$NDAQ
NASDAQ, INC. Stock $ndaq

$ndaq Overview Financials Valuation SEC Filings Company Website

2019 Q4 Form 10-Q Financial Statement

#000112019319000015 Filed on November 06, 2019

Income Statement

Concept	2019 Q4	2019 Q3	2018 Q4
Revenue	$1.065B	$1.096B	$1.136B
YoY Change	-6.25%	13.69%	11.48%
Cost Of Revenue	$419.0M	$464.0M	$492.0M
YoY Change	-14.84%	27.47%	26.8%
Gross Profit	$646.0M	$632.0M	$644.0M
YoY Change	0.31%	5.33%	2.06%
Gross Profit Margin	60.66%	57.66%	56.69%
Selling, General & Admin	$325.0M	$319.0M	$338.0M
YoY Change	-3.85%	8.14%	6.29%
% of Gross Profit	50.31%	50.47%	52.48%
Research & Development		$33.00M
YoY Change		3.13%
% of Gross Profit		5.22%
Depreciation & Amortization	$47.00M	$47.00M	$51.00M
YoY Change	-7.84%	-11.32%	6.25%
% of Gross Profit	7.28%	7.44%	7.92%
Operating Expenses	$372.0M	$406.0M	$389.0M
YoY Change	-4.37%	14.69%	6.28%
Operating Profit	$274.0M	$226.0M	$255.0M
YoY Change	7.45%	-8.13%	-3.77%
Interest Expense	-$6.000M	$29.00M	$89.00M
YoY Change	-106.74%	-23.68%	-417.86%
% of Operating Profit	-2.19%	12.83%	34.9%
Other Income/Expense, Net	-$2.000M	-$1.000M	-$2.000M
YoY Change	0.0%	-50.0%	0.0%
Pretax Income	$252.0M	$215.0M	$328.0M
YoY Change	-23.17%	2.87%	55.45%
Income Tax	$49.00M	$65.00M	$83.00M
% Of Pretax Income	19.44%	30.23%	25.3%
Net Earnings	$203.0M	$150.0M	-$44.00M
YoY Change	-561.36%	-7.98%	-117.89%
Net Earnings / Revenue	19.06%	13.69%	-3.87%
Basic Earnings Per Share		$0.91
Diluted Earnings Per Share	$1.217M	$0.90	-$267.5K
COMMON SHARES
Basic Shares Outstanding	163.9M shares	164.3M shares	164.0M shares
Diluted Shares Outstanding		167.0M shares

Balance Sheet

Concept	2019 Q4	2019 Q3	2018 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments	$623.0M	$505.0M	$813.0M
YoY Change	-23.37%	-3.99%	32.84%
Cash & Equivalents	$332.0M	$304.0M	$545.0M
Short-Term Investments	$291.0M	$201.0M	$268.0M
Other Short-Term Assets	$219.0M	$144.0M	$390.0M
YoY Change	-43.85%	-52.63%	-26.69%
Inventory
Prepaid Expenses
Receivables	$422.0M	$399.0M	$384.0M
Other Receivables	$0.00	$0.00	$0.00
Total Short-Term Assets	$4.290B	$3.499B	$6.370B
YoY Change	-32.65%	-35.88%	15.61%
LONG-TERM ASSETS
Property, Plant & Equipment	$384.0M	$361.0M	$376.0M
YoY Change	2.13%	-2.7%	-6.0%
Goodwill	$6.366B	$6.232B	$6.363B
YoY Change	0.05%	-2.15%	-3.39%
Intangibles	$2.249B	$2.239B	$2.300B
YoY Change	-2.22%	-3.82%	-6.81%
Long-Term Investments	$156.0M	$159.0M	$135.0M
YoY Change	15.56%	21.37%	3.05%
Other Assets	$289.0M	$303.0M	$291.0M
YoY Change	-0.69%	-8.18%	-25.38%
Total Long-Term Assets	$9.634B	$9.481B	$9.330B
YoY Change	3.26%	0.88%	-5.22%
TOTAL ASSETS
Total Short-Term Assets	$4.290B	$3.499B	$6.370B
Total Long-Term Assets	$9.634B	$9.481B	$9.330B
Total Assets	$13.92B	$12.98B	$15.70B
YoY Change	-11.31%	-12.62%	2.25%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable	$132.0M	$34.00M	$109.0M
YoY Change	21.1%	61.9%	-14.84%
Accrued Expenses	$249.0M	$197.0M	$199.0M
YoY Change	25.13%	35.86%	17.06%
Deferred Revenue	$211.0M	$267.0M	$194.0M
YoY Change	8.76%	3.89%	20.5%
Short-Term Debt	$389.0M	$539.0M	$1.474B
YoY Change	-73.61%	-33.29%	36.73%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities	$4.227B	$3.692B	$6.570B
YoY Change	-35.66%	-36.33%	25.53%
LONG-TERM LIABILITIES
Long-Term Debt	$2.996B	$2.939B	$2.956B
YoY Change	1.35%	-4.33%	-20.69%
Other Long-Term Liabilities	$179.0M	$170.0M	$224.0M
YoY Change	-20.09%	10.39%	38.27%
Total Long-Term Liabilities	$3.175B	$3.109B	$3.180B
YoY Change	-0.16%	-3.63%	-18.23%
TOTAL LIABILITIES
Total Short-Term Liabilities	$4.227B	$3.692B	$6.570B
Total Long-Term Liabilities	$3.175B	$3.109B	$3.180B
Total Liabilities	$8.285B	$7.653B	$10.25B
YoY Change	-19.18%	-17.29%	8.2%
SHAREHOLDERS EQUITY
Retained Earnings	$5.027B	$4.901B	$4.558B
YoY Change	10.29%	11.41%	15.01%
Common Stock	$2.000M	$2.000M	$2.000M
YoY Change	0.0%	0.0%	0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)	$336.0M	$328.0M	$297.0M
YoY Change	13.13%	12.71%	20.24%
Treasury Stock Shares	5.981M shares	5.908M shares	5.544M shares
Shareholders Equity	$5.639B	$5.327B	$5.449B
YoY Change
Total Liabilities & Shareholders Equity	$13.92B	$12.98B	$15.70B
YoY Change	-11.31%	-12.62%	2.25%

Cashflow Statement

Concept	2019 Q4	2019 Q3	2018 Q4
OPERATING ACTIVITIES
Net Income	$203.0M	$150.0M	-$44.00M
YoY Change	-561.36%	-7.98%	-117.89%
Depreciation, Depletion And Amortization	$47.00M	$47.00M	$51.00M
YoY Change	-7.84%	-11.32%	6.25%
Cash From Operating Activities	$339.0M	$101.0M	$360.0M
YoY Change	-5.83%	621.43%	20.0%
INVESTING ACTIVITIES
Capital Expenditures	-$39.00M	-$25.00M	-$39.00M
YoY Change	0.0%	-7.41%	-7.14%
Acquisitions
YoY Change
Other Investing Activities	-$70.00M	$57.00M	$8.000M
YoY Change	-975.0%	-44.66%	-101.03%
Cash From Investing Activities	-$109.0M	$32.00M	-$31.00M
YoY Change	251.61%	-57.89%	-96.21%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities	-208.0M	-156.0M	-121.0M
YoY Change	71.9%	119.72%	-133.15%
NET CHANGE
Cash From Operating Activities	339.0M	101.0M	360.0M
Cash From Investing Activities	-109.0M	32.00M	-31.00M
Cash From Financing Activities	-208.0M	-156.0M	-121.0M
Net Change In Cash	22.00M	-23.00M	208.0M
YoY Change	-89.42%	-221.05%	-236.84%
FREE CASH FLOW
Cash From Operating Activities	$339.0M	$101.0M	$360.0M
Capital Expenditures	-$39.00M	-$25.00M	-$39.00M
Free Cash Flow	$378.0M	$126.0M	$399.0M
YoY Change	-5.26%	207.32%	16.67%

