MARKETAXESS HOLDINGS INC, 10-Q filed on 11/7/2025
Quarterly Report
v3.25.3
Document and Entity Information - shares
 9 Months Ended
Sep. 30, 2025
Nov. 05, 2025
Cover [Abstract]    
Document Type 10-Q  
Amendment Flag false  
Document Period End Date Sep. 30, 2025  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q3  
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, $0.003 par value  
Security Exchange Name NASDAQ  
Entity File Number 001-34091  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 52-2230784  
Entity Address, Address Line One 55 Hudson Yards  
Entity Address, Address Line Two 15th Floor  
Entity Address, City or Town New York  
Entity Address, State or Province NY  
Entity Address, Postal Zip Code 10001  
Document Quarterly Report true  
Document Transition Report false  
City Area Code 212  
Local Phone Number 813-6000  
Entity Common Stock, Shares Outstanding   37,171,508
v3.25.3
Consolidated Statements of Financial Condition (Unaudited) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
ASSETS    
Cash and cash equivalents $ 473,299 $ 544,478
Cash segregated under federal regulations 48,351 47,107
Investments, at fair value 168,472 165,260
Accounts receivable, net of allowance of $303 and $982 as of September 30, 2025 and December 31, 2024, respectively 110,519 91,845
Receivables from broker-dealers, clearing organizations and customers 606,667 357,728
Goodwill 283,667 236,706
Intangible assets, net of accumulated amortization 115,880 98,078
Furniture, equipment, leasehold improvements and capitalized software, net of accumulated depreciation and amortization 111,622 107,298
Operating lease right-of-use assets 53,412 58,132
Prepaid expenses and other assets 42,019 82,584
Total assets 2,013,908 1,789,216
Liabilities    
Accrued employee compensation 60,374 68,054
Payables to broker-dealers, clearing organizations and customers 365,828 218,845
Income and other tax liabilities 98,744 3,683
Accounts payable, accrued expenses and other liabilities 31,907 37,320
Operating lease liabilities 66,872 72,654
Total liabilities 623,725 400,556
Commitments and Contingencies (Note 13)
Redeemable noncontrolling interest 11,733 0
Stockholders' equity    
Preferred stock 0 0
Common stock 123 123
Additional paid-in capital 358,607 350,701
Treasury stock - Common stock voting, at cost, 3,958,418 shares and 3,374,047 shares as of September 30, 2025 and December 31, 2024, respectively (451,403) (333,369)
Retained earnings 1,474,752 1,405,904
Accumulated other comprehensive income/(loss) (3,629) (34,699)
Total stockholders' equity 1,378,450 1,388,660
Total liabilities, redeemable noncontrolling interest and stockholders' equity 2,013,908 1,789,216
Series A Preferred Stock [Member]    
Stockholders' equity    
Preferred stock $ 0 $ 0
v3.25.3
Consolidated Statements of Financial Condition (Parenthetical) (Unaudited) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Allowance for accounts receivable $ 303 $ 982
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 41,107,947 41,020,421
Common stock, shares outstanding 37,149,529 37,646,374
Treasury Stock, Common, Shares 3,958,418 3,374,047
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
v3.25.3
Consolidated Statements of Operations (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Revenues        
Revenues $ 208,821 $ 206,715 $ 636,859 $ 614,693
Expenses        
Employee compensation and benefits 59,982 58,431 187,135 176,485
Depreciation and amortization 19,662 18,728 57,093 55,284
Technology and communications 19,961 18,553 57,430 53,375
Professional and consulting fees 7,382 6,989 20,982 21,053
Occupancy 3,859 3,835 11,234 10,974
Marketing and advertising 2,349 2,898 7,362 7,741
Clearing costs 3,948 4,387 12,580 13,420
General and administrative 6,099 5,839 17,218 15,467
Total expenses 123,242 119,660 371,034 353,799
Operating income 85,579 87,055 265,825 260,894
Other income (expense)        
Interest income 5,850 6,953 18,949 19,327
Interest expense (171) (346) (523) (1,283)
Equity in earnings of unconsolidated affiliate 0 340 457 1,064
Other, net 2,381 (1,105) 2,501 (4,051)
Total other income (expense) 8,060 5,842 21,384 15,057
Income before income taxes 93,639 92,897 287,209 275,951
Provision for income taxes 25,366 21,408 132,691 66,909
Net income 68,273 71,489 154,518 209,042
Less: income attributable to redeemable noncontrolling interest (97) 0 (128) 0
Net income available for common stockholders $ 68,176 $ 71,489 $ 154,390 $ 209,042
Net income per common share        
Basic $ 1.84 $ 1.9 $ 4.15 $ 5.55
Diluted 1.84 1.9 4.14 5.55
Cash dividends declared per common share $ 0.76 $ 0.74 $ 2.28 $ 2.22
Weighted average shares outstanding        
Basic 37,023 37,527 37,207 37,641
Diluted 37,109 37,608 37,288 37,696
Commissions [Member]        
Revenues        
Revenues $ 180,171 $ 180,392 $ 553,284 $ 536,944
Information Services [Member]        
Revenues        
Revenues 13,785 12,960 39,776 37,385
Post-trade Services [Member]        
Revenues        
Revenues 11,293 10,382 33,457 31,512
Technology Services [Member]        
Revenues        
Revenues $ 3,572 $ 2,981 $ 10,342 $ 8,852
v3.25.3
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Statement of Comprehensive Income [Abstract]        
Net income $ 68,273 $ 71,489 $ 154,518 $ 209,042
Cumulative translation adjustment (5,045) 18,740 30,593 13,936
Net unrealized gain/(loss) on securities available-for- sale, net of tax of $30, $20, 150 and $57, respectively 95 343 477 290
Comprehensive income 63,323 90,572 185,588 223,268
Less: comprehensive income attributable to redeemable noncontrolling interest (167) 0 (198) 0
Comprehensive income available for common stockholders $ 63,156 $ 90,572 $ 185,390 $ 223,268
v3.25.3
Consolidated Statements of Comprehensive Income (Parenthetical) (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Statement of Comprehensive Income [Abstract]        
Securities available-for-sale, tax expense (benefit) $ 30 $ 20 $ 150 $ 57
v3.25.3
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($)
$ in Thousands
Total
Common Stock Voting [Member]
Additional Paid-In Capital [Member]
Treasury Stock - Common Stock Voting [Member]
Retained Earnings [Member]
Accumulated Other Comprehensive Income/(Loss) [Member]
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) 209,042          
Cumulative translation adjustment 13,936          
Ending Balance at Sep. 30, 2024 1,386,254 123 344,138 (316,524) 1,368,661 (10,144)
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)
Net Income (Loss) 71,489       71,489  
Cumulative translation adjustment 18,740         18,740
Unrealized net gain (loss) on securities available-for-sale, net of tax 343         343
Stock-based compensation 8,294   8,294      
Exercise of stock options 444   444      
Withholding tax payments on Full Value Awards vesting and stock option exercises (164)   (164)      
Reissuance of treasury stock 886   (77) 963    
Repurchases of common stock (15,032)     (15,032)    
Cash dividend on common stock (27,967)       (27,967)  
Ending Balance at Sep. 30, 2024 1,386,254 123 344,138 (316,524) 1,368,661 (10,144)
Beginning Balance at Dec. 31, 2024 1,388,660 123 350,701 (333,369) 1,405,904 (34,699)
Net Income (Loss) 15,065       15,065  
Cumulative translation adjustment 11,010         11,010
Unrealized net gain (loss) on securities available-for-sale, net of tax 234         234
Stock-based compensation 7,696   7,696      
Withholding tax payments on Full Value Awards vesting and stock option exercises (9,525)   (9,525)      
Reissuance of treasury stock 940   (164) 1,104    
Repurchases of common stock (38,077)     (38,077)    
Cash dividend on common stock (28,690)       (28,690)  
Ending Balance at Mar. 31, 2025 1,347,313 123 348,708 (370,342) 1,392,279 (23,455)
Beginning Balance at Dec. 31, 2024 1,388,660 123 350,701 (333,369) 1,405,904 (34,699)
Net Income (Loss) 154,390          
Cumulative translation adjustment 30,593          
Ending Balance at Sep. 30, 2025 1,378,450 123 358,607 (451,403) 1,474,752 (3,629)
Beginning Balance at Mar. 31, 2025 1,347,313 123 348,708 (370,342) 1,392,279 (23,455)
Net Income (Loss) 71,149       71,149  
Cumulative translation adjustment 24,628         24,628
Unrealized net gain (loss) on securities available-for-sale, net of tax 148         148
Stock-based compensation 8,430   8,430      
Withholding tax payments on Full Value Awards vesting and stock option exercises (321)   (321)      
Repurchases of common stock (36,687)     (36,687)    
Cash dividend on common stock (28,475)       (28,475)  
Ending Balance at Jun. 30, 2025 1,386,185 123 356,817 (407,029) 1,434,953 1,321
Net Income (Loss) 68,176       68,176  
Cumulative translation adjustment (5,045)         (5,045)
Unrealized net gain (loss) on securities available-for-sale, net of tax 95         95
Stock-based compensation 8,832   8,832      
Withholding tax payments on Full Value Awards vesting and stock option exercises (6,915)   (6,915)      
Reissuance of treasury stock 750   (127) 877    
Repurchases of common stock (45,251)     (45,251)    
Cash dividend on common stock (28,377)       (28,377)  
Ending Balance at Sep. 30, 2025 $ 1,378,450 $ 123 $ 358,607 $ (451,403) $ 1,474,752 $ (3,629)
v3.25.3
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) (Unaudited) - $ / shares
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Sep. 30, 2025
Sep. 30, 2024
Statement of Stockholders' Equity [Abstract]                
Cash dividends declared per common share $ 0.76 $ 0.76 $ 0.76 $ 0.74 $ 0.74 $ 0.74 $ 2.28 $ 2.22
v3.25.3
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Cash flows from operating activities    
Net income $ 154,518 $ 209,042
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 57,093 55,284
Amortization of operating lease right-of-use assets 5,544 5,025
Stock-based compensation expense 23,717 23,065
Deferred taxes 16,159 (1,823)
Foreign currency transaction losses 2,921 5,795
Other (288) (2,839)
Changes in operating assets and liabilities:    
(Increase) in accounts receivable (11,148) (11,677)
(Increase)/decrease in receivables from broker-dealers, clearing organizations and customers (226,736) 208,520
Decrease in prepaid expenses and other assets 4,358 3,203
(Decrease) in accrued employee compensation (8,841) (7,795)
Increase/(decrease) in payables to broker-dealers, clearing organizations and customers 139,132 (261,718)
Increase/(decrease) in income and other tax liabilities 82,217 (5,150)
(Decrease) in accounts payable, accrued expenses and other liabilities (8,557) (2,085)
(Decrease) in operating lease liabilities (6,665) (6,646)
Net cash provided by operating activities 223,507 208,989
Cash flows from investing activities    
Proceeds from maturities and sales 8,420 8,995
Purchases (9,231) (38,746)
Acquisition, net of cash acquired (36,515) 0
Purchases of furniture, equipment and leasehold improvements (4,632) (9,727)
Capitalization of software development costs (38,035) (35,790)
Net cash (used in) investing activities (79,993) (75,268)
Cash flows from financing activities    
Cash dividends on common stock (87,151) (84,999)
Exercise of stock options 0 2,421
Withholding tax payments on Full Value Awards vesting and stock option exercises (16,761) (15,263)
Repurchases of common stock (120,015) (58,629)
Proceeds from short-term borrowings 0 344,925
Repayments of short-term borrowings 0 (344,925)
Net cash (used in) financing activities (223,927) (156,470)
Effect of exchange rate changes on cash and cash equivalents 22,728 11,082
Cash and cash equivalents including restricted cash    
Net decrease for the period (57,685) (11,667)
Beginning of period 700,459 611,672
End of period 642,774 600,005
Supplemental cash flow information    
Cash paid for income taxes 28,764 76,044
Cash paid for interest 541 1,399
Non-cash investing and financing activity    
Operating lease right-of-use assets obtained in exchange for operating lease liabilities 372 1,647
Furniture, equipment, software and leasehold improvement additions included in accounts payable 2,473 646
Stock-based and accrued incentive compensation relating to capitalized software development costs 5,613 3,885
Exercise of stock options - cashless 0 1,735
Fair value of assets acquired 82,568 0
Cash paid for acquisition, net of cash and cash equivalents acquired (36,515) 0
Fair value of previously held interest on acquisition date (33,866) 0
Fair value of remaining noncontrolling interests on acquisition date (10,365) 0
Liabilities assumed 1,822 0
Trading Investments [Member]    
Changes in operating assets and liabilities:    
(Increase)/decrease in trading investments 198 (629)
Mutual Funds Held In Rabbi Trust [Member]    
Changes in operating assets and liabilities:    
(Increase)/decrease in trading investments $ (115) $ (583)
v3.25.3
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Sep. 30, 2025
Sep. 30, 2024
Pay vs Performance Disclosure                
Net Income (Loss) $ 68,176 $ 71,149 $ 15,065 $ 71,489 $ 64,938 $ 72,615 $ 154,390 $ 209,042
v3.25.3
Insider Trading Arrangements
 3 Months Ended
Sep. 30, 2025
shares
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement

(c) Trading Plans

In the third quarter of 2025, no director or officer (as defined in Exchange Act Rule 16a-1(f)) of the Company adopted or terminated a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement for the purchase or sale of securities of the Company, within the meaning of Item 408 of Regulation S-K, except as follows:

Scott Pintoff, the Company’s General Counsel & Corporate Secretary, terminated a trading arrangement intended to satisfy Rule 10b5-1(c) on September 9, 2025 (the “Terminated Pintoff Plan”). The Terminated Pintoff Plan was originally entered into on December 5, 2024 for the sale of up to 2,225 shares of the Company’s common stock, subject to certain conditions and with an original expiration date of February 20, 2026. In addition, Mr. Pintoff adopted a new trading arrangement intended to satisfy Rule 10b5-1(c) on September 10, 2025 (the “New Pintoff Plan”), for the sale of up to 2,600 shares of the Company’s common stock, subject to certain conditions. The New Pintoff Plan's expiration date is December 15, 2026.
Non-Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Terminated false
Plan 1 [Member] | Scott Pintoff [Member]  
Trading Arrangements, by Individual  
Name Scott Pintoff
Title General Counsel & Corporate Secretary
Rule 10b5-1 Arrangement Terminated true
Termination Date September 9, 2025
Expiration Date February 20, 2026
Arrangement Duration 164 days
Aggregate Available 2,225
Plan 2 [Member] | Scott Pintoff [Member]  
Trading Arrangements, by Individual  
Name Mr. Pintoff
Rule 10b5-1 Arrangement Adopted true
Adoption Date September 10, 2025
Expiration Date December 15, 2026
Arrangement Duration 461 days
Aggregate Available 2,600
v3.25.3
Organization and Principal Business Activity
 9 Months Ended
Sep. 30, 2025
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. Approximately 2,100 institutional investor and broker-dealer firms use MarketAxess’ patented trading technology to access 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. MarketAxess offers a diverse set of trading protocols, automated and algorithmic trading solutions, intelligent data products and a range of post-trade and technology services to provide an end-to-end trading solution to its network of platform participants. 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.
v3.25.3
Significant Accounting Policies
 9 Months Ended
Sep. 30, 2025
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, 2024. The consolidated financial information as of December 31, 2024 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.

