MarketAxess (MKTX) 10-Q 27 Apr 23 2023 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2023	Apr. 24, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
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		37,669,360

Consolidated Statements of Fina

Consolidated Statements of Financial Condition - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
ASSETS
Cash and cash equivalents	$ 332,780	$ 430,746
Cash segregated under federal regulations	51,459	50,947
Investments, at fair value	106,674	83,792
Accounts receivable, net of allowance of $767 and $590 as of March 31, 2023 and December 31, 2022, respectively	100,184	78,450
Receivables from broker-dealers, clearing organizations and customers	558,254	476,335
Goodwill	154,789	154,789
Intangible assets, net of accumulated amortization	94,411	98,065
Furniture, equipment, leasehold improvements and capitalized software, net of accumulated depreciation and amortization	99,133	100,256
Operating lease right-of-use assets	64,904	66,106
Prepaid expenses and other assets	65,874	68,289
Total assets	1,628,462	1,607,775
Liabilities
Accrued employee compensation	24,735	56,302
Payables to broker-dealers, clearing organizations and customers	316,274	303,993
Income and other tax liabilities	37,930	28,448
Accounts payable, accrued expenses and other liabilities	46,674	55,263
Operating lease liabilities	81,317	82,676
Total liabilities	506,930	526,682
Commitments and Contingencies (Note 13)
Stockholders' equity
Preferred stock	0	0
Common stock	123	123
Additional paid-in capital	333,114	345,468
Treasury stock - Common stock voting, at cost, 3,268,584 shares and 3,270,512 shares as of March 31, 2023 and December 31, 2022, respectively	(327,815)	(328,326)
Retained earnings	1,148,093	1,101,525
Accumulated other comprehensive loss	(31,983)	(37,697)
Total stockholders' equity	1,121,532	1,081,093
Total liabilities and stockholders' equity	1,628,462	1,607,775
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	Mar. 31, 2023	Dec. 31, 2022
Allowance for accounts receivable	$ 767	$ 590
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	40,937,944	40,918,660
Common stock, shares outstanding	37,669,360	37,648,148
Treasury stock, shares	3,268,584	3,270,512
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
	Mar. 31, 2023	Mar. 31, 2022
Revenues
Revenues	$ 203,169	$ 186,057
Expenses
Employee compensation and benefits	52,315	47,756
Depreciation and amortization	16,461	15,174
Technology and communications	14,999	12,192
Professional and consulting fees	7,127	9,621
Occupancy	3,611	3,387
Marketing and advertising	2,995	1,789
Clearing costs	4,545	4,575
General and administrative	5,760	3,459
Total expenses	107,813	97,953
Operating income	95,356	88,104
Other income (expense)
Interest income	4,249	59
Interest expense	(130)	(173)
Equity in earnings of unconsolidated affiliate	204	0
Other, net	(1,484)	2,429
Total other income (expense)	2,839	2,315
Income before income taxes	98,195	90,419
Provision for income taxes	24,567	25,650
Net income	$ 73,628	$ 64,769
Net income per common share
Basic	$ 1.96	$ 1.73
Diluted	1.96	1.71
Cash dividends declared per common share	$ 0.72	$ 0.70
Weighted average shares outstanding
Basic	37,478	37,384
Diluted	37,645	37,824
Commissions [Member]
Revenues
Revenues	$ 181,991	$ 166,113
Information Services [Member]
Revenues
Revenues	11,010	9,809
Post-trade Services [Member]
Revenues
Revenues	9,980	9,912
Other [Member]
Revenues
Revenues	$ 188	$ 223

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 73,628	$ 64,769
Cumulative translation adjustment	5,755	(5,051)
Net unrealized gain (loss) on securities available-for-sale, net of tax of $(14) and $0, respectively	(41)	0
Comprehensive income	$ 79,342	$ 59,718

Consolidated Statements of Co_2

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
Securities available-for-sale, tax expense (benefit)	$ (14)	$ 0

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, 2021	$ 1,041,309	$ 123	$ 330,262	$ (232,712)	$ 956,966	$ (13,330)
Net income	64,769				64,769
Cumulative translation adjustment	(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, 2022	1,081,093	123	345,468	(328,326)	1,101,525	(37,697)
Net income	73,628				73,628
Cumulative translation adjustment	5,755					5,755
Unrealized net gain (loss) on securities available-for-sale, net of tax	(41)					(41)
Stock-based compensation	7,488		7,488
Reissuance of treasury stock	454		(57)	511
Exercise of stock options	707		707
Withholding tax payments on restricted stock vesting and stock option exercises	(20,492)		(20,492)
Cash dividend on common stock	(27,060)				(27,060)
Ending Balance at Mar. 31, 2023	$ 1,121,532	$ 123	$ 333,114	$ (327,815)	$ 1,148,093	$ (31,983)

Consolidated Statements of Ch_2

Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Stockholders' Equity [Abstract]
Cash dividends declared per common share	$ 0.72	$ 0.70

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities
Net income	$ 73,628	$ 64,769
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	16,461	15,174
Amortization of operating lease right-of-use assets	1,368	1,596
Stock-based compensation expense	7,488	8,099
Deferred taxes	(1,433)	(643)
Foreign currency transaction (gains) losses	1,699	0
Other	(2,532)	(1,229)
Changes in operating assets and liabilities:
(Increase) in accounts receivable	(21,935)	(11,699)
(Increase) in receivables from broker-dealers, clearing organizations and customers	(52,549)	(296,015)
Decrease (increase) in prepaid expenses and other assets	3,163	(2,445)
(Decrease) in accrued employee compensation	(31,567)	(33,553)
Increase in payables to broker-dealers, clearing organizations and customers	12,281	229,151
Increase in income and other tax liabilities	10,904	3,049
(Decrease) increase in accounts payable, accrued expenses and other liabilities	(6,838)	1,932
(Decrease) in operating lease liabilities	(1,562)	(1,799)
Net cash provided by (used in) operating activities	7,527	(23,730)
Cash flows from investing activities
Proceeds from maturities and sales	1,048	0
Purchases	(22,895)	0
Purchases of furniture, equipment and leasehold improvements	(217)	(1,396)
Capitalization of software development costs	(10,690)	(9,425)
Net cash (used in) investing activities	(32,754)	(10,821)
Cash flows from financing activities
Cash dividend on common stock	(28,357)	(27,425)
Exercise of stock options	707	50
Withholding tax payments on restricted stock vesting and stock option exercises	(20,492)	(20,292)
Repurchases of common stock	0	(38,800)
Proceeds from short-term borrowings	50,000	100,000
Repayments of short-term borrowings	(50,000)	(100,000)
Net cash (used in) financing activities	(48,142)	(86,467)
Effect of exchange rate changes on cash and cash equivalents	3,345	(4,356)
Cash and cash equivalents including restricted cash
Net decrease for the period	(70,024)	(125,374)
Beginning of period	572,664	625,567
End of period	502,640	500,193
Supplemental cash flow information
Cash paid for income taxes	11,660	8,487
Cash paid for interest	187	134
Non-cash activity
Operating lease right-of-use assets obtained in exchange for operating lease liabilities	0	91
Trading Investments [Member]
Changes in operating assets and liabilities:
(Increase) in trading investments	(419)	0
Mutual Funds Held In Rabbi Trust [Member]
Changes in operating assets and liabilities:
(Increase) in trading investments	$ (630)	$ (117)