Facts In Submission

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	dei	Amendment Flag AmendmentFlag	false
	dei	Current Fiscal Year End Date CurrentFiscalYearEndDate	--12-31
	dei	Document Fiscal Period Focus DocumentFiscalPeriodFocus	Q3
	dei	Document Fiscal Year Focus DocumentFiscalYearFocus	2019
	dei	Entity Central Index Key EntityCentralIndexKey	0001120193
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	us-gaap	Defined Contribution Plan Cost Recognized DefinedContributionPlanCostRecognized	10000000	USD
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	dei	Document Type DocumentType	10-Q
	dei	Document Period End Date DocumentPeriodEndDate	2019-09-30
	dei	City Area Code CityAreaCode	212
	dei	Local Phone Number LocalPhoneNumber	401 8700
	dei	Entity Current Reporting Status EntityCurrentReportingStatus	Yes
	dei	Entity Interactive Data Current EntityInteractiveDataCurrent	Yes
	dei	Entity Small Business EntitySmallBusiness	false
	dei	Entity Shell Company EntityShellCompany	false
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	dei	Document Transition Report DocumentTransitionReport	false
	dei	Entity File Number EntityFileNumber	001-38855
	dei	Entity Registrant Name EntityRegistrantName	Nasdaq, Inc.
	dei	Entity Incorporation State Country Code EntityIncorporationStateCountryCode	DE
	dei	Entity Tax Identification Number EntityTaxIdentificationNumber	52-1165937
	dei	Entity Address Address Line1 EntityAddressAddressLine1	151 W. 42nd Street,
	dei	Entity Address City Or Town EntityAddressCityOrTown	New York,
	dei	Entity Address State Or Province EntityAddressStateOrProvince	NY
	dei	Entity Address Postal Zip Code EntityAddressPostalZipCode	10036
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CY2018Q3	us-gaap	Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest	209000000	USD
	us-gaap	Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest	767000000	USD
	us-gaap	Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest	736000000	USD
CY2019Q3	us-gaap	Income Tax Expense Benefit IncomeTaxExpenseBenefit	65000000	USD
CY2018Q3	us-gaap	Income Tax Expense Benefit IncomeTaxExpenseBenefit	46000000	USD
	us-gaap	Income Tax Expense Benefit IncomeTaxExpenseBenefit	196000000	USD
	us-gaap	Income Tax Expense Benefit IncomeTaxExpenseBenefit	234000000	USD
CY2019Q3	us-gaap	Net Income Loss NetIncomeLoss	150000000	USD
CY2018Q3	us-gaap	Net Income Loss NetIncomeLoss	163000000	USD
	us-gaap	Net Income Loss NetIncomeLoss	571000000	USD
	us-gaap	Net Income Loss NetIncomeLoss	502000000	USD
CY2019Q3	us-gaap	Earnings Per Share Basic EarningsPerShareBasic	0.91
CY2018Q3	us-gaap	Earnings Per Share Basic EarningsPerShareBasic	0.99
	us-gaap	Earnings Per Share Basic EarningsPerShareBasic	3.46
	us-gaap	Earnings Per Share Basic EarningsPerShareBasic	3.03
CY2019Q3	us-gaap	Earnings Per Share Diluted EarningsPerShareDiluted	0.90
CY2018Q3	us-gaap	Earnings Per Share Diluted EarningsPerShareDiluted	0.97
	us-gaap	Earnings Per Share Diluted EarningsPerShareDiluted	3.42
	us-gaap	Earnings Per Share Diluted EarningsPerShareDiluted	2.99
CY2019Q3	us-gaap	Common Stock Dividends Per Share Declared CommonStockDividendsPerShareDeclared	0.47
CY2018Q3	us-gaap	Common Stock Dividends Per Share Declared CommonStockDividendsPerShareDeclared	0.44
	us-gaap	Common Stock Dividends Per Share Declared CommonStockDividendsPerShareDeclared	1.38
	us-gaap	Common Stock Dividends Per Share Declared CommonStockDividendsPerShareDeclared	1.26
CY2019Q3	us-gaap	Net Income Loss NetIncomeLoss	150000000	USD
CY2018Q3	us-gaap	Net Income Loss NetIncomeLoss	163000000	USD
	us-gaap	Net Income Loss NetIncomeLoss	571000000	USD
	us-gaap	Net Income Loss NetIncomeLoss	502000000	USD
CY2019Q3	us-gaap	Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Before Tax OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentBeforeTax	-121000000	USD
CY2018Q3	us-gaap	Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Before Tax OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentBeforeTax	22000000	USD
	us-gaap	Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Before Tax OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentBeforeTax	-256000000	USD
	us-gaap	Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Before Tax OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentBeforeTax	-239000000	USD
CY2019Q3	us-gaap	Other Comprehensive Income Loss Foreign Currency Translation Adjustment Tax OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax	46000000	USD
CY2018Q3	us-gaap	Other Comprehensive Income Loss Foreign Currency Translation Adjustment Tax OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax	15000000	USD
	us-gaap	Other Comprehensive Income Loss Foreign Currency Translation Adjustment Tax OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax	47000000	USD
	us-gaap	Other Comprehensive Income Loss Foreign Currency Translation Adjustment Tax OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax	76000000	USD
CY2019Q3	us-gaap	Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax	-167000000	USD
CY2018Q3	us-gaap	Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax	7000000	USD
	us-gaap	Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax	-303000000	USD
	us-gaap	Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax	-315000000	USD
CY2019Q3	us-gaap	Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Tax OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossTax	0	USD
CY2018Q3	us-gaap	Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Tax OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossTax	0	USD
	us-gaap	Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Tax OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossTax	0	USD
	us-gaap	Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Tax OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossTax	-7000000	USD
CY2019Q3	us-gaap	Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent	-167000000	USD
CY2018Q3	us-gaap	Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent	7000000	USD
	us-gaap	Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent	-303000000	USD
	us-gaap	Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent	-322000000	USD
CY2019Q3	us-gaap	Comprehensive Income Net Of Tax ComprehensiveIncomeNetOfTax	-17000000	USD
CY2018Q3	us-gaap	Comprehensive Income Net Of Tax ComprehensiveIncomeNetOfTax	170000000	USD
	us-gaap	Comprehensive Income Net Of Tax ComprehensiveIncomeNetOfTax	268000000	USD
	us-gaap	Comprehensive Income Net Of Tax ComprehensiveIncomeNetOfTax	180000000	USD
CY2019Q3	us-gaap	Shares Outstanding SharesOutstanding	164000000	shares
CY2019Q3	us-gaap	Stockholders Equity Including Portion Attributable To Noncontrolling Interest StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest	5327000000	USD
CY2018Q3	us-gaap	Shares Outstanding SharesOutstanding	164000000	shares
CY2018Q3	us-gaap	Stockholders Equity Including Portion Attributable To Noncontrolling Interest StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest	5602000000	USD
CY2019Q3	us-gaap	Shares Outstanding SharesOutstanding	164000000	shares
CY2019Q3	us-gaap	Stockholders Equity Including Portion Attributable To Noncontrolling Interest StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest	5327000000	USD
CY2018Q3	us-gaap	Shares Outstanding SharesOutstanding	164000000	shares
CY2018Q3	us-gaap	Stockholders Equity Including Portion Attributable To Noncontrolling Interest StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest	5602000000	USD
	us-gaap	Net Income Loss NetIncomeLoss	571000000	USD
	us-gaap	Net Income Loss NetIncomeLoss	502000000	USD
	us-gaap	Depreciation And Amortization DepreciationAndAmortization	143000000	USD
	us-gaap	Depreciation And Amortization DepreciationAndAmortization	159000000	USD
	us-gaap	Share Based Compensation ShareBasedCompensation	57000000	USD
	us-gaap	Share Based Compensation ShareBasedCompensation	51000000	USD
	us-gaap	Deferred Income Tax Expense Benefit DeferredIncomeTaxExpenseBenefit	-21000000	USD
	us-gaap	Deferred Income Tax Expense Benefit DeferredIncomeTaxExpenseBenefit	-12000000	USD
	us-gaap	Income Tax Credits And Adjustments IncomeTaxCreditsAndAdjustments	0	USD
	us-gaap	Income Tax Credits And Adjustments IncomeTaxCreditsAndAdjustments	41000000	USD
	us-gaap	Gain Loss On Sale Of Business GainLossOnSaleOfBusiness	27000000	USD
	us-gaap	Gain Loss On Sale Of Business GainLossOnSaleOfBusiness	33000000	USD
