$NDAQ
NASDAQ, INC. Stock $ndaq

$ndaq Overview Financials Valuation SEC Filings Company Website

2022 Q1 Form 10-Q Financial Statement

#000112019322000013 Filed on May 04, 2022

Income Statement

Concept	2022 Q1	2021 Q1
Revenue	$1.535B	$1.651B
YoY Change	-7.03%	22.03%
Cost Of Revenue	$643.0M	$800.0M
YoY Change	-19.63%	22.7%
Gross Profit	$892.0M	$851.0M
YoY Change	4.82%	21.4%
Gross Profit Margin	58.11%	51.54%
Selling, General & Admin	$405.0M	$368.0M
YoY Change	10.05%	13.93%
% of Gross Profit	45.4%	43.24%
Research & Development	$50.00M	$44.00M
YoY Change	13.64%	25.71%
% of Gross Profit	5.61%	5.17%
Depreciation & Amortization	$67.00M	$63.00M
YoY Change	6.35%	31.25%
% of Gross Profit	7.51%	7.4%
Operating Expenses	$487.0M	$486.0M
YoY Change	0.21%	14.08%
Operating Profit	$405.0M	$365.0M
YoY Change	10.96%	32.73%
Interest Expense	$32.00M	$29.00M
YoY Change	10.34%	11.54%
% of Operating Profit	7.9%	7.95%
Other Income/Expense, Net	-$6.000M	$1.000M
YoY Change	-700.0%	-200.0%
Pretax Income	$374.0M	$395.0M
YoY Change	-5.32%	44.69%
Income Tax	$91.00M	$97.00M
% Of Pretax Income	24.33%	24.56%
Net Earnings	$284.0M	$298.0M
YoY Change	-4.7%	46.8%
Net Earnings / Revenue	18.5%	18.05%
Basic Earnings Per Share	$1.72	$1.81
Diluted Earnings Per Share	$1.70	$1.78
COMMON SHARES
Basic Shares Outstanding	165.0M shares	164.7M shares
Diluted Shares Outstanding	167.2M shares	167.1M shares

Balance Sheet

Concept	2022 Q1	2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments	$711.0M	$989.0M
YoY Change	-28.11%	-22.06%
Cash & Equivalents	$486.0M	$774.0M
Short-Term Investments	$225.0M	$215.0M
Other Short-Term Assets	$245.0M	$316.0M
YoY Change	-22.47%	93.87%
Inventory
Prepaid Expenses
Receivables	$621.0M	$574.0M
Other Receivables	$0.00	$0.00
Total Short-Term Assets	$8.178B	$5.654B
YoY Change	44.64%	7.29%
LONG-TERM ASSETS
Property, Plant & Equipment	$511.0M	$482.0M
YoY Change	6.02%	28.53%
Goodwill	$8.338B	$8.508B
YoY Change	-2.0%	34.49%
Intangibles	$2.751B	$2.967B
YoY Change	-7.28%	34.86%
Long-Term Investments	$369.0M	$272.0M
YoY Change	35.66%	58.14%
Other Assets	$575.0M	$483.0M
YoY Change	19.05%	59.41%
Total Long-Term Assets	$12.65B	$12.84B
YoY Change	-1.49%	34.72%
TOTAL ASSETS
Total Short-Term Assets	$8.178B	$5.654B
Total Long-Term Assets	$12.65B	$12.84B
Total Assets	$20.82B	$18.49B
YoY Change	12.62%	24.95%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable	$53.00M	$131.0M
YoY Change	-59.54%	-18.63%
Accrued Expenses	$226.0M	$230.0M
YoY Change	-1.74%	21.05%
Deferred Revenue	$619.0M	$519.0M
YoY Change	19.27%	24.76%
Short-Term Debt	$1.098B	$435.0M
YoY Change	152.41%	-62.04%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities	$8.851B	$5.556B
YoY Change	59.31%	1.94%
LONG-TERM LIABILITIES
Long-Term Debt	$4.800B	$5.455B
YoY Change	-12.01%	84.17%
Other Long-Term Liabilities	$241.0M	$197.0M
YoY Change	22.34%	15.2%
Total Long-Term Liabilities	$5.041B	$5.652B
YoY Change	-10.81%	80.4%
TOTAL LIABILITIES
Total Short-Term Liabilities	$8.851B	$5.556B
Total Long-Term Liabilities	$5.041B	$5.652B
Total Liabilities	$14.80B	$12.16B
YoY Change	21.76%	29.32%
SHAREHOLDERS EQUITY
Retained Earnings	$6.660B	$5.845B
YoY Change	13.94%	13.72%
Common Stock	$2.000M	$2.000M
YoY Change	0.0%	0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)	$489.0M	$415.0M
YoY Change	17.83%	14.01%
Treasury Stock Shares	7.047M shares	6.618M shares
Shareholders Equity	$6.013B	$6.332B
YoY Change
Total Liabilities & Shareholders Equity	$20.82B	$18.49B
YoY Change	12.62%	24.95%

Cashflow Statement

Concept	2022 Q1	2021 Q1
OPERATING ACTIVITIES
Net Income	$284.0M	$298.0M
YoY Change	-4.7%	46.8%
Depreciation, Depletion And Amortization	$67.00M	$63.00M
YoY Change	6.35%	31.25%
Cash From Operating Activities	$605.0M	$394.0M
YoY Change	53.55%	3.68%
INVESTING ACTIVITIES
Capital Expenditures	$35.00M	$42.00M
YoY Change	-16.67%	61.54%
Acquisitions	$0.00	$2.430B
YoY Change	-100.0%	1447.77%
Other Investing Activities	-$43.00M	$1.000M
YoY Change	-4400.0%	-114.29%
Cash From Investing Activities	-$390.0M	-$2.700B
YoY Change	-85.56%	1653.25%
FINANCING ACTIVITIES
Cash Dividend Paid	$89.00M	$81.00M
YoY Change	9.88%	3.85%
Common Stock Issuance & Retirement, Net		$162.0M
YoY Change		32.79%
Debt Paid & Issued, Net	$0.00	$100.0M
YoY Change	-100.0%	-85.1%
Cash From Financing Activities	$368.0M	$164.0M
YoY Change	124.39%	-64.96%
NET CHANGE
Cash From Operating Activities	$605.0M	$394.0M
Cash From Investing Activities	-$390.0M	-$2.700B
Cash From Financing Activities	$368.0M	$164.0M
Net Change In Cash	$419.0M	-$2.319B
YoY Change	-118.07%	-440.03%
FREE CASH FLOW
Cash From Operating Activities	$605.0M	$394.0M
Capital Expenditures	$35.00M	$42.00M
Free Cash Flow	$570.0M	$352.0M
YoY Change	61.93%	-0.56%