Organization and Principal Busi

Organization and Principal Business Activity	3 Months Ended
	Mar. 31, 2023
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 2,000 institutional investor and broker-dealer firms are active users of MarketAxess’ patented trading technology, accessing global liquidity on its platforms in U.S. high-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	3 Months Ended
	Mar. 31, 2023
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, 2022. The consolidated financial information as of December 31, 2022 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. 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 unrealized gains or losses reported in accumulated other comprehensive loss in the Consolidated Statements of Financial Condition and realized gains or losses reported in other, net in the Consolidated Statements of Operations. 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. The Company assesses whether an impairment loss on its available-for-sale debt securities has occurred due to declines in fair value or other market conditions. When the amortized cost basis of an available-for-sale debt security exceeds its fair value, the security is deemed to be impaired. The portion of an impairment related to credit losses is determined by comparing the present value of cash flows expected to be collected from the security with the amortized cost basis of the security, and is recorded as a charge in the Consolidated Statements of Operations. The remainder of an impairment is recognized in accumulated other comprehensive loss if the Company does not intend to sell the security and it is more likely than not that the Company will not be required to sell the security prior to recovery. 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 $ 0.8 million and $ 0.6 million as of March 31, 2023 and December 31, 2022, respectively. The provision for bad debts was $ 0.2 million and $ 0.1 million for the three months ended March 31, 2023 and 2022, respectively. Write-offs and other charges against the allowance for credit losses were immaterial for each of the three months ended March 31, 2023 and 2022 . 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, vendor software development costs billed to us that are part of the application development stage. These costs are recorded as a prepaid asset on the Consolidated Statements 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 enters into foreign currency forward contracts to economically hedge its foreign currency transaction gains and losses. Realized and unrealized gains and losses on these forward contracts are included in other, net in the Consolidated Statements of Operations. The Company records the fair value of the forward contract asset in prepaid expenses and other assets or the fair value of the forward contract liability in accounts payable, accrued expenses and other liabilities 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 March 31, 2023 2022 (In thousands) Commission revenue by fee type Variable transaction fees Disclosed trading $ 88,128 $ 87,067 Open Trading – matched principal trading 54,236 42,991 U.S. government bonds - matched principal trading 4,864 4,815 Total variable transaction fees 147,228 134,873 Distribution fees and unused minimum fees 34,763 31,240 Total commissions $ 181,991 $ 166,113 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 March 31, 2023 2022 (In thousands) Information services revenue by timing of recognition Services transferred over time $ 10,659 $ 9,485 Services transferred at a point in time 351 324 Total information services revenues $ 11,010 $ 9,809 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 March 31, 2023 2022 (In thousands) Post-trade services revenue by timing of recognition Services transferred over time $ 9,955 $ 9,871 Services transferred at a point in time 25 41 Total post-trade services revenues $ 9,980 $ 9,912 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, 2022 Payments received in advance of services to be performed Revenue recognized for services performed during the period Foreign Currency Translation March 31, 2023 (In thousands) Information services $ 3,121 $ 2,666 $ ( 2,995 ) $ — $ 2,792 Post-trade services 869 7,701 ( 6,874 ) 19 1,715 Total deferred revenue $ 3,990 $ 10,367 $ ( 9,869 ) $ 19 $ 4,507 The majority of the Company’s information services and post-trade services 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 $ 63.7 million as of March 31, 2023. The Company expects to recognize revenue associated with the remaining performance obligations over the next 52 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	3 Months Ended
	Mar. 31, 2023
Broker-Dealer [Abstract]
Regulatory Capital Requirements	3. Regulatory Capital Requirements One of the Company’s U.S. subsidiaries is registered as a broker-dealer and therefore is subject to the applicable rules and regulations of the SEC and the Financial Industry Regulatory Authority (“FINRA”). These rules contain minimum net capital requirements, as defined in the applicable regulations. 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 March 31, 2023, 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 March 31, 2023, the Company’s subsidiaries maintained aggregate net capital and financial resources that were $ 541.0 million in excess of the required levels of $ 29.0 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 March 31, 2023, the U.S. broker-dealer subsidiary had a balance of $ 51.5 million in its special reserve bank account. This U.S. broker-dealer subsidiary also maintained net capital that was $ 325.5 million in excess of the required level of $ 4.2 million. Each of the Company’s U.S. and foreign regulated subsidiaries are subject to local regulations which generally limit, or require the prior notification to or approval from such regulated entity’s principal regulator before, the 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.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023 Assets Money market funds $ 35,504 $ — $ — $ 35,504 Securities available-for-sale Corporate debt — 21,832 — 21,832 Trading securities U.S. Treasuries — 74,829 — 74,829 Mutual funds held in rabbi trust — 10,013 — 10,013 Foreign currency forward position — 814 — 814 Total assets $ 35,504 $ 107,488 $ — $ 142,992 Liabilities Contingent consideration payable $ — $ — $ 12,447 $ 12,447 Total liabilities $ — $ — $ 12,447 $ 12,447 As of December 31, 2022 Assets Money market funds $ 59,173 $ — $ — $ 59,173 Trading securities U.S. Treasuries — 74,409 — 74,409 Mutual funds held in rabbi trust — 9,383 — 9,383 Total assets $ 59,173 $ 83,792 $ — $ 142,965 Liabilities Contingent consideration payable $ — $ — $ 12,340 $ 12,340 Foreign currency forward position — 1,688 — 1,688 Total liabilities $ — $ 1,688 $ 12,340 $ 14,028 Money market funds are included in cash and cash equivalents on the Consolidated Statements of Financial Condition. 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 foreign currency forward contracts are classified within Level 2 as the valuation inputs are based on quoted market prices. 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 three months ended March 31, 2023: December 31, 2022 Unrealized (Gain)/Loss March 31, 2023 (In thousands) Contingent consideration payable $ 12,340 $ 107 $ 12,447 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 March 31, 2023 Contingent consideration payable Discounted cash flows Present value factor 0.99 0.99 April 2022-March 2023 variable fee $ 3,796 $ 3,796 Percentage of electronic trading volume 86.0 % - 96.6 % 91.3 % As of December 31, 2022 Contingent consideration payable Discounted cash flows Present value factor 0.99 0.99 April 2022-March 2023 variable fee $ 3,556 - $ 5,658 $ 4,607 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 Statements 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 March 31, 2023 Financial assets not measured at fair value: Cash and cash equivalents $ 332,780 $ 332,780 $ 332,780 $ — $ — $ 332,780 Cash segregated under federal regulations 51,459 51,459 51,459 — — 51,459 Accounts receivable, net of allowance 100,184 100,184 — 100,184 — 100,184 Receivables from broker-dealers, clearing 558,254 558,254 118,293 439,961 — 558,254 Total $ 1,042,677 $ 1,042,677 $ 502,532 $ 540,145 $ — $ 1,042,677 Financial liabilities not measured at fair value: Payables to broker-dealers, clearing $ 316,274 $ 316,274 $ — $ 316,274 $ — $ 316,274 As of December 31, 2022 Financial assets not measured at fair value: Cash and cash equivalents $ 371,573 $ 371,573 $ 371,573 $ — $ — $ 371,573 Cash segregated under federal regulations 50,947 50,947 50,947 — — 50,947 Accounts receivable, net of allowance 78,450 78,450 — 78,450 — 78,450 Receivables from broker-dealers, clearing 476,335 476,335 88,923 387,412 — 476,335 Total $ 977,305 $ 977,305 $ 511,443 $ 465,862 $ — $ 977,305 Financial liabilities not measured at fair value: Payables to broker-dealers, clearing $ 303,993 $ 303,993 $ — $ 303,993 $ — $ 303,993 During the three months ended March 31, 2023 and 2022, there were no transfers between Level 1, Level 2 and Level 3 securities. The Company enters into foreign currency forward contracts as an economic hedge against certain foreign currency transaction gains and losses in the Consolidated Statements of Operations. These forward contracts are for one- or three-month periods and are used to limit exposure to foreign currency exchange rate fluctuations. The Company records the fair value of the asset in prepaid expenses and other assets or the fair value of the liability in accounts payable, accrued expenses and other liabilities in the Consolidated Statements of Financial Condition. The following table summarizes the Company’s foreign currency forward position: As of March 31, 2023 December 31, 2022 (In thousands) Notional value $ 60,920 $ 62,160 Fair value of notional 61,734 60,472 Fair value of the asset (liability) $ 814 $ ( 1,688 ) Realized and unrealized gains and losses on foreign currency forward contracts are included in other, net in the Consolidated Statements of Operations. The Company recorded a realized loss of $ 1.7 million and an unrealized gain of $ 2.5 million for the three months ended March 31, 2023. The Company records collateral deposits with its counterparty bank in prepaid expenses and other assets on the Consolidated Statements of Financial Condition. As of March 31, 2023 , the Company did no t maintain a collateral deposit with its counterparty bank. The following table summarizes the Company’s investments: Amortized Gross Gross Fair (In thousands) As of March 31, 2023 Securities available-for-sale Corporate debt $ 21,887 $ 25 $ ( 80 ) $ 21,832 Trading securities U.S. Treasuries 74,409 420 — 74,829 Mutual funds held in rabbi trust 9,428 585 — 10,013 Total investments $ 105,724 $ 1,030 $ ( 80 ) $ 106,674 As of December 31, 2022 Trading securities U.S. Treasuries $ 74,943 $ — $ ( 534 ) $ 74,409 Mutual funds held in rabbi trust 11,474 — ( 2,091 ) 9,383 Total investments $ 86,417 $ — $ ( 2,625 ) $ 83,792 The following table summarizes the fair value of the investments based upon the contractual maturities: Less than one year Due in 1 - 5 years Total (In thousands) As of March 31, 2023 Securities available-for-sale Corporate debt $ 5,809 $ 16,023 $ 21,832 Trading securities U.S. Treasuries 24,923 49,906 74,829 Mutual funds held in rabbi trust 10,013 — 10,013 Total $ 40,745 $ 65,929 $ 106,674 As of December 31, 2022 Trading securities U.S. Treasuries $ 24,618 $ 49,791 $ 74,409 Mutual funds held in rabbi trust 9,383 — 9,383 Total $ 34,001 $ 49,791 $ 83,792 Proceeds from the sales and maturities of investments during the three months ended March 31, 2023 were $ 1.0 million. Net realized losses on available-for-sale securities were less than $ 0.1 million for the three months ended March 31, 2023. Net unrealized losses on available-for-sale securities were $ 0.1 million for the three months ended March 31, 2023. Net unrealized gains on trading securities were $ 1.0 million for the three months ended March 31, 2023. Net unrealized losses on trading securities were $ 1.0 million for the three months ended March 31, 2022. The following table provides fair values and unrealized losses on the Company’s available-for-sale investments and the aging of securities’ continuous unrealized loss position as of March 31, 2023: Less than Twelve Months Twelve Months or More Total Fair Gross Fair Gross Fair Gross (In thousands) As of March 31, 2023 Corporate debt $ 15,253 $ ( 80 ) $ — $ — $ 15,253 $ ( 80 ) During the three months ended March 31, 2023 the Company did no t recognize any credit losses on its available-for-sale securities. The unrealized losses on securities are due to changes in interest rates and market liquidity.

