$NDAQ
NASDAQ, INC. Stock $ndaq

$ndaq Overview Financials Valuation SEC Filings Company Website

2015 Q4 Form 10-K Financial Statement

#000112019317000003 Filed on March 01, 2017

Income Statement

Concept	2015 Q4	2014 Q4	2014
Revenue	$865.0M	$920.0M	$3.500B
YoY Change	-5.98%	8.36%	9.0%
Cost Of Revenue	$329.0M	$402.0M	$1.433B
YoY Change	-18.16%	22.19%	8.89%
Gross Profit	$536.0M	$518.0M	$2.067B
YoY Change	3.47%	-0.38%	9.08%
Gross Profit Margin	61.97%	56.3%	59.06%
Selling, General & Admin	$240.0M	$277.0M	$1.095B
YoY Change	-13.36%	6.95%	3.89%
% of Gross Profit	44.78%	53.47%	52.98%
Research & Development			$92.00M
YoY Change
% of Gross Profit			4.45%
Depreciation & Amortization	$36.00M	$33.00M	$68.00M
YoY Change	9.09%	-2.94%	-44.26%
% of Gross Profit	6.72%	6.37%	3.29%
Operating Expenses	$276.0M	$310.0M	$1.313B
YoY Change	-10.97%	5.8%	11.65%
Operating Profit	$260.0M	$208.0M	$754.0M
YoY Change	25.0%	-8.37%	9.59%
Interest Expense	-$26.00M	-$27.00M	$117.0M
YoY Change	-3.7%	-2800.0%	-258.11%
% of Operating Profit	-10.0%	-12.98%	15.52%
Other Income/Expense, Net
YoY Change
Pretax Income	$219.0M	$97.00M	$594.0M
YoY Change	125.77%	-58.72%	-1.0%
Income Tax	$71.00M	$11.00M	$181.0M
% Of Pretax Income	32.42%	11.34%	30.47%
Net Earnings	$148.0M	$86.00M	$414.0M
YoY Change	72.09%	-39.01%	7.53%
Net Earnings / Revenue	17.11%	9.35%	11.83%
Basic Earnings Per Share			$2.45
Diluted Earnings Per Share	$875.7K	$498.0K	$2.39
COMMON SHARES
Basic Shares Outstanding			168.9M shares
Diluted Shares Outstanding			173.0M shares

Balance Sheet

Concept	2015 Q4	2014 Q4	2014
SHORT-TERM ASSETS
Cash & Short-Term Investments	$502.0M	$601.0M	$601.0M
YoY Change	-16.47%	2.39%	2.39%
Cash & Equivalents	$301.0M	$476.0M	$427.0M
Short-Term Investments	$201.0M	$174.0M	$174.0M
Other Short-Term Assets	$158.0M	$2.410B	$2.410B
YoY Change	-93.44%	10.4%	10.4%
Inventory
Prepaid Expenses
Receivables	$316.0M	$389.0M	$389.0M
Other Receivables	$0.00	$0.00	$0.00
Total Short-Term Assets	$3.260B	$3.400B	$3.400B
YoY Change	-4.12%	7.49%	7.49%
LONG-TERM ASSETS
Property, Plant & Equipment	$323.0M	$292.0M	$292.0M
YoY Change	10.62%	8.96%	8.96%
Goodwill	$5.395B
YoY Change
Intangibles	$1.959B
YoY Change
Long-Term Investments	$72.00M	$25.00M	$25.00M
YoY Change	188.0%	-16.67%	-16.67%
Other Assets	$281.0M	$739.0M	$739.0M
YoY Change	-61.98%	35.85%	35.85%
Total Long-Term Assets	$8.601B	$8.671B	$8.671B
YoY Change	-0.81%	-7.76%	-7.89%
TOTAL ASSETS
Total Short-Term Assets	$3.260B	$3.400B	$3.400B
Total Long-Term Assets	$8.601B	$8.671B	$8.671B
Total Assets	$11.86B	$12.07B	$12.07B
YoY Change	-1.74%	-3.92%	-4.02%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable	$98.00M	$124.0M	$124.0M
YoY Change	-20.97%	51.22%	51.22%
Accrued Expenses	$171.0M	$143.0M	$143.0M
YoY Change	19.58%	-7.14%	-7.14%
Deferred Revenue
YoY Change
Short-Term Debt	$0.00	$0.00	$0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities	$2.920B	$2.980B	$2.980B
YoY Change	-2.01%	6.43%	6.43%
LONG-TERM LIABILITIES
Long-Term Debt	$2.364B	$2.313B	$2.297B
YoY Change	2.2%	-10.66%	-11.28%
Other Long-Term Liabilities	$142.0M	$374.0M	$374.0M
YoY Change	-62.03%	26.35%	26.35%
Total Long-Term Liabilities	$2.506B	$2.313B	$2.671B
YoY Change	8.34%	-19.83%	-7.42%
TOTAL LIABILITIES
Total Short-Term Liabilities	$2.920B	$2.980B	$2.980B
Total Long-Term Liabilities	$2.506B	$2.313B	$2.671B
Total Liabilities	$6.252B	$6.278B	$6.278B
YoY Change	-0.41%	-1.8%	-1.8%
SHAREHOLDERS EQUITY
Retained Earnings	$3.571B
YoY Change
Common Stock	$2.000M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)	$111.0M
YoY Change
Treasury Stock Shares	2.917M shares
Shareholders Equity	$5.609B	$5.793B	$5.793B
YoY Change
Total Liabilities & Shareholders Equity	$11.86B	$12.07B	$12.07B
YoY Change	-1.74%	-4.02%	-4.02%

Cashflow Statement

Concept	2015 Q4	2014 Q4	2014
OPERATING ACTIVITIES
Net Income	$148.0M	$86.00M	$414.0M
YoY Change	72.09%	-39.01%	7.53%
Depreciation, Depletion And Amortization	$36.00M	$33.00M	$68.00M
YoY Change	9.09%	-2.94%	-44.26%
Cash From Operating Activities	$210.0M	$280.0M	$687.0M
YoY Change	-25.0%	18.14%	19.69%
INVESTING ACTIVITIES
Capital Expenditures	-$42.00M	-$47.00M	$140.0M
YoY Change	-10.64%	34.29%	-221.74%
Acquisitions			$0.00
YoY Change
Other Investing Activities	-$11.00M	-$12.00M	$10.00M
YoY Change	-8.33%	-500.0%	-100.91%
Cash From Investing Activities	-$53.00M	-$59.00M	-$155.0M
YoY Change	-10.17%	84.38%	-87.25%
FINANCING ACTIVITIES
Cash Dividend Paid			$98.00M
YoY Change
Common Stock Issuance & Retirement, Net			$138.0M
YoY Change
Debt Paid & Issued, Net			$970.0M
YoY Change
Cash From Financing Activities	-134.0M	-70.00M	-485.0M
YoY Change	91.43%	-35.78%	-188.67%
NET CHANGE
Cash From Operating Activities	210.0M	280.0M	687.0M
Cash From Investing Activities	-53.00M	-59.00M	-155.0M
Cash From Financing Activities	-134.0M	-70.00M	-485.0M
Net Change In Cash	23.00M	151.0M	-$6.000M
YoY Change	-84.77%	57.29%	-93.68%
FREE CASH FLOW
Cash From Operating Activities	$210.0M	$280.0M	$687.0M
Capital Expenditures	-$42.00M	-$47.00M	$140.0M
Free Cash Flow	$252.0M	$327.0M	$547.0M
YoY Change	-22.94%	20.22%	-20.61%

