$NDAQ
NASDAQ, INC. Stock $ndaq

$ndaq Overview Financials Valuation SEC Filings Company Website

2017 Q1 Form 10-Q Financial Statement

#000112019317000006 Filed on May 10, 2017

Income Statement

Concept	2017 Q1	2016 Q4	2016 Q1
Revenue	$969.0M	$973.0M	$905.0M
YoY Change	7.07%	12.49%	5.48%
Cost Of Revenue	$388.0M	$374.0M	$371.0M
YoY Change	4.58%	13.68%	5.7%
Gross Profit	$581.0M	$599.0M	$534.0M
YoY Change	8.8%	11.75%	5.33%
Gross Profit Margin	59.96%	61.56%	59.01%
Selling, General & Admin	$284.0M	$321.0M	$259.0M
YoY Change	9.65%	33.75%	-12.5%
% of Gross Profit	48.88%	53.59%	48.5%
Research & Development	$30.00M		$25.00M
YoY Change	20.0%
% of Gross Profit	5.16%		4.68%
Depreciation & Amortization	$45.00M	$45.00M	$38.00M
YoY Change	18.42%	25.0%	11.76%
% of Gross Profit	7.75%	7.51%	7.12%
Operating Expenses	$335.0M	$366.0M	$315.0M
YoY Change	6.35%	32.61%	-4.55%
Operating Profit	$246.0M	$233.0M	$219.0M
YoY Change	12.33%	-10.38%	23.73%
Interest Expense	$37.00M	-$40.00M	$28.00M
YoY Change	32.14%	53.85%	-315.38%
% of Operating Profit	15.04%	-17.17%	12.79%
Other Income/Expense, Net
YoY Change
Pretax Income	$215.0M	-$405.0M	$195.0M
YoY Change	10.26%	-284.93%	1292.86%
Income Tax	$47.00M	-$180.0M	$63.00M
% Of Pretax Income	21.86%		32.31%
Net Earnings	$168.0M	-$225.0M	$132.0M
YoY Change	27.27%	-252.03%	1366.67%
Net Earnings / Revenue	17.34%	-23.12%	14.59%
Basic Earnings Per Share	$1.01		$0.80
Diluted Earnings Per Share	$0.99	-$1.357M	$0.78
COMMON SHARES
Basic Shares Outstanding	166.5M shares		164.3M shares
Diluted Shares Outstanding	170.2M shares		168.4M shares

Balance Sheet

Concept	2017 Q1	2016 Q4	2016 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments	$606.0M	$648.0M	$590.0M
YoY Change	2.71%	29.08%	13.03%
Cash & Equivalents	$386.0M	$403.0M	$352.0M
Short-Term Investments	$220.0M	$245.0M	$259.0M
Other Short-Term Assets	$163.0M	$167.0M	$3.799B
YoY Change	-95.71%	5.7%	34.62%
Inventory
Prepaid Expenses
Receivables	$467.0M	$429.0M	$333.0M
Other Receivables	$0.00	$0.00	$0.00
Total Short-Term Assets	$4.947B	$4.560B	$4.722B
YoY Change	4.76%	39.88%	28.04%
LONG-TERM ASSETS
Property, Plant & Equipment	$376.0M	$362.0M	$326.0M
YoY Change	15.34%	12.07%	16.01%
Goodwill	$6.070B	$6.027B
YoY Change		11.71%
Intangibles	$2.082B	$2.094B
YoY Change		6.89%
Long-Term Investments	$128.0M	$124.0M
YoY Change		72.22%
Other Assets	$398.0M	$390.0M	$921.0M
YoY Change	-56.79%	38.79%	-0.75%
Total Long-Term Assets	$9.543B	$8.851B	$8.995B
YoY Change	6.09%	2.91%	5.16%
TOTAL ASSETS
Total Short-Term Assets	$4.947B	$4.560B	$4.722B
Total Long-Term Assets	$9.543B	$8.851B	$8.995B
Total Assets	$14.49B	$13.41B	$13.72B
YoY Change	5.64%	13.07%	12.05%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable	$81.00M	$108.0M	$80.00M
YoY Change	1.25%	10.2%	-2.44%
Accrued Expenses	$110.0M	$207.0M	$87.00M
YoY Change	26.44%	21.05%	22.54%
Deferred Revenue
YoY Change
Short-Term Debt	$0.00	$0.00	$0.00
YoY Change
Long-Term Debt Due	$379.0M	$0.00
YoY Change
Total Short-Term Liabilities	$4.886B	$4.082B	$4.429B
YoY Change	10.32%	39.79%	28.75%
LONG-TERM LIABILITIES
Long-Term Debt	$3.242B	$3.603B	$2.565B
YoY Change	26.39%	52.41%	11.23%
Other Long-Term Liabilities	$144.0M	$144.0M	$348.0M
YoY Change	-58.62%	1.41%	-4.4%
Total Long-Term Liabilities	$3.386B	$3.747B	$2.913B
YoY Change	16.24%	49.52%	26.32%
TOTAL LIABILITIES
Total Short-Term Liabilities	$4.886B	$4.082B	$4.429B
Total Long-Term Liabilities	$3.386B	$3.747B	$2.913B
Total Liabilities	$9.138B	$8.720B	$8.020B
YoY Change	13.94%	39.48%	19.74%
SHAREHOLDERS EQUITY
Retained Earnings	$3.595B	$3.479B
YoY Change		-2.58%
Common Stock	$2.000M	$2.000M
YoY Change		0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)	$221.0M	$176.0M
YoY Change		58.56%
Treasury Stock Shares	4.592M shares	3.922M shares
Shareholders Equity	$5.352B	$5.430B	$5.697B
YoY Change
Total Liabilities & Shareholders Equity	$14.49B	$14.15B	$13.72B
YoY Change	5.64%	19.3%	12.05%