Receivables from and Payables t

Receivables from and Payables to Broker-dealers, Clearing organizations and Customers	3 Months Ended
	Mar. 31, 2023
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: March 31, 2023 December 31, 2022 Receivables from broker-dealers, clearing organizations and customers: (In thousands) Securities failed-to-deliver – broker-dealers and clearing organizations $ 126,082 $ 144,523 Securities failed-to-deliver – customers 306,736 235,056 Deposits with clearing organizations and broker-dealers 118,293 88,923 Other 7,143 7,833 Total $ 558,254 $ 476,335 Payables to broker-dealers, clearing organizations and customers: Securities failed-to-receive – broker-dealers and clearing organizations $ 195,910 $ 224,816 Securities failed-to-receive – customers 107,206 71,828 Other 13,158 7,349 Total $ 316,274 $ 303,993

Acquisitions and Equity Investm

Acquisitions and Equity Investments	3 Months Ended
	Mar. 31, 2023
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 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 March 31, 2023, the Company’s investment is recorded at carrying value of $ 35.7 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 three months ended March 31, 2023 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. As part of the purchase price, the Company recorded $ 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. 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 March 31, 2023, the remaining outstanding contingent consideration payable was $ 12.4 million.

Goodwill and Intangible Assets

Goodwill and Intangible Assets	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023 and December 31, 2022 . Intangible assets that are subject to amortization, including the related accumulated amortization, are comprised of the following: March 31, 2023 December 31, 2022 Cost Accumulated Net carrying Cost Accumulated Net carrying (In thousands) Customer relationships $ 130,586 $ ( 38,234 ) $ 92,352 $ 129,991 $ ( 34,310 ) $ 95,681 Technology and other intangibles 11,430 ( 9,371 ) 2,059 11,430 ( 9,046 ) 2,384 Total $ 142,016 $ ( 47,605 ) $ 94,411 $ 141,421 $ ( 43,356 ) $ 98,065 Amortization expense associated with identifiable intangible assets was $ 4.1 million and $ 4.0 million for the three months ended March 31, 2023 and 2022, respectively. Annual estimated total amortization expense is $ 17.4 million, $ 15.1 million, $ 12.2 million, $ 10.4 million and $ 9.1 million for the years ended December 31, 2023 through 2027, respectively.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2023
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 25.0 % and 28.4 % for the three months ended March 31, 2023 and 2022, respectively. During the three months ended March 31, 2022, the Company's provision for income taxes included $ 3.2 million of expense related to a settlement with New York State to resolve the 2010 to 2014 audits. 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 payments, among other factors. 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 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 the New York City and New York State audits, the Company is no longer subject to tax examinations by tax authorities for years prior to 2019 .

Stock-Based Compensation Plans

Stock-Based Compensation Plans	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023, there were 2,442,744 shares available for grant under the 2020 Plan. Total stock-based compensation expense was as follows: Three Months Ended March 31, 2023 2022 (In thousands) Employees $ 7,100 $ 7,642 Non-employee directors 388 457 Total stock-based compensation $ 7,488 $ 8,099 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 three months ended March 31, 2023, the Company granted a total of (i) 62,401 restricted stock units, (ii) 13,908 options to purchase shares of common stock and (iii) performance stock units with an expected pay-out at target of 18,263 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 $ 357.66 and $ 358.53 , respectively. Based on the Black-Scholes option pricing model, the weighted-average fair value for each option granted was $ 123.47 per share. As of March 31, 2023, the total unrecognized compensation cost related to all non-vested awards was $ 60.2 million. That cost is expected to be recognized over a weighted-average period of 1.7 years. Employee Stock Purchase Plan The Company maintains the MarketAxess Holdings Inc. 2022 Employee Stock Purchase Plan (the “ESPP”). 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. 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 issued 1,928 shares of common stock on February 15, 2023 under the ESPP. As of March 31, 2023, there were 119,293 shares available for purchase under the ESPP.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023 2022 (In thousands, except per share amounts) Basic weighted average shares outstanding 37,478 37,384 Dilutive effect of stock options and restricted stock 167 440 Diluted weighted average shares outstanding 37,645 37,824 Basic earnings per share $ 1.96 $ 1.73 Diluted earnings per share 1.96 1.71 Stock options and restricted stock totaling 179,147 shares and 174,642 shares for the three months ended March 31, 2023 and 2022 , 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	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Credit Agreements and Short-term Financing	11. Credit Agreements and Short-term Financing Credit Agreement On October 15, 2021, the Company entered into a three-year revolving credit facility (the “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 and a $ 50.0 million sub-limit for swingline loans. The 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 Credit Agreement by up to $ 250.0 million in total. Borrowings under the Credit Agreement bore 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. On March 28, 2023 , the Company entered into a first amendment to the Credit Agreement, which among other things, established customary Secured Overnight Financing Rate (“SOFR”) provisions in lieu of the London Interbank Offered Rate (“LIBOR”) provisions set forth in the Credit Agreement. Following such amendment, borrowings under the Credit Agreement will bear interest at a rate per annum equal to the alternate base rate or the adjusted term SOFR rate, plus an applicable margin that varies with the Company’s consolidated total leverage ratio . The Credit Agreement requires that the Company satisfy certain covenants, including a requirement to not exceed a maximum consolidated total leverage ratio. As of March 31, 2023 , the Company had no letters of credit outstanding and $ 500.0 million in available borrowing capacity under the Credit Agreement. The Company incurred $ 0.1 million of interest expense under the Credit Agreement for each of the three months ended March 31, 2023 and 2022. Uncommitted Collateralized Agreements In connection with its self-clearing operations, the Company’s U.S. broker-dealer subsidiary maintains agreements with its settlement bank to allow the subsidiary to borrow in the aggregate of up to $ 450.0 million on an uncommitted basis, collateralized by eligible securities pledged by the subsidiary to the settlement bank, subject to certain haircuts. Borrowings under these agreements 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 SOFR, plus 1.00 %. The Company incurred $ 0.1 million of interest expense on borrowings under such agreements during the three months ended March 31, 2023. The Company incurred no interest expense on borrowings under such agreements during the three months ended March 31, 2022. As of March 31, 2023 , the Company had no borrowings outstanding and up to $ 450.0 million in available uncommitted borrowing capacity under such agreements. 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 $ 0.1 million for each of the three months ended March 31, 2023 and 2022. As of March 31, 2023 , the Company had no overdrafts payable outstanding.

