Foreign Currency and Derivative Risk We have global operations and substantial portions of our revenues, expenses, assets and liabilities are generated and denominated in non-U.S. dollar currencies. The following table shows the percentage breakdown of our revenue and operating expenses denominated in currencies other than the U.S. dollar for the three and six months ended June 30, 2026 and 2025: Three Months Ended Six Months Ended June 30, June 30, 2026 2025 2026 2025 % of revenue denominated in foreign currencies (1) 31% 31% 32% 30% % of operating expenses denominated in foreign currencies (2) 18% 15% 18% 15% (1)Revenue in foreign currencies is primarily denominated in euros. (2)Operating expenses in foreign currencies are primarily denominated in British pounds sterling. Revenues, expenses, assets and liabilities denominated in non-functional currencies are recorded in the appropriate functional currency for the legal entity at the rate of exchange prevailing at the transaction date. Monetary assets and liabilities that are denominated in non-functional currencies are then remeasured at the end of each reporting period at the exchange rate prevailing at the end of the reporting period. Foreign currency remeasurement gains or losses on monetary assets and liabilities in nonfunctional currencies are recognized in the condensed consolidated statements of income within general and administrative expenses. Realized and unrealized gains/losses from foreign currency remeasurement of transactions in nonfunctional currencies recognized in the condensed consolidated statements of income within general and administrative expense totaled a loss of $0.3 million and a gain of $1.7 million during the three months ended June 30, 2026 and 2025, respectively, and a loss of $1.8 million and a gain of $2.6 million during the six months ended June 30, 2026 and 2025, respectively. Since our condensed consolidated financial statements are presented in U.S. dollars, we also translate all non-U.S. dollar functional currency revenues, expenses, assets and liabilities into U.S. dollars. All non-U.S. dollar functional currency revenue and expense amounts are translated into U.S. dollars monthly at the average exchange rate for the month. All non-U.S. dollar functional currency assets and liabilities are translated at the rate prevailing at the end of the reporting period. Gains or losses on translation in the financial statements, when the functional currency is other than the U.S. dollar, are included as a component of other comprehensive income. Accordingly, increases or decreases in the value of the U.S. dollar against the other currencies will affect our operating revenues, operating income and the value of balance sheet items. 80 Table of Contents Aside from U.S. dollars, a significant portion of our revenues are denominated in euros and a significant portion of our expenses are denominated in British pound sterling. The following table shows the average foreign currency exchange rates to the U.S. dollar for the three and six months ended June 30, 2026 and 2025: Three Months Ended Six Months Ended June 30, June 30, 2026 2025 2026 2025 Euros $ 1.16 $ 1.13 $ 1.17 $ 1.09 British pound sterling $ 1.34 $ 1.33 $ 1.35 $ 1.30 The following table shows the change in revenue and operating income caused by fluctuations in foreign currency rates used in translation during the three and six months ended June 30, 2026 and 2025: Three Months Ended Six Months Ended Impact of Foreign Currency Rate Fluctuations (dollars in thousands) June 30, June 30, 2026 2025 2026 2025 Increase (decrease) in revenue $ 4,200 $ 6,700 $ 10,900 $ 2,500 Increase (decrease) in operating income $ 3,100 $ 5,200 $ 8,300 $ 1,800 The following table shows the impact a hypothetical 10% increase or decrease in the U.S. dollar against all other currencies and a hypothetical 10% increase or decrease in only euro or only British pound sterling exchange rates would have on the translation of actual revenue and operating income for the three and six months ended June 30, 2026 and 2025: Three Months Ended Six Months Ended Hypothetical 10% Change in Value of U.S. Dollar (dollars in thousands) June 30, June 30, 2026 2025 2026 2025 All currencies Effect of 10% change on revenue +/- $ 19,100 +/- $ 17,600 +/- $ 41,500 +/- $ 34,500 Effect of 10% change on operating income +/- $ 12,800 +/- $ 12,400 +/- $ 28,600 +/- $ 24,400 Euros Effect of 10% change on revenue +/- $ 16,800 +/- $ 15,400 +/- $ 37,100 +/- $ 30,100 Effect of 10% change on operating income +/- $ 16,400 +/- $ 15,000 +/- $ 36,300 +/- $ 29,300 British pound sterling Effect of 10% change on revenue +/- $ 800 +/- $ 800 +/- $ 1,300 +/- $ 1,700 Effect of 10% change on operating income +/- $ 3,500 +/- $ 3,000 +/- $ 7,800 +/- $ 5,800 We have derivative risk relating to our foreign exchange derivative contracts. We enter into foreign currency