Cashflow Statement

Concept	2017 Q1	2016 Q4	2016 Q1
OPERATING ACTIVITIES
Net Income	$168.0M	-$225.0M	$132.0M
YoY Change	27.27%	-252.03%	1366.67%
Depreciation, Depletion And Amortization	$45.00M	$45.00M	$38.00M
YoY Change	18.42%	25.0%	11.76%
Cash From Operating Activities	$244.0M	$230.0M	$255.0M
YoY Change	-4.31%	9.52%	10.39%
INVESTING ACTIVITIES
Capital Expenditures	$36.00M	-$49.00M	$23.00M
YoY Change	56.52%	16.67%	-195.83%
Acquisitions	$0.00		$213.0M
YoY Change	-100.0%
Other Investing Activities	$0.00	-$17.00M	$10.00M
YoY Change	-100.0%	54.55%	-103.31%
Cash From Investing Activities	-$8.000M	-$66.00M	-$294.0M
YoY Change	-97.28%	24.53%	-9.82%
FINANCING ACTIVITIES
Cash Dividend Paid	$53.00M		$41.00M
YoY Change	29.27%
Common Stock Issuance & Retirement, Net	$155.0M		$28.00M
YoY Change	453.57%
Debt Paid & Issued, Net	$0.00		$555.0M
YoY Change	-100.0%
Cash From Financing Activities	-$192.0M	-15.00M	$28.00M
YoY Change	-785.71%	-88.81%	600.0%
NET CHANGE
Cash From Operating Activities	$244.0M	230.0M	$255.0M
Cash From Investing Activities	-$8.000M	-66.00M	-$294.0M
Cash From Financing Activities	-$192.0M	-15.00M	$28.00M
Net Change In Cash	$46.00M	149.0M	-$5.000M
YoY Change	-1020.0%	547.83%	-94.51%
FREE CASH FLOW
Cash From Operating Activities	$244.0M	$230.0M	$255.0M
Capital Expenditures	$36.00M	-$49.00M	$23.00M
Free Cash Flow	$208.0M	$279.0M	$232.0M
YoY Change	-10.34%	10.71%	-9.02%

