MARKETAXESS HOLDINGS INC, 10-Q filed on 5/7/2026
Quarterly Report
v3.26.1
Document and Entity Information - shares
 3 Months Ended
Mar. 31, 2026
May 04, 2026
Cover [Abstract]    
Document Type 10-Q  
Amendment Flag false  
Document Period End Date Mar. 31, 2026  
Document Fiscal Year Focus 2026  
Document Fiscal Period Focus Q1  
Trading Symbol MKTX  
Entity Registrant Name MARKETAXESS HOLDINGS INC.  
Entity Central Index Key 0001278021  
Current Fiscal Year End Date --12-31  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Shell Company false  
Title of 12(b) Security Common Stock, $0.003 par value  
Security Exchange Name NASDAQ  
Entity File Number 001-34091  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 52-2230784  
Entity Address, Address Line One 55 Hudson Yards  
Entity Address, Address Line Two 15th Floor  
Entity Address, City or Town New York  
Entity Address, State or Province NY  
Entity Address, Postal Zip Code 10001  
Document Quarterly Report true  
Document Transition Report false  
City Area Code 212  
Local Phone Number 813-6000  
Entity Common Stock, Shares Outstanding   35,539,453
v3.26.1
Consolidated Statements of Financial Condition (Unaudited) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
ASSETS    
Cash and cash equivalents $ 377,302 $ 519,734
Cash segregated under federal regulations 49,053 48,722
Investments, at fair value 170,808 170,677
Accounts receivable, net of allowance of $752 and $743 as of March 31, 2026 and December 31, 2025, respectively 128,171 100,989
Receivables from broker-dealers, clearing organizations and customers, including $75,072 pledged as collateral as of March 31, 2026 977,049 489,211
Goodwill 283,667 283,667
Intangible assets, net of accumulated amortization 105,281 110,629
Furniture, equipment, leasehold improvements and capitalized software, net of accumulated depreciation and amortization 111,642 112,431
Operating lease right-of-use assets 50,986 51,854
Prepaid expenses and other assets 47,577 46,972
Total assets 2,301,536 1,934,886
Liabilities    
Accrued employee compensation 34,738 73,879
Payables to broker-dealers, clearing organizations and customers 696,302 325,959
Borrowings 228,250 220,000
Income and other tax liabilities 35,503 49,267
Accounts payable, accrued expenses and other liabilities 39,115 42,584
Operating lease liabilities 63,711 64,938
Total liabilities 1,097,619 776,627
Commitments and Contingencies (Note 13)
Redeemable noncontrolling interest 13,520 12,592
Stockholders' equity    
Preferred stock 0 0
Common stock 124 123
Additional paid-in capital 365,428 305,923
Treasury stock - Common stock voting, at cost, 5,698,972 shares and 5,344,419 shares as of March 31, 2026 and December 31, 2025, respectively (752,333) (694,764)
Retained earnings 1,588,852 1,538,746
Accumulated other comprehensive income/(loss) (11,674) (4,361)
Total stockholders' equity 1,190,397 1,145,667
Total liabilities, redeemable noncontrolling interest and stockholders' equity 2,301,536 1,934,886
Series A Preferred Stock [Member]    
Stockholders' equity    
Preferred stock $ 0 $ 0
v3.26.1
Consolidated Statements of Financial Condition (Parenthetical) (Unaudited) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Allowance for accounts receivable $ 752 $ 743
Receivables from broker-dealers, clearing organizations and customers, pledged as collateral $ 75,072  
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 41,241,180 41,121,305
Common stock, shares outstanding 35,542,208 35,776,886
Treasury Stock, Common, Shares 5,698,972 5,344,419
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
v3.26.1
Consolidated Statements of Operations (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Revenues    
Revenues $ 233,380 $ 208,576
Expenses    
Employee compensation and benefits 70,195 61,916
Depreciation and amortization 19,210 18,236
Technology and communications 20,360 18,048
Professional and consulting fees 6,376 6,410
Occupancy 3,819 3,622
Marketing and advertising 2,334 2,061
Clearing costs 4,426 4,185
General and administrative 5,739 5,716
Total expenses 132,459 120,194
Operating income 100,921 88,382
Other income (expense)    
Interest income 4,308 7,169
Interest expense (2,888) (213)
Equity in earnings of unconsolidated affiliate 0 289
Other, net 1,544 527
Total other income (expense) 2,964 7,772
Income before income taxes 103,885 96,154
Provision for income taxes 25,778 81,089
Net income 78,107 15,065
Less: income attributable to redeemable noncontrolling interest (225) 0
Net income available for common stockholders $ 77,882 $ 15,065
Net income per common share    
Basic $ 2.21 $ 0.4
Diluted 2.2 0.4
Cash dividends declared per common share $ 0.78 $ 0.76
Weighted average shares outstanding    
Basic 35,301 37,388
Diluted 35,386 37,456
Commissions [Member]    
Revenues    
Revenues $ 203,471 $ 181,343
Information Services [Member]    
Revenues    
Revenues 14,445 12,904
Post-trade Services [Member]    
Revenues    
Revenues 11,607 11,088
Technology Services [Member]    
Revenues    
Revenues $ 3,857 $ 3,241
v3.26.1
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Statement of Comprehensive Income [Abstract]    
Net income $ 78,107 $ 15,065
Cumulative translation adjustment (7,053) 11,010
Net unrealized gain/(loss) on securities available-for- sale, net of tax of $82 and $(73), respectively (260) 234
Comprehensive income 70,794 26,309
Less: comprehensive income attributable to redeemable noncontrolling interest (164) 0
Comprehensive income available for common stockholders $ 70,630 $ 26,309
v3.26.1
Consolidated Statements of Comprehensive Income (Parenthetical) (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Statement of Comprehensive Income [Abstract]    
Securities available-for-sale, tax expense (benefit) $ 82 $ (73)
v3.26.1
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, 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, 2025 1,145,667 123 305,923 (694,764) 1,538,746 (4,361)
Net Income (Loss) 77,882       77,882  
Cumulative translation adjustment (7,053)         (7,053)
Unrealized net gain (loss) on securities available-for-sale, net of tax (260)         (260)
Stock-based compensation 9,664   9,663      
Stock-based compensation   1        
Withholding tax payments on Full Value Awards vesting and stock option exercises (8,517)   (8,517)      
Reissuance of treasury stock 790   (59) 849    
Repurchases of common stock     58,418 (58,418)    
Cash dividend on common stock (27,776)       (27,776)  
Ending Balance at Mar. 31, 2026 $ 1,190,397 $ 124 $ 365,428 $ (752,333) $ 1,588,852 $ (11,674)
v3.26.1
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) (Unaudited) - $ / shares
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Statement of Stockholders' Equity [Abstract]    
Cash dividends declared per common share $ 0.78 $ 0.76
v3.26.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities    
Net income $ 78,107 $ 15,065
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 19,210 18,236
Amortization of operating lease right-of-use assets 1,934 1,763
Stock-based compensation expense 9,153 7,333
Deferred taxes 211 (124)
Foreign currency transaction losses (1,612) 1,691
Other 4,523 (4,809)
Changes in operating assets and liabilities:    
(Increase) in accounts receivable (28,800) (16,414)
(Increase) in receivables from broker-dealers, clearing organizations and customers (479,333) (129,508)
(Increase)/decrease in prepaid expenses and other assets (2,629) 5,570
Decrease in mutual funds held in rabbi trust 740 837
(Decrease) in accrued employee compensation (34,854) (34,310)
Increase in payables to broker-dealers, clearing organizations and customers 376,039 96,275
(Decrease)/increase in income and other tax liabilities (13,968) 77,295
(Decrease) in accounts payable, accrued expenses and other liabilities (1,749) (7,146)
(Decrease) in operating lease liabilities (2,301) (2,125)
Net cash (used in)/provided by operating activities (75,329) 29,629
Cash flows from investing activities    
Proceeds from maturities and sales 4,274 5,271
Purchases (6,190) (5,458)
Purchases of furniture, equipment and leasehold improvements (259) (1,930)
Capitalization of software development costs (17,089) (15,031)
Net cash (used in) investing activities (19,264) (17,148)
Cash flows from financing activities    
Cash dividends on common stock (28,398) (29,464)
Withholding tax payments on Full Value Awards vesting and stock option exercises (8,517) (9,525)
Repurchases of common stock 0 (38,077)
Proceeds from borrowings 126,250 0
Repayments of borrowings (118,000) 0
Net cash (used in) financing activities (28,665) (77,066)
Effect of exchange rate changes on cash and cash equivalents (4,357) 8,580
Cash and cash equivalents including restricted cash    
Net increase/(decrease) for the period (127,615) (56,005)
Beginning of period 675,851 700,459
End of period 548,236 644,454
Supplemental cash flow information    
Cash paid/(refunded) for income taxes 35,308 (1,874)
Cash paid for interest 3,050 198
Non-cash investing and financing activity    
Operating lease right-of-use assets obtained in exchange for operating lease liabilities 1,118 92
Software development costs [Member]    
Non-cash investing and financing activity    
Stock-based and accrued incentive compensation relating to capitalized software development costs 1,985 1,754
Furniture, equipment, software and leasehold improvement [Member]    
Non-cash investing and financing activity    
Furniture, equipment, software and leasehold improvement additions included in accounts payable $ 513 $ 501
v3.26.1
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Pay vs Performance Disclosure    
Net Income (Loss) $ 77,882 $ 15,065
v3.26.1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2026
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.26.1
Organization and Principal Business Activity
 3 Months Ended
Mar. 31, 2026
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.
v3.26.1
Significant Accounting Policies
 3 Months Ended
Mar. 31, 2026
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, 2025. The consolidated financial information as of December 31, 2025 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 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 credit losses. 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 uncollectible are written off against the allowance for credit losses.

The allowance for credit losses was $0.8 million and $0.7 million as of March 31, 2026 and December 31, 2025, respectively. The provision for credit losses was $0.1 million and $0.2 million for the three months ended March 31, 2026 and March 31, 2025, respectively. There were no write-offs or other charges against the allowance for credit losses for the three months ended March 31, 2026. Write-offs and other charges against the allowance for credit losses were $0.3 million for the three months ended March 31, 2025.

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 generally 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 March 31,

 

 

2026

 

 

2025

 

 

(In thousands)

 

Commission revenue by fee type

 

 

 

 

 

 

 

Variable transaction fees

 

 

 

 

 

 

 

Disclosed trading

$

 

104,724

 

 

$

 

95,455

 

Open Trading – matched principal trading

 

 

49,230

 

 

 

 

43,052

 

U.S. government bonds - matched principal trading

 

 

5,315

 

 

 

 

4,529

 

Other

 

 

10,697

 

 

 

 

4,955

 

Total variable transaction fees

 

 

169,966

 

 

 

 

147,991

 

Distribution fees and unused minimum fees

 

 

33,505

 

 

 

 

33,352

 

Total commissions

$

 

203,471

 

 

$

 

181,343

 

 

 

 

 

 

 

 

 

 

Information services – Information services includes data licensed to the Company’s broker-dealer clients, institutional investor clients and data-only subscribers; professional and consulting services; technology software licenses; and maintenance and support services. The nature and timing of each performance obligation may vary as these contracts are either subscription-based services transferred over time, and may be net of volume-based discounts, or one-time services that are transferred at a point in time. Revenues for services transferred over time are recognized ratably over the contract period as the Company’s performance obligation is met, whereas revenues for services transferred at a point in time are recognized in the period the services are provided. Customers are generally billed monthly, quarterly, or annually; revenues billed in advance are deferred and recognized ratably over the contract period. The following table presents information services revenue by timing of recognition:

 

Three Months Ended March 31,

 

 

2026

 

 

2025

 

 

(In thousands)

 

Information services revenue by timing
   of recognition

 

 

 

 

 

 

 

Services transferred over time

$

 

13,634

 

 

$

 

12,699

 

Services transferred at a point in time

 

 

811

 

 

 

 

205

 

Total information services revenues

$

 

14,445

 

 

$

 

12,904

 

 

 

 

 

 

 

 

 

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 March 31,

 

 

2026

 

 

2025

 

 

(In thousands)

 

Post-trade services revenue by timing
   of recognition

 

 

 

 

 

 

 

Services transferred over time

$

 

11,543

 

 

$

 

11,049

 

Services transferred at a point in time

 

 

64

 

 

 

 

39

 

Total post-trade services revenues

$

 

11,607

 

 

$

 

11,088

 

 

 

 

 

 

 

 

 

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 March 31,

 

 

2026

 

 

2025

 

 

(In thousands)

 

Technology services revenue by timing
   of recognition

 

 

 

 

 

 

 

Services transferred over time

$

 

3,602

 

 

$

 

3,062

 

Services transferred at a point in time

 

 

255

 

 

 

 

179

 

Total technology services revenues

$

 

3,857

 

 

$

 

3,241

 

 

 

 

 

 

 

 

 

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, 2025

 

 

Revenue billed in advance of services to be performed

 

 

Revenue recognized for services performed during the period

 

 

Foreign Currency Translation

 

 

March 31, 2026

 

 

 

 

(In thousands)

 

Information services

 

$

 

3,343

 

 

$

 

3,866

 

 

$

 

(4,197

)

 

$

 

—

 

 

$

 

3,012

 

Post-trade services

 

 

 

1,376

 

 

 

 

6,596

 

 

 

 

(5,998

)

 

 

 

(24

)

 

 

 

1,950

 

Technology services

 

 

 

312

 

 

 

 

2,046

 

 

 

 

(2,056

)

 

 

 

—

 

 

 

 

302

 

Total deferred revenue

 

$

 

5,031

 

 

$

 

12,508

 

 

$

 

(12,251

)

 

$

 

(24

)

 

$

 

5,264

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 $32.2 million as of March 31, 2026. The Company expects to recognize revenue associated with the remaining performance obligations over the next 31 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, technological obsolescence, contributory asset charges 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 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. Since this ASU only requires additional disclosures, adoption of this ASU will not have an impact on the Company’s financial condition, results of operations or cash flows.