Facts In Submission

Frame	Concept Type	Concept / XBRL Key	Value	Unit
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CY2022Q1	dei	Document Period End Date DocumentPeriodEndDate	2022-03-31
CY2022Q1	dei	Document Transition Report DocumentTransitionReport	false
CY2022Q1	dei	Entity File Number EntityFileNumber	001-38855
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CY2022Q1	dei	Entity Incorporation State Country Code EntityIncorporationStateCountryCode	DE
CY2022Q1	dei	Entity Tax Identification Number EntityTaxIdentificationNumber	52-1165937
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CY2021Q1	us-gaap	Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest	161000000	USD
CY2022Q1	us-gaap	Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest	-1000000	USD
CY2021Q1	us-gaap	Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest	0	USD
CY2022Q1	us-gaap	Comprehensive Income Net Of Tax ComprehensiveIncomeNetOfTax	201000000	USD
CY2021Q1	us-gaap	Comprehensive Income Net Of Tax ComprehensiveIncomeNetOfTax	161000000	USD
CY2022Q1	us-gaap	Shares Outstanding SharesOutstanding	165000000	shares
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CY2021Q1	us-gaap	Shares Outstanding SharesOutstanding	164000000	shares
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CY2021Q1	us-gaap	Profit Loss ProfitLoss	298000000	USD
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CY2021Q1	us-gaap	Share Based Compensation ShareBasedCompensation	19000000	USD
CY2022Q1	us-gaap	Deferred Income Tax Expense Benefit DeferredIncomeTaxExpenseBenefit	17000000	USD
CY2021Q1	us-gaap	Deferred Income Tax Expense Benefit DeferredIncomeTaxExpenseBenefit	20000000	USD
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CY2021Q1	us-gaap	Income Loss From Equity Method Investments IncomeLossFromEquityMethodInvestments	57000000	USD
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CY2021Q1	us-gaap	Other Noncash Income Expense OtherNoncashIncomeExpense	-3000000	USD
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CY2021Q1	us-gaap	Increase Decrease In Receivables IncreaseDecreaseInReceivables	-6000000	USD
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CY2021Q1	us-gaap	Increase Decrease In Other Operating Assets IncreaseDecreaseInOtherOperatingAssets	94000000	USD
CY2022Q1	us-gaap	Increase Decrease In Accounts Payable And Accrued Liabilities IncreaseDecreaseInAccountsPayableAndAccruedLiabilities	8000000	USD
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CY2021Q1	us-gaap	Increase Decrease In Other Accounts Payable IncreaseDecreaseInOtherAccountsPayable	-93000000	USD
CY2022Q1	us-gaap	Increase Decrease In Employee Related Liabilities IncreaseDecreaseInEmployeeRelatedLiabilities	-82000000	USD
CY2021Q1	us-gaap	Increase Decrease In Employee Related Liabilities IncreaseDecreaseInEmployeeRelatedLiabilities	-52000000	USD
CY2022Q1	us-gaap	Increase Decrease In Contract With Customer Liability IncreaseDecreaseInContractWithCustomerLiability	292000000	USD
CY2021Q1	us-gaap	Increase Decrease In Contract With Customer Liability IncreaseDecreaseInContractWithCustomerLiability	255000000	USD
CY2022Q1	us-gaap	Increase Decrease In Other Operating Liabilities IncreaseDecreaseInOtherOperatingLiabilities	27000000	USD
CY2021Q1	us-gaap	Increase Decrease In Other Operating Liabilities IncreaseDecreaseInOtherOperatingLiabilities	14000000	USD
CY2022Q1	us-gaap	Net Cash Provided By Used In Operating Activities NetCashProvidedByUsedInOperatingActivities	605000000	USD
CY2021Q1	us-gaap	Net Cash Provided By Used In Operating Activities NetCashProvidedByUsedInOperatingActivities	394000000	USD
CY2022Q1	us-gaap	Payments To Acquire Short Term Investments PaymentsToAcquireShortTermInvestments	102000000	USD
CY2021Q1	us-gaap	Payments To Acquire Short Term Investments PaymentsToAcquireShortTermInvestments	60000000	USD
CY2022Q1	us-gaap	Proceeds From Sale Maturity And Collection Of Shortterm Investments ProceedsFromSaleMaturityAndCollectionOfShorttermInvestments	76000000	USD
CY2021Q1	us-gaap	Proceeds From Sale Maturity And Collection Of Shortterm Investments ProceedsFromSaleMaturityAndCollectionOfShorttermInvestments	28000000	USD
CY2022Q1	us-gaap	Payments To Acquire Businesses Net Of Cash Acquired PaymentsToAcquireBusinessesNetOfCashAcquired	0	USD
CY2021Q1	us-gaap	Payments To Acquire Businesses Net Of Cash Acquired PaymentsToAcquireBusinessesNetOfCashAcquired	2430000000	USD
CY2022Q1	us-gaap	Payments To Acquire Property Plant And Equipment PaymentsToAcquirePropertyPlantAndEquipment	35000000	USD
CY2021Q1	us-gaap	Payments To Acquire Property Plant And Equipment PaymentsToAcquirePropertyPlantAndEquipment	42000000	USD
CY2022Q1	ndaq	Payments For Proceeds From Default Funds And Margin Deposits PaymentsForProceedsFromDefaultFundsAndMarginDeposits	372000000	USD
CY2021Q1	ndaq	Payments For Proceeds From Default Funds And Margin Deposits PaymentsForProceedsFromDefaultFundsAndMarginDeposits	195000000	USD
CY2022Q1	us-gaap	Payments For Proceeds From Other Investing Activities PaymentsForProceedsFromOtherInvestingActivities	-43000000	USD
CY2021Q1	us-gaap	Payments For Proceeds From Other Investing Activities PaymentsForProceedsFromOtherInvestingActivities	1000000	USD
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CY2021Q1	us-gaap	Net Cash Provided By Used In Investing Activities NetCashProvidedByUsedInInvestingActivities	-2700000000	USD
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CY2021Q1	us-gaap	Proceeds From Repayments Of Commercial Paper ProceedsFromRepaymentsOfCommercialPaper	435000000	USD
CY2022Q1	us-gaap	Repayments Of Long Term Debt RepaymentsOfLongTermDebt	0	USD
CY2021Q1	us-gaap	Repayments Of Long Term Debt RepaymentsOfLongTermDebt	100000000	USD
CY2022Q1	us-gaap	Proceeds From Issuance Of Senior Long Term Debt ProceedsFromIssuanceOfSeniorLongTermDebt	541000000	USD
CY2021Q1	us-gaap	Proceeds From Issuance Of Senior Long Term Debt ProceedsFromIssuanceOfSeniorLongTermDebt	100000000	USD
CY2022Q1	us-gaap	Payments Of Dividends PaymentsOfDividends	89000000	USD
CY2021Q1	us-gaap	Payments Of Dividends PaymentsOfDividends	81000000	USD
CY2022Q1	ndaq	Payments Related To Employee Shares Withheld For Taxes PaymentsRelatedToEmployeeSharesWithheldForTaxes	52000000	USD
CY2021Q1	ndaq	Payments Related To Employee Shares Withheld For Taxes PaymentsRelatedToEmployeeSharesWithheldForTaxes	39000000	USD
CY2022Q1	ndaq	Increase Decrease In Default Fund Contributions And Margin Deposits IncreaseDecreaseInDefaultFundContributionsAndMarginDeposits	856000000	USD
CY2021Q1	ndaq	Increase Decrease In Default Fund Contributions And Margin Deposits IncreaseDecreaseInDefaultFundContributionsAndMarginDeposits	12000000	USD
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CY2021Q1	us-gaap	Proceeds From Payments For Other Financing Activities ProceedsFromPaymentsForOtherFinancingActivities	-1000000	USD
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CY2021Q1	us-gaap	Net Cash Provided By Used In Financing Activities NetCashProvidedByUsedInFinancingActivities	164000000	USD
CY2022Q1	us-gaap	Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	-164000000	USD
CY2021Q1	us-gaap	Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	-177000000	USD
CY2022Q1	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect	419000000	USD
CY2021Q1	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect	-2319000000	USD
CY2021Q4	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	5496000000	USD
CY2020Q4	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	5979000000	USD
CY2022Q1	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	5915000000	USD
CY2021Q1	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	3660000000	USD
CY2022Q1	us-gaap	Cash And Cash Equivalents At Carrying Value CashAndCashEquivalentsAtCarryingValue	486000000	USD
CY2021Q1	us-gaap	Cash And Cash Equivalents At Carrying Value CashAndCashEquivalentsAtCarryingValue	774000000	USD
CY2022Q1	us-gaap	Restricted Cash And Cash Equivalents At Carrying Value RestrictedCashAndCashEquivalentsAtCarryingValue	31000000	USD
CY2021Q1	us-gaap	Restricted Cash And Cash Equivalents At Carrying Value RestrictedCashAndCashEquivalentsAtCarryingValue	38000000	USD
CY2022Q1	ndaq	Restricted Cash And Equivalents In Default Funds And Margin Deposits RestrictedCashAndEquivalentsInDefaultFundsAndMarginDeposits	5398000000	USD
CY2021Q1	ndaq	Restricted Cash And Equivalents In Default Funds And Margin Deposits RestrictedCashAndEquivalentsInDefaultFundsAndMarginDeposits	2848000000	USD
CY2022Q1	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	5915000000	USD
CY2021Q1	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	3660000000	USD
CY2022Q1	us-gaap	Interest Paid Net InterestPaidNet	23000000	USD
CY2021Q1	us-gaap	Interest Paid Net InterestPaidNet	19000000	USD
CY2022Q1	us-gaap	Income Taxes Paid Net IncomeTaxesPaidNet	29000000	USD
CY2021Q1	us-gaap	Income Taxes Paid Net IncomeTaxesPaidNet	45000000	USD
