabilities not measured at fair value		229,325
Financial Assets and Liabilities not Measured [Member] | Carrying Value [Member] | Cash and Cash Equivalents [Member]
Financial assets not measured at fair value:
Assets Fair Value Total	290,544	506,735
Financial Assets and Liabilities not Measured [Member] | Carrying Value [Member] | Cash Segregated under Federal Regulations [Member]
Financial assets not measured at fair value:
Assets Fair Value Total	50,276	50,159
Financial Assets and Liabilities not Measured [Member] | Carrying Value [Member] | Accounts Receivable, Net of Allowance [Member]
Financial assets not measured at fair value:
Assets Fair Value Total	87,475	63,881
Financial Assets and Liabilities not Measured [Member] | Carrying Value [Member] | Receivables from Broker-Dealers, Clearing Organizations and Customers [Member]
Financial assets not measured at fair value:
Assets Fair Value Total	617,817	408,346
Financial Assets and Liabilities not Measured [Member] | Fair Value [Member]
Financial assets not measured at fair value:
Assets Fair Value Total	1,046,112	1,029,121
Financial Assets and Liabilities not Measured [Member] | Fair Value [Member] | Payables to Broker-Dealers, Clearing Organizations and Customers [Member]
Financial liabilities not measured at fair value:
Financial liabilities not measured at fair value	375,211	229,325
Financial Assets and Liabilities not Measured [Member] | Fair Value [Member] | Cash and Cash Equivalents [Member]
Financial assets not measured at fair value:
Assets Fair Value Total	290,544	506,735
Financial Assets and Liabilities not Measured [Member] | Fair Value [Member] | Cash Segregated under Federal Regulations [Member]
Financial assets not measured at fair value:
Assets Fair Value Total	50,276	50,159
Financial Assets and Liabilities not Measured [Member] | Fair Value [Member] | Accounts Receivable, Net of Allowance [Member]
Financial assets not measured at fair value:
Assets Fair Value Total	87,475	63,881
Financial Assets and Liabilities not Measured [Member] | Fair Value [Member] | Receivables from Broker-Dealers, Clearing Organizations and Customers [Member]
Financial assets not measured at fair value:
Assets Fair Value Total	$ 617,817	$ 408,346

Fair Value Measurements - Sum_2

Fair Value Measurements - Summary of Significant Unobservable Inputs Used in the Valuation of Company's Liabilities (Details) - Discounted Cash Flow [Member] $ in Thousands	Jun. 30, 2022 USD ($)	Dec. 31, 2021 USD ($) Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Present value factor	0.97
Customer retention rate | Rate		84%
Average present value factor	0.97	0.98%
Average customer retention rate | Rate		84%
Average April 2022-March 2023 variable fee	$ 4,607
Average April 2021-March 2022 variable fee		$ 2,895
Average percentage of electronic trading volume	0.913	0.913
Maximum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Present value factor		0.01
April 2022-March 2023 variable fee	$ 5,658
April 2021-March 2022 variable fee		$ 3,086
Percentage of electronic trading volume	96.60%	96.60%
Minimum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Present value factor | Rate		0.95%
April 2022-March 2023 variable fee	$ 3,556
April 2021-March 2022 variable fee		$ 2,703
Percentage of electronic trading volume	86%	86%

Fair Value Measurements - Sum_3

Fair Value Measurements - Summary of Company's Investments (Detail) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Schedule Of Available For Sale Securities [Line Items]
Investments, Amortized cost	$ 36,864	$ 34,935
Investments, Gross unrealized gains		1,254
Investments, Gross unrealized losses	(2,567)	(111)
Investments, Fair value	34,297	36,078
U.S. Treasuries [Member]
Schedule Of Available For Sale Securities [Line Items]
Trading securities, Amortized cost	24,883	24,994
Trading securities, Gross unrealized losses	(445)	(111)
Trading securities, Fair value	24,438	24,883
Mutual Funds Held In Rabbi Trust [Member]
Schedule Of Available For Sale Securities [Line Items]
Trading securities, Amortized cost	11,981	9,941
Trading securities, Gross unrealized gains		1,254
Trading securities, Gross unrealized losses	(2,122)
Trading securities, Fair value	$ 9,859	$ 11,195

Fair Value Measurements - Sum_4

Fair Value Measurements - Summary of Fair Value of Investments Based upon Contractual Maturities (Detail) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Less than one year	$ 34,297	$ 11,195
Due in 1 - 5 years	0	24,883
Total	$ 34,297	$ 36,078

