MarketAxess (MKTX) 10-Q 6 Aug 24 2024 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2024	Aug. 02, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Trading Symbol	MKTX
Entity Registrant Name	MARKETAXESS HOLDINGS INC.
Entity Central Index Key	0001278021
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Title of 12(b) Security	Common Stock, $0.003 par value
Security Exchange Name	NASDAQ
Entity File Number	001-34091
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	52-2230784
Entity Address, Address Line One	55 Hudson Yards
Entity Address, Address Line Two	15th Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10001
Document Quarterly Report	true
Document Transition Report	false
City Area Code	212
Local Phone Number	813-6000
Entity Common Stock, Shares Outstanding		37,751,975

Consolidated Statements of Fina

Consolidated Statements of Financial Condition (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
ASSETS
Cash and cash equivalents	$ 434,063	$ 451,280
Cash segregated under federal regulations	46,141	45,122
Investments, at fair value	135,908	134,861
Accounts receivable, net of allowance of $609 and $577 as of June 30, 2024 and December 31, 2023, respectively	92,350	89,839
Receivables from broker-dealers, clearing organizations and customers	577,992	687,936
Goodwill	236,706	236,706
Intangible assets, net of accumulated amortization	108,420	119,108
Furniture, equipment, leasehold improvements and capitalized software, net of accumulated depreciation and amortization	108,802	102,671
Operating lease right-of-use assets	60,500	63,045
Prepaid expenses and other assets	85,831	84,499
Total assets	1,886,713	2,015,067
Liabilities
Accrued employee compensation	41,002	60,124
Payables to broker-dealers, clearing organizations and customers	392,846	537,398
Securities sold, not yet purchased, at fair value	9,167	0
Income and other tax liabilities	2,058	7,892
Accounts payable, accrued expenses and other liabilities	36,338	37,013
Operating lease liabilities	76,081	79,677
Total liabilities	557,492	722,104
Commitments and Contingencies (Note 13)
Stockholders' equity
Preferred stock	0	0
Common stock	123	123
Additional paid-in capital	335,641	333,292
Treasury stock - Common stock voting, at cost, 3,248,580 shares and 3,041,081 shares as of June 30, 2024 and December 31, 2023 respectively	(302,455)	(260,298)
Retained earnings	1,325,139	1,244,216
Accumulated other comprehensive loss	(29,227)	(24,370)
Total stockholders' equity	1,329,221	1,292,963
Total liabilities and stockholders' equity	1,886,713	2,015,067
Series A Preferred Stock [Member]
Stockholders' equity
Preferred stock	$ 0	$ 0

Consolidated Statements of Fi_2

Consolidated Statements of Financial Condition (Parenthetical) (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Allowance for accounts receivable	$ 609	$ 577
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	41,032,190	40,940,769
Common stock, shares outstanding	37,783,610	37,899,688
Treasury Stock, Common, Shares	3,248,580	3,041,081
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 (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenues
Revenues	$ 197,660	$ 179,846	$ 407,978	$ 383,015
Expenses
Employee compensation and benefits	56,790	48,383	118,054	100,698
Depreciation and amortization	18,356	17,005	36,556	33,466
Technology and communications	17,771	15,235	34,822	30,234
Professional and consulting fees	7,669	8,023	14,064	15,150
Occupancy	3,714	3,199	7,139	6,810
Marketing and advertising	3,010	3,308	4,843	6,303
Clearing costs	4,122	4,182	9,033	8,727
General and administrative	4,889	4,784	9,628	10,544
Total expenses	116,321	104,119	234,139	211,932
Operating income	81,339	75,727	173,839	171,083
Other income (expense)
Interest income	6,401	5,312	12,374	9,561
Interest expense	(621)	(53)	(937)	(183)
Equity in earnings of unconsolidated affiliate	354	250	724	454
Other, net	(1,136)	(2,286)	(2,946)	(3,770)
Total other income (expense)	4,998	3,223	9,215	6,062
Income before income taxes	86,337	78,950	183,054	177,145
Provision for income taxes	21,399	19,091	45,501	43,658
Net income	$ 64,938	$ 59,859	$ 137,553	$ 133,487
Net income per common share
Basic	$ 1.72	$ 1.6	$ 3.65	$ 3.56
Diluted	1.72	1.59	3.64	3.55
Cash dividends declared per common share	$ 0.74	$ 0.72	$ 1.48	$ 1.44
Weighted average shares outstanding
Basic	37,655	37,485	37,698	37,482
Diluted	37,689	37,588	37,740	37,617
Commissions [Member]
Revenues
Revenues	$ 171,679	$ 158,586	$ 356,552	$ 340,577
Information Services [Member]
Revenues
Revenues	12,544	11,655	24,425	22,665
Post-trade Services [Member]
Revenues
Revenues	10,400	9,415	21,130	19,395
Technology Services [Member]
Revenues
Revenues	$ 3,037	$ 190	$ 5,871	$ 378

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net Income (Loss)	$ 64,938	$ 59,859	$ 137,553	$ 133,487
Cumulative translation adjustment	(563)	4,206	(4,804)	9,961
Net unrealized (loss) on securities available-for-sale, net of tax of $5, $41, $38, and $56, respectively	(13)	(126)	(53)	(167)
Comprehensive income	$ 64,362	$ 63,939	$ 132,696	$ 143,281

Consolidated Statements of Co_2

Consolidated Statements of Comprehensive Income (Parenthetical) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Securities available-for-sale, tax expense (benefit)	$ 5	$ 41	$ 38	$ 56

Consolidated Statements of Chan

Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock Voting [Member]	Additional Paid-In Capital [Member]	Treasury Stock, Common [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Loss [Member]
Beginning Balance at Dec. 31, 2022	$ 1,081,093	$ 123	$ 345,468	$ (328,326)	$ 1,101,525	$ (37,697)
Net Income (Loss)	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
Exercise of stock options	707		707
Withholding tax payments on full value awards vesting and stock option exercises	(20,492)		(20,492)
Reissuance of treasury stock	454		(57)	511
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)
Beginning Balance at Dec. 31, 2022	1,081,093	123	345,468	(328,326)	1,101,525	(37,697)
Net Income (Loss)	133,487
Cumulative translation adjustment	9,961
Ending Balance at Jun. 30, 2023	1,165,092	123	339,867	(327,815)	1,180,820	(27,903)
Beginning Balance at Mar. 31, 2023	1,121,532	123	333,114	(327,815)	1,148,093	(31,983)
Net Income (Loss)	59,859				59,859
Cumulative translation adjustment	4,206					4,206
Unrealized net gain (loss) on securities available-for-sale, net of tax	(126)					(126)
Stock-based compensation	6,890		6,890
Exercise of stock options	18		18
Withholding tax payments on full value awards vesting and stock option exercises	(155)		(155)
Cash dividend on common stock	(27,132)				(27,132)
Ending Balance at Jun. 30, 2023	1,165,092	123	339,867	(327,815)	1,180,820	(27,903)
Beginning Balance at Dec. 31, 2023	1,292,963	123	333,292	(260,298)	1,244,216	(24,370)
Net Income (Loss)	72,615				72,615
Cumulative translation adjustment	(4,241)					(4,241)
Unrealized net gain (loss) on securities available-for-sale, net of tax	(40)					(40)
Stock-based compensation	7,298		7,298
Exercise of stock options	1,977		1,977
Withholding tax payments on full value awards vesting and stock option exercises	(14,893)		(14,893)
Reissuance of treasury stock	704		(155)	1,440	(581)
Repurchases of common stock	(10,147)			(10,147)
Cash dividend on common stock	(28,003)				(28,003)
Ending Balance at Mar. 31, 2024	1,318,233	123	327,519	(269,005)	1,288,247	(28,651)
Beginning Balance at Dec. 31, 2023	1,292,963	123	333,292	(260,298)	1,244,216	(24,370)
Net Income (Loss)	137,553
Cumulative translation adjustment	(4,804)
Ending Balance at Jun. 30, 2024	1,329,221	123	335,641	(302,455)	1,325,139	(29,227)
Beginning Balance at Mar. 31, 2024	1,318,233	123	327,519	(269,005)	1,288,247	(28,651)
Net Income (Loss)	64,938				64,938
Cumulative translation adjustment	(563)					(563)
Unrealized net gain (loss) on securities available-for-sale, net of tax	(13)					(13)
Stock-based compensation	8,328		8,328
Withholding tax payments on full value awards vesting and stock option exercises	(206)		(206)
Repurchases of common stock	(33,450)			(33,450)
Cash dividend on common stock	(28,046)				(28,046)
Ending Balance at Jun. 30, 2024	$ 1,329,221	$ 123	$ 335,641	$ (302,455)	$ 1,325,139	$ (29,227)

Consolidated Statements of Ch_2

Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) (Unaudited) - $ / shares	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Stockholders' Equity [Abstract]
Cash dividends declared per common share	$ 0.74	$ 0.74	$ 0.72	$ 0.72	$ 1.48	$ 1.44

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities
Net Income (Loss)	$ 137,553	$ 133,487
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	36,556	33,466
Amortization of operating lease right-of-use assets	3,238	2,717
Stock-based compensation expense	15,084	14,378
Deferred taxes	(2,461)	(2,442)
Foreign currency transaction (gains) losses	1,220	3,932
Other	509	(2,641)
Changes in operating assets and liabilities:
(Increase) in accounts receivable	(2,882)	(13,078)
Decrease in receivables from broker-dealers, clearing organizations and customers	87,335	19,154
(Increase) in prepaid expenses and other assets	(260)	(12,413)
(Decrease) in accrued employee compensation	(17,843)	(20,746)
(Decrease) in payables to broker-dealers, clearing organizations and customers	(144,404)	(21,749)
Increase in securities sold, not yet purchased	9,167	0
(Decrease) in income and other tax liabilities	(5,197)	(7,720)
Increase/(decrease) in accounts payable, accrued expenses and other liabilities	1,106	(9,762)
(Decrease) in operating lease liabilities	(4,278)	(3,109)
Net cash provided by operating activities	113,900	112,921
Cash flows from investing activities
Proceeds from maturities and sales	7,464	1,971
Purchases	(7,866)	(26,751)
Purchases of furniture, equipment and leasehold improvements	(8,892)	(1,272)
Capitalization of software development costs	(24,459)	(21,715)
Net cash (used in) investing activities	(33,753)	(47,767)
Cash flows from financing activities
Cash dividends on common stock	(57,296)	(55,248)
Exercise of stock options	1,977	725
Withholding tax payments on full value awards vesting and stock option exercises	(15,099)	(20,647)
Repurchases of common stock	(43,597)	0
Payment of contingent consideration	0	(12,500)
Proceeds from short-term borrowings	100,000	50,000
Repayments of short-term borrowings	(100,000)	(50,000)
Net cash (used in) financing activities	(114,015)	(87,670)
Effect of exchange rate changes on cash and cash equivalents	(3,674)	7,181
Cash and cash equivalents including restricted cash
Net decrease for the period	(37,542)	(15,335)
Beginning of period	611,672	572,664
End of period	574,130	557,329
Supplemental cash flow information
Cash paid for income taxes	47,207	63,801
Cash paid for interest	857	241
Non-cash investing and financing activity
Operating lease right-of-use assets obtained in exchange for operating lease liabilities	760	0
Furniture, equipment, software and leasehold improvement additions included in accounts payable	485	0
Stock-based and accrued incentive compensation relating to capitalized software development costs	2,431	0
Exercise of stock options - cashless	1,735	0
Trading Investments [Member]
Changes in operating assets and liabilities:
Decrease/(increase) in trading investments	155	471
Mutual Funds Held In Rabbi Trust [Member]
Changes in operating assets and liabilities:
Decrease/(increase) in trading investments	$ (698)	$ (1,024)

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 64,938	$ 72,615	$ 59,859	$ 73,628	$ 137,553	$ 133,487

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Organization and Principal Busi

Organization and Principal Business Activity	6 Months Ended
	Jun. 30, 2024
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: CP+™ 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 post-trade matching, trade publication, regulatory transaction reporting and market and reference data across a range of fixed-income and other products.

