v3.22.2.2
REVENUES
 9 Months Ended
Sep. 30, 2022
Revenue from Contract with Customer [Abstract]  
REVENUES
NOTE 4: REVENUES
Disaggregation of Revenues
The following table presents our revenue disaggregated by revenue source:
Three Months Ended
September 30,		Nine Months Ended
September 30,
(in millions)2021202220212022
Transaction-based revenues:
Options$164$124$527$364
Cryptocurrencies5151372163
Equities503123596
Other2245
Total transaction-based revenues2672081,138628
Net interest revenues:
Margin interest344893122
Securities lending, net332910776
Interest on investments and corporate cash
—29140
Interest on segregated cash and cash equivalents and deposits120327
Cash sweep18310
Interest expenses related to credit facilities(6)(6)(14)(18)
Total net interest revenues63128193257
Other revenues352512193
Total net revenues$365$361$1,452$978
Contract Balances
Contract receivables are recognized when we have an unconditional right to invoice and receive payment under a contract and are derecognized when cash is received. Transaction-based revenue receivables due from market makers are reported in receivables from brokers, dealers, and clearing organizations while other revenue receivables due from our relationship with a third-party investor communications company are reported in other current assets on the unaudited condensed consolidated balance sheets.
Contract liabilities, which consist of unearned subscription revenue, are recognized when users remit cash payments in advance of the time we satisfy our performance obligations and are recorded as other current liabilities on the unaudited condensed consolidated balance sheets.
The table below sets forth contract receivables and liabilities for the period indicated:
(in millions)Contract ReceivablesContract Liabilities
Beginning of period, January 1, 2022$83 $3 
End of period, September 30, 202273 3 
Changes during the period$(10)$— 
The difference between the opening and ending balances of our contract receivables primarily results from lower transaction-based revenue driven by the market environment which had a negative impact on the number of traders and notional trading volume and timing differences between our performance and counterparties’ payments. We recognized all revenue from amounts included in the opening contract liability balances in the nine months ended September 30, 2022.