In September 2025, the FASB issued ASU No. 2025-06, Targeted Improvements to the Accounting for Internal-Use Software. This ASU eliminates the requirement to consider the project stage of an internal-use software under development while capitalizing its development costs. Instead, under the ASU, companies are required to capitalize internal-use software development costs when management authorizes and commits to fund the software development project, and it is probable that the project will be completed and the software will be used as intended. This ASU is effective for fiscal years beginning after December 15, 2027 under a prospective, retrospective or a modified approach. Early adoption is permitted. Adoption of this ASU is not expected to have a material impact on the Company’s financial condition, results of operations or cash flows.
v3.26.1
Regulatory Capital Requirements
 3 Months Ended
Mar. 31, 2026
Broker-Dealer [Abstract]  
Regulatory Capital Requirements

3. Regulatory Capital Requirements

One of the Company’s U.S. subsidiaries is registered as a broker-dealer and is 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 U.K. or other foreign regulators and must maintain financial resources, as defined in the applicable regulations, in excess of the applicable financial resources requirement. As of March 31, 2026, each of the Company’s subsidiaries that are subject to these regulations had net capital or financial resources in excess of their minimum requirements. As of March 31, 2026, the Company’s subsidiaries maintained aggregate net capital and financial resources that were $629.7 million in excess of the required levels of $39.8 million.

The Company’s U.S. broker-dealer subsidiary is required to segregate funds in a special reserve bank account for the benefit of customers pursuant to Rule 15c3-3 of the Exchange Act. As of March 31, 2026, this U.S. broker-dealer subsidiary had a balance of $49.1 million in its special reserve bank account. The U.S. broker-dealer subsidiary also maintained net capital that was $352.1 million in excess of the required level of $6.5 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.
v3.26.1
Fair Value Measurements
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements

4. Fair Value Measurements

The following table summarizes the valuation of the Company’s assets and liabilities measured at fair value as categorized based on the hierarchy described in Note 2:

 

 

 

 

 

 

 

 

 

 

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

 

(In thousands)

 

As of March 31, 2026

 

 

 

 

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

 

 

 

Money market funds

$

17,196

 

 

$

—

 

 

$

—

 

 

$

17,196

 

Securities available-for-sale

 

 

 

 

 

 

 

 

 

 

 

Corporate debt

 

—

 

 

 

60,063

 

 

 

—

 

 

 

60,063

 

Trading securities

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasuries

 

—

 

 

 

100,019

 

 

 

—

 

 

 

100,019

 

Mutual funds held in rabbi trust

 

—

 

 

 

10,726

 

 

 

—

 

 

 

10,726

 

Interest rate swaps

 

—

 

 

 

319

 

 

 

—

 

 

 

319

 

Total assets

$

17,196

 

 

$

171,127

 

 

$

—

 

 

$

188,323

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

Foreign currency forward position

 

—

 

 

 

1,580

 

 

 

—

 

 

 

1,580

 

Total liabilities

$

—

 

 

$

1,580

 

 

$

—

 

 

$

1,580

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31, 2025

 

 

 

 

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

 

 

 

Money market funds

$

23,355

 

 

$

—

 

 

$

—

 

 

$

23,355

 

Securities available-for-sale

 

 

 

 

 

 

 

 

 

 

 

Corporate debt

 

—

 

 

 

58,440

 

 

 

—

 

 

 

58,440

 

Trading securities

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasuries

 

—

 

 

 

100,772

 

 

 

—

 

 

 

100,772

 

Mutual funds held in rabbi trust

 

—

 

 

 

11,465

 

 

 

—

 

 

 

11,465

 

Foreign currency forward position

 

—

 

 

 

1,847

 

 

 

—

 

 

 

1,847

 

Total assets

$

23,355

 

 

$

172,524

 

 

$

—

 

 

$

195,879

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 and interest rate swap 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 three months ended March 31, 2026 and 2025, there were no transfers of financial assets or liabilities 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 March 31, 2026

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial assets not measured at fair value:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash

$

360,106

 

 

$

360,106

 

 

$

360,106

 

 

$

—

 

 

$

—

 

 

$

360,106

 

Cash segregated under federal regulations

 

49,053

 

 

 

49,053

 

 

 

49,053

 

 

 

—

 

 

 

—

 

 

 

49,053

 

Accounts receivable, net of allowance

 

128,171

 

 

 

128,171

 

 

 

—

 

 

 

128,171

 

 

 

—

 

 

 

128,171

 

Receivables from broker-dealers, clearing
   organizations and customers

 

977,049

 

 

 

977,049

 

 

 

120,471

 

 

 

856,578

 

 

 

—

 

 

 

977,049

 

Total assets

$

1,514,379

 

 

$

1,514,379

 

 

$

529,630

 

 

$

984,749

 

 

$

—

 

 

$

1,514,379

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial liabilities not measured at fair value:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Payables to broker-dealers, clearing
   organizations and customers

$

696,302

 

 

$

696,302

 

 

$

—

 

 

$

696,302

 

 

$

—

 

 

$

696,302

 

Borrowings

 

228,250

 

 

 

228,250

 

 

 

—

 

 

 

228,250

 

 

 

—

 

 

 

228,250

 

Total liabilities

$

924,552

 

 

$

924,552

 

 

$

—

 

 

$

924,552

 

 

$

—

 

 

$

924,552

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31, 2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial assets not measured at fair value:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash

$

496,379

 

 

$

496,379

 

 

$

496,379

 

 

$

—

 

 

$

—

 

 

$

496,379

 

Cash segregated under federal regulations

 

48,722

 

 

 

48,722

 

 

 

48,722

 

 

 

—

 

 

 

—

 

 

 

48,722

 

Accounts receivable, net of allowance

 

100,989

 

 

 

100,989

 

 

 

—

 

 

 

100,989

 

 

 

—

 

 

 

100,989

 

Receivables from broker-dealers, clearing
   organizations and customers

 

489,211

 

 

 

489,211

 

 

 

107,223

 

 

 

381,988

 

 

 

—

 

 

 

489,211

 

Total assets

$

1,135,301

 

 

$

1,135,301

 

 

$

652,324

 

 

$

482,977

 

 

$

—

 

 

$

1,135,301

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial liabilities not measured at fair value:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Payables to broker-dealers, clearing
   organizations and customers

$

325,959

 

 

$

325,959

 

 

$

—

 

 

$

325,959

 

 

$

—

 

 

$

325,959

 

Borrowings

 

220,000

 

 

 

220,000

 

 

 

—

 

 

 

220,000

 

 

 

—

 

 

 

220,000

 

Total liabilities

$

545,959

 

 

$

545,959

 

 

$

—

 

 

$

545,959

 

 

$

—

 

 

$

545,959

 

 

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 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. For both foreign currency forward contracts and interest rate swaps, the Company records the fair values 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 positions and interest rate swaps:

 

As of

 

 

March 31, 2026

 

 

December 31, 2025

 

 

(In thousands)

 

Foreign currency forwards

 

 

 

 

 

Notional value

$

96,317

 

 

$

94,197

 

Fair value of notional

 

94,737

 

 

 

96,044

 

Fair value of the (liability)/asset

$

(1,580

)

 

$

1,847

 

 

 

 

 

 

 

Interest rate swaps

 

 

 

 

 

Notional value

$

100,000

 

 

$

—

 

Fair value of notional

 

100,319

 

 

 

—

 

Fair value of the asset/(liability)

$

319

 

 

$

—

 

 

 

 

 

 

 

Realized and unrealized gains and losses on foreign currency forward contracts and interest rate swaps 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 and interest rate swaps:

 

 

 

 

 

 

 

Three Months Ended March 31,

 

 

2026

 

 

2025

 

 

(In thousands)

 

Foreign currency forwards

 

 

 

 

 

Unrealized gain/(loss)

$

(3,426

)

 

$

3,556

 

Realized gain/(loss)

 

2,051

 

 

 

(1,693

)

Total gain/(loss)

$

(1,375

)

 

$

1,863

 

 

 

 

 

 

 

Interest rate swaps

 

 

 

 

 

Unrealized gain/(loss)

$

319

 

 

$

—

 

Realized gain/(loss)

 

3

 

 

 

—

 

Total gain/(loss)

$

322

 

 

$

—

 

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 March 31, 2026, the Company maintained a cash collateral deposit of $1.2 million with its counterparty bank.

The following table summarizes the Company’s investments:

 

Amortized
cost

 

 

Gross
unrealized gains

 

 

Gross
unrealized losses

 

 

Fair
value

 

 

 

(In thousands)

 

As of March 31, 2026

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Securities available-for-sale

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt

$

 

60,076

 

 

 $

 

115

 

 

 $

 

(128

)

 

 $

 

60,063

 

Trading securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasuries

 

 

100,447

 

 

 

 

—

 

 

 

 

(428

)

 

 

 

100,019

 

Mutual funds held in rabbi trust

 

 

10,070

 

 

 

 

701

 

 

 

 

(45

)

 

 

 

10,726

 

Total investments

$

 

170,593

 

 

 $

 

816

 

 

 $

 

(601

)

 

 $

 

170,808

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31, 2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Securities available-for-sale

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt

$

 

58,110

 

 

 $

 

333

 

 

 $

 

(3

)

 

 $

 

58,440

 

Trading securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasuries

 

 

100,487

 

 

 

 

329

 

 

 

 

(44

)

 

 

 

100,772

 

Mutual funds held in rabbi trust

 

 

10,563

 

 

 

 

926

 

 

 

 

(24

)

 

 

 

11,465

 

Total investments

$

 

169,160

 

 

 $

 

1,588

 

 

 $

 

(71

)

 

 $

 

170,677

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Purchases of investments during the three months ended March 31, 2026 and 2025 were $6.2 million and $5.5 million, respectively. Proceeds from the sales and maturities of investments during the three months ended March 31, 2026 and 2025 were $4.3 million and $5.3 million, respectively.