Receivables from and Payables_3

Receivables from and Payables to Broker-dealers, Clearing organizations and Customers - Schedule of Receivables from and Payables to Broker-dealers, Clearing Organizations and Customers (Detail) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Receivables from broker-dealers, clearing organizations and customers:
Securities failed-to-deliver - broker-dealers and clearing organizations	$ 189,929	$ 152,766
Securities failed-to-deliver - customers	333,607	182,052
Deposits with clearing organizations and broker-dealers	87,962	68,565
Other	6,319	4,963
Total	617,817	408,346
Payables to broker-dealers, clearing organizations and customers:
Securities failed-to-receive - broker-dealers and clearing organizations	251,076	166,010
Securities failed-to-receive - customers	115,365	59,879
Other	8,770	3,436
Total	$ 375,211	$ 229,325

Acquisitions and Equity Inves_2

Acquisitions and Equity Investments - Additional Information (Detail) - USD ($) $ in Thousands			6 Months Ended
	Apr. 09, 2021	Nov. 30, 2020	Jun. 30, 2022	May 01, 2022	Apr. 01, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Ownership percentage			50%
Contingent consideration payable			$ 1,600
Goodwill			154,789			$ 154,789
Contingent consideration paid			12,121			$ 41,090
RFQ hub Holdings LLC [Member]
Business Acquisition [Line Items]
Recorded investments				$ 34,400
Proportionate share in net earnings			200
RFQ hub Holdings LLC [Member] | Prepaid Expenses and Other Assets [Member]
Business Acquisition [Line Items]
Recorded investments			34,600
Muni Brokers L L C [Member]
Business Acquisition [Line Items]
Cash consideration	$ 17,100
Amortizable intangible assets	32,000
Contingent consideration payable			$ 12,100
Goodwill	$ 7,400
Business combination, contingent consideration payment period	2 years
Contingent consideration paid				$ 8,300
Muni Brokers L L C [Member] | Accounts Payable, Accrued Expenses and Other Liabilities [Member]
Business Acquisition [Line Items]
Cash consideration	$ 17,100
Contingent consideration payable	22,500
Accounting purchase price	39,600
Regulatory Services GmbH of Deutsche Borse Group [Member]
Business Acquisition [Line Items]
Cash consideration		$ 22,500
Amortizable intangible assets		$ 37,400
Business combination, contingent consideration payment period		18 months
Contingent consideration paid					$ 17,900
Maximum [Member]
Business Acquisition [Line Items]
Ownership percentage			50%
Business combination, contingent consideration payment period			24 months
Maximum [Member] | Muni Brokers L L C [Member]
Business Acquisition [Line Items]
Contingent consideration payable	$ 25,000
Maximum [Member] | Muni Brokers L L C [Member] | Customer Relationships and Technology [Member]
Business Acquisition [Line Items]
Useful lives	15 years
Maximum [Member] | Regulatory Services GmbH of Deutsche Borse Group [Member]
Business Acquisition [Line Items]
Contingent consideration payable		$ 24,600
Minimum [Member]
Business Acquisition [Line Items]
Ownership percentage			20%
Business combination, contingent consideration payment period			18 months
Minimum [Member] | Muni Brokers L L C [Member] | Customer Relationships and Technology [Member]
Business Acquisition [Line Items]
Useful lives	1 year

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Additional Information (Detail) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Goodwill [Line Items]
Amortization expense associated with identifiable intangible assets	$ 8.2	$ 6.1
Estimated total amortization expense on intangible assets 2021	16.5
Estimated total amortization expense on intangible assets 2022	17.3
Estimated total amortization expense on intangible assets 2023	15
Estimated total amortization expense on intangible assets 2024	12.1
Estimated total amortization expense on intangible assets 2025	10.4
Indefinite-lived Intangible Assets [Member]
Goodwill [Line Items]
Goodwill and intangible assets with indefinite lives	$ 154.8		$ 154.8

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Summary of Company's Intangible Assets (Detail) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Finite Lived Intangible Assets [Line Items]
Cost	$ 140,372	$ 143,627
Accumulated amortization	(34,765)	(27,250)
Net carrying amount	105,607	116,377
Customer Relationships [Member]
Finite Lived Intangible Assets [Line Items]
Cost	128,942	132,197
Accumulated amortization	(26,518)	(19,813)
Net carrying amount	102,424	112,384
Technology and Other Intangibles [Member]
Finite Lived Intangible Assets [Line Items]
Cost	11,430	11,430
Accumulated amortization	(8,247)	(7,437)
Net carrying amount	$ 3,183	$ 3,993