Facts In Submission

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CY2014	us-gaap	Current Federal Tax Expense Benefit CurrentFederalTaxExpenseBenefit	123000000	USD
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CY2016	us-gaap	Current Federal Tax Expense Benefit CurrentFederalTaxExpenseBenefit	37000000	USD
CY2014	us-gaap	Current Foreign Tax Expense Benefit CurrentForeignTaxExpenseBenefit	28000000	USD
CY2015	us-gaap	Current Foreign Tax Expense Benefit CurrentForeignTaxExpenseBenefit	36000000	USD
CY2016	us-gaap	Current Foreign Tax Expense Benefit CurrentForeignTaxExpenseBenefit	106000000	USD
CY2014	us-gaap	Current Income Tax Expense Benefit CurrentIncomeTaxExpenseBenefit	187000000	USD
CY2015	us-gaap	Current Income Tax Expense Benefit CurrentIncomeTaxExpenseBenefit	217000000	USD
CY2016	us-gaap	Current Income Tax Expense Benefit CurrentIncomeTaxExpenseBenefit	164000000	USD
CY2014	us-gaap	Current State And Local Tax Expense Benefit CurrentStateAndLocalTaxExpenseBenefit	36000000	USD
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CY2016	us-gaap	Current State And Local Tax Expense Benefit CurrentStateAndLocalTaxExpenseBenefit	21000000	USD
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CY2015	us-gaap	Deferred Federal Income Tax Expense Benefit DeferredFederalIncomeTaxExpenseBenefit	-18000000	USD
CY2016	us-gaap	Deferred Federal Income Tax Expense Benefit DeferredFederalIncomeTaxExpenseBenefit	-97000000	USD
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CY2015	us-gaap	Deferred Foreign Income Tax Expense Benefit DeferredForeignIncomeTaxExpenseBenefit	5000000	USD
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CY2016Q4	us-gaap	Deferred Income Tax Liabilities DeferredIncomeTaxLiabilities	720000000	USD
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CY2016Q4	us-gaap	Deferred Income Tax Liabilities Net DeferredIncomeTaxLiabilitiesNet	720000000	USD
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CY2015Q4	us-gaap	Deferred Revenue DeferredRevenue	327000000	USD
CY2016Q4	us-gaap	Deferred Revenue DeferredRevenue	333000000	USD
CY2015	us-gaap	Deferred Revenue Additions DeferredRevenueAdditions	626000000	USD
CY2016	us-gaap	Deferred Revenue Additions DeferredRevenueAdditions	864000000	USD
CY2015Q4	us-gaap	Deferred Revenue Current DeferredRevenueCurrent	127000000	USD
CY2016Q4	us-gaap	Deferred Revenue Current DeferredRevenueCurrent	162000000	USD
CY2015Q4	us-gaap	Deferred Revenue Noncurrent DeferredRevenueNoncurrent	200000000	USD
CY2016Q4	us-gaap	Deferred Revenue Noncurrent DeferredRevenueNoncurrent	171000000	USD
CY2015	us-gaap	Deferred Revenue Revenue Recognized1 DeferredRevenueRevenueRecognized1	674000000	USD
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CY2014	us-gaap	Deferred State And Local Income Tax Expense Benefit DeferredStateAndLocalIncomeTaxExpenseBenefit	-2000000	USD
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CY2015Q4	us-gaap	Deferred Tax Assets Deferred Income DeferredTaxAssetsDeferredIncome	46000000	USD
CY2016Q4	us-gaap	Deferred Tax Assets Deferred Income DeferredTaxAssetsDeferredIncome	39000000	USD
CY2015Q4	us-gaap	Deferred Tax Assets Gross DeferredTaxAssetsGross	728000000	USD
CY2016Q4	us-gaap	Deferred Tax Assets Gross DeferredTaxAssetsGross	747000000	USD
CY2015Q4	us-gaap	Deferred Tax Assets Liabilities Net DeferredTaxAssetsLiabilitiesNet	17000000	USD
CY2015Q4	us-gaap	Deferred Tax Assets Operating Loss Carryforwards Domestic DeferredTaxAssetsOperatingLossCarryforwardsDomestic	5000000	USD
CY2016Q4	us-gaap	Deferred Tax Assets Operating Loss Carryforwards Domestic DeferredTaxAssetsOperatingLossCarryforwardsDomestic	2000000	USD
CY2015Q4	us-gaap	Deferred Tax Assets Operating Loss Carryforwards Foreign DeferredTaxAssetsOperatingLossCarryforwardsForeign	92000000	USD
CY2016Q4	us-gaap	Deferred Tax Assets Operating Loss Carryforwards Foreign DeferredTaxAssetsOperatingLossCarryforwardsForeign	37000000	USD
CY2015Q4	us-gaap	Deferred Tax Assets Operating Loss Carryforwards State And Local DeferredTaxAssetsOperatingLossCarryforwardsStateAndLocal	2000000	USD
CY2016Q4	us-gaap	Deferred Tax Assets Operating Loss Carryforwards State And Local DeferredTaxAssetsOperatingLossCarryforwardsStateAndLocal	1000000	USD
CY2015Q4	us-gaap	Deferred Tax Assets Other DeferredTaxAssetsOther	32000000	USD
CY2016Q4	us-gaap	Deferred Tax Assets Other DeferredTaxAssetsOther	34000000	USD
CY2015Q4	us-gaap	Deferred Tax Assets Tax Credit Carryforwards DeferredTaxAssetsTaxCreditCarryforwards	7000000	USD
CY2016Q4	us-gaap	Deferred Tax Assets Tax Credit Carryforwards DeferredTaxAssetsTaxCreditCarryforwards	7000000	USD
CY2015Q4	us-gaap	Deferred Tax Assets Tax Deferred Expense Compensation And Benefits DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefits	86000000	USD
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CY2015Q4	us-gaap	Deferred Tax Assets Unrealized Currency Losses DeferredTaxAssetsUnrealizedCurrencyLosses	458000000	USD
CY2016Q4	us-gaap	Deferred Tax Assets Unrealized Currency Losses DeferredTaxAssetsUnrealizedCurrencyLosses	528000000	USD
CY2015Q4	us-gaap	Deferred Tax Assets Valuation Allowance DeferredTaxAssetsValuationAllowance	85000000	USD
CY2016Q4	us-gaap	Deferred Tax Assets Valuation Allowance DeferredTaxAssetsValuationAllowance	30000000	USD
CY2016Q4	us-gaap	Deferred Tax Liabilities DeferredTaxLiabilities	3000000	USD
CY2015Q4	us-gaap	Deferred Tax Liabilities Deferred Expense Capitalized Software DeferredTaxLiabilitiesDeferredExpenseCapitalizedSoftware	56000000	USD
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CY2016Q4	us-gaap	Deferred Tax Liabilities Goodwill And Intangible Assets Goodwill DeferredTaxLiabilitiesGoodwillAndIntangibleAssetsGoodwill	879000000	USD
CY2015Q4	us-gaap	Deferred Tax Liabilities Goodwill And Intangible Assets Intangible Assets DeferredTaxLiabilitiesGoodwillAndIntangibleAssetsIntangibleAssets	522000000	USD
CY2016Q4	us-gaap	Deferred Tax Liabilities Goodwill And Intangible Assets Intangible Assets DeferredTaxLiabilitiesGoodwillAndIntangibleAssetsIntangibleAssets	596000000	USD
CY2015Q4	us-gaap	Deferred Tax Liabilities Investments DeferredTaxLiabilitiesInvestments	35000000	USD
CY2016Q4	us-gaap	Deferred Tax Liabilities Investments DeferredTaxLiabilitiesInvestments	37000000	USD
CY2016Q4	us-gaap	Deferred Tax Liabilities Other DeferredTaxLiabilitiesOther	24000000	USD
CY2015Q4	us-gaap	Defined Benefit Plan Accumulated Benefit Obligation DefinedBenefitPlanAccumulatedBenefitObligation	134000000	USD
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CY2016Q4	us-gaap	Defined Benefit Plan Accumulated Benefit Obligation DefinedBenefitPlanAccumulatedBenefitObligation	133000000	USD
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CY2016Q4	us-gaap	Defined Benefit Plan Expected Future Benefit Payments Five Fiscal Years Thereafter DefinedBenefitPlanExpectedFutureBenefitPaymentsFiveFiscalYearsThereafter	35000000	USD
CY2016Q4	us-gaap	Defined Benefit Plan Expected Future Benefit Payments Next Twelve Months DefinedBenefitPlanExpectedFutureBenefitPaymentsNextTwelveMonths	12000000	USD
CY2016Q4	us-gaap	Defined Benefit Plan Expected Future Benefit Payments Year Five DefinedBenefitPlanExpectedFutureBenefitPaymentsYearFive	6000000	USD
CY2016Q4	us-gaap	Defined Benefit Plan Expected Future Benefit Payments Year Four DefinedBenefitPlanExpectedFutureBenefitPaymentsYearFour	10000000	USD
CY2016Q4	us-gaap	Defined Benefit Plan Expected Future Benefit Payments Year Three DefinedBenefitPlanExpectedFutureBenefitPaymentsYearThree	9000000	USD
CY2016Q4	us-gaap	Defined Benefit Plan Expected Future Benefit Payments Year Two DefinedBenefitPlanExpectedFutureBenefitPaymentsYearTwo	7000000	USD
CY2015Q4	us-gaap	Defined Benefit Plan Fair Value Of Plan Assets DefinedBenefitPlanFairValueOfPlanAssets	70000000	USD
CY2016Q4	us-gaap	Defined Benefit Plan Fair Value Of Plan Assets DefinedBenefitPlanFairValueOfPlanAssets	74000000	USD
CY2015Q4	us-gaap	Defined Benefit Plan Funded Status Of Plan DefinedBenefitPlanFundedStatusOfPlan	64000000	USD
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CY2014	us-gaap	Dividends Common Stock Cash DividendsCommonStockCash	98000000	USD
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CY2016	us-gaap	Earnings Per Share Basic EarningsPerShareBasic	0.65
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CY2016	us-gaap	Earnings Per Share Diluted EarningsPerShareDiluted	0.64
CY2014	us-gaap	Effect Of Exchange Rate On Cash And Cash Equivalents EffectOfExchangeRateOnCashAndCashEquivalents	-23000000	USD
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CY2015Q4	us-gaap	Employee Related Liabilities Current EmployeeRelatedLiabilitiesCurrent	171000000	USD
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CY2015Q4	us-gaap	Equity Method Investments EquityMethodInvestments	72000000	USD
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CY2014	us-gaap	Excess Tax Benefit From Share Based Compensation Financing Activities ExcessTaxBenefitFromShareBasedCompensationFinancingActivities	15000000	USD
CY2015	us-gaap	Excess Tax Benefit From Share Based Compensation Financing Activities ExcessTaxBenefitFromShareBasedCompensationFinancingActivities	45000000	USD
CY2016	us-gaap	Excess Tax Benefit From Share Based Compensation Financing Activities ExcessTaxBenefitFromShareBasedCompensationFinancingActivities	54000000	USD
CY2014	us-gaap	Excess Tax Benefit From Share Based Compensation Operating Activities ExcessTaxBenefitFromShareBasedCompensationOperatingActivities	15000000	USD
CY2015	us-gaap	Excess Tax Benefit From Share Based Compensation Operating Activities ExcessTaxBenefitFromShareBasedCompensationOperatingActivities	45000000	USD
CY2016	us-gaap	Excess Tax Benefit From Share Based Compensation Operating Activities ExcessTaxBenefitFromShareBasedCompensationOperatingActivities	54000000	USD
CY2015Q4	us-gaap	Fair Value Assets Level1 To Level2 Transfers Amount FairValueAssetsLevel1ToLevel2TransfersAmount	0	USD
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CY2015Q4	us-gaap	Finite Lived Intangible Assets Accumulated Amortization FiniteLivedIntangibleAssetsAccumulatedAmortization	371000000	USD
CY2016Q4	us-gaap	Finite Lived Intangible Assets Accumulated Amortization FiniteLivedIntangibleAssetsAccumulatedAmortization	436000000	USD
CY2016Q4	us-gaap	Finite Lived Intangible Assets Amortization Expense After Year Five FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive	536000000	USD
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CY2016Q4	us-gaap	Finite Lived Intangible Assets Amortization Expense Year Two FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo	90000000	USD
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CY2016Q4	us-gaap	Finite Lived Intangible Assets Net FiniteLivedIntangibleAssetsNet	843000000	USD
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CY2015	us-gaap	Floor Brokerage Exchange And Clearance Fees FloorBrokerageExchangeAndClearanceFees	330000000	USD
CY2016	us-gaap	Floor Brokerage Exchange And Clearance Fees FloorBrokerageExchangeAndClearanceFees	336000000	USD
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CY2015Q4	us-gaap	Goodwill Goodwill	5395000000	USD
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CY2016	us-gaap	Goodwill Acquired During Period GoodwillAcquiredDuringPeriod	837000000	USD
CY2016	us-gaap	Goodwill Foreign Currency Translation Gain Loss GoodwillForeignCurrencyTranslationGainLoss	205000000	USD
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CY2016	us-gaap	Goodwill Impairment Loss GoodwillImpairmentLoss	0	USD
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CY2015	us-gaap	Gross Profit GrossProfit	2090000000	USD
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CY2014	us-gaap	Income Loss From Continuing Operations Before Income Taxes Domestic IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic	349000000	USD
CY2015	us-gaap	Income Loss From Continuing Operations Before Income Taxes Domestic IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic	393000000	USD