Facts In Submission

Frame	Concept Type	Concept / XBRL Key	Value	Unit
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CY2017Q1	dei	Document Fiscal Year Focus DocumentFiscalYearFocus	2017
CY2017Q1	dei	Document Period End Date DocumentPeriodEndDate	2017-03-31
CY2017Q1	dei	Document Type DocumentType	10-Q
CY2017Q1	dei	Entity Central Index Key EntityCentralIndexKey	0001120193
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CY2017Q1	dei	Entity Filer Category EntityFilerCategory	Large Accelerated Filer
CY2017Q1	dei	Entity Registrant Name EntityRegistrantName	Nasdaq, Inc.
CY2017Q1	dei	Trading Symbol TradingSymbol	ndaq
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CY2017Q1	us-gaap	Finite Lived Intangible Assets Amortization Expense After Year Five FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive	536000000	USD
CY2017Q1	us-gaap	Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear	72000000	USD
CY2017Q1	us-gaap	Finite Lived Intangible Assets Amortization Expense Year Five FiniteLivedIntangibleAssetsAmortizationExpenseYearFive	74000000	USD
CY2017Q1	us-gaap	Finite Lived Intangible Assets Amortization Expense Year Four FiniteLivedIntangibleAssetsAmortizationExpenseYearFour	75000000	USD
CY2017Q1	us-gaap	Finite Lived Intangible Assets Amortization Expense Year Three FiniteLivedIntangibleAssetsAmortizationExpenseYearThree	76000000	USD
CY2017Q1	us-gaap	Finite Lived Intangible Assets Amortization Expense Year Two FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo	90000000	USD
CY2016Q4	us-gaap	Finite Lived Intangible Assets Gross FiniteLivedIntangibleAssetsGross	1279000000	USD
CY2017Q1	us-gaap	Finite Lived Intangible Assets Gross FiniteLivedIntangibleAssetsGross	1286000000	USD
CY2016Q4	us-gaap	Finite Lived Intangible Assets Net FiniteLivedIntangibleAssetsNet	843000000	USD
CY2017Q1	us-gaap	Finite Lived Intangible Assets Net FiniteLivedIntangibleAssetsNet	826000000	USD
CY2016Q1	us-gaap	Floor Brokerage Exchange And Clearance Fees FloorBrokerageExchangeAndClearanceFees	88000000	USD
CY2017Q1	us-gaap	Floor Brokerage Exchange And Clearance Fees FloorBrokerageExchangeAndClearanceFees	87000000	USD
CY2016Q1	us-gaap	General And Administrative Expense GeneralAndAdministrativeExpense	14000000	USD
CY2017Q1	us-gaap	General And Administrative Expense GeneralAndAdministrativeExpense	19000000	USD
CY2016Q4	us-gaap	Goodwill Goodwill	6027000000	USD
CY2017Q1	us-gaap	Goodwill Goodwill	6070000000	USD
CY2017Q1	us-gaap	Goodwill Foreign Currency Translation Gain Loss GoodwillForeignCurrencyTranslationGainLoss	43000000	USD
CY2016Q1	us-gaap	Goodwill Impairment Loss GoodwillImpairmentLoss	0	USD
CY2017Q1	us-gaap	Goodwill Impairment Loss GoodwillImpairmentLoss	0	USD
CY2016Q1	us-gaap	Gross Profit GrossProfit	534000000	USD
CY2017Q1	us-gaap	Gross Profit GrossProfit	583000000	USD
CY2016Q1	us-gaap	Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest	195000000	USD
CY2017Q1	us-gaap	Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest	217000000	USD
CY2016Q1	us-gaap	Income Loss From Equity Method Investments IncomeLossFromEquityMethodInvestments	2000000	USD
CY2017Q1	us-gaap	Income Loss From Equity Method Investments IncomeLossFromEquityMethodInvestments	4000000	USD
CY2016Q1	us-gaap	Income Tax Expense Benefit IncomeTaxExpenseBenefit	63000000	USD
CY2017Q1	us-gaap	Income Tax Expense Benefit IncomeTaxExpenseBenefit	48000000	USD
CY2016Q1	us-gaap	Income Taxes Paid Net IncomeTaxesPaidNet	35000000	USD
CY2017Q1	us-gaap	Income Taxes Paid Net IncomeTaxesPaidNet	26000000	USD
CY2016Q1	us-gaap	Increase Decrease In Accounts Payable And Accrued Liabilities IncreaseDecreaseInAccountsPayableAndAccruedLiabilities	14000000	USD
CY2017Q1	us-gaap	Increase Decrease In Accounts Payable And Accrued Liabilities IncreaseDecreaseInAccountsPayableAndAccruedLiabilities	12000000	USD
CY2016Q1	us-gaap	Increase Decrease In Deferred Revenue IncreaseDecreaseInDeferredRevenue	147000000	USD
CY2017Q1	us-gaap	Increase Decrease In Deferred Revenue IncreaseDecreaseInDeferredRevenue	149000000	USD
CY2016Q1	us-gaap	Increase Decrease In Employee Related Liabilities IncreaseDecreaseInEmployeeRelatedLiabilities	-89000000	USD
CY2017Q1	us-gaap	Increase Decrease In Employee Related Liabilities IncreaseDecreaseInEmployeeRelatedLiabilities	-98000000	USD
CY2016Q1	us-gaap	Increase Decrease In Other Accounts Payable IncreaseDecreaseInOtherAccountsPayable	-18000000	USD
CY2017Q1	us-gaap	Increase Decrease In Other Accounts Payable IncreaseDecreaseInOtherAccountsPayable	-27000000	USD
CY2016Q1	us-gaap	Increase Decrease In Other Operating Assets IncreaseDecreaseInOtherOperatingAssets	2000000	USD
CY2017Q1	us-gaap	Increase Decrease In Other Operating Assets IncreaseDecreaseInOtherOperatingAssets	-4000000	USD
CY2016Q1	us-gaap	Increase Decrease In Other Operating Liabilities IncreaseDecreaseInOtherOperatingLiabilities	18000000	USD
CY2017Q1	us-gaap	Increase Decrease In Other Operating Liabilities IncreaseDecreaseInOtherOperatingLiabilities	-19000000	USD
CY2016Q1	us-gaap	Increase Decrease In Receivables IncreaseDecreaseInReceivables	5000000	USD
CY2017Q1	us-gaap	Increase Decrease In Receivables IncreaseDecreaseInReceivables	38000000	USD