CY2022Q1	us-gaap	Nature Of Operations NatureOfOperations	ORGANIZATION AND NATURE OF OPERATIONS<div style="margin-top:5pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Nasdaq is a global technology company serving the capital markets and other industries. Our diverse offerings of data, analytics, software and services enable clients to optimize and execute their business vision with confidence.</span></div><div style="margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We manage, operate and provide our products and services in four business segments: Market Technology, Investment Intelligence, Corporate Platforms, and Market Services. </span></div><div style="margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Market Technology </span></div><div style="margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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 solutions are utilized by leading markets in the U.S., Europe and Asia as well as emerging markets in the Middle East, Latin America, and Africa. The Market Technology segment includes our Anti Financial Crime Technology business and our Marketplace Infrastructure Technology business.</span></div><div style="margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Our Anti Financial Crime Technology business includes Nasdaq Trade Surveillance, a SaaS solution designed for brokers and other market participants, and Market Surveillance, a solution for market infrastructure operators. Both solutions are designed to assist in complying with market rules, regulations and internal market surveillance policies. In February 2021, we completed the acquisition of Verafin, a SaaS technology provider of anti-financial crime management solutions that offers a cloud-based platform to help detect, investigate, and report money laundering and fraud. Verafin also has targeted sanctions screening solutions that help banks manage Russian sanctions and is further expanding this product to detect new means of evasion-based typologies. Additionally, beginning in the first quarter of 2022, we reclassified Nasdaq Risk Platform revenues from Anti Financial Crime Technology to Marketplace Infrastructure Technology. Total Market Technology segment revenues were unchanged.</span></div><div style="margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Our Marketplace Infrastructure Technology business powers over 130 market infrastructure operators and new market clients in more than 55 countries and handles a wide array of assets, including but not limited to cash equities, equity derivatives, currencies, various interest-bearing securities, commodities, energy products and digital currencies. Our solutions can also be used in the creation of new asset classes, and non-capital markets customers, including those in insurance liabilities securitization, cryptocurrencies and sports wagering.</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Investment Intelligence</span></div><div style="margin-top:3pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Our Investment Intelligence segment includes our Market Data, Index and Analytics businesses.</span></div><div style="margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Our Market Data business sells and distributes historical and real-time market data to the sell-side, the institutional investing community, retail online brokers, proprietary trading shops, other venues, internet portals and data distributors. Our market data products can enhance transparency of market activity within our exchanges and provide critical information to professional and non-professional investors globally. Additionally, our Nasdaq Cloud Data Service provided on our Data Link data dissemination platform provides a flexible and efficient method of delivery for real-time exchange data and other financial information.</span></div><div style="margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Our Index business develops and licenses Nasdaq-branded indexes and financial products. We also license cash-settled options, futures and options on futures on our indexes. As of March 31, 2022, 368 ETPs listed on 28 exchanges in over 20 countries tracked a Nasdaq index and accounted for $401 billion in AUM.</span></div><div style="margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Our Analytics business provides asset managers, investment consultants and institutional asset owners with information and analytics to make data-driven investment decisions and deploy their resources more productively. We also provide liquidity solutions for private funds. Through our eVestment and Solovis solutions, we provide a suite of cloud-based solutions that help institutional investors and consultants conduct pre-investment due diligence, and monitor their portfolios post-investment. The eVestment platform also enables asset managers to efficiently distribute information about their firms and funds to asset owners and consultants worldwide. Through the Solovis platform, endowments, foundations, pensions and family offices transform how they collect and aggregate investment data, analyze portfolio performance, model and predict future outcomes, and share meaningful portfolio insights with key stakeholders. The Nasdaq Fund Network and Nasdaq Data Link are additional platforms in our suite of investment data analytics offerings and data management tools. Nasdaq Data Link strengthens our position as a leading source for financial, economic, and alternative datasets. For investment management firms, investment banks and other investors, the platform powers data-driven decision-making for users across the globe via universal application programming interfaces, and provides for highly efficient data discovery and delivery. </span></div><div style="display:inline-block;vertical-align:top;width:48.245%"><div style="margin-top:3pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Corporate Platforms</span></div><div style="margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Our Corporate Platforms segment includes our Listing Services and IR & ESG Services businesses. These businesses deliver critical capital market and ESG solutions across the lifecycle of public and private companies.</span></div><div style="margin-top:3pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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 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. In July 2021, we contributed our NPM business, which was included in our Listing Services business, to a standalone, independent company, of which we own the largest minority interest, together with a consortium of third party financial institutions. The NPM business provides liquidity solutions for private companies to enable employees, investors, and companies to execute transactions.</span></div><div style="margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As of March 31, 2022, there were 4,242 total listings on The Nasdaq Stock Market, including 447 ETPs. The combined market capitalization was approximately $25.7 trillion. In Europe, the Nasdaq Nordic and Nasdaq Baltic exchanges, together with Nasdaq First North, were home to 1,244 listed companies with a combined market capitalization of approximately $2.2 trillion.</span></div><div style="margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We also operate a U.S. Corporate Bond exchange for the listing of corporate bonds. This exchange operates pursuant to The Nasdaq Stock Market exchange license and is powered by the NFF. As of March 31, 2022, 105 corporate bonds were listed on the Corporate Bond exchange. We continue to develop the Nasdaq Sustainable Bond Network, a platform for increased transparency in the global sustainable bond markets.</span></div><div style="margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Our IR & ESG Services include our portfolio of products and services that support corporations’ investor relations and ESG functions. Our clients include both public and private companies and organizations. Our public company clients can be companies listed on our exchanges or other U.S. and global exchanges. Our private company clients include a diverse group of organizations ranging from family owned companies, government organizations, law firms, privately held entities, various non-profit organizations to hospitals and health care systems. We help organizations enhance their ability to understand and expand their global shareholder base, improve corporate governance, and navigate the evolving ESG landscape through our suite of advanced technology, analytics, reporting and consultative services. </span></div></div><div style="display:inline-block;max-width:3.508%;min-width:2.508%;vertical-align:top"/><div style="display:inline-block;vertical-align:top;width:48.247%"><div style="margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Market Services</span></div><div style="margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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 certain countries where we operate exchanges, we also provide broker services, clearing, settlement and central depository services. In January 2020, we commenced an orderly wind-down of our Nordic broker services operations business. We expect this wind-down to continue through the second quarter of 2022. In June 2021, we completed the acquisition of a majority stake in Puro.earth, a Finnish-based leading marketplace for carbon removal.