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.

Cash and Cash Equivalents

The Company defines cash equivalents as short-term interest-bearing investments with maturities at the time of purchase of three months or less.

Investments

The Company determines the appropriate classification of securities at the time of purchase which are recorded in the Consolidated Statements of Financial Condition on the trade date. Securities are classified as available-for-sale or trading. Available-for-sale investments are carried at fair value with unrealized gains or losses reported in accumulated other comprehensive loss in the Consolidated Statements of Financial Condition and realized gains or losses reported in other, net in the Consolidated Statements of Operations. Trading investments include U.S. Treasuries and are carried at fair value, with realized and unrealized gains or losses included in other, net in the Consolidated Statements of Operations.

The Company assesses whether an impairment loss on its available-for-sale debt securities has occurred due to declines in fair value or other market conditions. When the amortized cost basis of an available-for-sale debt security exceeds its fair value, the security is deemed to be impaired. The portion of an impairment related to credit losses is determined by comparing the present value of cash flows expected to be collected from the security with the amortized cost basis of the security and is recorded as a charge in the Consolidated Statements of Operations. The remainder of an impairment is recognized in accumulated other comprehensive loss if the Company does not intend to sell the security and it is more likely than not that the Company will not be required to sell the security prior to recovery.

Fair Value Measurement

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 and foreign currency forward contracts. 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 $0.3 million and $1.0 million as of September 30, 2025 and December 31, 2024, respectively. The provision for bad debts and write-offs and other charges against the allowance for credit losses were immaterial for the three and nine months ended September 30, 2025 and 2024, respectively.

Furniture, Equipment and Leasehold Improvements

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.

Leases

At lease commencement, a right-of-use asset and a lease liability are recognized for all leases with an initial term in excess of 12 months based on the initial present value of the fixed lease payments over the lease term. The lease right-of-use asset also reflects the present value of any initial direct costs, prepaid lease payments and lease incentives. The Company’s leases do not provide a readily determinable implicit discount rate. Therefore, management estimates the Company’s incremental borrowing rate used to discount the lease payments based on the information available at lease commencement. The Company includes the term covered by an option to extend a lease when the option is reasonably certain to be exercised. Operating lease expense is recognized on a straight-line basis over the lease term and included as a component of occupancy and technology and communications expense in the Consolidated Statements of Operations.

Foreign Currency Translation and Forward Contracts

Assets and liabilities denominated in foreign currencies are translated using exchange rates at the end of the period; revenues and expenses are translated at average monthly rates. Gains and losses on foreign currency translation are a component of accumulated other comprehensive loss in the Consolidated Statements of Financial Condition. Transaction gains and losses are recorded in other, net in the Consolidated Statements of Operations.

The Company enters into foreign currency forward contracts to economically hedge its foreign currency transaction gains and losses. Realized and unrealized gains and losses on these forward contracts are included in other, net in the Consolidated Statements of Operations. The Company records the fair value of the forward contract asset in prepaid expenses and other assets or the fair value of the forward contract liability in accounts payable, accrued expenses and other liabilities in the Consolidated Statements of Financial Condition.

Revenue Recognition

The Company’s classification of revenues in the Consolidated Statements of Operations represents revenues from contracts with customers disaggregated by type of revenue. The Company has four revenue streams as described below.

Commission Revenue – The Company charges its broker-dealer clients variable transaction fees for trades executed on its platforms and, under certain plans, distribution fees or monthly minimum fees to use the platforms for a particular product area. Variable transaction fees are recognized on a trade date basis, are generally calculated as a percentage of the notional dollar volume of bonds traded on the platforms and vary based on the type, size, yield and maturity of the bond traded, as well as individual client incentives. Bonds that are more actively traded or that have shorter maturities generally generate lower commissions, while bonds that are less actively traded or that have longer maturities generally command higher commissions. Under the Company’s disclosed trading transaction fee plans, variable transaction fees, distribution fees and unused monthly fee commitments are invoiced and recorded on a monthly basis.

For Open Trading trades that the Company executes between and among institutional investor and broker-dealer clients on a matched principal basis by serving as counterparty to both the buyer and the seller, the Company earns its commission through the difference in price between the two trades. The commission is collected upon settlement of the trade, which typically occurs within one to two trading days after the trade date. For the majority of the Company’s U.S. Treasury matched principal trades, commissions are invoiced and recorded on a monthly basis.

The Company also earns equities and foreign exchange commissions for algorithmic trading services and, following the 2025 RFQ-hub Acquisition (as defined below), derivative and exchange-traded-fund (“ETF”) commissions. 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 September 30,

 

 

Nine Months Ended September 30,

 

 

 

2025

 

 

 

2024

 

 

2025

 

 

2024

 

 

(In thousands)

 

Commission revenue by fee type

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Variable transaction fees

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Disclosed trading

$

 

92,640

 

 

$

 

91,273

 

 

$

 

286,183

 

 

$

 

272,828

 

Open Trading – matched principal trading

 

 

40,590

 

 

 

 

45,137

 

 

 

 

130,961

 

 

 

 

135,756

 

U.S. government bonds - matched principal trading

 

 

4,129

 

 

 

 

5,525

 

 

 

 

13,987

 

 

 

 

13,384

 

Other

 

 

8,590

 

 

 

 

4,802

 

 

 

 

20,882

 

 

 

 

14,728

 

Total variable transaction fees

 

 

145,949

 

 

 

 

146,737

 

 

 

 

452,013

 

 

 

 

436,696

 

Distribution fees and unused minimum fees

 

 

34,222

 

 

 

 

33,655

 

 

 

 

101,271

 

 

 

 

100,248

 

Total commissions

$

 

180,171

 

 

$

 

180,392

 

 

$

 

553,284

 

 

$

 

536,944

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 September 30,

 

 

Nine Months Ended September 30,

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

(In thousands)

 

Information services revenue by timing
   of recognition

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Services transferred over time

$

 

13,334

 

 

$

 

12,787

 

 

$

 

38,888

 

 

$

 

36,764

 

Services transferred at a point in time

 

 

451

 

 

 

 

173

 

 

 

 

888

 

 

 

 

621

 

Total information services revenues

$

 

13,785

 

 

$

 

12,960

 

 

$

 

39,776

 

 

$

 

37,385

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 September 30,

 

 

Nine Months Ended September 30,

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

(In thousands)

 

Post-trade services revenue by timing
   of recognition

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Services transferred over time

$

 

11,271

 

 

$

 

10,333

 

 

$

 

33,360

 

 

$

 

31,231

 

Services transferred at a point in time

 

 

22

 

 

 

 

49

 

 

 

 

97

 

 

 

 

281

 

Total post-trade services revenues

$

 

11,293

 

 

$

 

10,382

 

 

$

 

33,457

 

 

$

 

31,512

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Technology services – Technology services revenue primarily includes technology-related license and connectivity fees and revenue generated 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 September 30,

 

 

Nine Months Ended September 30,

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

(In thousands)

 

Technology services revenue by timing
   of recognition

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Services transferred over time

$

 

3,424

 

 

$

 

2,972

 

 

$

 

9,775

 

 

$

 

8,826

 

Services transferred at a point in time

 

 

148

 

 

 

 

9

 

 

 

 

567

 

 

 

 

26

 

Total technology services revenues

$

 

3,572

 

 

$

 

2,981

 

 

$

 

10,342

 

 

$

 

8,852

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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, 2024

 

 

Payments received in advance of services to be performed

 

 

Revenue recognized for services performed during the period

 

 

Foreign Currency Translation

 

 

September 30, 2025

 

 

 

 

(In thousands)

 

Information services

 

$

 

3,302

 

 

$

 

11,438

 

 

$

 

(11,646

)

 

$

 

—

 

 

$

 

3,094

 

Post-trade services

 

 

 

1,286

 

 

 

 

17,261

 

 

 

 

(17,218

)

 

 

 

93

 

 

 

 

1,422

 

Technology services

 

 

 

415

 

 

 

 

5,953

 

 

 

 

(6,046

)

 

 

 

—

 

 

 

 

322

 

Total deferred revenue

 

$

 

5,003

 

 

$

 

34,652

 

 

$

 

(34,910

)

 

$

 

93

 

 

$

 

4,838

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 $32.8 million as of September 30, 2025. The Company expects to recognize revenue associated with the remaining performance obligations over the next 37 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.

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 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses. The ASU primarily will require enhanced disclosures about certain types of expenses. The amendments in ASU 2024-03 are effective for fiscal years beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027, and may be applied either on a prospective or retrospective basis. The Company is currently evaluating the impact of the standard on its disclosures.
v3.25.3
Regulatory Capital Requirements
 9 Months Ended
Sep. 30, 2025
Broker-Dealer [Abstract]  
Regulatory Capital Requirements

3. Regulatory Capital Requirements

Certain of the Company’s U.S. subsidiaries are registered as broker-dealers and are subject to the applicable rules and regulations of the SEC, the Financial Industry Regulatory Authority (“FINRA”) and the Commodity Futures Trading Commission (“CFTC”). These rules contain minimum net capital requirements, as defined in the applicable regulations. 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 September 30, 2025, 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 September 30, 2025, the Company’s subsidiaries maintained aggregate net capital and financial resources that were $603.4 million in excess of the required levels of $43.3 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 September 30, 2025, this U.S. broker-dealer subsidiary had a balance of $48.4 million in its special reserve bank account. This U.S. broker-dealer subsidiary also maintained net capital that was $327.8 million in excess of the required level of $3.8 million.

Each of the Company’s U.S. and foreign regulated subsidiaries are subject to local regulations which generally limit, or require the prior notification to or approval from such regulated entity’s principal regulator before, the repayment of borrowings from the Company or affiliates, paying cash dividends, making loans to the Company or affiliates or otherwise entering into transactions that result in a significant reduction in regulatory net capital or financial resources.
v3.25.3
Fair Value Measurements
 9 Months Ended
Sep. 30, 2025
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 September 30, 2025

 

 

 

 

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

 

 

 

Money market funds

$

27,464

 

 

$

—

 

 

$

—

 

 

$

27,464

 

Securities available-for-sale

 

 

 

 

 

 

 

 

 

 

 

Corporate debt

 

—

 

 

 

56,748

 

 

 

—

 

 

 

56,748

 

Trading securities

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasuries

 

—

 

 

 

100,503

 

 

 

—

 

 

 

100,503

 

Mutual funds held in rabbi trust

 

—

 

 

 

11,221

 

 

 

—

 

 

 

11,221

 

Total assets

$

27,464

 

 

$

168,472

 

 

$

—

 

 

$

195,936

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

Foreign currency forward position

 

—

 

 

 

499

 

 

 

—

 

 

 

499

 

Total liabilities

$

—

 

 

$

499

 

 

$

—

 

 

$

499

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31, 2024

 

 

 

 

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

 

 

 

Money market funds

$

55,473

 

 

$

—

 

 

$

—

 

 

$

55,473

 

Securities available-for-sale

 

 

 

 

 

 

 

 

 

 

 

Corporate debt

 

—

 

 

 

55,108

 

 

 

—

 

 

 

55,108

 

Trading securities

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasuries

 

—

 

 

 

99,045

 

 

 

—

 

 

 

99,045

 

Mutual funds held in rabbi trust

 

—

 

 

 

11,107

 

 

 

—

 

 

 

11,107

 

Total assets

$

55,473

 

 

$

165,260

 

 

$

—

 

 

$

220,733

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

Foreign currency forward position

 

—

 

 

 

936

 

 

 

—

 

 

 

936

 

Total liabilities

$

—

 

 

$

936

 

 

$

—

 

 

$

936

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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.

During each of the nine months ended September 30, 2025 and 2024, there were no transfers of securities between Level 1, Level 2 and Level 3.

 

The table below presents the carrying value, fair value and fair value hierarchy category of the Company’s financial assets and liabilities that are not measured at fair value on the Consolidated Statements of Financial Condition. The carrying values of the Company’s financial assets and liabilities not measured at fair value categorized in the fair value hierarchy as Level 1 and Level 2 approximate fair value due to the short-term nature of the underlying assets and liabilities.

 

Carrying Value

 

 

Fair Value

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

 

(In thousands)

 

As of September 30, 2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial assets not measured at fair value:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash

$

445,835

 

 

$

445,835

 

 

$

445,835

 

 

$

—

 

 

$

—

 

 

$

445,835

 

Cash segregated under federal regulations

 

48,351

 

 

 

48,351

 

 

 

48,351

 

 

 

—

 

 

 

—

 

 

 

48,351

 

Accounts receivable, net of allowance

 

110,519

 

 

 

110,519

 

 

 

—

 

 

 

110,519

 

 

 

—

 

 

 

110,519

 

Receivables from broker-dealers, clearing
   organizations and customers

 

606,667

 

 

 

606,667

 

 

 

119,942

 

 

 

486,725

 

 

 

—

 

 

 

606,667

 

Total

$

1,211,372

 

 

$

1,211,372

 

 

$

614,128

 

 

$

597,244

 

 

$

—

 

 

$

1,211,372

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial liabilities not measured at fair value:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Payables to broker-dealers, clearing
   organizations and customers

$

365,828

 

 

$

365,828

 

 

$

—

 

 

$

365,828

 

 

$

—

 

 

$

365,828

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial assets not measured at fair value:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash

$

489,005

 

 

$

489,005

 

 

$

489,005

 

 

$

—

 

 

$

—

 

 

$

489,005

 

Cash segregated under federal regulations

 

47,107

 

 

 

47,107

 

 

 

47,107

 

 

 

—

 

 

 

—

 

 

 

47,107

 

Accounts receivable, net of allowance

 

91,845

 

 

 

91,845

 

 

 

—

 

 

 

91,845

 

 

 

—

 

 

 

91,845

 

Receivables from broker-dealers, clearing
   organizations and customers

 

357,728

 

 

 

357,728

 

 

 

107,652

 

 

 

250,076

 

 

 

—

 

 

 

357,728

 

Total

$

985,685

 

 

$

985,685

 

 

$

643,764

 

 

$

341,921

 

 

$

—

 

 

$

985,685

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial liabilities not measured at fair value:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Payables to broker-dealers, clearing
   organizations and customers

$

218,845

 

 

$

218,845

 

 

$

—

 

 

$

218,845

 

 

$

—

 

 

$

218,845

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

September 30, 2025

 

 

December 31, 2024

 

 

(In thousands)

 

Notional value

$

67,723

 

 

$

64,454

 

Fair value of notional

 

67,224

 

 

 

63,518

 

Fair value of the (liability)

$

(499

)

 

$

(936

)

 

 

 

 

 

 

 

Realized and unrealized gains and losses on foreign currency forward contracts are included in other, net in the Consolidated Statements of Operations. The following table summarizes the realized and unrealized gains and losses on foreign currency forward contracts:

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

(In thousands)

 

Unrealized gain/(loss)

$

(2,202

)

 

$

2,270

 

 

$

438

 

 

$

868

 

Realized gain/(loss)

 

600

 

 

 

1,195

 

 

 

3,690

 

 

 

1,808

 

Total gain/(loss)

$

(1,602

)

 

$

3,465

 

 

$

4,128

 

 

$

2,676

 

 

 

 

 

 

 

 

 

 

 

 

 

The Company records restricted cash collateral deposits with its counterparty bank in prepaid expenses and other assets on the Consolidated Statements of Financial Condition. As of September 30, 2025, the Company maintained a restricted cash collateral deposit of $1.0 million with its counterparty bank.