CY2016	us-gaap	Income Loss From Continuing Operations Before Income Taxes Domestic IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic	-155000000	USD
CY2014	us-gaap	Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest	594000000	USD
CY2015	us-gaap	Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest	630000000	USD
CY2016	us-gaap	Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest	136000000	USD
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CY2015	us-gaap	Income Tax Expense Benefit IncomeTaxExpenseBenefit	203000000	USD
CY2016	us-gaap	Income Tax Expense Benefit IncomeTaxExpenseBenefit	28000000	USD
CY2014	us-gaap	Income Taxes Paid Net IncomeTaxesPaidNet	190000000	USD
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CY2015Q4	us-gaap	Indefinite Lived Intangible Assets Excluding Goodwill IndefiniteLivedIntangibleAssetsExcludingGoodwill	1386000000	USD
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CY2016Q4	us-gaap	Intangible Assets Gross Excluding Goodwill IntangibleAssetsGrossExcludingGoodwill	2530000000	USD
CY2015Q4	us-gaap	Intangible Assets Net Excluding Goodwill IntangibleAssetsNetExcludingGoodwill	1959000000	USD
CY2016Q4	us-gaap	Intangible Assets Net Excluding Goodwill IntangibleAssetsNetExcludingGoodwill	2094000000	USD
CY2014	us-gaap	Interest Expense InterestExpense	117000000	USD
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CY2016	us-gaap	Interest Expense InterestExpense	135000000	USD
CY2014	us-gaap	Interest Paid InterestPaid	114000000	USD
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CY2016	us-gaap	Investment Income Interest InvestmentIncomeInterest	5000000	USD
CY2014	us-gaap	Investment Income Nonoperating InvestmentIncomeNonoperating	0	USD
CY2015	us-gaap	Investment Income Nonoperating InvestmentIncomeNonoperating	0	USD
CY2016	us-gaap	Investment Income Nonoperating InvestmentIncomeNonoperating	3000000	USD
CY2014	us-gaap	Labor And Related Expense LaborAndRelatedExpense	588000000	USD
CY2015	us-gaap	Labor And Related Expense LaborAndRelatedExpense	590000000	USD
CY2016	us-gaap	Labor And Related Expense LaborAndRelatedExpense	664000000	USD
CY2015Q4	us-gaap	Liabilities Liabilities	6252000000	USD
CY2016Q4	us-gaap	Liabilities Liabilities	8720000000	USD
CY2015Q4	us-gaap	Liabilities And Stockholders Equity LiabilitiesAndStockholdersEquity	11861000000	USD
CY2016Q4	us-gaap	Liabilities And Stockholders Equity LiabilitiesAndStockholdersEquity	14150000000	USD
CY2015Q4	us-gaap	Liabilities Current LiabilitiesCurrent	2920000000	USD
CY2016Q4	us-gaap	Liabilities Current LiabilitiesCurrent	4082000000	USD
CY2016Q4	us-gaap	Liability For Uncertain Tax Positions Noncurrent LiabilityForUncertainTaxPositionsNoncurrent	5000000	USD
CY2015Q4	us-gaap	Long Term Debt LongTermDebt	2364000000	USD
CY2016Q4	us-gaap	Long Term Debt LongTermDebt	3603000000	USD
CY2015Q4	us-gaap	Long Term Debt Fair Value LongTermDebtFairValue	2500000000	USD
CY2016Q4	us-gaap	Long Term Debt Fair Value LongTermDebtFairValue	3800000000	USD
CY2015Q4	us-gaap	Long Term Debt Noncurrent LongTermDebtNoncurrent	2364000000	USD
CY2016Q4	us-gaap	Long Term Debt Noncurrent LongTermDebtNoncurrent	3603000000	USD
CY2015Q4	us-gaap	Marketable Securities Current MarketableSecuritiesCurrent	201000000	USD
CY2016Q4	us-gaap	Marketable Securities Current MarketableSecuritiesCurrent	245000000	USD
CY2014	us-gaap	Marketing And Advertising Expense MarketingAndAdvertisingExpense	32000000	USD
CY2015	us-gaap	Marketing And Advertising Expense MarketingAndAdvertisingExpense	28000000	USD
CY2016	us-gaap	Marketing And Advertising Expense MarketingAndAdvertisingExpense	30000000	USD
CY2014	us-gaap	Minority Interest Period Increase Decrease MinorityInterestPeriodIncreaseDecrease	2000000	USD
CY2015	us-gaap	Minority Interest Period Increase Decrease MinorityInterestPeriodIncreaseDecrease	-12000000	USD
CY2014	us-gaap	Net Cash Provided By Used In Financing Activities Continuing Operations NetCashProvidedByUsedInFinancingActivitiesContinuingOperations	-460000000	USD
CY2015	us-gaap	Net Cash Provided By Used In Financing Activities Continuing Operations NetCashProvidedByUsedInFinancingActivitiesContinuingOperations	-355000000	USD
CY2016	us-gaap	Net Cash Provided By Used In Financing Activities Continuing Operations NetCashProvidedByUsedInFinancingActivitiesContinuingOperations	1002000000	USD
CY2014	us-gaap	Net Cash Provided By Used In Investing Activities Continuing Operations NetCashProvidedByUsedInInvestingActivitiesContinuingOperations	-155000000	USD
CY2015	us-gaap	Net Cash Provided By Used In Investing Activities Continuing Operations NetCashProvidedByUsedInInvestingActivitiesContinuingOperations	-435000000	USD
CY2016	us-gaap	Net Cash Provided By Used In Investing Activities Continuing Operations NetCashProvidedByUsedInInvestingActivitiesContinuingOperations	-1657000000	USD
CY2014	us-gaap	Net Cash Provided By Used In Operating Activities Continuing Operations NetCashProvidedByUsedInOperatingActivitiesContinuingOperations	632000000	USD
CY2015	us-gaap	Net Cash Provided By Used In Operating Activities Continuing Operations NetCashProvidedByUsedInOperatingActivitiesContinuingOperations	682000000	USD
CY2016	us-gaap	Net Cash Provided By Used In Operating Activities Continuing Operations NetCashProvidedByUsedInOperatingActivitiesContinuingOperations	722000000	USD
CY2014	us-gaap	Net Income Loss NetIncomeLoss	414000000	USD
CY2015	us-gaap	Net Income Loss NetIncomeLoss	428000000	USD
CY2016	us-gaap	Net Income Loss NetIncomeLoss	108000000	USD
CY2014	us-gaap	Net Income Loss Attributable To Noncontrolling Interest NetIncomeLossAttributableToNoncontrollingInterest	-1000000	USD
CY2015	us-gaap	Net Income Loss Attributable To Noncontrolling Interest NetIncomeLossAttributableToNoncontrollingInterest	-1000000	USD
CY2016	us-gaap	Net Income Loss Attributable To Noncontrolling Interest NetIncomeLossAttributableToNoncontrollingInterest	0	USD
CY2014	us-gaap	Noncash Merger Related Costs NoncashMergerRelatedCosts	20000000	USD
CY2015	us-gaap	Noncash Merger Related Costs NoncashMergerRelatedCosts	0	USD
CY2016	us-gaap	Noncash Merger Related Costs NoncashMergerRelatedCosts	0	USD
CY2016	us-gaap	Number Of Operating Segments NumberOfOperatingSegments	4	segment
CY2014	us-gaap	Occupancy Net OccupancyNet	110000000	USD
CY2015	us-gaap	Occupancy Net OccupancyNet	85000000	USD
CY2016	us-gaap	Occupancy Net OccupancyNet	86000000	USD
CY2014	us-gaap	Operating Expenses OperatingExpenses	1313000000	USD
CY2015	us-gaap	Operating Expenses OperatingExpenses	1370000000	USD
CY2016	us-gaap	Operating Expenses OperatingExpenses	1438000000	USD
CY2014	us-gaap	Operating Income Loss OperatingIncomeLoss	754000000	USD
CY2015	us-gaap	Operating Income Loss OperatingIncomeLoss	720000000	USD
CY2016	us-gaap	Operating Income Loss OperatingIncomeLoss	839000000	USD
CY2014	us-gaap	Operating Leases Rent Expense Net OperatingLeasesRentExpenseNet	93000000	USD
CY2015	us-gaap	Operating Leases Rent Expense Net OperatingLeasesRentExpenseNet	88000000	USD
CY2016	us-gaap	Operating Leases Rent Expense Net OperatingLeasesRentExpenseNet	78000000	USD
CY2014	us-gaap	Operating Leases Rent Expense Sublease Rentals1 OperatingLeasesRentExpenseSubleaseRentals1	4000000	USD
CY2015	us-gaap	Operating Leases Rent Expense Sublease Rentals1 OperatingLeasesRentExpenseSubleaseRentals1	5000000	USD
CY2016	us-gaap	Operating Leases Rent Expense Sublease Rentals1 OperatingLeasesRentExpenseSubleaseRentals1	4000000	USD
CY2015Q4	us-gaap	Other Assets Current OtherAssetsCurrent	158000000	USD
CY2016Q4	us-gaap	Other Assets Current OtherAssetsCurrent	167000000	USD
CY2015Q4	us-gaap	Other Assets Noncurrent OtherAssetsNoncurrent	281000000	USD
CY2016Q4	us-gaap	Other Assets Noncurrent OtherAssetsNoncurrent	390000000	USD
CY2014	us-gaap	Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Before Tax OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentBeforeTax	-733000000	USD
CY2015	us-gaap	Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Before Tax OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentBeforeTax	-283000000	USD
CY2016	us-gaap	Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Before Tax OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentBeforeTax	-183000000	USD
CY2014	us-gaap	Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax	-606000000	USD
CY2015	us-gaap	Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax	-183000000	USD
CY2016	us-gaap	Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax	-115000000	USD
CY2014	us-gaap	Other Comprehensive Income Loss Foreign Currency Translation Adjustment Tax OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax	-127000000	USD
CY2015	us-gaap	Other Comprehensive Income Loss Foreign Currency Translation Adjustment Tax OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax	-100000000	USD
CY2016	us-gaap	Other Comprehensive Income Loss Foreign Currency Translation Adjustment Tax OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax	-68000000	USD
CY2014	us-gaap	Other Comprehensive Income Loss Net Of Tax OtherComprehensiveIncomeLossNetOfTax	-615000000	USD
CY2015	us-gaap	Other Comprehensive Income Loss Net Of Tax OtherComprehensiveIncomeLossNetOfTax	-182000000	USD
CY2016	us-gaap	Other Comprehensive Income Loss Net Of Tax OtherComprehensiveIncomeLossNetOfTax	-115000000	USD
CY2014	us-gaap	Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Before Tax OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentBeforeTax	15000000	USD
CY2015	us-gaap	Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Before Tax OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentBeforeTax	-2000000	USD
CY2016	us-gaap	Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Before Tax OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentBeforeTax	0	USD
CY2014	us-gaap	Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax	9000000	USD
CY2015	us-gaap	Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax	-1000000	USD
CY2016	us-gaap	Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax	0	USD
CY2014	us-gaap	Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Tax OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansTax	6000000	USD
CY2015	us-gaap	Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Tax OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansTax	-1000000	USD
CY2016	us-gaap	Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Tax OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansTax	0	USD
CY2015	us-gaap	Other Comprehensive Income Loss Tax Portion Attributable To Parent1 OtherComprehensiveIncomeLossTaxPortionAttributableToParent1	469000000	USD
CY2016	us-gaap	Other Comprehensive Income Loss Tax Portion Attributable To Parent1 OtherComprehensiveIncomeLossTaxPortionAttributableToParent1	537000000	USD
CY2015Q4	us-gaap	Other Liabilities Current OtherLiabilitiesCurrent	138000000	USD
CY2016Q4	us-gaap	Other Liabilities Current OtherLiabilitiesCurrent	129000000	USD
CY2015Q4	us-gaap	Other Liabilities Noncurrent OtherLiabilitiesNoncurrent	142000000	USD
CY2016Q4	us-gaap	Other Liabilities Noncurrent OtherLiabilitiesNoncurrent	144000000	USD
CY2014	us-gaap	Other Noncash Income Expense OtherNoncashIncomeExpense	-28000000	USD
CY2015	us-gaap	Other Noncash Income Expense OtherNoncashIncomeExpense	-7000000	USD
CY2016	us-gaap	Other Noncash Income Expense OtherNoncashIncomeExpense	-9000000	USD
CY2014	us-gaap	Other Tax Expense Benefit OtherTaxExpenseBenefit	-26000000	USD
CY2015	us-gaap	Other Tax Expense Benefit OtherTaxExpenseBenefit	-28000000	USD
CY2016	us-gaap	Other Tax Expense Benefit OtherTaxExpenseBenefit	-35000000	USD
CY2014	us-gaap	Payments For Proceeds From Other Investing Activities PaymentsForProceedsFromOtherInvestingActivities	10000000	USD
CY2015	us-gaap	Payments For Proceeds From Other Investing Activities PaymentsForProceedsFromOtherInvestingActivities	10000000	USD
CY2016	us-gaap	Payments For Proceeds From Other Investing Activities PaymentsForProceedsFromOtherInvestingActivities	6000000	USD
CY2014	us-gaap	Payments For Repurchase Of Common Stock PaymentsForRepurchaseOfCommonStock	178000000	USD