</span></div><div style="margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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="margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In the U.S., we operate six options exchanges and three 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. </span></div><div style="margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In Canada, we operate an exchange with three independent markets for the trading of Canadian-listed securities: Nasdaq Canada CXC, Nasdaq Canada CX2 and Nasdaq Canada CXD.</span></div><div style="margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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="margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Nasdaq Fixed Income provides a wide range of products and services, such as trading and clearing, for fixed income products in Sweden, Denmark, Finland, Iceland, Estonia, Lithuania and Latvia.</span></div><div style="margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Nasdaq Commodities is the brand name for Nasdaq’s European commodity-related products and services. Nasdaq Commodities’ offerings include derivatives in power, natural gas and carbon emission markets, seafood, electricity certificates and clearing services. These products are listed on Nasdaq Oslo ASA, except for seafood, which is listed on Fishpool, a third party platform. </span></div><div style="margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In June 2021, we sold our U.S. Fixed Income business, which included an electronic platform for the trading of U.S. Treasuries. See “2021 Divestiture” of Note 4, “Acquisition and Divestiture,” for further discussion.</span></div></div>Through our Trade Management Services business, we provide market participants with a wide variety of alternatives for connecting to and accessing our markets. Our marketplaces may be accessed via a number of different protocols used for quoting, order entry, trade reporting, and connectivity to various data feeds. In 2021, we launched WorkX, an upgraded version of Nasdaq Workstation, a browser-based, front-end interface that allows market participants to view data and enter orders, quotes and trade reports. WorkX enables a seamless workflow and enhanced trade intelligence. All current Workstation users are expected to migrate to WorkX by the end of 2022. In addition, we offer a variety of add-on compliance tools to help firms comply with regulatory requirements.We provide colocation services to market participants, whereby we offer firms cabinet space and power to house their own equipment and servers within our data centers. Additionally, we offer a number of wireless connectivity offerings between select data centers using millimeter wave and microwave technology.
CY2022Q1	us-gaap	Number Of Operating Segments NumberOfOperatingSegments	4	segment
CY2022Q1	ndaq	Number Of Corporate Bonds Listed NumberOfCorporateBondsListed	105	corporateBond
CY2022Q1	ndaq	Number Of Independent Exchange Markets NumberOfIndependentExchangeMarkets	3	Markets
CY2022Q1	us-gaap	Prior Period Reclassification Adjustment Description PriorPeriodReclassificationAdjustmentDescription	<div style="margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Certain prior year amounts have been reclassified to conform</span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">to the current year presentation.</span></div><div style="margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">During the fourth quarter of 2021, we adjusted the presentation of cash and cash equivalents held within default funds and margin deposits on the condensed consolidated statement of cash flows from operating activities, to present them as restricted cash and cash equivalents with the associated changes being included within cash flows from investing and financing activities. These balances cannot be used to satisfy operating or other liabilities. See Note 14, “Clearing Operations,” for further discussion of the default funds and margin deposits. </span></div><div style="margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Prior period amounts have also been adjusted to conform to current period presentation. This immaterial adjustment had no impact on our previously reported condensed consolidated balance sheets, condensed consolidated statements of income, or condensed consolidated statements of comprehensive income.</span></div>
CY2021Q1	us-gaap	Net Cash Provided By Used In Operating Activities NetCashProvidedByUsedInOperatingActivities	394000000	USD
CY2021Q1	us-gaap	Net Cash Provided By Used In Investing Activities NetCashProvidedByUsedInInvestingActivities	-2700000000	USD
CY2021Q1	us-gaap	Net Cash Provided By Used In Financing Activities NetCashProvidedByUsedInFinancingActivities	164000000	USD
CY2021Q1	us-gaap	Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	-177000000	USD
CY2021Q1	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect	-2319000000	USD
CY2020Q4	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	5979000000	USD
CY2021Q1	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	3660000000	USD
CY2021Q1	us-gaap	Cash And Cash Equivalents At Carrying Value CashAndCashEquivalentsAtCarryingValue	774000000	USD
CY2021Q1	us-gaap	Restricted Cash And Cash Equivalents At Carrying Value RestrictedCashAndCashEquivalentsAtCarryingValue	38000000	USD
CY2021Q1	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	3660000000	USD
CY2022Q1	us-gaap	Use Of Estimates UseOfEstimates	<div style="margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Accounting Estimates</span></div><div style="margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In preparing our condensed consolidated financial statements, we make assumptions, judgments and estimates that can have a significant impact on our revenue, operating income and net income, as well as on the value of certain assets and liabilities in our condensed consolidated balance sheets. At least quarterly, we evaluate our assumptions, judgments and estimates, and make changes as deemed necessary.</span></div>
CY2022Q1	us-gaap	Gross Profit GrossProfit	892000000	USD
CY2021Q1	us-gaap	Gross Profit GrossProfit	851000000	USD
CY2022Q1	us-gaap	Allowance For Doubtful Accounts Receivable AllowanceForDoubtfulAccountsReceivable	19000000	USD
CY2021Q4	us-gaap	Allowance For Doubtful Accounts Receivable AllowanceForDoubtfulAccountsReceivable	17000000	USD
CY2022Q1	us-gaap	Revenue Remaining Performance Obligation RevenueRemainingPerformanceObligation	500000000	USD
CY2022Q1	us-gaap	Revenue Remaining Performance Obligation RevenueRemainingPerformanceObligation	481000000	USD
CY2022Q1	us-gaap	Revenue Remaining Performance Obligation RevenueRemainingPerformanceObligation	228000000	USD
CY2022Q1	us-gaap	Revenue Remaining Performance Obligation RevenueRemainingPerformanceObligation	127000000	USD
CY2022Q1	us-gaap	Revenue Remaining Performance Obligation RevenueRemainingPerformanceObligation	79000000	USD
CY2022Q1	us-gaap	Revenue Remaining Performance Obligation RevenueRemainingPerformanceObligation	83000000	USD
CY2022Q1	us-gaap	Revenue Remaining Performance Obligation RevenueRemainingPerformanceObligation	1498000000	USD
CY2021Q4	us-gaap	Goodwill Goodwill	8433000000	USD
CY2022Q1	us-gaap	Goodwill Foreign Currency Translation Gain Loss GoodwillForeignCurrencyTranslationGainLoss	-95000000	USD
CY2022Q1	us-gaap	Goodwill Goodwill	8338000000	USD
CY2021Q1	us-gaap	Goodwill Impairment Loss GoodwillImpairmentLoss	0	USD
CY2022Q1	us-gaap	Goodwill Impairment Loss GoodwillImpairmentLoss	0	USD
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CY2021Q4	us-gaap	Finite Lived Intangible Assets Gross FiniteLivedIntangibleAssetsGross	2262000000	USD
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CY2021Q4	us-gaap	Finite Lived Intangible Assets Accumulated Amortization FiniteLivedIntangibleAssetsAccumulatedAmortization	695000000	USD
CY2022Q1	us-gaap	Finite Lived Intangible Assets Net FiniteLivedIntangibleAssetsNet	1520000000	USD
CY2021Q4	us-gaap	Finite Lived Intangible Assets Net FiniteLivedIntangibleAssetsNet	1567000000	USD
CY2022Q1	us-gaap	Indefinite Lived Intangible Assets Excluding Goodwill IndefiniteLivedIntangibleAssetsExcludingGoodwill	1231000000	USD
CY2021Q4	us-gaap	Indefinite Lived Intangible Assets Excluding Goodwill IndefiniteLivedIntangibleAssetsExcludingGoodwill	1246000000	USD
CY2022Q1	us-gaap	Intangible Assets Net Excluding Goodwill IntangibleAssetsNetExcludingGoodwill	2751000000	USD
CY2021Q4	us-gaap	Intangible Assets Net Excluding Goodwill IntangibleAssetsNetExcludingGoodwill	2813000000	USD
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CY2021Q1	us-gaap	Impairment Of Intangible Assets Indefinitelived Excluding Goodwill ImpairmentOfIntangibleAssetsIndefinitelivedExcludingGoodwill	0	USD
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CY2021Q1	us-gaap	Amortization Of Intangible Assets AmortizationOfIntangibleAssets	36000000	USD