Leases

Leases	3 Months Ended
	Mar. 31, 2023
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 months ended March 31, 2023 and 2022: Three Months Ended March 31, Lease cost: Classification 2023 2022 (In thousands) Operating lease cost Occupancy $ 3,111 $ 3,310 Operating lease cost for subleased/assigned properties Other, net — 456 Variable lease costs Occupancy 51 7 Sublease income subleased/assigned properties Other, net — ( 390 ) Net lease cost $ 3,162 $ 3,383 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 March 31, 2023 December 31, 2022 Weighted average remaining lease term (in years) 10.4 10.6 Weighted average discount rate 5.9 % 5.9 % The following table presents the maturity of lease liabilities as of March 31, 2023: (In thousands) 2023 $ 8,292 2024 11,533 2025 11,339 2026 10,840 2027 8,467 2028 and thereafter 59,648 Total lease payments 110,119 Less: imputed interest 28,802 Present value of lease liabilities $ 81,317

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2023
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 three months ended March 31, 2023 and 2022. 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 material loss to be remote.

Share Repurchase Programs

Share Repurchase Programs	3 Months Ended
	Mar. 31, 2023
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. There were no shares repurchased in connection with our share repurchase program during the three months ended March 31, 2023 . Shares repurchased under each program will be held in treasury for future use.

Segment and Geographic Informat

Segment and Geographic Information	3 Months Ended
	Mar. 31, 2023
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 three months ended March 31, 2023 and 2022 , 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 months ended March 31, 2023 and 2022 and long-lived assets as of March 31, 2023 and December 31, 2022 were as follows: Three Months Ended March 31, 2023 2022 (In thousands) Revenues Americas $ 161,573 $ 150,556 Europe 36,736 30,736 Asia 4,860 4,765 Total $ 203,169 $ 186,057 As of March 31, 2023 December 31, 2022 (In thousands) Long-lived assets, as defined Americas $ 81,280 $ 82,008 Europe 17,295 17,723 Asia 558 525 Total $ 99,133 $ 100,256

Cash and Cash Equivalents and R

Cash and Cash Equivalents and Restricted Cash	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023 December 31, 2022 (In thousands) Cash and cash equivalents Cash and cash equivalents $ 332,780 $ 430,746 Cash segregated for regulatory Cash segregated under federal regulations 51,459 50,947 Deposits with clearing organizations Receivables from broker-dealers, clearing 118,293 88,923 Other deposits Prepaid expenses and other assets 108 2,048 Total $ 502,640 $ 572,664

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2023
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, 2022. The consolidated financial information as of December 31, 2022 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.
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 unrealized gains or losses reported in accumulated other comprehensive loss in the Consolidated Statements of Financial Condition and realized gains or losses reported in other, net in the Consolidated Statements of Operations. 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. The Company assesses whether an impairment loss on its available-for-sale debt securities has occurred due to declines in fair value or other market conditions. When the amortized cost basis of an available-for-sale debt security exceeds its fair value, the security is deemed to be impaired. The portion of an impairment related to credit losses is determined by comparing the present value of cash flows expected to be collected from the security with the amortized cost basis of the security, and is recorded as a charge in the Consolidated Statements of Operations. The remainder of an impairment is recognized in accumulated other comprehensive loss if the Company does not intend to sell the security and it is more likely than not that the Company will not be required to sell the security prior to recovery.
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, available-for-sale securities, foreign currency forward contracts 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 $ 0.8 million and $ 0.6 million as of March 31, 2023 and December 31, 2022, respectively. The provision for bad debts was $ 0.2 million and $ 0.1 million for the three months ended March 31, 2023 and 2022, respectively. Write-offs and other charges against the allowance for credit losses were immaterial for each of the three months ended March 31, 2023 and 2022 .
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, vendor software development costs billed to us that are part of the application development stage. These costs are recorded as a prepaid asset on the Consolidated Statements 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 enters into foreign currency forward contracts to economically hedge its foreign currency transaction gains and losses. Realized and unrealized gains and losses on these forward contracts are included in other, net in the Consolidated Statements of Operations. The Company records the fair value of the forward contract asset in prepaid expenses and other assets or the fair value of the forward contract liability in accounts payable, accrued expenses and other liabilities 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 March 31, 2023 2022 (In thousands) Commission revenue by fee type Variable transaction fees Disclosed trading $ 88,128 $ 87,067 Open Trading – matched principal trading 54,236 42,991 U.S. government bonds - matched principal trading 4,864 4,815 Total variable transaction fees 147,228 134,873 Distribution fees and unused minimum fees 34,763 31,240 Total commissions $ 181,991 $ 166,113 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 March 31, 2023 2022 (In thousands) Information services revenue by timing of recognition Services transferred over time $ 10,659 $ 9,485 Services transferred at a point in time 351 324 Total information services revenues $ 11,010 $ 9,809 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 March 31, 2023 2022 (In thousands) Post-trade services revenue by timing of recognition Services transferred over time $ 9,955 $ 9,871 Services transferred at a point in time 25 41 Total post-trade services revenues $ 9,980 $ 9,912 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, 2022 Payments received in advance of services to be performed Revenue recognized for services performed during the period Foreign Currency Translation March 31, 2023 (In thousands) Information services $ 3,121 $ 2,666 $ ( 2,995 ) $ — $ 2,792 Post-trade services 869 7,701 ( 6,874 ) 19 1,715 Total deferred revenue $ 3,990 $ 10,367 $ ( 9,869 ) $ 19 $ 4,507 The majority of the Company’s information services and post-trade services 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 $ 63.7 million as of March 31, 2023. The Company expects to recognize revenue associated with the remaining performance obligations over the next 52 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)	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Summary of Commission Revenue by Fee Type	The following table presents commission revenue by fee type: Three Months Ended March 31, 2023 2022 (In thousands) Commission revenue by fee type Variable transaction fees Disclosed trading $ 88,128 $ 87,067 Open Trading – matched principal trading 54,236 42,991 U.S. government bonds - matched principal trading 4,864 4,815 Total variable transaction fees 147,228 134,873 Distribution fees and unused minimum fees 34,763 31,240 Total commissions $ 181,991 $ 166,113
Summary of Information Services Revenue by Timing of Recognition	The following table presents information services revenue by timing of recognition: Three Months Ended March 31, 2023 2022 (In thousands) Information services revenue by timing of recognition Services transferred over time $ 10,659 $ 9,485 Services transferred at a point in time 351 324 Total information services revenues $ 11,010 $ 9,809
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 March 31, 2023 2022 (In thousands) Post-trade services revenue by timing of recognition Services transferred over time $ 9,955 $ 9,871 Services transferred at a point in time 25 41 Total post-trade services revenues $ 9,980 $ 9,912
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, 2022 Payments received in advance of services to be performed Revenue recognized for services performed during the period Foreign Currency Translation March 31, 2023 (In thousands) Information services $ 3,121 $ 2,666 $ ( 2,995 ) $ — $ 2,792 Post-trade services 869 7,701 ( 6,874 ) 19 1,715 Total deferred revenue $ 3,990 $ 10,367 $ ( 9,869 ) $ 19 $ 4,507