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

 

Three Months Ended March 31,

 

 

2026

 

 

2025

 

 

(In thousands)

 

Unrealized gains/(losses)

 

 

 

 

 

 

 

Securities available-for-sale

 

 

 

 

 

 

 

Corporate debt

$

 

(343

)

 

$

 

307

 

Trading securities

 

 

 

 

 

 

 

U.S. Treasuries

 

 

(761

)

 

 

 

1,066

 

Mutual funds held in rabbi trust

 

 

(245

)

 

 

 

(493

)

Total investments

$

 

(1,349

)

 

$

 

880

 

 

 

 

 

 

 

 

 

Realized gains/(losses)

 

 

 

 

 

 

 

Securities available-for-sale

 

 

 

 

 

 

 

Corporate debt

$

 

4

 

 

$

 

—

 

Trading securities

 

 

 

 

 

 

 

Mutual funds held in rabbi trust

 

 

61

 

 

 

 

47

 

Total investments

$

 

65

 

 

$

 

47

 

 

 

 

 

 

 

 

 

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 March 31, 2026

 

 

 

 

 

 

 

 

Securities available-for-sale

 

 

 

 

 

 

 

 

Corporate debt

$

14,013

 

 

$

46,050

 

 

$

60,063

 

Trading securities

 

 

 

 

 

 

 

 

U.S. Treasuries

 

—

 

 

 

100,019

 

 

 

100,019

 

Total

$

14,013

 

 

$

146,069

 

 

$

160,082

 

 

 

 

 

 

 

 

 

As of December 31, 2025

 

 

 

 

 

 

 

 

Securities available-for-sale

 

 

 

 

 

 

 

 

Corporate debt

$

8,400

 

 

$

50,040

 

 

$

58,440

 

Trading securities

 

 

 

 

 

 

 

 

U.S. Treasuries

 

—

 

 

 

100,772

 

 

 

100,772

 

Total

$

8,400

 

 

$

150,812

 

 

$

159,212

 

 

 

 

 

 

 

 

 

 

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 March 31, 2026

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt

$

32,202

 

 

$

(128

)

 

$

—

 

 

$

—

 

 

$

32,202

 

 

$

(128

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31, 2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt

$

3,506

 

 

$

(3

)

 

$

—

 

 

$

—

 

 

$

3,506

 

 

$

(3

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

During each of the three months ended March 31, 2026 and 2025, 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.
v3.26.1
Receivables from and Payables to Broker-dealers, Clearing organizations and Customers
 3 Months Ended
Mar. 31, 2026
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

 

 

March 31, 2026

 

 

December 31, 2025

 

 

(In thousands)

 

Receivables from broker-dealers, clearing organizations and customers:

 

 

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

$

 

425,549

 

 

$

 

244,405

 

Securities failed-to-deliver – customers

 

 

426,627

 

 

 

 

131,632

 

Cash deposits with clearing organizations and broker-dealers

 

 

120,471

 

 

 

 

107,223

 

Other

 

 

4,402

 

 

 

 

5,951

 

Total

$

 

977,049

 

 

$

 

489,211

 

 

 

 

 

 

 

 

 

Payables to broker-dealers, clearing organizations and customers:

 

 

 

 

 

 

 

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

$

 

483,219

 

 

$

 

224,844

 

Securities failed-to-receive – customers

 

 

202,342

 

 

 

 

93,107

 

Other

 

 

10,741

 

 

 

 

8,008

 

Total

$

 

696,302

 

 

$

 

325,959

 

 

 

 

 

 

 

 

 

Included in securities failed-to-deliver – broker-dealers and clearing organizations is $75.1 million pledged as collateral to the Company’s settlement bank to secure an overnight borrowing of $71.3 million under the Company’s uncommitted collateralized facility. Please refer to Note 11, Credit Agreements and Short-term Financing, for further discussion of the Company’s borrowings under its uncommitted collateralized facility.
v3.26.1
Acquisitions and Equity Investments
 3 Months Ended
Mar. 31, 2026
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 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. 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. Determining the fair value of the developed technology and customer relationships intangible assets required judgment and involved the use of significant estimates and assumptions, including assumptions related to discount rates, revenue growth rates, customer attrition rates, royalty rates, technological obsolescence, contributory asset charges and asset lives. 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 three months ended March 31, 2026 was $0.7 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 three months ended March 31, 2026:

 

 

(In thousands)

 

Balance at December 31, 2025

 

$

12,592

 

Net income attributable to noncontrolling interests

 

 

225

 

Issuance of noncontrolling interests

 

 

703

 

Balance at March 31, 2026

 

$

13,520

 

 

 

 

 
v3.26.1
Goodwill and Intangible Assets
 3 Months Ended
Mar. 31, 2026
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 as of each of March 31, 2026, and December 31, 2025.

Intangible assets with definite lives, including the related accumulated amortization, are comprised of the following:

 

 

March 31, 2026

 

 

December 31, 2025

 

 

 

Cost

 

 

Accumulated
amortization

 

 

Net carrying
amount

 

 

Cost

 

 

Accumulated
amortization

 

 

Net carrying
amount

 

 

 

(In thousands)

 

Customer relationships

 

$

154,510

 

 

$

(83,003

)

 

$

71,507

 

 

$

155,492

 

 

$

(80,539

)

 

$

74,953

 

Developed technology

 

 

55,970

 

 

 

(23,847

)

 

 

32,123

 

 

 

55,970

 

 

 

(21,984

)

 

 

33,986

 

Other

 

 

2,760

 

 

 

(1,109

)

 

 

1,651

 

 

 

2,760

 

 

 

(1,070

)

 

 

1,690

 

Total

 

$

213,240

 

 

$

(107,959

)

 

$

105,281

 

 

$

214,222

 

 

$

(103,593

)

 

$

110,629

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortization expense associated with identifiable intangible assets was $5.0 million and $4.4 million for the three months ended March 31, 2026 and 2025, respectively. Annual estimated total amortization expense is $19.7 million, $18.3 million, $16.7 million, $15.7 million and $11.1 million for the years ended December 31, 2026 through 2030, respectively.
v3.26.1
Income Taxes
 3 Months Ended
Mar. 31, 2026
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 $25.8 million and $81.1 million for the three months ended March 31, 2026 and 2025, respectively. The Company’s effective tax rate was 24.8% and 84.3% for the three months ended March 31, 2026 and 2025, 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 $0.3 million and $56.4 million for the three months ended March 31, 2026 and 2025, respectively. As of March 31, 2026, the Company’s liability for unrecognized tax benefits was $11.2 million.

The Company or one of its subsidiaries files U.S. federal, state and foreign income tax returns. On February 18, 2026, the Company entered into a closing agreement with New York State with regard to its tax liability for the 2015-2023 period. The Company is no longer subject to income tax examination by New York State for years before 2024. The Company is currently under a New York City income tax examination for the tax years 2016 through 2023. Generally, other than the New York City audit, the Company is no longer subject to tax examinations by tax authorities for years prior to 2021.
v3.26.1
Stock-Based Compensation Plans
 3 Months Ended
Mar. 31, 2026
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation Plans

9. Stock-Based Compensation Plans

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, non-employee directors and consultants to participate in the long-term success of the Company. As of March 31, 2026, there were 2,293,272 shares available for grant under the 2020 Plan.

Total stock-based compensation expense was as follows:

 

 

Three Months Ended March 31,

 

 

 

2026

 

 

2025

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

Employees

 

$

8,550

 

 

$

6,822

 

Non-employee directors and consultants

 

 

1,113

 

 

 

874

 

Total stock-based compensation

 

$

9,663

 

 

$

7,696

 

 

 

 

 

 

 

 

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 $0.4 million of capitalized software development costs for the three months ended March 31, 2026 and 2025, respectively.

During the three months ended March 31, 2026, the Company granted (i) 164,837 restricted stock units, (ii) 21,736 stock options and (iii) performance stock units with an expected pay-out at target of 46,568 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 $179.42 and $179.36, respectively. The weighted-average fair value for stock options of $51.47 per share was based on the Black-Scholes option pricing model.

As of March 31, 2026, the total unrecognized compensation cost related to all non-vested awards was $70.9 million. That cost is expected to be recognized over a weighted-average period of 2.2 years.

 

Employee Stock Purchase Plan

The Company maintains the MarketAxess Holdings Inc. 2022 Employee Stock Purchase Plan (the “ESPP”). During the three months ended March 31, 2026, the Company issued 5,229 shares of common stock under the ESPP. As of March 31, 2026, there were 92,483 shares available for purchase under the ESPP.
v3.26.1
Earnings Per Share
 3 Months Ended
Mar. 31, 2026
Earnings Per Share [Abstract]  
Earnings Per Share

10. Earnings Per Share

The following table sets forth basic and diluted weighted average shares outstanding used to compute earnings per share:

 

 

Three Months Ended March 31,

 

 

 

2026

 

 

2025

 

 

 

(In thousands, except per share amounts)

 

Basic weighted average shares outstanding

 

 

 

35,301

 

 

 

 

37,388

 

Dilutive effect of stock options and
   Full Value Awards

 

 

 

85

 

 

 

 

68

 

Diluted weighted average shares outstanding

 

 

 

35,386

 

 

 

 

37,456

 

 

 

 

 

 

 

 

 

 

Basic earnings per share

 

 $

 

2.21

 

 

 $

 

0.40

 

Diluted earnings per share

 

 

 

2.20

 

 

 

 

0.40

 

 

 

 

 

 

 

 

 

 

Stock options and Full Value Awards totaling 333,488 shares and 312,466 shares for the three months ended March 31, 2026 and 2025, 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.
v3.26.1
Credit Agreement and Short-term Financing
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Credit Agreement and Short-term Financing

11. Credit Agreement and Short-term Financing

Credit Agreement

On August 9, 2023, the Company entered into a three-year revolving credit facility (the “2023 Credit Agreement”) provided by a syndicate of lenders and JPMorgan Chase Bank, N.A. (“JPMorgan”), as administrative agent, which provided for aggregate commitments totaling $750.0 million. As of December 31, 2025, the Company had $220.0 million of borrowings and $0.1 million in letters of credit outstanding and $529.9 million in available borrowing capacity under the 2023 Credit Agreement.

On February 4, 2026, the Company entered into an amended and restated three-year revolving credit facility (the “Credit Agreement”) provided by a syndicate of lenders and JPMorgan, as administrative agent, which amends and restates the 2023 Credit Agreement in its entirety. The Credit Agreement provides for aggregate commitments totaling $750.0 million (the “Credit Facility”), consisting of 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. Subject to satisfaction of certain specified conditions, the Company may upsize the Credit Facility by up to $375.0 million in total. The incremental facility is uncommitted, and it is possible that the Company may not be successful in obtaining such commitments from existing or new lenders in the amount desired or at all.

The Credit Agreement amends the 2023 Credit Agreement to, among other things: (1) extend the maturity of the Credit Facility from August 9, 2026 to February 2, 2029, 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; (2) eliminate the 0.10% credit spread adjustment previously added to the interest rate on Secured Overnight Financing Rate (“SOFR”) based borrowings; and (3) increase the maximum amount of cash that may be netted against debt for purposes of calculating the Company’s Consolidated Total Leverage Ratio (as defined in the Credit Agreement) from $30.0 million to $200.0 million. The Credit Agreement requires that the Company satisfy certain covenants, including a requirement not to exceed a maximum consolidated total leverage ratio.

 

Borrowings under the Credit Agreement bear interest at a rate per annum equal to an alternate base rate or the adjusted term SOFR rate, plus an applicable margin that varies with the Company’s consolidated total leverage ratio. Borrowings under the 2023 Credit Agreement bore interest on substantially similar terms, except that SOFR-based borrowings included an additional 0.10% credit spread adjustment that was eliminated under the Credit Agreement. The Company repaid $63.0 million of borrowings under the Credit Agreement and incurred $2.7 million of interest expense during the three months ended March 31, 2026, and had no repayments and incurred no interest expense during the three months ended March 31, 2025.

As of March 31, 2026, the Company had $157.0 million of borrowings and $0.1 million in letters of credit outstanding and $592.9 million in available borrowing capacity under the Credit Agreement.

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 $0.1 million of interest expense on borrowings under such agreements during the three months ended March 31, 2026, and no interest expense during the three months ended March 31, 2025. As of March 31, 2026, the Company had $71.3 million in borrowings outstanding, secured by $75.1 million of receivables from broker-dealers, clearing organizations and customers pledged to the Company’s settlement bank. As of March 31, 2026, the Company had $428.7 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 during each of the three months ended March 31, 2026 and 2025. As of March 31, 2026, the Company had no overdrafts payable outstanding.
v3.26.1
Leases
 3 Months Ended
Mar. 31, 2026
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 leases for equipment with initial lease terms ranging from one year to five years.

The following table presents the components of operating lease expense for the three months ended March 31, 2026 and 2025:

 

 

 

 

Three Months Ended March 31,

 

Lease cost:

 

Classification

 

2026

 

 

2025

 

 

 

 

 

(In thousands)

 

Operating lease cost - office space

 

Occupancy

 

$

2,852

 

 

$

2,751

 

Operating lease cost - equipment

 

Technology and communications

 

 

98

 

 

 

98

 

Variable lease costs

 

Occupancy

 

 

884

 

 

 

785

 

Total operating lease cost

 

 

 

$

3,834

 

 

$

3,634

 

 

 

 

 

 

 

 

 

 

 

 

The Company determines whether an arrangement is, or includes, a lease at contract inception. 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 lease inception date in determining the present value of lease payments.