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CY2022Q1	us-gaap	Finite Lived Intangible Assets Amortization Expense Year Two FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo	152000000	USD
CY2022Q1	us-gaap	Finite Lived Intangible Assets Amortization Expense Year Three FiniteLivedIntangibleAssetsAmortizationExpenseYearThree	149000000	USD
CY2022Q1	us-gaap	Finite Lived Intangible Assets Amortization Expense Year Four FiniteLivedIntangibleAssetsAmortizationExpenseYearFour	147000000	USD
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CY2022Q1	ndaq	Finite Lived Intangible Assets Net Excluding Foreign Currency Translation Adjustment FiniteLivedIntangibleAssetsNetExcludingForeignCurrencyTranslationAdjustment	1588000000	USD
CY2022Q1	us-gaap	Trading Securities Debt TradingSecuritiesDebt	225000000	USD
CY2021Q4	us-gaap	Trading Securities Debt TradingSecuritiesDebt	208000000	USD
CY2022Q1	us-gaap	Equity Method Investments EquityMethodInvestments	369000000	USD
CY2021Q4	us-gaap	Equity Method Investments EquityMethodInvestments	363000000	USD
CY2022Q1	us-gaap	Equity Securities Without Readily Determinable Fair Value Amount EquitySecuritiesWithoutReadilyDeterminableFairValueAmount	67000000	USD
CY2021Q4	us-gaap	Equity Securities Without Readily Determinable Fair Value Amount EquitySecuritiesWithoutReadilyDeterminableFairValueAmount	67000000	USD
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CY2021Q1	us-gaap	Income Loss From Equity Method Investments IncomeLossFromEquityMethodInvestments	57000000	USD
CY2021Q4	us-gaap	Contract With Customer Liability ContractWithCustomerLiability	448000000	USD
CY2022Q1	ndaq	Contract With Customer Liability Current Period Additions Net Of Recognition ContractWithCustomerLiabilityCurrentPeriodAdditionsNetOfRecognition	435000000	USD
CY2022Q1	us-gaap	Contract With Customer Liability Revenue Recognized ContractWithCustomerLiabilityRevenueRecognized	145000000	USD
CY2022Q1	ndaq	Contract With Customer Liability Revenue Translation Adjustment ContractWithCustomerLiabilityRevenueTranslationAdjustment	3000000	USD
CY2022Q1	us-gaap	Contract With Customer Liability ContractWithCustomerLiability	735000000	USD
CY2022Q1	ndaq	Contract With Customer Liability Expected To Be Recognized Remainder Of Fiscal Year ContractWithCustomerLiabilityExpectedToBeRecognizedRemainderOfFiscalYear	594000000	USD
CY2022Q1	ndaq	Contract With Customer Liability Expected To Be Recognized In Year One ContractWithCustomerLiabilityExpectedToBeRecognizedInYearOne	65000000	USD
CY2022Q1	ndaq	Contract With Customer Liability Expected To Be Recognized In Year Two ContractWithCustomerLiabilityExpectedToBeRecognizedInYearTwo	33000000	USD
CY2022Q1	ndaq	Contract With Customer Liability Expected To Be Recognized In Year Three ContractWithCustomerLiabilityExpectedToBeRecognizedInYearThree	21000000	USD
CY2022Q1	ndaq	Contract With Customer Liability Expected To Be Recognized In Year Four ContractWithCustomerLiabilityExpectedToBeRecognizedInYearFour	15000000	USD
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CY2022Q1	us-gaap	Contract With Customer Liability ContractWithCustomerLiability	735000000	USD
CY2021Q4	us-gaap	Short Term Borrowings ShortTermBorrowings	1517000000	USD
CY2022Q1	us-gaap	Proceeds From Short Term Debt ProceedsFromShortTermDebt	1250000000	USD
CY2022Q1	ndaq	Payments Accretions And Other Of Short Term Debt PaymentsAccretionsAndOtherOfShortTermDebt	1669000000	USD
CY2022Q1	us-gaap	Short Term Borrowings ShortTermBorrowings	1098000000	USD
CY2021Q4	us-gaap	Long Term Debt LongTermDebt	4313000000	USD
CY2022Q1	us-gaap	Proceeds From Issuance Of Long Term Debt ProceedsFromIssuanceOfLongTermDebt	541000000	USD
CY2022Q1	ndaq	Payments Accretions And Otherof Longterm Debt PaymentsAccretionsAndOtherofLongtermDebt	54000000	USD
CY2022Q1	us-gaap	Long Term Debt LongTermDebt	4800000000	USD
CY2021Q4	us-gaap	Debt Longterm And Shortterm Combined Amount DebtLongtermAndShorttermCombinedAmount	5830000000	USD
CY2022Q1	us-gaap	Proceeds From Issuance Of Debt ProceedsFromIssuanceOfDebt	1791000000	USD
CY2022Q1	ndaq	Payments Accretions And Other Of Long Term And Short Term Debt PaymentsAccretionsAndOtherOfLongTermAndShortTermDebt	1723000000	USD
CY2022Q1	us-gaap	Debt Longterm And Shortterm Combined Amount DebtLongtermAndShorttermCombinedAmount	5898000000	USD
CY2022Q1	us-gaap	Defined Contribution Plan Employer Matching Contribution Percent Of Match DefinedContributionPlanEmployerMatchingContributionPercentOfMatch	1.000
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CY2021Q1	us-gaap	Defined Contribution Plan Cost Recognized DefinedContributionPlanCostRecognized	4000000	USD
CY2022Q1	us-gaap	Defined Contribution Plan Cost Recognized DefinedContributionPlanCostRecognized	4000000	USD
CY2021Q1	us-gaap	Pension And Other Postretirement Benefit Expense PensionAndOtherPostretirementBenefitExpense	6000000	USD
CY2022Q1	us-gaap	Pension And Other Postretirement Benefit Expense PensionAndOtherPostretirementBenefitExpense	6000000	USD
CY2022Q1	us-gaap	Allocated Share Based Compensation Expense AllocatedShareBasedCompensationExpense	25000000	USD
CY2021Q1	us-gaap	Allocated Share Based Compensation Expense AllocatedShareBasedCompensationExpense	19000000	USD
CY2022Q1	us-gaap	Employee Service Share Based Compensation Tax Benefit From Compensation Expense EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense	6000000	USD
CY2021Q1	us-gaap	Employee Service Share Based Compensation Tax Benefit From Compensation Expense EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense	5000000	USD
CY2022Q1	us-gaap	Allocated Share Based Compensation Expense Net Of Tax AllocatedShareBasedCompensationExpenseNetOfTax	19000000	USD
CY2021Q1	us-gaap	Allocated Share Based Compensation Expense Net Of Tax AllocatedShareBasedCompensationExpenseNetOfTax	14000000	USD
CY2022Q1	us-gaap	Common Stock Capital Shares Reserved For Future Issuance CommonStockCapitalSharesReservedForFutureIssuance	9300000	shares
CY2021Q4	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber	268817	shares
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CY2021Q4	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue	39000000	USD
CY2022Q1	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross	204624	shares
CY2022Q1	us-gaap	Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice	202.46
CY2022Q1	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber	473441	shares
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CY2022Q1	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue	30000000	USD
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CY2022Q1	us-gaap	Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1 SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1	30000000	USD
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CY2022Q1	us-gaap	Due To And From Broker Dealers And Clearing Organizations Disclosure DueToAndFromBrokerDealersAndClearingOrganizationsDisclosure	CLEARING OPERATIONS<div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Nasdaq</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Clearing</span></div><div style="margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Nasdaq Clearing is authorized and supervised under EMIR as a multi-asset clearinghouse by the SFSA. Such authorization is effective for all member states of the European Union and certain other non-member states that are part of the European Economic Area, including Norway. The clearinghouse acts as the CCP for exchange and OTC trades in equity derivatives, fixed income derivatives, resale and repurchase contracts, power derivatives, emission allowance derivatives, and seafood derivatives. </span></div><div style="margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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="margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Nasdaq Clearing maintains three member sponsored default funds: one related to financial markets, one related to commodities markets and one related to the seafood market. 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. See “Default Fund Contributions” below for further discussion of Nasdaq Clearing’s default fund. A power of assessment and a liability waterfall have also been implemented to further align risk between Nasdaq Clearing and its clearing members. See “Power of Assessment” and “Liability Waterfall” below for further discussion.</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Nasdaq Commodities Clearing Default </span></div><div style="margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In September 2018, a member of the Nasdaq Clearing commodities market defaulted due to the 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. </span></div><div style="margin-top:4pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Immediately following the event, Nasdaq Clearing launched a comprehensive enhancement program to strengthen the resilience and robustness of the clearinghouse.