CY2016Q1	us-gaap	Incremental Common Shares Attributable To Share Based Payment Arrangements IncrementalCommonSharesAttributableToShareBasedPaymentArrangements	4086752	shares
CY2017Q1	us-gaap	Incremental Common Shares Attributable To Share Based Payment Arrangements IncrementalCommonSharesAttributableToShareBasedPaymentArrangements	3773874	shares
CY2016Q4	us-gaap	Indefinite Lived Intangible Assets Excluding Goodwill IndefiniteLivedIntangibleAssetsExcludingGoodwill	1251000000	USD
CY2017Q1	us-gaap	Indefinite Lived Intangible Assets Excluding Goodwill IndefiniteLivedIntangibleAssetsExcludingGoodwill	1256000000	USD
CY2016Q4	us-gaap	Intangible Assets Gross Excluding Goodwill IntangibleAssetsGrossExcludingGoodwill	2530000000	USD
CY2017Q1	us-gaap	Intangible Assets Gross Excluding Goodwill IntangibleAssetsGrossExcludingGoodwill	2542000000	USD
CY2016Q4	us-gaap	Intangible Assets Net Excluding Goodwill IntangibleAssetsNetExcludingGoodwill	2094000000	USD
CY2017Q1	us-gaap	Intangible Assets Net Excluding Goodwill IntangibleAssetsNetExcludingGoodwill	2082000000	USD
CY2016Q1	us-gaap	Interest Expense InterestExpense	28000000	USD
CY2017Q1	us-gaap	Interest Expense InterestExpense	37000000	USD
CY2016Q1	us-gaap	Interest Paid InterestPaid	28000000	USD
CY2017Q1	us-gaap	Interest Paid InterestPaid	29000000	USD
CY2016Q1	us-gaap	Investment Income Interest InvestmentIncomeInterest	1000000	USD
CY2017Q1	us-gaap	Investment Income Interest InvestmentIncomeInterest	2000000	USD
CY2016Q1	us-gaap	Investment Income Nonoperating InvestmentIncomeNonoperating	1000000	USD
CY2017Q1	us-gaap	Investment Income Nonoperating InvestmentIncomeNonoperating	0	USD
CY2016Q1	us-gaap	Labor And Related Expense LaborAndRelatedExpense	152000000	USD
CY2017Q1	us-gaap	Labor And Related Expense LaborAndRelatedExpense	161000000	USD
CY2016Q4	us-gaap	Liabilities Liabilities	8720000000	USD
CY2017Q1	us-gaap	Liabilities Liabilities	9138000000	USD
CY2016Q4	us-gaap	Liabilities And Stockholders Equity LiabilitiesAndStockholdersEquity	14150000000	USD
CY2017Q1	us-gaap	Liabilities And Stockholders Equity LiabilitiesAndStockholdersEquity	14490000000	USD
CY2016Q4	us-gaap	Liabilities Current LiabilitiesCurrent	4082000000	USD
CY2017Q1	us-gaap	Liabilities Current LiabilitiesCurrent	4886000000	USD
CY2016Q4	us-gaap	Long Term Debt LongTermDebt	3603000000	USD
CY2017Q1	us-gaap	Long Term Debt LongTermDebt	3621000000	USD
CY2016Q4	us-gaap	Long Term Debt Current LongTermDebtCurrent	0	USD
CY2017Q1	us-gaap	Long Term Debt Current LongTermDebtCurrent	379000000	USD
CY2017Q1	us-gaap	Long Term Debt Fair Value LongTermDebtFairValue	3800000000	USD
CY2016Q4	us-gaap	Long Term Debt Noncurrent LongTermDebtNoncurrent	3603000000	USD
CY2017Q1	us-gaap	Long Term Debt Noncurrent LongTermDebtNoncurrent	3242000000	USD
CY2016Q4	us-gaap	Marketable Securities Current MarketableSecuritiesCurrent	245000000	USD
CY2017Q1	us-gaap	Marketable Securities Current MarketableSecuritiesCurrent	220000000	USD
CY2016Q1	us-gaap	Marketing And Advertising Expense MarketingAndAdvertisingExpense	6000000	USD
CY2017Q1	us-gaap	Marketing And Advertising Expense MarketingAndAdvertisingExpense	7000000	USD
CY2016Q1	us-gaap	Net Cash Provided By Used In Financing Activities NetCashProvidedByUsedInFinancingActivities	28000000	USD
CY2017Q1	us-gaap	Net Cash Provided By Used In Financing Activities NetCashProvidedByUsedInFinancingActivities	-192000000	USD
CY2016Q1	us-gaap	Net Cash Provided By Used In Investing Activities NetCashProvidedByUsedInInvestingActivities	-294000000	USD
CY2017Q1	us-gaap	Net Cash Provided By Used In Investing Activities NetCashProvidedByUsedInInvestingActivities	-8000000	USD
CY2016Q1	us-gaap	Net Cash Provided By Used In Operating Activities NetCashProvidedByUsedInOperatingActivities	255000000	USD
CY2017Q1	us-gaap	Net Cash Provided By Used In Operating Activities NetCashProvidedByUsedInOperatingActivities	244000000	USD
CY2016Q1	us-gaap	Net Income Loss NetIncomeLoss	132000000	USD
CY2017Q1	us-gaap	Net Income Loss NetIncomeLoss	169000000	USD
CY2017Q1	us-gaap	Number Of Operating Segments NumberOfOperatingSegments	4	segment
CY2016Q1	us-gaap	Occupancy Net OccupancyNet	20000000	USD
CY2017Q1	us-gaap	Occupancy Net OccupancyNet	23000000	USD
CY2016Q1	us-gaap	Operating Expenses OperatingExpenses	315000000	USD
CY2017Q1	us-gaap	Operating Expenses OperatingExpenses	335000000	USD
CY2016Q1	us-gaap	Operating Income Loss OperatingIncomeLoss	219000000	USD
CY2017Q1	us-gaap	Operating Income Loss OperatingIncomeLoss	248000000	USD
CY2016Q4	us-gaap	Other Assets Current OtherAssetsCurrent	167000000	USD
CY2017Q1	us-gaap	Other Assets Current OtherAssetsCurrent	163000000	USD
CY2016Q4	us-gaap	Other Assets Noncurrent OtherAssetsNoncurrent	390000000	USD
CY2017Q1	us-gaap	Other Assets Noncurrent OtherAssetsNoncurrent	398000000	USD
CY2016Q1	us-gaap	Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Before Tax OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentBeforeTax	138000000	USD
CY2017Q1	us-gaap	Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Before Tax OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentBeforeTax	42000000	USD
CY2016Q1	us-gaap	Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax	94000000	USD
CY2017Q1	us-gaap	Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax	-8000000	USD
