$NDAQ
NASDAQ, INC. Stock $ndaq

$ndaq Overview Financials Valuation SEC Filings Company Website

2018 Form 10-K Financial Statement

#000112019319000002 Filed on February 22, 2019

Income Statement

Concept	2018	2017 Q4	2017
Revenue	$4.277B	$1.019B	$3.948B
YoY Change	8.33%	4.73%	6.59%
Cost Of Revenue	$1.751B	$388.0M	$1.537B
YoY Change	13.92%	3.74%	7.63%
Gross Profit	$2.526B	$631.0M	$2.411B
YoY Change	4.77%	5.34%	5.93%
Gross Profit Margin	59.06%	61.92%	61.07%
Selling, General & Admin	$1.267B	$318.0M	$1.178B
YoY Change	7.56%	-0.93%	2.35%
% of Gross Profit	50.16%	50.4%	48.86%
Research & Development	$127.0M		$125.0M
YoY Change	1.6%		12.61%
% of Gross Profit	5.03%		5.18%
Depreciation & Amortization	$101.0M	$48.00M	$96.00M
YoY Change	5.21%	6.67%	9.09%
% of Gross Profit	4.0%	7.61%	3.98%
Operating Expenses	$1.498B	$366.0M	$1.420B
YoY Change	5.49%	0.0%	-1.39%
Operating Profit	$1.028B	$265.0M	$991.0M
YoY Change	3.73%	13.73%	18.54%
Interest Expense	$150.0M	-$28.00M	$143.0M
YoY Change	4.9%	-30.0%	5.93%
% of Operating Profit	14.59%	-10.57%	14.43%
Other Income/Expense, Net	-$7.000M	-$2.000M	-$6.000M
YoY Change	16.67%
Pretax Income	$1.064B	$211.0M	$872.0M
YoY Change	22.02%	-152.1%	555.64%
Income Tax	$606.0M	$54.00M	$143.0M
% Of Pretax Income	56.95%	25.59%	16.4%
Net Earnings	$458.0M	$246.0M	$729.0M
YoY Change	-37.17%	-209.33%	587.74%
Net Earnings / Revenue	10.71%	24.14%	18.47%
Basic Earnings Per Share	$2.77		$4.38
Diluted Earnings Per Share	$2.73	$1.450M	$4.30
COMMON SHARES
Basic Shares Outstanding	165.3M shares	166.2M shares	166.4M shares
Diluted Shares Outstanding	167.7M shares		169.6M shares

Balance Sheet

Concept	2018	2017 Q4	2017
SHORT-TERM ASSETS
Cash & Short-Term Investments	$813.0M	$612.0M	$612.0M
YoY Change	32.84%	-5.56%	-5.56%
Cash & Equivalents	$545.0M	$377.0M	$377.0M
Short-Term Investments	$268.0M	$235.0M	$235.0M
Other Short-Term Assets	$5.173B	$532.0M	$4.542B
YoY Change	13.89%	218.56%	30.4%
Inventory
Prepaid Expenses
Receivables	$384.0M	$356.0M	$356.0M
Other Receivables	$0.00	$0.00	$0.00
Total Short-Term Assets	$6.370B	$5.510B	$5.510B
YoY Change	15.61%	20.83%	20.83%
LONG-TERM ASSETS
Property, Plant & Equipment	$376.0M	$400.0M	$400.0M
YoY Change	-6.0%	10.5%	10.5%
Goodwill		$6.586B
YoY Change		9.27%
Intangibles		$2.468B
YoY Change		17.86%
Long-Term Investments	$135.0M	$131.0M	$131.0M
YoY Change	3.05%	5.65%	6450.0%
Other Assets	$156.0M	$390.0M	$259.0M
YoY Change	-39.77%	0.0%	-76.56%
Total Long-Term Assets	$9.330B	$9.844B	$9.844B
YoY Change	-5.22%	11.22%	2.65%
TOTAL ASSETS
Total Short-Term Assets	$6.370B	$5.510B	$5.510B
Total Long-Term Assets	$9.330B	$9.844B	$9.844B
Total Assets	$15.70B	$15.35B	$15.35B
YoY Change	2.25%	14.49%	8.51%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable	$109.0M	$128.0M	$128.0M
YoY Change	-14.84%	18.52%	18.52%
Accrued Expenses	$199.0M	$170.0M	$170.0M
YoY Change	17.06%	-17.87%	-17.87%
Deferred Revenue		$161.0M
YoY Change
Short-Term Debt	$875.0M	$1.078B	$480.0M
YoY Change	82.29%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities	$6.570B	$5.234B	$5.234B
YoY Change	25.53%	28.22%	28.22%
LONG-TERM LIABILITIES
Long-Term Debt	$2.956B	$3.727B	$3.727B
YoY Change	-20.69%	3.44%	3.44%
Other Long-Term Liabilities	$224.0M	$162.0M	$288.0M
YoY Change	-22.22%	12.5%	-8.57%
Total Long-Term Liabilities	$3.180B	$3.889B	$4.015B
YoY Change	-20.8%	3.79%	2.48%
TOTAL LIABILITIES
Total Short-Term Liabilities	$6.570B	$5.234B	$5.234B
Total Long-Term Liabilities	$3.180B	$3.889B	$4.015B
Total Liabilities	$10.25B	$9.474B	$9.474B
YoY Change	8.2%	8.65%	8.65%
SHAREHOLDERS EQUITY
Retained Earnings		$3.963B
YoY Change		13.91%
Common Stock		$2.000M
YoY Change		0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)		$247.0M
YoY Change		40.34%
Treasury Stock Shares		4.932M shares
Shareholders Equity	$5.449B	$5.880B	$5.880B
YoY Change
Total Liabilities & Shareholders Equity	$15.70B	$15.35B	$15.35B
YoY Change	2.25%	8.51%	8.51%

Cashflow Statement

Concept	2018	2017 Q4	2017
OPERATING ACTIVITIES
Net Income	$458.0M	$246.0M	$729.0M
YoY Change	-37.17%	-209.33%	587.74%
Depreciation, Depletion And Amortization	$101.0M	$48.00M	$96.00M
YoY Change	5.21%	6.67%	9.09%
Cash From Operating Activities	$1.028B	$300.0M	$909.0M
YoY Change	13.09%	30.43%	17.14%
INVESTING ACTIVITIES
Capital Expenditures	$111.0M	-$42.00M	$144.0M
YoY Change	-22.92%	-14.29%	7.46%
Acquisitions	$75.00M		$776.0M
YoY Change	-90.34%		-47.07%
Other Investing Activities	$26.00M	-$775.0M	$2.000M
YoY Change	1200.0%	4458.82%	-66.67%
Cash From Investing Activities	$196.0M	-$817.0M	-$890.0M
YoY Change	-122.02%	1137.88%	-46.29%
FINANCING ACTIVITIES
Cash Dividend Paid	$280.0M		$243.0M
YoY Change	15.23%		21.5%
Common Stock Issuance & Retirement, Net	$377.0M		$150.0M
YoY Change	151.33%		226.09%
Debt Paid & Issued, Net	$115.0M		$708.0M
YoY Change	-83.76%		-38.75%
Cash From Financing Activities	-$1.027B	365.0M	-$53.00M
YoY Change	1837.74%	-2533.33%	-105.59%
NET CHANGE
Cash From Operating Activities	$1.028B	300.0M	$909.0M
Cash From Investing Activities	$196.0M	-817.0M	-$890.0M
Cash From Financing Activities	-$1.027B	365.0M	-$53.00M
Net Change In Cash	$187.0M	-152.0M	-$19.00M
YoY Change	-1084.21%	-202.01%	-131.15%
FREE CASH FLOW
Cash From Operating Activities	$1.028B	$300.0M	$909.0M
Capital Expenditures	$111.0M	-$42.00M	$144.0M
Free Cash Flow	$917.0M	$342.0M	$765.0M
YoY Change	19.87%	22.58%	19.16%