The Company also enters into interest rate swap agreements to manage its exposure to the effect of interest rate changes on its unrealized gains and losses on U.S. Treasury investments. As of September 30, 2025, the notional value of the Company’s interest rate swap outstanding was $25.0 million and the fair value of the liability was immaterial.

The following table summarizes the Company’s investments:

 

Amortized
cost

 

 

Gross
unrealized gains

 

 

Gross
unrealized losses

 

 

Fair
value

 

 

 

(In thousands)

 

As of September 30, 2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Securities available-for-sale

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt

$

 

56,460

 

 

 $

 

300

 

 

 $

 

(12

)

 

 $

 

56,748

 

Trading securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasuries

 

 

100,270

 

 

 

 

254

 

 

 

 

(21

)

 

 

 

100,503

 

Mutual funds held in rabbi trust

 

 

10,237

 

 

 

 

984

 

 

 

 

—

 

 

 

 

11,221

 

Total investments

$

 

166,967

 

 

 $

 

1,538

 

 

 $

 

(33

)

 

 $

 

168,472

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Securities available-for-sale

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt

$

 

55,447

 

 

 $

 

88

 

 

 $

 

(427

)

 

 $

 

55,108

 

Trading securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasuries

 

 

100,484

 

 

 

 

86

 

 

 

 

(1,525

)

 

 

 

99,045

 

Mutual funds held in rabbi trust

 

 

10,212

 

 

 

 

900

 

 

 

 

(5

)

 

 

 

11,107

 

Total investments

$

 

166,143

 

 

 $

 

1,074

 

 

 $

 

(1,957

)

 

 $

 

165,260

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Purchases of investments during the nine months ended September 30, 2025 and 2024 were $59.0 million and $89.4 million, respectively. Proceeds from the sales and maturities of investments during the nine months ended September 30, 2025 and 2024 were $58.4 million and $58.9 million, respectively.

 

The following table summarizes the Company’s unrealized and realized gains and losses on investments:

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

(In thousands)

 

 

 

 

 

Unrealized gains/(losses)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Securities available-for-sale

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt

$

 

124

 

 

$

 

324

 

 

$

 

626

 

 

$

 

233

 

Trading securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasuries

 

 

(166

)

 

 

 

845

 

 

 

 

1,113

 

 

 

 

852

 

Mutual funds held in rabbi trust

 

 

(487

)

 

 

 

505

 

 

 

 

90

 

 

 

 

1,850

 

Total investments

$

 

(529

)

 

$

 

1,674

 

 

$

 

1,829

 

 

$

 

2,935

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Securities sold, not yet purchased

$

 

—

 

 

$

 

(44

)

 

$

 

—

 

 

$

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Realized gains/(losses)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Securities available-for-sale

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt

$

 

—

 

 

$

 

2

 

 

$

 

—

 

 

$

 

4

 

Trading securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mutual funds held in rabbi trust

 

 

1,161

 

 

 

 

30

 

 

 

 

1,255

 

 

 

 

(347

)

Total investments

$

 

1,161

 

 

$

 

32

 

 

$

 

1,255

 

 

$

 

(343

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Securities sold, not yet purchased

$

 

—

 

 

$

 

174

 

 

$

 

—

 

 

$

 

174

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 Company’s corporate debt and U.S. Treasury investments based upon the contractual maturities:

 

Less than one year

 

 

Due in 1 - 5 years

 

 

Total

 

 

(In thousands)

 

As of September 30, 2025

 

 

 

 

 

 

 

 

Securities available-for-sale

 

 

 

 

 

 

 

 

Corporate debt

$

9,484

 

 

$

47,264

 

 

$

56,748

 

Trading securities

 

 

 

 

 

 

 

 

U.S. Treasuries

 

24,920

 

 

 

75,583

 

 

 

100,503

 

Total

$

34,404

 

 

$

122,847

 

 

$

157,251

 

 

 

 

 

 

 

 

 

As of December 31, 2024

 

 

 

 

 

 

 

 

Securities available-for-sale

 

 

 

 

 

 

 

 

Corporate debt

$

9,346

 

 

$

45,762

 

 

$

55,108

 

Trading securities

 

 

 

 

 

 

 

 

U.S. Treasuries

 

49,978

 

 

 

49,067

 

 

 

99,045

 

Total

$

59,324

 

 

$

94,829

 

 

$

154,153

 

 

 

 

 

 

 

 

 

 

 

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 September 30, 2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt

$

11,467

 

 

$

(11

)

 

$

753

 

 

$

(1

)

 

$

12,220

 

 

$

(12

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt

$

38,041

 

 

$

(426

)

 

$

1,226

 

 

$

(1

)

 

$

39,267

 

 

$

(427

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

During each of the three and nine months ended September 30, 2025 and 2024, the Company did not 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.
v3.25.3
Receivables from and Payables to Broker-dealers, Clearing organizations and Customers
 9 Months Ended
Sep. 30, 2025
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

 

 

September 30, 2025

 

 

December 31, 2024

 

Receivables from broker-dealers, clearing organizations and customers:

(In thousands)

 

Securities failed-to-deliver – broker-dealers and clearing organizations

$

 

184,441

 

 

$

 

109,307

 

Securities failed-to-deliver – customers

 

 

297,606

 

 

 

 

136,424

 

Cash deposits with clearing organizations and broker-dealers

 

 

119,942

 

 

 

 

107,652

 

Other

 

 

4,678

 

 

 

 

4,345

 

Total

$

 

606,667

 

 

$

 

357,728

 

 

 

 

 

 

 

 

 

Payables to broker-dealers, clearing organizations and customers:

 

 

 

 

 

 

 

Securities failed-to-receive – broker-dealers and clearing organizations

$

 

254,622

 

 

$

 

158,694

 

Securities failed-to-receive – customers

 

 

101,514

 

 

 

 

51,916

 

Other

 

 

9,692

 

 

 

 

8,235

 

Total

$

 

365,828

 

 

$

 

218,845

 

 

 

 

 

 

 

 

 
v3.25.3
Acquisitions and Equity Investments
 9 Months Ended
Sep. 30, 2025
Business Combination [Abstract]  
Acquisitions and Equity Investments

6. Acquisitions and Equity Investments

RFQ Hub Holdings LLC Acquisition

In May 2022, the Company acquired a minority ownership stake in RFQ–hub Holdings LLC (“RFQ-hub”), an entity formed with a consortium of market participants to support the growth of a multi-asset request for quote platform. In April 2024, the Company entered into a Unit Purchase Agreement with Virtu Financial Operating LLC and RFQ-hub to purchase a controlling stake of RFQ–hub (the “2025 RFQ-hub Acquisition”). The 2025 RFQ-hub Acquisition was completed on May 9, 2025 (the “Acquisition Date”).

Between May 2022 and the Acquisition Date, the Company possessed significant influence over RFQ–hub and accounted for its investment under the equity method of accounting. The Company’s investment was recorded at carrying value within prepaid expenses and other assets on the Consolidated Statements of Financial Condition and the Company’s proportionate share of RFQ–hub’s net earnings was recorded within equity in earnings of unconsolidated affiliate on the Consolidated Statements of Operations.

Following the Acquisition Date, the Company holds a 90.3% controlling stake in RFQ-hub, subject to the call and put rights and incentive agreements described below under “−Redeemable Noncontrolling Interest.” The 2025 RFQ-hub Acquisition is being accounted for as a business combination under ASC 805, Business Combinations. The 2025 RFQ-hub Acquisition cash consideration totaled $38.1 million.

The Company has performed a preliminary valuation analysis of the fair market values of its previously-held interests in RFQ-hub and of the assets and liabilities of RFQ-hub and its wholly-owned subsidiaries. The final purchase price allocation will be determined when the Company has completed its evaluation of the valuation analysis. The final allocation could differ materially from the preliminary allocation and may include changes in (i) allocations to acquired intangible assets; (ii) goodwill; (iii) redeemable noncontrolling interest; and (iv) other assets and liabilities. During the third quarter of 2025, the Company made measurement period adjustments to the purchase price and fair values of assets acquired. The following table sets forth the components and the allocation of the purchase price for the business combination and summarizes the fair values of the assets acquired and liabilities assumed at the Acquisition Date and the purchase price adjustments recorded:

 

 

Preliminary

 

 

Purchase Price Adjustments

 

 

Adjusted

 

Previously held interests in RFQ-hub:

 

 

 

 

 

 

 

 

 

Carrying value of previously held interest

 

$

34,878

 

 

$

—

 

 

$

34,878

 

Fair value of previously held interest on Acquisition Date

 

 

34,321

 

 

 

(455

)

 

 

33,866

 

Loss on remeasurement of previously held interest

 

 

(557

)

 

 

(455

)

 

 

(1,012

)

 

 

 

 

 

 

 

 

 

 

Purchase price allocation:

 

 

 

 

 

 

 

 

 

Cash consideration at closing

 

$

38,069

 

 

$

—

 

 

$

38,069

 

Fair value of previously held interest on Acquisition Date

 

 

34,321

 

 

 

(455

)

 

 

33,866

 

Fair value of remaining noncontrolling interests on Acquisition Date

 

 

13,755

 

 

 

(3,390

)

 

 

10,365

 

Total purchase price

 

 

86,145

 

 

 

(3,845

)

 

 

82,300

 

Acquired cash

 

 

(1,554

)

 

 

—

 

 

 

(1,554

)

Purchase price, net of acquired cash

 

 

84,591

 

 

 

(3,845

)

 

 

80,746

 

Intangible assets

 

 

(30,300

)

 

 

100

 

 

 

(30,200

)

Accounts receivable

 

 

(4,333

)

 

 

—

 

 

 

(4,333

)

Prepaid expenses and other assets

 

 

(2,466

)

 

 

1,392

 

 

 

(1,074

)

Accounts payable, accrued expenses and other liabilities

 

 

1,822

 

 

 

—

 

 

 

1,822

 

Goodwill

 

$

49,314

 

 

$

(2,353

)

 

$

46,961

 

 

 

 

 

 

 

 

 

 

 

RFQ-hub’s assets and liabilities were measured at estimated fair values on the Acquisition Date. Estimates of fair value represent management’s best estimate and require significant judgment about future events and uncertainties. Third-party valuation specialists were engaged to assist in the valuation of these assets and liabilities. The redeemable noncontrolling interests were valued using an option pricing model. 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:

 

 

Costs (in thousands)

 

 

Useful Lives

Developed technology

 

$

16,900

 

 

5 years

Customer relationships

 

 

12,600

 

 

15 years

Tradename - finite life

 

 

700

 

 

10 years

Total

 

$

30,200

 

 

 

The goodwill recognized in connection with the 2025 RFQ-hub Acquisition is primarily attributable to the acquisition of an assembled workforce and expected future technology and synergies from the integration of the operations of RFQ-hub into the Company's operations. Approximately $19.5 million of the goodwill recognized in connection with the 2025 RFQ-hub Acquisition is expected to be deductible for income tax purposes.

Pro forma financial information and current period results for the 2025 RFQ-hub Acquisition were not material to the Company’s consolidated financial statements and therefore have not been presented.

Redeemable Noncontrolling Interest

The Second Amended and Restated Limited Liability Company Agreement of RFQ-Hub Holdings LLC (the “RFQ-hub LLC Agreement”) contains a call right under which the Company may, during certain pre-set periods, require the noncontrolling equity holders of RFQ-hub to sell their interest to the Company at the fair market value of RFQ-hub as determined at the time this right is exercised (the “Call Right”). The RFQ-hub LLC Agreement also contains a put right under which the noncontrolling equity holders may, during certain periods after expiration of the availability of the Call Right, require the Company to purchase their interests at the fair market value of RFQ-hub as determined at the time this right is exercised. The redeemable noncontrolling interest is classified as temporary equity on the Consolidated Statements of Financial Condition and is recorded at fair value.

In addition, pursuant to certain incentive agreements, the Company and the noncontrolling equity holders of RFQ-hub may earn additional equity interests in RFQ-hub based on certain performance metrics. The Company records expense for the additional equity interests earned by the noncontrolling equity holders based on the fair market value of these equity units as of the Acquisition Date. The expense recorded by the Company for the nine months ended September 30, 2025 was $1.2 million and is included within other, net on the Consolidated Statements of Operations, with a corresponding increase to redeemable noncontrolling interest.

The following table is a summary of the changes in redeemable noncontrolling interest for the nine months ended September 30, 2025:

 

 

(In thousands)

 

Balance at December 31, 2024

 

$

—

 

Redeemable noncontrolling interests assumed through the 2025 RFQ-hub Acquisition

 

 

10,365

 

Net income attributable to noncontrolling interests

 

 

128

 

Issuance of noncontrolling interests

 

 

1,240

 

Balance at September 30, 2025

 

$

11,733

 

 

 

 

 
v3.25.3
Goodwill and Intangible Assets
 9 Months Ended
Sep. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets

7. Goodwill and Intangible Assets

Goodwill and intangible assets with indefinite lives were $283.7 million and $236.7 million as of September 30, 2025 and December 31, 2024, respectively. The following is a summary of changes in goodwill and intangible assets with indefinite lives for the nine months ended September 30, 2025:

 

 

(In thousands)

 

Balance at December 31, 2024

 

$

236,706

 

Goodwill from the 2025 RFQ-hub Acquisition

 

 

46,961

 

Balance at September 30, 2025

 

$

283,667

 

 

 

 

 

Intangible assets that are subject to amortization, including the related accumulated amortization, are comprised of the following:

 

 

September 30, 2025

 

 

December 31, 2024

 

 

 

Cost

 

 

Accumulated
amortization

 

 

Net carrying
amount

 

 

Cost

 

 

Accumulated
amortization

 

 

Net carrying
amount

 

 

 

(In thousands)

 

Customer relationships

 

$

155,525

 

 

$

(77,221

)

 

$

78,304

 

 

$

138,089

 

 

$

(64,698

)

 

$

73,391

 

Developed technology and other
   intangibles

 

 

58,730

 

 

 

(21,154

)

 

 

37,576

 

 

 

41,130

 

 

 

(16,443

)

 

 

24,687

 

Total

 

$

214,255

 

 

$

(98,375

)

 

$

115,880

 

 

$

179,219

 

 

$

(81,141

)

 

$

98,078

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortization expense associated with identifiable intangible assets was $5.5 million and $5.0 million for the three months ended September 30, 2025 and 2024, respectively, and $14.7 million and $15.0 million for the nine months ended September 30, 2025 and 2024, respectively. Annual estimated total amortization expense is $20.1 million, $19.7 million, $18.3 million, $16.8 million and $15.8 million for the years ended December 31, 2025 through 2029, respectively.
v3.25.3
Income Taxes
 9 Months Ended
Sep. 30, 2025
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 provision for income taxes was $25.4 million and $21.4 million for the three months ended September 30, 2025 and 2024, respectively, and $132.7 million and $66.9 million for the nine months ended September 30, 2025 and 2024, respectively. The Company’s effective tax rate was 27.1% and 23.0% for the three months ended September 30, 2025 and 2024, respectively, and 46.2% and 24.2% for the nine months ended September 30, 2025 and 2024, respectively. The Company’s effective tax rate can vary from period to period depending on the geographic mix of our earnings, changes in tax legislation and tax rates, changes in unrecognized tax benefits and the amount and timing of excess tax benefits related to stock-based payments, among other factors. The provision for income taxes includes provisions for unrecognized tax benefits of $2.2 million and $61.0 million for the three and nine months ended September 30, 2025, respectively. As of September 30, 2025, the Company’s liability for unrecognized tax benefits was $61.0 million.