	us-gaap	Restructuring Costs And Asset Impairment Charges RestructuringCostsAndAssetImpairmentCharges	25000000	USD
	us-gaap	Restructuring Costs And Asset Impairment Charges RestructuringCostsAndAssetImpairmentCharges	0	USD
	us-gaap	Income Loss From Equity Method Investments IncomeLossFromEquityMethodInvestments	71000000	USD
	us-gaap	Income Loss From Equity Method Investments IncomeLossFromEquityMethodInvestments	13000000	USD
	us-gaap	Other Noncash Income Expense OtherNoncashIncomeExpense	-18000000	USD
	us-gaap	Other Noncash Income Expense OtherNoncashIncomeExpense	-10000000	USD
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	us-gaap	Increase Decrease In Receivables IncreaseDecreaseInReceivables	11000000	USD
	us-gaap	Increase Decrease In Other Operating Assets IncreaseDecreaseInOtherOperatingAssets	128000000	USD
	us-gaap	Increase Decrease In Other Operating Assets IncreaseDecreaseInOtherOperatingAssets	23000000	USD
	us-gaap	Increase Decrease In Accounts Payable And Accrued Liabilities IncreaseDecreaseInAccountsPayableAndAccruedLiabilities	-36000000	USD
	us-gaap	Increase Decrease In Accounts Payable And Accrued Liabilities IncreaseDecreaseInAccountsPayableAndAccruedLiabilities	6000000	USD
	us-gaap	Increase Decrease In Other Accounts Payable IncreaseDecreaseInOtherAccountsPayable	-75000000	USD
	us-gaap	Increase Decrease In Other Accounts Payable IncreaseDecreaseInOtherAccountsPayable	-107000000	USD
	us-gaap	Increase Decrease In Employee Related Liabilities IncreaseDecreaseInEmployeeRelatedLiabilities	-58000000	USD
	us-gaap	Increase Decrease In Employee Related Liabilities IncreaseDecreaseInEmployeeRelatedLiabilities	-22000000	USD
	us-gaap	Increase Decrease In Contract With Customer Liability IncreaseDecreaseInContractWithCustomerLiability	52000000	USD
	us-gaap	Increase Decrease In Contract With Customer Liability IncreaseDecreaseInContractWithCustomerLiability	74000000	USD
	us-gaap	Increase Decrease In Other Operating Liabilities IncreaseDecreaseInOtherOperatingLiabilities	181000000	USD
	us-gaap	Increase Decrease In Other Operating Liabilities IncreaseDecreaseInOtherOperatingLiabilities	46000000	USD
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	us-gaap	Net Cash Provided By Used In Operating Activities NetCashProvidedByUsedInOperatingActivities	668000000	USD
	us-gaap	Payments To Acquire Short Term Investments PaymentsToAcquireShortTermInvestments	384000000	USD
	us-gaap	Payments To Acquire Short Term Investments PaymentsToAcquireShortTermInvestments	312000000	USD
	us-gaap	Proceeds From Sale Maturity And Collection Of Shortterm Investments ProceedsFromSaleMaturityAndCollectionOfShorttermInvestments	429000000	USD
	us-gaap	Proceeds From Sale Maturity And Collection Of Shortterm Investments ProceedsFromSaleMaturityAndCollectionOfShorttermInvestments	331000000	USD
	us-gaap	Proceeds From Divestiture Of Businesses Net Of Cash Divested ProceedsFromDivestitureOfBusinessesNetOfCashDivested	108000000	USD
	us-gaap	Proceeds From Divestiture Of Businesses Net Of Cash Divested ProceedsFromDivestitureOfBusinessesNetOfCashDivested	286000000	USD
	us-gaap	Proceeds From Sale And Maturity Of Trading Securities Heldforinvestment ProceedsFromSaleAndMaturityOfTradingSecuritiesHeldforinvestment	11000000	USD
	us-gaap	Proceeds From Sale And Maturity Of Trading Securities Heldforinvestment ProceedsFromSaleAndMaturityOfTradingSecuritiesHeldforinvestment	0	USD
	us-gaap	Payments To Acquire Businesses Net Of Cash Acquired PaymentsToAcquireBusinessesNetOfCashAcquired	193000000	USD
	us-gaap	Payments To Acquire Businesses Net Of Cash Acquired PaymentsToAcquireBusinessesNetOfCashAcquired	0	USD
	us-gaap	Payments To Acquire Property Plant And Equipment PaymentsToAcquirePropertyPlantAndEquipment	88000000	USD
	us-gaap	Payments To Acquire Property Plant And Equipment PaymentsToAcquirePropertyPlantAndEquipment	72000000	USD
	us-gaap	Payments For Proceeds From Other Investing Activities PaymentsForProceedsFromOtherInvestingActivities	14000000	USD
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	us-gaap	Net Cash Provided By Used In Investing Activities NetCashProvidedByUsedInInvestingActivities	227000000	USD
	us-gaap	Proceeds From Repayments Of Commercial Paper ProceedsFromRepaymentsOfCommercialPaper	264000000	USD
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	us-gaap	Repayments Of Long Term Debt RepaymentsOfLongTermDebt	1215000000	USD
	us-gaap	Repayments Of Long Term Debt RepaymentsOfLongTermDebt	115000000	USD
	us-gaap	Payments Of Debt Extinguishment Costs PaymentsOfDebtExtinguishmentCosts	11000000	USD
	us-gaap	Payments Of Debt Extinguishment Costs PaymentsOfDebtExtinguishmentCosts	0	USD
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	us-gaap	Proceeds From Issuance Of Senior Long Term Debt ProceedsFromIssuanceOfSeniorLongTermDebt	0	USD
	us-gaap	Payments For Repurchase Of Common Stock PaymentsForRepurchaseOfCommonStock	200000000	USD
	us-gaap	Payments For Repurchase Of Common Stock PaymentsForRepurchaseOfCommonStock	394000000	USD
	us-gaap	Payments Of Dividends PaymentsOfDividends	228000000	USD
	us-gaap	Payments Of Dividends PaymentsOfDividends	208000000	USD
	us-gaap	Proceeds From Issuance Of Common Stock ProceedsFromIssuanceOfCommonStock	12000000	USD
	us-gaap	Proceeds From Issuance Of Common Stock ProceedsFromIssuanceOfCommonStock	10000000	USD
	ndaq	Payments Related To Employee Shares Withheld For Taxes PaymentsRelatedToEmployeeSharesWithheldForTaxes	31000000	USD
	ndaq	Payments Related To Employee Shares Withheld For Taxes PaymentsRelatedToEmployeeSharesWithheldForTaxes	44000000	USD
	ndaq	Proceedsfrom Disbursementsof Customer Funds ProceedsfromDisbursementsofCustomerFunds	0	USD
	ndaq	Proceedsfrom Disbursementsof Customer Funds ProceedsfromDisbursementsofCustomerFunds	15000000	USD
	us-gaap	Net Cash Provided By Used In Financing Activities NetCashProvidedByUsedInFinancingActivities	-729000000	USD
	us-gaap	Net Cash Provided By Used In Financing Activities NetCashProvidedByUsedInFinancingActivities	-906000000	USD
	us-gaap	Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	-17000000	USD
	us-gaap	Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	-12000000	USD
	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect	-253000000	USD
	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect	-23000000	USD
CY2018Q4	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	586000000	USD
CY2017Q4	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	399000000	USD
CY2019Q3	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	333000000	USD
CY2018Q3	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	376000000	USD
	us-gaap	Interest Paid Net InterestPaidNet	97000000	USD
	us-gaap	Interest Paid Net InterestPaidNet	121000000	USD
	us-gaap	Income Taxes Paid Net IncomeTaxesPaidNet	189000000	USD
	us-gaap	Income Taxes Paid Net IncomeTaxesPaidNet	195000000	USD
	us-gaap	Nature Of Operations NatureOfOperations	Organization and Nature of Operations<div style="line-height:120%;padding-top:6px;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">Nasdaq is a global technology company serving the capital markets and other industries. Our diverse offering of data, analytics, software and services enables clients to optimize and execute their business vision with confidence.</span></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">We manage, operate and provide our products and services in </span><span style="font-family:inherit;font-size:10pt;"><span>four</span></span><span style="font-family:inherit;font-size:10pt;"> business segments: Market Services, Corporate Services, Information Services and Market Technology.</span></div><div style="line-height:120%;padding-top:12px;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-weight:bold;">Market Services</span></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><span 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.</span></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">In the U.S., we operate </span><span style="font-family:inherit;font-size:10pt;"><span>six</span></span><span style="font-family:inherit;font-size:10pt;"> electronic options exchanges and </span><span style="font-family:inherit;font-size:10pt;"><span>three</span></span><span 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 certain Canadian-listed securities. </span></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><span 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. </span></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><span 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 </span><span style="font-family:inherit;font-size:10pt;"><span>two</span></span><span style="font-family:inherit;font-size:10pt;"> of Nasdaq’s derivatives exchanges, Nasdaq Oslo ASA and NFX. </span></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><span 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.