CY2015	us-gaap	Payments For Repurchase Of Common Stock PaymentsForRepurchaseOfCommonStock	377000000	USD
CY2016	us-gaap	Payments For Repurchase Of Common Stock PaymentsForRepurchaseOfCommonStock	100000000	USD
CY2014	us-gaap	Payments Of Dividends PaymentsOfDividends	98000000	USD
CY2015	us-gaap	Payments Of Dividends PaymentsOfDividends	149000000	USD
CY2016	us-gaap	Payments Of Dividends PaymentsOfDividends	200000000	USD
CY2014	us-gaap	Payments To Acquire Available For Sale Securities PaymentsToAcquireAvailableForSaleSecurities	20000000	USD
CY2015	us-gaap	Payments To Acquire Available For Sale Securities PaymentsToAcquireAvailableForSaleSecurities	38000000	USD
CY2016	us-gaap	Payments To Acquire Available For Sale Securities PaymentsToAcquireAvailableForSaleSecurities	25000000	USD
CY2014	us-gaap	Payments To Acquire Businesses Net Of Cash Acquired PaymentsToAcquireBusinessesNetOfCashAcquired	0	USD
CY2015	us-gaap	Payments To Acquire Businesses Net Of Cash Acquired PaymentsToAcquireBusinessesNetOfCashAcquired	226000000	USD
CY2016	us-gaap	Payments To Acquire Businesses Net Of Cash Acquired PaymentsToAcquireBusinessesNetOfCashAcquired	1460000000	USD
CY2014	us-gaap	Payments To Acquire Other Investments PaymentsToAcquireOtherInvestments	0	USD
CY2015	us-gaap	Payments To Acquire Other Investments PaymentsToAcquireOtherInvestments	30000000	USD
CY2016	us-gaap	Payments To Acquire Other Investments PaymentsToAcquireOtherInvestments	0	USD
CY2014	us-gaap	Payments To Acquire Property Plant And Equipment PaymentsToAcquirePropertyPlantAndEquipment	140000000	USD
CY2015	us-gaap	Payments To Acquire Property Plant And Equipment PaymentsToAcquirePropertyPlantAndEquipment	133000000	USD
CY2016	us-gaap	Payments To Acquire Property Plant And Equipment PaymentsToAcquirePropertyPlantAndEquipment	134000000	USD
CY2014	us-gaap	Payments To Acquire Short Term Investments PaymentsToAcquireShortTermInvestments	283000000	USD
CY2015	us-gaap	Payments To Acquire Short Term Investments PaymentsToAcquireShortTermInvestments	346000000	USD
CY2016	us-gaap	Payments To Acquire Short Term Investments PaymentsToAcquireShortTermInvestments	443000000	USD
CY2016Q4	us-gaap	Preferred Stock Par Or Stated Value Per Share PreferredStockParOrStatedValuePerShare	0.01
CY2016Q4	us-gaap	Preferred Stock Shares Authorized PreferredStockSharesAuthorized	30000000	shares
CY2014	us-gaap	Proceeds From Issuance Of Common Stock ProceedsFromIssuanceOfCommonStock	40000000	USD
CY2015	us-gaap	Proceeds From Issuance Of Common Stock ProceedsFromIssuanceOfCommonStock	29000000	USD
CY2016	us-gaap	Proceeds From Issuance Of Common Stock ProceedsFromIssuanceOfCommonStock	54000000	USD
CY2014	us-gaap	Proceeds From Issuance Of Debt ProceedsFromIssuanceOfDebt	494000000	USD
CY2015	us-gaap	Proceeds From Issuance Of Debt ProceedsFromIssuanceOfDebt	0	USD
CY2016	us-gaap	Proceeds From Issuance Of Debt ProceedsFromIssuanceOfDebt	1558000000	USD
CY2016	us-gaap	Proceeds From Issuance Of Long Term Debt ProceedsFromIssuanceOfLongTermDebt	2456000000	USD
CY2014	us-gaap	Proceeds From Issuance Of Unsecured Debt ProceedsFromIssuanceOfUnsecuredDebt	241000000	USD
CY2015	us-gaap	Proceeds From Issuance Of Unsecured Debt ProceedsFromIssuanceOfUnsecuredDebt	506000000	USD
CY2016	us-gaap	Proceeds From Issuance Of Unsecured Debt ProceedsFromIssuanceOfUnsecuredDebt	898000000	USD
CY2014	us-gaap	Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities	17000000	USD
CY2015	us-gaap	Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities	29000000	USD
CY2016	us-gaap	Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities	19000000	USD
CY2014	us-gaap	Proceeds From Payments For Other Financing Activities ProceedsFromPaymentsForOtherFinancingActivities	2000000	USD
CY2015	us-gaap	Proceeds From Payments For Other Financing Activities ProceedsFromPaymentsForOtherFinancingActivities	-19000000	USD
CY2016	us-gaap	Proceeds From Payments For Other Financing Activities ProceedsFromPaymentsForOtherFinancingActivities	-3000000	USD
CY2014	us-gaap	Proceeds From Sale Maturity And Collection Of Shortterm Investments ProceedsFromSaleMaturityAndCollectionOfShorttermInvestments	281000000	USD
CY2015	us-gaap	Proceeds From Sale Maturity And Collection Of Shortterm Investments ProceedsFromSaleMaturityAndCollectionOfShorttermInvestments	319000000	USD
CY2016	us-gaap	Proceeds From Sale Maturity And Collection Of Shortterm Investments ProceedsFromSaleMaturityAndCollectionOfShorttermInvestments	392000000	USD
CY2014	us-gaap	Proceeds From Stock Options Exercised ProceedsFromStockOptionsExercised	32000000	USD
CY2015	us-gaap	Proceeds From Stock Options Exercised ProceedsFromStockOptionsExercised	18000000	USD
CY2016	us-gaap	Proceeds From Stock Options Exercised ProceedsFromStockOptionsExercised	41000000	USD
CY2014	us-gaap	Professional Fees ProfessionalFees	157000000	USD
CY2015	us-gaap	Professional Fees ProfessionalFees	148000000	USD
CY2016	us-gaap	Professional Fees ProfessionalFees	153000000	USD
CY2014	us-gaap	Profit Loss ProfitLoss	413000000	USD
CY2015	us-gaap	Profit Loss ProfitLoss	427000000	USD
CY2016	us-gaap	Profit Loss ProfitLoss	108000000	USD
CY2015Q4	us-gaap	Property Plant And Equipment Gross PropertyPlantAndEquipmentGross	830000000	USD
CY2016Q4	us-gaap	Property Plant And Equipment Gross PropertyPlantAndEquipmentGross	919000000	USD
CY2014Q4	us-gaap	Property Plant And Equipment Net PropertyPlantAndEquipmentNet	292000000	USD
CY2015Q4	us-gaap	Property Plant And Equipment Net PropertyPlantAndEquipmentNet	323000000	USD
CY2016Q4	us-gaap	Property Plant And Equipment Net PropertyPlantAndEquipmentNet	362000000	USD
CY2016Q4	us-gaap	Receivables From Brokers Dealers And Clearing Organizations ReceivablesFromBrokersDealersAndClearingOrganizations	20000000	USD
CY2015Q4	us-gaap	Receivables Net Current ReceivablesNetCurrent	316000000	USD
CY2016Q4	us-gaap	Receivables Net Current ReceivablesNetCurrent	429000000	USD
CY2014	us-gaap	Repayments Of Long Term Debt RepaymentsOfLongTermDebt	970000000	USD
CY2015	us-gaap	Repayments Of Long Term Debt RepaymentsOfLongTermDebt	369000000	USD
CY2016	us-gaap	Repayments Of Long Term Debt RepaymentsOfLongTermDebt	1156000000	USD
CY2015Q4	us-gaap	Restricted Cash And Cash Equivalents At Carrying Value RestrictedCashAndCashEquivalentsAtCarryingValue	56000000	USD
CY2016Q4	us-gaap	Restricted Cash And Cash Equivalents At Carrying Value RestrictedCashAndCashEquivalentsAtCarryingValue	15000000	USD
CY2016	us-gaap	Restructuring Charges RestructuringCharges	41000000	USD
CY2014	us-gaap	Restructuring Costs And Asset Impairment Charges RestructuringCostsAndAssetImpairmentCharges	0	USD
CY2016Q2	us-gaap	Restructuring And Related Cost Expected Cost1 RestructuringAndRelatedCostExpectedCost1	213000000	USD
CY2014	us-gaap	Restructuring Charges RestructuringCharges	0	USD
CY2015	us-gaap	Restructuring Charges RestructuringCharges	172000000	USD
CY2015	us-gaap	Restructuring Costs And Asset Impairment Charges RestructuringCostsAndAssetImpairmentCharges	136000000	USD
CY2016	us-gaap	Restructuring Costs And Asset Impairment Charges RestructuringCostsAndAssetImpairmentCharges	8000000	USD
CY2015Q4	us-gaap	Retained Earnings Accumulated Deficit RetainedEarningsAccumulatedDeficit	3571000000	USD
CY2016Q4	us-gaap	Retained Earnings Accumulated Deficit RetainedEarningsAccumulatedDeficit	3479000000	USD
CY2014	us-gaap	Revenues Revenues	3500000000	USD
CY2015	us-gaap	Revenues Revenues	3403000000	USD
CY2016	us-gaap	Revenues Revenues	3705000000	USD
CY2014	us-gaap	Share Based Compensation ShareBasedCompensation	62000000	USD
CY2015	us-gaap	Share Based Compensation ShareBasedCompensation	68000000	USD
CY2016	us-gaap	Share Based Compensation ShareBasedCompensation	86000000	USD
CY2016	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Discount From Market Price Purchase Date ShareBasedCompensationArrangementByShareBasedPaymentAwardDiscountFromMarketPricePurchaseDate	0.150
CY2015Q4	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber	2600000	shares
CY2016Q4	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber	1400000	shares
CY2015Q4	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice	27.74
CY2014	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue	33000000	USD
CY2015	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue	17000000	USD
CY2016	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue	40000000	USD
CY2014	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod	31690	shares
CY2015	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod	8241	shares
CY2016	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod	296	shares
CY2014	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice	24.23
CY2015	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice	28.53
CY2016	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice	23.31
CY2016Q4	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue	63000000	USD
CY2013Q4	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber	4926522	shares
CY2014Q4	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber	3316782	shares
CY2015Q4	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber	2626487	shares
CY2016Q4	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber	1406371	shares
CY2013Q4	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice	25.21
CY2014Q4	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice	27.56
CY2015Q4	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice	27.74
CY2016Q4	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice	22.32
CY2014	us-gaap	Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice	20.31
CY2015	us-gaap	Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice	26.84
CY2016	us-gaap	Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice	34.00
CY2016Q4	us-gaap	Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Number Of Exercisable Options ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfExercisableOptions	1406371	shares
CY2016Q4	us-gaap	Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Number Of Outstanding Options ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfOutstandingOptions	1406371	shares
CY2016Q4	us-gaap	Share Price SharePrice	67.12
CY2016Q4	us-gaap	Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1 SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1	63000000	USD
CY2016Q4	us-gaap	Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Exercisable Options Weighted Average Exercise Price1 SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageExercisePrice1	22.32
CY2016	us-gaap	Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Exercisable Options Weighted Average Remaining Contractual Term2 SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageRemainingContractualTerm2	P2Y7M24D
CY2016Q4	us-gaap	Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Outstanding Options Weighted Average Exercise Price Beginning Balance1 SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1	22.32
CY2016	us-gaap	Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Outstanding Options Weighted Average Remaining Contractual Term2 SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageRemainingContractualTerm2	P2Y7M24D
CY2014	us-gaap	Stock Issued During Period Shares Acquisitions StockIssuedDuringPeriodSharesAcquisitions	364277	shares
CY2015	us-gaap	Stock Issued During Period Shares Acquisitions StockIssuedDuringPeriodSharesAcquisitions	358840	shares
CY2016	us-gaap	Stock Issued During Period Shares Acquisitions StockIssuedDuringPeriodSharesAcquisitions	360571	shares
CY2014	us-gaap	Stock Issued During Period Shares Stock Options Exercised StockIssuedDuringPeriodSharesStockOptionsExercised	1578050	shares
CY2015	us-gaap	Stock Issued During Period Shares Stock Options Exercised StockIssuedDuringPeriodSharesStockOptionsExercised	682054	shares
CY2016	us-gaap	Stock Issued During Period Shares Stock Options Exercised StockIssuedDuringPeriodSharesStockOptionsExercised	1219820	shares
CY2014	us-gaap	Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures	57000000	USD
CY2015	us-gaap	Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures	64000000	USD