CY2016Q1	us-gaap	Other Comprehensive Income Loss Foreign Currency Translation Adjustment Tax OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax	44000000	USD
CY2017Q1	us-gaap	Other Comprehensive Income Loss Foreign Currency Translation Adjustment Tax OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax	50000000	USD
CY2016Q4	us-gaap	Other Liabilities Current OtherLiabilitiesCurrent	129000000	USD
CY2017Q1	us-gaap	Other Liabilities Current OtherLiabilitiesCurrent	174000000	USD
CY2016Q4	us-gaap	Other Liabilities Noncurrent OtherLiabilitiesNoncurrent	144000000	USD
CY2017Q1	us-gaap	Other Liabilities Noncurrent OtherLiabilitiesNoncurrent	144000000	USD
CY2016Q1	us-gaap	Other Noncash Income Expense OtherNoncashIncomeExpense	-4000000	USD
CY2017Q1	us-gaap	Other Noncash Income Expense OtherNoncashIncomeExpense	-7000000	USD
CY2016Q1	us-gaap	Other Tax Expense Benefit OtherTaxExpenseBenefit	-7000000	USD
CY2017Q1	us-gaap	Other Tax Expense Benefit OtherTaxExpenseBenefit	-6000000	USD
CY2016Q1	us-gaap	Payments For Proceeds From Other Investing Activities PaymentsForProceedsFromOtherInvestingActivities	10000000	USD
CY2017Q1	us-gaap	Payments For Proceeds From Other Investing Activities PaymentsForProceedsFromOtherInvestingActivities	0	USD
CY2016Q1	us-gaap	Payments For Repurchase Of Common Stock PaymentsForRepurchaseOfCommonStock	29000000	USD
CY2017Q1	us-gaap	Payments For Repurchase Of Common Stock PaymentsForRepurchaseOfCommonStock	156000000	USD
CY2016Q1	us-gaap	Payments Of Dividends PaymentsOfDividends	41000000	USD
CY2017Q1	us-gaap	Payments Of Dividends PaymentsOfDividends	53000000	USD
CY2016Q1	us-gaap	Payments To Acquire Available For Sale Securities PaymentsToAcquireAvailableForSaleSecurities	5000000	USD
CY2017Q1	us-gaap	Payments To Acquire Available For Sale Securities PaymentsToAcquireAvailableForSaleSecurities	5000000	USD
CY2016Q1	us-gaap	Payments To Acquire Businesses Net Of Cash Acquired PaymentsToAcquireBusinessesNetOfCashAcquired	213000000	USD
CY2017Q1	us-gaap	Payments To Acquire Businesses Net Of Cash Acquired PaymentsToAcquireBusinessesNetOfCashAcquired	0	USD
CY2016Q1	us-gaap	Payments To Acquire Property Plant And Equipment PaymentsToAcquirePropertyPlantAndEquipment	23000000	USD
CY2017Q1	us-gaap	Payments To Acquire Property Plant And Equipment PaymentsToAcquirePropertyPlantAndEquipment	36000000	USD
CY2016Q1	us-gaap	Payments To Acquire Short Term Investments PaymentsToAcquireShortTermInvestments	144000000	USD
CY2017Q1	us-gaap	Payments To Acquire Short Term Investments PaymentsToAcquireShortTermInvestments	93000000	USD
CY2017Q1	us-gaap	Preferred Stock Par Or Stated Value Per Share PreferredStockParOrStatedValuePerShare	0.01
CY2017Q1	us-gaap	Preferred Stock Shares Authorized PreferredStockSharesAuthorized	30000000	shares
CY2016Q1	us-gaap	Proceeds From Issuance Of Common Stock ProceedsFromIssuanceOfCommonStock	1000000	USD
CY2017Q1	us-gaap	Proceeds From Issuance Of Common Stock ProceedsFromIssuanceOfCommonStock	1000000	USD
CY2016Q1	us-gaap	Proceeds From Issuance Of Debt ProceedsFromIssuanceOfDebt	399000000	USD
CY2017Q1	us-gaap	Proceeds From Issuance Of Debt ProceedsFromIssuanceOfDebt	0	USD
CY2017Q1	us-gaap	Proceeds From Issuance Of Long Term Debt ProceedsFromIssuanceOfLongTermDebt	0	USD
CY2016Q1	us-gaap	Proceeds From Issuance Of Unsecured Debt ProceedsFromIssuanceOfUnsecuredDebt	325000000	USD
CY2017Q1	us-gaap	Proceeds From Issuance Of Unsecured Debt ProceedsFromIssuanceOfUnsecuredDebt	0	USD
CY2016Q1	us-gaap	Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities	7000000	USD
CY2017Q1	us-gaap	Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities	6000000	USD
CY2016Q1	us-gaap	Proceeds From Sale Maturity And Collection Of Shortterm Investments ProceedsFromSaleMaturityAndCollectionOfShorttermInvestments	94000000	USD
CY2017Q1	us-gaap	Proceeds From Sale Maturity And Collection Of Shortterm Investments ProceedsFromSaleMaturityAndCollectionOfShorttermInvestments	120000000	USD
CY2016Q1	us-gaap	Proceeds From Stock Options Exercised ProceedsFromStockOptionsExercised	2000000	USD
CY2017Q1	us-gaap	Proceeds From Stock Options Exercised ProceedsFromStockOptionsExercised	1000000	USD
CY2016Q1	us-gaap	Professional Fees ProfessionalFees	35000000	USD
CY2017Q1	us-gaap	Professional Fees ProfessionalFees	36000000	USD
CY2016Q1	us-gaap	Profit Loss ProfitLoss	132000000	USD
CY2017Q1	us-gaap	Profit Loss ProfitLoss	169000000	USD
CY2016Q4	us-gaap	Property Plant And Equipment Net PropertyPlantAndEquipmentNet	362000000	USD
CY2017Q1	us-gaap	Property Plant And Equipment Net PropertyPlantAndEquipmentNet	376000000	USD
CY2017Q1	us-gaap	Receivables From Brokers Dealers And Clearing Organizations ReceivablesFromBrokersDealersAndClearingOrganizations	19000000	USD
CY2016Q4	us-gaap	Receivables Net Current ReceivablesNetCurrent	429000000	USD
CY2017Q1	us-gaap	Receivables Net Current ReceivablesNetCurrent	467000000	USD
CY2016Q1	us-gaap	Repayments Of Long Term Debt RepaymentsOfLongTermDebt	555000000	USD
CY2017Q1	us-gaap	Repayments Of Long Term Debt RepaymentsOfLongTermDebt	0	USD
CY2016Q4	us-gaap	Restricted Cash And Cash Equivalents At Carrying Value RestrictedCashAndCashEquivalentsAtCarryingValue	15000000	USD
CY2017Q1	us-gaap	Restricted Cash And Cash Equivalents At Carrying Value RestrictedCashAndCashEquivalentsAtCarryingValue	78000000	USD