</span></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">In March 2019, we entered into an agreement to sell Nordic Fund Market, an electronic mutual fund service which is a small part of our Broker Services business. The closing of this transaction occurred on October 31, 2019. </span></div><div style="line-height:120%;padding-top:12px;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-weight:bold;">Corporate Services</span></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">Our Corporate Services segment includes our Listing Services and Corporate Solutions businesses.</span></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><span 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.</span></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">In December 2018, we launched our 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 NFF.</span></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">As of </span><span style="font-family:inherit;font-size:10pt;">September 30, 2019</span><span style="font-family:inherit;font-size:10pt;">, there were </span><span style="font-family:inherit;font-size:10pt;"><span>3,091</span></span><span style="font-family:inherit;font-size:10pt;"> total listings on The Nasdaq Stock Market, including </span><span style="font-family:inherit;font-size:10pt;"><span>382</span></span><span style="font-family:inherit;font-size:10pt;"> ETPs. The combined market capitalization was approximately </span><span style="font-family:inherit;font-size:10pt;"><span>$13.4 trillion</span></span><span style="font-family:inherit;font-size:10pt;">. In Europe, the Nasdaq Nordic and Nasdaq Baltic exchanges, together with Nasdaq First North, were home to </span><span style="font-family:inherit;font-size:10pt;"><span>1,028</span></span><span style="font-family:inherit;font-size:10pt;"> listed companies with a combined market capitalization of approximately </span><span style="font-family:inherit;font-size:10pt;"><span>$1.4 trillion</span></span><span style="font-family:inherit;font-size:10pt;">.</span></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">Our Corporate Solutions business includes our Investor Relations Intelligence and Governance Solutions businesses which serve both public and private companies and organizations. Our public clients can be companies listed on our exchanges or other U.S. and global exchanges. 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 October 2019, Nasdaq acquired the Center for Board Excellence, or CBE, a privately-held provider of corporate governance and compliance solutions for boards of directors, CEOs, corporate secretaries and general counsels. Nasdaq will combine CBE with its </span></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">Nasdaq Governance Solutions business, which includes board portal and collaboration technology solutions. We expect the combination will enhance Nasdaq's position as a leading provider of technology, research, insights and consultative services designed to advance governance excellence and collaboration at organizations worldwide.</span></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">In March 2019, we sold our BWise enterprise governance, risk and compliance software platform and in April 2018, we sold our Public Relations Solutions and Digital Media Services businesses. See Note 5, “Acquisitions and Divestitures,” for further discussion. </span></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">As of December 31, 2018, BWise was classified as held for sale. See Note 6, “Assets and Liabilities Held for Sale,” for further discussion.</span></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">For segment reporting purposes, we have included the revenues and expenses of BWise and the Public Relations Solutions and Digital Media Services businesses in corporate items. These businesses were part of the Corporate Solutions business, within our Corporate Services segment, prior to the date of sale. For discussion of business segments, see Note 19, “Business Segments.”</span></div><div style="line-height:120%;padding-top:12px;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-weight:bold;">Information Services</span></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">Our Information Services segment includes our Market Data, Index and Investment Data & Analytics businesses.</span></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><span 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. </span></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><span 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 </span><span style="font-family:inherit;font-size:10pt;">September 30, 2019</span><span style="font-family:inherit;font-size:10pt;">, we had </span><span style="font-family:inherit;font-size:10pt;"><span>325</span></span><span style="font-family:inherit;font-size:10pt;"> ETPs licensed to Nasdaq’s indexes which had </span><span style="font-family:inherit;font-size:10pt;"><span>$207 billion</span></span><span style="font-family:inherit;font-size:10pt;"> in assets under management.</span></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><span 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. </span></div><div style="line-height:120%;padding-top:12px;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-weight:bold;">Market Technology </span></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><span 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.</span></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><span 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, </span></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">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 </span><span style="font-family:inherit;font-size:10pt;"><span>100</span></span><span style="font-family:inherit;font-size:10pt;"> marketplaces in </span><span style="font-family:inherit;font-size:10pt;"><span>50</span></span><span 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.</span></div>
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CY2019Q3	us-gaap	Variable Lease Cost VariableLeaseCost	6000000	USD
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CY2019Q3	us-gaap	Lessee Operating Lease Liability Payments Due After Year Five LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive	261000000	USD
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CY2019Q3	ndaq	Contract With Customer Liability Expected To Be Recognized In Remainder Of Year ContractWithCustomerLiabilityExpectedToBeRecognizedInRemainderOfYear	157000000	USD
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	us-gaap	Dividends Common Stock Cash DividendsCommonStockCash	228000000	USD
	us-gaap	Payments Of Dividends Common Stock PaymentsOfDividendsCommonStock	228000000	USD
CY2019Q3	us-gaap	Net Income Loss NetIncomeLoss	150000000	USD
CY2018Q3	us-gaap	Net Income Loss NetIncomeLoss	163000000	USD
	us-gaap	Net Income Loss NetIncomeLoss	571000000	USD
	us-gaap	Net Income Loss NetIncomeLoss	502000000	USD
CY2019Q3	us-gaap	Weighted Average Number Of Shares Outstanding Basic WeightedAverageNumberOfSharesOutstandingBasic	164331832	shares
CY2018Q3	us-gaap	Weighted Average Number Of Shares Outstanding Basic WeightedAverageNumberOfSharesOutstandingBasic	164227243	shares
	us-gaap	Weighted Average Number Of Shares Outstanding Basic WeightedAverageNumberOfSharesOutstandingBasic	165086951	shares
	us-gaap	Weighted Average Number Of Shares Outstanding Basic WeightedAverageNumberOfSharesOutstandingBasic	165622428	shares
CY2019Q3	us-gaap	Incremental Common Shares Attributable To Share Based Payment Arrangements IncrementalCommonSharesAttributableToShareBasedPaymentArrangements	1705665	shares
CY2018Q3	us-gaap	Incremental Common Shares Attributable To Share Based Payment Arrangements IncrementalCommonSharesAttributableToShareBasedPaymentArrangements	2071426	shares