CY2016	us-gaap	Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures	82000000	USD
CY2014	us-gaap	Stock Issued During Period Value Stock Options Exercised StockIssuedDuringPeriodValueStockOptionsExercised	33000000	USD
CY2015	us-gaap	Stock Issued During Period Value Stock Options Exercised StockIssuedDuringPeriodValueStockOptionsExercised	18000000	USD
CY2016	us-gaap	Stock Issued During Period Value Stock Options Exercised StockIssuedDuringPeriodValueStockOptionsExercised	41000000	USD
CY2015Q4	us-gaap	Stock Repurchase Program Authorized Amount1 StockRepurchaseProgramAuthorizedAmount1	500000000	USD
CY2016Q1	us-gaap	Stock Repurchase Program Authorized Amount1 StockRepurchaseProgramAuthorizedAmount1	370000000	USD
CY2016Q4	us-gaap	Stock Repurchase Program Remaining Authorized Repurchase Amount1 StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1	429000000	USD
CY2015Q4	us-gaap	Stockholders Equity StockholdersEquity	5609000000	USD
CY2016Q4	us-gaap	Stockholders Equity StockholdersEquity	5430000000	USD
CY2013Q4	us-gaap	Stockholders Equity Including Portion Attributable To Noncontrolling Interest StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest	6184000000	USD
CY2014Q4	us-gaap	Stockholders Equity Including Portion Attributable To Noncontrolling Interest StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest	5794000000	USD
CY2015Q4	us-gaap	Stockholders Equity Including Portion Attributable To Noncontrolling Interest StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest	5609000000	USD
CY2016Q4	us-gaap	Stockholders Equity Including Portion Attributable To Noncontrolling Interest StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest	5430000000	USD
CY2014	us-gaap	Stockholders Equity Other StockholdersEquityOther	4000000	USD
CY2015	us-gaap	Stockholders Equity Other StockholdersEquityOther	-26000000	USD
CY2016	us-gaap	Stockholders Equity Other StockholdersEquityOther	-5000000	USD
CY2014	us-gaap	Tangible Asset Impairment Charges TangibleAssetImpairmentCharges	11000000	USD
CY2015	us-gaap	Tangible Asset Impairment Charges TangibleAssetImpairmentCharges	18000000	USD
CY2016	us-gaap	Tangible Asset Impairment Charges TangibleAssetImpairmentCharges	8000000	USD
CY2014	us-gaap	Technology Services Revenue TechnologyServicesRevenue	246000000	USD
CY2015	us-gaap	Technology Services Revenue TechnologyServicesRevenue	245000000	USD
CY2016	us-gaap	Technology Services Revenue TechnologyServicesRevenue	275000000	USD
CY2015Q4	us-gaap	Trading Securities TradingSecurities	189000000	USD
CY2016Q4	us-gaap	Trading Securities TradingSecurities	228000000	USD
CY2015	us-gaap	Treasury Stock Acquired Average Cost Per Share TreasuryStockAcquiredAverageCostPerShare	52.44
CY2016	us-gaap	Treasury Stock Acquired Average Cost Per Share TreasuryStockAcquiredAverageCostPerShare	64.42
CY2014	us-gaap	Treasury Stock Retired Cost Method Amount TreasuryStockRetiredCostMethodAmount	0	USD
CY2015Q4	us-gaap	Treasury Stock Shares TreasuryStockShares	2917464	shares
CY2016Q4	us-gaap	Treasury Stock Shares TreasuryStockShares	3921718	shares
CY2015	us-gaap	Treasury Stock Shares Acquired TreasuryStockSharesAcquired	7191685	shares
CY2016	us-gaap	Treasury Stock Shares Acquired TreasuryStockSharesAcquired	1547778	shares
CY2015Q4	us-gaap	Treasury Stock Value TreasuryStockValue	111000000	USD
CY2016Q4	us-gaap	Treasury Stock Value TreasuryStockValue	176000000	USD
CY2014	us-gaap	Treasury Stock Value Acquired Par Value Method TreasuryStockValueAcquiredParValueMethod	178000000	USD
CY2015	us-gaap	Treasury Stock Value Acquired Par Value Method TreasuryStockValueAcquiredParValueMethod	377000000	USD
CY2016	us-gaap	Treasury Stock Value Acquired Par Value Method TreasuryStockValueAcquiredParValueMethod	100000000	USD
CY2016	us-gaap	Undistributed Earnings UndistributedEarnings	144000000	USD
CY2014Q4	us-gaap	Unrecognized Tax Benefits UnrecognizedTaxBenefits	41000000	USD
CY2015Q4	us-gaap	Unrecognized Tax Benefits UnrecognizedTaxBenefits	40000000	USD
CY2016Q4	us-gaap	Unrecognized Tax Benefits UnrecognizedTaxBenefits	48000000	USD
CY2015	us-gaap	Unrecognized Tax Benefits Decreases Resulting From Settlements With Taxing Authorities UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthorities	2000000	USD
CY2016	us-gaap	Unrecognized Tax Benefits Decreases Resulting From Settlements With Taxing Authorities UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthorities	4000000	USD
CY2015	us-gaap	Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions	3000000	USD
CY2016	us-gaap	Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions	3000000	USD
CY2015	us-gaap	Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions	3000000	USD
CY2016	us-gaap	Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions	9000000	USD
CY2015	us-gaap	Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations	5000000	USD
CY2016	us-gaap	Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations	0	USD
CY2015Q4	us-gaap	Unrecognized Tax Benefits That Would Impact Effective Tax Rate UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate	33000000	USD
CY2016Q4	us-gaap	Unrecognized Tax Benefits That Would Impact Effective Tax Rate UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate	40000000	USD
CY2014	us-gaap	Weighted Average Number Of Diluted Shares Outstanding WeightedAverageNumberOfDilutedSharesOutstanding	173018849	shares
CY2015	us-gaap	Weighted Average Number Of Diluted Shares Outstanding WeightedAverageNumberOfDilutedSharesOutstanding	171283271	shares
CY2016	us-gaap	Weighted Average Number Of Diluted Shares Outstanding WeightedAverageNumberOfDilutedSharesOutstanding	168800997	shares
CY2014	us-gaap	Weighted Average Number Of Shares Outstanding Basic WeightedAverageNumberOfSharesOutstandingBasic	168926733	shares
CY2015	us-gaap	Weighted Average Number Of Shares Outstanding Basic WeightedAverageNumberOfSharesOutstandingBasic	167285450	shares
CY2016	us-gaap	Weighted Average Number Of Shares Outstanding Basic WeightedAverageNumberOfSharesOutstandingBasic	165182290	shares
CY2016	ndaq	Weighted Average Estimated Fair Value WeightedAverageEstimatedFairValue	<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The following weighted-average assumptions were used to determine the weighted-average fair values of the PSU awards granted under the </font><font style="font-family:inherit;font-size:10pt;">three</font><font style="font-family:inherit;font-size:10pt;">-year PSU program for the years ended </font><font style="font-family:inherit;font-size:10pt;">December 31, 2016</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">December 31, 2015</font><font style="font-family:inherit;font-size:10pt;">:</font></div><div style="line-height:120%;padding-left:0px;text-indent:0px;font-size:12pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:98.58585858585859%;border-collapse:collapse;text-align:left;"><tr><td colspan="8" rowspan="1"></td></tr><tr><td style="width:62%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:16%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:2%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:16%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"> </font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;font-weight:bold;">Year Ended December 31,</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;font-weight:bold;">2016</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;font-weight:bold;">2015</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="padding-left:12px;text-indent:-12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Weighted-average risk free interest rate</font><font style="font-family:inherit;font-size:7pt;"><sup style="vertical-align:top;line-height:120%;font-size:5pt">(1)</sup></font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">0.84</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">%</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">0.81</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">%</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Expected volatility</font><font style="font-family:inherit;font-size:7pt;"><sup style="vertical-align:top;line-height:120%;font-size:5pt">(2)</sup></font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">21.0</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">21.5</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">%</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;padding-left:12px;text-indent:-12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Weighted-average grant date share price</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">66.36</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">50.97</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;padding-left:12px;text-indent:-12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Weighted-average fair value at grant date</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">93.25</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">64.08</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div><div style="line-height:120%;padding-bottom:4px;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">____________</font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:0px;"><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(1)</sup> </font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The risk-free interest rate for periods within the expected life of the award is based on the U.S. Treasury yield curve in effect at the time of grant.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:0px;"><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(2)</sup> </font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">We use historic volatility for PSU awards issued under the </font><font style="font-family:inherit;font-size:10pt;">three</font><font style="font-family:inherit;font-size:10pt;">-year PSU program, as implied volatility data could not be obtained for all the companies in the peer groups used for relative performance measurement within the program. </font></div></td></tr></table></div>
CY2016	us-gaap	Due To And From Broker Dealers And Clearing Organizations Disclosure DueToAndFromBrokerDealersAndClearingOrganizationsDisclosure	<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Clearing Operations</font></div><div style="line-height:120%;padding-top:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Nasdaq</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Clearing</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Nasdaq Clearing is authorized and supervised under EMIR as a multi-asset clearinghouse by the SFSA and is authorized to conduct clearing operations in Norway by the Norwegian Ministry of Finance. The clearinghouse acts as the CCP for exchange and OTC trades in equity derivatives, fixed income derivatives, resale and repurchase contracts, power derivatives, emission allowance derivatives, freight and fuel oil derivatives, iron ore derivatives and seafood derivatives. </font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Through our clearing operations in the financial markets, which include the resale and repurchase market, the commodities markets, and the seafood market,  Nasdaq Clearing is the legal counterparty for, and guarantees the fulfillment of, each contract cleared. These contracts are not used by Nasdaq Clearing for the purpose of trading on its own behalf. As the legal counterparty of each transaction, Nasdaq Clearing bears the counterparty risk between the purchaser and seller in the contract. In its guarantor role, Nasdaq Clearing has precisely equal and offsetting claims to and from clearing members on opposite sides of each contract, standing as the CCP on every contract cleared. In accordance with the rules and regulations of Nasdaq Clearing, clearing members’ open positions are aggregated to create a single portfolio for which default fund and margin collateral requirements are calculated. See “Default Fund Contributions and Margin Deposits” below for further discussion of Nasdaq Clearing’s default fund and margin requirements.