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023 Assets Money market funds $ 35,504 $ — $ — $ 35,504 Securities available-for-sale Corporate debt — 21,832 — 21,832 Trading securities U.S. Treasuries — 74,829 — 74,829 Mutual funds held in rabbi trust — 10,013 — 10,013 Foreign currency forward position — 814 — 814 Total assets $ 35,504 $ 107,488 $ — $ 142,992 Liabilities Contingent consideration payable $ — $ — $ 12,447 $ 12,447 Total liabilities $ — $ — $ 12,447 $ 12,447 As of December 31, 2022 Assets Money market funds $ 59,173 $ — $ — $ 59,173 Trading securities U.S. Treasuries — 74,409 — 74,409 Mutual funds held in rabbi trust — 9,383 — 9,383 Total assets $ 59,173 $ 83,792 $ — $ 142,965 Liabilities Contingent consideration payable $ — $ — $ 12,340 $ 12,340 Foreign currency forward position — 1,688 — 1,688 Total liabilities $ — $ 1,688 $ 12,340 $ 14,028
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 three months ended March 31, 2023: December 31, 2022 Unrealized (Gain)/Loss March 31, 2023 (In thousands) Contingent consideration payable $ 12,340 $ 107 $ 12,447 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 March 31, 2023 Contingent consideration payable Discounted cash flows Present value factor 0.99 0.99 April 2022-March 2023 variable fee $ 3,796 $ 3,796 Percentage of electronic trading volume 86.0 % - 96.6 % 91.3 % As of December 31, 2022 Contingent consideration payable Discounted cash flows Present value factor 0.99 0.99 April 2022-March 2023 variable fee $ 3,556 - $ 5,658 $ 4,607 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 Statements 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 March 31, 2023 Financial assets not measured at fair value: Cash and cash equivalents $ 332,780 $ 332,780 $ 332,780 $ — $ — $ 332,780 Cash segregated under federal regulations 51,459 51,459 51,459 — — 51,459 Accounts receivable, net of allowance 100,184 100,184 — 100,184 — 100,184 Receivables from broker-dealers, clearing 558,254 558,254 118,293 439,961 — 558,254 Total $ 1,042,677 $ 1,042,677 $ 502,532 $ 540,145 $ — $ 1,042,677 Financial liabilities not measured at fair value: Payables to broker-dealers, clearing $ 316,274 $ 316,274 $ — $ 316,274 $ — $ 316,274 As of December 31, 2022 Financial assets not measured at fair value: Cash and cash equivalents $ 371,573 $ 371,573 $ 371,573 $ — $ — $ 371,573 Cash segregated under federal regulations 50,947 50,947 50,947 — — 50,947 Accounts receivable, net of allowance 78,450 78,450 — 78,450 — 78,450 Receivables from broker-dealers, clearing 476,335 476,335 88,923 387,412 — 476,335 Total $ 977,305 $ 977,305 $ 511,443 $ 465,862 $ — $ 977,305 Financial liabilities not measured at fair value: Payables to broker-dealers, clearing $ 303,993 $ 303,993 $ — $ 303,993 $ — $ 303,993
Summary of Foreign Currency Forward Contracts	The following table summarizes the Company’s foreign currency forward position: As of March 31, 2023 December 31, 2022 (In thousands) Notional value $ 60,920 $ 62,160 Fair value of notional 61,734 60,472 Fair value of the asset (liability) $ 814 $ ( 1,688 )
Summary of Company's Investments	The following table summarizes the Company’s investments: Amortized Gross Gross Fair (In thousands) As of March 31, 2023 Securities available-for-sale Corporate debt $ 21,887 $ 25 $ ( 80 ) $ 21,832 Trading securities U.S. Treasuries 74,409 420 — 74,829 Mutual funds held in rabbi trust 9,428 585 — 10,013 Total investments $ 105,724 $ 1,030 $ ( 80 ) $ 106,674 As of December 31, 2022 Trading securities U.S. Treasuries $ 74,943 $ — $ ( 534 ) $ 74,409 Mutual funds held in rabbi trust 11,474 — ( 2,091 ) 9,383 Total investments $ 86,417 $ — $ ( 2,625 ) $ 83,792
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: Less than one year Due in 1 - 5 years Total (In thousands) As of March 31, 2023 Securities available-for-sale Corporate debt $ 5,809 $ 16,023 $ 21,832 Trading securities U.S. Treasuries 24,923 49,906 74,829 Mutual funds held in rabbi trust 10,013 — 10,013 Total $ 40,745 $ 65,929 $ 106,674 As of December 31, 2022 Trading securities U.S. Treasuries $ 24,618 $ 49,791 $ 74,409 Mutual funds held in rabbi trust 9,383 — 9,383 Total $ 34,001 $ 49,791 $ 83,792
Summary of Fair Values and Unrealized Losses on Investments	The following table provides fair values and unrealized losses on the Company’s available-for-sale investments and the aging of securities’ continuous unrealized loss position as of March 31, 2023: Less than Twelve Months Twelve Months or More Total Fair Gross Fair Gross Fair Gross (In thousands) As of March 31, 2023 Corporate debt $ 15,253 $ ( 80 ) $ — $ — $ 15,253 $ ( 80 )

Receivables from and Payables_2

Receivables from and Payables to Broker-dealers, Clearing Organizations and Customers (Tables)	3 Months Ended
	Mar. 31, 2023
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: March 31, 2023 December 31, 2022 Receivables from broker-dealers, clearing organizations and customers: (In thousands) Securities failed-to-deliver – broker-dealers and clearing organizations $ 126,082 $ 144,523 Securities failed-to-deliver – customers 306,736 235,056 Deposits with clearing organizations and broker-dealers 118,293 88,923 Other 7,143 7,833 Total $ 558,254 $ 476,335 Payables to broker-dealers, clearing organizations and customers: Securities failed-to-receive – broker-dealers and clearing organizations $ 195,910 $ 224,816 Securities failed-to-receive – customers 107,206 71,828 Other 13,158 7,349 Total $ 316,274 $ 303,993

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2023
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: March 31, 2023 December 31, 2022 Cost Accumulated Net carrying Cost Accumulated Net carrying (In thousands) Customer relationships $ 130,586 $ ( 38,234 ) $ 92,352 $ 129,991 $ ( 34,310 ) $ 95,681 Technology and other intangibles 11,430 ( 9,371 ) 2,059 11,430 ( 9,046 ) 2,384 Total $ 142,016 $ ( 47,605 ) $ 94,411 $ 141,421 $ ( 43,356 ) $ 98,065

Stock-Based Compensation Plans

Stock-Based Compensation Plans (Tables)	3 Months Ended
	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation Expense	Total stock-based compensation expense was as follows: Three Months Ended March 31, 2023 2022 (In thousands) Employees $ 7,100 $ 7,642 Non-employee directors 388 457 Total stock-based compensation $ 7,488 $ 8,099

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023 2022 (In thousands, except per share amounts) Basic weighted average shares outstanding 37,478 37,384 Dilutive effect of stock options and restricted stock 167 440 Diluted weighted average shares outstanding 37,645 37,824 Basic earnings per share $ 1.96 $ 1.73 Diluted earnings per share 1.96 1.71