The weighted average remaining lease term and weighted average discount rate are as follows:

 

 

As of

 

Lease Term and Discount Rate

 

March 31, 2026

 

 

December 31, 2025

 

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

 

 

7.8

 

 

 

8.1

 

Weighted average discount rate - operating leases

 

 

6.0

%

 

 

6.1

%

The following table presents the maturity of lease liabilities as of March 31, 2026:

 

 

Operating Leases

 

 

 

(In thousands)

 

2026

 

$

9,703

 

2027

 

 

9,996

 

2028

 

 

9,162

 

2029

 

 

9,046

 

2030

 

 

9,039

 

2031 and thereafter

 

 

33,153

 

Total lease payments

 

 

80,099

 

Less: imputed interest

 

 

16,388

 

Present value of lease liabilities

 

$

63,711

 

 

 

 

 
v3.26.1
Commitments and Contingencies
 3 Months Ended
Mar. 31, 2026
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 three months ended March 31, 2026 and 2025 respectively.

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.
v3.26.1
Share Repurchase Programs
 3 Months Ended
Mar. 31, 2026
Equity [Abstract]  
Share Repurchase Programs

14. Share Repurchase Programs

In August 2024, the Board of Directors of the Company (the “Board”) authorized a share repurchase program for up to $200.0 million (the “2024 Repurchase Program”). In December 2025, the Board authorized a share repurchase program for up to an additional $400.0 million (the “2025 Repurchase Program” and, together with the 2024 Repurchase Program, the “Repurchase Programs”). The Repurchase Programs do not have an expiration date. During the three months ended March 31, 2026, the Company repurchased 359,782 shares of common stock under the Repurchase Programs at a cost of $60.0 million. Shares repurchased under the Repurchase Programs will be held in treasury for future use.

On December 9, 2025, the Company entered into an accelerated stock repurchase agreement (the “ASR”) with JPMorgan, pursuant to which the Company paid $300.0 million and received an initial delivery of 1,386,001 shares of the Company’s common stock (the “Initial ASR Shares”), representing 80% of the value of such payment in shares, calculated based on the closing share price of $173.16 per share on December 9, 2025. Final settlement of the ASR occurred on February 4, 2026 with the delivery of 359,782 additional shares. The average purchase price per share for shares of common stock purchased by the Company pursuant to the ASR was $171.84, which was determined based on the daily volume-weighted average price of the Company’s common stock during the term of the ASR, less a discount. The 2024 Repurchase Program was exhausted by the ASR.

As of March 31, 2026, the Company had $205.0 million of remaining capacity under the 2025 Repurchase Program.
v3.26.1
Segment and Geographic Information
 3 Months Ended
Mar. 31, 2026
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. 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 months ended March 31, 2026 and 2025, 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 months ended March 31, 2026 and 2025, and long-lived assets as of March 31, 2026 and December 31, 2025 were as follows:

 

Three Months Ended March 31,

 

 

2026

 

 

2025

 

 

(In thousands)

 

Revenues

 

 

 

 

 

 

 

United States

$

 

149,749

 

 

$

 

142,660

 

United Kingdom

 

 

52,846

 

 

 

 

42,729

 

Other

 

 

30,785

 

 

 

 

23,187

 

Total

$

 

233,380

 

 

$

 

208,576

 

 

 

 

 

 

 

 

 

 

 

As of

 

 

March 31, 2026

 

 

December 31, 2025

 

 

(In thousands)

 

Long-lived assets, as defined

 

 

 

 

 

 

 

United States

$

 

100,207

 

 

$

 

99,849

 

United Kingdom

 

 

9,595

 

 

 

 

10,740

 

Other

 

 

1,840

 

 

 

 

1,842

 

Total

$

 

111,642

 

 

$

 

112,431

 

 

 

 

 

 

 

 

 
v3.26.1
Cash and Cash Equivalents and Restricted Cash
 3 Months Ended
Mar. 31, 2026
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

 

March 31, 2026

 

 

December 31, 2025

 

 

 

 

(In thousands)

 

Cash and cash equivalents

Cash and cash equivalents

 

$

377,302

 

 

$

519,734

 

Cash segregated for regulatory
   purposes

Cash segregated under federal
   regulations

 

 

49,053

 

 

 

48,722

 

Restricted cash deposits with clearing
   organizations and broker-dealers

Receivables from broker-dealers,
   clearing organizations and customers

 

 

120,471

 

 

 

107,223

 

Other restricted cash deposits

Prepaid expenses and other assets

 

 

1,410

 

 

 

172

 

Total

 

 

$

548,236

 

 

$

675,851

 

 

 

 

 

 

 

 

 
v3.26.1
Significant Accounting Policies (Policies)
 3 Months Ended
Mar. 31, 2026
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, 2025. The consolidated financial information as of December 31, 2025 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 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 credit losses. 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 uncollectible are written off against the allowance for credit losses.

The allowance for credit losses was $0.8 million and $0.7 million as of March 31, 2026 and December 31, 2025, respectively. The provision for credit losses was $0.1 million and $0.2 million for the three months ended March 31, 2026 and March 31, 2025, respectively. There were no write-offs or other charges against the allowance for credit losses for the three months ended March 31, 2026. Write-offs and other charges against the allowance for credit losses were $0.3 million for the three months ended March 31, 2025.
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 generally 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 March 31,

 

 

2026

 

 

2025

 

 

(In thousands)

 

Commission revenue by fee type

 

 

 

 

 

 

 

Variable transaction fees

 

 

 

 

 

 

 

Disclosed trading

$

 

104,724

 

 

$

 

95,455

 

Open Trading – matched principal trading

 

 

49,230

 

 

 

 

43,052

 

U.S. government bonds - matched principal trading

 

 

5,315

 

 

 

 

4,529

 

Other

 

 

10,697

 

 

 

 

4,955

 

Total variable transaction fees

 

 

169,966

 

 

 

 

147,991

 

Distribution fees and unused minimum fees

 

 

33,505

 

 

 

 

33,352

 

Total commissions

$

 

203,471

 

 

$

 

181,343

 

 

 

 

 

 

 

 

 

 

Information services – Information services includes data licensed to the Company’s broker-dealer clients, institutional investor clients and data-only subscribers; professional and consulting services; technology software licenses; and maintenance and support services. The nature and timing of each performance obligation may vary as these contracts are either subscription-based services transferred over time, and may be net of volume-based discounts, or one-time services that are transferred at a point in time. Revenues for services transferred over time are recognized ratably over the contract period as the Company’s performance obligation is met, whereas revenues for services transferred at a point in time are recognized in the period the services are provided. Customers are generally billed monthly, quarterly, or annually; revenues billed in advance are deferred and recognized ratably over the contract period. The following table presents information services revenue by timing of recognition:

 

Three Months Ended March 31,

 

 

2026

 

 

2025

 

 

(In thousands)

 

Information services revenue by timing
   of recognition

 

 

 

 

 

 

 

Services transferred over time

$

 

13,634

 

 

$

 

12,699

 

Services transferred at a point in time

 

 

811

 

 

 

 

205

 

Total information services revenues

$

 

14,445

 

 

$

 

12,904

 

 

 

 

 

 

 

 

 

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 March 31,

 

 

2026

 

 

2025

 

 

(In thousands)

 

Post-trade services revenue by timing
   of recognition

 

 

 

 

 

 

 

Services transferred over time

$

 

11,543

 

 

$

 

11,049

 

Services transferred at a point in time

 

 

64

 

 

 

 

39

 

Total post-trade services revenues

$

 

11,607

 

 

$

 

11,088

 

 

 

 

 

 

 

 

 

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 March 31,

 

 

2026

 

 

2025

 

 

(In thousands)

 

Technology services revenue by timing
   of recognition

 

 

 

 

 

 

 

Services transferred over time

$

 

3,602

 

 

$

 

3,062

 

Services transferred at a point in time

 

 

255

 

 

 

 

179

 

Total technology services revenues

$

 

3,857

 

 

$

 

3,241

 

 

 

 

 

 

 

 

 

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, 2025

 

 

Revenue billed in advance of services to be performed

 

 

Revenue recognized for services performed during the period

 

 

Foreign Currency Translation

 

 

March 31, 2026

 

 

 

 

(In thousands)

 

Information services

 

$

 

3,343

 

 

$

 

3,866

 

 

$

 

(4,197

)

 

$

 

—

 

 

$

 

3,012

 

Post-trade services

 

 

 

1,376

 

 

 

 

6,596

 

 

 

 

(5,998

)

 

 

 

(24

)

 

 

 

1,950

 

Technology services

 

 

 

312

 

 

 

 

2,046

 

 

 

 

(2,056

)

 

 

 

—

 

 

 

 

302

 

Total deferred revenue

 

$

 

5,031

 

 

$

 

12,508

 

 

$

 

(12,251

)

 

$

 

(24

)

 

$

 

5,264

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 $32.2 million as of March 31, 2026. The Company expects to recognize revenue associated with the remaining performance obligations over the next 31 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, technological obsolescence, contributory asset charges 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 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. Since this ASU only requires additional disclosures, adoption of this ASU will not have an impact on the Company’s financial condition, results of operations or cash flows.

In September 2025, the FASB issued ASU No. 2025-06, Targeted Improvements to the Accounting for Internal-Use Software. This ASU eliminates the requirement to consider the project stage of an internal-use software under development while capitalizing its development costs. Instead, under the ASU, companies are required to capitalize internal-use software development costs when management authorizes and commits to fund the software development project, and it is probable that the project will be completed and the software will be used as intended. This ASU is effective for fiscal years beginning after December 15, 2027 under a prospective, retrospective or a modified approach. Early adoption is permitted. Adoption of this ASU is not expected to have a material impact on the Company’s financial condition, results of operations or cash flows.
v3.26.1
Significant Accounting Policies (Tables)
 3 Months Ended
Mar. 31, 2026
Accounting Policies [Abstract]  
Summary of Commission Revenue by Fee Type

The following table presents commission revenue by fee type:

 

Three Months Ended March 31,

 

 

2026

 

 

2025

 

 

(In thousands)

 

Commission revenue by fee type

 

 

 

 

 

 

 

Variable transaction fees

 

 

 

 

 

 

 

Disclosed trading

$

 

104,724

 

 

$

 

95,455

 

Open Trading – matched principal trading

 

 

49,230

 

 

 

 

43,052

 

U.S. government bonds - matched principal trading

 

 

5,315

 

 

 

 

4,529

 

Other

 

 

10,697

 

 

 

 

4,955

 

Total variable transaction fees

 

 

169,966

 

 

 

 

147,991

 

Distribution fees and unused minimum fees

 

 

33,505

 

 

 

 

33,352

 

Total commissions

$

 

203,471

 

 

$

 

181,343

 

 

 

 

 

 

 

 

 

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

 

Three Months Ended March 31,

 

 

2026

 

 

2025

 

 

(In thousands)

 

Information services revenue by timing
   of recognition

 

 

 

 

 

 

 

Services transferred over time

$

 

13,634

 

 

$

 

12,699

 

Services transferred at a point in time

 

 

811

 

 

 

 

205

 

Total information services revenues

$

 

14,445

 

 

$

 

12,904

 

 

 

 

 

 

 

 

 
Summary of Post-Trade Services Revenue by Timing of Recognition The following table presents post-trade services revenue by timing of recognition:

 

Three Months Ended March 31,

 

 

2026

 

 

2025

 

 

(In thousands)

 

Post-trade services revenue by timing
   of recognition

 

 

 

 

 

 

 

Services transferred over time

$

 

11,543

 

 

$

 

11,049

 

Services transferred at a point in time

 

 

64

 

 

 

 

39

 

Total post-trade services revenues

$

 

11,607

 

 

$

 

11,088

 

 

 

 

 

 

 

 

 
Summary of Technology Services Revenue by Timing of Recognition

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

 

Three Months Ended March 31,

 

 

2026

 

 

2025

 

 

(In thousands)

 

Technology services revenue by timing
   of recognition

 

 

 

 

 

 

 

Services transferred over time

$

 

3,602

 

 

$

 

3,062

 

Services transferred at a point in time

 

 

255

 

 

 

 