Significant Accounting Policies

Significant Accounting Policies	6 Months Ended
	Jun. 30, 2024
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, 2023. The consolidated financial information as of December 31, 2023 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 and securities sold, not yet purchased 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 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 securities sold, not yet purchased. All other financial instruments are short-term in nature and the carrying amounts reported on the Consolidated Statements of Financial Condition approximate fair value. Receivables from and Payables to Broker-dealers, Clearing Organizations and Customers Receivables from broker-dealers, clearing organizations and customers include amounts receivable for securities not delivered by the Company to the purchaser by the settlement date (“securities failed-to-deliver”) and cash deposits held at clearing organizations and clearing brokers to facilitate the settlement and clearance of matched principal transactions. Payables to broker-dealers, clearing organizations and customers include amounts payable for securities not received by the Company from a seller by the settlement date (“securities failed-to-receive”). Securities failed-to-deliver and securities failed-to-receive for transactions executed on a matched principal basis where the Company serves as a counterparty to both the buyer and the seller are recorded on a settlement date basis. The Company presents its securities failed-to-deliver and securities failed-to-receive balances on a net-by-counterparty basis within receivables from and payables to broker-dealers, clearing organizations and customers. The difference between the Company’s trade-date receivables and payables for unsettled matched principal transactions reflects commissions earned and is recorded within accounts receivable, net on a trade date basis. Allowance for Credit Losses All accounts receivable have contractual maturities of less than one year and are derived from trading-related fees and commissions and revenues from products and services. The Company continually monitors collections and payments from its customers and maintains an allowance for doubtful accounts. The allowance for credit losses is based on the estimated expected credit losses in 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 $ 0.6 million as of each of June 30, 2024 and December 31, 2023. The provision for bad debts for each of the three and six months ended June 30, 2024 and 2023 was $ 0.1 million. Write-offs and other charges against the allowance for credit losses were immaterial for each of the three and six months ended June 30, 2024 and 2023 . 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 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 . 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. Following its acquisition of Pragma LLC and Pragma Financial Systems LLC (collectively, “Pragma”) in the fourth quarter of 2023, the Company also earns other commissions on equities and foreign exchange products for algorithmic trading services. These fees incorporate variable transaction fees, which are calculated as a percentage of the notional dollar volume traded and are billed on a monthly basis. The following table presents commission revenue by fee type: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (In thousands) Commission revenue by fee type Variable transaction fees Disclosed trading $ 86,778 $ 78,424 $ 181,556 $ 166,552 Open Trading – matched principal trading 42,439 41,606 90,619 95,842 U.S. government bonds - matched principal trading 4,147 3,227 7,859 8,091 Other 5,076 — 9,925 — Total variable transaction fees 138,440 123,257 289,959 270,485 Distribution fees and unused minimum fees 33,239 35,329 66,593 70,092 Total commissions $ 171,679 $ 158,586 $ 356,552 $ 340,577 Information services – Information services includes data licensed to the Company’s broker-dealer clients, institutional investor clients and data-only subscribers; professional and consulting services; technology software licenses; and maintenance and support services. The nature and timing of each performance obligation may vary as these contracts are either subscription-based services transferred over time, and may be net of volume-based discounts, or one-time services that are transferred at a point in time. Revenues for services transferred over time are recognized ratably over the contract period as the Company’s performance obligation is met, whereas revenues for services transferred at a point in time are recognized in the period the services are provided. Customers are generally billed monthly, quarterly, or annually; revenues billed in advance are deferred and recognized ratably over the contract period. The following table presents information services revenue by timing of recognition: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (In thousands) Information services revenue by timing of recognition Services transferred over time $ 12,103 $ 11,487 $ 23,977 $ 22,146 Services transferred at a point in time 441 168 448 519 Total information services revenues $ 12,544 $ 11,655 $ 24,425 $ 22,665 Post-trade services – Post-trade services revenue is generated from regulatory transaction reporting, trade publication and post-trade matching services. Customers are generally billed monthly in arrears, and revenue is recognized in the period transactions are processed. Revenues billed in advance are deferred and recognized ratably over the contract period. The Company also generates one-time implementation fees for onboarding clients, which are invoiced and recognized in the period the implementation is completed. The following table presents post-trade services revenue by timing of recognition: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (In thousands) Post-trade services revenue by timing of recognition Services transferred over time $ 10,358 $ 9,397 $ 20,898 $ 19,352 Services transferred at a point in time 42 18 232 43 Total post-trade services revenues $ 10,400 $ 9,415 $ 21,130 $ 19,395 Technology services – Technology services revenue primarily includes technology services revenue generated by Pragma and revenue from telecommunications line charges to broker-dealer clients. Customers may be billed monthly or quarterly in arrears or in advance, and revenue is recognized in the period transactions are processed. Revenues billed in advance are deferred and recognized ratably over the contract period. The following table presents technology services revenue by timing of recognition: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (In thousands) Technology services revenue by timing of recognition Services transferred over time $ 3,024 $ 190 $ 5,853 $ 378 Services transferred at a point in time 13 — 18 — Total technology services revenues $ 3,037 $ 190 $ 5,871 $ 378 Contract liabilities consist of deferred revenues that the Company records when cash payments are received or due in advance of services to be performed. Deferred revenues are included in accounts payable, accrued expenses and other liabilities on the Consolidated Statements of Financial Condition. The revenue recognized from contract liabilities and the remaining balance is shown below: December 31, 2023 Payments received in advance of services to be performed Revenue recognized for services performed during the period Foreign Currency Translation June 30, 2024 (In thousands) Information services $ 3,049 $ 7,158 $ ( 7,176 ) $ — $ 3,031 Post-trade services 923 11,671 ( 10,871 ) ( 6 ) 1,717 Technology services 567 4,101 ( 4,248 ) — 420 Total deferred revenue $ 4,539 $ 22,930 $ ( 22,295 ) $ ( 6 ) $ 5,168 The majority of the Company’s information services and post-trade services contracts are short-term in nature with durations of one year or less. For contracts with original durations extending beyond one year, the aggregate amount of the transaction price allocated to remaining performance obligations was $ 63.4 million as of June 30, 2024. 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, revenue growth rates, customer attrition rates, royalty rates, obsolescence and asset lives. Intangible assets are valued using various methodologies, including the relief-from-royalty method and multi-period excess earnings method. 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. Recent Accounting Pronouncements In December 2023, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures . The ASU requires disaggregated information about a reporting entity’s effective tax rate reconciliation and income taxes paid. The ASU is effective for the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025. The guidance may be applied on a prospective or retrospective basis and early adoption is permitted. Adoption of this ASU will result in additional disclosures, but will not have an impact on the Company’s consolidated statements of financial condition, operations and cash flows. In November 2023, FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures . The ASU expands public entities’ segment disclosures by requiring disclosure of significant segment expenses that are regularly reviewed by the chief operating decision maker (“CODM”) and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items and interim disclosures of a reportable segment’s profit or loss and assets. The ASU also requires the disclosure of the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. All disclosure requirements under ASU 2023-07 and existing segment disclosures in ASC 280, Segment Reporting are also required for public entities with a single reportable segment. The ASU is effective for the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, and subsequent interim periods, with early adoption permitted. The ASU must be applied retrospectively to all periods presented in the financial statements. Adoption of this ASU will result in additional disclosures, but will not have an impact on the Company’s consolidated statements of financial condition, operations and cash flows.

Regulatory Capital Requirements

Regulatory Capital Requirements	6 Months Ended
	Jun. 30, 2024
Broker-Dealer [Abstract]
Regulatory Capital Requirements	3. Regulatory Capital Requirements Certain of the Company’s U.S. subsidiaries are registered as broker-dealers and therefore are 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 United Kingdom (“U.K.”) or other foreign regulators and must maintain financial resources, as defined in the applicable regulations, in excess of the applicable financial resources requirement. As of June 30, 2024, each of the Company’s subsidiaries that are subject to these regulations had net capital or financial resources in excess of their minimum requirements. As of June 30, 2024, the Company’s subsidiaries maintained aggregate net capital and financial resources that were $ 565.6 million in excess of the required levels of $ 35.8 million. One of the Company’s U.S. broker-dealer subsidiaries is required to segregate funds in a special reserve bank account for the benefit of customers pursuant to Rule 15c3-3 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). As of June 30, 2024, this U.S. broker-dealer subsidiary had a balance of $ 46.1 million in its special reserve bank account. This U.S. broker-dealer subsidiary also maintained net capital that was $ 318.9 million in excess of the required level of $ 4.4 millio n. 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	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	4. Fair Value Measurements The following table summarizes the valuation of the Company’s assets and liabilities measured at fair value as categorized based on the hierarchy described in Note 2: Level 1 Level 2 Level 3 Total (In thousands) As of June 30, 2024 Assets Money market funds $ 25,220 $ — $ — $ 25,220 Securities available-for-sale Corporate debt — 25,198 — 25,198 Trading securities U.S. Treasuries — 99,527 — 99,527 Mutual funds held in rabbi trust — 11,183 — 11,183 Foreign currency forward position — 500 — 500 Total assets $ 25,220 $ 136,408 $ — $ 161,628 Liabilities Securities sold, not yet purchased — 9,167 — 9,167 Total liabilities $ — $ 9,167 $ — $ 9,167 As of December 31, 2023 Assets Money market funds $ 18,634 $ — $ — $ 18,634 Securities available-for-sale Corporate debt — 24,694 — 24,694 Trading securities U.S. Treasuries — 99,682 — 99,682 Mutual funds held in rabbi trust — 10,485 — 10,485 Foreign currency forward position — 1,901 — 1,901 Total assets $ 18,634 $ 136,762 $ — $ 155,396 Money market funds are included in cash and cash equivalents on the Consolidated Statements of Financial Condition. Securities available-for-sale and trading securities are included in investments, at fair value 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 included in either other assets or accounts payable, accrued expenses and other liabilities on the Consolidated Statements of Financial Condition, and 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. Securities sold, not yet purchased reflects a short U.S. Treasury inventory position held overnight in relation to the Company’s U.S. broker dealer subsidiary’s self-clearing operations. 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 June 30, 2024 Financial assets not measured at fair value: Cash $ 408,843 $ 408,843 $ 408,843 $ — $ — $ 408,843 Cash segregated under federal regulations 46,141 46,141 46,141 — — 46,141 Accounts receivable, net of allowance 92,350 92,350 — 92,350 — 92,350 Receivables from broker-dealers, clearing 577,992 577,992 93,754 484,238 — 577,992 Total $ 1,125,326 $ 1,125,326 $ 548,738 $ 576,588 $ — $ 1,125,326 Financial liabilities not measured at fair value: Payables to broker-dealers, clearing $ 392,846 $ 392,846 $ — $ 392,846 $ — $ 392,846 As of December 31, 2023 Financial assets not measured at fair value: Cash $ 432,646 $ 432,646 $ 432,646 $ — $ — $ 432,646 Cash segregated under federal regulations 45,122 45,122 45,122 — — 45,122 Accounts receivable, net of allowance 89,839 89,839 — 89,839 — 89,839 Receivables from broker-dealers, clearing 687,936 687,936 115,151 572,785 — 687,936 Total $ 1,255,543 $ 1,255,543 $ 592,919 $ 662,624 $ — $ 1,255,543 Financial liabilities not measured at fair value: Payables to broker-dealers, clearing $ 537,398 $ 537,398 $ — $ 537,398 $ — $ 537,398 During the three and six months ended June 30, 2024 and 2023 , there were no transfers of securities between Level 1, Level 2 and Level 3. 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 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 June 30, 2024 December 31, 2023 (In thousands) Notional value $ 62,730 $ 61,858 Fair value of notional 63,230 63,759 Fair value of the asset $ 500 $ 1,901 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 net realized loss of $ 0.7 million and a net realized gain of $ 1.6 million for the three months ended June 30, 2024 and 2023, respectively, and a net realized gain of $ 0.6 million and a net realized loss of $ 0.1 million for the six months ended June 30, 2024 and 2023, respectively. The Company recorded a net unrealized gain of $ 0.7 million and a net unrealized loss of $ 0.2 million for the three months ended June 30, 2024 and 2023, respectively, and a net unrealized loss of $ 1.4 million and net unrealized gain $ 2.3 million for the six months ended June 30, 2024 and 2023, respectively. The Company records collateral deposits with its counterparty bank in prepaid expenses and other assets on the Consolidated Statements of Financial Condition. As of June 30, 2024, the Company did not maintain a collateral deposit with its counterparty bank. The following table summarizes the Company’s investments and securities positions: Amortized Gross Gross Fair (In thousands) As of June 30, 2024 Securities available-for-sale Corporate debt $ 25,300 $ 19 $ ( 121 ) $ 25,198 Trading securities U.S. Treasuries 99,877 — ( 350 ) 99,527 Mutual funds held in rabbi trust 10,315 878 ( 10 ) 11,183 Total investments $ 135,492 $ 897 $ ( 481 ) $ 135,908 Securities sold, not yet purchased U.S. Treasuries $ 9,211 $ 44 $ — $ 9,167 As of December 31, 2023 Securities available-for-sale Corporate debt $ 24,705 $ 55 $ ( 66 ) $ 24,694 Trading securities U.S. Treasuries 99,236 446 — 99,682 Mutual funds held in rabbi trust 10,962 172 ( 649 ) 10,485 Total investments $ 134,903 $ 673 $ ( 715 ) $ 134,861 Purchases of investments during the six months ended June 30, 2024 and 2023 were $ 7.9 million and $ 51.6 million, respectively. Proceeds from the sales and maturities of investments during the six months ended June 30, 2024 and 2023 were $ 7.5 million and $ 27.0 million, respectively. The following table summarizes the Company’s unrealized and realized gains and losses on investments: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (In thousands) Unrealized gains/(losses) Securities available-for-sale Corporate debt $ ( 18 ) $ ( 168 ) $ ( 91 ) $ ( 223 ) Trading securities U.S. Treasuries 262 ( 766 ) 7 ( 346 ) Mutual funds held in rabbi trust 671 520 1,345 1,105 Total investments $ 915 $ ( 414 ) $ 1,261 $ 536 Liabilities: Securities sold, not yet purchased $ 44 $ — $ 44 $ — Realized gains/(losses) Securities available-for-sale Corporate debt $ — $ — $ 2 $ ( 17 ) Trading securities Mutual funds held in rabbi trust ( 412 ) ( 59 ) ( 377 ) ( 59 ) Total investments $ ( 412 ) $ ( 59 ) $ ( 375 ) $ ( 76 ) Unrealized gains and losses on securities available-for-sale are included in accumulated other comprehensive loss on the Consolidated Statements of Financial Condition. Realized gains and losses on securities available-for-sale and realized and unrealized gains and losses on trading securities are included in other, net on the Consolidated Statements of Operations. 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 June 30, 2024 Securities available-for-sale Corporate debt $ 10,637 $ 14,561 $ 25,198 Trading securities U.S. Treasuries 74,615 24,912 99,527 Mutual funds held in rabbi trust 11,183 — 11,183 Total $ 96,435 $ 39,473 $ 135,908 As of December 31, 2023 Securities available-for-sale Corporate debt $ 10,727 $ 13,967 $ 24,694 Trading securities U.S. Treasuries 49,756 49,926 99,682 Mutual funds held in rabbi trust 10,485 — 10,485 Total $ 70,968 $ 63,893 $ 134,861 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 positions: Less than Twelve Months Twelve Months or More Total Fair value Gross unrealized losses Fair value Gross unrealized losses Fair value Gross unrealized losses (In thousands) As of June 30, 2024 Corporate debt $ 8,645 $ ( 41 ) $ 11,635 $ ( 79 ) $ 20,280 $ ( 121 ) As of December 31, 2023 Corporate debt $ 17,658 $ ( 66 ) $ — $ — $ 17,658 $ ( 66 ) During the three and six months ended June 30, 2024 and 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	6 Months Ended
	Jun. 30, 2024
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: As of June 30, 2024 December 31, 2023 Receivables from broker-dealers, clearing organizations and customers: (In thousands) Securities failed-to-deliver – broker-dealers and clearing organizations $ 135,313 $ 282,125 Securities failed-to-deliver – customers 333,048 284,322 Cash deposits with clearing organizations and broker-dealers 93,754 115,151 Other 15,877 6,338 Total $ 577,992 $ 687,936 Payables to broker-dealers, clearing organizations and customers: Securities failed-to-receive – broker-dealers and clearing organizations $ 226,163 $ 125,022 Securities failed-to-receive – customers 157,822 405,186 Other 8,861 7,190 Total $ 392,846 $ 537,398