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.
v3.25.3
Stock-Based Compensation Plans
 9 Months Ended
Sep. 30, 2025
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 September 30, 2025, there were 2,457,001 shares available for grant under the 2020 Plan.

Total stock-based compensation expense was as follows:

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Employees

 

$

7,615

 

 

$

7,940

 

 

$

21,739

 

 

$

22,762

 

Non-employee directors and consultants

 

 

1,217

 

 

 

354

 

 

 

3,219

 

 

 

1,158

 

Total stock-based compensation

 

$

8,832

 

 

$

8,294

 

 

$

24,958

 

 

$

23,920

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The Company records stock-based compensation expense for employees in employee compensation and benefits and for non-employee directors and consultants in general and administrative expenses in the Consolidated Statements of Operations. Total stock-based compensation for employees includes $0.5 million and $0.3 million of capitalized software development costs for the three months ended September 30, 2025 and 2024, respectively, and $1.2 million and $0.9 million of capitalized software development costs for the nine months ended September 30, 2025 and 2024, respectively.

During the nine months ended September 30, 2025, the Company granted (i) 176,590 restricted stock units, (ii) 20,606 stock options and (iii) performance stock units with an expected pay-out at target of 35,549 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 $197.78 and $193.49, respectively. The weighted-average fair value for stock options of $67.20 per share was based on the Black-Scholes option pricing model.

As of September 30, 2025, the total unrecognized compensation cost related to all non-vested awards was $50.0 million. That cost is expected to be recognized over a weighted-average period of 1.8 years.

 

Employee Stock Purchase Plan

The Company maintains the MarketAxess Holdings Inc. 2022 Employee Stock Purchase Plan (the “ESPP”). During the nine months ended September 30, 2025, the Company issued 10,343 shares of common stock under the ESPP. As of September 30, 2025, there were 97,712 shares available for purchase under the ESPP.
v3.25.3
Earnings Per Share
 9 Months Ended
Sep. 30, 2025
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 September 30,

 

 

Nine Months Ended September 30,

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

(In thousands, except per share amounts)

 

Basic weighted average shares outstanding

 

 

37,023

 

 

 

 

37,527

 

 

 

 

37,207

 

 

 

 

37,641

 

Dilutive effect of stock options and
   full value awards

 

 

86

 

 

 

 

81

 

 

 

 

81

 

 

 

 

55

 

Diluted weighted average shares outstanding

 

 

37,109

 

 

 

 

37,608

 

 

 

 

37,288

 

 

 

 

37,696

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share

 $

 

1.84

 

 

 $

 

1.90

 

 

 $

 

4.15

 

 

 $

 

5.55

 

Diluted earnings per share

 

 

1.84

 

 

 

 

1.90

 

 

 

 

4.14

 

 

 

 

5.55

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock options and Full Value Awards totaling 133,720 shares and 208,102 shares for the three months ended September 30, 2025 and 2024, respectively, and 199,481 and 408,112 shares for the nine months ended September 30, 2025 and 2024, 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.
v3.25.3
Credit Agreements and Short-term Financing
 9 Months Ended
Sep. 30, 2025
Debt Disclosure [Abstract]  
Credit Agreements and Short-term Financing

11. Credit Agreements and Short-term Financing

Credit Agreement

On August 9, 2023, the Company entered into a three-year revolving credit facility (the “Credit Agreement”) provided by a syndicate of lenders and JPMorgan Chase Bank, N.A., as administrative agent, which provides aggregate commitments totaling $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 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 Credit Agreement by up to $375.0 million in total. As of September 30, 2025, the Company had $0.1 million in letters of credit outstanding and $749.9 million in available borrowing capacity under the Credit Agreement.

Borrowings under the Credit Agreement will bear interest at a rate per annum equal to an 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 Credit Agreement requires that the Company satisfy certain covenants, including a requirement not to exceed a maximum consolidated total leverage ratio. The Company incurred no interest expense under the Credit Agreement for the three and nine months ended September 30, 2025. The Company incurred no interest expense and $0.2 million of interest expense under the Credit Agreement for the three and nine months ended September 30, 2024, respectively.

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 1.00% plus the higher of (i) the upper range of the Federal Funds Rate, (ii) one-month SOFR plus an applicable margin or (iii) 0.25%.

The Company incurred no interest expense on borrowings under such agreements during each of the three and nine months ended September 30, 2025, and incurred $0.1 million of interest expense during the three and nine months ended September 30, 2024. As of

September 30, 2025, 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 $0.2 million and $0.3 million during the three months ended September 30, 2025 and 2024, respectively, and $0.5 million and $1.1 million during the nine months ended September 30, 2025 and 2024, respectively. As of September 30, 2025, the Company had no overdrafts payable outstanding.
v3.25.3
Leases
 9 Months Ended
Sep. 30, 2025
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 nine months ended September 30, 2025 and 2024:

 

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

Lease cost:

 

Classification

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

 

 

 

(In thousands)

 

Operating lease cost - office space

 

Occupancy

 

$

2,868

 

 

$

2,774

 

 

$

8,445

 

 

$

8,278

 

Operating lease cost - equipment

 

Technology and communications

 

 

97

 

 

 

98

 

 

 

293

 

 

 

293

 

Variable lease costs

 

Occupancy

 

 

908

 

 

 

975

 

 

 

2,540

 

 

 

2,444

 

Total operating lease cost

 

 

 

$

3,873

 

 

$

3,847

 

 

$

11,278

 

 

$

11,015

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Finance lease expense was $0.1 million for each of the three and nine months ended September 30, 2025 and 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

 

September 30, 2025

 

 

December 31, 2024

 

Weighted average remaining lease term (in years) - operating leases

 

 

8.2

 

 

 

8.8

 

Weighted average discount rate - operating leases

 

 

6.1

%

 

 

6.1

%

Weighted average remaining lease term (in years) - finance leases

 

 

—

 

 

 

0.8

 

Weighted average discount rate - finance leases

 

 

—

 

 

 

7.2

%

 

 

 

 

 

 

 

 

The following table presents the maturity of lease liabilities as of September 30, 2025:

 

 

Operating Leases

 

 

 

 

 

(In thousands)

 

 

 

Remainder of 2025

 

$

3,269

 

 

 

2026

 

 

12,489

 

 

 

2027

 

 

9,448

 

 

 

2028

 

 

8,731

 

 

 

2029

 

 

9,006

 

 

 

2030 and thereafter

 

 

42,154

 

 

 

Total lease payments

 

 

85,097

 

 

 

Less: imputed interest

 

 

18,225

 

 

 

Present value of lease liabilities

 

$

66,872

 

 

 

 

 

 

 

 

 
v3.25.3
Commitments and Contingencies
 9 Months Ended
Sep. 30, 2025
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 nine months ended September 30, 2025 and 2024.

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.
v3.25.3
Share Repurchase Programs
 9 Months Ended
Sep. 30, 2025
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 (the “2022 Repurchase Program”). In August 2024, the Board of Directors authorized a share repurchase program for up to an additional $200.0 million (the “2024 Repurchase Program” and, together with the 2022 Repurchase Program, the “Repurchase Programs”). The Repurchase Programs do not have an expiration date. During the nine months ended September 30, 2025, the Company repurchased 594,714 shares of common stock under the Repurchase Programs at a cost of $120.0 million. The 2022 Repurchase Plan was exhausted during the first quarter of 2025 and, as of September 30, 2025, the Company had $105.0 million of remaining capacity under the 2024 Repurchase Program. Shares repurchased under the Repurchase Programs will be held in treasury for future use.
v3.25.3
Segment and Geographic Information
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Segment and Geographic Information

15. Segment and Geographic Information

The Company’s end-to-end trading solutions comprise one reportable segment. The Company’s end-to-end trading solutions segment includes the operation of electronic platforms for the trading of fixed-income and other securities and related data, analytics, compliance tools, post-trade services and technology services. The Company derives revenue primarily in North America and Europe and manages its business activities on a consolidated basis. The Company considers its operations to constitute a single business segment due to the highly integrated nature of these products and services within the trading lifecycle, the use of a single inter-connected suite of technology solutions underlying all services, the financial markets in which the Company competes and the Company’s worldwide business activities.

The accounting policies of the Company’s reportable segment are the same as those described in the summary of significant accounting policies. The Company’s chief operating decision maker (“CODM”) assesses performance of the Company overall and decides how to allocate resources based on net income that is reported on the consolidated statement of operations as net income. The measure of segment assets is reported on the consolidated statement of financial condition as total assets. The Company’s CODM is its Chief Executive Officer. The CODM uses net income to evaluate income generated from segment assets in deciding whether to reinvest profits into the Company’s end-to-end trading solutions or into other areas, such as for acquisitions or to pay dividends. Net income is used to monitor budget versus actual results. The significant segment expenses and net income reviewed by the CODM conform to the presentation of such items in the consolidated statements of operations.

For the three and nine months ended September 30, 2025 and 2024, the U.K. was the only individual foreign country in which the Company had operations that accounted for 10.0% or more of total revenues or total long-lived assets. Revenues and long-lived assets are attributed to a geographic area based on the location of the client trading activity and receipt of services. Long-lived assets are defined as furniture, equipment, leasehold improvements and capitalized software. Revenues for the three and nine months ended September 30, 2025 and 2024, and long-lived assets as of September 30, 2025 and December 31, 2024 were as follows:

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

(In thousands)

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

United States

$

 

138,627

 

 

$

 

145,022

 

 

$

 

429,914

 

 

$

 

427,688

 

United Kingdom

 

 

44,656

 

 

 

 

41,897

 

 

 

 

131,955

 

 

 

 

121,008

 

Other

 

 

25,538

 

 

 

 

19,796

 

 

 

 

74,990

 

 

 

 

65,997

 

Total

$

 

208,821

 

 

$

 

206,715

 

 

$

 

636,859

 

 

$

 

614,693

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of

 

 

 

 

 

 

 

 

September 30, 2025

 

 

December 31, 2024

 

 

 

 

 

 

 

 

(In thousands)

 

Long-lived assets, as defined

 

 

 

 

 

 

 

 

 

 

 

 

 

United States

 

 

 

 

 

 

$

 

99,193

 

 

$

 

92,983

 

United Kingdom

 

 

 

 

 

 

 

 

10,709

 

 

 

 

12,683

 

Other

 

 

 

 

 

 

 

 

1,720

 

 

 

 

1,632

 

Total

 

 

 

 

 

 

$

 

111,622

 

 

$

 

107,298

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
v3.25.3
Cash and Cash Equivalents and Restricted Cash
 9 Months Ended
Sep. 30, 2025
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

 

September 30, 2025

 

 

December 31, 2024

 

 

 

 

(In thousands)

 

Cash and cash equivalents

Cash and cash equivalents

 

$

473,299

 

 

$

544,478

 

Cash segregated for regulatory
   purposes

Cash segregated under federal
   regulations

 

 

48,351

 

 

 

47,107

 

Restricted cash deposits with clearing
   organizations and broker-dealers

Receivables from broker-dealers,
   clearing organizations
   and customers

 

 

119,942

 

 

 

107,652

 

Other restricted cash deposits

Prepaid expenses and other assets

 

 

1,182

 

 

 

1,222

 

Total

 

 

$

642,774

 

 

$

700,459

 

 

 

 

 

 

 

 

 
v3.25.3
Significant Accounting Policies (Policies)
 9 Months Ended
Sep. 30, 2025
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, 2024. The consolidated financial information as of December 31, 2024 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.
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.
Cash and Cash Equivalents

Cash and Cash Equivalents

The Company defines cash equivalents as short-term interest-bearing investments with maturities at the time of purchase of three months or less.
Investments

Investments

The Company determines the appropriate classification of securities at the time of purchase which are recorded in the Consolidated Statements of Financial Condition on the trade date. Securities are classified as available-for-sale or trading. Available-for-sale investments are carried at fair value with unrealized gains or losses reported in accumulated other comprehensive loss in the Consolidated Statements of Financial Condition and realized gains or losses reported in other, net in the Consolidated Statements of Operations. Trading investments include U.S. Treasuries and are carried at fair value, with realized and unrealized gains or losses included in other, net in the Consolidated Statements of Operations.

The Company assesses whether an impairment loss on its available-for-sale debt securities has occurred due to declines in fair value or other market conditions. When the amortized cost basis of an available-for-sale debt security exceeds its fair value, the security is deemed to be impaired. The portion of an impairment related to credit losses is determined by comparing the present value of cash flows expected to be collected from the security with the amortized cost basis of the security and is recorded as a charge in the Consolidated Statements of Operations. The remainder of an impairment is recognized in accumulated other comprehensive loss if the Company does not intend to sell the security and it is more likely than not that the Company will not be required to sell the security prior to recovery.
Fair Value Measurement

Fair Value Measurement

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 and foreign currency forward contracts. 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 $0.3 million and $1.0 million as of September 30, 2025 and December 31, 2024, respectively. The provision for bad debts and write-offs and other charges against the allowance for credit losses were immaterial for the three and nine months ended September 30, 2025 and 2024, respectively.
Furniture, Equipment and Leasehold Improvements

Furniture, Equipment and Leasehold Improvements

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.
Leases

Leases

At lease commencement, a right-of-use asset and a lease liability are recognized for all leases with an initial term in excess of 12 months based on the initial present value of the fixed lease payments over the lease term. The lease right-of-use asset also reflects the present value of any initial direct costs, prepaid lease payments and lease incentives. The Company’s leases do not provide a readily determinable implicit discount rate. Therefore, management estimates the Company’s incremental borrowing rate used to discount the lease payments based on the information available at lease commencement. The Company includes the term covered by an option to extend a lease when the option is reasonably certain to be exercised. Operating lease expense is recognized on a straight-line basis over the lease term and included as a component of occupancy and technology and communications expense in the Consolidated Statements of Operations.
Foreign Currency Translation and Forward Contracts

Foreign Currency Translation and Forward Contracts

Assets and liabilities denominated in foreign currencies are translated using exchange rates at the end of the period; revenues and expenses are translated at average monthly rates. Gains and losses on foreign currency translation are a component of accumulated other comprehensive loss in the Consolidated Statements of Financial Condition. Transaction gains and losses are recorded in other, net in the Consolidated Statements of Operations.

The Company enters into foreign currency forward contracts to economically hedge its foreign currency transaction gains and losses. Realized and unrealized gains and losses on these forward contracts are included in other, net in the Consolidated Statements of Operations. The Company records the fair value of the forward contract asset in prepaid expenses and other assets or the fair value of the forward contract liability in accounts payable, accrued expenses and other liabilities in the Consolidated Statements of Financial Condition.

Revenue Recognition

Revenue Recognition

The Company’s classification of revenues in the Consolidated Statements of Operations represents revenues from contracts with customers disaggregated by type of revenue. The Company has four revenue streams as described below.