forward contracts to mitigate our U.S. dollar and British pound sterling versus euro exposure, generally with a duration of not more than 12 months. We do not use derivative instruments for trading or speculative purposes. As of June 30, 2026 and December 31, 2025, the notional amount of our foreign currency forward contracts was $357.5 million and $339.8 million, respectively. Realized and unrealized gains/losses on foreign currency forward contracts totaled a gain of $4.7 million and a loss of $14.5 million during the three months ended June 30, 2026 and 2025, respectively, and a gain of $10.2 million and a loss of $20.8 million during the six months ended June 30, 2026 and 2025, respectively. By using derivative instruments to hedge exposures to foreign currency fluctuations, we are exposed to credit risk. Credit risk is the failure of the counterparty to perform under the terms of the derivative contract. When the fair value of a derivative contract is positive, the counterparty owes us, which creates credit risk for us. When the fair value of a derivative contract is negative, we owe the counterparty and, therefore, we are not exposed to the counterparty’s credit risk in those circumstances. We attempt to minimize counterparty credit risk in derivative instruments by entering into transactions with high-quality counterparties whose credit rating is at least upper-medium investment grade. As of June 30, 2026 and December 31, 2025, the counterparty on each of the foreign exchange derivative contracts was an affiliate of LSEG. 81 Table of Contents Credit Risk Cash and cash equivalents includes cash and highly liquid investments held by a limited number of global financial institutions, including cash amounts in excess of federally insured limits. To mitigate this concentration of credit risk, the Company invests through high-credit-quality financial institutions, monitors the concentration of credit exposure of investments with any single obligor and diversifies as determined appropriate. We have credit risk relating to our receivables, which are primarily receivables from financial institutions, including investment managers and brokers and dealers. As of June 30, 2026 and December 31, 2025, the allowance for credit losses with regard to these receivables totaled $0.2 million and $0.6 million, respectively. In the normal course of our business, we, as an agent, execute transactions with, and on behalf of, other brokers and dealers. If these transactions do not settle because of failure to perform by either counterparty, we may be obligated to discharge the obligation of the non-performing party and, as a result, may incur a loss if the market value of the instrument is different than the contractual amount. This credit risk exposure can be directly impacted by volatile trading markets, as our clients may be unable to satisfy their contractual obligations during volatile trading markets. Additionally, in the normal course of business, the Company, as an introducing broker, executes transactions on behalf of or with clients of the Company, which are cleared by a clearing broker. Under the arrangement between the Company and the clearing broker, the Company is responsible for losses that may result from the clearing broker’s rejection, reversal or cancellation of a transaction. If there are temporary errors or delays in the processing or settlement of transactions, the clearing broker may require, usually with two business days’ notice, that the Company provide cash deposits until the errors are resolved. We also have credit risk relating to our investments in a digital asset loan receivable and available-for-sale debt securities. As of December 31, 2025, the Company maintained an allowance for credit loss with regards to its digital asset loan receivable totaling $0.2 million, based on a review of the credit risk of the counterparty and the characteristics of the arrangement. In January 2026, upon CNTN shareholder approval for the issuance of the PFWs, the digital asset loan receivable and the related allowance for credit loss were reversed, resulting in a reversal of credit loss expense totaling $0.2 million during the six months ended June 30, 2026. See Note 10 – Fair Value of Financial Instruments and Other Assets to our unaudited condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q. There was no allowance for credit losses recorded on available-for-sale debt securities as of June 30, 2026 and December 31, 2025. Our policy is to monitor our market exposure and counterparty risk. Counterparties are evaluated for creditworthiness and risk assessment prior to our initiating contract activities. The counterparties’ creditworthiness is then monitored on an ongoing basis, and credit levels are reviewed to ensure that there is not an inappropriate concentration of credit outstanding to any particular counterparty.