179

 

Total technology services revenues

$

 

3,857

 

 

$

 

3,241

 

 

 

 

 

 

 

 

 
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, 2025

 

 

Revenue billed in advance of services to be performed

 

 

Revenue recognized for services performed during the period

 

 

Foreign Currency Translation

 

 

March 31, 2026

 

 

 

 

(In thousands)

 

Information services

 

$

 

3,343

 

 

$

 

3,866

 

 

$

 

(4,197

)

 

$

 

—

 

 

$

 

3,012

 

Post-trade services

 

 

 

1,376

 

 

 

 

6,596

 

 

 

 

(5,998

)

 

 

 

(24

)

 

 

 

1,950

 

Technology services

 

 

 

312

 

 

 

 

2,046

 

 

 

 

(2,056

)

 

 

 

—

 

 

 

 

302

 

Total deferred revenue

 

$

 

5,031

 

 

$

 

12,508

 

 

$

 

(12,251

)

 

$

 

(24

)

 

$

 

5,264

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
v3.26.1
Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Valuation of Company's Assets and Liabilities Measured at Fair Value

The following table summarizes the valuation of the Company’s assets and liabilities measured at fair value as categorized based on the hierarchy described in Note 2:

 

 

 

 

 

 

 

 

 

 

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

 

(In thousands)

 

As of March 31, 2026

 

 

 

 

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

 

 

 

Money market funds

$

17,196

 

 

$

—

 

 

$

—

 

 

$

17,196

 

Securities available-for-sale

 

 

 

 

 

 

 

 

 

 

 

Corporate debt

 

—

 

 

 

60,063

 

 

 

—

 

 

 

60,063

 

Trading securities

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasuries

 

—

 

 

 

100,019

 

 

 

—

 

 

 

100,019

 

Mutual funds held in rabbi trust

 

—

 

 

 

10,726

 

 

 

—

 

 

 

10,726

 

Interest rate swaps

 

—

 

 

 

319

 

 

 

—

 

 

 

319

 

Total assets

$

17,196

 

 

$

171,127

 

 

$

—

 

 

$

188,323

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

Foreign currency forward position

 

—

 

 

 

1,580

 

 

 

—

 

 

 

1,580

 

Total liabilities

$

—

 

 

$

1,580

 

 

$

—

 

 

$

1,580

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31, 2025

 

 

 

 

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

 

 

 

Money market funds

$

23,355

 

 

$

—

 

 

$

—

 

 

$

23,355

 

Securities available-for-sale

 

 

 

 

 

 

 

 

 

 

 

Corporate debt

 

—

 

 

 

58,440

 

 

 

—

 

 

 

58,440

 

Trading securities

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasuries

 

—

 

 

 

100,772

 

 

 

—

 

 

 

100,772

 

Mutual funds held in rabbi trust

 

—

 

 

 

11,465

 

 

 

—

 

 

 

11,465

 

Foreign currency forward position

 

—

 

 

 

1,847

 

 

 

—

 

 

 

1,847

 

Total assets

$

23,355

 

 

$

172,524

 

 

$

—

 

 

$

195,879

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
Carrying Value of Financial Asset and Liability Not Measured at Fair Value

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

 

Carrying Value

 

 

Fair Value

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

 

(In thousands)

 

As of March 31, 2026

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial assets not measured at fair value:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash

$

360,106

 

 

$

360,106

 

 

$

360,106

 

 

$

—

 

 

$

—

 

 

$

360,106

 

Cash segregated under federal regulations

 

49,053

 

 

 

49,053

 

 

 

49,053

 

 

 

—

 

 

 

—

 

 

 

49,053

 

Accounts receivable, net of allowance

 

128,171

 

 

 

128,171

 

 

 

—

 

 

 

128,171

 

 

 

—

 

 

 

128,171

 

Receivables from broker-dealers, clearing
   organizations and customers

 

977,049

 

 

 

977,049

 

 

 

120,471

 

 

 

856,578

 

 

 

—

 

 

 

977,049

 

Total assets

$

1,514,379

 

 

$

1,514,379

 

 

$

529,630

 

 

$

984,749

 

 

$

—

 

 

$

1,514,379

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial liabilities not measured at fair value:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Payables to broker-dealers, clearing
   organizations and customers

$

696,302

 

 

$

696,302

 

 

$

—

 

 

$

696,302

 

 

$

—

 

 

$

696,302

 

Borrowings

 

228,250

 

 

 

228,250

 

 

 

—

 

 

 

228,250

 

 

 

—

 

 

 

228,250

 

Total liabilities

$

924,552

 

 

$

924,552

 

 

$

—

 

 

$

924,552

 

 

$

—

 

 

$

924,552

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31, 2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial assets not measured at fair value:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash

$

496,379

 

 

$

496,379

 

 

$

496,379

 

 

$

—

 

 

$

—

 

 

$

496,379

 

Cash segregated under federal regulations

 

48,722

 

 

 

48,722

 

 

 

48,722

 

 

 

—

 

 

 

—

 

 

 

48,722

 

Accounts receivable, net of allowance

 

100,989

 

 

 

100,989

 

 

 

—

 

 

 

100,989

 

 

 

—

 

 

 

100,989

 

Receivables from broker-dealers, clearing
   organizations and customers

 

489,211

 

 

 

489,211

 

 

 

107,223

 

 

 

381,988

 

 

 

—

 

 

 

489,211

 

Total assets

$

1,135,301

 

 

$

1,135,301

 

 

$

652,324

 

 

$

482,977

 

 

$

—

 

 

$

1,135,301

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial liabilities not measured at fair value:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Payables to broker-dealers, clearing
   organizations and customers

$

325,959

 

 

$

325,959

 

 

$

—

 

 

$

325,959

 

 

$

—

 

 

$

325,959

 

Borrowings

 

220,000

 

 

 

220,000

 

 

 

—

 

 

 

220,000

 

 

 

—

 

 

 

220,000

 

Total liabilities

$

545,959

 

 

$

545,959

 

 

$

—

 

 

$

545,959

 

 

$

—

 

 

$

545,959

 
Summary of Foreign Currency Forward Contracts and Interest Rate Swaps The following table summarizes the Company’s foreign currency forward positions and interest rate swaps:

 

As of

 

 

March 31, 2026

 

 

December 31, 2025

 

 

(In thousands)

 

Foreign currency forwards

 

 

 

 

 

Notional value

$

96,317

 

 

$

94,197

 

Fair value of notional

 

94,737

 

 

 

96,044

 

Fair value of the (liability)/asset

$

(1,580

)

 

$

1,847

 

 

 

 

 

 

 

Interest rate swaps

 

 

 

 

 

Notional value

$

100,000

 

 

$

—

 

Fair value of notional

 

100,319

 

 

 

—

 

Fair value of the asset/(liability)

$

319

 

 

$

—

 

 

 

 

 

 

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

 

 

 

 

 

 

 

Three Months Ended March 31,

 

 

2026

 

 

2025

 

 

(In thousands)

 

Foreign currency forwards

 

 

 

 

 

Unrealized gain/(loss)

$

(3,426

)

 

$

3,556

 

Realized gain/(loss)

 

2,051

 

 

 

(1,693

)

Total gain/(loss)

$

(1,375

)

 

$

1,863

 

 

 

 

 

 

 

Interest rate swaps

 

 

 

 

 

Unrealized gain/(loss)

$

319

 

 

$

—

 

Realized gain/(loss)

 

3

 

 

 

—

 

Total gain/(loss)

$

322

 

 

$

—

 
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 March 31, 2026

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Securities available-for-sale

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt

$

 

60,076

 

 

 $

 

115

 

 

 $

 

(128

)

 

 $

 

60,063

 

Trading securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasuries

 

 

100,447

 

 

 

 

—

 

 

 

 

(428

)

 

 

 

100,019

 

Mutual funds held in rabbi trust

 

 

10,070

 

 

 

 

701

 

 

 

 

(45

)

 

 

 

10,726

 

Total investments

$

 

170,593

 

 

 $

 

816

 

 

 $

 

(601

)

 

 $

 

170,808

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31, 2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Securities available-for-sale

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt

$

 

58,110

 

 

 $

 

333

 

 

 $

 

(3

)

 

 $

 

58,440

 

Trading securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasuries

 

 

100,487

 

 

 

 

329

 

 

 

 

(44

)

 

 

 

100,772

 

Mutual funds held in rabbi trust

 

 

10,563

 

 

 

 

926

 

 

 

 

(24

)

 

 

 

11,465

 

Total investments

$

 

169,160

 

 

 $

 

1,588

 

 

 $

 

(71

)

 

 $

 

170,677

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
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 March 31,

 

 

2026

 

 

2025

 

 

(In thousands)

 

Unrealized gains/(losses)

 

 

 

 

 

 

 

Securities available-for-sale

 

 

 

 

 

 

 

Corporate debt

$

 

(343

)

 

$

 

307

 

Trading securities

 

 

 

 

 

 

 

U.S. Treasuries

 

 

(761

)

 

 

 

1,066

 

Mutual funds held in rabbi trust

 

 

(245

)

 

 

 

(493

)

Total investments

$

 

(1,349

)

 

$

 

880

 

 

 

 

 

 

 

 

 

Realized gains/(losses)

 

 

 

 

 

 

 

Securities available-for-sale

 

 

 

 

 

 

 

Corporate debt

$

 

4

 

 

$

 

—

 

Trading securities

 

 

 

 

 

 

 

Mutual funds held in rabbi trust

 

 

61

 

 

 

 

47

 

Total investments

$

 

65

 

 

$

 

47

 

 

 

 

 

 

 

 

 
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 March 31, 2026

 

 

 

 

 

 

 

 

Securities available-for-sale

 

 

 

 

 

 

 

 

Corporate debt

$

14,013

 

 

$

46,050

 

 

$

60,063

 

Trading securities

 

 

 

 

 

 

 

 

U.S. Treasuries

 

—

 

 

 

100,019

 

 

 

100,019

 

Total

$

14,013

 

 

$

146,069

 

 

$

160,082

 

 

 

 

 

 

 

 

 

As of December 31, 2025

 

 

 

 

 

 

 

 

Securities available-for-sale

 

 

 

 

 

 

 

 

Corporate debt

$

8,400

 

 

$

50,040

 

 

$

58,440

 

Trading securities

 

 

 

 

 

 

 

 

U.S. Treasuries

 

—

 

 

 

100,772

 

 

 

100,772

 

Total

$

8,400

 

 

$

150,812

 

 

$

159,212

 

 

 

 

 

 

 

 

 

 
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 March 31, 2026

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt

$

32,202

 

 

$

(128

)

 

$

—

 

 

$

—

 

 

$

32,202

 

 

$

(128

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31, 2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt

$

3,506

 

 

$

(3

)

 

$

—

 

 

$

—

 

 

$

3,506

 

 

$

(3

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
v3.26.1
Receivables from and Payables to Broker-dealers, Clearing Organizations and Customers (Tables)
 3 Months Ended
Mar. 31, 2026
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

 

 

March 31, 2026

 

 

December 31, 2025

 

 

(In thousands)

 

Receivables from broker-dealers, clearing organizations and customers:

 

 

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

$

 

425,549

 

 

$

 

244,405

 

Securities failed-to-deliver – customers

 

 

426,627

 

 

 

 

131,632

 

Cash deposits with clearing organizations and broker-dealers

 

 

120,471

 

 

 

 

107,223

 

Other

 

 

4,402

 

 

 

 

5,951

 

Total

$

 

977,049

 

 

$

 

489,211

 

 

 

 

 

 

 

 

 

Payables to broker-dealers, clearing organizations and customers:

 

 

 

 

 

 

 

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

$

 

483,219

 

 

$

 

224,844

 

Securities failed-to-receive – customers

 

 

202,342

 

 

 

 

93,107

 

Other

 

 

10,741

 

 

 

 

8,008

 

Total

$

 

696,302

 

 

$

 

325,959

 

 

 

 

 

 

 

 

 
v3.26.1
Acquisitions and Equity Investments (Tables)
 3 Months Ended
Mar. 31, 2026
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

 

 

 

 

 

 

 

 

 

 

 
Summary of Fair Value of Acquired Intangible Assets 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 three months ended March 31, 2026:

 

 

(In thousands)

 

Balance at December 31, 2025

 

$

12,592

 

Net income attributable to noncontrolling interests

 

 

225

 

Issuance of noncontrolling interests

 