Acquisitions and Equity Investm

Acquisitions and Equity Investments	6 Months Ended
	Jun. 30, 2024
Business Combinations [Abstract]
Acquisitions and Equity Investments	6. Acquisitions and Equity Investments Acquisition of Pragma On October 2, 2023, the Company completed its acquisition (the “Pragma Acquisition”) of all of the outstanding ownership interests of Pragma LLC and Pragma Financial Systems LLC (collectively “Pragma”) pursuant to the terms and conditions of a Membership Interest Purchase Agreement entered into among the Company, Pragma Weeden Holdings LLC, Pragma Financial Systems LLC, Pragma LLC and, solely for certain limited purposes, David Mechner, Pragma’s chief executive officer, on August 5, 2023 (the “Purchase Agreement”). Following customary adjustments for cash, debt, transaction expenses and working capital, the aggregate purchase price for the Pragma Acquisition was $ 125.0 million, comprised of approximately $ 81.2 million in cash and 224,776 shares of common stock of the Company, valued at approximately $ 43.8 million as of the closing date of the Pragma Acquisition, as described below. A portion of the stock consideration, amounting to 8,603 shares of common stock, was placed in escrow for 12 months to secure the sellers’ indemnification obligations under the Purchase Agreement. In addition, pursuant to the Purchase Agreement and subject to certain exceptions, the sellers and their affiliates were prohibited from transferring any of the Company common stock received in the Pragma Acquisition for a period of six months following the October 2, 2023 closing date. The value ascribed to the shares by the Company was discounted from the market value on the date of closing to reflect the non-marketability of such shares during the restriction period. Pragma is a quantitative trading technology provider specializing in algorithmic and analytical services. Pragma LLC is a registered broker-dealer. The Company has performed an allocation of the purchase price to the fair value of assets acquired and liabilities assumed at the date of acquisition. The Company utilized an independent third-party to assist in determining the fair value of the acquired intangible assets. The purchase price allocation is as follows (in thousands): Purchase price $ 125,002 Less: acquired cash ( 2,685 ) Purchase price, net of acquired cash 122,317 Intangible assets ( 38,900 ) Accounts receivable ( 2,637 ) Prepaid expenses and other assets ( 4,181 ) Accounts payable, accrued expenses and other liabilities 5,318 Goodwill $ 81,917 The acquired developed technology and customer relationships intangible assets were valued using the relief-from-royalty method and multi-period excess earnings method, respectively. The fair values of the intangible assets acquired are as follows (in thousands, except for useful lives): Costs Useful Lives Developed technology $ 28,500 7 years Customer relationships 9,200 15 years Tradename - finite life 1,200 15 years Total $ 38,900 The goodwill recognized in connection with the Pragma Acquisition is primarily attributable to the acquisition of an assembled workforce and expected future technology and synergies from the integration of the operations of Pragma into the Company’s operations. All of the goodwill recognized in connection with the Pragma Acquisition is expected to be deductible for income tax purposes. Pro forma financial information and current period results for the Pragma Acquisition were not material to the Company’s consolidated financial statements and therefore have not been presented. RFQ Hub LLC Equity Investment 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 June 30, 2024, the Company’s investment is recorded at carrying value of $ 37.0 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 is recorded within equity in earnings of unconsolidated affiliate on the Consolidated Statements of Operations and was $ 0.4 million and $ 0.3 million for the three months ended June 30, 2024 and 2023, respectively, and $ 0.7 million and $ 0.5 million for the six months ended June 30, 2024 and 2023, respectively. Under a services agreement, the Company charges its equity method investee for certain reimbursable support costs incurred by the Company, including personnel compensation, and certain operational overhead costs. The amounts billed for the three and six months ended June 30, 2024 were $ 0.5 million and $ 1.0 million, respectively, and are included within other, net on the Consolidated Statements of Operations. The receivable from the equity method investee was $ 1.0 million as of June 30, 2024 and is included within accounts receivable, net on the Consolidated Statements of Financial Condition. On April 19, 2024, the Company entered into an agreement to acquire an additional 49.0 % interest in RFQ–hub Holdings LLC for approximately $ 37.9 million of cash consideration. The acquisition is subject to various closing conditions, including the receipt of certain regulatory approvals. The acquisition is expected to close during the second half of 2024. Upon the closing of the acquisition, the Company will hold a 92.0 % controlling stake in RFQ-hub Holdings LLC.

Goodwill and Intangible Assets

Goodwill and Intangible Assets	6 Months Ended
	Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	7. Goodwill and Intangible Assets Goodwill and intangible assets with indefinite lives were $ 236.7 million as of each of June 30, 2024 and December 31, 2023 . Intangible assets that are subject to amortization, including the related accumulated amortization, are comprised of the following: June 30, 2024 December 31, 2023 Cost Accumulated Net carrying Cost Accumulated Net carrying (In thousands) Customer relationships $ 139,178 $ ( 57,973 ) $ 81,205 $ 140,348 $ ( 50,987 ) $ 89,361 Technology and other intangibles 41,130 ( 13,915 ) 27,215 41,130 ( 11,383 ) 29,747 Total $ 180,308 $ ( 71,888 ) $ 108,420 $ 181,478 $ ( 62,370 ) $ 119,108 Amortization expense associated with identifiable intangible assets was $ 5.0 million and $ 4.5 million for the three months ended June 30, 2024 and 2023 , respectively, and $ 10.0 million and $ 8.6 million for the six months ended June 30, 2024 and 2023. Annual estimated total amortization expense is $ 19.8 million, $ 16.9 million, $ 15.2 million, $ 13.8 million and $ 12.3 million for the years ended December 31, 2024 through 2028, respectively.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2024
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 24.8 % and 24.2 % for the three months ended June 30, 2024 and 2023, respectively, and 24.9 % and 24.6 % for the six months ended June 30, 2024 and 2023, respectively . 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 2020 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 2020 .

Stock-Based Compensation Plans

Stock-Based Compensation Plans	6 Months Ended
	Jun. 30, 2024
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 restricted stock, restricted stock units, performance shares, performance stock units (collectively, “full value awards”), stock options and other stock-based awards as incentives to encourage employees, consultants and non-employee directors to participate in the long-term success of the Company. As of June 30, 2024, there were 2,468,562 shares available for grant under the 2020 Plan. Total stock-based compensation expense was as follows: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (In thousands) Employees $ 7,929 $ 6,647 $ 14,822 $ 13,747 Non-employee directors 399 243 804 631 Total stock-based compensation $ 8,328 $ 6,890 $ 15,626 $ 14,378 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. Total stock-based compensation for employees includes $ 0.3 million and $ 0.2 million of capitalized software development costs for the three months ended June 30, 2024 and 2023, respectively, and $ 0.5 million and $ 0.4 million of capitalized software development costs for the six months ended June 30, 2024 and 2023, respectively. During the six months ended June 30, 2024, the Company granted (i) 143,975 restricted stock units, (ii) 20,793 stock options and (iii) performance stock units with an expected pay-out at target of 32,608 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 $ 218.48 and $ 219.32 , respectively. The weighted-average fair value for stock options of $ 77.16 per share was based on the Black-Scholes option pricing model. As of June 30, 2024, the total unrecognized compensation cost related to all non-vested awards was $ 60.7 million. That cost is expected to be recognized over a weighted-average period of 2.2 years. Employee Stock Purchase Plan The Company maintains the MarketAxess Holdings Inc. 2022 Employee Stock Purchase Plan (the “ESPP”), pursuant to which a total of 121,221 shares of the Company’s common stock is available for purchase by employees. The Company issued 3,756 shares of common stock on February 15, 2024 under the ESPP. As of June 30, 2024 , there were 112,810 shares available for purchase under the ESPP.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Earnings Per Share	10. Earnings Per Share The following table sets forth basic and diluted weighted average shares outstanding used to compute earnings per share: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (In thousands, except per share amounts) Basic weighted average shares outstanding 37,655 37,485 37,698 37,482 Dilutive effect of stock options and full value awards 34 103 42 135 Diluted weighted average shares outstanding 37,689 37,588 37,740 37,617 Basic earnings per share $ 1.72 $ 1.60 $ 3.65 $ 3.56 Diluted earnings per share 1.72 1.59 3.64 3.55 Stock options and full value awards totaling 445,089 shares and 240,079 shares for the three months ended June 30, 2024 and 2023 , respectively, and 508,117 shares and 209,614 shares for the six months ended June 30, 2024 and 2023 , respectively, were excluded from the computation of diluted earnings per share because their effect would have been antidilutive. The computation of diluted shares can vary among periods due, in part, to the change in the average price of the Company’s common stock.