Facts In Submission

Frame	Concept Type	Concept / XBRL Key	Value	Unit
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CY2018	dei	Current Fiscal Year End Date CurrentFiscalYearEndDate	--12-31
CY2018	dei	Document Fiscal Period Focus DocumentFiscalPeriodFocus	FY
CY2018	dei	Document Fiscal Year Focus DocumentFiscalYearFocus	2018
CY2018	dei	Document Period End Date DocumentPeriodEndDate	2018-12-31
CY2018	dei	Document Type DocumentType	10-K
CY2018	dei	Entity Central Index Key EntityCentralIndexKey	0001120193
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CY2018	dei	Entity Current Reporting Status EntityCurrentReportingStatus	Yes
CY2018	dei	Entity Emerging Growth Company EntityEmergingGrowthCompany	false
CY2018	dei	Entity Filer Category EntityFilerCategory	Large Accelerated Filer
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CY2018	dei	Entity Registrant Name EntityRegistrantName	Nasdaq, Inc.
CY2018	dei	Entity Shell Company EntityShellCompany	false
CY2018	dei	Entity Small Business EntitySmallBusiness	false
CY2018	dei	Entity Voluntary Filers EntityVoluntaryFilers	No
CY2018	dei	Entity Well Known Seasoned Issuer EntityWellKnownSeasonedIssuer	Yes
CY2018	dei	Trading Symbol TradingSymbol	ndaq
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CY2018Q4	ndaq	Contract With Customer Liability Expected To Be Recognized In Year Five ContractWithCustomerLiabilityExpectedToBeRecognizedInYearFive	5000000	USD
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CY2018Q4	ndaq	Contract With Customer Liability Expected To Be Recognized In Year Three ContractWithCustomerLiabilityExpectedToBeRecognizedInYearThree	19000000	USD
CY2018Q4	ndaq	Contract With Customer Liability Expected To Be Recognized In Year Two ContractWithCustomerLiabilityExpectedToBeRecognizedInYearTwo	54000000	USD
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CY2018Q4	us-gaap	Common Stock Shares Issued CommonStockSharesIssued	170709425	shares
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CY2018Q4	us-gaap	Common Stock Shares Outstanding CommonStockSharesOutstanding	165165104	shares
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CY2018Q4	us-gaap	Common Stock Value CommonStockValue	2000000	USD
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CY2018	us-gaap	Communications And Information Technology CommunicationsAndInformationTechnology	127000000	USD
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CY2018	us-gaap	Comprehensive Income Net Of Tax ComprehensiveIncomeNetOfTax	207000000	USD
CY2017Q4	us-gaap	Contract With Customer Liability Current ContractWithCustomerLiabilityCurrent	161000000	USD
CY2018Q4	us-gaap	Contract With Customer Liability Current ContractWithCustomerLiabilityCurrent	194000000	USD
CY2017Q4	us-gaap	Contract With Customer Liability Noncurrent ContractWithCustomerLiabilityNoncurrent	126000000	USD
CY2018Q4	us-gaap	Contract With Customer Liability Noncurrent ContractWithCustomerLiabilityNoncurrent	87000000	USD
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CY2017	us-gaap	Cost Of Revenue CostOfRevenue	1537000000	USD
CY2018	us-gaap	Cost Of Revenue CostOfRevenue	1751000000	USD
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CY2017	us-gaap	Current Federal Tax Expense Benefit CurrentFederalTaxExpenseBenefit	51000000	USD
CY2018	us-gaap	Current Federal Tax Expense Benefit CurrentFederalTaxExpenseBenefit	103000000	USD
CY2016	us-gaap	Current Foreign Tax Expense Benefit CurrentForeignTaxExpenseBenefit	106000000	USD
CY2017	us-gaap	Current Foreign Tax Expense Benefit CurrentForeignTaxExpenseBenefit	68000000	USD
CY2018	us-gaap	Current Foreign Tax Expense Benefit CurrentForeignTaxExpenseBenefit	146000000	USD
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CY2017	us-gaap	Current Income Tax Expense Benefit CurrentIncomeTaxExpenseBenefit	136000000	USD
CY2018	us-gaap	Current Income Tax Expense Benefit CurrentIncomeTaxExpenseBenefit	305000000	USD
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CY2017	us-gaap	Current State And Local Tax Expense Benefit CurrentStateAndLocalTaxExpenseBenefit	17000000	USD
CY2018	us-gaap	Current State And Local Tax Expense Benefit CurrentStateAndLocalTaxExpenseBenefit	56000000	USD
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CY2018Q4	us-gaap	Debt Current DebtCurrent	875000000	USD
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CY2018Q4	us-gaap	Debt Longterm And Shortterm Combined Amount DebtLongtermAndShorttermCombinedAmount	3831000000	USD
CY2018Q4	us-gaap	Decrease In Unrecognized Tax Benefits Is Reasonably Possible DecreaseInUnrecognizedTaxBenefitsIsReasonablyPossible	12000000	USD
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CY2017	us-gaap	Deferred Federal Income Tax Expense Benefit DeferredFederalIncomeTaxExpenseBenefit	-16000000	USD
CY2018	us-gaap	Deferred Federal Income Tax Expense Benefit DeferredFederalIncomeTaxExpenseBenefit	185000000	USD
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CY2017	us-gaap	Deferred Foreign Income Tax Expense Benefit DeferredForeignIncomeTaxExpenseBenefit	-1000000	USD
CY2018	us-gaap	Deferred Foreign Income Tax Expense Benefit DeferredForeignIncomeTaxExpenseBenefit	0	USD
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CY2017	us-gaap	Deferred Income Tax Expense Benefit DeferredIncomeTaxExpenseBenefit	7000000	USD
CY2018	us-gaap	Deferred Income Tax Expense Benefit DeferredIncomeTaxExpenseBenefit	301000000	USD
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CY2018Q4	us-gaap	Deferred Income Tax Liabilities DeferredIncomeTaxLiabilities	595000000	USD
CY2017Q4	us-gaap	Deferred Income Tax Liabilities Net DeferredIncomeTaxLiabilitiesNet	225000000	USD
CY2018Q4	us-gaap	Deferred Income Tax Liabilities Net DeferredIncomeTaxLiabilitiesNet	501000000	USD
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CY2017	us-gaap	Deferred State And Local Income Tax Expense Benefit DeferredStateAndLocalIncomeTaxExpenseBenefit	24000000	USD
CY2018	us-gaap	Deferred State And Local Income Tax Expense Benefit DeferredStateAndLocalIncomeTaxExpenseBenefit	116000000	USD
CY2017Q4	us-gaap	Deferred Tax Assets Deferred Income DeferredTaxAssetsDeferredIncome	25000000	USD
CY2018Q4	us-gaap	Deferred Tax Assets Deferred Income DeferredTaxAssetsDeferredIncome	19000000	USD
CY2017Q4	us-gaap	Deferred Tax Assets Gross DeferredTaxAssetsGross	421000000	USD
CY2018Q4	us-gaap	Deferred Tax Assets Gross DeferredTaxAssetsGross	121000000	USD
CY2017Q4	us-gaap	Deferred Tax Assets Net DeferredTaxAssetsNet	391000000	USD
CY2018Q4	us-gaap	Deferred Tax Assets Net DeferredTaxAssetsNet	98000000	USD
CY2017Q4	us-gaap	Deferred Tax Assets Operating Loss Carryforwards Domestic DeferredTaxAssetsOperatingLossCarryforwardsDomestic	1000000	USD
CY2018Q4	us-gaap	Deferred Tax Assets Operating Loss Carryforwards Domestic DeferredTaxAssetsOperatingLossCarryforwardsDomestic	0	USD
CY2017Q4	us-gaap	Deferred Tax Assets Operating Loss Carryforwards Foreign DeferredTaxAssetsOperatingLossCarryforwardsForeign	30000000	USD
CY2018Q4	us-gaap	Deferred Tax Assets Operating Loss Carryforwards Foreign DeferredTaxAssetsOperatingLossCarryforwardsForeign	23000000	USD
CY2017Q4	us-gaap	Deferred Tax Assets Operating Loss Carryforwards State And Local DeferredTaxAssetsOperatingLossCarryforwardsStateAndLocal	4000000	USD
CY2018Q4	us-gaap	Deferred Tax Assets Operating Loss Carryforwards State And Local DeferredTaxAssetsOperatingLossCarryforwardsStateAndLocal	4000000	USD
CY2017Q4	us-gaap	Deferred Tax Assets Other DeferredTaxAssetsOther	20000000	USD
CY2018Q4	us-gaap	Deferred Tax Assets Other DeferredTaxAssetsOther	25000000	USD
CY2017Q4	us-gaap	Deferred Tax Assets Tax Credit Carryforwards DeferredTaxAssetsTaxCreditCarryforwards	7000000	USD
CY2018Q4	us-gaap	Deferred Tax Assets Tax Credit Carryforwards DeferredTaxAssetsTaxCreditCarryforwards	0	USD
CY2017Q4	us-gaap	Deferred Tax Assets Tax Deferred Expense Compensation And Benefits DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefits	42000000	USD
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CY2017Q4	us-gaap	Deferred Tax Assets Unrealized Currency Losses DeferredTaxAssetsUnrealizedCurrencyLosses	292000000	USD
CY2018Q4	us-gaap	Deferred Tax Assets Unrealized Currency Losses DeferredTaxAssetsUnrealizedCurrencyLosses	0	USD
CY2017Q4	us-gaap	Deferred Tax Assets Valuation Allowance DeferredTaxAssetsValuationAllowance	30000000	USD
CY2018Q4	us-gaap	Deferred Tax Assets Valuation Allowance DeferredTaxAssetsValuationAllowance	23000000	USD
CY2017Q4	us-gaap	Deferred Tax Liabilities DeferredTaxLiabilities	211000000	USD
CY2018Q4	us-gaap	Deferred Tax Liabilities DeferredTaxLiabilities	497000000	USD
CY2017Q4	us-gaap	Deferred Tax Liabilities Deferred Expense Capitalized Software DeferredTaxLiabilitiesDeferredExpenseCapitalizedSoftware	47000000	USD
CY2018Q4	us-gaap	Deferred Tax Liabilities Deferred Expense Capitalized Software DeferredTaxLiabilitiesDeferredExpenseCapitalizedSoftware	41000000	USD
CY2017Q4	us-gaap	Deferred Tax Liabilities Goodwill And Intangible Assets Intangible Assets DeferredTaxLiabilitiesGoodwillAndIntangibleAssetsIntangibleAssets	510000000	USD
CY2018Q4	us-gaap	Deferred Tax Liabilities Goodwill And Intangible Assets Intangible Assets DeferredTaxLiabilitiesGoodwillAndIntangibleAssetsIntangibleAssets	498000000	USD
CY2017Q4	us-gaap	Deferred Tax Liabilities Investments DeferredTaxLiabilitiesInvestments	26000000	USD
CY2018Q4	us-gaap	Deferred Tax Liabilities Investments DeferredTaxLiabilitiesInvestments	34000000	USD
CY2017Q4	us-gaap	Deferred Tax Liabilities Other DeferredTaxLiabilitiesOther	19000000	USD
CY2018Q4	us-gaap	Deferred Tax Liabilities Other DeferredTaxLiabilitiesOther	22000000	USD
CY2017Q4	us-gaap	Defined Benefit Plan Accumulated Benefit Obligation DefinedBenefitPlanAccumulatedBenefitObligation	139000000	USD
CY2018Q4	us-gaap	Defined Benefit Plan Accumulated Benefit Obligation DefinedBenefitPlanAccumulatedBenefitObligation	122000000	USD
CY2018Q4	us-gaap	Defined Benefit Plan Accumulated Other Comprehensive Income Net Gains Losses Before Tax DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeNetGainsLossesBeforeTax	-28000000	USD
CY2018Q4	us-gaap	Defined Benefit Plan Expected Future Benefit Payments Five Fiscal Years Thereafter DefinedBenefitPlanExpectedFutureBenefitPaymentsFiveFiscalYearsThereafter	40000000	USD
CY2018Q4	us-gaap	Defined Benefit Plan Expected Future Benefit Payments Next Twelve Months DefinedBenefitPlanExpectedFutureBenefitPaymentsNextTwelveMonths	6000000	USD