Commission Revenue – The Company charges its broker-dealer clients variable transaction fees for trades executed on its platforms and, under certain plans, distribution fees or monthly minimum fees to use the platforms for a particular product area. Variable transaction fees are recognized on a trade date basis, are generally calculated as a percentage of the notional dollar volume of bonds traded on the platforms and vary based on the type, size, yield and maturity of the bond traded, as well as individual client incentives. Bonds that are more actively traded or that have shorter maturities generally generate lower commissions, while bonds that are less actively traded or that have longer maturities generally command higher commissions. Under the Company’s disclosed trading transaction fee plans, variable transaction fees, distribution fees and unused monthly fee commitments are invoiced and recorded on a monthly basis.

For Open Trading trades that the Company executes between and among institutional investor and broker-dealer clients on a matched principal basis by serving as counterparty to both the buyer and the seller, the Company earns its commission through the difference in price between the two trades. The commission is collected upon settlement of the trade, which typically occurs within one to two trading days after the trade date. For the majority of the Company’s U.S. Treasury matched principal trades, commissions are invoiced and recorded on a monthly basis.

The Company also earns equities and foreign exchange commissions for algorithmic trading services and, following the 2025 RFQ-hub Acquisition (as defined below), derivative and exchange-traded-fund (“ETF”) commissions. 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 September 30,

 

 

Nine Months Ended September 30,

 

 

 

2025

 

 

 

2024

 

 

2025

 

 

2024

 

 

(In thousands)

 

Commission revenue by fee type

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Variable transaction fees

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Disclosed trading

$

 

92,640

 

 

$

 

91,273

 

 

$

 

286,183

 

 

$

 

272,828

 

Open Trading – matched principal trading

 

 

40,590

 

 

 

 

45,137

 

 

 

 

130,961

 

 

 

 

135,756

 

U.S. government bonds - matched principal trading

 

 

4,129

 

 

 

 

5,525

 

 

 

 

13,987

 

 

 

 

13,384

 

Other

 

 

8,590

 

 

 

 

4,802

 

 

 

 

20,882

 

 

 

 

14,728

 

Total variable transaction fees

 

 

145,949

 

 

 

 

146,737

 

 

 

 

452,013

 

 

 

 

436,696

 

Distribution fees and unused minimum fees

 

 

34,222

 

 

 

 

33,655

 

 

 

 

101,271

 

 

 

 

100,248

 

Total commissions

$

 

180,171

 

 

$

 

180,392

 

 

$

 

553,284

 

 

$

 

536,944

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 September 30,

 

 

Nine Months Ended September 30,

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

(In thousands)

 

Information services revenue by timing
   of recognition

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Services transferred over time

$

 

13,334

 

 

$

 

12,787

 

 

$

 

38,888

 

 

$

 

36,764

 

Services transferred at a point in time

 

 

451

 

 

 

 

173

 

 

 

 

888

 

 

 

 

621

 

Total information services revenues

$

 

13,785

 

 

$

 

12,960

 

 

$

 

39,776

 

 

$

 

37,385

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 September 30,

 

 

Nine Months Ended September 30,

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

(In thousands)

 

Post-trade services revenue by timing
   of recognition

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Services transferred over time

$

 

11,271

 

 

$

 

10,333

 

 

$

 

33,360

 

 

$

 

31,231

 

Services transferred at a point in time

 

 

22

 

 

 

 

49

 

 

 

 

97

 

 

 

 

281

 

Total post-trade services revenues

$

 

11,293

 

 

$

 

10,382

 

 

$

 

33,457

 

 

$

 

31,512

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Technology services – Technology services revenue primarily includes technology-related license and connectivity fees and revenue generated 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 September 30,

 

 

Nine Months Ended September 30,

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

(In thousands)

 

Technology services revenue by timing
   of recognition

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Services transferred over time

$

 

3,424

 

 

$

 

2,972

 

 

$

 

9,775

 

 

$

 

8,826

 

Services transferred at a point in time

 

 

148

 

 

 

 

9

 

 

 

 

567

 

 

 

 

26

 

Total technology services revenues

$

 

3,572

 

 

$

 

2,981

 

 

$

 

10,342

 

 

$

 

8,852

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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, 2024

 

 

Payments received in advance of services to be performed

 

 

Revenue recognized for services performed during the period

 

 

Foreign Currency Translation

 

 

September 30, 2025

 

 

 

 

(In thousands)

 

Information services

 

$

 

3,302

 

 

$

 

11,438

 

 

$

 

(11,646

)

 

$

 

—

 

 

$

 

3,094

 

Post-trade services

 

 

 

1,286

 

 

 

 

17,261

 

 

 

 

(17,218

)

 

 

 

93

 

 

 

 

1,422

 

Technology services

 

 

 

415

 

 

 

 

5,953

 

 

 

 

(6,046

)

 

 

 

—

 

 

 

 

322

 

Total deferred revenue

 

$

 

5,003

 

 

$

 

34,652

 

 

$

 

(34,910

)

 

$

 

93

 

 

$

 

4,838

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 $32.8 million as of September 30, 2025. The Company expects to recognize revenue associated with the remaining performance obligations over the next 37 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.

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 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses. The ASU primarily will require enhanced disclosures about certain types of expenses. The amendments in ASU 2024-03 are effective for fiscal years beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027, and may be applied either on a prospective or retrospective basis. The Company is currently evaluating the impact of the standard on its disclosures.
v3.25.3
Significant Accounting Policies (Tables)
 9 Months Ended
Sep. 30, 2025
Accounting Policies [Abstract]  
Summary of Commission Revenue by Fee Type

The following table presents commission revenue by fee type:

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2025

 

 

 

2024

 

 

2025

 

 

2024

 

 

(In thousands)

 

Commission revenue by fee type

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Variable transaction fees

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Disclosed trading

$

 

92,640

 

 

$

 

91,273

 

 

$

 

286,183

 

 

$

 

272,828

 

Open Trading – matched principal trading

 

 

40,590

 

 

 

 

45,137

 

 

 

 

130,961

 

 

 

 

135,756

 

U.S. government bonds - matched principal trading

 

 

4,129

 

 

 

 

5,525

 

 

 

 

13,987

 

 

 

 

13,384

 

Other

 

 

8,590

 

 

 

 

4,802

 

 

 

 

20,882

 

 

 

 

14,728

 

Total variable transaction fees

 

 

145,949

 

 

 

 

146,737

 

 

 

 

452,013

 

 

 

 

436,696

 

Distribution fees and unused minimum fees

 

 

34,222

 

 

 

 

33,655

 

 

 

 

101,271

 

 

 

 

100,248

 

Total commissions

$

 

180,171

 

 

$

 

180,392

 

 

$

 

553,284

 

 

$

 

536,944

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
Summary of Information Services Revenue by Timing of Recognition The following table presents information services revenue by timing of recognition:

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

(In thousands)

 

Information services revenue by timing
   of recognition

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Services transferred over time

$

 

13,334

 

 

$

 

12,787

 

 

$

 

38,888

 

 

$

 

36,764

 

Services transferred at a point in time

 

 

451

 

 

 

 

173

 

 

 

 

888

 

 

 

 

621

 

Total information services revenues

$

 

13,785

 

 

$

 

12,960

 

 

$

 

39,776

 

 

$

 

37,385

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
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 September 30,

 

 

Nine Months Ended September 30,

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

(In thousands)

 

Post-trade services revenue by timing
   of recognition

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Services transferred over time

$

 

11,271

 

 

$

 

10,333

 

 

$

 

33,360

 

 

$

 

31,231

 

Services transferred at a point in time

 

 

22

 

 

 

 

49

 

 

 

 

97

 

 

 

 

281

 

Total post-trade services revenues

$

 

11,293

 

 

$

 

10,382

 

 

$

 

33,457

 

 

$

 

31,512

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
Summary of Technology Services Revenue by Timing of Recognition

The following table presents technology services revenue by timing of recognition:

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

(In thousands)

 

Technology services revenue by timing
   of recognition

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Services transferred over time

$

 

3,424

 

 

$

 

2,972

 

 

$

 

9,775

 

 

$

 

8,826

 

Services transferred at a point in time

 

 

148

 

 

 

 

9

 

 

 

 

567

 

 

 

 

26

 

Total technology services revenues

$

 

3,572

 

 

$

 

2,981

 

 

$

 

10,342

 

 

$

 

8,852

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
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, 2024

 

 

Payments received in advance of services to be performed

 

 

Revenue recognized for services performed during the period

 

 

Foreign Currency Translation

 

 

September 30, 2025

 

 

 

 

(In thousands)

 

Information services

 

$

 

3,302

 

 

$

 

11,438

 

 

$

 

(11,646

)

 

$

 

—

 

 

$

 

3,094

 

Post-trade services

 

 

 

1,286

 

 

 

 

17,261

 

 

 

 

(17,218

)

 

 

 

93

 

 

 

 

1,422

 

Technology services

 

 

 

415

 

 

 

 

5,953

 

 

 

 

(6,046

)

 

 

 

—

 

 

 

 

322

 

Total deferred revenue

 

$

 

5,003

 

 

$

 

34,652

 

 

$

 

(34,910

)

 

$

 

93

 

 

$

 

4,838

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
v3.25.3
Fair Value Measurements (Tables)
 9 Months Ended
Sep. 30, 2025
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 September 30, 2025

 

 

 

 

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

 

 

 

Money market funds

$

27,464

 

 

$

—

 

 

$

—

 

 

$

27,464

 

Securities available-for-sale

 

 

 

 

 

 

 

 

 

 

 

Corporate debt

 

—

 

 

 

56,748

 

 

 

—

 

 

 

56,748

 

Trading securities

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasuries

 

—

 

 

 

100,503

 

 

 

—

 

 

 

100,503

 

Mutual funds held in rabbi trust

 

—

 

 

 

11,221

 

 

 

—

 

 

 

11,221

 

Total assets

$

27,464

 

 

$

168,472

 

 

$

—

 

 

$

195,936

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

Foreign currency forward position

 

—

 

 

 

499

 

 

 

—

 

 

 

499

 

Total liabilities

$

—

 

 

$

499

 

 

$

—

 

 

$

499

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31, 2024

 

 

 

 

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

 

 

 

Money market funds

$

55,473

 

 

$

—

 

 

$

—

 

 

$

55,473

 

Securities available-for-sale

 

 

 

 

 

 

 

 

 

 

 

Corporate debt

 

—

 

 

 

55,108

 

 

 

—

 

 

 

55,108

 

Trading securities

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasuries

 

—

 

 

 

99,045

 

 

 

—

 

 

 

99,045

 

Mutual funds held in rabbi trust

 

—

 

 

 

11,107

 

 

 

—

 

 

 

11,107

 

Total assets

$

55,473

 

 

$

165,260

 

 

$

—

 

 

$

220,733

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

Foreign currency forward position

 

—

 

 

 

936

 

 

 

—

 

 

 

936

 

Total liabilities

$

—

 

 

$

936

 

 

$

—

 

 

$

936

 

 

 

 

 

 

 

 

 

 

 

 

 
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 September 30, 2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial assets not measured at fair value:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash

$

445,835

 

 

$

445,835

 

 

$

445,835

 

 

$

—

 

 

$

—

 

 

$

445,835

 

Cash segregated under federal regulations

 

48,351

 

 

 

48,351

 

 

 

48,351

 

 

 

—

 

 

 

—

 

 

 

48,351

 

Accounts receivable, net of allowance

 

110,519

 

 

 

110,519

 

 

 

—

 

 

 

110,519

 

 

 

—

 

 

 

110,519

 

Receivables from broker-dealers, clearing
   organizations and customers

 

606,667

 

 

 

606,667

 

 

 

119,942

 

 

 

486,725

 

 

 

—

 

 

 

606,667

 

Total

$

1,211,372

 

 

$

1,211,372

 

 

$

614,128

 

 

$

597,244

 

 

$

—

 

 

$

1,211,372

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial liabilities not measured at fair value:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Payables to broker-dealers, clearing
   organizations and customers

$

365,828

 

 

$

365,828

 

 

$

—

 

 

$

365,828

 

 

$

—

 

 

$

365,828

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial assets not measured at fair value:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash

$

489,005

 

 

$

489,005

 

 

$

489,005

 

 

$

—

 

 

$

—

 

 

$

489,005

 

Cash segregated under federal regulations

 

47,107

 

 

 

47,107

 

 

 

47,107

 

 

 

—

 

 

 

—

 

 

 

47,107

 

Accounts receivable, net of allowance

 

91,845

 

 

 

91,845

 

 

 

—

 

 

 

91,845

 

 

 

—

 

 

 

91,845

 

Receivables from broker-dealers, clearing
   organizations and customers

 

357,728

 

 

 

357,728

 

 

 

107,652

 

 

 

250,076

 

 

 

—

 

 

 

357,728

 

Total

$

985,685

 

 

$

985,685

 

 

$

643,764

 

 

$

341,921

 

 

$

—

 

 

$

985,685

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial liabilities not measured at fair value:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Payables to broker-dealers, clearing
   organizations and customers

$

218,845

 

 

$

218,845

 

 

$

—

 

 

$

218,845

 

 

$

—

 

 

$

218,845

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
Summary of Foreign Currency Forward Contracts The following table summarizes the Company’s foreign currency forward position:

 

As of

 

 

September 30, 2025

 

 

December 31, 2024

 

 

(In thousands)

 

Notional value

$

67,723

 

 

$

64,454

 

Fair value of notional

 

67,224

 

 

 

63,518

 

Fair value of the (liability)

$

(499

)

 

$

(936

)

 

 

 

 

 

 
Summary of Realized and Unrealized Gains and Losses on Foreign Currency Forward Contracts The following table summarizes the realized and unrealized gains and losses on foreign currency forward contracts:

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

(In thousands)

 

Unrealized gain/(loss)

$

(2,202

)

 

$

2,270

 

 

$

438

 

 

$

868

 

Realized gain/(loss)

 

600

 

 

 

1,195

 

 

 

3,690

 

 

 

1,808

 

Total gain/(loss)

$

(1,602

)

 

$

3,465

 

 

$

4,128

 

 

$

2,676

 

 

 

 

 

 

 

 

 

 

 

 

 
Summary of Company's Investments

The following table summarizes the Company’s investments:

 

Amortized
cost

 

 

Gross
unrealized gains

 

 

Gross
unrealized losses

 

 

Fair
value

 

 

 

(In thousands)

 

As of September 30, 2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Securities available-for-sale

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt

$

 

56,460

 

 

 $

 

300

 

 

 $

 

(12

)

 

 $

 

56,748

 

Trading securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasuries

 

 

100,270

 

 

 

 

254

 

 

 

 

(21

)

 

 

 

100,503

 

Mutual funds held in rabbi trust

 

 

10,237

 

 

 

 

984

 

 

 

 

—

 

 

 

 

11,221

 

Total investments

$

 

166,967

 

 

 $

 

1,538

 

 

 $

 

(33

)

 

 $

 

168,472

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Securities available-for-sale

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt

$

 

55,447

 

 

 $

 

88

 

 

 $

 

(427

)

 

 $

 

55,108

 

Trading securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasuries

 

 

100,484

 

 

 

 

86

 

 

 

 

(1,525

)

 