Credit Agreements and Short-ter

Credit Agreements and Short-term Financing	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Credit Agreements and Short-term Financing	11. Credit Agreements and Short-term Financing 2021 Credit Agreement On October 15, 2021, the Company entered into a three-year revolving credit facility (the “2021 Credit Agreement”) provided by a syndicate of lenders and JPMorgan Chase Bank, N.A., as administrative agent , which provided aggregate commitments totaling $ 500.0 million, including a revolving credit facility, 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 2021 Credit Agreement was scheduled to mature on October 15, 2024 , but was replaced by the 2023 Credit Agreement (as defined below). The 2021 Credit Agreement required that the Company satisfy certain covenants, including a requirement to not exceed a maximum consolidated total leverage ratio. The Company incurred $ 0.1 million of interest expense under the 2021 Credit Agreement for each of the three and six months ended June 30, 2023. 2023 Credit Agreement On August 9, 2023, the Company replaced the 2021 Credit Agreement with a new three-year revolving credit facility (the “2023 Credit Agreement”) provided by a syndicate of lenders and JPMorgan Chase Bank, N.A., as administrative agent , which provides aggregate commitments totaling $ 750.0 million, including a revolving credit facility, a $ 5.0 million letter of credit sub-limit for standby letters of credit and a $ 380.0 million sub-limit for swingline loans. The 2023 Credit Agreement will mature on August 9, 2026 , 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 2023 Credit Agreement by up to $ 375.0 million in total . As of June 30, 2024, the Company had $ 0.1 million in letters of credit outstanding and $ 749.9 million in available borrowing capacity under the 2023 Credit Agreement. Borrowings under the 2023 Credit Agreement will bear interest at a rate per annum equal to the alternate base rate or the adjusted term Secured Overnight Financing Rate (“SOFR”) rate, plus an applicable margin that varies with the Company’s consolidated total leverage ratio. The 2023 Credit Agreement requires that the Company satisfy certain covenants, including a requirement not to exceed a maximum consolidated total leverage ratio. The Company incurred $ 0.2 million of interest expense under the 2023 Credit Agreement for each of the three and six months ended June 30, 2024. Uncommitted Collateralized Agreements In connection with their self-clearing operations, certain of the Company’s U.S. and U.K. operating subsidiaries maintain agreements with a settlement bank to allow the subsidiaries to borrow in the aggregate of up to $ 500.0 million on an uncommitted basis, collateralized by eligible securities pledged by the subsidiaries 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 did no t incur any interest expense on borrowings under such agreements during the three months ended June 30, 2024 and 2023, and the six months ended June 30, 2024. The Company incurred $ 0.1 million of interest expense during the six months ended June 30, 2023. As of June 30, 2024, the Company had no borrowings outstanding and up to $ 500.0 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 $ 0.5 million and $ 0.1 million during the three months ended June 30, 2024 and 2023 , respectively, and $ 0.8 million and $ 0.1 million during the six months ended June 30, 2024 and 2023, respectively. As of June 30, 2024 , the Company had no overdrafts payable outstanding.

Leases

Leases	6 Months Ended
	Jun. 30, 2024
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 Company also has operating and finance leases for equipment with initial lease terms ranging from one-year to 5 years . The following table presents the components of operating lease expense for the three and six months ended June 30, 2024 and 2023: Three Months Ended June 30, Six Months Ended June 30, Lease cost: Classification 2024 2023 2024 2023 (In thousands) Operating lease cost - office space Occupancy $ 2,750 $ 2,882 $ 5,504 $ 5,993 Operating lease cost - equipment Technology and communications 98 — 195 — Variable lease costs Occupancy 882 347 1,469 398 Total operating lease cost $ 3,730 $ 3,229 $ 7,168 $ 6,391 Finance lease expense was $ 0.1 million for each of the three and six months ended June 30, 2024. The Company determines whether an arrangement is, or includes, a lease at contract inception. Operating lease right-of-use assets and liabilities are recognized at commencement date and are initially measured based on the present value of lease payments over the defined lease term. As the Company's leases do not provide an implicit rate, the Company used its incremental borrowing rate based on the information available at the adoption date in determining the present value of lease payments. The weighted average remaining lease term and weighted average discount rate are as follows: As of Lease Term and Discount Rate June 30, 2024 December 31, 2023 Weighted average remaining lease term (in years) - operating leases 9.2 9.6 Weighted average discount rate - operating leases 6.0 % 6.0 % Weighted average remaining lease term (in years) - finance leases 1.3 1.8 Weighted average discount rate - finance leases 7.2 % 7.2 % The following table presents the maturity of lease liabilities as of June 30, 2024: Operating Leases Finance Leases (In thousands) Remainder of 2024 $ 6,548 $ 59 2025 12,351 88 2026 11,765 — 2027 9,010 — 2028 8,615 — 2029 and thereafter 51,306 — Total lease payments 99,595 147 Less: imputed interest 23,514 7 Present value of lease liabilities $ 76,081 $ 140

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2024
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 securities 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 operating subsidiaries settle such transactions pursuant to their self-clearing operations or through the use of third-party clearing brokers or settlement agents. Settlement typically occurs within one to two trading days after the trade date. Cash settlement of the transaction occurs upon receipt or delivery of the underlying instrument that was traded. Under both the self-clearing and the third-party clearing models, the Company may be exposed to credit risk in the event a counterparty does not fulfill its obligation to complete a transaction or if there is an error in executing a matched principal transaction. Pursuant to the terms of the securities clearing agreements, each third-party clearing broker has the right to charge the Company for any losses they suffer resulting from a counterparty’s failure on any of the Company’s trades. The Company did not record any liabilities or losses with regard to counterparty failures for the six months ended June 30, 2024 and 2023. In the normal course of business, the Company enters into contracts that contain a variety of representations, warranties and indemnification provisions. The Company’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Company that have not yet occurred. However, based on experience, the Company expects the risk of loss to be remote.

Share Repurchase Programs

Share Repurchase Programs	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
Share Repurchase Programs	14. Share Repurchase Programs In January 2022, the Board of Directors authorized a share repurchase program for up to $ 150.0 million that commenced in March 2022 (the “2022 Repurchase Program”). During the six months ended June 30, 2024, the Company repurchased 211,255 shares of common stock under the 2022 Repurchase Program at a cost of $ 43.6 million. In August 2024, the Board of Directors authorized a new share repurchase program for up to $ 200.0 million (the “2024 Repurchase Program and, together with the 2022 Repurchase Program, the “Repurchase Programs”), in addition to the $ 50.0 million currently remaining under the 2022 Repurchase Program. Shares repurchased under the Repurchase Programs will be held in treasury for future use.

Segment and Geographic Informat

Segment and Geographic Information	6 Months Ended
	Jun. 30, 2024
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, post-trade services and technology services. The Company considers its operations to constitute a single business segment because of the highly integrated nature of these products and services, the financial markets in which the Company competes and the Company’s worldwide business activities. The Company believes that results by geographic region or client sector are not necessarily meaningful in understanding its business. For the six months ended June 30, 2024 and 2023 , the U.K. was the only individual foreign country in which the Company had a subsidiary that accounted for 10.0 % or more of the total revenues or total long-lived assets. Revenues and long-lived assets are attributed to a geographic area based on the location of the particular subsidiary. Long-lived assets are defined as furniture, equipment, leasehold improvements and capitalized software. Revenues for the three and six months ended June 30, 2024 and 2023, and long-lived assets as of June 30, 2024 and December 31, 2023 were as follows: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (In thousands) Revenues Americas $ 156,538 $ 141,999 $ 323,371 $ 303,572 Europe 35,863 33,518 73,591 70,254 Asia 5,259 4,329 11,016 9,189 Total $ 197,660 $ 179,846 $ 407,978 $ 383,015 As of June 30, 2024 December 31, 2023 (In thousands) Long-lived assets, as defined Americas $ 93,870 $ 87,513 Europe 14,637 14,717 Asia 295 441 Total $ 108,802 $ 102,671

Cash and Cash Equivalents and R

Cash and Cash Equivalents and Restricted Cash	6 Months Ended
	Jun. 30, 2024
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: As of Statement of Financial Condition Location June 30, 2024 December 31, 2023 (In thousands) Cash and cash equivalents Cash and cash equivalents $ 434,063 $ 451,280 Cash segregated for regulatory Cash segregated under federal 46,141 45,122 Cash deposits with clearing organizations Receivables from broker-dealers, 93,754 115,151 Other cash deposits Prepaid expenses and other assets 172 119 Total $ 574,130 $ 611,672