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Schedule Of Pre Tax Income [Line Items]
Excess tax benefits on share based payments	$ 100	$ 5,600		$ 9,700
Effective income tax rate	25.30%	21.80%	26.80%	21.40%
Provision for income taxes	$ 22,656	$ 18,765	$ 48,306	$ 40,109
Maximum [Member]
Schedule Of Pre Tax Income [Line Items]
Excess tax benefits on share based payments			100
New York State [Member]
Schedule Of Pre Tax Income [Line Items]
Provision for income taxes			$ 3,200
New York State [Member] | Earliest Tax Year [Member]
Schedule Of Pre Tax Income [Line Items]
Income tax year under examination			2015
New York State [Member] | Latest Tax Year [Member]
Schedule Of Pre Tax Income [Line Items]
Income tax year under examination			2017
New York City [Member] | Earliest Tax Year [Member]
Schedule Of Pre Tax Income [Line Items]
Income tax year under examination			2016
New York City [Member] | Latest Tax Year [Member]
Schedule Of Pre Tax Income [Line Items]
Income tax year under examination			2018

Stock-Based Compensation Plan_2

Stock-Based Compensation Plans - Stock-Based Compensation Expense (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation	$ 6,503	$ 6,134	$ 14,602	$ 13,558
Employees [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation	6,059	5,920	13,701	13,023
Non-Employee Directors [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation	$ 444	$ 214	$ 901	$ 535

Stock-Based Compensation Plan_3

Stock-Based Compensation Plans - Additional Information (Detail) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2022 USD ($) $ / shares shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares available for grant under the stock incentive plan	2,475,894
Unrecognized compensation costs related to non-vested | $	$ 51,600
Weighted-average period over which cost is expected to be recognized	1 year 9 months 18 days
Employees Stock Purchase Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares available for grant under the stock incentive plan	121,211
Employee contribution on purchase of common stock | $	$ 2,000
Percentage of purchase price of common stock	15%
Employees [Member] | Restricted Stock [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted-average grant date fair value per share | $ / shares	$ 354.03
Employees [Member] | Performance Based Share [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of non-option equity instruments granted during the period	23,904
Number of stock option equity instruments granted during the period	22,141
Weighted-average fair value each option granted | $ / shares	$ 101.38
Weighted-average grant date fair value per share | $ / shares	$ 350.85
Employees and Directors [Member] | Restricted Stock [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of non-option equity instruments granted during the period	62,907

Earnings Per Share - Basic and

Earnings Per Share - Basic and Diluted Weighted Average Shares Outstanding Used to Compute Earnings Per Share (Detail) - $ / shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Earnings Per Share [Abstract]
Basic weighted average shares outstanding	37,529	37,508	37,456	37,489
Dilutive effect of stock options and restricted stock	79	596	260	640
Diluted weighted average shares outstanding	37,608	38,104	37,716	38,129
Basic earnings per share	$ 1.78	$ 1.79	$ 3.52	$ 3.94
Diluted earnings per share	$ 1.78	$ 1.77	$ 3.49	$ 3.87

Earnings Per Share - Additional

Earnings Per Share - Additional Information (Detail) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Stock Options and Restricted Stock [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Stock options and restricted stock excluded from the computation of diluted earnings per share	333,413	28,570	254,028	44,830

Credit Agreements and Short-t_2

Credit Agreements and Short-term Financing - Additional Information (Detail) - USD ($)			6 Months Ended
	Oct. 15, 2021	Nov. 30, 2020	Jun. 30, 2022
Line Of Credit Facility [Line Items]
Interest expense on borrowings			$ 0
Interest expense on short-term debt			200,000
Outstanding overdrafts payable			$ 0
Line of Credit Facility, Description			On October 15, 2021, the Company replaced the 2020 Credit Agreement with a new three-year revolving credit facility (the “2021 Credit Agreement”) provided by a syndicate of lenders and JPMorgan Chase Bank, N.A., as administrative agent
Collateralized Agreement [Member]
Line Of Credit Facility [Line Items]
Maximum available borrowings to subsidiary under agreement			$ 200,000,000
Outstanding borrowings under agreement			0
Unused borrowing capacity, amount under agreement			$ 200,000,000
Collateralized Agreement [Member] | Base Rate [Member]
Line Of Credit Facility [Line Items]
Interest rate, stated percentage			1%
Prior Credit Agreement [Member]
Line Of Credit Facility [Line Items]
Period of credit agreement		1 year
Revolving Credit Facility [Member]
Line Of Credit Facility [Line Items]
Revolving loans and letters of credit	$ 500,000,000	$ 500,000,000
Expiration period of credit agreement	Oct. 15, 2024
Period of credit agreement	3 years		364 days
Letter of credit outstanding			$ 0
Amount available under credit agreement			500,000,000
Additional borrowings under credit agreement			250,000,000
Interest expense on borrowings			$ 300,000
Standby Letters of Credit [Member]
Line Of Credit Facility [Line Items]
Sub-limit for letter of credit	$ 5,000,000	$ 5,000,000

