v3.25.4
DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Schedule of Concentration of Credit Risk
We derived transaction-based revenues from individual market makers and exchanges in excess of 10% of total net revenues, as follows:
Year Ended December 31,
202320242025
Market makers:
Citadel Securities, LLC12 %12 %13 %
Wintermute Trading Ltd2 %10 %6 %
All others individually less than 10%26 %34 %36 %
Total as percentage of total net revenues
40 %56 %55 %
Schedule Of Property, Software and Equipment
Property, software, and equipment are stated at cost, net of accumulated depreciation and amortization. Depreciation and amortization is recorded on a straight-line basis over the useful life of the asset, which is as follows:
Property, Software, and EquipmentUseful Life
Computer equipment3 years
Fixture and furniture7 years
Leasehold improvements
Shorter of estimated useful life or lease term
Internally developed software3 years
Property, software, and equipment are presented net of accumulated depreciation and amortization and summarized as follows:
Year Ended December 31,
(in millions) 20242025
Internally developed software$171 $229 
Leasehold improvements42 48 
Computer equipment28 36 
Furniture and fixtures13 15 
Construction in progress39 40 
Total293 368 
Less: accumulated depreciation and amortization(154)(214)
Property, software, and equipment, net$139 $154