</span></div><div style="margin-top:4pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In December 2018, the SFSA initiated a review of Nasdaq Clearing. In January 2021, the SFSA issued a warning combined with an administrative fine of approximately $33 million (SEK 300 million) to Nasdaq Clearing based on its review. Nasdaq Clearing appealed the SFSA´s decision to the Administrative Court. In December 2021, the court rejected Nasdaq Clearing’s appeal and upheld the decision of the SFSA. In January 2022, Nasdaq Clearing appealed this decision to the Administrative Court of Appeal. While we continue to firmly believe in the merit of our appeal, due to the recent decision by the Administrative Court, we have determined it is appropriate to record an accrual for the full amount of the administrative fine issued by the SFSA. The charge was included in regulatory expense in our Consolidated Statements of Income for the year ended December 31, 2021. </span></div><div style="margin-top:4pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Default Fund Contributions and Margin Deposits</span></div><div style="margin-top:4pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As of March 31, 2022, clearing member default fund contributions and margin deposits were as follows:</span></div><div style="margin-top:4pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.393%"><tr><td style="width:1.0%"/><td style="width:32.131%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:22.070%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:1.324%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:19.631%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:1.324%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:18.720%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%"> </span></td><td colspan="15" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">March 31, 2022</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">Cash Contributions</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"/><td colspan="3" style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">Non-Cash Contributions</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"/><td colspan="3" style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">Total Contributions</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%"> </span></td><td colspan="15" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">(in millions)</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Default fund contributions</span></div></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">736 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#cceeff;padding:0 1pt"/><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">133 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#cceeff;padding:0 1pt"/><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">869 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Margin deposits</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5,834 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">7,199 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">13,033 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Total</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">6,570 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#cceeff;padding:0 1pt"/><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">7,332 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#cceeff;padding:0 1pt"/><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">13,902 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div><div style="margin-top:4pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Of the total default fund contributions of $869 million, Nasdaq Clearing can utilize $764 million as capital resources in the event of a counterparty default. The remaining balance of $105 million pertains to member posted surplus balances.</span></div><div style="margin-top:4pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Our clearinghouse holds material amounts of clearing member cash deposits which are held or invested primarily to provide security of capital while minimizing credit, market and liquidity risks. While we seek to achieve a reasonable rate of return, we are primarily concerned with preservation of capital and managing the risks associated with these deposits. </span></div><div style="margin-top:4pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Clearing member cash contributions are maintained in demand deposits held at central banks and large, highly rated financial institutions or secured through direct investments, primarily central bank certificates and highly rated European government debt securities with original maturities primarily 1 year or less, reverse repurchase agreements and multilateral development bank debt securities. Investments in reverse repurchase agreements range in maturity from 1 day to 20 days and are secured with highly rated government securities and multilateral development banks. The carrying value of these securities approximates their fair value due to the short-term nature of the instruments and reverse repurchase agreements.</span></div><div style="display:inline-block;vertical-align:top;width:48.245%"><div style="margin-top:3pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Nasdaq Clearing has invested the total cash contributions of $6,570 million as of March 31, 2022 and $5,911 million as of December 31, 2021, in accordance with its investment policy as follows:</span></div><div style="margin-top:3pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:46.475%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:24.657%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:1.012%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:24.356%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">March 31, 2022</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">December 31, 2021</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%"> </span></td><td colspan="9" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">(in millions)</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Demand deposits</span></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">4,270 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#cceeff;padding:0 1pt"/><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3,061 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Central bank certificates</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,128 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,013 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 5.5pt;text-align:left;text-indent:-4.5pt;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Restricted cash and cash equivalents</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">5,398</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%"> </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#cceeff;padding:0 1pt"/><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">5,074</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%"> </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 5.5pt;text-align:left;text-indent:-4.5pt;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">European government debt securities</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">443 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">414 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 5.5pt;text-align:left;text-indent:-4.5pt;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Reverse repurchase agreements</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">457 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#cceeff;padding:0 1pt"/><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">152 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 5.5pt;text-align:left;text-indent:-4.5pt;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Multilateral development bank debt securities</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">272 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">271 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 10pt;text-align:left;text-indent:-9pt;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Investments</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">1,172</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%"> </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#cceeff;padding:0 1pt"/><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">837</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%"> </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Total</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">6,570</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%"> </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">5,911</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%"> </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div><div style="margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In the table above, the change from December 31, 2021 to March 31, 2022 includes currency translation adjustments of $160 million for restricted cash and cash equivalents and $37 million for investments.</span></div><div style="margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">For the three months ended March 31, 2022 and 2021 investments related to default funds and margin deposits, net includes purchases of investment securities of $10,647 million and $12,197 million, respectively, and proceeds from sales and redemptions of investment securities of $10,275 million and $12,002 million, respectively.