	us-gaap	Incremental Common Shares Attributable To Share Based Payment Arrangements IncrementalCommonSharesAttributableToShareBasedPaymentArrangements	1611232	shares
	us-gaap	Incremental Common Shares Attributable To Share Based Payment Arrangements IncrementalCommonSharesAttributableToShareBasedPaymentArrangements	1931307	shares
CY2019Q3	us-gaap	Incremental Common Shares Attributable To Contingently Issuable Shares IncrementalCommonSharesAttributableToContingentlyIssuableShares	992247	shares
CY2018Q3	us-gaap	Incremental Common Shares Attributable To Contingently Issuable Shares IncrementalCommonSharesAttributableToContingentlyIssuableShares	992247	shares
	us-gaap	Incremental Common Shares Attributable To Contingently Issuable Shares IncrementalCommonSharesAttributableToContingentlyIssuableShares	330749	shares
	us-gaap	Incremental Common Shares Attributable To Contingently Issuable Shares IncrementalCommonSharesAttributableToContingentlyIssuableShares	330749	shares
CY2019Q3	us-gaap	Weighted Average Number Of Diluted Shares Outstanding WeightedAverageNumberOfDilutedSharesOutstanding	167029744	shares
CY2018Q3	us-gaap	Weighted Average Number Of Diluted Shares Outstanding WeightedAverageNumberOfDilutedSharesOutstanding	167290916	shares
	us-gaap	Weighted Average Number Of Diluted Shares Outstanding WeightedAverageNumberOfDilutedSharesOutstanding	167028932	shares
	us-gaap	Weighted Average Number Of Diluted Shares Outstanding WeightedAverageNumberOfDilutedSharesOutstanding	167884484	shares
CY2019Q3	us-gaap	Earnings Per Share Basic EarningsPerShareBasic	0.91
CY2018Q3	us-gaap	Earnings Per Share Basic EarningsPerShareBasic	0.99
	us-gaap	Earnings Per Share Basic EarningsPerShareBasic	3.46
	us-gaap	Earnings Per Share Basic EarningsPerShareBasic	3.03
CY2019Q3	us-gaap	Earnings Per Share Diluted EarningsPerShareDiluted	0.90
CY2018Q3	us-gaap	Earnings Per Share Diluted EarningsPerShareDiluted	0.97
	us-gaap	Earnings Per Share Diluted EarningsPerShareDiluted	3.42
	us-gaap	Earnings Per Share Diluted EarningsPerShareDiluted	2.99
	us-gaap	Due To And From Broker Dealers And Clearing Organizations Disclosure DueToAndFromBrokerDealersAndClearingOrganizationsDisclosure	Clearing Operations<div style="line-height:120%;padding-top:8px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-weight:bold;">Nasdaq</span><span style="font-family:inherit;font-size:10pt;"> </span><span style="font-family:inherit;font-size:10pt;font-weight:bold;">Clearing</span></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><span 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 </span></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">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. </span></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><span 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.</span></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">Nasdaq Clearing maintains </span><span style="font-family:inherit;font-size:10pt;"><span>four</span></span><span 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 align risk between Nasdaq Clearing and its clearing members.</span></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-weight:bold;">Nasdaq Commodities Clearing Default </span></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><span 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 an initial loss of </span><span style="font-family:inherit;font-size:10pt;"><span>$133 million</span></span><span style="font-family:inherit;font-size:10pt;">. In accordance with the liability waterfall, the first </span><span style="font-family:inherit;font-size:10pt;"><span>$8 million</span></span><span style="font-family:inherit;font-size:10pt;"> of the loss was allocated to Nasdaq Clearing’s junior capital and the remainder was allocated on a pro-rata basis to the </span></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:11pt;"><span style="font-family:inherit;font-size:10pt;">commodities clearing members’ default funds. In September 2018, these funds were replenished</span><span style="font-family:Calibri,sans-serif;font-size:11pt;">.</span></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">In December 2018, we initiated a capital relief program. The capital relief program was a voluntary program open to each commodities default fund participant; each such participant who agreed to the capital relief program received a proportion of the funds made available under the capital relief program as reflected by their proportionate share of the aggregate of the clearing members' default fund replenishments. As of September 30, 2019, we have disbursed substantially all of the </span><span style="font-family:inherit;font-size:10pt;"><span>$23 million</span></span><span style="font-family:inherit;font-size:10pt;"> offered through the program. In addition to the capital relief program, we are pursuing recovery of assets from the defaulted member which will be allocated back to default fund participants. </span></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">As a result of the default, a liability of </span><span style="font-family:inherit;font-size:10pt;"><span>$112 million</span></span><span style="font-family:inherit;font-size:10pt;"> as of </span><span style="font-family:inherit;font-size:10pt;">December 31, 2018</span><span style="font-family:inherit;font-size:10pt;"> was recorded in other current liabilities and collateral of </span><span style="font-family:inherit;font-size:10pt;"><span>$112 million</span></span><span style="font-family:inherit;font-size:10pt;"> as of </span><span style="font-family:inherit;font-size:10pt;">December 31, 2018</span><span style="font-family:inherit;font-size:10pt;"> was recorded in other current assets in the Condensed Consolidated Balance Sheets in order to allow Nasdaq Clearing to fulfill the settlement of certain contracts of the defaulted member arising from the default management process. We had established mitigating positions. As of September 30, 2019, these contracts and mitigating positions have either expired or were sold to a third party together with associated collateral. The collateral and liability were previously included in default funds and margin deposits. </span></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-weight:bold;">Default Fund Contributions and Margin Deposits</span></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">As of </span><span style="font-family:inherit;font-size:10pt;">September 30, 2019</span><span style="font-family:inherit;font-size:10pt;">, clearing member default fund contributions and margin deposits were as follows:</span></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"/></tr><tr><td style="width:32%;"/><td style="width:1%;"/><td style="width:21%;"/><td style="width:1%;"/><td style="width:2%;"/><td style="width:1%;"/><td style="width:19%;"/><td style="width:1%;"/><td style="width:2%;"/><td style="width:1%;"/><td style="width:18%;"/><td style="width:1%;"/></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:12pt;"><span style="font-family:inherit;font-size:12pt;"> </span></div></td><td colspan="11" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:center;font-size:7pt;"><span style="font-family:inherit;font-size:7pt;font-weight:bold;">September 30, 2019</span></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:12pt;"><span style="font-family:inherit;font-size:12pt;"> </span></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;"><div style="text-align:center;font-size:7pt;"><span style="font-family:inherit;font-size:7pt;font-weight:bold;">Cash Contributions</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></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;"><div style="text-align:center;font-size:7pt;"><span style="font-family:inherit;font-size:7pt;font-weight:bold;">Non-Cash Contributions</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></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;"><div style="text-align:center;font-size:7pt;"><span style="font-family:inherit;font-size:7pt;font-weight:bold;">Total Contributions</span></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:12pt;"><span style="font-family:inherit;font-size:12pt;"> </span></div></td><td colspan="11" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:center;font-size:7pt;"><span style="font-family:inherit;font-size:7pt;font-weight:bold;">(in