CY2018Q4	us-gaap	Defined Benefit Plan Expected Future Benefit Payments Year Five DefinedBenefitPlanExpectedFutureBenefitPaymentsYearFive	7000000	USD
CY2018Q4	us-gaap	Defined Benefit Plan Expected Future Benefit Payments Year Four DefinedBenefitPlanExpectedFutureBenefitPaymentsYearFour	7000000	USD
CY2018Q4	us-gaap	Defined Benefit Plan Expected Future Benefit Payments Year Three DefinedBenefitPlanExpectedFutureBenefitPaymentsYearThree	6000000	USD
CY2018Q4	us-gaap	Defined Benefit Plan Expected Future Benefit Payments Year Two DefinedBenefitPlanExpectedFutureBenefitPaymentsYearTwo	12000000	USD
CY2017Q4	us-gaap	Defined Benefit Plan Fair Value Of Plan Assets DefinedBenefitPlanFairValueOfPlanAssets	79000000	USD
CY2018Q4	us-gaap	Defined Benefit Plan Fair Value Of Plan Assets DefinedBenefitPlanFairValueOfPlanAssets	94000000	USD
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CY2017Q4	us-gaap	Defined Benefit Plan Funded Status Of Plan DefinedBenefitPlanFundedStatusOfPlan	-60000000	USD
CY2018Q4	us-gaap	Defined Benefit Plan Funded Status Of Plan DefinedBenefitPlanFundedStatusOfPlan	-28000000	USD
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CY2017	us-gaap	Defined Contribution Plan Cost Recognized DefinedContributionPlanCostRecognized	13000000	USD
CY2018	us-gaap	Defined Contribution Plan Cost Recognized DefinedContributionPlanCostRecognized	14000000	USD
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CY2017	us-gaap	Depreciation And Amortization DepreciationAndAmortization	188000000	USD
CY2018	us-gaap	Depreciation And Amortization DepreciationAndAmortization	210000000	USD
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CY2017	us-gaap	Depreciation Depletion And Amortization DepreciationDepletionAndAmortization	96000000	USD
CY2018	us-gaap	Depreciation Depletion And Amortization DepreciationDepletionAndAmortization	101000000	USD
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CY2018Q4	us-gaap	Derivative Number Of Instruments Held DerivativeNumberOfInstrumentsHeld	98506687	shares
CY2018Q1	us-gaap	Dividends Common Stock Cash DividendsCommonStockCash	63000000	USD
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CY2016	us-gaap	Dividends Common Stock Cash DividendsCommonStockCash	200000000	USD
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CY2018	us-gaap	Dividends Common Stock Cash DividendsCommonStockCash	280000000	USD
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CY2018	us-gaap	Earnings Per Share Diluted EarningsPerShareDiluted	2.73
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CY2017	us-gaap	Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	15000000	USD
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CY2017	us-gaap	Effective Income Tax Rate Continuing Operations EffectiveIncomeTaxRateContinuingOperations	0.164
CY2018	us-gaap	Effective Income Tax Rate Continuing Operations EffectiveIncomeTaxRateContinuingOperations	0.570
CY2016	us-gaap	Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate	0.35
CY2017	us-gaap	Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate	0.35
CY2018	us-gaap	Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate	0.21
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CY2017	us-gaap	Effective Income Tax Rate Reconciliation Change In Enacted Tax Rate EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate	-0.099
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CY2017	us-gaap	Effective Income Tax Rate Reconciliation Other Adjustments EffectiveIncomeTaxRateReconciliationOtherAdjustments	0.005
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CY2017	us-gaap	Effective Income Tax Rate Reconciliation Tax Credits EffectiveIncomeTaxRateReconciliationTaxCredits	0.010
CY2018	us-gaap	Effective Income Tax Rate Reconciliation Tax Credits EffectiveIncomeTaxRateReconciliationTaxCredits	0.002
CY2017Q4	us-gaap	Employee Related Liabilities Current EmployeeRelatedLiabilitiesCurrent	170000000	USD
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CY2017Q4	us-gaap	Equity Method Investments EquityMethodInvestments	131000000	USD
CY2018Q4	us-gaap	Equity Method Investments EquityMethodInvestments	135000000	USD
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CY2017Q4	us-gaap	Equity Securities Without Readily Determinable Fair Value Amount EquitySecuritiesWithoutReadilyDeterminableFairValueAmount	152000000	USD
CY2018Q4	us-gaap	Equity Securities Without Readily Determinable Fair Value Amount EquitySecuritiesWithoutReadilyDeterminableFairValueAmount	44000000	USD
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CY2017	us-gaap	Equity Securities Without Readily Determinable Fair Value Impairment Loss Annual Amount EquitySecuritiesWithoutReadilyDeterminableFairValueImpairmentLossAnnualAmount	0	USD
CY2018	us-gaap	Equity Securities Without Readily Determinable Fair Value Impairment Loss Annual Amount EquitySecuritiesWithoutReadilyDeterminableFairValueImpairmentLossAnnualAmount	0	USD
CY2017Q4	us-gaap	Finite Lived Intangible Assets Accumulated Amortization FiniteLivedIntangibleAssetsAccumulatedAmortization	506000000	USD
CY2018Q4	us-gaap	Finite Lived Intangible Assets Accumulated Amortization FiniteLivedIntangibleAssetsAccumulatedAmortization	409000000	USD
CY2018Q4	us-gaap	Finite Lived Intangible Assets Amortization Expense After Year Five FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive	649000000	USD
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CY2018Q4	us-gaap	Finite Lived Intangible Assets Net FiniteLivedIntangibleAssetsNet	1045000000	USD
CY2016	us-gaap	Floor Brokerage Exchange And Clearance Fees FloorBrokerageExchangeAndClearanceFees	336000000	USD
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CY2017	us-gaap	Gain Loss On Sale Of Business GainLossOnSaleOfBusiness	0	USD
CY2018	us-gaap	Gain Loss On Sale Of Business GainLossOnSaleOfBusiness	33000000	USD
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CY2017	us-gaap	Gain Loss On Sale Of Investments GainLossOnSaleOfInvestments	0	USD
CY2018	us-gaap	Gain Loss On Sale Of Investments GainLossOnSaleOfInvestments	118000000	USD
CY2016	us-gaap	Gain On Sale Of Investments GainOnSaleOfInvestments	0	USD
CY2017	us-gaap	Gain On Sale Of Investments GainOnSaleOfInvestments	0	USD
CY2018	us-gaap	Gain On Sale Of Investments GainOnSaleOfInvestments	118000000	USD
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CY2018	us-gaap	Goodwill Acquired During Period GoodwillAcquiredDuringPeriod	56000000	USD
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CY2017	us-gaap	Goodwill Impairment Loss GoodwillImpairmentLoss	0	USD
CY2018	us-gaap	Goodwill Impairment Loss GoodwillImpairmentLoss	0	USD
CY2018	us-gaap	Goodwill Foreign Currency Translation Gain Loss GoodwillForeignCurrencyTranslationGainLoss	224000000	USD
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CY2017	us-gaap	Impairment Of Intangible Assets Indefinitelived Excluding Goodwill ImpairmentOfIntangibleAssetsIndefinitelivedExcludingGoodwill	0	USD
CY2018	us-gaap	Impairment Of Intangible Assets Indefinitelived Excluding Goodwill ImpairmentOfIntangibleAssetsIndefinitelivedExcludingGoodwill	0	USD
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CY2016	us-gaap	Income Loss From Continuing Operations Before Income Taxes Domestic IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic	-153000000	USD
CY2017	us-gaap	Income Loss From Continuing Operations Before Income Taxes Domestic IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic	556000000	USD
CY2018	us-gaap	Income Loss From Continuing Operations Before Income Taxes Domestic IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic	636000000	USD
CY2016	us-gaap	Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest	133000000	USD
CY2017	us-gaap	Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest	872000000	USD
CY2018	us-gaap	Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest	1064000000	USD
CY2016	us-gaap	Income Loss From Continuing Operations Before Income Taxes Foreign IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign	286000000	USD
CY2017	us-gaap	Income Loss From Continuing Operations Before Income Taxes Foreign IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign	316000000	USD
CY2018	us-gaap	Income Loss From Continuing Operations Before Income Taxes Foreign IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign	428000000	USD
CY2016	us-gaap	Income Loss From Equity Method Investments IncomeLossFromEquityMethodInvestments	2000000	USD
CY2017	us-gaap	Income Loss From Equity Method Investments IncomeLossFromEquityMethodInvestments	15000000	USD
CY2018	us-gaap	Income Loss From Equity Method Investments IncomeLossFromEquityMethodInvestments	18000000	USD
CY2016	us-gaap	Income Tax Credits And Adjustments IncomeTaxCreditsAndAdjustments	0	USD
CY2017	us-gaap	Income Tax Credits And Adjustments IncomeTaxCreditsAndAdjustments	0	USD
CY2018	us-gaap	Income Tax Credits And Adjustments IncomeTaxCreditsAndAdjustments	41000000	USD
CY2017Q4	us-gaap	Income Tax Examination Penalties And Interest Accrued IncomeTaxExaminationPenaltiesAndInterestAccrued	9000000	USD
CY2018Q4	us-gaap	Income Tax Examination Penalties And Interest Accrued IncomeTaxExaminationPenaltiesAndInterestAccrued	10000000	USD
CY2016	us-gaap	Income Tax Examination Penalties And Interest Expense IncomeTaxExaminationPenaltiesAndInterestExpense	2000000	USD
CY2017	us-gaap	Income Tax Examination Penalties And Interest Expense IncomeTaxExaminationPenaltiesAndInterestExpense	1000000	USD
CY2018	us-gaap	Income Tax Examination Penalties And Interest Expense IncomeTaxExaminationPenaltiesAndInterestExpense	2000000	USD
CY2016	us-gaap	Income Tax Expense Benefit IncomeTaxExpenseBenefit	27000000	USD
CY2017	us-gaap	Income Tax Expense Benefit IncomeTaxExpenseBenefit	143000000	USD
CY2018	us-gaap	Income Tax Expense Benefit IncomeTaxExpenseBenefit	606000000	USD
CY2016	us-gaap	Income Taxes Paid Net IncomeTaxesPaidNet	191000000	USD
CY2017	us-gaap	Income Taxes Paid Net IncomeTaxesPaidNet	154000000	USD
CY2018	us-gaap	Income Taxes Paid Net IncomeTaxesPaidNet	221000000	USD
CY2016	us-gaap	Increase Decrease In Accounts Payable And Accrued Liabilities IncreaseDecreaseInAccountsPayableAndAccruedLiabilities	5000000	USD
CY2017	us-gaap	Increase Decrease In Accounts Payable And Accrued Liabilities IncreaseDecreaseInAccountsPayableAndAccruedLiabilities	-12000000	USD