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2024
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, 2023. The consolidated financial information as of December 31, 2023 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 and securities sold, not yet purchased 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 securities sold, not yet purchased. 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 the estimated expected credit losses in 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 $ 0.6 million as of each of June 30, 2024 and December 31, 2023. The provision for bad debts for each of the three and six months ended June 30, 2024 and 2023 was $ 0.1 million. Write-offs and other charges against the allowance for credit losses were immaterial for each of the three and six months ended June 30, 2024 and 2023 .
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 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 .
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. Following its acquisition of Pragma LLC and Pragma Financial Systems LLC (collectively, “Pragma”) in the fourth quarter of 2023, the Company also earns other commissions on equities and foreign exchange products for algorithmic trading services. These fees incorporate variable transaction fees, which are calculated as a percentage of the notional dollar volume traded and are billed on a monthly basis. The following table presents commission revenue by fee type: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (In thousands) Commission revenue by fee type Variable transaction fees Disclosed trading $ 86,778 $ 78,424 $ 181,556 $ 166,552 Open Trading – matched principal trading 42,439 41,606 90,619 95,842 U.S. government bonds - matched principal trading 4,147 3,227 7,859 8,091 Other 5,076 — 9,925 — Total variable transaction fees 138,440 123,257 289,959 270,485 Distribution fees and unused minimum fees 33,239 35,329 66,593 70,092 Total commissions $ 171,679 $ 158,586 $ 356,552 $ 340,577 Information services – Information services includes data licensed to the Company’s broker-dealer clients, institutional investor clients and data-only subscribers; professional and consulting services; technology software licenses; and maintenance and support services. The nature and timing of each performance obligation may vary as these contracts are either subscription-based services transferred over time, and may be net of volume-based discounts, or one-time services that are transferred at a point in time. Revenues for services transferred over time are recognized ratably over the contract period as the Company’s performance obligation is met, whereas revenues for services transferred at a point in time are recognized in the period the services are provided. Customers are generally billed monthly, quarterly, or annually; revenues billed in advance are deferred and recognized ratably over the contract period. The following table presents information services revenue by timing of recognition: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (In thousands) Information services revenue by timing of recognition Services transferred over time $ 12,103 $ 11,487 $ 23,977 $ 22,146 Services transferred at a point in time 441 168 448 519 Total information services revenues $ 12,544 $ 11,655 $ 24,425 $ 22,665 Post-trade services – Post-trade services revenue is generated from regulatory transaction reporting, trade publication and post-trade matching services. Customers are generally billed monthly in arrears, and revenue is recognized in the period transactions are processed. Revenues billed in advance are deferred and recognized ratably over the contract period. The Company also generates one-time implementation fees for onboarding clients, which are invoiced and recognized in the period the implementation is completed. The following table presents post-trade services revenue by timing of recognition: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (In thousands) Post-trade services revenue by timing of recognition Services transferred over time $ 10,358 $ 9,397 $ 20,898 $ 19,352 Services transferred at a point in time 42 18 232 43 Total post-trade services revenues $ 10,400 $ 9,415 $ 21,130 $ 19,395 Technology services – Technology services revenue primarily includes technology services revenue generated by Pragma and revenue from telecommunications line charges to broker-dealer clients. Customers may be billed monthly or quarterly in arrears or in advance, and revenue is recognized in the period transactions are processed. Revenues billed in advance are deferred and recognized ratably over the contract period. The following table presents technology services revenue by timing of recognition: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (In thousands) Technology services revenue by timing of recognition Services transferred over time $ 3,024 $ 190 $ 5,853 $ 378 Services transferred at a point in time 13 — 18 — Total technology services revenues $ 3,037 $ 190 $ 5,871 $ 378 Contract liabilities consist of deferred revenues that the Company records when cash payments are received or due in advance of services to be performed. Deferred revenues are included in accounts payable, accrued expenses and other liabilities on the Consolidated Statements of Financial Condition. The revenue recognized from contract liabilities and the remaining balance is shown below: December 31, 2023 Payments received in advance of services to be performed Revenue recognized for services performed during the period Foreign Currency Translation June 30, 2024 (In thousands) Information services $ 3,049 $ 7,158 $ ( 7,176 ) $ — $ 3,031 Post-trade services 923 11,671 ( 10,871 ) ( 6 ) 1,717 Technology services 567 4,101 ( 4,248 ) — 420 Total deferred revenue $ 4,539 $ 22,930 $ ( 22,295 ) $ ( 6 ) $ 5,168 The majority of the Company’s information services and post-trade services contracts are short-term in nature with durations of one year or less. For contracts with original durations extending beyond one year, the aggregate amount of the transaction price allocated to remaining performance obligations was $ 63.4 million as of June 30, 2024. 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, revenue growth rates, customer attrition rates, royalty rates, obsolescence and asset lives. Intangible assets are valued using various methodologies, including the relief-from-royalty method and multi-period excess earnings method. 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.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In December 2023, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures . The ASU requires disaggregated information about a reporting entity’s effective tax rate reconciliation and income taxes paid. The ASU is effective for the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025. The guidance may be applied on a prospective or retrospective basis and early adoption is permitted. Adoption of this ASU will result in additional disclosures, but will not have an impact on the Company’s consolidated statements of financial condition, operations and cash flows. In November 2023, FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures . The ASU expands public entities’ segment disclosures by requiring disclosure of significant segment expenses that are regularly reviewed by the chief operating decision maker (“CODM”) and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items and interim disclosures of a reportable segment’s profit or loss and assets. The ASU also requires the disclosure of the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. All disclosure requirements under ASU 2023-07 and existing segment disclosures in ASC 280, Segment Reporting are also required for public entities with a single reportable segment. The ASU is effective for the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, and subsequent interim periods, with early adoption permitted. The ASU must be applied retrospectively to all periods presented in the financial statements. Adoption of this ASU will result in additional disclosures, but will not have an impact on the Company’s consolidated statements of financial condition, operations and cash flows.

Significant Accounting Polici_3

Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Summary of Commission Revenue by Fee Type	The following table presents commission revenue by fee type: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (In thousands) Commission revenue by fee type Variable transaction fees Disclosed trading $ 86,778 $ 78,424 $ 181,556 $ 166,552 Open Trading – matched principal trading 42,439 41,606 90,619 95,842 U.S. government bonds - matched principal trading 4,147 3,227 7,859 8,091 Other 5,076 — 9,925 — Total variable transaction fees 138,440 123,257 289,959 270,485 Distribution fees and unused minimum fees 33,239 35,329 66,593 70,092 Total commissions $ 171,679 $ 158,586 $ 356,552 $ 340,577
Summary of Information Services Revenue by Timing of Recognition	The following table presents information services revenue by timing of recognition: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (In thousands) Information services revenue by timing of recognition Services transferred over time $ 12,103 $ 11,487 $ 23,977 $ 22,146 Services transferred at a point in time 441 168 448 519 Total information services revenues $ 12,544 $ 11,655 $ 24,425 $ 22,665
Summary of Post-Trade Services Revenue by Timing of Recognition	The following table presents post-trade services revenue by timing of recognition: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (In thousands) Post-trade services revenue by timing of recognition Services transferred over time $ 10,358 $ 9,397 $ 20,898 $ 19,352 Services transferred at a point in time 42 18 232 43 Total post-trade services revenues $ 10,400 $ 9,415 $ 21,130 $ 19,395
Summary of Technology Services Revenue by Timing of Recognition	The following table presents technology services revenue by timing of recognition: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (In thousands) Technology services revenue by timing of recognition Services transferred over time $ 3,024 $ 190 $ 5,853 $ 378 Services transferred at a point in time 13 — 18 — Total technology services revenues $ 3,037 $ 190 $ 5,871 $ 378
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, 2023 Payments received in advance of services to be performed Revenue recognized for services performed during the period Foreign Currency Translation June 30, 2024 (In thousands) Information services $ 3,049 $ 7,158 $ ( 7,176 ) $ — $ 3,031 Post-trade services 923 11,671 ( 10,871 ) ( 6 ) 1,717 Technology services 567 4,101 ( 4,248 ) — 420 Total deferred revenue $ 4,539 $ 22,930 $ ( 22,295 ) $ ( 6 ) $ 5,168

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Valuation of Company's Assets and Liabilities Measured at Fair Value	The following table summarizes the valuation of the Company’s assets and liabilities measured at fair value as categorized based on the hierarchy described in Note 2: Level 1 Level 2 Level 3 Total (In thousands) As of June 30, 2024 Assets Money market funds $ 25,220 $ — $ — $ 25,220 Securities available-for-sale Corporate debt — 25,198 — 25,198 Trading securities U.S. Treasuries — 99,527 — 99,527 Mutual funds held in rabbi trust — 11,183 — 11,183 Foreign currency forward position — 500 — 500 Total assets $ 25,220 $ 136,408 $ — $ 161,628 Liabilities Securities sold, not yet purchased — 9,167 — 9,167 Total liabilities $ — $ 9,167 $ — $ 9,167 As of December 31, 2023 Assets Money market funds $ 18,634 $ — $ — $ 18,634 Securities available-for-sale Corporate debt — 24,694 — 24,694 Trading securities U.S. Treasuries — 99,682 — 99,682 Mutual funds held in rabbi trust — 10,485 — 10,485 Foreign currency forward position — 1,901 — 1,901 Total assets $ 18,634 $ 136,762 $ — $ 155,396
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 June 30, 2024 Financial assets not measured at fair value: Cash $ 408,843 $ 408,843 $ 408,843 $ — $ — $ 408,843 Cash segregated under federal regulations 46,141 46,141 46,141 — — 46,141 Accounts receivable, net of allowance 92,350 92,350 — 92,350 — 92,350 Receivables from broker-dealers, clearing 577,992 577,992 93,754 484,238 — 577,992 Total $ 1,125,326 $ 1,125,326 $ 548,738 $ 576,588 $ — $ 1,125,326 Financial liabilities not measured at fair value: Payables to broker-dealers, clearing $ 392,846 $ 392,846 $ — $ 392,846 $ — $ 392,846 As of December 31, 2023 Financial assets not measured at fair value: Cash $ 432,646 $ 432,646 $ 432,646 $ — $ — $ 432,646 Cash segregated under federal regulations 45,122 45,122 45,122 — — 45,122 Accounts receivable, net of allowance 89,839 89,839 — 89,839 — 89,839 Receivables from broker-dealers, clearing 687,936 687,936 115,151 572,785 — 687,936 Total $ 1,255,543 $ 1,255,543 $ 592,919 $ 662,624 $ — $ 1,255,543 Financial liabilities not measured at fair value: Payables to broker-dealers, clearing $ 537,398 $ 537,398 $ — $ 537,398 $ — $ 537,398
Summary of Foreign Currency Forward Contracts	The following table summarizes the Company’s foreign currency forward position: As of June 30, 2024 December 31, 2023 (In thousands) Notional value $ 62,730 $ 61,858 Fair value of notional 63,230 63,759 Fair value of the asset $ 500 $ 1,901
Summary of Company's Investments and Securities Positions	The following table summarizes the Company’s investments and securities positions: Amortized Gross Gross Fair (In thousands) As of June 30, 2024 Securities available-for-sale Corporate debt $ 25,300 $ 19 $ ( 121 ) $ 25,198 Trading securities U.S. Treasuries 99,877 — ( 350 ) 99,527 Mutual funds held in rabbi trust 10,315 878 ( 10 ) 11,183 Total investments $ 135,492 $ 897 $ ( 481 ) $ 135,908 Securities sold, not yet purchased U.S. Treasuries $ 9,211 $ 44 $ — $ 9,167 As of December 31, 2023 Securities available-for-sale Corporate debt $ 24,705 $ 55 $ ( 66 ) $ 24,694 Trading securities U.S. Treasuries 99,236 446 — 99,682 Mutual funds held in rabbi trust 10,962 172 ( 649 ) 10,485 Total investments $ 134,903 $ 673 $ ( 715 ) $ 134,861
Summary of Companies Unrealized and Realized Gains and Losses on Investments	The following table summarizes the Company’s unrealized and realized gains and losses on investments: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (In thousands) Unrealized gains/(losses) Securities available-for-sale Corporate debt $ ( 18 ) $ ( 168 ) $ ( 91 ) $ ( 223 ) Trading securities U.S. Treasuries 262 ( 766 ) 7 ( 346 ) Mutual funds held in rabbi trust 671 520 1,345 1,105 Total investments $ 915 $ ( 414 ) $ 1,261 $ 536 Liabilities: Securities sold, not yet purchased $ 44 $ — $ 44 $ — Realized gains/(losses) Securities available-for-sale Corporate debt $ — $ — $ 2 $ ( 17 ) Trading securities Mutual funds held in rabbi trust ( 412 ) ( 59 ) ( 377 ) ( 59 ) Total investments $ ( 412 ) $ ( 59 ) $ ( 375 ) $ ( 76 )
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 June 30, 2024 Securities available-for-sale Corporate debt $ 10,637 $ 14,561 $ 25,198 Trading securities U.S. Treasuries 74,615 24,912 99,527 Mutual funds held in rabbi trust 11,183 — 11,183 Total $ 96,435 $ 39,473 $ 135,908 As of December 31, 2023 Securities available-for-sale Corporate debt $ 10,727 $ 13,967 $ 24,694 Trading securities U.S. Treasuries 49,756 49,926 99,682 Mutual funds held in rabbi trust 10,485 — 10,485 Total $ 70,968 $ 63,893 $ 134,861
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 positions: Less than Twelve Months Twelve Months or More Total Fair value Gross unrealized losses Fair value Gross unrealized losses Fair value Gross unrealized losses (In thousands) As of June 30, 2024 Corporate debt $ 8,645 $ ( 41 ) $ 11,635 $ ( 79 ) $ 20,280 $ ( 121 ) As of December 31, 2023 Corporate debt $ 17,658 $ ( 66 ) $ — $ — $ 17,658 $ ( 66 )

Receivables from and Payables_2

Receivables from and Payables to Broker-dealers, Clearing Organizations and Customers (Tables)	6 Months Ended
	Jun. 30, 2024
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: As of June 30, 2024 December 31, 2023 Receivables from broker-dealers, clearing organizations and customers: (In thousands) Securities failed-to-deliver – broker-dealers and clearing organizations $ 135,313 $ 282,125 Securities failed-to-deliver – customers 333,048 284,322 Cash deposits with clearing organizations and broker-dealers 93,754 115,151 Other 15,877 6,338 Total $ 577,992 $ 687,936 Payables to broker-dealers, clearing organizations and customers: Securities failed-to-receive – broker-dealers and clearing organizations $ 226,163 $ 125,022 Securities failed-to-receive – customers 157,822 405,186 Other 8,861 7,190 Total $ 392,846 $ 537,398