</span></div><div style="margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Default Fund Contributions</span></div><div style="margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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 maintained in demand deposits held at central banks and large, highly rated financial institutions or invested by Nasdaq Clearing, in accordance with its investment policy, either in central bank certificates, </span></div></div><div style="display:inline-block;max-width:3.508%;min-width:2.508%;vertical-align:top"/><div style="display:inline-block;vertical-align:top;width:48.247%"><div style="margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">highly rated government debt securities, reverse repurchase agreements with highly rated government debt securities as collateral, or multilateral development bank debt securities. 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 March 31, 2022, Nasdaq Clearing committed capital totaling $132 million to the liability waterfall and overall regulatory capital, in the form of government debt securities, which are recorded as financial investments 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 and may be used to cover losses sustained by a clearing member in the event of a default.</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Margin Deposits</span></div><div style="margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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><div style="display:inline-block;vertical-align:top;width:48.245%"><div style="margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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="margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Regulatory Capital and Risk Management Calculations</span></div><div style="margin-top:4pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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 and default fund 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="margin-top:4pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As mentioned above, Nasdaq Clearing is the legal counterparty for each contract cleared and thereby guarantees the fulfillment of each contract. Nasdaq Clearing accounts for this guarantee as a performance guarantee. We determine the fair value of the performance guarantee by considering daily settlement of contracts and other margining and default fund requirements, the risk management program, historical evidence of default payments, and the estimated probability of potential default payouts. The calculation is determined using proprietary risk management software that simulates gains and losses based on historical market prices, extreme but plausible market scenarios, volatility and other factors present at that point in time for those particular unsettled contracts. Based on this analysis, excluding any liability related to the Nasdaq commodities clearing default (see discussion above), the estimated liability was nominal and no liability was recorded as of March 31, 2022.</span></div></div><div style="display:inline-block;max-width:3.508%;min-width:2.508%;vertical-align:top"/><div style="display:inline-block;vertical-align:top;width:48.247%"><div style="margin-top:4pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Power of Assessment </span></div><div style="margin-top:4pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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 230.0% of the clearing member’s aggregate contribution to the financial, commodities and seafood markets’ default funds.</span></div><div style="margin-top:4pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Liability Waterfall</span></div><div style="margin-top:4pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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><div style="margin-top:6pt;padding-left:9pt;text-align:justify;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:5.5pt">junior capital contributed by Nasdaq Clearing, which totaled $42 million as of March 31, 2022;</span></div><div style="margin-top:6pt;padding-left:9pt;text-align:justify;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:5.5pt">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><div style="margin-top:6pt;padding-left:9pt;text-align:justify;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:5.5pt">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; and</span></div><div style="margin-top:6pt;padding-left:9pt;text-align:justify;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:5.5pt">fully segregated senior capital for each specific market contributed by Nasdaq Clearing, calculated in accordance with clearinghouse rules, which totaled $23 million as of March 31, 2022.</span></div><div style="margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">If additional funds are needed after utilization of the liability waterfall, or if part of the waterfall has been utilized and needs to be replenished, 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="margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In addition to the capital held to withstand counterparty defaults described above, Nasdaq Clearing also has committed capital of $67 million 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><div style="margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Market Value of Derivative Contracts Outstanding </span></div><div style="margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table presents the market value of derivative contracts outstanding prior to netting:</span></div><div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:69.506%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:28.294%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">March 31, 2022</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">(in millions)</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 5.5pt;text-align:left;text-indent:-4.5pt;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Commodity and seafood options, futures and forwards</span></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">518 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Fixed-income options and futures</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,345 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Stock options and futures</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">228 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Index options and futures</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">82 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Total</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,173 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div><div style="margin-top:3pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In the table above: </span></div><div style="margin-top:6pt;padding-left:9pt;text-align:justify;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:5.5pt">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><div style="margin-top:3pt;padding-left:9pt;text-align:justify;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:5.5pt">We determined the fair value of our futures contracts based upon quoted market prices and average quoted market yields.</span></div><div style="margin-top:3pt;padding-left:9pt;text-align:justify;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:5.5pt">We determined the fair value of our forward contracts using standard valuation models that were based on market-based observable inputs including benchmark rates and the spot price of the underlying instrument.</span></div><div style="margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Derivative Contracts Cleared</span></div><div style="margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table presents the total number of derivative contracts cleared through Nasdaq Clearing for the three months ended March 31, 2022 and 2021:</span></div><div style="margin-top:6pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:44.821%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:25.183%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:1.310%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:25.186%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">March 31, 2022</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">March 31, 2021</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 5.5pt;text-align:left;text-indent:-4.5pt;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Commodity and seafood options, futures and forwards</span></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">96,153 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#cceeff;padding:0 1pt"/><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">155,662 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="padding:2px 1pt 2px 5.5pt;text-align:left;text-indent:-4.5pt;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Fixed-income options and futures</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">6,594,330 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">6,404,204 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Stock options and futures</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5,113,644 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#cceeff;padding:0 1pt"/><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">6,306,308 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Index options and futures</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">13,144,541 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">9,076,033 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Total</span></td><td colspan="2" style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">24,948,668 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#cceeff;padding:0 1pt"/><td colspan="2" style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">21,942,207 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div><div style="margin-bottom:3pt;margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In the table above, the total volume in cleared power related to commodity contracts was 135 Terawatt hours (TWh) and 250 TWh for the three months ended March 31, 2022 and 2021, respectively.