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2023
Leases [Abstract]
Schedule of Components of Lease Expense	The following table presents the components of lease expense for the three months ended March 31, 2023 and 2022: Three Months Ended March 31, Lease cost: Classification 2023 2022 (In thousands) Operating lease cost Occupancy $ 3,111 $ 3,310 Operating lease cost for subleased/assigned properties Other, net — 456 Variable lease costs Occupancy 51 7 Sublease income subleased/assigned properties Other, net — ( 390 ) Net lease cost $ 3,162 $ 3,383
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 March 31, 2023 December 31, 2022 Weighted average remaining lease term (in years) 10.4 10.6 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 March 31, 2023: (In thousands) 2023 $ 8,292 2024 11,533 2025 11,339 2026 10,840 2027 8,467 2028 and thereafter 59,648 Total lease payments 110,119 Less: imputed interest 28,802 Present value of lease liabilities $ 81,317

Segment and Geographic Inform_2

Segment and Geographic Information (Tables)	3 Months Ended
	Mar. 31, 2023
Segment Reporting [Abstract]
Summary of Revenue and Long-lived Assets	Revenues for the three months ended March 31, 2023 and 2022 and long-lived assets as of March 31, 2023 and December 31, 2022 were as follows: Three Months Ended March 31, 2023 2022 (In thousands) Revenues Americas $ 161,573 $ 150,556 Europe 36,736 30,736 Asia 4,860 4,765 Total $ 203,169 $ 186,057 As of March 31, 2023 December 31, 2022 (In thousands) Long-lived assets, as defined Americas $ 81,280 $ 82,008 Europe 17,295 17,723 Asia 558 525 Total $ 99,133 $ 100,256

Cash and Cash Equivalents and_2

Cash and Cash Equivalents and Restricted Cash (Tables)	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023 December 31, 2022 (In thousands) Cash and cash equivalents Cash and cash equivalents $ 332,780 $ 430,746 Cash segregated for regulatory Cash segregated under federal regulations 51,459 50,947 Deposits with clearing organizations Receivables from broker-dealers, clearing 118,293 88,923 Other deposits Prepaid expenses and other assets 108 2,048 Total $ 502,640 $ 572,664

Organization and Principal Bu_2

Organization and Principal Business Activity - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2023 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	2,000

Significant Accounting Polici_4

Significant Accounting Policies - Additional Information (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) Revenue	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)
Significant Accounting Policies [Line Items]
Allowance for credit losses	$ 767		$ 590
Provision for bad debts	$ 200	$ 100
Number of revenue streams | Revenue	4
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
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
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
	Mar. 31, 2023	Mar. 31, 2022
Commission revenue by fee type
Total commissions	$ 203,169	$ 186,057
Commissions [Member]
Commission revenue by fee type
Disclosed trading	88,128	87,067
Matched principal trading	54,236	42,991
Total variable transaction fees	147,228	134,873
Distribution fees and unused minimum fees	34,763	31,240
Total commissions	181,991	166,113
Commissions [Member] | US Government Bonds [Member]
Commission revenue by fee type
Matched principal trading	$ 4,864	$ 4,815

Significant Accounting Polici_6

Significant Accounting Policies - Summary of Information Services Revenue by Timing of Recognition (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Significant Accounting Policies [Line Items]
Revenues	$ 203,169	$ 186,057
Information Services [Member]
Significant Accounting Policies [Line Items]
Revenues	11,010	9,809
Information Services [Member] | Transferred over Time [Member]
Significant Accounting Policies [Line Items]
Revenues	10,659	9,485
Information Services [Member] | Transferred at a Point in Time [Member]
Significant Accounting Policies [Line Items]
Revenues	$ 351	$ 324

Significant Accounting Polici_7

Significant Accounting Policies - Summary of Post-Trade Services Revenue by Timing of Recognition (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Significant Accounting Policies [Line Items]
Revenues	$ 203,169	$ 186,057
Post-trade Services [Member]
Significant Accounting Policies [Line Items]
Revenues	9,980	9,912
Post-trade Services [Member] | Transferred over Time [Member]
Significant Accounting Policies [Line Items]
Revenues	9,955	9,871
Post-trade Services [Member] | Transferred at a Point in Time [Member]
Significant Accounting Policies [Line Items]
Revenues	$ 25	$ 41

Significant Accounting Polici_8

Significant Accounting Policies - Summary of Revenue Recognized from Contract Liabilities and Remaining Balance (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Significant Accounting Policies [Line Items]
Deferred revenues, beginning balance	$ 3,990
Payments received in advance of services to be performed	10,367
Revenue recognized for services performed during the period	(9,869)
Foreign Currency Translation	19
Deferred revenues, ending balance	4,507
Information Services [Member]
Significant Accounting Policies [Line Items]
Deferred revenues, beginning balance	3,121
Payments received in advance of services to be performed	2,666
Revenue recognized for services performed during the period	(2,995)
Foreign Currency Translation	0
Deferred revenues, ending balance	2,792
Post-trade Services [Member]
Significant Accounting Policies [Line Items]
Deferred revenues, beginning balance	869
Payments received in advance of services to be performed	7,701
Revenue recognized for services performed during the period	(6,874)
Foreign Currency Translation	19
Deferred revenues, ending balance	$ 1,715

Significant Accounting Polici_9

Significant Accounting Policies - Additional Information (Detail 1) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-04-01 $ in Millions	Mar. 31, 2023 USD ($)
Significant Accounting Policies [Line Items]
Aggregate amount of transaction price allocated to remaining performance obligations	$ 63.7
Expected time to recognize revenue for remaining performance obligation	52 months

Regulatory Capital Requiremen_2

Regulatory Capital Requirements - Additional Information (Detail)	Mar. 31, 2023 USD ($)
Brokers And Dealers [Line Items]
Securities reserve deposit	$ 51,500,000
U.S. Subsidiaries
Brokers And Dealers [Line Items]
Aggregate net capital and financial resources in excess of required level	541,000
Aggregate net capital and financial resources, minimum capital requirement	29,000
U.S. Broker-Dealer Subsidiaries
Brokers And Dealers [Line Items]
Aggregate net capital and financial resources in excess of required level	325,500,000
Aggregate net capital and financial resources, minimum capital requirement	$ 4,200,000

Fair Value Measurements - Valua

Fair Value Measurements - Valuation of Company's Assets and Liabilities Measured at Fair Value (Detail) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Assets
Money market funds	$ 35,504	$ 59,173
Assets Fair Value Total	142,992	142,965
Liabilities
Contingent consideration payable	12,447	12,340
Total liabilities	12,447	14,028
Foreign Currency Forward Position [Member]
Liabilities
Foreign currency forward position	814	1,688
Mutual Funds Held In Rabbi Trust [Member]
Assets
Trading securities	10,013	9,383
U.S. Treasuries [Member]
Assets
Trading securities	74,829	74,409
Level 1 [Member]
Assets
Money market funds	35,504	59,173
Assets Fair Value Total	35,504	59,173
Level 2 [Member]
Assets
Assets Fair Value Total	107,488	83,792
Liabilities
Total liabilities		1,688
Level 2 [Member] | Foreign Currency Forward Position [Member]
Liabilities
Foreign currency forward position	814	1,688
Level 2 [Member] | Mutual Funds Held In Rabbi Trust [Member]
Assets
Trading securities	10,013	9,383
Level 2 [Member] | U.S. Treasuries [Member]
Assets
Trading securities	74,829	74,409
Level 3 [Member]
Liabilities
Contingent consideration payable	12,447	12,340
Total liabilities	12,447	$ 12,340
Corporate Debt [Member]
Assets
Securities available-for-sale	21,832
Trading securities	21,832
Corporate Debt [Member] | Level 2 [Member]
Assets
Securities available-for-sale	$ 21,832