CY2018	us-gaap	Increase Decrease In Accounts Payable And Accrued Liabilities IncreaseDecreaseInAccountsPayableAndAccruedLiabilities	33000000	USD
CY2016	us-gaap	Increase Decrease In Contract With Customer Liability IncreaseDecreaseInContractWithCustomerLiability	-75000000	USD
CY2017	us-gaap	Increase Decrease In Contract With Customer Liability IncreaseDecreaseInContractWithCustomerLiability	-29000000	USD
CY2018	us-gaap	Increase Decrease In Contract With Customer Liability IncreaseDecreaseInContractWithCustomerLiability	7000000	USD
CY2016	us-gaap	Increase Decrease In Employee Related Liabilities IncreaseDecreaseInEmployeeRelatedLiabilities	27000000	USD
CY2017	us-gaap	Increase Decrease In Employee Related Liabilities IncreaseDecreaseInEmployeeRelatedLiabilities	-41000000	USD
CY2018	us-gaap	Increase Decrease In Employee Related Liabilities IncreaseDecreaseInEmployeeRelatedLiabilities	37000000	USD
CY2016	us-gaap	Increase Decrease In Other Accounts Payable IncreaseDecreaseInOtherAccountsPayable	5000000	USD
CY2017	us-gaap	Increase Decrease In Other Accounts Payable IncreaseDecreaseInOtherAccountsPayable	20000000	USD
CY2018	us-gaap	Increase Decrease In Other Accounts Payable IncreaseDecreaseInOtherAccountsPayable	-19000000	USD
CY2016	us-gaap	Increase Decrease In Other Operating Assets IncreaseDecreaseInOtherOperatingAssets	52000000	USD
CY2017	us-gaap	Increase Decrease In Other Operating Assets IncreaseDecreaseInOtherOperatingAssets	30000000	USD
CY2018	us-gaap	Increase Decrease In Other Operating Assets IncreaseDecreaseInOtherOperatingAssets	40000000	USD
CY2016	us-gaap	Increase Decrease In Other Operating Liabilities IncreaseDecreaseInOtherOperatingLiabilities	-25000000	USD
CY2017	us-gaap	Increase Decrease In Other Operating Liabilities IncreaseDecreaseInOtherOperatingLiabilities	-14000000	USD
CY2018	us-gaap	Increase Decrease In Other Operating Liabilities IncreaseDecreaseInOtherOperatingLiabilities	120000000	USD
CY2016	us-gaap	Increase Decrease In Receivables IncreaseDecreaseInReceivables	-73000000	USD
CY2017	us-gaap	Increase Decrease In Receivables IncreaseDecreaseInReceivables	-11000000	USD
CY2018	us-gaap	Increase Decrease In Receivables IncreaseDecreaseInReceivables	35000000	USD
CY2016	us-gaap	Incremental Common Shares Attributable To Contingently Issuable Shares IncrementalCommonSharesAttributableToContingentlyIssuableShares	360571	shares
CY2017	us-gaap	Incremental Common Shares Attributable To Contingently Issuable Shares IncrementalCommonSharesAttributableToContingentlyIssuableShares	358840	shares
CY2018	us-gaap	Incremental Common Shares Attributable To Contingently Issuable Shares IncrementalCommonSharesAttributableToContingentlyIssuableShares	353218	shares
CY2016	us-gaap	Incremental Common Shares Attributable To Share Based Payment Arrangements IncrementalCommonSharesAttributableToShareBasedPaymentArrangements	3258136	shares
CY2017	us-gaap	Incremental Common Shares Attributable To Share Based Payment Arrangements IncrementalCommonSharesAttributableToShareBasedPaymentArrangements	2861892	shares
CY2018	us-gaap	Incremental Common Shares Attributable To Share Based Payment Arrangements IncrementalCommonSharesAttributableToShareBasedPaymentArrangements	1988610	shares
CY2017Q4	us-gaap	Indefinite Lived Intangible Assets Excluding Goodwill IndefiniteLivedIntangibleAssetsExcludingGoodwill	1295000000	USD
CY2018Q4	us-gaap	Indefinite Lived Intangible Assets Excluding Goodwill IndefiniteLivedIntangibleAssetsExcludingGoodwill	1255000000	USD
CY2017Q4	us-gaap	Intangible Assets Gross Excluding Goodwill IntangibleAssetsGrossExcludingGoodwill	2974000000	USD
CY2018Q4	us-gaap	Intangible Assets Gross Excluding Goodwill IntangibleAssetsGrossExcludingGoodwill	2709000000	USD
CY2017Q4	us-gaap	Intangible Assets Net Excluding Goodwill IntangibleAssetsNetExcludingGoodwill	2468000000	USD
CY2018Q4	us-gaap	Intangible Assets Net Excluding Goodwill IntangibleAssetsNetExcludingGoodwill	2300000000	USD
CY2016	us-gaap	Interest Expense InterestExpense	135000000	USD
CY2017	us-gaap	Interest Expense InterestExpense	143000000	USD
CY2018	us-gaap	Interest Expense InterestExpense	150000000	USD
CY2016	us-gaap	Interest Paid Net InterestPaidNet	119000000	USD
CY2017	us-gaap	Interest Paid Net InterestPaidNet	129000000	USD
CY2018	us-gaap	Interest Paid Net InterestPaidNet	148000000	USD
CY2016	us-gaap	Investment Income Interest InvestmentIncomeInterest	5000000	USD
CY2017	us-gaap	Investment Income Interest InvestmentIncomeInterest	7000000	USD
CY2018	us-gaap	Investment Income Interest InvestmentIncomeInterest	10000000	USD
CY2016	us-gaap	Investment Income Nonoperating InvestmentIncomeNonoperating	3000000	USD
CY2017	us-gaap	Investment Income Nonoperating InvestmentIncomeNonoperating	2000000	USD
CY2018	us-gaap	Investment Income Nonoperating InvestmentIncomeNonoperating	7000000	USD
CY2017Q4	us-gaap	Investments Fair Value Disclosure InvestmentsFairValueDisclosure	235000000	USD
CY2018Q4	us-gaap	Investments Fair Value Disclosure InvestmentsFairValueDisclosure	268000000	USD
CY2016	us-gaap	Labor And Related Expense LaborAndRelatedExpense	665000000	USD
CY2017	us-gaap	Labor And Related Expense LaborAndRelatedExpense	670000000	USD
CY2018	us-gaap	Labor And Related Expense LaborAndRelatedExpense	712000000	USD
CY2017Q4	us-gaap	Liabilities Liabilities	9474000000	USD
CY2018Q4	us-gaap	Liabilities Liabilities	10251000000	USD
CY2017Q4	us-gaap	Liabilities And Stockholders Equity LiabilitiesAndStockholdersEquity	15354000000	USD
CY2018Q4	us-gaap	Liabilities And Stockholders Equity LiabilitiesAndStockholdersEquity	15700000000	USD
CY2017Q4	us-gaap	Liabilities Current LiabilitiesCurrent	5234000000	USD
CY2018Q4	us-gaap	Liabilities Current LiabilitiesCurrent	6570000000	USD
CY2017Q4	us-gaap	Long Term Debt LongTermDebt	3129000000	USD
CY2018Q4	us-gaap	Long Term Debt LongTermDebt	2956000000	USD
CY2017Q4	us-gaap	Long Term Debt Noncurrent LongTermDebtNoncurrent	3727000000	USD
CY2018Q4	us-gaap	Long Term Debt Noncurrent LongTermDebtNoncurrent	2956000000	USD
CY2018Q4	us-gaap	Loss Contingency Estimate Of Possible Loss LossContingencyEstimateOfPossibleLoss	1000000	USD
CY2017Q4	us-gaap	Marketable Securities Current MarketableSecuritiesCurrent	235000000	USD
CY2018Q4	us-gaap	Marketable Securities Current MarketableSecuritiesCurrent	268000000	USD
CY2016	us-gaap	Marketing And Advertising Expense MarketingAndAdvertisingExpense	30000000	USD
CY2017	us-gaap	Marketing And Advertising Expense MarketingAndAdvertisingExpense	31000000	USD
CY2018	us-gaap	Marketing And Advertising Expense MarketingAndAdvertisingExpense	37000000	USD
CY2016	us-gaap	Net Cash Provided By Used In Financing Activities NetCashProvidedByUsedInFinancingActivities	948000000	USD
CY2017	us-gaap	Net Cash Provided By Used In Financing Activities NetCashProvidedByUsedInFinancingActivities	-53000000	USD
CY2018	us-gaap	Net Cash Provided By Used In Financing Activities NetCashProvidedByUsedInFinancingActivities	-1027000000	USD
CY2016	us-gaap	Net Cash Provided By Used In Investing Activities NetCashProvidedByUsedInInvestingActivities	-1657000000	USD
CY2017	us-gaap	Net Cash Provided By Used In Investing Activities NetCashProvidedByUsedInInvestingActivities	-890000000	USD
CY2018	us-gaap	Net Cash Provided By Used In Investing Activities NetCashProvidedByUsedInInvestingActivities	196000000	USD
CY2016	us-gaap	Net Cash Provided By Used In Operating Activities NetCashProvidedByUsedInOperatingActivities	776000000	USD
CY2017	us-gaap	Net Cash Provided By Used In Operating Activities NetCashProvidedByUsedInOperatingActivities	909000000	USD
CY2018	us-gaap	Net Cash Provided By Used In Operating Activities NetCashProvidedByUsedInOperatingActivities	1028000000	USD
CY2016	us-gaap	Net Income Loss NetIncomeLoss	106000000	USD
CY2017	us-gaap	Net Income Loss NetIncomeLoss	729000000	USD
CY2018	us-gaap	Net Income Loss NetIncomeLoss	458000000	USD
CY2018	us-gaap	Number Of Operating Segments NumberOfOperatingSegments	4	segment
CY2016	us-gaap	Occupancy Net OccupancyNet	86000000	USD
CY2017	us-gaap	Occupancy Net OccupancyNet	94000000	USD
CY2018	us-gaap	Occupancy Net OccupancyNet	95000000	USD
CY2016	us-gaap	Operating Expenses OperatingExpenses	1440000000	USD
CY2017	us-gaap	Operating Expenses OperatingExpenses	1420000000	USD
CY2018	us-gaap	Operating Expenses OperatingExpenses	1498000000	USD
CY2016	us-gaap	Operating Income Loss OperatingIncomeLoss	836000000	USD
CY2017	us-gaap	Operating Income Loss OperatingIncomeLoss	991000000	USD
CY2018	us-gaap	Operating Income Loss OperatingIncomeLoss	1028000000	USD
CY2016	us-gaap	Operating Leases Rent Expense Net OperatingLeasesRentExpenseNet	78000000	USD
CY2017	us-gaap	Operating Leases Rent Expense Net OperatingLeasesRentExpenseNet	83000000	USD
CY2018	us-gaap	Operating Leases Rent Expense Net OperatingLeasesRentExpenseNet	82000000	USD
CY2016	us-gaap	Operating Leases Rent Expense Sublease Rentals1 OperatingLeasesRentExpenseSubleaseRentals1	4000000	USD
CY2017	us-gaap	Operating Leases Rent Expense Sublease Rentals1 OperatingLeasesRentExpenseSubleaseRentals1	3000000	USD
CY2018	us-gaap	Operating Leases Rent Expense Sublease Rentals1 OperatingLeasesRentExpenseSubleaseRentals1	5000000	USD
CY2017Q4	us-gaap	Other Assets Current OtherAssetsCurrent	532000000	USD
CY2018Q4	us-gaap	Other Assets Current OtherAssetsCurrent	390000000	USD
CY2017Q4	us-gaap	Other Assets Noncurrent OtherAssetsNoncurrent	390000000	USD
CY2018Q4	us-gaap	Other Assets Noncurrent OtherAssetsNoncurrent	291000000	USD
CY2017	us-gaap	Other Comprehensive Income Loss Available For Sale Securities Adjustment Before Tax OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentBeforeTax	0	USD
CY2018	us-gaap	Other Comprehensive Income Loss Available For Sale Securities Adjustment Before Tax OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentBeforeTax	0	USD
CY2016	us-gaap	Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Before Tax OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentBeforeTax	-183000000	USD
CY2017	us-gaap	Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Before Tax OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentBeforeTax	214000000	USD
CY2018	us-gaap	Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Before Tax OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentBeforeTax	-240000000	USD
CY2016	us-gaap	Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax	-115000000	USD