CY2016Q1	us-gaap	Restructuring Charges RestructuringCharges	9000000	USD
CY2017Q1	us-gaap	Restructuring Charges RestructuringCharges	0	USD
CY2016Q4	us-gaap	Retained Earnings Accumulated Deficit RetainedEarningsAccumulatedDeficit	3479000000	USD
CY2017Q1	us-gaap	Retained Earnings Accumulated Deficit RetainedEarningsAccumulatedDeficit	3595000000	USD
CY2016Q1	us-gaap	Revenues Revenues	905000000	USD
CY2017Q1	us-gaap	Revenues Revenues	971000000	USD
CY2016Q1	us-gaap	Share Based Compensation ShareBasedCompensation	16000000	USD
CY2017Q1	us-gaap	Share Based Compensation ShareBasedCompensation	15000000	USD
CY2017Q1	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Discount From Market Price Purchase Date ShareBasedCompensationArrangementByShareBasedPaymentAwardDiscountFromMarketPricePurchaseDate	0.150
CY2016Q1	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber	2500000	shares
CY2017Q1	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber	1400000	shares
CY2017Q1	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber	1365955	shares
CY2016Q1	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice	27.87
CY2017Q1	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice	22.35
CY2016Q1	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue	3000000	USD
CY2017Q1	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue	2000000	USD
CY2017Q1	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross	268817	shares
CY2016Q4	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue	63000000	USD
CY2017Q1	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue	65000000	USD
CY2016Q4	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber	1406371	shares
CY2017Q1	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber	1634772	shares
CY2016Q4	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice	22.32
CY2017Q1	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice	29.64
CY2017Q1	us-gaap	Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice	20.98
CY2017Q1	us-gaap	Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice	66.68
CY2017Q1	us-gaap	Share Price SharePrice	69.45
CY2017Q1	us-gaap	Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1 SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1	64000000	USD
CY2017Q1	us-gaap	Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1 SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1	P2Y5M9D
CY2016	us-gaap	Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Outstanding Options Weighted Average Remaining Contractual Term2 SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageRemainingContractualTerm2	P2Y7M24D
CY2017Q1	us-gaap	Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Outstanding Options Weighted Average Remaining Contractual Term2 SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageRemainingContractualTerm2	P3Y7M13D
CY2016Q1	us-gaap	Stock Issued During Period Shares Stock Options Exercised StockIssuedDuringPeriodSharesStockOptionsExercised	86811	shares
CY2017Q1	us-gaap	Stock Issued During Period Shares Stock Options Exercised StockIssuedDuringPeriodSharesStockOptionsExercised	40416	shares
CY2014Q4	us-gaap	Stock Repurchase Program Authorized Amount1 StockRepurchaseProgramAuthorizedAmount1	500000000	USD
CY2016Q1	us-gaap	Stock Repurchase Program Authorized Amount1 StockRepurchaseProgramAuthorizedAmount1	370000000	USD
CY2017Q1	us-gaap	Stock Repurchase Program Remaining Authorized Repurchase Amount1 StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1	273000000	USD
CY2016Q4	us-gaap	Stockholders Equity StockholdersEquity	5430000000	USD
CY2017Q1	us-gaap	Stockholders Equity StockholdersEquity	5352000000	USD
CY2016Q1	us-gaap	Technology Services Revenue TechnologyServicesRevenue	57000000	USD
CY2017Q1	us-gaap	Technology Services Revenue TechnologyServicesRevenue	67000000	USD
CY2016Q4	us-gaap	Trading Securities TradingSecurities	228000000	USD
CY2017Q1	us-gaap	Trading Securities TradingSecurities	203000000	USD
CY2016Q1	us-gaap	Treasury Stock Acquired Average Cost Per Share TreasuryStockAcquiredAverageCostPerShare	59.37
CY2017Q1	us-gaap	Treasury Stock Acquired Average Cost Per Share TreasuryStockAcquiredAverageCostPerShare	70.64
CY2016Q4	us-gaap	Treasury Stock Shares TreasuryStockShares	3921718	shares
CY2017Q1	us-gaap	Treasury Stock Shares TreasuryStockShares	4591558	shares
CY2016Q1	us-gaap	Treasury Stock Shares Acquired TreasuryStockSharesAcquired	490032	shares
CY2017Q1	us-gaap	Treasury Stock Shares Acquired TreasuryStockSharesAcquired	2215755	shares
CY2016Q4	us-gaap	Treasury Stock Value TreasuryStockValue	176000000	USD
CY2017Q1	us-gaap	Treasury Stock Value TreasuryStockValue	221000000	USD
CY2016Q1	us-gaap	Treasury Stock Value Acquired Par Value Method TreasuryStockValueAcquiredParValueMethod	29000000	USD
CY2017Q1	us-gaap	Treasury Stock Value Acquired Par Value Method TreasuryStockValueAcquiredParValueMethod	156000000	USD
CY2016Q1	us-gaap	Weighted Average Number Of Diluted Shares Outstanding WeightedAverageNumberOfDilutedSharesOutstanding	168368444	shares
CY2017Q1	us-gaap	Weighted Average Number Of Diluted Shares Outstanding WeightedAverageNumberOfDilutedSharesOutstanding	170246947	shares