Acquisitions and Equity Inves_2

Acquisitions and Equity Investments (Tables)	6 Months Ended
	Jun. 30, 2024
Business Combinations [Abstract]
Summary of Purchase Price Allocation	The purchase price allocation is as follows (in thousands): Purchase price $ 125,002 Less: acquired cash ( 2,685 ) Purchase price, net of acquired cash 122,317 Intangible assets ( 38,900 ) Accounts receivable ( 2,637 ) Prepaid expenses and other assets ( 4,181 ) Accounts payable, accrued expenses and other liabilities 5,318 Goodwill $ 81,917
Summary of Fair Value of Acquired Intangible Assets	The fair values of the intangible assets acquired are as follows (in thousands, except for useful lives): Costs Useful Lives Developed technology $ 28,500 7 years Customer relationships 9,200 15 years Tradename - finite life 1,200 15 years Total $ 38,900

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	6 Months Ended
	Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Summary of Company's Intangible Assets	Intangible assets that are subject to amortization, including the related accumulated amortization, are comprised of the following: June 30, 2024 December 31, 2023 Cost Accumulated Net carrying Cost Accumulated Net carrying (In thousands) Customer relationships $ 139,178 $ ( 57,973 ) $ 81,205 $ 140,348 $ ( 50,987 ) $ 89,361 Technology and other intangibles 41,130 ( 13,915 ) 27,215 41,130 ( 11,383 ) 29,747 Total $ 180,308 $ ( 71,888 ) $ 108,420 $ 181,478 $ ( 62,370 ) $ 119,108

Stock-Based Compensation Plans

Stock-Based Compensation Plans (Tables)	6 Months Ended
	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation Expense	Total stock-based compensation expense was as follows: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (In thousands) Employees $ 7,929 $ 6,647 $ 14,822 $ 13,747 Non-employee directors 399 243 804 631 Total stock-based compensation $ 8,328 $ 6,890 $ 15,626 $ 14,378

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Basic and Diluted Weighted Average Shares Outstanding Used to Compute Earnings Per Share	The following table sets forth basic and diluted weighted average shares outstanding used to compute earnings per share: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (In thousands, except per share amounts) Basic weighted average shares outstanding 37,655 37,485 37,698 37,482 Dilutive effect of stock options and full value awards 34 103 42 135 Diluted weighted average shares outstanding 37,689 37,588 37,740 37,617 Basic earnings per share $ 1.72 $ 1.60 $ 3.65 $ 3.56 Diluted earnings per share 1.72 1.59 3.64 3.55

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2024
Leases [Abstract]
Schedule of Components of Operating Lease Expense	The following table presents the components of operating lease expense for the three and six months ended June 30, 2024 and 2023: Three Months Ended June 30, Six Months Ended June 30, Lease cost: Classification 2024 2023 2024 2023 (In thousands) Operating lease cost - office space Occupancy $ 2,750 $ 2,882 $ 5,504 $ 5,993 Operating lease cost - equipment Technology and communications 98 — 195 — Variable lease costs Occupancy 882 347 1,469 398 Total operating lease cost $ 3,730 $ 3,229 $ 7,168 $ 6,391
Summary of Weighted Average Remaining Lease Term and Discount Rate	The weighted average remaining lease term and weighted average discount rate are as follows: As of Lease Term and Discount Rate June 30, 2024 December 31, 2023 Weighted average remaining lease term (in years) - operating leases 9.2 9.6 Weighted average discount rate - operating leases 6.0 % 6.0 % Weighted average remaining lease term (in years) - finance leases 1.3 1.8 Weighted average discount rate - finance leases 7.2 % 7.2 %
Schedule of Maturity of Lease Liabilities	The following table presents the maturity of lease liabilities as of June 30, 2024: Operating Leases Finance Leases (In thousands) Remainder of 2024 $ 6,548 $ 59 2025 12,351 88 2026 11,765 — 2027 9,010 — 2028 8,615 — 2029 and thereafter 51,306 — Total lease payments 99,595 147 Less: imputed interest 23,514 7 Present value of lease liabilities $ 76,081 $ 140

Segment and Geographic Inform_2

Segment and Geographic Information (Tables)	6 Months Ended
	Jun. 30, 2024
Segment Reporting [Abstract]
Summary of Revenue and Long-lived Assets	Revenues for the three and six months ended June 30, 2024 and 2023, and long-lived assets as of June 30, 2024 and December 31, 2023 were as follows: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (In thousands) Revenues Americas $ 156,538 $ 141,999 $ 323,371 $ 303,572 Europe 35,863 33,518 73,591 70,254 Asia 5,259 4,329 11,016 9,189 Total $ 197,660 $ 179,846 $ 407,978 $ 383,015 As of June 30, 2024 December 31, 2023 (In thousands) Long-lived assets, as defined Americas $ 93,870 $ 87,513 Europe 14,637 14,717 Asia 295 441 Total $ 108,802 $ 102,671

Cash and Cash Equivalents and_2

Cash and Cash Equivalents and Restricted Cash (Tables)	6 Months Ended
	Jun. 30, 2024
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: As of Statement of Financial Condition Location June 30, 2024 December 31, 2023 (In thousands) Cash and cash equivalents Cash and cash equivalents $ 434,063 $ 451,280 Cash segregated for regulatory Cash segregated under federal 46,141 45,122 Cash deposits with clearing organizations Receivables from broker-dealers, 93,754 115,151 Other cash deposits Prepaid expenses and other assets 172 119 Total $ 574,130 $ 611,672

Organization and Principal Bu_2

Organization and Principal Business Activity - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2024 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		6 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) Revenue	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Significant Accounting Policies [Line Items]
Allowance for credit losses	$ 609		$ 609		$ 577
Provision for bad debts	$ 100	$ 100	$ 100	$ 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		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		15 years
Maximum [Member] | Internally Developed Software [Member]
Significant Accounting Policies [Line Items]
Estimated life of intangible assets	5 years		5 years
Minimum [Member]
Significant Accounting Policies [Line Items]
Estimated useful life of fixed assets	3 years		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		1 year
Minimum [Member] | Internally Developed Software [Member]
Significant Accounting Policies [Line Items]
Estimated life of intangible assets	3 years		3 years

Significant Accounting Polici_5

Significant Accounting Policies - Summary of Commission Revenue by Fee Type (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Commission revenue by fee type
Revenues	$ 197,660	$ 179,846	$ 407,978	$ 383,015
Commissions [Member]
Commission revenue by fee type
Disclosed trading	86,778	78,424	181,556	166,552
Open Trading - matched principal trading	42,439	41,606	90,619	95,842
Other Variable Transaction	5,076	0	9,925	0
Total variable transaction fees	138,440	123,257	289,959	270,485
Distribution fees and unused minimum fees	33,239	35,329	66,593	70,092
Revenues	171,679	158,586	356,552	340,577
Commissions [Member] | US Government Bonds [Member]
Commission revenue by fee type
Open Trading - matched principal trading	$ 4,147	$ 3,227	$ 7,859	$ 8,091

Significant Accounting Polici_6

Significant Accounting Policies - Summary of Information Services Revenue by Timing of Recognition (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Significant Accounting Policies [Line Items]
Revenues	$ 197,660	$ 179,846	$ 407,978	$ 383,015
Information Services [Member]
Significant Accounting Policies [Line Items]
Revenues	12,544	11,655	24,425	22,665
Information Services [Member] | Transferred over Time [Member]
Significant Accounting Policies [Line Items]
Revenues	12,103	11,487	23,977	22,146
Information Services [Member] | Transferred at a Point in Time [Member]
Significant Accounting Policies [Line Items]
Revenues	$ 441	$ 168	$ 448	$ 519

Significant Accounting Polici_7

Significant Accounting Policies - Summary of Post-Trade Services Revenue by Timing of Recognition (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Significant Accounting Policies [Line Items]
Revenues	$ 197,660	$ 179,846	$ 407,978	$ 383,015
Post-trade Services [Member]
Significant Accounting Policies [Line Items]
Revenues	10,400	9,415	21,130	19,395
Post-trade Services [Member] | Transferred over Time [Member]
Significant Accounting Policies [Line Items]
Revenues	10,358	9,397	20,898	19,352
Post-trade Services [Member] | Transferred at a Point in Time [Member]
Significant Accounting Policies [Line Items]
Revenues	$ 42	$ 18	$ 232	$ 43

Significant Accounting Polici_8

Significant Accounting Policies - Summary of Technology Services Revenue by Timing of Recognition (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Significant Accounting Policies [Line Items]
Revenues	$ 197,660	$ 179,846	$ 407,978	$ 383,015
Technology Services [Member]
Significant Accounting Policies [Line Items]
Revenues	3,037	190	5,871	378
Technology Services [Member] | Transferred over Time [Member]
Significant Accounting Policies [Line Items]
Revenues	3,024	190	5,853	378
Technology Services [Member] | Transferred at Point in Time [Member]
Significant Accounting Policies [Line Items]
Revenues	$ 13	$ 0	$ 18	$ 0

Significant Accounting Polici_9

Significant Accounting Policies - Summary of Revenue Recognized from Contract Liabilities and Remaining Balance (Detail) $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($)
Significant Accounting Policies [Line Items]
Deferred revenues, beginning balance	$ 4,539
Payments received in advance of services to be performed	22,930
Revenue recognized for services performed during the period	(22,295)
Foreign Currency Translation	(6)
Deferred revenues, ending balance	5,168
Information Services [Member]
Significant Accounting Policies [Line Items]
Deferred revenues, beginning balance	3,049
Payments received in advance of services to be performed	7,158
Revenue recognized for services performed during the period	(7,176)
Deferred revenues, ending balance	3,031
Post-trade Services [Member]
Significant Accounting Policies [Line Items]
Deferred revenues, beginning balance	923
Payments received in advance of services to be performed	11,671
Revenue recognized for services performed during the period	(10,871)
Foreign Currency Translation	(6)
Deferred revenues, ending balance	1,717
Technology Services [Member]
Significant Accounting Policies [Line Items]
Deferred revenues, beginning balance	567
Payments received in advance of services to be performed	4,101
Revenue recognized for services performed during the period	(4,248)
Deferred revenues, ending balance	$ 420

Significant Accounting Polic_10

Significant Accounting Policies - Additional Information (Detail 1) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-07-01 $ in Millions	Jun. 30, 2024 USD ($)
Significant Accounting Policies [Line Items]
Aggregate amount of transaction price allocated to remaining performance obligations	$ 63.4
Expected time to recognize revenue for remaining performance obligation	52 months

Regulatory Capital Requiremen_2

Regulatory Capital Requirements - Additional Information (Detail) $ in Millions	Jun. 30, 2024 USD ($)
U.S. Subsidiaries
Brokers And Dealers [Line Items]
Aggregate net capital and financial resources in excess of required level	$ 565.6
Aggregate net capital and financial resources, minimum capital requirement	35.8
U.S. Broker-Dealer Subsidiaries
Brokers And Dealers [Line Items]
Aggregate net capital and financial resources in excess of required level	4.4
Aggregate net capital and financial resources, minimum capital requirement	318.9
Securities reserve deposit	$ 46.1

Fair Value Measurements - Valua

Fair Value Measurements - Valuation of Company's Assets and Liabilities Measured at Fair Value (Detail) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Assets
Money market funds	$ 25,220	$ 18,634
Assets Fair Value Total	161,628	155,396
Liabilities
Securities sold, not yet purchased	9,167
Liabilities, Fair Value Disclosure, Total	9,167
Foreign Currency Forward Position [Member]
Assets
Foreign currency forward position	500	1,901
Mutual Funds Held In Rabbi Trust [Member]
Assets
Trading securities	11,183	10,485
Mutual funds held in rabbi trust	11,183	10,485
U.S. Treasuries [Member]
Assets
Trading securities	99,527	99,682
Liabilities
Securities sold, not yet purchased	9,167
Corporate Debt [Member]
Assets
Securities available-for-sale	25,198	24,694
Trading securities	25,198	24,694
Level 1 [Member]
Assets
Money market funds	25,220	18,634
Assets Fair Value Total	25,220	18,634
Level 2 [Member]
Assets
Assets Fair Value Total	136,408	136,762
Liabilities
Securities sold, not yet purchased	9,167
Liabilities, Fair Value Disclosure, Total	9,167
Level 2 [Member] | Foreign Currency Forward Position [Member]
Assets
Foreign currency forward position	500	1,901
Level 2 [Member] | Mutual Funds Held In Rabbi Trust [Member]
Assets
Mutual funds held in rabbi trust	11,183	10,485
Level 2 [Member] | U.S. Treasuries [Member]
Assets
Trading securities	99,527	99,682
Level 2 [Member] | Corporate Debt [Member]
Assets
Securities available-for-sale	$ 25,198	$ 24,694