millions)</span></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;padding-left:12px;text-indent:-12px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">Default fund contributions</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">$</span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><span>406</span></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">$</span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><span>119</span></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">$</span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><span>525</span></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">Margin deposits</span></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><span>2,016</span></span></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><span>3,757</span></span></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><span>5,773</span></span></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">Total</span></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">$</span></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><span>2,422</span></span></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">$</span></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><span>3,876</span></span></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">$</span></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><span>6,298</span></span></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td></tr></table></div><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;padding-bottom:4px;font-size:7pt;"><span style="font-family:inherit;font-size:7pt;"><br/></span></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">In accordance with its investment policy, of the total cash contributions of </span><span style="font-family:inherit;font-size:10pt;"><span>$2,422 million</span></span><span style="font-family:inherit;font-size:10pt;">, Nasdaq Clearing has invested </span><span style="font-family:inherit;font-size:10pt;"><span>$856 million</span></span><span 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 </span><span style="font-family:inherit;font-size:10pt;"><span>90</span></span><span style="font-family:inherit;font-size:10pt;"> days or less and </span><span style="font-family:inherit;font-size:10pt;"><span>$278 million</span></span><span style="font-family:inherit;font-size:10pt;"> in reverse repurchase agreements secured with highly rated government securities with maturity dates that range from </span><span style="font-family:inherit;font-size:10pt;"><span>2 days</span></span><span style="font-family:inherit;font-size:10pt;"> to </span><span style="font-family:inherit;font-size:10pt;"><span>18 days</span></span><span 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 </span><span style="font-family:inherit;font-size:10pt;"><span>$525 million</span></span><span style="font-family:inherit;font-size:10pt;">, Nasdaq Clearing can utilize </span><span style="font-family:inherit;font-size:10pt;"><span>$422 million</span></span><span style="font-family:inherit;font-size:10pt;"> as capital resources in the event of a counterparty default. The remaining balance of </span><span style="font-family:inherit;font-size:10pt;"><span>$103 million</span></span><span style="font-family:inherit;font-size:10pt;"> pertains to member posted surplus balances.</span></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><span 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.</span></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Default Fund Contributions</span></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><span 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 Condensed Consolidated Balance Sheets as both a current asset and a current liability. Non-cash contributions include highly rated government debt securities that must meet specific criteria approved by Nasdaq Clearing. Non-cash contributions are pledged assets that are not recorded in the Condensed Consolidated Balance Sheets as Nasdaq Clearing does not take legal ownership of these assets and the risks and rewards remain with the clearing members. These balances may fluctuate over time due to changes in the amount of deposits required and whether members choose to provide cash or non-cash contributions. Assets pledged are held at a nominee account in Nasdaq Clearing’s name for the benefit of the clearing members and are immediately accessible by Nasdaq Clearing in the event of a default. In addition to clearing members’ required contributions to the liability waterfall, Nasdaq Clearing is also required to contribute capital to the liability waterfall and overall regulatory capital as specified under its clearinghouse rules. As of </span><span style="font-family:inherit;font-size:10pt;">September 30, 2019</span><span style="font-family:inherit;font-size:10pt;">, Nasdaq Clearing committed capital totaling </span><span style="font-family:inherit;font-size:10pt;"><span>$140 million</span></span><span style="font-family:inherit;font-size:10pt;"> to the liability waterfall and overall regulatory capital, in the form of government debt securities, which are recorded as financial investments, at fair value in the Condensed Consolidated Balance Sheets. The combined regulatory capital of the clearing members and Nasdaq Clearing is intended to secure the obligations of a clearing member exceeding such member’s own margin and default fund deposits </span></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">and may be used to cover losses sustained by a clearing member in the event of a default.</span></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Margin Deposits</span></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><span 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.</span></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><span 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 Condensed Consolidated Balance Sheets as both a current asset and a current liability. Pledged margin collateral is not recorded in our Condensed Consolidated Balance Sheets as all risks and rewards of collateral ownership, including interest, belong to the counterparty. Assets pledged are held at a nominee account in Nasdaq Clearing’s name for the benefit of the clearing members and are immediately accessible by Nasdaq Clearing in the event of a default.</span></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><span 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.</span></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-weight:bold;">Regulatory Capital and Risk Management Calculations</span></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><span 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.</span></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><span 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 </span></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">analysis, excluding any liability related to the Nasdaq commodities clearing default (see discussion above), the estimated liability was nominal and </span><span style="font-family:inherit;font-size:10pt;"><span>no</span></span><span style="font-family:inherit;font-size:10pt;"> liability was recorded as of </span><span style="font-family:inherit;font-size:10pt;">September 30, 2019</span><span style="font-family:inherit;font-size:10pt;">.</span></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-weight:bold;">Power of Assessment </span></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><span 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 </span><span style="font-family:inherit;font-size:10pt;"><span>100.0%</span></span><span style="font-family:inherit;font-size:10pt;"> of the clearing member’s aggregate contribution to the financial, commodities and seafood markets’ default funds.