</span></div><div style="margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Resale and Repurchase Agreements Contracts Outstanding and Cleared</span></div><div style="margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The outstanding contract value of resale and repurchase agreements was $1.0 billion as of March 31, 2022 and the total number of resale and repurchase agreements contracts cleared was 1,317,510 for the three months ended March 31, 2022.</span></div>
CY2022Q1	ndaq	Number Of Member Sponsored Default Funds NumberOfMemberSponsoredDefaultFunds	3	fund
CY2022Q1	ndaq	Default Fund Contributions DefaultFundContributions	869000000	USD
CY2022Q1	ndaq	Margin Deposits MarginDeposits	13033000000	USD
CY2022Q1	ndaq	Default Fund Contributions And Margin Deposits DefaultFundContributionsAndMarginDeposits	13902000000	USD
CY2022Q1	ndaq	Default Fund Contributions DefaultFundContributions	869000000	USD
CY2022Q1	ndaq	Default Funds And Margin Deposits Assets DefaultFundsAndMarginDepositsAssets	6570000000	USD
CY2021Q4	ndaq	Default Funds And Margin Deposits Assets DefaultFundsAndMarginDepositsAssets	5911000000	USD
CY2022Q1	ndaq	Payment For Default Funds And Margin Deposits PaymentForDefaultFundsAndMarginDeposits	10647000000	USD
CY2021Q1	ndaq	Payment For Default Funds And Margin Deposits PaymentForDefaultFundsAndMarginDeposits	12197000000	USD
CY2022Q1	ndaq	Proceeds From Default Funds And Margin Deposits ProceedsFromDefaultFundsAndMarginDeposits	10275000000	USD
CY2021Q1	ndaq	Proceeds From Default Funds And Margin Deposits ProceedsFromDefaultFundsAndMarginDeposits	12002000000	USD
CY2022Q1	ndaq	Liability Due To Market Default LiabilityDueToMarketDefault	0	USD
CY2022Q1	ndaq	Derivative Contracts Market Value DerivativeContractsMarketValue	2173000000	USD
CY2022Q1	us-gaap	Derivative Number Of Instruments Held DerivativeNumberOfInstrumentsHeld	24948668	contract
CY2021Q1	us-gaap	Derivative Number Of Instruments Held DerivativeNumberOfInstrumentsHeld	21942207	contract
CY2022Q1	ndaq	Total Volume In Cleared Power TotalVolumeInClearedPower	135	TWh
CY2021Q1	ndaq	Total Volume In Cleared Power TotalVolumeInClearedPower	250	TWh
CY2022Q1	us-gaap	Operating Lease Right Of Use Asset OperatingLeaseRightOfUseAsset	470000000	USD
CY2021Q4	us-gaap	Operating Lease Right Of Use Asset OperatingLeaseRightOfUseAsset	366000000	USD
CY2022Q1	us-gaap	Operating Lease Liability Current OperatingLeaseLiabilityCurrent	58000000	USD
CY2021Q4	us-gaap	Operating Lease Liability Current OperatingLeaseLiabilityCurrent	37000000	USD
CY2022Q1	us-gaap	Operating Lease Liability Noncurrent OperatingLeaseLiabilityNoncurrent	478000000	USD
CY2021Q4	us-gaap	Operating Lease Liability Noncurrent OperatingLeaseLiabilityNoncurrent	386000000	USD
CY2022Q1	us-gaap	Operating Lease Liability OperatingLeaseLiability	536000000	USD
CY2021Q4	us-gaap	Operating Lease Liability OperatingLeaseLiability	423000000	USD
CY2022Q1	us-gaap	Operating Lease Cost OperatingLeaseCost	20000000	USD
CY2021Q1	us-gaap	Operating Lease Cost OperatingLeaseCost	22000000	USD
CY2022Q1	us-gaap	Variable Lease Cost VariableLeaseCost	8000000	USD
CY2021Q1	us-gaap	Variable Lease Cost VariableLeaseCost	7000000	USD
CY2022Q1	us-gaap	Sublease Income SubleaseIncome	1000000	USD
CY2021Q1	us-gaap	Sublease Income SubleaseIncome	1000000	USD
CY2022Q1	us-gaap	Lease Cost LeaseCost	27000000	USD
CY2021Q1	us-gaap	Lease Cost LeaseCost	28000000	USD
CY2022Q1	us-gaap	Lessee Operating Lease Liability Payments Remainder Of Fiscal Year LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear	57000000	USD
CY2022Q1	us-gaap	Lessee Operating Lease Liability Payments Due Next Twelve Months LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths	71000000	USD
CY2022Q1	us-gaap	Lessee Operating Lease Liability Payments Due Year Two LesseeOperatingLeaseLiabilityPaymentsDueYearTwo	66000000	USD
CY2022Q1	us-gaap	Lessee Operating Lease Liability Payments Due Year Three LesseeOperatingLeaseLiabilityPaymentsDueYearThree	52000000	USD
CY2022Q1	us-gaap	Lessee Operating Lease Liability Payments Due Year Four LesseeOperatingLeaseLiabilityPaymentsDueYearFour	48000000	USD
CY2022Q1	ndaq	Lessee Operating Lease Liability To Be Paid After Year Four LesseeOperatingLeaseLiabilityToBePaidAfterYearFour	358000000	USD
CY2022Q1	us-gaap	Lessee Operating Lease Liability Payments Due LesseeOperatingLeaseLiabilityPaymentsDue	652000000	USD
CY2022Q1	us-gaap	Lessee Operating Lease Liability Undiscounted Excess Amount LesseeOperatingLeaseLiabilityUndiscountedExcessAmount	116000000	USD
CY2022Q1	us-gaap	Operating Lease Liability OperatingLeaseLiability	536000000	USD
CY2022Q1	us-gaap	Operating Lease Liability Current OperatingLeaseLiabilityCurrent	58000000	USD
CY2022Q1	ndaq	Lessee Operating Lease Lease Not Yet Commenced Liability LesseeOperatingLeaseLeaseNotYetCommencedLiability	44000000	USD
CY2022Q1	us-gaap	Operating Lease Weighted Average Remaining Lease Term1 OperatingLeaseWeightedAverageRemainingLeaseTerm1	P11Y
CY2022Q1	us-gaap	Operating Lease Weighted Average Discount Rate Percent OperatingLeaseWeightedAverageDiscountRatePercent	0.035
CY2022Q1	us-gaap	Operating Lease Payments OperatingLeasePayments	9000000	USD
CY2021Q1	us-gaap	Operating Lease Payments OperatingLeasePayments	19000000	USD
CY2022Q1	us-gaap	Right Of Use Asset Obtained In Exchange For Operating Lease Liability RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability	118000000	USD
CY2021Q1	us-gaap	Right Of Use Asset Obtained In Exchange For Operating Lease Liability RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability	33000000	USD
CY2022Q1	us-gaap	Income Tax Expense Benefit IncomeTaxExpenseBenefit	91000000	USD
CY2021Q1	us-gaap	Income Tax Expense Benefit IncomeTaxExpenseBenefit	97000000	USD
CY2022Q1	us-gaap	Effective Income Tax Rate Continuing Operations EffectiveIncomeTaxRateContinuingOperations	0.243
CY2021Q1	us-gaap	Effective Income Tax Rate Continuing Operations EffectiveIncomeTaxRateContinuingOperations	0.246
CY2022Q1	ndaq	Financialguaranteesobtainedtoprovidefurtherliquidityanddefaultprotectionrelatedtoclearingbusinesses Financialguaranteesobtainedtoprovidefurtherliquidityanddefaultprotectionrelatedtoclearingbusinesses	5000000	USD
CY2021Q4	ndaq	Financialguaranteesobtainedtoprovidefurtherliquidityanddefaultprotectionrelatedtoclearingbusinesses Financialguaranteesobtainedtoprovidefurtherliquidityanddefaultprotectionrelatedtoclearingbusinesses	5000000	USD
CY2022Q1	us-gaap	Number Of Operating Segments NumberOfOperatingSegments	4	segment
CY2022Q1	us-gaap	Number Of Operating Segments NumberOfOperatingSegments	4	segment
CY2022Q1	us-gaap	Revenue From Contract With Customer Excluding Assessed Tax RevenueFromContractWithCustomerExcludingAssessedTax	1535000000	USD
CY2021Q1	us-gaap	Revenue From Contract With Customer Excluding Assessed Tax RevenueFromContractWithCustomerExcludingAssessedTax	1651000000	USD
CY2022Q1	us-gaap	Cost Of Revenue CostOfRevenue	643000000	USD
CY2021Q1	us-gaap	Cost Of Revenue CostOfRevenue	800000000	USD
CY2022Q1	us-gaap	Gross Profit GrossProfit	892000000	USD
CY2021Q1	us-gaap	Gross Profit GrossProfit	851000000	USD
CY2022Q1	us-gaap	Operating Income Loss OperatingIncomeLoss	405000000	USD
CY2021Q1	us-gaap	Operating Income Loss OperatingIncomeLoss	365000000	USD
CY2021Q2	ndaq	Restructuring And Related Cost Expected Cost Period Of Recognition RestructuringAndRelatedCostExpectedCostPeriodOfRecognition	P2Y
CY2021Q1	us-gaap	Restructuring Charges RestructuringCharges	10000000	USD

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2022 Q1 Form 10-Q Financial Statement

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$NDAQ NASDAQ, INC. Stock $ndaq

2022 Q1 Form 10-Q Financial Statement

#000112019322000013 Filed on May 04, 2022

Income Statement

Balance Sheet

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Files In Submission

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