</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Nasdaq Clearing maintains </font><font style="font-family:inherit;font-size:10pt;">four</font><font style="font-family:inherit;font-size:10pt;"> member sponsored default funds: one related to financial markets, one related to commodities markets, one related to the seafood market, and a mutualized fund. Under this structure, Nasdaq Clearing and its clearing members must contribute to the total regulatory capital related to the clearing operations of Nasdaq Clearing. This structure applies an initial separation of default fund contributions for the financial,  commodities and seafood markets in order to create a buffer for each market’s counterparty risks. Simultaneously, a mutualized default fund provides capital efficiencies to Nasdaq Clearing’s members with regard to total regulatory capital required. See “Default Fund Contributions” below for further discussion of Nasdaq Clearing’s default fund. Power of assessment and a liability waterfall also have been implemented. See “Power of Assessment” and “Liability Waterfall” below for further discussion. These requirements ensure the alignment of risk between Nasdaq Clearing and its clearing members.</font></div><div style="line-height:120%;padding-top:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Default Fund Contributions and Margin Deposits</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">As of </font><font style="font-family:inherit;font-size:10pt;">December 31, 2016</font><font style="font-family:inherit;font-size:10pt;">, clearing member default fund contributions and margin deposits were as follows:</font></div><div style="line-height:120%;padding-left:0px;text-indent:0px;font-size:12pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:99.79797979797979%;border-collapse:collapse;text-align:left;"><tr><td colspan="12" rowspan="1"></td></tr><tr><td style="width:32%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:21%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:2%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:19%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:2%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:18%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"> </font></div></td><td colspan="11" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;font-weight:bold;">December 31, 2016</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;font-weight:bold;">Cash Contributions</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;font-weight:bold;">Non-Cash Contributions</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;font-weight:bold;">Total Contributions</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"> </font></div></td><td colspan="11" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;font-weight:bold;">(in millions)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;padding-left:12px;text-indent:-12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Default fund contributions</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">314</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">89</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">403</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Margin deposits</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,987</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,713</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">6,700</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,301</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,802</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">7,103</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:4px;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In accordance with its investment policy, of the total cash contributions of </font><font style="font-family:inherit;font-size:10pt;">$3,301 million</font><font style="font-family:inherit;font-size:10pt;">, Nasdaq Clearing has invested cash contributions of </font><font style="font-family:inherit;font-size:10pt;">$137 million</font><font style="font-family:inherit;font-size:10pt;"> in reverse repurchase agreements and </font><font style="font-family:inherit;font-size:10pt;">$1,763 million</font><font style="font-family:inherit;font-size:10pt;"> in highly rated European, and to a lesser extent, U.S. government debt securities or central bank certificates. The remainder of this balance is held in cash.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Of the total default fund contributions of </font><font style="font-family:inherit;font-size:10pt;">$403 million</font><font style="font-family:inherit;font-size:10pt;">, Nasdaq Clearing can utilize </font><font style="font-family:inherit;font-size:10pt;">$332 million</font><font style="font-family:inherit;font-size:10pt;"> as capital resources in the event of a counterparty default. The remaining balance of </font><font style="font-family:inherit;font-size:10pt;">$71 million</font><font style="font-family:inherit;font-size:10pt;"> pertains to member posted surplus balances.</font></div><div style="line-height:120%;padding-top:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-top:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-top:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Default Fund Contributions</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Contributions made to the default funds are proportional to the exposures of each clearing member. When a clearing member is active in more than one market, contributions must be made to all markets’ default funds in which the member is active. Clearing members’ eligible contributions may include cash and non-cash contributions. Cash contributions received are held in cash or invested by Nasdaq Clearing, in accordance with its investment policy, either in highly rated government debt securities, time deposits, central bank certificates or reverse repurchase agreements with highly rated government debt securities as collateral. Nasdaq Clearing maintains and manages all cash deposits related to margin collateral. All risks and rewards of collateral ownership, including interest, belong to Nasdaq Clearing. Clearing members’ cash contributions are included in default funds and margin deposits in the Consolidated Balance Sheets as both a current asset and a current liability. Non-cash contributions include highly rated government debt securities that must meet specific criteria approved by Nasdaq Clearing. Non-cash contributions are pledged assets that are not recorded in the Consolidated Balance Sheets as Nasdaq Clearing does not take legal ownership of these assets and the risks and rewards remain with the clearing members. These balances may fluctuate over time due to changes in the amount of deposits required and whether members choose to provide cash or non-cash contributions. Assets pledged are held at a nominee account in Nasdaq Clearing’s name for the benefit of the clearing members and are immediately accessible by Nasdaq Clearing in the event of a default. In addition to clearing members’ required contributions to the default funds, Nasdaq Clearing is also required to contribute capital to the default funds and overall regulatory capital as specified under its clearinghouse rules. As of </font><font style="font-family:inherit;font-size:10pt;">December 31, 2016</font><font style="font-family:inherit;font-size:10pt;">, Nasdaq Clearing committed capital totaling </font><font style="font-family:inherit;font-size:10pt;">$133 million</font><font style="font-family:inherit;font-size:10pt;"> to the member sponsored default funds and overall regulatory capital, in the form of government debt securities, which are recorded as financial investments, at fair value in the Consolidated Balance Sheets. The combined regulatory capital of the clearing members and Nasdaq Clearing will serve to secure the obligations of a clearing member and may be used to cover losses sustained by a clearing member in the event of a default.</font></div><div style="line-height:120%;padding-top:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Margin Deposits</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Nasdaq Clearing requires all clearing members to provide collateral, which may consist of cash and non-cash contributions, to guarantee performance on the clearing members’ open positions, or initial margin. In addition, clearing members must also provide collateral to cover the daily margin call if needed. See “Default Fund Contributions” above for further discussion of cash and non-cash contributions.</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Similar to default fund contributions, Nasdaq Clearing maintains and manages all cash deposits related to margin collateral. All risks and rewards of collateral ownership, including interest, belong to Nasdaq Clearing. These cash deposits are recorded in default funds and margin deposits in the Consolidated Balance Sheets as both a current asset and current liability. Pledged margin collateral is not recorded in our Consolidated Balance Sheets as all risks and rewards of collateral ownership, including interest, belong to the counterparty. Assets pledged are held at a nominee account in Nasdaq Clearing’s name for the benefit of the clearing members and are immediately accessible by Nasdaq Clearing in the event of a default.</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Nasdaq Clearing marks to market all outstanding contracts and requires payment from clearing members whose positions have lost value. The mark-to-market process helps identify any clearing members that may not be able to satisfy their financial obligations in a timely manner allowing Nasdaq Clearing the ability to mitigate the risk of a clearing member defaulting due to exceptionally large losses. In the event of a default, Nasdaq Clearing can access the defaulting member’s margin deposits to cover the defaulting member’s losses.</font></div><div style="line-height:120%;padding-top:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Regulatory Capital and Risk Management Calculations</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Nasdaq Clearing manages risk through a comprehensive counterparty risk management framework, which is comprised of policies, procedures, standards and financial resources. The level of regulatory capital is determined in accordance with Nasdaq Clearing’s regulatory capital policy, as approved by the SFSA. Regulatory capital calculations are continuously updated through a proprietary capital-at-risk calculation model that establishes the appropriate level of capital.