</span></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-weight:bold;">Liability Waterfall</span></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><span 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:</span></div><table cellpadding="0" cellspacing="0" style="padding-top:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;"/><td/></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:0px;"><span style="font-family:inherit;font-size:10pt;">•</span></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">junior capital contributed by Nasdaq Clearing, which totaled </span><span style="font-family:inherit;font-size:10pt;"><span>$32 million</span></span><span style="font-family:inherit;font-size:10pt;"> as of </span><span style="font-family:inherit;font-size:10pt;">September 30, 2019</span><span style="font-family:inherit;font-size:10pt;">;</span></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;"/><td/></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:0px;"><span style="font-family:inherit;font-size:10pt;">•</span></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><span 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;</span></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;"/><td/></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:0px;"><span style="font-family:inherit;font-size:10pt;">•</span></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><span 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;</span></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;"/><td/></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:0px;"><span style="font-family:inherit;font-size:10pt;">•</span></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><span 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 </span><span style="font-family:inherit;font-size:10pt;"><span>$20 million</span></span><span style="font-family:inherit;font-size:10pt;"> as of </span><span style="font-family:inherit;font-size:10pt;">September 30, 2019</span><span style="font-family:inherit;font-size:10pt;">; and</span></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;"/><td/></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:0px;"><span style="font-family:inherit;font-size:10pt;">•</span></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">mutualized default fund, which includes capital contributions of the clearing members on a pro-rata basis.</span></div></td></tr></table><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><span 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.</span></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><span 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 </span><span style="font-family:inherit;font-size:10pt;"><span>$88 million</span></span><span 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.</span></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-weight:bold;">Market Value of Derivative Contracts Outstanding </span></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">The following table includes the market value of derivative contracts outstanding prior to netting:</span></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"/></tr><tr><td style="width:71%;"/><td style="width:1%;"/><td style="width:27%;"/><td style="width:1%;"/></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:12pt;"><span style="font-family:inherit;font-size:12pt;"> </span></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;"><div style="text-align:center;font-size:7pt;"><span style="font-family:inherit;font-size:7pt;font-weight:bold;">September 30, 2019</span></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:12pt;"><span style="font-family:inherit;font-size:12pt;"> </span></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:7pt;"><span style="font-family:inherit;font-size:7pt;font-weight:bold;">(in millions)</span></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="padding-left:12px;text-indent:-12px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">Commodity and seafood options, futures and forwards</span><span style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(1)(2)(3)</sup></span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">$</span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><span>359</span></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">Fixed-income options and futures</span><span style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(1)(2)</sup></span></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><span>925</span></span></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">Stock options and futures</span><span style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(1)(2)</sup></span></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><span>120</span></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">Index options and futures</span><span style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(1)(2)</sup></span></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><span>81</span></span></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">Total</span></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">$</span></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><span>1,485</span></span></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td></tr></table></div></div><div style="line-height:120%;font-size:8pt;"><span style="font-family:inherit;font-size:8pt;font-weight:bold;">____________</span></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;"/><td/></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:0px;"><span style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(1)</sup> </span></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><span 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.</span></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;"/><td/></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:0px;"><span style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(2)</sup> </span></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><span 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.</span></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;"/><td/></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:0px;"><span style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(3)</sup> </span></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><span 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.</span></div></td></tr></table><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-weight:bold;">Derivative Contracts Cleared</span></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">The following table includes the total number of derivative contracts cleared through Nasdaq Clearing for the nine months ended </span><span style="font-family:inherit;font-size:10pt;">September 30, 2019</span><span style="font-family:inherit;font-size:10pt;"> and </span><span style="font-family:inherit;font-size:10pt;">2018</span><span style="font-family:inherit;font-size:10pt;">:</span></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"/></tr><tr><td style="width:46%;"/><td style="width:25%;"/><td style="width:1%;"/><td style="width:2%;"/><td style="width:25%;"/><td style="width:1%;"/></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:12pt;"><span style="font-family:inherit;font-size:12pt;"> </span></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;"><div style="text-align:center;font-size:7pt;"><span style="font-family:inherit;font-size:7pt;font-weight:bold;">September 30, 2019</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></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;"><div style="text-align:center;font-size:7pt;"><span style="font-family:inherit;font-size:7pt;font-weight:bold;">September 30, 2018</span></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="padding-left:12px;text-indent:-12px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">Commodity and seafood options, futures and forwards</span><span style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(1)(2)</sup></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><span>393,153</span></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><span>1,506,560</span></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;padding-left:12px;text-indent:-12px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">Fixed-income options and futures</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><span>15,780,707</span></span></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><span>16,833,278</span></span></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">Stock options and futures</span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><span>18,030,431</span></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><span>17,735,228</span></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">Index options and