CY2016Q1	us-gaap	Weighted Average Number Of Shares Outstanding Basic WeightedAverageNumberOfSharesOutstandingBasic	164281692	shares
CY2017Q1	us-gaap	Weighted Average Number Of Shares Outstanding Basic WeightedAverageNumberOfSharesOutstandingBasic	166473073	shares
CY2017Q1	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 three months ended </font><font style="font-family:inherit;font-size:10pt;">March 31, 2017</font><font style="font-family:inherit;font-size:10pt;"> and 2016:</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="6" rowspan="1"></td></tr><tr><td style="width:68%;" rowspan="1" colspan="1"></td><td style="width:14%;" 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:14%;" 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="5" 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;">Three Months Ended March 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="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;">2017</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;">2016</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 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;">1.44</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 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;">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></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 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;">19.2</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 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;">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></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 colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$69.45</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;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$66.38</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 colspan="2" 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:10pt;"><font style="font-family:inherit;font-size:10pt;">$81.57</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;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$93.30</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>
CY2017Q1	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;">March 31, 2017</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;">March 31, 2017</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;">334</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;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">99</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</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;">433</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;">3,299</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;">3,646</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;">6,945</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;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,633</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</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;">3,745</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;">7,378</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;">$3,633 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;">$576 million</font><font style="font-family:inherit;font-size:10pt;"> in reverse repurchase agreements and </font><font style="font-family:inherit;font-size:10pt;">$1,610 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. Of the total default fund contributions of </font><font style="font-family:inherit;font-size:10pt;">$433 million</font><font style="font-family:inherit;font-size:10pt;">, Nasdaq Clearing can utilize </font><font style="font-family:inherit;font-size:10pt;">$370 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;">$63 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;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 Condensed 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 Condensed 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 liability waterfall, Nasdaq Clearing is also required to contribute capital to the liability waterfall and overall regulatory capital as specified under its clearinghouse rules. As of </font><font style="font-family:inherit;font-size:10pt;">March 31, 2017</font><font style="font-family:inherit;font-size:10pt;">, Nasdaq Clearing committed capital totaling </font><font style="font-family:inherit;font-size:10pt;">$115 million</font><font style="font-family:inherit;font-size:10pt;"> to the liability waterfall and overall regulatory capital, in the form of government debt securities, which are recorded as financial investments, at fair value in the Condensed 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 Condensed Consolidated Balance Sheets as both a current asset and current liability. Pledged margin collateral is not recorded in our Condensed 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;">March 31, 2017</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;">March 31, 2017</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;">550</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;">743</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;">132</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;">101</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;">1,526</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%;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 