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Proceeds from the sales and maturities of securities available-for-sale			$ 7,500,000	$ 27,000,000
Purchases of investments			7,900,000	51,600,000
Transfers between Level 1, Level 2 and Level 3 securities			0	0
Realized loss on investments	$ 700,000			100,000
Net realized gain		$ 1,600,000	600,000
Unrealized gain on investments	700,000			2,300,000
Net unrealized loss		200,000	1,400,000
Credit losses on available-for-sale securities	$ 0	$ 0	$ 0	$ 0

Fair Value Measurements - Carry

Fair Value Measurements - Carrying Value of Financial Asset and Liability Not Measured at Fair Value (Detail) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Financial assets not measured at fair value:
Financial assets not measured at fair value	$ 161,628	$ 155,396
Level 1 [Member]
Financial assets not measured at fair value:
Financial assets not measured at fair value	25,220	18,634
Level 2 [Member]
Financial assets not measured at fair value:
Financial assets not measured at fair value	136,408	136,762
Financial Assets and Liabilities not Measured [Member]
Financial assets not measured at fair value:
Financial assets not measured at fair value	1,125,326	1,255,543
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	392,846	537,398
Financial Assets and Liabilities not Measured [Member] | Cash [Member]
Financial assets not measured at fair value:
Financial assets not measured at fair value	408,843	432,646
Financial Assets and Liabilities not Measured [Member] | Cash Segregated under Federal Regulations [Member]
Financial assets not measured at fair value:
Financial assets not measured at fair value	46,141	45,122
Financial Assets and Liabilities not Measured [Member] | Accounts Receivable, Net of Allowance [Member]
Financial assets not measured at fair value:
Financial assets not measured at fair value	92,350	89,839
Financial Assets and Liabilities not Measured [Member] | Receivables from Broker-Dealers, Clearing Organizations and Customers [Member]
Financial assets not measured at fair value:
Financial assets not measured at fair value	577,992	687,936
Financial Assets and Liabilities not Measured [Member] | Level 1 [Member]
Financial assets not measured at fair value:
Financial assets not measured at fair value	548,738	592,919
Financial Assets and Liabilities not Measured [Member] | Level 1 [Member] | Cash [Member]
Financial assets not measured at fair value:
Financial assets not measured at fair value	408,843	432,646
Financial Assets and Liabilities not Measured [Member] | Level 1 [Member] | Cash Segregated under Federal Regulations [Member]
Financial assets not measured at fair value:
Financial assets not measured at fair value	46,141	45,122
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:
Financial assets not measured at fair value	93,754	115,151
Financial Assets and Liabilities not Measured [Member] | Level 2 [Member]
Financial assets not measured at fair value:
Financial assets not measured at fair value	576,588	662,624
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	392,846	537,398
Financial Assets and Liabilities not Measured [Member] | Level 2 [Member] | Accounts Receivable, Net of Allowance [Member]
Financial assets not measured at fair value:
Financial assets not measured at fair value	92,350	89,839
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:
Financial assets not measured at fair value	484,238	572,785
Financial Assets and Liabilities not Measured [Member] | Carrying Value [Member]
Financial assets not measured at fair value:
Financial assets not measured at fair value	1,125,326	1,255,543
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	392,846	537,398
Financial Assets and Liabilities not Measured [Member] | Carrying Value [Member] | Cash [Member]
Financial assets not measured at fair value:
Financial assets not measured at fair value	408,843	432,646
Financial Assets and Liabilities not Measured [Member] | Carrying Value [Member] | Cash Segregated under Federal Regulations [Member]
Financial assets not measured at fair value:
Financial assets not measured at fair value	46,141	45,122
Financial Assets and Liabilities not Measured [Member] | Carrying Value [Member] | Accounts Receivable, Net of Allowance [Member]
Financial assets not measured at fair value:
Financial assets not measured at fair value	92,350	89,839
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:
Financial assets not measured at fair value	577,992	687,936
Financial Assets and Liabilities not Measured [Member] | Fair Value [Member]
Financial assets not measured at fair value:
Financial assets not measured at fair value	1,125,326	1,255,543
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	392,846	537,398
Financial Assets and Liabilities not Measured [Member] | Fair Value [Member] | Cash [Member]
Financial assets not measured at fair value:
Financial assets not measured at fair value	408,843	432,646
Financial Assets and Liabilities not Measured [Member] | Fair Value [Member] | Cash Segregated under Federal Regulations [Member]
Financial assets not measured at fair value:
Financial assets not measured at fair value	46,141	45,122
Financial Assets and Liabilities not Measured [Member] | Fair Value [Member] | Accounts Receivable, Net of Allowance [Member]
Financial assets not measured at fair value:
Financial assets not measured at fair value	92,350	89,839
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:
Financial assets not measured at fair value	$ 577,992	$ 687,936

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Foreign Currency Forward Contracts (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Notional value	$ 62,730	$ 61,858
Fair value of notional	63,230	63,759
Fair value of the asset	$ 500	$ 1,901

Fair Value Measurements - Sum_2

Fair Value Measurements - Summary of Company's Investments and Securities Positions (Detail) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023
Schedule Of Available For Sale Securities [Line Items]
Investments, Amortized cost	$ 135,492	$ 134,903
Investments, Gross unrealized gains	897	673
Investments, Gross unrealized losses	(481)	(715)
Investments, Fair value	135,908	134,861
Liabilities, Fair Value Disclosure [Abstract]
Securities sold, not yet purchased gross unrealized gains	44
Securities sold, not yet purchased gross unrealized losses			$ 0
Securities sold, not yet purchased, at fair value	9,167
U.S. Treasuries [Member]
Schedule Of Available For Sale Securities [Line Items]
Trading securities, Amortized cost	99,877	99,236
Trading securities, Gross unrealized gains		446
Trading securities, Gross unrealized losses	(350)
Trading securities, Fair value	99,527	99,682
Investments, Fair value	99,527	99,682
Liabilities, Fair Value Disclosure [Abstract]
Securities sold, not yet purchased amortized cost	9,211
Securities sold, not yet purchased gross unrealized gains	44
Securities sold, not yet purchased gross unrealized losses	0
Securities sold, not yet purchased, at fair value	9,167
Mutual Funds Held In Rabbi Trust [Member]
Schedule Of Available For Sale Securities [Line Items]
Trading securities, Amortized cost	10,315	10,962
Trading securities, Gross unrealized gains	878	172
Trading securities, Gross unrealized losses	(10)	(649)
Trading securities, Fair value	11,183	10,485
Investments, Fair value	11,183	10,485
Corporate Debt [Member]
Schedule Of Available For Sale Securities [Line Items]
Trading securities, Amortized cost	25,300	24,705
Trading securities, Gross unrealized gains	19	55
Trading securities, Gross unrealized losses	(121)	(66)
Trading securities, Fair value	25,198	24,694
Investments, Fair value	$ 25,198	$ 24,694

Fair Value Measurements - Sum_3

Fair Value Measurements - Summary of Companies Unrealized and Realized Gains and Losses on Investments (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Gain (Loss) on Securities [Line Items]
Unrealized gains/(losses)	$ 915	$ (414)	$ 1,261	$ 536
Realized gains/(losses)	(412)	(59)	(375)	(76)
Liabilities, Fair Value Disclosure [Abstract]
Securities sold, not yet purchased gross unrealized gains	44		44
Securities sold, not yet purchased gross unrealized losses		0		0
Corporate Debt [Member]
Gain (Loss) on Securities [Line Items]
Unrealized gains/(losses)	(18)	(168)	(91)	(223)
Realized gains/(losses)	0	0	2	(17)
U.S. Treasuries [Member]
Gain (Loss) on Securities [Line Items]
Unrealized gains/(losses)	262	(766)	7	(346)
Liabilities, Fair Value Disclosure [Abstract]
Securities sold, not yet purchased gross unrealized gains	44		44
Securities sold, not yet purchased gross unrealized losses	0		0
Mutual Funds Held In Rabbi Trust [Member]
Gain (Loss) on Securities [Line Items]
Unrealized gains/(losses)	671	520	1,345	1,105
Realized gains/(losses)	$ (412)	$ (59)	$ (377)	$ (59)

Fair Value Measurements - Sum_4

Fair Value Measurements - Summary of Fair Value of Investments Based upon Contractual Maturities (Detail) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Debt Securities, Available-for-Sale [Line Items]
Less than one year	$ 96,435	$ 70,968
Due in 1 - 5 years	39,473	63,893
Total	135,908	134,861
U.S. Treasuries [Member]
Debt Securities, Available-for-Sale [Line Items]
Less than one year	74,615	49,756
Due in 1 - 5 years	24,912	49,926
Total	99,527	99,682
Mutual Funds Held In Rabbi Trust [Member]
Debt Securities, Available-for-Sale [Line Items]
Less than one year	11,183	10,485
Total	11,183	10,485
Corporate Debt [Member]
Debt Securities, Available-for-Sale [Line Items]
Less than one year	10,637	10,727
Due in 1 - 5 years	14,561	13,967
Total	$ 25,198	$ 24,694

Fair Value Measurements - Sum_5

Fair Value Measurements - Summary of Fair Values and Unrealized Losses on Investments (Detail) - Corporate Debt [Member] - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]
Less than Twelve Months, Estimated Fair value	$ 8,645	$ 17,658
Less than Twelve Months, Gross unrealized losses	(41)	(66)
Twelve Months or More, Estimated Fair value	11,635	0
Twelve Months or More, Gross unrealized losses	(79)	0
Estimated Fair value, Total	20,280	17,658
Gross unrealized losses, Total	$ (121)	$ (66)

Receivables from and Payables_3

Receivables from and Payables to Broker-dealers, Clearing Organizations and Customers - Schedule of Receivables from and Payables to Broker-dealers, Clearing Organizations and Customers (Detail) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Receivables from broker-dealers, clearing organizations and customers:
Securities failed-to-deliver - broker-dealers and clearing organizations	$ 135,313	$ 282,125
Securities failed-to-deliver - customers	333,048	284,322
Cash deposits with clearing organizations and broker-dealers	93,754	115,151
Other	15,877	6,338
Total	577,992	687,936
Payables to broker-dealers, clearing organizations and customers:
Securities failed-to-receive - broker-dealers and clearing organizations	226,163	125,022
Securities failed-to-receive - customers	157,822	405,186
Other	8,861	7,190
Total	$ 392,846	$ 537,398

Acquisitions and Equity Inves_3

Acquisitions and Equity Investments - Additional Information (Detail) - USD ($) $ in Thousands			3 Months Ended		6 Months Ended
	Apr. 19, 2024	Oct. 02, 2023	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	May 01, 2022
RFQ hub Holdings LLC [Member]
Business Acquisition [Line Items]
Cash consideration	$ 37,900
Recorded investments							$ 34,400
Proportionate share in net earnings			$ 400	$ 300	$ 700	$ 500
Receivable from the equity method investee					1,000
Reimbursable support costs for equity method investee			500		1,000
Additional interest acquired	49%
RFQ hub Holdings LLC [Member] | Other Investees [Member]
Business Acquisition [Line Items]
Equity Method Investment, Ownership Percentage	92%
RFQ hub Holdings LLC [Member] | Prepaid Expenses and Other Assets [Member]
Business Acquisition [Line Items]
Recorded investments			$ 37,000		$ 37,000
Pragma [Member]
Business Acquisition [Line Items]
Aggregate purchase price		$ 125,002
Cash consideration		$ 81,200
Business combination, shares of common stock		224,776
Business acquisition value of common stock transferrable		$ 43,800
Business combination, period for shares of common stock placed in escrow		12 months
Business combination, shares of common stock received period		6 months
Pragma [Member] | Escrow [Member]
Business Acquisition [Line Items]
Business combination, shares of common stock		8,603