CY2017	us-gaap	Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax	118000000	USD
CY2018	us-gaap	Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax	-251000000	USD
CY2016	us-gaap	Other Comprehensive Income Loss Foreign Currency Translation Adjustment Tax OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax	-68000000	USD
CY2017	us-gaap	Other Comprehensive Income Loss Foreign Currency Translation Adjustment Tax OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax	96000000	USD
CY2018	us-gaap	Other Comprehensive Income Loss Foreign Currency Translation Adjustment Tax OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax	11000000	USD
CY2016	us-gaap	Other Comprehensive Income Loss Net Of Tax OtherComprehensiveIncomeLossNetOfTax	-115000000	USD
CY2017	us-gaap	Other Comprehensive Income Loss Net Of Tax OtherComprehensiveIncomeLossNetOfTax	117000000	USD
CY2018	us-gaap	Other Comprehensive Income Loss Net Of Tax OtherComprehensiveIncomeLossNetOfTax	-251000000	USD
CY2016	us-gaap	Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent	-115000000	USD
CY2017	us-gaap	Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent	117000000	USD
CY2018	us-gaap	Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent	-251000000	USD
CY2016	us-gaap	Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Before Tax OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentBeforeTax	0	USD
CY2017	us-gaap	Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Before Tax OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentBeforeTax	2000000	USD
CY2018	us-gaap	Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Before Tax OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentBeforeTax	-9000000	USD
CY2016	us-gaap	Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax	0	USD
CY2017	us-gaap	Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax	1000000	USD
CY2018	us-gaap	Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax	0	USD
CY2016	us-gaap	Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Tax OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossTax	0	USD
CY2017	us-gaap	Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Tax OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossTax	1000000	USD
CY2018	us-gaap	Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Tax OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossTax	-9000000	USD
CY2017Q4	us-gaap	Other Liabilities Current OtherLiabilitiesCurrent	130000000	USD
CY2018Q4	us-gaap	Other Liabilities Current OtherLiabilitiesCurrent	253000000	USD
CY2017Q4	us-gaap	Other Liabilities Noncurrent OtherLiabilitiesNoncurrent	162000000	USD
CY2018Q4	us-gaap	Other Liabilities Noncurrent OtherLiabilitiesNoncurrent	137000000	USD
CY2016	us-gaap	Other Noncash Income Expense OtherNoncashIncomeExpense	-17000000	USD
CY2017	us-gaap	Other Noncash Income Expense OtherNoncashIncomeExpense	-25000000	USD
CY2018	us-gaap	Other Noncash Income Expense OtherNoncashIncomeExpense	-15000000	USD
CY2016	us-gaap	Other Tax Expense Benefit OtherTaxExpenseBenefit	-35000000	USD
CY2017	us-gaap	Other Tax Expense Benefit OtherTaxExpenseBenefit	-29000000	USD
CY2018	us-gaap	Other Tax Expense Benefit OtherTaxExpenseBenefit	-19000000	USD
CY2016	us-gaap	Payments For Repurchase Of Common Stock PaymentsForRepurchaseOfCommonStock	100000000	USD
CY2017	us-gaap	Payments For Repurchase Of Common Stock PaymentsForRepurchaseOfCommonStock	203000000	USD
CY2018	us-gaap	Payments For Repurchase Of Common Stock PaymentsForRepurchaseOfCommonStock	394000000	USD
CY2016	us-gaap	Payments Of Debt Extinguishment Costs PaymentsOfDebtExtinguishmentCosts	0	USD
CY2017	us-gaap	Payments Of Debt Extinguishment Costs PaymentsOfDebtExtinguishmentCosts	9000000	USD
CY2018	us-gaap	Payments Of Debt Extinguishment Costs PaymentsOfDebtExtinguishmentCosts	0	USD
CY2016	us-gaap	Payments Of Dividends PaymentsOfDividends	200000000	USD
CY2017	us-gaap	Payments Of Dividends PaymentsOfDividends	243000000	USD
CY2018	us-gaap	Payments Of Dividends PaymentsOfDividends	280000000	USD
CY2018	us-gaap	Payments Of Dividends Common Stock PaymentsOfDividendsCommonStock	280000000	USD
CY2016	us-gaap	Payments To Acquire Businesses Net Of Cash Acquired PaymentsToAcquireBusinessesNetOfCashAcquired	1466000000	USD
CY2017	us-gaap	Payments To Acquire Businesses Net Of Cash Acquired PaymentsToAcquireBusinessesNetOfCashAcquired	778000000	USD
CY2018	us-gaap	Payments To Acquire Businesses Net Of Cash Acquired PaymentsToAcquireBusinessesNetOfCashAcquired	101000000	USD
CY2016	us-gaap	Payments To Acquire Property Plant And Equipment PaymentsToAcquirePropertyPlantAndEquipment	134000000	USD
CY2017	us-gaap	Payments To Acquire Property Plant And Equipment PaymentsToAcquirePropertyPlantAndEquipment	144000000	USD
CY2018	us-gaap	Payments To Acquire Property Plant And Equipment PaymentsToAcquirePropertyPlantAndEquipment	111000000	USD
CY2016	us-gaap	Payments To Acquire Short Term Investments PaymentsToAcquireShortTermInvestments	468000000	USD
CY2017	us-gaap	Payments To Acquire Short Term Investments PaymentsToAcquireShortTermInvestments	392000000	USD
CY2018	us-gaap	Payments To Acquire Short Term Investments PaymentsToAcquireShortTermInvestments	421000000	USD
CY2016	us-gaap	Pension And Other Postretirement Benefit Expense PensionAndOtherPostretirementBenefitExpense	23000000	USD
CY2017	us-gaap	Pension And Other Postretirement Benefit Expense PensionAndOtherPostretirementBenefitExpense	21000000	USD
CY2018	us-gaap	Pension And Other Postretirement Benefit Expense PensionAndOtherPostretirementBenefitExpense	22000000	USD
CY2018Q4	us-gaap	Preferred Stock Par Or Stated Value Per Share PreferredStockParOrStatedValuePerShare	0.01
CY2018Q4	us-gaap	Preferred Stock Shares Authorized PreferredStockSharesAuthorized	30000000	shares
CY2016	us-gaap	Proceeds From Divestiture Of Businesses Net Of Cash Divested ProceedsFromDivestitureOfBusinessesNetOfCashDivested	0	USD
CY2017	us-gaap	Proceeds From Divestiture Of Businesses Net Of Cash Divested ProceedsFromDivestitureOfBusinessesNetOfCashDivested	0	USD
CY2018	us-gaap	Proceeds From Divestiture Of Businesses Net Of Cash Divested ProceedsFromDivestitureOfBusinessesNetOfCashDivested	286000000	USD
CY2016	us-gaap	Proceeds From Issuance Of Common Stock ProceedsFromIssuanceOfCommonStock	54000000	USD
CY2017	us-gaap	Proceeds From Issuance Of Common Stock ProceedsFromIssuanceOfCommonStock	53000000	USD
CY2018	us-gaap	Proceeds From Issuance Of Common Stock ProceedsFromIssuanceOfCommonStock	17000000	USD
CY2018	us-gaap	Proceeds From Issuance Of Debt ProceedsFromIssuanceOfDebt	4096000000	USD
CY2018	us-gaap	Proceeds From Issuance Of Long Term Debt ProceedsFromIssuanceOfLongTermDebt	0	USD
CY2016	us-gaap	Proceeds From Lines Of Credit ProceedsFromLinesOfCredit	2456000000	USD
CY2017	us-gaap	Proceeds From Lines Of Credit ProceedsFromLinesOfCredit	648000000	USD
CY2018	us-gaap	Proceeds From Lines Of Credit ProceedsFromLinesOfCredit	0	USD
CY2016	us-gaap	Proceeds From Payments For Other Financing Activities ProceedsFromPaymentsForOtherFinancingActivities	-3000000	USD
CY2017	us-gaap	Proceeds From Payments For Other Financing Activities ProceedsFromPaymentsForOtherFinancingActivities	0	USD
CY2018	us-gaap	Proceeds From Payments For Other Financing Activities ProceedsFromPaymentsForOtherFinancingActivities	0	USD
CY2016	us-gaap	Proceeds From Repayments Of Commercial Paper ProceedsFromRepaymentsOfCommercialPaper	0	USD
CY2017	us-gaap	Proceeds From Repayments Of Commercial Paper ProceedsFromRepaymentsOfCommercialPaper	480000000	USD
CY2018	us-gaap	Proceeds From Repayments Of Commercial Paper ProceedsFromRepaymentsOfCommercialPaper	-205000000	USD
CY2018	us-gaap	Proceeds From Repayments Of Short Term Debt ProceedsFromRepaymentsOfShortTermDebt	-4299000000	USD
CY2016	us-gaap	Proceeds From Sale And Maturity Of Trading Securities Heldforinvestment ProceedsFromSaleAndMaturityOfTradingSecuritiesHeldforinvestment	0	USD
CY2017	us-gaap	Proceeds From Sale And Maturity Of Trading Securities Heldforinvestment ProceedsFromSaleAndMaturityOfTradingSecuritiesHeldforinvestment	0	USD
CY2018	us-gaap	Proceeds From Sale And Maturity Of Trading Securities Heldforinvestment ProceedsFromSaleAndMaturityOfTradingSecuritiesHeldforinvestment	169000000	USD
CY2016	us-gaap	Proceeds From Sale Maturity And Collection Of Shortterm Investments ProceedsFromSaleMaturityAndCollectionOfShorttermInvestments	411000000	USD
CY2017	us-gaap	Proceeds From Sale Maturity And Collection Of Shortterm Investments ProceedsFromSaleMaturityAndCollectionOfShorttermInvestments	424000000	USD
CY2018	us-gaap	Proceeds From Sale Maturity And Collection Of Shortterm Investments ProceedsFromSaleMaturityAndCollectionOfShorttermInvestments	374000000	USD
CY2018	us-gaap	Proceeds From Short Term Debt ProceedsFromShortTermDebt	4096000000	USD
CY2016	us-gaap	Proceeds From Stock Options Exercised ProceedsFromStockOptionsExercised	41000000	USD
CY2017	us-gaap	Proceeds From Stock Options Exercised ProceedsFromStockOptionsExercised	24000000	USD
CY2018	us-gaap	Proceeds From Stock Options Exercised ProceedsFromStockOptionsExercised	3000000	USD
CY2016	us-gaap	Professional Fees ProfessionalFees	153000000	USD
CY2017	us-gaap	Professional Fees ProfessionalFees	153000000	USD
CY2018	us-gaap	Professional Fees ProfessionalFees	144000000	USD
CY2016	us-gaap	Profit Loss ProfitLoss	106000000	USD
CY2017	us-gaap	Profit Loss ProfitLoss	729000000	USD
CY2018	us-gaap	Profit Loss ProfitLoss	458000000	USD
CY2017Q4	us-gaap	Property Plant And Equipment Gross PropertyPlantAndEquipmentGross	905000000	USD
CY2018Q4	us-gaap	Property Plant And Equipment Gross PropertyPlantAndEquipmentGross	800000000	USD
CY2016Q4	us-gaap	Property Plant And Equipment Net PropertyPlantAndEquipmentNet	362000000	USD
CY2017Q4	us-gaap	Property Plant And Equipment Net PropertyPlantAndEquipmentNet	400000000	USD
CY2018Q4	us-gaap	Property Plant And Equipment Net PropertyPlantAndEquipmentNet	376000000	USD
CY2017Q4	us-gaap	Receivables Net Current ReceivablesNetCurrent	356000000	USD
CY2018Q4	us-gaap	Receivables Net Current ReceivablesNetCurrent	384000000	USD
CY2016	us-gaap	Repayments Of Long Term Debt RepaymentsOfLongTermDebt	1156000000	USD
CY2017	us-gaap	Repayments Of Long Term Debt RepaymentsOfLongTermDebt	708000000	USD
CY2018	us-gaap	Repayments Of Long Term Debt RepaymentsOfLongTermDebt	115000000	USD
CY2017Q4	us-gaap	Restricted Cash And Cash Equivalents At Carrying Value RestrictedCashAndCashEquivalentsAtCarryingValue	22000000	USD