 

 

99,045

 

Mutual funds held in rabbi trust

 

 

10,212

 

 

 

 

900

 

 

 

 

(5

)

 

 

 

11,107

 

Total investments

$

 

166,143

 

 

 $

 

1,074

 

 

 $

 

(1,957

)

 

 $

 

165,260

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
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 September 30,

 

 

Nine Months Ended September 30,

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

(In thousands)

 

 

 

 

 

Unrealized gains/(losses)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Securities available-for-sale

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt

$

 

124

 

 

$

 

324

 

 

$

 

626

 

 

$

 

233

 

Trading securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasuries

 

 

(166

)

 

 

 

845

 

 

 

 

1,113

 

 

 

 

852

 

Mutual funds held in rabbi trust

 

 

(487

)

 

 

 

505

 

 

 

 

90

 

 

 

 

1,850

 

Total investments

$

 

(529

)

 

$

 

1,674

 

 

$

 

1,829

 

 

$

 

2,935

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Securities sold, not yet purchased

$

 

—

 

 

$

 

(44

)

 

$

 

—

 

 

$

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Realized gains/(losses)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Securities available-for-sale

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt

$

 

—

 

 

$

 

2

 

 

$

 

—

 

 

$

 

4

 

Trading securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mutual funds held in rabbi trust

 

 

1,161

 

 

 

 

30

 

 

 

 

1,255

 

 

 

 

(347

)

Total investments

$

 

1,161

 

 

$

 

32

 

 

$

 

1,255

 

 

$

 

(343

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Securities sold, not yet purchased

$

 

—

 

 

$

 

174

 

 

$

 

—

 

 

$

 

174

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
Summary of Fair Value of Investments Based upon Contractual Maturities

The following table summarizes the fair value of the Company’s corporate debt and U.S. Treasury investments based upon the contractual maturities:

 

Less than one year

 

 

Due in 1 - 5 years

 

 

Total

 

 

(In thousands)

 

As of September 30, 2025

 

 

 

 

 

 

 

 

Securities available-for-sale

 

 

 

 

 

 

 

 

Corporate debt

$

9,484

 

 

$

47,264

 

 

$

56,748

 

Trading securities

 

 

 

 

 

 

 

 

U.S. Treasuries

 

24,920

 

 

 

75,583

 

 

 

100,503

 

Total

$

34,404

 

 

$

122,847

 

 

$

157,251

 

 

 

 

 

 

 

 

 

As of December 31, 2024

 

 

 

 

 

 

 

 

Securities available-for-sale

 

 

 

 

 

 

 

 

Corporate debt

$

9,346

 

 

$

45,762

 

 

$

55,108

 

Trading securities

 

 

 

 

 

 

 

 

U.S. Treasuries

 

49,978

 

 

 

49,067

 

 

 

99,045

 

Total

$

59,324

 

 

$

94,829

 

 

$

154,153

 

 

 

 

 

 

 

 

 

 

 
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 September 30, 2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt

$

11,467

 

 

$

(11

)

 

$

753

 

 

$

(1

)

 

$

12,220

 

 

$

(12

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt

$

38,041

 

 

$

(426

)

 

$

1,226

 

 

$

(1

)

 

$

39,267

 

 

$

(427

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
v3.25.3
Receivables from and Payables to Broker-dealers, Clearing Organizations and Customers (Tables)
 9 Months Ended
Sep. 30, 2025
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

 

 

September 30, 2025

 

 

December 31, 2024

 

Receivables from broker-dealers, clearing organizations and customers:

(In thousands)

 

Securities failed-to-deliver – broker-dealers and clearing organizations

$

 

184,441

 

 

$

 

109,307

 

Securities failed-to-deliver – customers

 

 

297,606

 

 

 

 

136,424

 

Cash deposits with clearing organizations and broker-dealers

 

 

119,942

 

 

 

 

107,652

 

Other

 

 

4,678

 

 

 

 

4,345

 

Total

$

 

606,667

 

 

$

 

357,728

 

 

 

 

 

 

 

 

 

Payables to broker-dealers, clearing organizations and customers:

 

 

 

 

 

 

 

Securities failed-to-receive – broker-dealers and clearing organizations

$

 

254,622

 

 

$

 

158,694

 

Securities failed-to-receive – customers

 

 

101,514

 

 

 

 

51,916

 

Other

 

 

9,692

 

 

 

 

8,235

 

Total

$

 

365,828

 

 

$

 

218,845

 

 

 

 

 

 

 

 

 
v3.25.3
Acquisitions and Equity Investments (Tables)
 9 Months Ended
Sep. 30, 2025
Business Combination [Abstract]  
Summary of Purchase Price Allocation The following table sets forth the components and the allocation of the purchase price for the business combination and summarizes the fair values of the assets acquired and liabilities assumed at the Acquisition Date and the purchase price adjustments recorded:

 

 

Preliminary

 

 

Purchase Price Adjustments

 

 

Adjusted

 

Previously held interests in RFQ-hub:

 

 

 

 

 

 

 

 

 

Carrying value of previously held interest

 

$

34,878

 

 

$

—

 

 

$

34,878

 

Fair value of previously held interest on Acquisition Date

 

 

34,321

 

 

 

(455

)

 

 

33,866

 

Loss on remeasurement of previously held interest

 

 

(557

)

 

 

(455

)

 

 

(1,012

)

 

 

 

 

 

 

 

 

 

 

Purchase price allocation:

 

 

 

 

 

 

 

 

 

Cash consideration at closing

 

$

38,069

 

 

$

—

 

 

$

38,069

 

Fair value of previously held interest on Acquisition Date

 

 

34,321

 

 

 

(455

)

 

 

33,866

 

Fair value of remaining noncontrolling interests on Acquisition Date

 

 

13,755

 

 

 

(3,390

)

 

 

10,365

 

Total purchase price

 

 

86,145

 

 

 

(3,845

)

 

 

82,300

 

Acquired cash

 

 

(1,554

)

 

 

—

 

 

 

(1,554

)

Purchase price, net of acquired cash

 

 

84,591

 

 

 

(3,845

)

 

 

80,746

 

Intangible assets

 

 

(30,300

)

 

 

100

 

 

 

(30,200

)

Accounts receivable

 

 

(4,333

)

 

 

—

 

 

 

(4,333

)

Prepaid expenses and other assets

 

 

(2,466

)

 

 

1,392

 

 

 

(1,074

)

Accounts payable, accrued expenses and other liabilities

 

 

1,822

 

 

 

—

 

 

 

1,822

 

Goodwill

 

$

49,314

 

 

$

(2,353

)

 

$

46,961

 

 

 

 

 

 

 

 

 

 

 
RFQ-hub’s assets and liabilities were measured at estimated fair values on the Acquisition Date. Estimates of fair value represent management’s best estimate and require significant judgment about future events and uncertainties. Third-party valuation specialists were engaged to assist in the valuation of these assets and liabilities. The redeemable noncontrolling interests were valued using an option pricing model.
Summary of Fair Value of Acquired Intangible Assets 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:

 

 

Costs (in thousands)

 

 

Useful Lives

Developed technology

 

$

16,900

 

 

5 years

Customer relationships

 

 

12,600

 

 

15 years

Tradename - finite life

 

 

700

 

 

10 years

Total

 

$

30,200

 

 

 
Summary of the Changes in Redeemable Noncontrolling Interest

The following table is a summary of the changes in redeemable noncontrolling interest for the nine months ended September 30, 2025:

 

 

(In thousands)

 

Balance at December 31, 2024

 

$

—

 

Redeemable noncontrolling interests assumed through the 2025 RFQ-hub Acquisition

 

 

10,365

 

Net income attributable to noncontrolling interests

 

 

128

 

Issuance of noncontrolling interests

 

 

1,240

 

Balance at September 30, 2025

 

$

11,733

 

 

 

 

 
v3.25.3
Goodwill and Intangible Assets (Tables)
 9 Months Ended
Sep. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Summary of Changes in Goodwill and Intangible Assets with Indefinite Lives The following is a summary of changes in goodwill and intangible assets with indefinite lives for the nine months ended September 30, 2025:

 

 

(In thousands)

 

Balance at December 31, 2024

 

$

236,706

 

Goodwill from the 2025 RFQ-hub Acquisition

 

 

46,961

 

Balance at September 30, 2025

 

$

283,667

 

 

 

 

 
Summary of Company's Intangible Assets Intangible assets that are subject to amortization, including the related accumulated amortization, are comprised of the following:

 

 

September 30, 2025

 

 

December 31, 2024

 

 

 

Cost

 

 

Accumulated
amortization

 

 

Net carrying
amount

 

 

Cost

 

 

Accumulated
amortization

 

 

Net carrying
amount

 

 

 

(In thousands)

 

Customer relationships

 

$

155,525

 

 

$

(77,221

)

 

$

78,304

 

 

$

138,089

 

 

$

(64,698

)

 

$

73,391

 

Developed technology and other
   intangibles

 

 

58,730

 

 

 

(21,154

)

 

 

37,576

 

 

 

41,130

 

 

 

(16,443

)

 

 

24,687

 

Total

 

$

214,255

 

 

$

(98,375

)

 

$

115,880

 

 

$

179,219

 

 

$

(81,141

)

 

$

98,078

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
v3.25.3
Stock-Based Compensation Plans (Tables)
 9 Months Ended
Sep. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation Expense

Total stock-based compensation expense was as follows:

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Employees

 

$

7,615

 

 

$

7,940

 

 

$

21,739

 

 

$

22,762

 

Non-employee directors and consultants

 

 

1,217

 

 

 

354

 

 

 

3,219

 

 

 

1,158

 

Total stock-based compensation

 

$

8,832

 

 

$

8,294

 

 

$

24,958

 

 

$

23,920

 

 

 

 

 

 

 

 

 

 

 

 

 

 
v3.25.3
Earnings Per Share (Tables)
 9 Months Ended
Sep. 30, 2025
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 September 30,

 

 

Nine Months Ended September 30,

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

(In thousands, except per share amounts)

 

Basic weighted average shares outstanding

 

 

37,023

 

 

 

 

37,527

 

 

 

 

37,207

 

 

 

 

37,641

 

Dilutive effect of stock options and
   full value awards

 

 

86

 

 

 

 

81

 

 

 

 

81

 

 

 

 

55

 

Diluted weighted average shares outstanding

 

 

37,109

 

 

 

 

37,608

 

 

 

 

37,288

 

 

 

 

37,696

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share

 $

 

1.84

 

 

 $

 

1.90

 

 

 $

 

4.15

 

 

 $

 

5.55

 

Diluted earnings per share

 

 

1.84

 

 

 

 

1.90

 

 

 

 

4.14

 

 

 

 

5.55

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
v3.25.3
Leases (Tables)
 9 Months Ended
Sep. 30, 2025
Leases [Abstract]  
Schedule of Components of Operating Lease Expense

The following table presents the components of operating lease expense for the three and nine months ended September 30, 2025 and 2024:

 

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

Lease cost:

 

Classification

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

 

 

 

(In thousands)

 

Operating lease cost - office space

 

Occupancy

 

$

2,868

 

 

$

2,774

 

 

$

8,445

 

 

$

8,278

 

Operating lease cost - equipment

 

Technology and communications

 

 

97

 

 

 

98

 

 

 

293

 

 

 

293

 

Variable lease costs

 

Occupancy

 

 

908

 

 

 

975

 

 

 

2,540

 

 

 

2,444

 

Total operating lease cost

 

 

 

$

3,873

 

 

$

3,847

 

 

$

11,278

 

 

$

11,015

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
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

 

September 30, 2025

 

 

December 31, 2024

 

Weighted average remaining lease term (in years) - operating leases

 

 

8.2

 

 

 

8.8

 

Weighted average discount rate - operating leases

 

 

6.1

%

 

 

6.1

%

Weighted average remaining lease term (in years) - finance leases

 

 

—

 

 

 

0.8

 

Weighted average discount rate - finance leases

 

 

—

 

 

 

7.2

%

 

 

 

 

 

 

 

 
Schedule of Maturity of Lease Liabilities

The following table presents the maturity of lease liabilities as of September 30, 2025:

 

 

Operating Leases

 

 

 

 

 

(In thousands)

 

 

 

Remainder of 2025

 

$

3,269

 

 

 

2026

 

 

12,489

 

 

 

2027

 

 

9,448

 

 

 

2028

 

 

8,731

 

 

 

2029

 

 

9,006

 

 

 

2030 and thereafter

 

 

42,154

 

 

 

Total lease payments

 

 

85,097

 

 

 

Less: imputed interest

 

 

18,225

 

 

 

Present value of lease liabilities

 

$

66,872

 

 

 

 

 

 

 

 

 
v3.25.3
Segment and Geographic Information (Tables)
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Summary of Revenue and Long-lived Assets Revenues for the three and nine months ended September 30, 2025 and 2024, and long-lived assets as of September 30, 2025 and December 31, 2024 were as follows:

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

(In thousands)

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

United States

$

 

138,627

 

 

$

 

145,022

 

 

$

 

429,914

 

 

$

 

427,688

 

United Kingdom

 

 

44,656

 

 

 

 

41,897

 

 

 

 

131,955

 

 

 

 

121,008

 

Other

 

 

25,538

 

 

 

 

19,796

 

 

 

 

74,990

 

 

 

 

65,997

 

Total

$

 

208,821

 

 

$

 

206,715

 

 

$

 

636,859

 

 

$

 

614,693

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of

 

 

 

 

 

 

 

 

September 30, 2025

 

 

December 31, 2024

 

 

 

 

 

 

 

 

(In thousands)

 

Long-lived assets, as defined

 

 

 

 

 

 

 

 

 

 

 

 

 

United States

 

 

 

 

 

 

$

 

99,193

 

 

$

 

92,983

 

United Kingdom

 

 

 

 

 

 

 

 

10,709

 

 

 

 

12,683

 

Other

 

 

 

 

 

 

 

 

1,720

 

 

 

 

1,632

 

Total

 

 

 

 

 

 

$

 

111,622

 

 

$

 

107,298

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
v3.25.3
Cash and Cash Equivalents and Restricted Cash (Tables)
 9 Months Ended
Sep. 30, 2025
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

 

September 30, 2025

 

 

December 31, 2024

 

 

 

 

(In thousands)

 

Cash and cash equivalents

Cash and cash equivalents

 

$

473,299

 

 

$

544,478

 

Cash segregated for regulatory
   purposes

Cash segregated under federal
   regulations

 

 

48,351

 

 

 

47,107

 

Restricted cash deposits with clearing
   organizations and broker-dealers

Receivables from broker-dealers,
   clearing organizations
   and customers

 

 

119,942

 

 

 

107,652

 

Other restricted cash deposits

Prepaid expenses and other assets

 

 

1,182

 

 

 

1,222

 

Total

 

 

$

642,774

 

 

$

700,459

 

 

 

 

 

 

 