Acquisitions and Equity Inves_4

Acquisitions and Equity Investments - Summary of Purchase Price Allocation (Detail) - USD ($) $ in Thousands	Oct. 02, 2023	Jun. 30, 2024	Dec. 31, 2023
Business Acquisition [Line Items]
Goodwill		$ 236,706	$ 236,706
Pragma [Member]
Business Acquisition [Line Items]
Purchase price	$ 125,002
Less: acquired cash	(2,685)
Purchase price, net of acquired cash	122,317
Intangible assets	(38,900)
Accounts receivable	(2,637)
Prepaid expenses and other assets	(4,181)
Accounts payable, accrued expenses and other liabilities	5,318
Goodwill	$ 81,917

Acquisitions and Equity Inves_5

Acquisitions and Equity Investments - Summary of Fair Value of Acquired Intangible Assets (Detail) - Pragma [Member] $ in Thousands	Oct. 02, 2023 USD ($)
Acquired Finite-Lived Intangible Assets [Line Items]
Cost	$ 38,900
Developed Technology [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Cost	$ 28,500
Useful Lives	7 years
Customer Relationships [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Cost	$ 9,200
Useful Lives	15 years
Tradename - Finite Life [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Cost	$ 1,200
Useful Lives	15 years

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Goodwill [Line Items]
Amortization expense associated with identifiable intangible assets	$ 5	$ 4.5	$ 10	$ 8.6
Estimated total amortization expense 2024	19.8		19.8
Estimated total amortization expense 2025	16.9		16.9
Estimated total amortization expense 2026	15.2		15.2
Estimated total amortization expense 2027	13.8		13.8
Estimated total amortization expense 2028	12.3		12.3
Indefinite-lived Intangible Assets [Member]
Goodwill [Line Items]
Goodwill and intangible assets with indefinite lives	$ 236.7		$ 236.7		$ 236.7

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Summary of Company's Intangible Assets (Detail) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Finite Lived Intangible Assets [Line Items]
Cost	$ 180,308	$ 181,478
Accumulated amortization	(71,888)	(62,370)
Net carrying amount	108,420	119,108
Customer Relationships [Member]
Finite Lived Intangible Assets [Line Items]
Cost	139,178	140,348
Accumulated amortization	(57,973)	(50,987)
Net carrying amount	81,205	89,361
Technology and Other Intangibles [Member]
Finite Lived Intangible Assets [Line Items]
Cost	41,130	41,130
Accumulated amortization	(13,915)	(11,383)
Net carrying amount	$ 27,215	$ 29,747

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Schedule Of Pre Tax Income [Line Items]
Effective income tax rate	24.80%	24.20%	24.90%	24.60%
New York State [Member]
Schedule Of Pre Tax Income [Line Items]
Income tax year under examination			2015 2016 2017
New York City [Member]
Schedule Of Pre Tax Income [Line Items]
Income tax year under examination			2016 2017 2018

Stock-Based Compensation Plan_2

Stock-Based Compensation Plans - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Feb. 15, 2024	Dec. 31, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares available for grant under the stock incentive plan	2,468,562		2,468,562
Unrecognized compensation costs related to non-vested	$ 60.7		$ 60.7
Weighted-average period over which cost is expected to be recognized			2 years 2 months 12 days
Common stock, shares issued	41,032,190		41,032,190			40,940,769
Restricted Stock [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of non-option equity instruments granted during the period			143,975
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	112,810		112,810
Common stock, shares issued					3,756
Employees [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based payment arrangement, amount capitalized	$ 0.3	$ 0.2	$ 0.5	$ 0.4
Employees [Member] | Restricted Stock [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted-average grant date fair value per share			$ 218.48
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			20,793
Number of stock option equity instruments granted during the period			32,608
Weighted-average fair value each option granted			$ 77.16
Weighted-average grant date fair value per share			$ 219.32
Employees [Member] | Employees Stock Purchase Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares available for grant under the stock incentive plan	121,221		121,221

Stock-Based Compensation Plan_3

Stock-Based Compensation Plans - Stock-Based Compensation Expense (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation	$ 8,328	$ 6,890	$ 15,626	$ 14,378
Employees [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation	7,929	6,647	14,822	13,747
Non-Employee Directors [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation	$ 399	$ 243	$ 804	$ 631

Earnings Per Share - Basic and

Earnings Per Share - Basic and Diluted Weighted Average Shares Outstanding Used to Compute Earnings Per Share (Detail) - $ / shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Earnings Per Share [Abstract]
Basic weighted average shares outstanding	37,655	37,485	37,698	37,482
Dilutive effect of stock options and full value awards	34	103	42	135
Diluted weighted average shares outstanding	37,689	37,588	37,740	37,617
Basic earnings per share	$ 1.72	$ 1.6	$ 3.65	$ 3.56
Diluted earnings per share	$ 1.72	$ 1.59	$ 3.64	$ 3.55

Earnings Per Share - Additional

Earnings Per Share - Additional Information (Detail) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Stock Options and Full Value Awards [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	445,089	240,079	508,117	209,614

Credit Agreements and Short-t_2

Credit Agreements and Short-term Financing - Additional Information (Detail) - USD ($)			3 Months Ended		6 Months Ended
	Aug. 09, 2023	Oct. 15, 2021	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Line Of Credit Facility [Line Items]
Interest expense on borrowings			$ 0	$ 0	$ 0	$ 100,000
Interest expense on short-term debt			500,000	100,000	800,000	100,000
Outstanding overdrafts payable			0		0
Collateralized Agreements [Member]
Line Of Credit Facility [Line Items]
Maximum available borrowings to subsidiary under agreement			500,000,000		500,000,000
Outstanding borrowings under agreement			0		0
Unused borrowing capacity, amount under agreement			$ 500,000,000		$ 500,000,000
Collateralized Agreements [Member] | Base Rate [Member]
Line Of Credit Facility [Line Items]
Interest rate, stated percentage			1%		1%
2021 Credit Agreement [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		3 years
Sub-limit for letter of credit		$ 5,000,000
Sub-limit for swingline loans		$ 50,000,000
Interest expense on borrowings				$ 100,000		$ 100,000
Line of Credit Facility, Description					On October 15, 2021, the Company entered into a three-year revolving credit facility (the “2021 Credit Agreement”) provided by a syndicate of lenders and JPMorgan Chase Bank, N.A., as administrative agent
2023 Credit Agreement [Member]
Line Of Credit Facility [Line Items]
Period of credit agreement	3 years
Sub-limit for swingline loans	$ 380,000,000
Interest expense on borrowings			$ 200,000		$ 200,000
Line of Credit Facility, Description					On August 9, 2023, the Company replaced the 2021 Credit Agreement with a new three-year revolving credit facility (the “2023 Credit Agreement”) provided by a syndicate of lenders and JPMorgan Chase Bank, N.A., as administrative agent
Revolving Credit Facility [Member] | 2023 Credit Agreement [Member]
Line Of Credit Facility [Line Items]
Revolving loans and letters of credit	$ 750,000,000
Expiration period of credit agreement	Aug. 09, 2026
Period of credit agreement					364 days
Letter of credit outstanding			100,000		$ 100,000
Amount available under credit agreement			749,900,000		749,900,000
Additional borrowings under credit agreement			$ 375,000,000		$ 375,000,000
Standby Letters of Credit [Member] | 2023 Credit Agreement [Member]
Line Of Credit Facility [Line Items]
Sub-limit for letter of credit	$ 5,000,000

Leases - Additional Information

Leases - Additional Information (Detail) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2024 USD ($)
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
Finance lease expense	$ 0.1	$ 0.1
Minimum [Member]
Lessee Lease Description [Line Items]
Term of lease contract	1 year	1 year
Operating and finance leases for equipment	1 year	1 year
Maximum [Member]
Lessee Lease Description [Line Items]
Term of lease contract	15 years	15 years
Operating and finance leases for equipment	5 years	5 years

Leases - Schedule of Components

Leases - Schedule of Components of Operating Lease Expense (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Lease Cost [Line Items]
Total operating lease cost	$ 3,730	$ 3,229	$ 7,168	$ 6,391
Occupancy [Member]
Lease Cost [Line Items]
Operating lease cost - office space	2,750	2,882	5,504	5,993
Variable lease costs	882	347	1,469	398
Technology and Communications [Member]
Lease Cost [Line Items]
Operating lease cost - equipment	$ 98	$ 0	$ 195	$ 0

Leases - Summary of Weighted Av

Leases - Summary of Weighted Average Remaining Lease Term and Discount Rate (Details)	Jun. 30, 2024	Dec. 31, 2023
Leases [Abstract]
Weighted average remaining lease term (in years) - operating leases	9 years 2 months 12 days	9 years 7 months 6 days
Weighted average discount rate - operating leases	6%	6%
Weighted average remaining lease term (in years) - finance leases	1 year 3 months 18 days	1 year 9 months 18 days
Weighted average discount rate - finance leases	7.20%	7.20%

Leases - Schedule of Maturity o

Leases - Schedule of Maturity of Lease Liabilities (Detail) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Leases [Abstract]
Remainder of 2024	$ 6,548
2025	12,351
2026	11,765
2027	9,010
2028	8,615
2029 and thereafter	51,306
Total lease payments	99,595
Less: imputed interest	23,514
Present value of lease liabilities	76,081	$ 79,677
Remainder of 2024	59
2025	88
2026	0
2027	0
2028	0
2029 and thereafter	0
Total lease payments	147
Less: imputed interest	7
Present value of lease liabilities	$ 140
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Liabilities

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2024
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) - USD ($) $ in Millions	1 Months Ended		6 Months Ended
	Aug. 31, 2024	Jan. 31, 2022	Jun. 30, 2024
2022 Repurchase Program [Member]
Equity Class Of Treasury Stock [Line Items]
Shares repurchase program authorized, value		$ 150
Shares repurchase program, value	$ 50		$ 43.6
Shares repurchase program, shares			211,255
Commencement date		2022-03
2024 Repurchase Program and 2022 Repurchase Program [Member]
Equity Class Of Treasury Stock [Line Items]
Shares repurchase program authorized, value	$ 200

Segment and Geographic Inform_3

Segment and Geographic Information - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Geographic Concentration Risk [Member] | Total Revenue and Long-lived Assets [Member] | United Kingdom [Member]
Revenues From External Customers And Long Lived Assets [Line Items]
Concentration Risk, Percentage	10%	10%

Segment and Geographic Inform_4

Segment and Geographic Information - Summary of Revenue and Long-lived Assets (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Segment Reporting Information [Line Items]
Revenues	$ 197,660	$ 179,846	$ 407,978	$ 383,015
Long-lived assets	108,802		108,802		$ 102,671
Americas [Member]
Segment Reporting Information [Line Items]
Revenues	156,538	141,999	323,371	303,572
Long-lived assets	93,870		93,870		87,513
Europe [Member]
Segment Reporting Information [Line Items]
Revenues	35,863	33,518	73,591	70,254
Long-lived assets	14,637		14,637		14,717
Asia [Member]
Segment Reporting Information [Line Items]
Revenues	5,259	$ 4,329	11,016	$ 9,189
Long-lived assets	$ 295		$ 295		$ 441

Cash and Cash Equivalents and_3

Cash and Cash Equivalents and Restricted Cash - Summary of Reconciliation of Cash and Cash Equivalents with Restricted or Segregated Cash (Detail) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Cash And Cash Equivalents [Line Items]
Cash and cash equivalents	$ 434,063	$ 451,280
Cash segregated under federal regulations	46,141	45,122
Total	574,130	611,672
Cash and Cash Equivalents [Member]
Cash And Cash Equivalents [Line Items]
Cash and cash equivalents	434,063	451,280
Cash Segregated under Federal Regulations [Member]
Cash And Cash Equivalents [Line Items]
Cash segregated under federal regulations	46,141	45,122
Receivables from Broker-Dealers, Clearing Organizations and Customers [Member]
Cash And Cash Equivalents [Line Items]
Cash deposits with clearing organizations and broker-dealers	93,754	115,151
Prepaid Expenses and Other Assets [Member]
Cash And Cash Equivalents [Line Items]
Other cash deposits	$ 172	$ 119