CY2018Q4	us-gaap	Restricted Cash And Cash Equivalents At Carrying Value RestrictedCashAndCashEquivalentsAtCarryingValue	41000000	USD
CY2017Q4	us-gaap	Restricted Cash Current RestrictedCashCurrent	22000000	USD
CY2018Q4	us-gaap	Restricted Cash Current RestrictedCashCurrent	41000000	USD
CY2016	us-gaap	Restructuring Charges RestructuringCharges	41000000	USD
CY2017	us-gaap	Restructuring Charges RestructuringCharges	0	USD
CY2018	us-gaap	Restructuring Charges RestructuringCharges	0	USD
CY2017Q4	us-gaap	Retained Earnings Accumulated Deficit RetainedEarningsAccumulatedDeficit	3963000000	USD
CY2018Q4	us-gaap	Retained Earnings Accumulated Deficit RetainedEarningsAccumulatedDeficit	4558000000	USD
CY2016	us-gaap	Revenue From Contract With Customer Excluding Assessed Tax RevenueFromContractWithCustomerExcludingAssessedTax	3704000000	USD
CY2017	us-gaap	Revenue From Contract With Customer Excluding Assessed Tax RevenueFromContractWithCustomerExcludingAssessedTax	3948000000	USD
CY2018	us-gaap	Revenue From Contract With Customer Excluding Assessed Tax RevenueFromContractWithCustomerExcludingAssessedTax	4277000000	USD
CY2016	us-gaap	Revenues Revenues	3704000000	USD
CY2017	us-gaap	Revenues Revenues	3948000000	USD
CY2018	us-gaap	Revenues Revenues	4277000000	USD
CY2016	us-gaap	Share Based Compensation ShareBasedCompensation	86000000	USD
CY2017	us-gaap	Share Based Compensation ShareBasedCompensation	70000000	USD
CY2018	us-gaap	Share Based Compensation ShareBasedCompensation	69000000	USD
CY2017Q4	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber	300000	shares
CY2018Q4	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber	268504	shares
CY2018Q4	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber	300000	shares
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CY2018	us-gaap	Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Outstanding Options Weighted Average Remaining Contractual Term2 SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageRemainingContractualTerm2	P5Y6M6D
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CY2017Q4	us-gaap	Unrecognized Tax Benefits UnrecognizedTaxBenefits	45000000	USD
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CY2018Q4	us-gaap	Unrecognized Tax Benefits That Would Impact Effective Tax Rate UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate	43000000	USD
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CY2018	us-gaap	Weighted Average Number Of Diluted Shares Outstanding WeightedAverageNumberOfDilutedSharesOutstanding	167691299	shares
CY2016	us-gaap	Weighted Average Number Of Shares Outstanding Basic WeightedAverageNumberOfSharesOutstandingBasic	165182290	shares
CY2017	us-gaap	Weighted Average Number Of Shares Outstanding Basic WeightedAverageNumberOfSharesOutstandingBasic	166364299	shares
CY2018	us-gaap	Weighted Average Number Of Shares Outstanding Basic WeightedAverageNumberOfSharesOutstandingBasic	165349471	shares
CY2018	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:8px;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:8px;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. Such authorization is effective for all member states of the European Union and certain other non-member states that are part of the European Economic Area, including Norway. 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, fuel oil 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, default fund and margin collateral requirements are calculated for each clearing member’s positions in accounts with the CCP. 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:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Nasdaq Commodities Clearing 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;">In September 2018, a member of the Nasdaq Clearing commodities market defaulted due to inability to post sufficient collateral to cover increased margin requirements for the positions of the relevant member, which had experienced losses due to sharp adverse movements in the Nordic - German power market spread. Nasdaq Clearing followed default procedures and offset the future market risk on the defaulting member’s positions. The default resulted in a loss of </font><font style="font-family:inherit;font-size:10pt;">$133 million</font><font style="font-family:inherit;font-size:10pt;"> which was allocated to Nasdaq Clearing and the members of the commodities default fund in accordance with the liability waterfall as follows:</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;">the first </font><font style="font-family:inherit;font-size:10pt;">$8 million</font><font style="font-family:inherit;font-size:10pt;"> of the loss was allocated to Nasdaq Clearing’s junior capital; 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;">the remainder was allocated on a pro-rata basis to the commodities clearing members’ default funds.</font></div></td></tr></table><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">During September 2018, Nasdaq Clearing replenished the utilized junior capital of </font><font style="font-family:inherit;font-size:10pt;">$8 million</font><font style="font-family:inherit;font-size:10pt;"> for the commodities market and the commodities clearing members replenished their pro rata portions of the default fund. Nasdaq Clearing has also increased its junior capital by </font><font style="font-family:inherit;font-size:10pt;">$14 million</font><font style="font-family:inherit;font-size:10pt;"> for the commodity market.</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 November 2018, the defaulting member entered into an agreement for a consensual arrangement with creditors, including Nasdaq Clearing, for the recovery of the members’ default fund losses. Any funds recovered will be apportioned to the commodities default fund participants first and thereafter to Nasdaq Clearing in accordance with the default fund rules. </font></div><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;">In order to reduce the risk profile of commodities clearing operations, Nasdaq Clearing has increased margin levels by increasing the confidence level on commodity products and thereby shifted the risk from waterfall resources more to each portfolio holder's collateral. In addition, Nasdaq Clearing has launched a risk management enhancement program entailing a range of risk mitigating actions, which commenced in the fourth quarter of 2018 and will continue during 2019.</font></div><div style="line-height:120%;padding-bottom:6px;padding-top:8px;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:10pt;">In December 2018, we recorded a </font><font style="font-family:inherit;font-size:10pt;">$23 million</font><font style="font-family:inherit;font-size:10pt;"> charge associated with the clearing default as a result of our initiating a capital relief program. The capital relief program is a voluntary program open to each commodities default fund participant; each such participant who agrees to the capital relief program will receive a proportion of the funds made available under the capital relief program as reflects their proportionate share of the aggregate of the clearing members' default fund replenishments. The capital relief program is in addition to any funds to be recovered from the defaulting member</font><font style="font-family:inherit;font-size:11pt;">.</font><font style="font-family:inherit;font-size:10pt;"> This charge is recorded in general, administrative and other expense in the Consolidated Statements of Income for 2018.</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 a result of the default, a </font><font style="font-family:inherit;font-size:10pt;">$112 million</font><font style="font-family:inherit;font-size:10pt;"> liability was recorded in other current liabilities and </font><font style="font-family:inherit;font-size:10pt;">$112 million</font><font style="font-family:inherit;font-size:10pt;"> of collateral was recorded in other current assets in the Consolidated Balance Sheets as of </font><font style="font-family:inherit;font-size:10pt;">December 31, 2018</font><font style="font-family:inherit;font-size:10pt;"> in order to allow Nasdaq Clearing to fulfill the settlement of certain contracts of the defaulted member arising from the default management process. We have established mitigating positions. The collateral and liability were previously included in Default Funds and Margin Deposits. </font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Default Fund Contributions and Margin Deposits</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">As of </font><font style="font-family:inherit;font-size:10pt;">December 31, 2018</font><font style="font-family:inherit;font-size:10pt;">, clearing member default fund contributions and margin deposits were as follows:</font></div><div style="line-height:120%;padding-left:0px;text-indent:0px;font-size:12pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:99.79797979797979%;border-collapse:collapse;text-align:left;"><tr><td colspan="12" rowspan="1"></td></tr><tr><td style="width:32%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:21%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:2%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:19%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:2%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:18%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"> </font></div></td><td colspan="11" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;font-weight:bold;">December 31, 2018</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;">370</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;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">129</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</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;">499</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;">4,372</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;">3,073</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;">7,445</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;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">4,742</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</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;">3,202</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;">7,944</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;">$4,742 