 

703

 

Balance at March 31, 2026

 

$

13,520

 

 

 

 

 
v3.26.1
Goodwill and Intangible Assets (Tables)
 3 Months Ended
Mar. 31, 2026
Goodwill and Intangible Assets Disclosure [Abstract]  
Summary of Company's Intangible Assets Intangible assets with definite lives, including the related accumulated amortization, are comprised of the following:

 

 

March 31, 2026

 

 

December 31, 2025

 

 

 

Cost

 

 

Accumulated
amortization

 

 

Net carrying
amount

 

 

Cost

 

 

Accumulated
amortization

 

 

Net carrying
amount

 

 

 

(In thousands)

 

Customer relationships

 

$

154,510

 

 

$

(83,003

)

 

$

71,507

 

 

$

155,492

 

 

$

(80,539

)

 

$

74,953

 

Developed technology

 

 

55,970

 

 

 

(23,847

)

 

 

32,123

 

 

 

55,970

 

 

 

(21,984

)

 

 

33,986

 

Other

 

 

2,760

 

 

 

(1,109

)

 

 

1,651

 

 

 

2,760

 

 

 

(1,070

)

 

 

1,690

 

Total

 

$

213,240

 

 

$

(107,959

)

 

$

105,281

 

 

$

214,222

 

 

$

(103,593

)

 

$

110,629

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
v3.26.1
Stock-Based Compensation Plans (Tables)
 3 Months Ended
Mar. 31, 2026
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation Expense

Total stock-based compensation expense was as follows:

 

 

Three Months Ended March 31,

 

 

 

2026

 

 

2025

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

Employees

 

$

8,550

 

 

$

6,822

 

Non-employee directors and consultants

 

 

1,113

 

 

 

874

 

Total stock-based compensation

 

$

9,663

 

 

$

7,696

 

 

 

 

 

 

 

 
v3.26.1
Earnings Per Share (Tables)
 3 Months Ended
Mar. 31, 2026
Earnings Per Share [Abstract]  
Basic and Diluted Weighted Average Shares Outstanding Used to Compute Earnings Per Share

The following table sets forth basic and diluted weighted average shares outstanding used to compute earnings per share:

 

 

Three Months Ended March 31,

 

 

 

2026

 

 

2025

 

 

 

(In thousands, except per share amounts)

 

Basic weighted average shares outstanding

 

 

 

35,301

 

 

 

 

37,388

 

Dilutive effect of stock options and
   Full Value Awards

 

 

 

85

 

 

 

 

68

 

Diluted weighted average shares outstanding

 

 

 

35,386

 

 

 

 

37,456

 

 

 

 

 

 

 

 

 

 

Basic earnings per share

 

 $

 

2.21

 

 

 $

 

0.40

 

Diluted earnings per share

 

 

 

2.20

 

 

 

 

0.40

 

 

 

 

 

 

 

 

 

 
v3.26.1
Leases (Tables)
 3 Months Ended
Mar. 31, 2026
Leases [Abstract]  
Schedule of Components of Operating Lease Expense

The following table presents the components of operating lease expense for the three months ended March 31, 2026 and 2025:

 

 

 

 

Three Months Ended March 31,

 

Lease cost:

 

Classification

 

2026

 

 

2025

 

 

 

 

 

(In thousands)

 

Operating lease cost - office space

 

Occupancy

 

$

2,852

 

 

$

2,751

 

Operating lease cost - equipment

 

Technology and communications

 

 

98

 

 

 

98

 

Variable lease costs

 

Occupancy

 

 

884

 

 

 

785

 

Total operating lease cost

 

 

 

$

3,834

 

 

$

3,634

 

 

 

 

 

 

 

 

 

 

 
Summary of Weighted Average Remaining Lease Term and Discount Rate

The weighted average remaining lease term and weighted average discount rate are as follows:

 

 

As of

 

Lease Term and Discount Rate

 

March 31, 2026

 

 

December 31, 2025

 

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

 

 

7.8

 

 

 

8.1

 

Weighted average discount rate - operating leases

 

 

6.0

%

 

 

6.1

%
Schedule of Maturity of Lease Liabilities

The following table presents the maturity of lease liabilities as of March 31, 2026:

 

 

Operating Leases

 

 

 

(In thousands)

 

2026

 

$

9,703

 

2027

 

 

9,996

 

2028

 

 

9,162

 

2029

 

 

9,046

 

2030

 

 

9,039

 

2031 and thereafter

 

 

33,153

 

Total lease payments

 

 

80,099

 

Less: imputed interest

 

 

16,388

 

Present value of lease liabilities

 

$

63,711

 

 

 

 

 
v3.26.1
Segment and Geographic Information (Tables)
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Summary of Revenue and Long-lived Assets Revenues for the three months ended March 31, 2026 and 2025, and long-lived assets as of March 31, 2026 and December 31, 2025 were as follows:

 

Three Months Ended March 31,

 

 

2026

 

 

2025

 

 

(In thousands)

 

Revenues

 

 

 

 

 

 

 

United States

$

 

149,749

 

 

$

 

142,660

 

United Kingdom

 

 

52,846

 

 

 

 

42,729

 

Other

 

 

30,785

 

 

 

 

23,187

 

Total

$

 

233,380

 

 

$

 

208,576

 

 

 

 

 

 

 

 

 

 

 

As of

 

 

March 31, 2026

 

 

December 31, 2025

 

 

(In thousands)

 

Long-lived assets, as defined

 

 

 

 

 

 

 

United States

$

 

100,207

 

 

$

 

99,849

 

United Kingdom

 

 

9,595

 

 

 

 

10,740

 

Other

 

 

1,840

 

 

 

 

1,842

 

Total

$

 

111,642

 

 

$

 

112,431

 

 

 

 

 

 

 

 

 
v3.26.1
Cash and Cash Equivalents and Restricted Cash (Tables)
 3 Months Ended
Mar. 31, 2026
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

 

March 31, 2026

 

 

December 31, 2025

 

 

 

 

(In thousands)

 

Cash and cash equivalents

Cash and cash equivalents

 

$

377,302

 

 

$

519,734

 

Cash segregated for regulatory
   purposes

Cash segregated under federal
   regulations

 

 

49,053

 

 

 

48,722

 

Restricted cash deposits with clearing
   organizations and broker-dealers

Receivables from broker-dealers,
   clearing organizations and customers

 

 

120,471

 

 

 

107,223

 

Other restricted cash deposits

Prepaid expenses and other assets

 

 

1,410

 

 

 

172

 

Total

 

 

$

548,236

 

 

$

675,851

 

 

 

 

 

 

 

 