</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">As mentioned above, Nasdaq Clearing is the legal counterparty for each contract traded and thereby guarantees the fulfillment of each contract. Nasdaq Clearing accounts for this guarantee as a performance guarantee. We determine the fair value of the performance guarantee by considering daily settlement of contracts and other margining and default fund requirements, the risk management program, historical evidence of default payments, and the estimated probability of potential default payouts. The calculation is determined using proprietary risk management software that simulates gains and losses based on historical market prices, extreme but plausible market scenarios, volatility and other factors present at that point in time for those particular unsettled contracts. Based on this analysis, the estimated liability was nominal and no liability was recorded as of </font><font style="font-family:inherit;font-size:10pt;">December 31, 2016</font><font style="font-family:inherit;font-size:10pt;">. </font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The market value of derivative contracts outstanding prior to netting was as follows:</font></div><div style="line-height:120%;padding-left:0px;text-indent:0px;font-size:12pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="4" rowspan="1"></td></tr><tr><td style="width:71%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:27%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;font-weight:bold;">December 31, 2016</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;font-weight:bold;">(in millions)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="padding-left:12px;text-indent:-12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Commodity and seafood options, futures and forwards</font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(1)(2)(3)</sup></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">613</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Fixed-income options and futures</font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(1)(2)</sup></font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">727</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Stock options and futures</font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(1)(2)</sup></font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">151</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Index options and futures</font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(1)(2)</sup></font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">116</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,607</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div><div style="line-height:120%;padding-bottom:4px;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">____________</font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:0px;"><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(1)</sup> </font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">We determined the fair value of our option contracts using standard valuation models that were based on market-based observable inputs including implied volatility, interest rates and the spot price of the underlying instrument.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:0px;"><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(2)</sup> </font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">We determined the fair value of our futures contracts based upon quoted market prices and average quoted market yields.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:0px;"><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(3)</sup> </font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">We determined the fair value of our forward contracts using standard valuation models that were based on market-based observable inputs including LIBOR rates and the spot price of the underlying instrument.</font></div></td></tr></table><div style="line-height:120%;padding-top:12px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The total number of derivative contracts cleared through Nasdaq Clearing for the years ended </font><font style="font-family:inherit;font-size:10pt;">December 31, 2016</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">2015</font><font style="font-family:inherit;font-size:10pt;"> was as follows:</font></div><div style="line-height:120%;padding-left:0px;text-indent:0px;font-size:12pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:98.58585858585859%;border-collapse:collapse;text-align:left;"><tr><td colspan="6" rowspan="1"></td></tr><tr><td style="width:50%;" rowspan="1" colspan="1"></td><td style="width:22%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:2%;" rowspan="1" colspan="1"></td><td style="width:24%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;font-weight:bold;">December 31, 2016</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;font-weight:bold;">December 31, 2015</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="padding-left:12px;text-indent:-12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Commodity and seafood options, futures and forwards</font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(1)</sup></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,530,746</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,055,073</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;padding-left:12px;text-indent:-12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Fixed-income options and futures</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">14,639,065</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">19,631,917</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Stock options and futures</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">28,496,143</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">33,455,560</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Index options and futures</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">50,636,527</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">49,771,223</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">97,302,481</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">105,913,773</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div><div style="line-height:120%;padding-bottom:4px;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">____________</font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:0px;"><font style="font-family:inherit;font-size:7pt;">(1) </font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The total volume in cleared power related to commodity contracts was </font><font style="font-family:inherit;font-size:10pt;">1,658</font><font style="font-family:inherit;font-size:10pt;"> Terawatt hours (TWh) for the year ended </font><font style="font-family:inherit;font-size:10pt;">December 31, 2016</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">1,496</font><font style="font-family:inherit;font-size:10pt;"> TWh for the year ended </font><font style="font-family:inherit;font-size:10pt;">December 31, 2015</font><font style="font-family:inherit;font-size:10pt;">.</font></div></td></tr></table><div style="line-height:120%;padding-top:12px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The outstanding contract value of resale and repurchase agreements was </font><font style="font-family:inherit;font-size:10pt;">$1.9 billion</font><font style="font-family:inherit;font-size:10pt;"> as of </font><font style="font-family:inherit;font-size:10pt;">December 31, 2016</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$1.1 billion</font><font style="font-family:inherit;font-size:10pt;"> at </font><font style="font-family:inherit;font-size:10pt;">December 31, 2015</font><font style="font-family:inherit;font-size:10pt;">. The total number of contracts cleared was </font><font style="font-family:inherit;font-size:10pt;">7,941,666</font><font style="font-family:inherit;font-size:10pt;"> for the year ended </font><font style="font-family:inherit;font-size:10pt;">December 31, 2016</font><font style="font-family:inherit;font-size:10pt;"> and was </font><font style="font-family:inherit;font-size:10pt;">7,908,873</font><font style="font-family:inherit;font-size:10pt;"> for the year ended </font><font style="font-family:inherit;font-size:10pt;">December 31, 2015</font><font style="font-family:inherit;font-size:10pt;">.</font></div><div style="line-height:120%;padding-top:12px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Power of Assessment </font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">To further strengthen the contingent financial resources of the clearinghouse, Nasdaq Clearing has power of assessment that provides the ability to collect additional funds from its clearing members to cover a defaulting member’s remaining obligations up to the limits established under the terms of the clearinghouse rules. The power of assessment corresponds to </font><font style="font-family:inherit;font-size:10pt;">100.0%</font><font style="font-family:inherit;font-size:10pt;"> of the clearing member’s aggregate contribution to the financial, commodities and seafood markets’ default funds.</font></div><div style="line-height:120%;padding-top:12px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Liability Waterfall</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The liability waterfall is the priority order in which the capital resources would be utilized in the event of a default where the defaulting clearing member’s collateral would not be sufficient to cover the cost to settle its portfolio. If a default occurs and the defaulting clearing member’s collateral, including cash deposits and pledged assets, is depleted, then capital is utilized in the following amount and order:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:0px;"><font style="font-family:inherit;font-size:10pt;">•</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">junior capital contributed by Nasdaq Clearing, which totaled </font><font style="font-family:inherit;font-size:10pt;">$18 million</font><font style="font-family:inherit;font-size:10pt;"> at </font><font style="font-family:inherit;font-size:10pt;">December 31, 2016</font><font style="font-family:inherit;font-size:10pt;">;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:0px;"><font style="font-family:inherit;font-size:10pt;">•</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">a loss sharing pool related only to the financial market that is contributed to by clearing members and only applies if the defaulting member’s portfolio includes interest rate swap products;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:0px;"><font style="font-family:inherit;font-size:10pt;">•</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">specific market default fund where the loss occurred (i.e., the financial, commodities, or seafood market), which includes capital contributions of the clearing members on a pro-rata basis;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:0px;"><font style="font-family:inherit;font-size:10pt;">•</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">senior capital contributed to each specific market by Nasdaq Clearing, calculated in accordance with clearinghouse rules, which totaled </font><font style="font-family:inherit;font-size:10pt;">$49 million</font><font style="font-family:inherit;font-size:10pt;"> at </font><font style="font-family:inherit;font-size:10pt;">December 31, 2016</font><font style="font-family:inherit;font-size:10pt;">; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:0px;"><font style="font-family:inherit;font-size:10pt;">•</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">mutualized default fund, which includes capital contributions of the clearing members on a pro-rata basis.</font></div></td></tr></table><div style="line-height:120%;padding-bottom:6px;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">If additional funds are needed after utilization of the mutualized default fund, then Nasdaq Clearing will utilize its power of assessment and additional capital contributions will be required by non-defaulting members up to the limits established under the terms of the clearinghouse rules.</font></div></div>