Fair Value Measurements - Summa

Fair Value Measurements - Summary of the Change in the Company's Contingent Consideration Payable (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Fair Value Disclosures [Abstract]
Contingent Consideration Payable	$ 12,340
Unrealized (Gain)/Loss	107
Contingent Consideration Payable	$ 12,447

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Proceeds from the sales and maturities of securities available-for-sale	$ 1,000
Net realized (losses) gains on available-for-sale securities	(100)
Net unrealized (losses) gains on available-for-sale securities	(100)
Net unrealized (losses) gains on trading securities	1,000	$ (1,000)
Transfers between Level 1, Level 2 and Level 3 securities	0	$ 0
Realized loss on investments	1,700
Unrealized gain on investments	2,500
Collateral deposit with bank	0
Credit losses on available-for-sale securities	$ 0
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	Mar. 31, 2023	Dec. 31, 2022
Financial assets not measured at fair value:
Assets Fair Value Total	$ 142,992	$ 142,965
Level 1 [Member]
Financial assets not measured at fair value:
Assets Fair Value Total	35,504	59,173
Level 2 [Member]
Financial assets not measured at fair value:
Assets Fair Value Total	107,488	83,792
Financial Assets and Liabilities not Measured [Member]
Financial assets not measured at fair value:
Assets Fair Value Total	1,042,677	977,305
Financial Assets and Liabilities not Measured [Member] | Payables to Broker-Dealers, Clearing Organizations and Customers [Member]
Financial liabilities not measured at fair value:
Financial liabilities not measured at fair value	316,274	303,993
Financial Assets and Liabilities not Measured [Member] | Cash and Cash Equivalents [Member]
Financial assets not measured at fair value:
Assets Fair Value Total	332,780	371,573
Financial Assets and Liabilities not Measured [Member] | Cash Segregated under Federal Regulations [Member]
Financial assets not measured at fair value:
Assets Fair Value Total	51,459	50,947
Financial Assets and Liabilities not Measured [Member] | Accounts Receivable, Net of Allowance [Member]
Financial assets not measured at fair value:
Assets Fair Value Total	100,184	78,450
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	558,254	476,335
Financial Assets and Liabilities not Measured [Member] | Level 1 [Member]
Financial assets not measured at fair value:
Assets Fair Value Total	502,532	511,443
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	332,780	371,573
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	51,459	50,947
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	118,293	88,923
Financial Assets and Liabilities not Measured [Member] | Level 2 [Member]
Financial assets not measured at fair value:
Assets Fair Value Total	540,145	465,862
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	316,274	303,993
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	100,184	78,450
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	439,961	387,412
Financial Assets and Liabilities not Measured [Member] | Carrying Value [Member]
Financial assets not measured at fair value:
Assets Fair Value Total	1,042,677	977,305
Financial Assets and Liabilities not Measured [Member] | Carrying 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	316,274	303,993
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	332,780	371,573
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	51,459	50,947
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	100,184	78,450
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	558,254	476,335
Financial Assets and Liabilities not Measured [Member] | Fair Value [Member]
Financial assets not measured at fair value:
Assets Fair Value Total	1,042,677	977,305
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	316,274	303,993
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	332,780	371,573
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	51,459	50,947
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	100,184	78,450
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	$ 558,254	$ 476,335

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	Mar. 31, 2023 USD ($) Rate	Dec. 31, 2022 USD ($) Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Present value factor	0.99%	0.99
Average present value factor | Rate	99%	99%
April 2022-March 2023 variable fee	$ 3,796
Average April 2022-March 2023 variable fee	$ 3,796
Average April 2021-March 2022 variable fee		$ 4,607
Average percentage of electronic trading volume	0.913	0.913
Maximum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
April 2022-March 2023 variable fee		$ 5,658
Percentage of electronic trading volume	96.60%	96.60%
Minimum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
April 2022-March 2023 variable fee		$ 3,556
Percentage of electronic trading volume	86%	86%

Fair Value Measurements - Sum_3

Fair Value Measurements - Summary of Foreign Currency Forward Contracts (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Notional value	$ 60,920	$ 62,160
Fair value of notional	61,734	60,472
Fair value of the (asset) liability	$ 814	$ (1,688)

Fair Value Measurements - Sum_4

Fair Value Measurements - Summary of Company's Investments (Detail) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Schedule Of Available For Sale Securities [Line Items]
Investments, Amortized cost	$ 105,724	$ 86,417
Investments, Gross unrealized gains	1,030
Investments, Gross unrealized losses	(80)	(2,625)
Investments, Fair value	106,674	83,792
U.S. Treasuries [Member]
Schedule Of Available For Sale Securities [Line Items]
Trading securities, Amortized cost	74,409	74,943
Trading securities, Gross unrealized gains	420
Trading securities, Gross unrealized losses		(534)
Trading securities, Fair value	74,829	74,409
Investments, Fair value	74,829	74,409
Mutual Funds Held In Rabbi Trust [Member]
Schedule Of Available For Sale Securities [Line Items]
Trading securities, Amortized cost	9,428	11,474
Trading securities, Gross unrealized gains	585
Trading securities, Gross unrealized losses		(2,091)
Trading securities, Fair value	10,013	9,383
Investments, Fair value	10,013	$ 9,383
Corporate Debt [Member]
Schedule Of Available For Sale Securities [Line Items]
Trading securities, Amortized cost	21,887
Trading securities, Gross unrealized gains	25
Trading securities, Gross unrealized losses	(80)
Trading securities, Fair value	21,832
Investments, Fair value	$ 21,832

Fair Value Measurements - Sum_5

Fair Value Measurements - Summary of Fair Value of Investments Based upon Contractual Maturities (Detail) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Debt Securities, Available-for-Sale [Line Items]
Less than one year	$ 40,745	$ 34,001
Due in 1 - 5 years	65,929	49,791
Total	106,674	83,792
U.S. Treasuries [Member]
Debt Securities, Available-for-Sale [Line Items]
Less than one year	24,923	24,618
Due in 1 - 5 years	49,906	49,791
Total	74,829	74,409
Mutual Funds Held In Rabbi Trust [Member]
Debt Securities, Available-for-Sale [Line Items]
Less than one year	10,013	9,383
Total	10,013	$ 9,383
Corporate Debt [Member]
Debt Securities, Available-for-Sale [Line Items]
Less than one year	5,809
Due in 1 - 5 years	16,023
Total	$ 21,832

Fair Value Measurements - Sum_6

Fair Value Measurements - Summary of Fair Values and Unrealized Losses on Investments (Detail) - Corporate Debt [Member] $ in Thousands	Mar. 31, 2023 USD ($)
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]
Less than Twelve Months, Estimated Fair value	$ 15,253
Less than Twelve Months, Gross unrealized losses	80
Twelve Months or More, Estimated Fair value	0
Twelve Months or More, Gross unrealized losses	0
Estimated Fair value, Total	15,253
Gross unrealized losses, Total	$ (80)

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	Mar. 31, 2023	Dec. 31, 2022
Receivables from broker-dealers, clearing organizations and customers:
Securities failed-to-deliver - broker-dealers and clearing organizations	$ 126,082	$ 144,523
Securities failed-to-deliver - customers	306,736	235,056
Deposits with clearing organizations and broker-dealers	118,293	88,923
Other	7,143	7,833
Total	558,254	476,335
Payables to broker-dealers, clearing organizations and customers:
Securities failed-to-receive - broker-dealers and clearing organizations	195,910	224,816
Securities failed-to-receive - customers	107,206	71,828
Other	13,158	7,349
Total	$ 316,274	$ 303,993