 
v3.26.1
Organization and Principal Business Activity - Additional Information (Detail)
 3 Months Ended
Mar. 31, 2026
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
v3.26.1
Significant Accounting Policies - Additional Information (Detail)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
USD ($)
Revenue
Mar. 31, 2025
USD ($)
Dec. 31, 2025
USD ($)
Significant Accounting Policies [Line Items]      
Allowance for credit losses $ 752   $ 743
Provision for credit losses 100 $ 200  
Write-offs and other charges against the allowance for credit losses $ 0 $ 300  
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    
v3.26.1
Significant Accounting Policies - Summary of Commission Revenue by Fee Type (Detail) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Commission revenue by fee type    
Revenues $ 233,380 $ 208,576
Commissions [Member]    
Commission revenue by fee type    
Disclosed trading 104,724 95,455
Open Trading - matched principal trading 49,230 43,052
Other Variable Transaction 10,697 4,955
Total variable transaction fees 169,966 147,991
Distribution fees and unused minimum fees 33,505 33,352
Revenues 203,471 181,343
Commissions [Member] | US Government Bonds [Member]    
Commission revenue by fee type    
Open Trading - matched principal trading $ 5,315 $ 4,529
v3.26.1
Significant Accounting Policies - Summary of Information Services Revenue by Timing of Recognition (Detail) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Significant Accounting Policies [Line Items]    
Revenues $ 233,380 $ 208,576
Information Services [Member]    
Significant Accounting Policies [Line Items]    
Revenues 14,445 12,904
Information Services [Member] | Transferred over Time [Member]    
Significant Accounting Policies [Line Items]    
Revenues 13,634 12,699
Information Services [Member] | Transferred at a Point in Time [Member]    
Significant Accounting Policies [Line Items]    
Revenues $ 811 $ 205
v3.26.1
Significant Accounting Policies - Summary of Post-Trade Services Revenue by Timing of Recognition (Detail) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Significant Accounting Policies [Line Items]    
Revenues $ 233,380 $ 208,576
Post-trade Services [Member]    
Significant Accounting Policies [Line Items]    
Revenues 11,607 11,088
Post-trade Services [Member] | Transferred over Time [Member]    
Significant Accounting Policies [Line Items]    
Revenues 11,543 11,049
Post-trade Services [Member] | Transferred at a Point in Time [Member]    
Significant Accounting Policies [Line Items]    
Revenues $ 64 $ 39
v3.26.1
Significant Accounting Policies - Summary of Technology Services Revenue by Timing of Recognition (Detail) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Significant Accounting Policies [Line Items]    
Revenues $ 233,380 $ 208,576
Technology Services [Member]    
Significant Accounting Policies [Line Items]    
Revenues 3,857 3,241
Technology Services [Member] | Transferred over Time [Member]    
Significant Accounting Policies [Line Items]    
Revenues 3,602 3,062
Technology Services [Member] | Transferred at Point in Time [Member]    
Significant Accounting Policies [Line Items]    
Revenues $ 255 $ 179
v3.26.1
Significant Accounting Policies - Summary of Revenue Recognized from Contract Liabilities and Remaining Balance (Detail)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
USD ($)
Significant Accounting Policies [Line Items]  
Deferred revenues, beginning balance $ 5,031
Payments received in advance of services to be performed 12,508
Revenue recognized for services performed during the period (12,251)
Foreign Currency Translation (24)
Deferred revenues, ending balance 5,264
Information Services [Member]  
Significant Accounting Policies [Line Items]  
Deferred revenues, beginning balance 3,343
Payments received in advance of services to be performed 3,866
Revenue recognized for services performed during the period (4,197)
Deferred revenues, ending balance 3,012
Post-trade Services [Member]  
Significant Accounting Policies [Line Items]  
Deferred revenues, beginning balance 1,376
Payments received in advance of services to be performed 6,596
Revenue recognized for services performed during the period (5,998)
Foreign Currency Translation (24)
Deferred revenues, ending balance 1,950
Technology Services [Member]  
Significant Accounting Policies [Line Items]  
Deferred revenues, beginning balance 312
Payments received in advance of services to be performed 2,046
Revenue recognized for services performed during the period (2,056)
Deferred revenues, ending balance $ 302
v3.26.1
Significant Accounting Policies - Additional Information (Detail 1) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2025-10-01
$ in Millions
Mar. 31, 2026
USD ($)
Significant Accounting Policies [Line Items]  
Aggregate amount of transaction price allocated to remaining performance obligations $ 32.2
Expected time to recognize revenue for remaining performance obligation 31 months
v3.26.1
Regulatory Capital Requirements - Additional Information (Detail)
$ in Millions
Mar. 31, 2026
USD ($)
U.S. Subsidiaries  
Brokers And Dealers [Line Items]  
Aggregate net capital and financial resources in excess of required level $ 629.7
Aggregate net capital and financial resources, minimum capital requirement 39.8
U.S. Broker-Dealer Subsidiaries  
Brokers And Dealers [Line Items]  
Aggregate net capital and financial resources in excess of required level 6.5
Aggregate net capital and financial resources, minimum capital requirement 352.1
Securities reserve deposit $ 49.1
v3.26.1
Fair Value Measurements - Valuation of Company's Assets and Liabilities Measured at Fair Value (Detail) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Assets    
Money market funds $ 17,196 $ 23,355
Assets Fair Value Total 188,323 195,879
Liabilities    
Total liabilities 1,580  
Foreign Currency Forward Position [Member]    
Assets    
Foreign currency forward position   1,847
Liabilities    
Foreign currency forward position 1,580  
Mutual Funds Held In Rabbi Trust [Member]    
Assets    
Mutual funds held in rabbi trust 10,726 11,465
U.S. Treasuries [Member]    
Assets    
Trading securities 100,019 100,772
Corporate Debt [Member]    
Assets    
Securities available-for-sale 60,063 58,440
Interest Rate Swap [Member]    
Assets    
Interest rate swaps 319  
Level 1 [Member]    
Assets    
Money market funds 17,196 23,355
Assets Fair Value Total 17,196 23,355
Level 2 [Member]    
Assets    
Assets Fair Value Total 171,127 172,524
Liabilities    
Total liabilities 1,580  
Level 2 [Member] | Foreign Currency Forward Position [Member]    
Assets    
Foreign currency forward position   1,847
Liabilities    
Foreign currency forward position 1,580  
Level 2 [Member] | Mutual Funds Held In Rabbi Trust [Member]    
Assets    
Mutual funds held in rabbi trust 10,726 11,465
Level 2 [Member] | U.S. Treasuries [Member]    
Assets    
Trading securities 100,019 100,772
Level 2 [Member] | Corporate Debt [Member]    
Assets    
Securities available-for-sale 60,063 $ 58,440
Level 2 [Member] | Interest Rate Swap [Member]    
Assets    
Interest rate swaps $ 319  
v3.26.1
Fair Value Measurements - Additional Information (Detail) - USD ($)
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]      
Purchases of investments $ 6,200,000 $ 5,500,000  
Proceeds from the sales and maturities of securities available-for-sale 4,300,000 5,300,000  
Transfers between Level 1, Level 2 and Level 3 securities 0 0  
Cash collateral deposit 1,200,000    
Credit losses on available-for-sale securities 0 $ 0  
Interest Rate Swap [Member]      
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]      
Notional value 100,000,000   $ 0
Fair value of the asset 100,319,000   0
Fair value $ 319,000   $ 0
v3.26.1
Fair Value Measurements - Carrying Value of Financial Asset and Liability Not Measured at Fair Value (Detail) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Financial assets not measured at fair value:    
Financial assets not measured at fair value $ 188,323 $ 195,879
Level 1 [Member]    
Financial assets not measured at fair value:    
Financial assets not measured at fair value 17,196 23,355
Level 2 [Member]    
Financial assets not measured at fair value:    
Financial assets not measured at fair value 171,127 172,524
Financial Assets and Liabilities not Measured [Member]    
Financial assets not measured at fair value:    
Financial assets not measured at fair value 1,514,379 1,135,301
Financial liabilities not measured at fair value:    
Financial liabilities not measured at fair value 924,552 545,959
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 696,302 325,959
Financial Assets and Liabilities not Measured [Member] | Borrowings [Member]    
Financial liabilities not measured at fair value:    
Financial liabilities not measured at fair value 228,250 220,000
Financial Assets and Liabilities not Measured [Member] | Cash [Member]    
Financial assets not measured at fair value:    
Financial assets not measured at fair value 360,106 496,379
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 49,053 48,722
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 128,171 100,989
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 977,049 489,211
Financial Assets and Liabilities not Measured [Member] | Level 1 [Member]    
Financial assets not measured at fair value:    
Financial assets not measured at fair value 529,630 652,324
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 360,106 496,379
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 49,053 48,722
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 120,471 107,223
Financial Assets and Liabilities not Measured [Member] | Level 2 [Member]    
Financial assets not measured at fair value:    
Financial assets not measured at fair value 984,749 482,977
Financial liabilities not measured at fair value:    
Financial liabilities not measured at fair value 924,552 545,959
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 696,302 325,959
Financial Assets and Liabilities not Measured [Member] | Level 2 [Member] | Borrowings [Member]    
Financial liabilities not measured at fair value:    
Financial liabilities not measured at fair value 228,250 220,000
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 128,171 100,989
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 856,578 381,988
Financial Assets and Liabilities not Measured [Member] | Carrying Value [Member]    
Financial assets not measured at fair value:    
Financial assets not measured at fair value 1,514,379 1,135,301
Financial liabilities not measured at fair value:    
Financial liabilities not measured at fair value 924,552 545,959
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 696,302 325,959
Financial Assets and Liabilities not Measured [Member] | Carrying Value [Member] | Borrowings [Member]    
Financial liabilities not measured at fair value:    
Financial liabilities not measured at fair value 228,250 220,000
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 360,106 496,379
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 49,053 48,722
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 128,171 100,989
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 977,049 489,211
Financial Assets and Liabilities not Measured [Member] | Fair Value [Member]    
Financial assets not measured at fair value:    
Financial assets not measured at fair value 1,514,379 1,135,301
Financial liabilities not measured at fair value:    
Financial liabilities not measured at fair value 924,552 545,959
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 696,302 325,959
Financial Assets and Liabilities not Measured [Member] | Fair Value [Member] | Borrowings [Member]    
Financial liabilities not measured at fair value:    
Financial liabilities not measured at fair value 228,250 220,000
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 360,106 496,379
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 49,053 48,722
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 128,171 100,989
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 $ 977,049 $ 489,211
v3.26.1
Fair Value Measurements - Summary of Foreign Currency Forward Contracts and Interest Rate Swaps (Detail) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Foreign Currency Forwards [Member]    
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]    
Notional value $ 96,317 $ 94,197
Fair value of notional 94,737 96,044
Fair value of the asset/(liability) (1,580) 1,847
Interest Rate Swaps [Member]    
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]    
Notional value 100,000 0
Fair value of notional 100,319 0
Fair value of the asset/(liability) $ 319 $ 0
v3.26.1
Fair Value Measurements - Summary of Realized and Unrealized Gains and Losses on Foreign Currency Forward Contracts and Interest Rate Swaps (Detail) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Gain (Loss) on Securities [Line Items]    
Unrealized gain/(loss) $ (1,349) $ 880
Realized gain/(loss) 65 47
Forward Contracts [Member]    
Gain (Loss) on Securities [Line Items]    
Unrealized gain/(loss) (3,426) 3,556
Realized gain/(loss) 2,051 (1,693)
Total gain/(loss) (1,375) 1,863
Interest Rate Swaps [Member]    
Gain (Loss) on Securities [Line Items]    
Unrealized gain/(loss) 319 0
Realized gain/(loss) 3 0
Total gain/(loss) $ 322 $ 0
v3.26.1
Fair Value Measurements - Summary of Company's Investments (Detail) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Schedule Of Available For Sale Securities [Line Items]    
Investments, Amortized cost $ 170,593 $ 169,160
Investments, Gross unrealized gains 816 1,588
Investments, Gross unrealized losses (601) (71)
Investments, at fair value 170,808 170,677
Corporate Debt [Member]    
Schedule Of Available For Sale Securities [Line Items]    
Securities available-for-sale, Amortized Cost 60,076 58,110
Securities available-for-sale, Gross unrealized gains 115 333
Securities available-for-sale, Gross unrealized losses (128) (3)
Securities available-for-sale, Fair value 60,063 58,440
U.S. Treasuries [Member]    
Schedule Of Available For Sale Securities [Line Items]    
Trading securities, Amortized cost 100,447 100,487
Trading securities, Gross unrealized gains 0 329
Trading securities, Gross unrealized losses (428) (44)
Trading securities, Fair value 100,019 100,772
Mutual Funds Held In Rabbi Trust [Member]    
Schedule Of Available For Sale Securities [Line Items]    
Trading securities, Amortized cost 10,070 10,563
Trading securities, Gross unrealized gains 701 926
Trading securities, Gross unrealized losses (45) (24)
Trading securities, Fair value $ 10,726 $ 11,465
v3.26.1
Fair Value Measurements - Summary of Companies Unrealized and Realized Gains and Losses on Investments (Detail) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Gain (Loss) on Securities [Line Items]    
Unrealized gains/(losses) $ (1,349) $ 880
Realized gains/(losses) 65 47
Corporate Debt [Member]    
Gain (Loss) on Securities [Line Items]    
Unrealized gains/(losses) (343) 307
Realized gains/(losses) 4 0
U.S. Treasuries [Member]    
Gain (Loss) on Securities [Line Items]    
Unrealized gains/(losses) (761) 1,066
Mutual Funds Held In Rabbi Trust [Member]    
Gain (Loss) on Securities [Line Items]    
Unrealized gains/(losses) (245) (493)
Realized gains/(losses) $ 61 $ 47
v3.26.1
Fair Value Measurements - Summary of Fair Value of Investments Based upon Contractual Maturities (Detail) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Debt Securities, Available-for-Sale [Line Items]    
Less than one year $ 14,013 $ 8,400
Due in 1 - 5 years 146,069 150,812
Total 160,082 159,212
U.S. Treasuries [Member]    
Debt Securities, Available-for-Sale [Line Items]    
Less than one year 0 0
Due in 1 - 5 years 100,019 100,772
Total 100,019 100,772
Corporate Debt [Member]    
Debt Securities, Available-for-Sale [Line Items]    
Less than one year 14,013 8,400
Due in 1 - 5 years 46,050 50,040
Total $ 60,063 $ 58,440
v3.26.1
Fair Value Measurements - Summary of Fair Values and Unrealized Losses on Investments (Detail) - Corporate Debt [Member] - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]    
Less than Twelve Months, Estimated Fair value $ 32,202 $ 3,506
Less than Twelve Months, Gross unrealized losses (128) (3)
Twelve Months or More, Estimated Fair value 0 0
Twelve Months or More, Gross unrealized losses 0 0
Estimated Fair value, Total 32,202 3,506
Gross unrealized losses, Total $ (128) $ (3)
v3.26.1
Receivables from and Payables to Broker-dealers, Clearing Organizations and Customers - Schedule of Receivables from and Payables to Broker-dealers, Clearing Organizations and Customers (Detail) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Receivables from broker-dealers, clearing organizations and customers:    