futures</span></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><span>35,752,600</span></span></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><span>35,569,046</span></span></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">Total</span></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><span>69,956,891</span></span></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><span>71,644,112</span></span></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td></tr></table></div></div><div style="line-height:120%;padding-bottom:4px;font-size:8pt;"><span style="font-family:inherit;font-size:8pt;font-weight:bold;">____________</span></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;"/><td/></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:0px;"><span style="font-family:inherit;font-size:7pt;">(1)</span></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">The total volume in cleared power related to commodity contracts was </span><span style="font-family:inherit;font-size:10pt;"><span>614</span></span><span style="font-family:inherit;font-size:10pt;"> Terawatt hours (TWh) for the nine months ended </span><span style="font-family:inherit;font-size:10pt;">September 30, 2019</span><span style="font-family:inherit;font-size:10pt;"> and </span><span style="font-family:inherit;font-size:10pt;"><span>853</span></span><span style="font-family:inherit;font-size:10pt;"> TWh for the nine months ended </span><span style="font-family:inherit;font-size:10pt;">September 30, 2018</span><span style="font-family:inherit;font-size:10pt;">.</span></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;"/><td/></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:0px;"><span style="font-family:inherit;font-size:7pt;">(2)</span></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">In July 2018, the Nasdaq freight product offering was migrated to NFX, our U.S.-based futures exchange.</span></div></td></tr></table><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">The outstanding contract value of resale and repurchase agreements was </span><span style="font-family:inherit;font-size:10pt;"><span>$2.1 billion</span></span><span style="font-family:inherit;font-size:10pt;"> as of </span><span style="font-family:inherit;font-size:10pt;">September 30, 2019</span><span style="font-family:inherit;font-size:10pt;"> and </span><span style="font-family:inherit;font-size:10pt;"><span>$4.1 billion</span></span><span style="font-family:inherit;font-size:10pt;"> as of </span><span style="font-family:inherit;font-size:10pt;">September 30, 2018</span><span style="font-family:inherit;font-size:10pt;">. The total number of contracts cleared was </span><span style="font-family:inherit;font-size:10pt;"><span>5,580,836</span></span><span style="font-family:inherit;font-size:10pt;"> for the nine months ended </span><span style="font-family:inherit;font-size:10pt;">September 30, 2019</span><span style="font-family:inherit;font-size:10pt;"> and was </span><span style="font-family:inherit;font-size:10pt;"><span>6,835,634</span></span><span style="font-family:inherit;font-size:10pt;"> for the nine months ended </span><span style="font-family:inherit;font-size:10pt;">September 30, 2018</span><span style="font-family:inherit;font-size:10pt;">.</span></div>
	ndaq	Number Of Member Sponsored Default Funds NumberOfMemberSponsoredDefaultFunds	4	fund
CY2018Q3	ndaq	Gain Loss Due To Commodities Market Default GainLossDueToCommoditiesMarketDefault	-133000000	USD
CY2018Q3	ndaq	Loss Due To Commodities Market Default Allocated To Junior Capital LossDueToCommoditiesMarketDefaultAllocatedToJuniorCapital	8000000	USD
CY2019Q3	ndaq	Capital Relief Program Expense CapitalReliefProgramExpense	23000000	USD
CY2019Q3	ndaq	Default Fund Contributions DefaultFundContributions	525000000	USD
CY2019Q3	ndaq	Margin Deposits MarginDeposits	5773000000	USD
CY2019Q3	ndaq	Default Fund Contributions And Margin Deposits DefaultFundContributionsAndMarginDeposits	6298000000	USD
CY2019Q3	ndaq	Default Funds And Margin Deposits Assets DefaultFundsAndMarginDepositsAssets	2422000000	USD
CY2019Q3	ndaq	Default Fund Contributions DefaultFundContributions	525000000	USD
CY2019Q3	ndaq	Liability Due To Market Default LiabilityDueToMarketDefault	0	USD
CY2019Q3	ndaq	Derivative Contracts Market Value DerivativeContractsMarketValue	1485000000	USD
CY2019Q3	us-gaap	Derivative Number Of Instruments Held DerivativeNumberOfInstrumentsHeld	69956891	contract
CY2018Q3	us-gaap	Derivative Number Of Instruments Held DerivativeNumberOfInstrumentsHeld	71644112	contract
	ndaq	Total Volume In Cleared Power TotalVolumeInClearedPower	614	TWh
	ndaq	Total Volume In Cleared Power TotalVolumeInClearedPower	853	TWh
CY2019Q3	us-gaap	Income Tax Expense Benefit IncomeTaxExpenseBenefit	65000000	USD
CY2018Q3	us-gaap	Income Tax Expense Benefit IncomeTaxExpenseBenefit	46000000	USD
CY2019Q3	ndaq	Increase Decrease In Income Tax Expense Benefit Percent IncreaseDecreaseInIncomeTaxExpenseBenefitPercent	0.413
CY2019Q3	us-gaap	Effective Income Tax Rate Continuing Operations EffectiveIncomeTaxRateContinuingOperations	0.302
CY2018Q3	us-gaap	Effective Income Tax Rate Continuing Operations EffectiveIncomeTaxRateContinuingOperations	0.220
	us-gaap	Income Tax Expense Benefit IncomeTaxExpenseBenefit	196000000	USD
	us-gaap	Income Tax Expense Benefit IncomeTaxExpenseBenefit	234000000	USD
	ndaq	Increase Decrease In Income Tax Expense Benefit Percent IncreaseDecreaseInIncomeTaxExpenseBenefitPercent	-0.162
	us-gaap	Effective Income Tax Rate Continuing Operations EffectiveIncomeTaxRateContinuingOperations	0.256
	us-gaap	Effective Income Tax Rate Continuing Operations EffectiveIncomeTaxRateContinuingOperations	0.318
CY2019Q3	ndaq	Financialguaranteesobtainedtoprovidefurtherliquidityanddefaultprotectionrelatedtoclearingbusinesses Financialguaranteesobtainedtoprovidefurtherliquidityanddefaultprotectionrelatedtoclearingbusinesses	11000000	USD
CY2018Q4	ndaq	Financialguaranteesobtainedtoprovidefurtherliquidityanddefaultprotectionrelatedtoclearingbusinesses Financialguaranteesobtainedtoprovidefurtherliquidityanddefaultprotectionrelatedtoclearingbusinesses	12000000	USD
CY2014Q3	ndaq	Number Of National Exchanges Named As Defendants NumberOfNationalExchangesNamedAsDefendants	7	exchange
CY2018Q4	us-gaap	Loss Contingency Estimate Of Possible Loss LossContingencyEstimateOfPossibleLoss	1000000	USD
	us-gaap	Number Of Operating Segments NumberOfOperatingSegments	4	segment
	us-gaap	Number Of Operating Segments NumberOfOperatingSegments	4	segment
CY2019Q3	us-gaap	Revenue From Contract With Customer Excluding Assessed Tax RevenueFromContractWithCustomerExcludingAssessedTax	1096000000	USD
CY2019Q3	us-gaap	Cost Of Revenue CostOfRevenue	464000000	USD
CY2019Q3	us-gaap	Gross Profit GrossProfit	632000000	USD
CY2019Q3	us-gaap	Operating Income Loss OperatingIncomeLoss	226000000	USD
CY2018Q3	us-gaap	Revenue From Contract With Customer Excluding Assessed Tax RevenueFromContractWithCustomerExcludingAssessedTax	964000000	USD
CY2018Q3	us-gaap	Cost Of Revenue CostOfRevenue	364000000	USD
CY2018Q3	us-gaap	Gross Profit GrossProfit	600000000	USD
CY2018Q3	us-gaap	Operating Income Loss OperatingIncomeLoss	246000000	USD
	us-gaap	Revenue From Contract With Customer Excluding Assessed Tax RevenueFromContractWithCustomerExcludingAssessedTax	3197000000	USD
	us-gaap	Cost Of Revenue CostOfRevenue	1308000000	USD
	us-gaap	Gross Profit GrossProfit	1889000000	USD
	us-gaap	Operating Income Loss OperatingIncomeLoss	757000000	USD
	us-gaap	Revenue From Contract With Customer Excluding Assessed Tax RevenueFromContractWithCustomerExcludingAssessedTax	3141000000	USD
	us-gaap	Cost Of Revenue CostOfRevenue	1259000000	USD
	us-gaap	Gross Profit GrossProfit	1882000000	USD
	us-gaap	Operating Income Loss OperatingIncomeLoss	787000000	USD
CY2018Q3	ndaq	Loss Due To Commodities Market Default Allocated To Junior Capital LossDueToCommoditiesMarketDefaultAllocatedToJuniorCapital	8000000	USD
	us-gaap	Restructuring Charges RestructuringCharges	30000000	USD

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NASDAQ, INC. Stock $ndaq

2019 Q4 Form 10-Q Financial Statement

#000112019319000015 Filed on November 06, 2019

Income Statement

Balance Sheet

Cashflow Statement

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$NDAQ NASDAQ, INC. Stock $ndaq

2019 Q4 Form 10-Q Financial Statement

#000112019319000015 Filed on November 06, 2019

Income Statement

Balance Sheet

Cashflow Statement

Facts In Submission

Files In Submission

$NDAQ
NASDAQ, INC. Stock $ndaq