three months ended </font><font style="font-family:inherit;font-size:10pt;">March 31, 2017</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">2016</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:99.79797979797979%;border-collapse:collapse;text-align:left;"><tr><td colspan="6" rowspan="1"></td></tr><tr><td style="width:49%;" 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:25%;" 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;">March 31, 2017</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;">March 31, 2016</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;">726,739</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;">907,921</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;">5,158,237</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;">4,368,986</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;">7,383,538</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;">8,303,721</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;">11,315,176</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;">14,685,731</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;">24,583,690</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;">28,266,359</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;">379</font><font style="font-family:inherit;font-size:10pt;"> Terawatt hours (TWh) for the three months ended </font><font style="font-family:inherit;font-size:10pt;">March 31, 2017</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">420</font><font style="font-family:inherit;font-size:10pt;"> TWh for the three months ended </font><font style="font-family:inherit;font-size:10pt;">March 31, 2016</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;">$6.3 billion</font><font style="font-family:inherit;font-size:10pt;"> as of </font><font style="font-family:inherit;font-size:10pt;">March 31, 2017</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$6.4 billion</font><font style="font-family:inherit;font-size:10pt;"> at </font><font style="font-family:inherit;font-size:10pt;">March 31, 2016</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;">1,979,972</font><font style="font-family:inherit;font-size:10pt;"> for the three months ended </font><font style="font-family:inherit;font-size:10pt;">March 31, 2017</font><font style="font-family:inherit;font-size:10pt;"> and was </font><font style="font-family:inherit;font-size:10pt;">1,820,753</font><font style="font-family:inherit;font-size:10pt;"> for the three months ended </font><font style="font-family:inherit;font-size:10pt;">March 31, 2016</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;">March 31, 2017</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;">$28 million</font><font style="font-family:inherit;font-size:10pt;"> at </font><font style="font-family:inherit;font-size:10pt;">March 31, 2017</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>
CY2017Q1	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;">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. 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;">In the U.S., we 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. 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. In addition, 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. </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: IR intelligence, public relations, board and leadership, and digital media services. </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;">March 31, 2017</font><font style="font-family:inherit;font-size:10pt;">, there were </font><font style="font-family:inherit;font-size:10pt;">2,890</font><font style="font-family:inherit;font-size:10pt;"> total listings on The Nasdaq Stock Market, including </font><font style="font-family:inherit;font-size:10pt;">332</font><font style="font-family:inherit;font-size:10pt;"> separately listed ETPs. The combined market capitalization was approximately </font><font style="font-family:inherit;font-size:10pt;">$9.7 trillion</font><font style="font-family:inherit;font-size:10pt;">. 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;">910</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;">$1.3 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;">March 31, 2017</font><font style="font-family:inherit;font-size:10pt;">, we had </font><font style="font-family:inherit;font-size:10pt;">306</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;">$138 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;">89</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>

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$NDAQ
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2017 Q1 Form 10-Q Financial Statement

#000112019317000006 Filed on May 10, 2017

Income Statement

Balance Sheet

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$NDAQ NASDAQ, INC. Stock $ndaq

2017 Q1 Form 10-Q Financial Statement

#000112019317000006 Filed on May 10, 2017

Income Statement

Balance Sheet

Cashflow Statement

Facts In Submission

Files In Submission

$NDAQ
NASDAQ, INC. Stock $ndaq