million</font><font style="font-family:inherit;font-size:10pt;">, Nasdaq Clearing has invested </font><font style="font-family:inherit;font-size:10pt;">$1,483 million</font><font style="font-family:inherit;font-size:10pt;"> in highly rated European and U.S. government debt securities or central bank certificates with maturity dates primarily </font><font style="font-family:inherit;font-size:10pt;">90</font><font style="font-family:inherit;font-size:10pt;"> days or less and </font><font style="font-family:inherit;font-size:10pt;">$166 million</font><font style="font-family:inherit;font-size:10pt;"> in reverse repurchase agreements secured with highly rated government securities with maturity dates that range from </font><font style="font-family:inherit;font-size:10pt;">4 days</font><font style="font-family:inherit;font-size:10pt;"> to </font><font style="font-family:inherit;font-size:10pt;">17 days</font><font style="font-family:inherit;font-size:10pt;">. The carrying value of these securities approximates their fair value due to the short-term nature of the instruments and reverse repurchase agreements. The remainder of this balance was held in cash in demand deposit accounts at central banks and large, highly rated financial institutions. Of the total default fund contributions of </font><font style="font-family:inherit;font-size:10pt;">$499 million</font><font style="font-family:inherit;font-size:10pt;">, Nasdaq Clearing can utilize </font><font style="font-family:inherit;font-size:10pt;">$436 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:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In the investment activity related to default fund and margin contributions, we are exposed to counterparty risk related to reverse repurchase agreement transactions, which reflect the risk that the counterparty might become insolvent and, thus, fail to meet its obligations to Nasdaq Clearing. We mitigate this risk by only engaging in transactions with high credit quality reverse repurchase agreement counterparties and by limiting the acceptable collateral under the reverse repurchase agreement to high quality issuers, primarily government securities and other securities explicitly guaranteed by a government. The value of the underlying security is monitored during the lifetime of the contract and in the event the market value of the underlying security falls below the reverse repurchase amount our clearinghouse may require additional collateral or a reset of the contract.</font></div><div style="line-height:120%;padding-top:8px;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;">Required contributions to the default funds are proportional to the exposures of each clearing member. When a clearing member is active in more than one market, contributions must be made to all markets’ default funds in which the member is active. Clearing members’ eligible contributions may include cash and non-cash contributions. Cash contributions received are held in cash or invested by Nasdaq Clearing, in accordance with its investment policy, either in highly rated government debt securities, time deposits, central bank certificates or reverse repurchase agreements with highly rated government debt securities as collateral. Nasdaq Clearing maintains and manages all cash deposits related to margin collateral. All risks and rewards of collateral ownership, including interest, belong to Nasdaq Clearing. Clearing members’ cash contributions are included in default funds and margin deposits in the Consolidated Balance Sheets as both a current asset and a current liability. Non-cash contributions include highly rated government debt securities that must meet specific criteria approved by Nasdaq Clearing. Non-cash contributions are pledged assets that are not recorded in the Consolidated Balance Sheets as Nasdaq Clearing does not take legal ownership of these assets and the risks and rewards remain with the clearing members. These balances may fluctuate over time due to changes in the amount of deposits required and whether members choose to provide cash or non-cash contributions. Assets pledged are held at a nominee account in Nasdaq Clearing’s name for the benefit of the clearing members and are immediately accessible by Nasdaq Clearing in the event of a default. In addition to clearing members’ required contributions to the 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;">December 31, 2018</font><font style="font-family:inherit;font-size:10pt;">, Nasdaq Clearing committed capital totaling </font><font style="font-family:inherit;font-size:10pt;">$121 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 Consolidated Balance Sheets. The combined regulatory capital of the clearing members and Nasdaq Clearing will serve to secure the obligations of a clearing member exceeding such member’s own margin and default fund deposits 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:8px;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 and are recorded in revenues. These cash deposits are recorded in default funds and margin deposits in the Consolidated Balance Sheets as both a current asset and a current liability. Pledged margin collateral is not recorded in our Consolidated Balance Sheets as all risks and rewards of collateral ownership, including interest, belong to the counterparty. Assets pledged are held at a nominee account in Nasdaq Clearing’s name for the benefit of the clearing members and are immediately accessible by Nasdaq Clearing in the event of a default.</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Nasdaq Clearing marks to market all outstanding contracts and requires payment from clearing members whose positions have lost value. The mark-to-market process helps identify any clearing members that may not be able to satisfy their financial obligations in a timely manner allowing Nasdaq Clearing the ability to mitigate the risk of a clearing member defaulting due to exceptionally large losses. In the event of a default, Nasdaq Clearing can access the defaulting member’s margin and default fund deposits to cover the defaulting member’s losses.</font></div><div style="line-height:120%;padding-top:8px;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 cleared 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, excluding any liability related to the Nasdaq commodities clearing default (see discussion above), the estimated liability was nominal and </font><font style="font-family:inherit;font-size:10pt;">no</font><font style="font-family:inherit;font-size:10pt;"> liability was recorded as of </font><font style="font-family:inherit;font-size:10pt;">December 31, 2018</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;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:8px;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;">$31 million</font><font style="font-family:inherit;font-size:10pt;"> as of </font><font style="font-family:inherit;font-size:10pt;">December 31, 2018</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;">$23 million</font><font style="font-family:inherit;font-size:10pt;"> as of </font><font style="font-family:inherit;font-size:10pt;">December 31, 2018</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-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 liability waterfall, 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 style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In addition to the capital held to withstand counterparty defaults described above, Nasdaq Clearing also has committed capital of </font><font style="font-family:inherit;font-size:10pt;">$67 million</font><font style="font-family:inherit;font-size:10pt;"> to ensure that it can handle an orderly wind-down of its operation, and that it is adequately protected against investment, operational, legal, and business risks.</font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Market Value of Derivative Contracts Outstanding </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 following table includes the market value of derivative contracts outstanding prior to netting:</font></div><div style="line-height:120%;padding-left:0px;text-indent:0px;font-size:12pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="4" rowspan="1"></td></tr><tr><td style="width:71%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:27%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;font-weight:bold;">December 31, 2018</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;">1,196</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;">600</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;">271</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;">135</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;">2,202</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:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Derivative Contracts Cleared</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 following table includes the total number of derivative contracts cleared through Nasdaq Clearing for the years ended </font><font style="font-family:inherit;font-size:10pt;">December 31, 2018</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">2017</font><font style="font-family:inherit;font-size:10pt;">:</font></div><div style="line-height:120%;padding-left:0px;text-indent:0px;font-size:12pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="6" rowspan="1"></td></tr><tr><td style="width:46%;" rowspan="1" colspan="1"></td><td style="width:25%;" 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;">December 31, 2018</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;font-weight:bold;">December 31, 2017</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;">1,649,912</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;">2,824,188</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;">22,839,794</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;">20,376,383</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;">24,978,684</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;">26,023,816</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;">49,038,297</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;">44,928,284</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;">98,506,687</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;">94,152,671</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div><div style="line-height:120%;padding-bottom:4px;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">____________</font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:0px;"><font style="font-family:inherit;font-size:7pt;">(1)</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The total volume in cleared power related to commodity contracts was </font><font style="font-family:inherit;font-size:10pt;">1,067</font><font style="font-family:inherit;font-size:10pt;"> Terawatt hours (TWh) for the year ended </font><font style="font-family:inherit;font-size:10pt;">December 31, 2018</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">1,199</font><font style="font-family:inherit;font-size:10pt;"> TWh for the year ended </font><font style="font-family:inherit;font-size:10pt;">December 31, 2017</font><font style="font-family:inherit;font-size:10pt;">.