 

 
v3.25.3
Organization and Principal Business Activity - Additional Information (Detail)
 9 Months Ended
Sep. 30, 2025
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 2,100
v3.25.3
Significant Accounting Policies - Additional Information (Detail)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
USD ($)
Revenue
Dec. 31, 2024
USD ($)
Significant Accounting Policies [Line Items]    
Allowance for credit losses | $ $ 303 $ 982
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  
Maximum [Member] | Business Combinations [Member]    
Significant Accounting Policies [Line Items]    
Estimated life of intangible assets 15 years  
Maximum [Member] | Internally Developed Software [Member]    
Significant Accounting Policies [Line Items]    
Estimated life of intangible assets 5 years  
Minimum [Member]    
Significant Accounting Policies [Line Items]    
Estimated useful life of fixed assets 3 years  
Minimum [Member] | Business Combinations [Member]    
Significant Accounting Policies [Line Items]    
Estimated life of intangible assets 1 year  
Minimum [Member] | Internally Developed Software [Member]    
Significant Accounting Policies [Line Items]    
Estimated life of intangible assets 3 years  
v3.25.3
Significant Accounting Policies - Summary of Commission Revenue by Fee Type (Detail) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Commission revenue by fee type        
Revenues $ 208,821 $ 206,715 $ 636,859 $ 614,693
Commissions [Member]        
Commission revenue by fee type        
Disclosed trading 92,640 91,273 286,183 272,828
Open Trading - matched principal trading 40,590 45,137 130,961 135,756
Other Variable Transaction 8,590 4,802 20,882 14,728
Total variable transaction fees 145,949 146,737 452,013 436,696
Distribution fees and unused minimum fees 34,222 33,655 101,271 100,248
Revenues 180,171 180,392 553,284 536,944
Commissions [Member] | US Government Bonds [Member]        
Commission revenue by fee type        
Open Trading - matched principal trading $ 4,129 $ 5,525 $ 13,987 $ 13,384
v3.25.3
Significant Accounting Policies - Summary of Information Services Revenue by Timing of Recognition (Detail) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Significant Accounting Policies [Line Items]        
Revenues $ 208,821 $ 206,715 $ 636,859 $ 614,693
Information Services [Member]        
Significant Accounting Policies [Line Items]        
Revenues 13,785 12,960 39,776 37,385
Information Services [Member] | Transferred over Time [Member]        
Significant Accounting Policies [Line Items]        
Revenues 13,334 12,787 38,888 36,764
Information Services [Member] | Transferred at a Point in Time [Member]        
Significant Accounting Policies [Line Items]        
Revenues $ 451 $ 173 $ 888 $ 621
v3.25.3
Significant Accounting Policies - Summary of Post-Trade Services Revenue by Timing of Recognition (Detail) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Significant Accounting Policies [Line Items]        
Revenues $ 208,821 $ 206,715 $ 636,859 $ 614,693
Post-trade Services [Member]        
Significant Accounting Policies [Line Items]        
Revenues 11,293 10,382 33,457 31,512
Post-trade Services [Member] | Transferred over Time [Member]        
Significant Accounting Policies [Line Items]        
Revenues 11,271 10,333 33,360 31,231
Post-trade Services [Member] | Transferred at a Point in Time [Member]        
Significant Accounting Policies [Line Items]        
Revenues $ 22 $ 49 $ 97 $ 281
v3.25.3
Significant Accounting Policies - Summary of Technology Services Revenue by Timing of Recognition (Detail) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Significant Accounting Policies [Line Items]        
Revenues $ 208,821 $ 206,715 $ 636,859 $ 614,693
Technology Services [Member]        
Significant Accounting Policies [Line Items]        
Revenues 3,572 2,981 10,342 8,852
Technology Services [Member] | Transferred over Time [Member]        
Significant Accounting Policies [Line Items]        
Revenues 3,424 2,972 9,775 8,826
Technology Services [Member] | Transferred at Point in Time [Member]        
Significant Accounting Policies [Line Items]        
Revenues $ 148 $ 9 $ 567 $ 26
v3.25.3
Significant Accounting Policies - Summary of Revenue Recognized from Contract Liabilities and Remaining Balance (Detail)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
USD ($)
Significant Accounting Policies [Line Items]  
Deferred revenues, beginning balance $ 5,003
Payments received in advance of services to be performed 34,652
Revenue recognized for services performed during the period (34,910)
Foreign Currency Translation 93
Deferred revenues, ending balance 4,838
Information Services [Member]  
Significant Accounting Policies [Line Items]  
Deferred revenues, beginning balance 3,302
Payments received in advance of services to be performed 11,438
Revenue recognized for services performed during the period (11,646)
Deferred revenues, ending balance 3,094
Post-trade Services [Member]  
Significant Accounting Policies [Line Items]  
Deferred revenues, beginning balance 1,286
Payments received in advance of services to be performed 17,261
Revenue recognized for services performed during the period (17,218)
Foreign Currency Translation 93
Deferred revenues, ending balance 1,422
Technology Services [Member]  
Significant Accounting Policies [Line Items]  
Deferred revenues, beginning balance 415
Payments received in advance of services to be performed 5,953
Revenue recognized for services performed during the period (6,046)
Deferred revenues, ending balance $ 322
v3.25.3
Significant Accounting Policies - Additional Information (Detail 1) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2025-10-01
$ in Millions
Sep. 30, 2025
USD ($)
Significant Accounting Policies [Line Items]  
Aggregate amount of transaction price allocated to remaining performance obligations $ 32.8
Expected time to recognize revenue for remaining performance obligation 37 months
v3.25.3
Regulatory Capital Requirements - Additional Information (Detail)
$ in Millions
Sep. 30, 2025
USD ($)
U.S. Subsidiaries  
Brokers And Dealers [Line Items]  
Aggregate net capital and financial resources in excess of required level $ 603.4
Aggregate net capital and financial resources, minimum capital requirement 43.3
U.S. Broker-Dealer Subsidiaries  
Brokers And Dealers [Line Items]  
Aggregate net capital and financial resources in excess of required level 3.8
Aggregate net capital and financial resources, minimum capital requirement 327.8
Securities reserve deposit $ 48.4
v3.25.3
Fair Value Measurements - Valuation of Company's Assets and Liabilities Measured at Fair Value (Detail) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Assets    
Money market funds $ 27,464 $ 55,473
Assets Fair Value Total 195,936 220,733
Liabilities    
Total liabilities 499 936
Foreign Currency Forward Position [Member]    
Liabilities    
Foreign currency forward position 499 936
Mutual Funds Held In Rabbi Trust [Member]    
Assets    
Mutual funds held in rabbi trust 11,221 11,107
U.S. Treasuries [Member]    
Assets    
Trading securities 100,503 99,045
Corporate Debt [Member]    
Assets    
Securities available-for-sale 56,748 55,108
Level 1 [Member]    
Assets    
Money market funds 27,464 55,473
Assets Fair Value Total 27,464 55,473
Level 2 [Member]    
Assets    
Assets Fair Value Total 168,472 165,260
Liabilities    
Total liabilities 499 936
Level 2 [Member] | Foreign Currency Forward Position [Member]    
Liabilities    
Foreign currency forward position 499 936
Level 2 [Member] | Mutual Funds Held In Rabbi Trust [Member]    
Assets    
Mutual funds held in rabbi trust 11,221 11,107
Level 2 [Member] | U.S. Treasuries [Member]    
Assets    
Trading securities 100,503 99,045
Level 2 [Member] | Corporate Debt [Member]    
Assets    
Securities available-for-sale $ 56,748 $ 55,108
v3.25.3
Fair Value Measurements - Additional Information (Detail) - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]          
Purchases of investments     $ 59,000,000 $ 89,400,000  
Proceeds from the sales and maturities of securities available-for-sale     58,400,000 58,900,000  
Transfers between Level 1, Level 2 and Level 3 securities     0 0  
Cash collateral deposit $ 1,000,000   1,000,000    
Notional value 67,723,000   67,723,000   $ 64,454,000
Credit losses on available-for-sale securities 0 $ 0 0 $ 0  
Interest Rate Swap [Member]          
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]          
Notional value $ 25,000,000   $ 25,000,000    
v3.25.3
Fair Value Measurements - Carrying Value of Financial Asset and Liability Not Measured at Fair Value (Detail) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Financial assets not measured at fair value:    
Financial assets not measured at fair value $ 195,936 $ 220,733
Level 1 [Member]    
Financial assets not measured at fair value:    
Financial assets not measured at fair value 27,464 55,473
Level 2 [Member]    
Financial assets not measured at fair value:    
Financial assets not measured at fair value 168,472 165,260
Financial Assets and Liabilities not Measured [Member]    
Financial assets not measured at fair value:    
Financial assets not measured at fair value 1,211,372 985,685
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 365,828 218,845
Financial Assets and Liabilities not Measured [Member] | Cash [Member]    
Financial assets not measured at fair value:    
Financial assets not measured at fair value 445,835 489,005
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 48,351 47,107
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 110,519 91,845
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 606,667 357,728
Financial Assets and Liabilities not Measured [Member] | Level 1 [Member]    
Financial assets not measured at fair value:    
Financial assets not measured at fair value 614,128 643,764
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 445,835 489,005
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 48,351 47,107
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 119,942 107,652
Financial Assets and Liabilities not Measured [Member] | Level 2 [Member]    
Financial assets not measured at fair value:    
Financial assets not measured at fair value 597,244 341,921
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 365,828 218,845
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 110,519 91,845
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 486,725 250,076
Financial Assets and Liabilities not Measured [Member] | Carrying Value [Member]    
Financial assets not measured at fair value:    
Financial assets not measured at fair value 1,211,372 985,685
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 365,828 218,845
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 445,835 489,005
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 48,351 47,107
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 110,519 91,845
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 606,667 357,728
Financial Assets and Liabilities not Measured [Member] | Fair Value [Member]    
Financial assets not measured at fair value:    
Financial assets not measured at fair value 1,211,372 985,685
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 365,828 218,845
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 445,835 489,005
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 48,351 47,107
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 110,519 91,845
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 $ 606,667 $ 357,728
v3.25.3
Fair Value Measurements - Summary of Foreign Currency Forward Contracts (Detail) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Fair Value Disclosures [Abstract]    
Notional value $ 67,723 $ 64,454
Fair value of notional 67,224 63,518
Fair value of the asset/(liability) $ (499) $ (936)
v3.25.3
Fair Value Measurements - Summary of Realized and Unrealized Gains and Losses on Foreign Currency Forward Contracts (Detail) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Gain (Loss) on Securities [Line Items]        
Unrealized gain/(loss) $ (529) $ 1,674 $ 1,829 $ 2,935
Realized gain/(loss) 1,161 32 1,255 (343)
Forward Contracts [Member]        
Gain (Loss) on Securities [Line Items]        
Unrealized gain/(loss) (2,202) 2,270 438 868
Realized gain/(loss) 600 1,195 3,690 1,808
Total gain/(loss) $ (1,602) $ 3,465 $ 4,128 $ 2,676
v3.25.3
Fair Value Measurements - Summary of Company's Investments (Detail) - USD ($)
$ in Thousands
 9 Months Ended 12 Months Ended
Sep. 30, 2025
Dec. 31, 2024
Schedule Of Available For Sale Securities [Line Items]    
Investments, Amortized cost $ 166,967 $ 166,143
Investments, Gross unrealized gains 1,538 1,074
Investments, Gross unrealized losses (33) (1,957)
Investments, Fair value 168,472 165,260
Corporate Debt [Member]    
Schedule Of Available For Sale Securities [Line Items]    
Securities available-for-sale, Amortized Cost 56,460 55,447
Securities available-for-sale, Gross unrealized gains 300 88
Securities available-for-sale, Gross unrealized losses (12) (427)
Securities available-for-sale, Fair value 56,748 55,108
U.S. Treasuries [Member]    
Schedule Of Available For Sale Securities [Line Items]    
Trading securities, Amortized cost 100,270 100,484
Trading securities, Gross unrealized gains 254 86
Trading securities, Gross unrealized losses (21) (1,525)
Trading securities, Fair value 100,503 99,045
Mutual Funds Held In Rabbi Trust [Member]    
Schedule Of Available For Sale Securities [Line Items]    
Trading securities, Amortized cost 10,237 10,212
Trading securities, Gross unrealized gains 984 900
Trading securities, Gross unrealized losses 0 (5)
Trading securities, Fair value $ 11,221 $ 11,107
v3.25.3
Fair Value Measurements - Summary of Companies Unrealized and Realized Gains and Losses on Investments (Detail) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Gain (Loss) on Securities [Line Items]        
Unrealized gains/(losses) $ (529) $ 1,674 $ 1,829 $ 2,935
Realized gains/(losses) 1,161 32 1,255 (343)
Securities sold, not yet purchased gross unrealized gains 0 (44) 0 0
Securities sold, not yet purchased gross realized gains 0 174 0 174
Corporate Debt [Member]        
Gain (Loss) on Securities [Line Items]        
Unrealized gains/(losses) 124 324 626 233
Realized gains/(losses) 0 2 0 4
U.S. Treasuries [Member]        
Gain (Loss) on Securities [Line Items]        
Unrealized gains/(losses) (166) 845 1,113 852
Mutual Funds Held In Rabbi Trust [Member]        
Gain (Loss) on Securities [Line Items]        
Unrealized gains/(losses) (487) 505 90 1,850
Realized gains/(losses) $ 1,161 $ 30 $ 1,255 $ (347)
v3.25.3
Fair Value Measurements - Summary of Fair Value of Investments Based upon Contractual Maturities (Detail) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Debt Securities, Available-for-Sale [Line Items]    
Less than one year $ 34,404 $ 59,324
Due in 1 - 5 years 122,847 94,829
Total 157,251 154,153
U.S. Treasuries [Member]    
Debt Securities, Available-for-Sale [Line Items]    
Less than one year 24,920 49,978
Due in 1 - 5 years 75,583 49,067
Total 100,503 99,045
Corporate Debt [Member]    
Debt Securities, Available-for-Sale [Line Items]    
Less than one year 9,484 9,346
Due in 1 - 5 years 47,264 45,762
Total $ 56,748 $ 55,108
v3.25.3
Fair Value Measurements - Summary of Fair Values and Unrealized Losses on Investments (Detail) - Corporate Debt [Member] - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]    
Less than Twelve Months, Estimated Fair value $ 11,467 $ 38,041
Less than Twelve Months, Gross unrealized losses (11) (426)
Twelve Months or More, Estimated Fair value 753 1,226
Twelve Months or More, Gross unrealized losses (1) (1)
Estimated Fair value, Total 12,220 39,267
Gross unrealized losses, Total $ (12) $ (427)
v3.25.3
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
Sep. 30, 2025
Dec. 31, 2024
Receivables from broker-dealers, clearing organizations and customers:    
Securities failed-to-deliver - broker-dealers and clearing organizations $ 184,441 $ 109,307
Securities failed-to-deliver - customers 297,606 136,424
Cash deposits with clearing organizations and broker-dealers 119,942 107,652
Other 4,678 4,345
Total 606,667 357,728
Payables to broker-dealers, clearing organizations and customers:    
Securities failed-to-receive - broker-dealers and clearing organizations 254,622 158,694
Securities failed-to-receive - customers 101,514 51,916
Other 9,692 8,235
Total $ 365,828 $ 218,845
v3.25.3