Acquisitions and Equity Inves_2

Acquisitions and Equity Investments - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022	May 01, 2022	Apr. 09, 2021
Business Acquisition [Line Items]
Contingent consideration payable		$ 1,600
Contingent consideration paid	$ 12,447	$ 12,340
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	35,700
Muni Brokers L L C [Member]
Business Acquisition [Line Items]
Contingent consideration payable	$ 12,400
Contingent consideration paid			$ 8,300
Muni Brokers L L C [Member] | Accounts Payable, Accrued Expenses and Other Liabilities [Member]
Business Acquisition [Line Items]
Contingent consideration payable				$ 22,500

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Goodwill [Line Items]
Amortization expense associated with identifiable intangible assets	$ 4.1	$ 4
Estimated total amortization expense 2023	17.4
Estimated total amortization expense 2024	15.1
Estimated total amortization expense 2025	12.2
Estimated total amortization expense 2026	10.4
Estimated total amortization expense 2027	9.1
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	Mar. 31, 2023	Dec. 31, 2022
Finite Lived Intangible Assets [Line Items]
Cost	$ 142,016	$ 141,421
Accumulated amortization	(47,605)	(43,356)
Net carrying amount	94,411	98,065
Customer Relationships [Member]
Finite Lived Intangible Assets [Line Items]
Cost	130,586	129,991
Accumulated amortization	(38,234)	(34,310)
Net carrying amount	92,352	95,681
Technology and Other Intangibles [Member]
Finite Lived Intangible Assets [Line Items]
Cost	11,430	11,430
Accumulated amortization	(9,371)	(9,046)
Net carrying amount	$ 2,059	$ 2,384

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Schedule Of Pre Tax Income [Line Items]
Provision for income taxes	$ 24,567	$ 25,650
Effective income tax rate	25%	28.40%
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 - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Feb. 15, 2023	Dec. 31, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares available for grant under the stock incentive plan	2,442,744
Unrecognized compensation costs related to non-vested	$ 60,200
Weighted-average period over which cost is expected to be recognized	1 year 8 months 12 days
Common stock, shares issued	40,937,944		40,918,660
Restricted Stock [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of non-option equity instruments granted during the period	62,401
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	119,293
Employee contribution on purchase of common stock	$ 2,000
Percentage of fair market value of the common stock on the grant date	15%
Common stock, shares issued		1,928
Employees [Member] | Restricted Stock [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted-average grant date fair value per share	$ 357.66
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	13,908
Number of stock option equity instruments granted during the period	18,263
Weighted-average fair value each option granted	$ 123.47
Weighted-average grant date fair value per share	$ 358.53

Stock-Based Compensation Plan_3

Stock-Based Compensation Plans - Stock-Based Compensation Expense (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation	$ 7,488	$ 8,099
Employees [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation	7,100	7,642
Non-Employee Directors [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation	$ 388	$ 457

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
	Mar. 31, 2023	Mar. 31, 2022
Earnings Per Share [Abstract]
Basic weighted average shares outstanding	37,478	37,384
Dilutive effect of stock options and restricted stock	167	440
Diluted weighted average shares outstanding	37,645	37,824
Basic earnings per share	$ 1.96	$ 1.73
Diluted earnings per share	$ 1.96	$ 1.71

Earnings Per Share - Additional

Earnings Per Share - Additional Information (Detail) - shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
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	179,147	174,642

Credit Agreements and Short-t_2

Credit Agreements and Short-term Financing - Additional Information (Detail) - USD ($)		3 Months Ended
	Oct. 15, 2021	Mar. 31, 2023	Mar. 31, 2022
Line Of Credit Facility [Line Items]
Sub-limit for swingline loans	$ 50,000,000
Interest expense on borrowings		$ 100
Interest expense on short-term debt		100,000	$ 100,000
Outstanding overdrafts payable		$ 0
Line of Credit Facility, Description		On October 15, 2021, the Company entered into a three-year revolving credit facility (the “Credit Agreement”) provided by a syndicate of lenders and JPMorgan Chase Bank, N.A., as administrative agent
Collateralized Agreements [Member]
Line Of Credit Facility [Line Items]
Maximum available borrowings to subsidiary under agreement		$ 450,000,000
Outstanding borrowings under agreement		0
Unused borrowing capacity, amount under agreement		$ 450,000,000
Collateralized Agreements [Member] | Base Rate [Member]
Line Of Credit Facility [Line Items]
Interest rate, stated percentage		1%
Credit Agreement [Member]
Line Of Credit Facility [Line Items]
Period of credit agreement	3 years
Line of Credit Facility, Initiation Date		Mar. 28, 2023
Revolving Credit Facility [Member]
Line Of Credit Facility [Line Items]
Revolving loans and letters of credit	$ 500,000,000
Expiration period of credit agreement	Oct. 15, 2024
Period of credit agreement		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		$ 100,000	$ 100,000
Standby Letters of Credit [Member]
Line Of Credit Facility [Line Items]
Sub-limit for letter of credit	$ 5,000,000

Leases - Additional Information

Leases - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2023
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
	Mar. 31, 2023	Mar. 31, 2022
Lease Cost [Line Items]
Net lease cost	$ 3,162	$ 3,383
Other, net [Member]
Lease Cost [Line Items]
Operating lease cost for subleased/assigned properties	0	456
Sublease income subleased/assigned properties	0	(390)
Occupancy [Member]
Lease Cost [Line Items]
Operating lease cost	3,111	3,310
Variable lease costs	$ 51	$ 7

Leases - Summary of Weighted Av

Leases - Summary of Weighted Average Remaining Lease Term and Discount Rate (Details)	Mar. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Weighted average remaining lease term (in years)	10 years 4 months 24 days	10 years 7 months 6 days
Weighted average discount rate	5.90%	5.90%

Leases - Schedule of Maturity o

Leases - Schedule of Maturity of Lease Liabilities (Detail) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Leases [Abstract]
2023	$ 8,292
2024	11,533
2025	11,339
2026	10,840
2027	8,467
2028 and thereafter	59,648
Total lease payments	110,119
Less: imputed interest	28,802
Present value of lease liabilities	$ 81,317	$ 82,676

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2023
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 Thousands	1 Months Ended
	Jan. 31, 2021	Mar. 31, 2023	Jan. 31, 2022
Equity Class Of Treasury Stock [Line Items]
Shares repurchase program authorized	$ 100,000	$ 0	$ 150,000
Commencement date	2021-04
Share repurchase program, expiration date	Jan. 31, 2022

Segment and Geographic Inform_3

Segment and Geographic Information - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
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
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Segment Reporting Information [Line Items]
Revenues	$ 203,169	$ 186,057
Long-lived assets	99,133		$ 100,256
Americas [Member]
Segment Reporting Information [Line Items]
Revenues	161,573	150,556
Long-lived assets	81,280		82,008
Europe [Member]
Segment Reporting Information [Line Items]
Revenues	36,736	30,736
Long-lived assets	17,295		17,723
Asia [Member]
Segment Reporting Information [Line Items]
Revenues	4,860	$ 4,765
Long-lived assets	$ 558		$ 525

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	Mar. 31, 2023	Dec. 31, 2022
Cash And Cash Equivalents [Line Items]
Cash and cash equivalents	$ 332,780	$ 430,746
Cash segregated under federal regulations	51,459	50,947
Deposits with clearing organizations and broker-dealers	118,293	88,923
Total	502,640	572,664
Cash and Cash Equivalents [Member]
Cash And Cash Equivalents [Line Items]
Cash and cash equivalents	332,780	430,746
Cash Segregated under Federal Regulations [Member]
Cash And Cash Equivalents [Line Items]
Cash segregated under federal regulations	51,459	50,947
Receivables from Broker-Dealers, Clearing Organizations and Customers [Member]
Cash And Cash Equivalents [Line Items]
Deposits with clearing organizations and broker-dealers	118,293	88,923
Prepaid Expenses and Other Assets [Member]
Cash And Cash Equivalents [Line Items]
Other deposits	$ 108	$ 2,048