Leases - Additional Information

Leases - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2022
Lessee Lease Description [Line Items]
Operating lease, option to extend	Certain leases contain options to extend the initial term at the Company’s discretion
Operating lease, existence of option to extend [true false]	true
Minimum [Member]
Lessee Lease Description [Line Items]
Term of lease contract	1 year
Maximum [Member]
Lessee Lease Description [Line Items]
Term of lease contract	15 years

Leases - Schedule of Components

Leases - Schedule of Components of Lease Expense (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Lease Cost [Line Items]
Net lease cost	$ 3,347	$ 3,348	$ 6,730	$ 6,671
Other, net [Member]
Lease Cost [Line Items]
Operating lease cost for subleased/assigned properties	13	544	469	1,041
Sublease income subleased/assigned properties	(15)	(544)	(405)	(1,047)
Occupancy [Member]
Lease Cost [Line Items]
Operating lease cost	3,345	3,346	6,655	6,669
Variable lease costs	$ 4	$ 2	$ 11	$ 8

Leases - Summary of Weighted Av

Leases - Summary of Weighted Average Remaining Lease Term and Discount Rate (Details)	Jun. 30, 2022	Dec. 31, 2021
Leases [Abstract]
Weighted average remaining lease term (in years)	11 years	11 years 6 months
Weighted average discount rate	5.90%	5.90%

Leases - Schedule of Maturity o

Leases - Schedule of Maturity of Lease Liabilities (Detail) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Leases [Abstract]
Remainder of 2022	$ 5,492
2023	10,988
2024	11,466
2025	11,274
2026	10,789
2027 and thereafter	67,975
Total lease payments	117,984
Less: interest	32,429
Present value of lease liabilities	$ 85,555	$ 88,425

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Settlement days of bond transaction	within one to two trading days

Share Repurchase Programs - Add

Share Repurchase Programs - Additional Information (Detail) - Share Repurchase Program [Member] - USD ($) $ in Millions	1 Months Ended	6 Months Ended
	Jan. 31, 2021	Jun. 30, 2022	Jan. 31, 2022
Equity Class Of Treasury Stock [Line Items]
Total shares repurchased		280,315
Cost of common stock shares repurchased		$ 87.5
Shares repurchase program authorized	$ 100		$ 150
Commencement date	2021-04
Share repurchase program, expiration date	Jan. 31, 2022

Segment and Geographic Inform_3

Segment and Geographic Information - Additional Information (Detail) - Segment	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Revenues From External Customers And Long Lived Assets [Line Items]
Number of operating segment	1
Geographic Concentration Risk [Member] | Total Revenue and Long-lived Assets [Member] | United Kingdom [Member]
Revenues From External Customers And Long Lived Assets [Line Items]
Concentration Risk, Percentage	10%	10%

Segment and Geographic Inform_4

Segment and Geographic Information - Summary of Revenue and Long-lived Assets (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Segment Reporting Information [Line Items]
Revenues	$ 182,229	$ 176,334	$ 368,286	$ 371,798
Long-lived assets	93,255		93,255		$ 96,061
Americas [Member]
Segment Reporting Information [Line Items]
Revenues	149,363	143,239	299,919	303,358
Long-lived assets	74,603		74,603		75,328
Europe [Member]
Segment Reporting Information [Line Items]
Revenues	27,800	28,317	58,536	57,861
Long-lived assets	18,290		18,290		20,547
Asia [Member]
Segment Reporting Information [Line Items]
Revenues	5,066	$ 4,778	9,831	$ 10,579
Long-lived assets	$ 362		$ 362		$ 186

Cash and Cash Equivalents and_3

Cash and Cash Equivalents and Restricted Cash - Summary of Reconciliation of Cash and Cash Equivalents with Restricted or Segregated Cash (Detail) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Cash And Cash Equivalents [Line Items]
Cash and cash equivalents	$ 290,544	$ 506,735
Cash segregated under federal regulations	50,276	50,159
Deposits with clearing organizations and broker-dealers	87,962	68,565
Total	428,890	625,567
Cash and Cash Equivalents [Member]
Cash And Cash Equivalents [Line Items]
Cash and cash equivalents	290,544	506,735
Cash Segregated under Federal Regulations and Other [Member]
Cash And Cash Equivalents [Line Items]
Cash segregated under federal regulations	50,276	50,159
Receivables from Broker-Dealers, Clearing Organizations and Customers [Member]
Cash And Cash Equivalents [Line Items]
Deposits with clearing organizations and broker-dealers	87,962	68,565
Prepaid Expenses and Other Assets [Member]
Cash And Cash Equivalents [Line Items]
Other deposits	$ 108	$ 108