Securities failed-to-deliver - broker-dealers and clearing organizations $ 425,549 $ 244,405
Securities failed-to-deliver - customers 426,627 131,632
Cash deposits with clearing organizations and broker-dealers 120,471 107,223
Other 4,402 5,951
Total 977,049 489,211
Payables to broker-dealers, clearing organizations and customers:    
Securities failed-to-receive - broker-dealers and clearing organizations 483,219 224,844
Securities failed-to-receive - customers 202,342 93,107
Other 10,741 8,008
Total $ 696,302 $ 325,959
v3.26.1
Receivables from and Payables to Broker-dealers, Clearing Organizations and Customers - Additional Information (Detail) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Line of Credit Facility [Line Items]    
Securities failed-to-deliver - broker-dealers and clearing organizations pledged as collateral $ 75,072  
Overnight borrowing 228,250 $ 220,000
Uncommitted Collateralized Facility [Member]    
Line of Credit Facility [Line Items]    
Overnight borrowing $ 71,300  
v3.26.1
Acquisitions and Equity Investments - Additional Information (Detail) - USD ($)
$ in Thousands
 3 Months Ended
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2026
Business Acquisition [Line Items]      
Redeemable noncontrolling interest equity expense     $ 700
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
RFQ Hub Holdings LLC [Member] | Other Investee [Member]      
Business Acquisition [Line Items]      
Subsidiary, Ownership Percentage, Parent     90.30%
v3.26.1
Acquisitions and Equity Investments - Summary of Purchase Price Allocation (Detail) - USD ($)
$ in Thousands
 3 Months Ended
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2026
Sep. 30, 2025
Dec. 31, 2025
Business Combination [Abstract]          
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest     $ 225    
Business Combination [Line Items]          
Goodwill     283,667   $ 283,667
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  
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)  
Intangible assets       100  
Accounts receivable (4,333) (4,333)   (4,333)  
Accounts receivable       0  
Prepaid expenses and other assets (1,074) (2,466)   (1,074)  
Prepaid expenses and other assets       1,392  
Accounts payable, accrued expenses and other liabilities 1,822 1,822   1,822  
Accounts payable, accrued expenses and other liabilities       0  
Goodwill $ 46,961 $ 49,314   46,961  
Goodwill       $ (2,353)  
v3.26.1
Acquisitions and Equity Investments - Summary of Fair Value of Acquired Intangible Assets (Detail) - RFQ Hub Holdings LLC [Member]
$ in Thousands
 3 Months Ended
Mar. 31, 2026
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
v3.26.1
Acquisitions and Equity Investments - Summary of the Changes in Redeemable Noncontrolling Interest (Detail)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
USD ($)
Business Combination [Abstract]  
Balance at December 31, 2024 $ 12,592
Net income attributable to noncontrolling interests 225
Issuance of noncontrolling interests 703
Balance at March 31, 2026 $ 13,520
v3.26.1
Goodwill and Intangible Assets - Additional Information (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Goodwill [Line Items]      
Amortization expense associated with identifiable intangible assets $ 5.0 $ 4.4  
Estimated total amortization expense 2026 19.7    
Estimated total amortization expense 2027 18.3    
Estimated total amortization expense 2028 16.7    
Estimated total amortization expense 2029 15.7    
Estimated total amortization expense 2030 11.1    
Indefinite-lived Intangible Assets [Member]      
Goodwill [Line Items]      
Goodwill and intangible assets with indefinite lives $ 283.7   $ 283.7
v3.26.1
Goodwill and Intangible Assets - Summary of Changes in Goodwill and Intangible Assets with Indefinite Lives (Detail)
$ in Thousands
Mar. 31, 2026
USD ($)
Goodwill [Line Items]  
Balance at December 31, 2024 $ 283,667
Balance at September 30, 2025 $ 283,667
v3.26.1
Goodwill and Intangible Assets - Summary of Company's Intangible Assets (Detail) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Finite Lived Intangible Assets [Line Items]    
Cost $ 213,240 $ 214,222
Accumulated amortization (107,959) (103,593)
Net carrying amount 105,281 110,629
Customer Relationships [Member]    
Finite Lived Intangible Assets [Line Items]    
Cost 154,510 155,492
Accumulated amortization (83,003) (80,539)
Net carrying amount 71,507 74,953
Developed Technology and Other Intangibles [Member]    
Finite Lived Intangible Assets [Line Items]    
Cost 55,970 55,970
Accumulated amortization (23,847) (21,984)
Net carrying amount 32,123 33,986
Other Intangible Assets [Member]    
Finite Lived Intangible Assets [Line Items]    
Cost 2,760 2,760
Accumulated amortization (1,109) (1,070)
Net carrying amount $ 1,651 $ 1,690
v3.26.1
Income Taxes - Additional Information (Detail) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Schedule Of Pre Tax Income [Line Items]    
Provision for income taxes $ 25,778 $ 81,089
Effective income tax rate 24.80% 84.30%
Provisions for unrecognized tax benefits from current period $ 300 $ 56,400
Liability for unrecognized tax benefits from current period $ 11,200  
New York State [Member]    
Schedule Of Pre Tax Income [Line Items]    
Income tax year under examination 2015 2016 2017 2018 2019 2020 2021 2022 2023  
New York City [Member]    
Schedule Of Pre Tax Income [Line Items]    
Income tax year under examination 2016 2017 2018  
v3.26.1
Stock-Based Compensation Plans - Additional Information (Detail) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Shares available for grant under the stock incentive plan 2,293,272    
Unrecognized compensation costs related to non-vested $ 70.9    
Weighted-average period over which cost is expected to be recognized 2 years 2 months 12 days    
Common stock, shares issued 41,241,180   41,121,305
Restricted Stock [Member]      
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Number of non-option equity instruments granted during the period 164,837    
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 92,483    
Common stock, shares issued 5,229    
Employees [Member]      
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Share-based payment arrangement, amount capitalized $ 0.5 $ 0.4  
Employees [Member] | Restricted Stock [Member]      
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Weighted-average grant date fair value per share $ 179.42    
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 21,736    
Number of stock option equity instruments granted during the period 46,568    
Weighted-average fair value each option granted $ 51.47    
Weighted-average grant date fair value per share $ 179.36    
v3.26.1
Stock-Based Compensation Plans - Stock-Based Compensation Expense (Detail) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]    
Total stock-based compensation $ 9,663 $ 7,696
Employees [Member]    
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]    
Total stock-based compensation 8,550 6,822
Non-Employee Directors and Consultants [Member]    
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]    
Total stock-based compensation $ 1,113 $ 874
v3.26.1
Earnings Per Share - Basic and Diluted Weighted Average Shares Outstanding Used to Compute Earnings Per Share (Detail) - $ / shares
shares in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Earnings Per Share [Abstract]    
Basic weighted average shares outstanding 35,301 37,388
Dilutive effect of stock options and full value awards 85 68
Diluted weighted average shares outstanding 35,386 37,456
Basic earnings per share $ 2.21 $ 0.4
Diluted earnings per share $ 2.2 $ 0.4
v3.26.1
Earnings Per Share - Additional Information (Detail) - shares
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
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 333,488 312,466
v3.26.1
Credit Agreement and Short-term Financing - Additional Information (Detail) - USD ($)
$ in Thousands
 3 Months Ended
Feb. 02, 2029
Feb. 04, 2026
Aug. 09, 2023
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Line Of Credit Facility [Line Items]            
Borrowings       $ 228,250   $ 220,000
Receivables from broker-dealers, clearing organizations and customers, pledged as collateral       75,072    
Interest expense on short-term debt       200 $ 200  
Outstanding overdrafts payable       0    
Collateralized Agreements [Member]            
Line Of Credit Facility [Line Items]            
Interest expense on borrowings       100 0  
Maximum available borrowings to subsidiary under agreement       $ 500,000    
Interest rate, stated percentage       1.00%    
Unused borrowing capacity, amount under agreement       $ 428,700    
Uncommitted Collateralized Facility [Member]            
Line Of Credit Facility [Line Items]            
Borrowings       $ 71,300    
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%    
2021 Credit Agreement [Member]            
Line Of Credit Facility [Line Items]            
Interest expense on borrowings       $ 2,700 0  
2023 Credit Agreement [Member]            
Line Of Credit Facility [Line Items]            
Period of credit agreement     3 years      
Repayment of borrowings       63,000 $ 0  
Amount available under credit agreement       $ 592,900    
Line of Credit Facility, Description       On August 9, 2023, the Company entered into a three-year revolving credit facility (the “2023 Credit Agreement”) provided by a syndicate of lenders and JPMorgan Chase Bank, N.A. (“JPMorgan”), as administrative agent    
2023 Amended and Restated Credit Agreement [Member]            
Line Of Credit Facility [Line Items]            
Period of credit agreement   3 years        
Credit spread adjustment   0.10%        
Sub-limit for swingline loans   $ 380,000        
Line of Credit Facility, Description       On February 4, 2026, the Company entered into an amended and restated three-year revolving credit facility (the “Credit Agreement”) provided by a syndicate of lenders and JPMorgan, as administrative agent    
2023 Amended and Restated Credit Agreement [Member] | Minimum [Member]            
Line Of Credit Facility [Line Items]            
Changes of debt amount under the calculation of consolidated leverage ratio   30,000        
2023 Amended and Restated Credit Agreement [Member] | Maximum [Member]            
Line Of Credit Facility [Line Items]            
Changes of debt amount under the calculation of consolidated leverage ratio   200,000        
Revolving Credit Facility [Member] | 2023 Credit Agreement [Member]            
Line Of Credit Facility [Line Items]            
Revolving loans and letters of credit     $ 750,000      
Borrowings       $ 157,000   220,000
Letter of credit outstanding       $ 100   100
Amount available under credit agreement           $ 529,900
Revolving Credit Facility [Member] | 2023 Amended and Restated Credit Agreement [Member]            
Line Of Credit Facility [Line Items]            
Revolving loans and letters of credit   $ 750,000        
Period of credit agreement   364 days        
Additional borrowings under credit agreement   $ 375,000        
Revolving Credit Facility [Member] | 2023 Amended and Restated Credit Agreement [Member] | Subsequent Event [Member]            
Line Of Credit Facility [Line Items]            
Expiration period of credit agreement Feb. 02, 2029          
Standby Letters of Credit [Member] | 2023 Amended and Restated Credit Agreement [Member]            
Line Of Credit Facility [Line Items]            
Sub-limit for letter of credit   $ 5,000        
v3.26.1
Leases - Additional Information (Detail)
 3 Months Ended
Mar. 31, 2026
Lessee Lease Description [Line Items]  
Operating lease, option to extend Certain leases contain options to extend the initial term at the Company’s discretion
Operating lease, existence of option to extend [true false] true
Minimum [Member]  
Lessee Lease Description [Line Items]  
Term of lease contract 1 year
Operating and finance leases for equipment 1 year
Maximum [Member]  
Lessee Lease Description [Line Items]  
Term of lease contract 15 years
Operating and finance leases for equipment 5 years
v3.26.1
Leases - Schedule of Components of Operating Lease Expense (Detail) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Lease Cost [Line Items]    
Total operating lease cost $ 3,834 $ 3,634
Occupancy [Member]    
Lease Cost [Line Items]    
Operating lease cost - office space 2,852 2,751
Variable lease costs 884 785
Technology and Communications [Member]    
Lease Cost [Line Items]    
Operating lease cost - equipment $ 98 $ 98
v3.26.1
Leases - Summary of Weighted Average Remaining Lease Term and Discount Rate (Details)
Mar. 31, 2026
Dec. 31, 2025
Leases [Abstract]    
Weighted average remaining lease term (in years) - operating leases 7 years 9 months 18 days 8 years 1 month 6 days
Weighted average discount rate - operating leases 6.00% 6.10%
v3.26.1
Leases - Schedule of Maturity of Lease Liabilities (Detail) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Leases [Abstract]    
2026 $ 9,703  
2027 9,996  
2028 9,162  
2029 9,046  
2030 9,039  
2031 and thereafter 33,153  
Total lease payments 80,099  
Less: imputed interest 16,388  
Present value of lease liabilities $ 63,711 $ 64,938
v3.26.1
Commitments and Contingencies - Additional Information (Detail)
 3 Months Ended
Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]  
Settlement days of bond transaction within one to two trading days
v3.26.1
Share Repurchase Programs - Additional Information (Detail) - USD ($)
$ / shares in Units, $ in Thousands
 2 Months Ended 3 Months Ended
Dec. 09, 2025
Feb. 04, 2026
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Aug. 31, 2024
Equity Class Of Treasury Stock [Line Items]            
Shares repurchase program, value       $ 38,077    
2024 Repurchase Program [Member]            
Equity Class Of Treasury Stock [Line Items]            
Shares repurchase program authorized additional, value           $ 200,000
2025 Repurchase Program and 2024 Repurchase Program [Member]            
Equity Class Of Treasury Stock [Line Items]            
Shares repurchase program authorized additional, value         $ 400,000  
Shares repurchase program, value     $ 60,000      
Shares repurchase program, shares     359,782      
Accelerated Share Repurchase Program [Member]            
Equity Class Of Treasury Stock [Line Items]            
Initial Settlement Payment Amount $ 300,000          
Share repurchases (in shares) 1,386,001          
Percentage of shares delivered initially 80.00%          
Initial price per share $ 173.16          
Delivery of shares (in shares)   359,782        
Final price paid per share   $ 171.84        
2025 Repurchase Program            
Equity Class Of Treasury Stock [Line Items]            
Share Repurchase program, remaining capacity     $ 205,000      
v3.26.1
Segment and Geographic Information - Additional Information (Detail) - Segment
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Dec. 31, 2025
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%
v3.26.1
Segment and Geographic Information - Summary of Revenue and Long-lived Assets (Detail) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Segment Reporting Information [Line Items]      
Revenues $ 233,380 $ 208,576  
Long-lived assets 111,642   $ 112,431
United States [Member]      
Segment Reporting Information [Line Items]      
Revenues 149,749 142,660  
Long-lived assets 100,207   99,849
United Kingdom [Member]      
Segment Reporting Information [Line Items]      
Revenues 52,846 42,729  
Long-lived assets 9,595   10,740
Other [Member]      
Segment Reporting Information [Line Items]      
Revenues 30,785 $ 23,187  
Long-lived assets $ 1,840   $ 1,842
v3.26.1
Cash and Cash Equivalents and Restricted Cash - Summary of Reconciliation of Cash and Cash Equivalents with Restricted or Segregated Cash (Detail) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Cash And Cash Equivalents [Line Items]    
Cash and cash equivalents $ 377,302 $ 519,734
Cash segregated for regulatory purposes 49,053 48,722
Total 548,236 675,851
Cash and Cash Equivalents [Member]    
Cash And Cash Equivalents [Line Items]    
Cash and cash equivalents 377,302 519,734
Cash Segregated under Federal Regulations [Member]    
Cash And Cash Equivalents [Line Items]    
Cash segregated for regulatory purposes 49,053 48,722
Receivables from Broker-Dealers, Clearing Organizations and Customers [Member]    
Cash And Cash Equivalents [Line Items]    
Restricted cash deposits with clearing organizations and broker-dealers 120,471 107,223
Prepaid Expenses and Other Assets [Member]    
Cash And Cash Equivalents [Line Items]    
Other restricted cash deposits $ 1,410 $ 172