</font></div></td></tr></table><div style="line-height:120%;padding-top:8px;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;">$0.5 billion</font><font style="font-family:inherit;font-size:10pt;"> as of </font><font style="font-family:inherit;font-size:10pt;">December 31, 2018</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$2.3 billion</font><font style="font-family:inherit;font-size:10pt;"> as of </font><font style="font-family:inherit;font-size:10pt;">December 31, 2017</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;">9,223,246</font><font style="font-family:inherit;font-size:10pt;"> for the year ended </font><font style="font-family:inherit;font-size:10pt;">December 31, 2018</font><font style="font-family:inherit;font-size:10pt;"> and was </font><font style="font-family:inherit;font-size:10pt;">8,534,986</font><font style="font-family:inherit;font-size:10pt;"> for the year ended </font><font style="font-family:inherit;font-size:10pt;">December 31, 2017</font><font style="font-family:inherit;font-size:10pt;">.</font></div></div>
CY2018	us-gaap	Nature Of Operations NatureOfOperations	<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;font-weight:bold;">Organization and Nature of Operations</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, Inc. is a leading provider of trading, clearing, marketplace technology, regulatory, securities listing, information and public and private company services. Our global offerings are diverse and include trading and clearing across multiple asset classes, trade management services, market data products, financial indexes, investment data and analytics, 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, trading surveillance 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 designated contract market which lists cash-settled energy derivatives based on key energy benchmarks including oil, natural gas and U.S. power. In addition, we also operate a Canadian exchange 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, as Nasdaq Nordic. 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, depository receipts, warrants, convertibles, rights, fund units and ETFs, 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 European commodity-related products and services. Nasdaq Commodities’ offerings include derivatives in oil, power, natural gas and carbon emission markets, seafood, electricity certificates and clearing services. These 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, and connectivity to various data feeds. We also provide data center services, including co-location to market participants, whereby we offer firms cabinet space and power to house their own servers and other equipment 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 enhance their ability to understand and expand their global shareholder base, and improve corporate governance through our suite of advanced technology, analytics, and consultative services. In April 2018, we sold our Public Relations Solutions and Digital Media Services businesses. See “2018 Divestiture,” of Note 3, “Acquisitions and Divestiture,” for further discussion. As of </font><font style="font-family:inherit;font-size:10pt;">December 31, 2018</font><font style="font-family:inherit;font-size:10pt;">, our Corporate Solutions business included our investor relations intelligence, board & leadership and our governance, risk & compliance products and 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;">For segment reporting purposes, we have included the revenues and expenses of the Public Relations Solutions and Digital Media Services businesses in corporate items, which were part of the Corporate Solutions business, within our Corporate Services segment, prior to the date of sale. See Note 20, “Business Segments,” for further discussion. </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 early 2018, we realigned our businesses to better serve the needs of our corporate clients. As a result, beginning in the second quarter of 2018, our BWise internal audit, regulatory compliance management, and operational risk management software solutions are now offered as part of governance, risk & compliance products and services within our Corporate Solutions business. BWise was previously part of our Market Technology segment.</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 December 31, 2018, BWise has been classified as held for sale. See Note 5, “Assets and Liabilities Held for Sale,” for further discussion. In February 2019, we entered into an agreement to sell BWise. See “Agreement to Sell BWise,” of Note 21, “Subsequent Events,” for further discussion. </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 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 liquidity solutions for private companies and private funds.</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 December 2018, we launched a Corporate Bond exchange for the listing and trading of corporate bonds. The new exchange operates pursuant to The Nasdaq Stock Market exchange license and is powered by the Nasdaq Financial Framework, similar to the Nasdaq Fixed Income platform. Surveillance is conducted by the Nasdaq regulatory team, assisted by our SMARTS surveillance solution.</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">As of </font><font style="font-family:inherit;font-size:10pt;">December 31, 2018</font><font style="font-family:inherit;font-size:10pt;">, there were </font><font style="font-family:inherit;font-size:10pt;">3,058</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;">392</font><font style="font-family:inherit;font-size:10pt;"> ETPs. The combined market capitalization was approximately </font><font style="font-family:inherit;font-size:10pt;">$11.1 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;">1,019</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:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Beginning in the second quarter of 2018, our Information Services segment was recategorized into the following businesses:</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;">Market Data;</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;">Index; 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;">Investment Data & Analytics.</font></div></td></tr></table><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Prior to the second quarter, our Information Services segment was comprised of our Data Products and our Index Licensing and 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 Market Data business sells and distributes historical and real-time quote and trade information to the sell-side, the buy-side, retail online brokers, proprietary trading shops, other venues, internet portals and data distributors. Our market data products enhance transparency of market activity within our exchanges 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 business develops and licenses Nasdaq-branded indexes, associated derivatives, and financial products and also provides custom calculation services for third-party clients. As of </font><font style="font-family:inherit;font-size:10pt;">December 31, 2018</font><font style="font-family:inherit;font-size:10pt;">, we had </font><font style="font-family:inherit;font-size:10pt;">365</font><font style="font-family:inherit;font-size:10pt;"> ETPs licensed to Nasdaq’s indexes which had </font><font style="font-family:inherit;font-size:10pt;">$172 billion</font><font style="font-family:inherit;font-size:10pt;"> in assets under management.</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 Investment Data & Analytics business is a leading content and analytics cloud-based solutions provider used by asset managers, investment consultants and asset owners to help facilitate better investment decisions. Additionally, the Nasdaq Fund Network gathers and distributes daily net asset values from over </font><font style="font-family:inherit;font-size:10pt;">35,000</font><font style="font-family:inherit;font-size:10pt;"> funds and other investment vehicles across North America.</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, buy-side firms 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;">100</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 risk management solutions.</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">As discussed above under “Corporate Services,” as of the second quarter of 2018, our BWise business, which was previously part of our Market Technology segment, is now offered as part of our Corporate Solutions business.</font></div></div>
CY2018	us-gaap	Use Of Estimates UseOfEstimates	<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;font-weight:bold;">Use of Estimates</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts and the disclosure of contingent amounts in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates.</font></div></div>

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2018 Form 10-K Financial Statement

#000112019319000002 Filed on February 22, 2019

Income Statement

Balance Sheet

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$NDAQ NASDAQ, INC. Stock $ndaq

2018 Form 10-K Financial Statement

#000112019319000002 Filed on February 22, 2019

Income Statement

Balance Sheet

Cashflow Statement

Facts In Submission

Files In Submission

$NDAQ
NASDAQ, INC. Stock $ndaq