CY2016	us-gaap	Nature Of Operations NatureOfOperations	<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:12px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Organization and Nature of Operations</font></div><div style="line-height:120%;padding-top:6px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Nasdaq, Inc. is a leading provider of trading, clearing, exchange technology, regulatory, securities listing, information and public company services. Our global offerings are diverse and include trading and clearing across multiple asset classes, trade management services, data products, financial indexes, capital formation solutions, corporate solutions, and market technology products and services. Our technology powers markets across the globe, supporting equity derivative trading, clearing and settlement, cash equity trading, fixed income trading and many other functions.</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;color:#252525;">In 2016, due to changes in our executive leadership and to better reflect how our chief operating decision maker views the businesses, we realigned our reportable segments to integrate the Corporate Solutions and Listing Services businesses into our new Corporate Services segment. Market Technology is now a separate reportable segment. Prior to this change, our Corporate Solutions and Market Technology businesses were part of our Technology Solutions segment. All prior period segment disclosures have been recast to reflect our change in reportable segments.</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">We manage, operate and provide our products and services in </font><font style="font-family:inherit;font-size:10pt;">four</font><font style="font-family:inherit;font-size:10pt;"> business segments: Market Services, Corporate Services, Information Services and Market Technology.</font></div><div style="line-height:120%;padding-top:12px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Market Services</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Our Market Services segment includes our Equity Derivative Trading and Clearing, Cash Equity Trading, FICC, and Trade Management Services businesses. Our FICC business was formerly referred to as fixed income, currency and commodities trading and clearing, and our Trade Management Services business was formerly referred to as access and broker services. We operate multiple exchanges and other marketplace facilities across several asset classes, including derivatives, commodities, cash equity, debt, structured products and ETPs. In addition, in some countries where we operate exchanges, we also provide broker services, clearing, settlement and central depository services. Our transaction-based platforms provide market participants with the ability to access, process, display and integrate orders and quotes. The platforms allow the routing and execution of buy and sell orders as well as the reporting of transactions, providing fee-based revenues.</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Through our acquisition of ISE, we now operate </font><font style="font-family:inherit;font-size:10pt;">six</font><font style="font-family:inherit;font-size:10pt;"> electronic options exchanges and </font><font style="font-family:inherit;font-size:10pt;">three</font><font style="font-family:inherit;font-size:10pt;"> cash equity exchanges in the U.S. See “Acquisition of ISE,” of Note 4, “Acquisitions,” for further discussion of the ISE acquisition. The Nasdaq Stock Market, the largest of our cash equities exchanges, is the largest single venue of liquidity for trading U.S.-listed cash equities. We also operate an electronic platform for trading of U.S. Treasuries and NFX, a U.S. based energy derivatives market which offers cash settled energy derivatives based on key energy benchmarks including oil, natural gas and U.S. power.</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Through our acquisition of Chi-X Canada, in February 2016, we also operate </font><font style="font-family:inherit;font-size:10pt;">three</font><font style="font-family:inherit;font-size:10pt;"> Canadian markets for the trading of Canadian-listed securities. Effective June 1, 2016, we changed the name of Chi-X Canada to Nasdaq CXC. See “Acquisition of Nasdaq CXC,” of Note 4, “Acquisitions,” for further discussion of this acquisition. </font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In Europe, we operate exchanges in Stockholm (Sweden), Copenhagen (Denmark), Helsinki (Finland), and Reykjavik (Iceland), as well as the clearing operations of Nasdaq Clearing. We also operate exchanges in Tallinn (Estonia), Riga (Latvia) and Vilnius (Lithuania) as Nasdaq Baltic. Collectively, Nasdaq Nordic and Nasdaq Baltic offer trading in cash equities and depository receipts, warrants, convertibles, rights, fund units and exchange traded funds as well as trading and clearing of derivatives and clearing of resale and repurchase agreements. </font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Nasdaq Commodities is the brand name for Nasdaq’s worldwide suite of commodity-related products and services. Nasdaq Commodities’ offerings include oil, power, natural gas and carbon emission markets, tanker and dry cargo freight, seafood derivatives, iron ore, electricity certificates and clearing services. The products are listed on </font><font style="font-family:inherit;font-size:10pt;">two</font><font style="font-family:inherit;font-size:10pt;"> of Nasdaq’s derivatives exchanges, Nasdaq Oslo ASA and NFX.</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Through our Trade Management Services business, we provide market participants with a wide variety of alternatives for connecting to and accessing our markets via a number of different protocols used for quoting, order entry, trade reporting, DROP functionality and connectivity to various data feeds. We also provide co-location services to market participants, whereby firms may lease cabinet space and power to house their own equipment and servers within our data centers. Our broker services operations offer technology and customized securities administration solutions to financial participants in the Nordic market.</font></div><div style="line-height:120%;padding-top:12px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Corporate Services</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Our Corporate Services segment includes our Corporate Solutions and Listing Services businesses.</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Our Corporate Solutions business serves corporate clients, including companies listed on our exchanges and private companies. We help organizations manage the two-way flow of information with their key constituents, including their board members and investors, and with clients and the public through our suite of advanced technology, analytics, and consultative services. Our Corporate Solutions business primarily offers products to serve the following key areas: investor relations, public relations, governance and multimedia solutions. We currently have approximately </font><font style="font-family:inherit;font-size:10pt;">18,000</font><font style="font-family:inherit;font-size:10pt;"> Corporate Solutions clients.</font></div><div style="line-height:120%;padding-top:12px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Our Listing Services business includes our U.S. and European Listing Services businesses. We operate a variety of listing platforms around the world to provide multiple global capital raising solutions for private and public companies. Our main listing markets are The Nasdaq Stock Market and the Nasdaq Nordic and Nasdaq Baltic exchanges. Through Nasdaq First North, our Nordic and Baltic operations also offer alternative marketplaces for smaller companies and growth companies. Our Listing Services business also includes NPM, which provides services for private companies.</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">As of </font><font style="font-family:inherit;font-size:10pt;">December 31, 2016</font><font style="font-family:inherit;font-size:10pt;">, The Nasdaq Stock Market was home to </font><font style="font-family:inherit;font-size:10pt;">2,897</font><font style="font-family:inherit;font-size:10pt;"> listed companies with a combined market capitalization of approximately </font><font style="font-family:inherit;font-size:10pt;">$8.9 trillion</font><font style="font-family:inherit;font-size:10pt;">, and in Europe, the Nasdaq Nordic and Nasdaq Baltic exchanges, together with Nasdaq First North, were home to </font><font style="font-family:inherit;font-size:10pt;">900</font><font style="font-family:inherit;font-size:10pt;"> listed companies with a combined market capitalization of approximately </font><font style="font-family:inherit;font-size:10pt;">$1.2 trillion</font><font style="font-family:inherit;font-size:10pt;">.</font></div><div style="line-height:120%;padding-top:12px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Information Services</font></div><div style="line-height:120%;padding-top:6px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Our Information Services segment includes our Data Products and our Index Licensing and Services businesses. Our Data Products business sells and distributes historical and real-time quote and trade information to market participants and data distributors. Our data products enhance transparency of the market activity within the exchanges that we operate and provide critical information to professional and non-professional investors globally.</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Our Index Licensing and Services business develops and licenses Nasdaq branded indexes, associated derivatives, and financial products and also provides custom calculation services for third-party clients. As of </font><font style="font-family:inherit;font-size:10pt;">December 31, 2016</font><font style="font-family:inherit;font-size:10pt;">, we had </font><font style="font-family:inherit;font-size:10pt;">298</font><font style="font-family:inherit;font-size:10pt;"> ETPs licensed to Nasdaq’s indexes which had over </font><font style="font-family:inherit;font-size:10pt;">$124 billion</font><font style="font-family:inherit;font-size:10pt;"> of assets under management.</font></div><div style="line-height:120%;padding-top:12px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Market Technology </font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Our Market Technology segment is a leading global technology solutions provider and partner to exchanges, clearing organizations, central securities depositories, regulators, banks, brokers and corporate businesses. Our Market Technology business is the sales channel for our complete global offering to other marketplaces.</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Market Technology provides technology solutions for trading, clearing, settlement, surveillance and information dissemination to markets with wide-ranging requirements, from the leading markets in the U.S., Europe and Asia to emerging markets in the Middle East, Latin America, and Africa. Our marketplace solutions can handle a wide array of assets, including cash equities, equity derivatives, currencies, various interest-bearing securities, commodities and energy products, and are currently powering more than </font><font style="font-family:inherit;font-size:10pt;">85</font><font style="font-family:inherit;font-size:10pt;"> marketplaces in </font><font style="font-family:inherit;font-size:10pt;">50</font><font style="font-family:inherit;font-size:10pt;"> countries. Market Technology also provides market surveillance services to broker-dealer firms worldwide, as well as enterprise governance, risk management and compliance software solutions.</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">For further discussion of our business, see “Item 1. Business.”</font></div></div>
CY2016	us-gaap	Use Of Estimates UseOfEstimates	<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:12px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Use of Estimates</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts and the disclosure of contingent amounts in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates.</font></div></div>

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2015 Q4 Form 10-K Financial Statement

#000112019317000003 Filed on March 01, 2017

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$NDAQ NASDAQ, INC. Stock $ndaq

2015 Q4 Form 10-K Financial Statement

#000112019317000003 Filed on March 01, 2017

Income Statement

Balance Sheet

Cashflow Statement

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Files In Submission

$NDAQ
NASDAQ, INC. Stock $ndaq