Acquisitions and Equity Investments - Additional Information (Detail) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
Jun. 30, 2025
May 31, 2022
Sep. 30, 2025
Business Acquisition [Line Items]        
Redeemable noncontrolling interest equity expense       $ 1,200
RFQ Hub Holdings LLC [Member]        
Business Acquisition [Line Items]        
Aggregate purchase price $ 80,746 $ 84,591    
Cash consideration 38,069 $ 38,069 $ 38,100  
Goodwill tax deductible amount $ 19,500     $ 19,500
RFQ Hub Holdings LLC [Member] | Other Investee [Member]        
Business Acquisition [Line Items]        
Subsidiary, Ownership Percentage, Parent     90.30%  
v3.25.3
Acquisitions and Equity Investments - Summary of Purchase Price Allocation (Detail) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Jun. 30, 2025
May 31, 2022
Sep. 30, 2025
Sep. 30, 2025
Dec. 31, 2024
Business Combination [Abstract]            
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest         $ 128  
Business Combination [Line Items]            
Goodwill $ 283,667     $ 283,667 283,667 $ 236,706
RFQ Hub Holdings LLC [Member]            
Business Combination [Line Items]            
Carrying value of previously held interest 34,878 $ 34,878        
Carrying value of previously held interest       0    
Fair value of previously held interest on Acquisition Date 33,866 34,321        
Fair value of previously held interest on Acquisition Date       (455)    
Loss on remeasurement of previously held interest (1,012) (557)        
Loss on remeasurement of previously held interest       (455)    
Cash consideration at closing 38,069 38,069 $ 38,100      
Cash consideration at closing       0    
Fair value of remaining noncontrolling interests on Acquisition Date 10,365 13,755   10,365 10,365  
Fair value of remaining noncontrolling interests on Acquisition Date       (3,390)    
Total purchase price 82,300 86,145        
Total purchase price       (3,845)    
Acquired cash (1,554) (1,554)        
Acquired cash       0    
Purchase price, net of acquired cash 80,746 84,591        
Purchase price, net of acquired cash       (3,845)    
Intangible assets (30,200) (30,300)   (30,200) (30,200)  
Intangible assets       100    
Accounts receivable (4,333) (4,333)   (4,333) (4,333)  
Accounts receivable       0    
Prepaid expenses and other assets (1,074) (2,466)   (1,074) (1,074)  
Prepaid expenses and other assets       1,392    
Accounts payable, accrued expenses and other liabilities 1,822 1,822   1,822 1,822  
Accounts payable, accrued expenses and other liabilities       0    
Goodwill $ 46,961 $ 49,314   46,961 $ 46,961  
Goodwill       $ (2,353)    
v3.25.3
Acquisitions and Equity Investments - Summary of Fair Value of Acquired Intangible Assets (Detail) - RFQ Hub Holdings LLC [Member]
$ in Thousands
 9 Months Ended
Sep. 30, 2025
USD ($)
Intangible Asset, Acquired, Finite-Lived [Line Items]  
Costs $ 30,200
Developed Technology [Member]  
Intangible Asset, Acquired, Finite-Lived [Line Items]  
Costs $ 16,900
Useful Lives 5 years
Customer Relationships [Member]  
Intangible Asset, Acquired, Finite-Lived [Line Items]  
Costs $ 12,600
Useful Lives 15 years
Tradename - Finite Life [Member]  
Intangible Asset, Acquired, Finite-Lived [Line Items]  
Costs $ 700
Useful Lives 10 years
v3.25.3
Acquisitions and Equity Investments - Summary of the Changes in Redeemable Noncontrolling Interest (Detail)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
USD ($)
Business Combination [Abstract]  
Balance at December 31, 2024 $ 0
Redeemable noncontrolling interests assumed through the 2025 RFQ-hub Acquisition 10,365
Net income attributable to noncontrolling interests 128
Issuance of noncontrolling interests 1,240
Balance at September 30, 2025 $ 11,733
v3.25.3
Goodwill and Intangible Assets - Additional Information (Detail) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Goodwill [Line Items]          
Amortization expense associated with identifiable intangible assets $ 5.5 $ 5.0 $ 14.7 $ 15.0  
Estimated total amortization expense 2025 20.1   20.1    
Estimated total amortization expense 2026 19.7   19.7    
Estimated total amortization expense 2027 18.3   18.3    
Estimated total amortization expense 2028 16.8   16.8    
Estimated total amortization expense 2029 15.8   15.8    
Indefinite-lived Intangible Assets [Member]          
Goodwill [Line Items]          
Goodwill and intangible assets with indefinite lives $ 283.7   $ 283.7   $ 236.7
v3.25.3
Goodwill and Intangible Assets - Summary of Changes in Goodwill and Intangible Assets with Indefinite Lives (Detail)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
USD ($)
Goodwill [Line Items]  
Balance at December 31, 2024 $ 236,706
Balance at September 30, 2025 283,667
RFQ-hub Acquisition [Member]  
Goodwill [Line Items]  
Goodwill from the 2025 RFQ-hub Acquisition $ 46,961
v3.25.3
Goodwill and Intangible Assets - Summary of Company's Intangible Assets (Detail) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Finite Lived Intangible Assets [Line Items]    
Cost $ 214,255 $ 179,219
Accumulated amortization (98,375) (81,141)
Net carrying amount 115,880 98,078
Customer Relationships [Member]    
Finite Lived Intangible Assets [Line Items]    
Cost 155,525 138,089
Accumulated amortization (77,221) (64,698)
Net carrying amount 78,304 73,391
Developed Technology and Other Intangibles [Member]    
Finite Lived Intangible Assets [Line Items]    
Cost 58,730 41,130
Accumulated amortization (21,154) (16,443)
Net carrying amount $ 37,576 $ 24,687
v3.25.3
Income Taxes - Additional Information (Detail) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Schedule Of Pre Tax Income [Line Items]        
Provision for income taxes $ 25,366 $ 21,408 $ 132,691 $ 66,909
Effective income tax rate 27.10% 23.00% 46.20% 24.20%
Provisions for unrecognized tax benefits from current period $ 2,200   $ 61,000  
Liability for unrecognized tax benefits from current period     $ 61,000  
New York State [Member]        
Schedule Of Pre Tax Income [Line Items]        
Income tax year under examination     2015 2016 2017 2018 2019 2020  
New York City [Member]        
Schedule Of Pre Tax Income [Line Items]        
Income tax year under examination     2016 2017 2018  
v3.25.3
Stock-Based Compensation Plans - Additional Information (Detail) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]          
Shares available for grant under the stock incentive plan 2,457,001   2,457,001    
Unrecognized compensation costs related to non-vested $ 50.0   $ 50.0    
Weighted-average period over which cost is expected to be recognized     1 year 9 months 18 days    
Common stock, shares issued 41,107,947   41,107,947   41,020,421
Restricted Stock [Member]          
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]          
Number of non-option equity instruments granted during the period     176,590    
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 97,712   97,712    
Common stock, shares issued 10,343   10,343    
Employees [Member]          
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]          
Share-based payment arrangement, amount capitalized $ 0.5 $ 0.3 $ 1.2 $ 0.9  
Employees [Member] | Restricted Stock [Member]          
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]          
Weighted-average grant date fair value per share     $ 197.78    
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     20,606    
Number of stock option equity instruments granted during the period     35,549    
Weighted-average fair value each option granted     $ 67.2    
Weighted-average grant date fair value per share     $ 193.49    
v3.25.3
Stock-Based Compensation Plans - Stock-Based Compensation Expense (Detail) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]        
Total stock-based compensation $ 8,832 $ 8,294 $ 24,958 $ 23,920
Employees [Member]        
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]        
Total stock-based compensation 7,615 7,940 21,739 22,762
Non-Employee Directors and Consultants [Member]        
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]        
Total stock-based compensation $ 1,217 $ 354 $ 3,219 $ 1,158
v3.25.3
Earnings Per Share - Basic and Diluted Weighted Average Shares Outstanding Used to Compute Earnings Per Share (Detail) - $ / shares
shares in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Earnings Per Share [Abstract]        
Basic weighted average shares outstanding 37,023 37,527 37,207 37,641
Dilutive effect of stock options and full value awards 86 81 81 55
Diluted weighted average shares outstanding 37,109 37,608 37,288 37,696
Basic earnings per share $ 1.84 $ 1.9 $ 4.15 $ 5.55
Diluted earnings per share $ 1.84 $ 1.9 $ 4.14 $ 5.55
v3.25.3
Earnings Per Share - Additional Information (Detail) - shares
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Stock Options and Full Value Awards [Member]        
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]        
Stock options and full value awards excluded from the computation of diluted earnings per share 133,720 208,102 199,481 408,112
v3.25.3
Credit Agreements and Short-term Financing - Additional Information (Detail) - USD ($)
 3 Months Ended 9 Months Ended
Aug. 09, 2023
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Line Of Credit Facility [Line Items]          
Interest expense on short-term debt   $ 200,000 $ 300,000 $ 500,000 $ 1,100,000
Outstanding overdrafts payable   0   0  
Collateralized Agreements [Member]          
Line Of Credit Facility [Line Items]          
Interest expense on borrowings   0 100,000 0 100,000
Maximum available borrowings to subsidiary under agreement   $ 500,000,000   $ 500,000,000  
Interest rate, stated percentage   1.00%   1.00%  
Outstanding borrowings under agreement   $ 0   $ 0  
Unused borrowing capacity, amount under agreement   $ 500,000,000   $ 500,000,000  
Collateralized Borrowing Agreement [Member]          
Line Of Credit Facility [Line Items]          
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]       us-gaap:BaseRateMember  
Minimum [Member] | Collateralized Agreements [Member]          
Line Of Credit Facility [Line Items]          
Interest rate, stated percentage   0.25%   0.25%  
2021 Credit Agreement [Member]          
Line Of Credit Facility [Line Items]          
Interest expense on borrowings   $ 0 $ 0 $ 0 $ 200,000
Credit Agreement [Member]          
Line Of Credit Facility [Line Items]          
Period of credit agreement 3 years        
Sub-limit for swingline loans $ 380,000,000        
Line of Credit Facility, Description       On August 9, 2023, the Company entered into a three-year revolving credit facility (the “Credit Agreement”) provided by a syndicate of lenders and JPMorgan Chase Bank, N.A., as administrative agent  
Revolving Credit Facility [Member] | 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] | Credit Agreement [Member]          
Line Of Credit Facility [Line Items]          
Sub-limit for letter of credit $ 5,000,000        
v3.25.3
Leases - Additional Information (Detail) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
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 $ 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  
v3.25.3
Leases - Schedule of Components of Operating Lease Expense (Detail) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Lease Cost [Line Items]        
Total operating lease cost $ 3,873 $ 3,847 $ 11,278 $ 11,015
Occupancy [Member]        
Lease Cost [Line Items]        
Operating lease cost - office space 2,868 2,774 8,445 8,278
Variable lease costs 908 975 2,540 2,444
Technology and Communications [Member]        
Lease Cost [Line Items]        
Operating lease cost - equipment $ 97 $ 98 $ 293 $ 293
v3.25.3
Leases - Summary of Weighted Average Remaining Lease Term and Discount Rate (Details)
Sep. 30, 2025
Dec. 31, 2024
Leases [Abstract]    
Weighted average remaining lease term (in years) - operating leases 8 years 2 months 12 days 8 years 9 months 18 days
Weighted average discount rate - operating leases 6.10% 6.10%
Weighted average remaining lease term (in years) - finance leases 0 years 9 months 18 days
Weighted average discount rate - finance leases 0.00% 7.20%
v3.25.3
Leases - Schedule of Maturity of Lease Liabilities (Detail) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Leases [Abstract]    
Remainder of 2025 $ 3,269  
2026 12,489  
2027 9,448  
2028 8,731  
2029 9,006  
2030 and thereafter 42,154  
Total lease payments 85,097  
Less: imputed interest 18,225  
Present value of lease liabilities $ 66,872 $ 72,654
v3.25.3
Commitments and Contingencies - Additional Information (Detail)
 9 Months Ended
Sep. 30, 2025
Commitments and Contingencies Disclosure [Abstract]  
Settlement days of bond transaction within one to two trading days
v3.25.3
Share Repurchase Programs - Additional Information (Detail) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Sep. 30, 2025
Aug. 31, 2024
Jan. 31, 2022
Equity Class Of Treasury Stock [Line Items]                  
Shares repurchase program, value $ 45,251 $ 36,687 $ 38,077 $ 15,032 $ 33,450 $ 10,147      
2022 Repurchase Program [Member]                  
Equity Class Of Treasury Stock [Line Items]                  
Shares repurchase program authorized, value                 $ 150,000
2024 Repurchase Program [Member]                  
Equity Class Of Treasury Stock [Line Items]                  
Share Repurchase program, remaining capacity $ 105,000           $ 105,000    
2024 Repurchase Program and 2022 Repurchase Program [Member]                  
Equity Class Of Treasury Stock [Line Items]                  
Shares repurchase program authorized additional, value               $ 200,000  
Shares repurchase program, value             $ 120,000    
Shares repurchase program, shares             594,714    
v3.25.3
Segment and Geographic Information - Additional Information (Detail) - Segment
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Revenues From External Customers And Long Lived Assets [Line Items]        
Number of reportable segments     1  
Segment Reporting, CODM, Profit (Loss) Measure, How Used, Description     The Company’s CODM is its Chief Executive Officer. The CODM uses net income to evaluate income generated from segment assets in deciding whether to reinvest profits into the Company’s end-to-end trading solutions or into other areas, such as for acquisitions or to pay dividends. Net income is used to monitor budget versus actual results. The significant segment expenses and net income reviewed by the CODM conform to the presentation of such items in the consolidated statements of operations.  
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration]     Chief Executive Officer [Member]  
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 10.00% 10.00% 10.00% 10.00%
v3.25.3
Segment and Geographic Information - Summary of Revenue and Long-lived Assets (Detail) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Segment Reporting Information [Line Items]          
Revenues $ 208,821 $ 206,715 $ 636,859 $ 614,693  
Long-lived assets 111,622   111,622   $ 107,298
United States [Member]          
Segment Reporting Information [Line Items]          
Revenues 138,627 145,022 429,914 427,688  
Long-lived assets 99,193   99,193   92,983
United Kingdom [Member]          
Segment Reporting Information [Line Items]          
Revenues 44,656 41,897 131,955 121,008  
Long-lived assets 10,709   10,709   12,683
Other [Member]          
Segment Reporting Information [Line Items]          
Revenues 25,538 $ 19,796 74,990 $ 65,997  
Long-lived assets $ 1,720   $ 1,720   $ 1,632
v3.25.3
Cash and Cash Equivalents and Restricted Cash - Summary of Reconciliation of Cash and Cash Equivalents with Restricted or Segregated Cash (Detail) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Cash And Cash Equivalents [Line Items]    
Cash and cash equivalents $ 473,299 $ 544,478
Cash segregated for regulatory purposes 48,351 47,107
Total 642,774 700,459
Cash and Cash Equivalents [Member]    
Cash And Cash Equivalents [Line Items]    
Cash and cash equivalents 473,299 544,478
Cash Segregated under Federal Regulations [Member]    
Cash And Cash Equivalents [Line Items]    
Cash segregated for regulatory purposes 48,351 47,107
Receivables from Broker-Dealers, Clearing Organizations and Customers [Member]    
Cash And Cash Equivalents [Line Items]    
Restricted cash deposits with clearing organizations and broker-dealers 119,942 107,652
Prepaid Expenses and Other Assets [Member]    
Cash And Cash Equivalents [Line Items]    
Other restricted cash deposits $ 1,182 $ 1,222