Securities & Asset Management: Earnings per share (ASC 260)

Basic earnings per common share is calculated using the weighted average common shares outstanding during the year. Common equivalent shares from stock options and restricted stock awards, using the treasury stock method, are included in the diluted per share calculations unless the effect of inclusion would be antidilutive (see Note 20).

Concentrations

Our clearing houses are exposed to concentrations of credit risk as a result of maintaining clearing member cash deposits at various financial institutions (see Note 14). Cash deposit accounts are established at large, highly-rated financial institutions and entered into so that they restrict the rights of offset or imposition of liens by the banks. We also limit our risk of loss by holding the majority of the cash deposits in cash accounts at certain central banks, short-term reverse repurchase agreements with various counterparties securitized by highly-rated sovereign debt or direct investments in short-term high-quality sovereign and supranational debt issues. When engaging in reverse repurchase agreements, our clearing houses take delivery of the underlying securities in custody accounts under clearing house control. The underlying securities are valued daily and are subject to collateral maintenance provisions pursuant to which the counterparty must provide additional collateral, if needed, to maintain sufficient collateralization. Thus, in the event that a reverse repurchase counterparty defaults on its obligation to repurchase the underlying reverse repurchase securities, our clearing house will have possession of securities with a value potentially greater than the reverse repurchase counterparty’s obligation to the clearing house.

As disclosed in Note 19, no customer accounted for more than 10% of our consolidated revenues, less transaction-based expenses in any year presented. Additionally, there were no individual accounts receivable balances greater than 10% of total consolidated accounts receivable as of December 31, 2025 or December 31, 2024. Within the futures and options portion of our Exchanges segment and the CDS clearing portion of our Fixed Income and Data Services segment, the majority of the revenues are currently cleared through our clearing houses. The clearing members are primarily

intermediaries and represent a broad range of principal trading firms. If a clearing member ceased its operations, we believe that the trading firms would continue to conduct transactions and would clear those transactions through another clearing member firm.

Reclassification