0001120193-20-000021 | 10-Q | XBRL Viewer

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Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2020	Oct. 27, 2020
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2020
Document Transition Report	false
Entity File Number	001-38855
Entity Registrant Name	Nasdaq, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	52-1165937
Entity Address, Address Line One	151 W. 42nd Street,
Entity Address, City or Town	New York,
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10036
City Area Code	212
Local Phone Number	401 8700
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		164,037,597
Entity Central Index Key	0001120193
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Amendment Flag	false
Common Stock, $.01 par value per share
Entity Information [Line Items]
Title of 12(b) Security	Common Stock, $0.01 par value per share
Trading Symbol	NDAQ
Security Exchange Name	NASDAQ
0.875% Senior Notes due 2030
Entity Information [Line Items]
Title of 12(b) Security	0.875% Senior Notes due 2030
Trading Symbol	NDAQ30
Security Exchange Name	NASDAQ
1.75% Senior Notes due 2029
Entity Information [Line Items]
Title of 12(b) Security	1.75% Senior Notes due 2029
Trading Symbol	NDAQ29
Security Exchange Name	NASDAQ
1.75% Senior Note due 2023
Entity Information [Line Items]
Title of 12(b) Security	1.75% Senior Notes due 2023
Trading Symbol	NDAQ23
Security Exchange Name	NASDAQ

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 584	$ 332
Restricted cash and cash equivalents	33	30
Financial investments	177	291
Receivables, net	504	422
Default funds and margin deposits	3,378	2,996
Other current assets	134	219
Total current assets	4,810	4,290
Property and equipment, net	435	384
Goodwill	6,600	6,366
Intangible assets, net	2,218	2,249
Operating lease assets	387	346
Other non-current assets	381	289
Total assets	14,831	13,924
Current liabilities:
Accounts payable and accrued expenses	145	148
Section 31 fees payable to SEC	63	132
Accrued personnel costs	184	188
Deferred revenue	290	211
Other current liabilities	101	161
Default funds and margin deposits	3,378	2,996
Short-term debt	0	391
Total current liabilities	4,161	4,227
Long-term debt	3,571	2,996
Deferred tax liabilities, net	513	552
Operating lease liabilities	397	331
Other non-current liabilities	175	179
Total liabilities	8,817	8,285
Commitments and contingencies
Nasdaq stockholders’ equity:
Common stock, $0.01 par value, 300,000,000 shares authorized, shares issued: 170,298,054 at September 30, 2020 and 171,075,011 at December 31, 2019; shares outstanding: 164,020,697 at September 30, 2020 and 165,094,440 at December 31, 2019	2	2
Additional paid-in capital	2,524	2,632
Common stock in treasury, at cost: 6,277,357 shares at September 30, 2020 and 5,980,571 shares at December 31, 2019	(367)	(336)
Accumulated other comprehensive loss	(1,632)	(1,686)
Retained earnings	5,484	5,027
Total Nasdaq stockholders’ equity	6,011	5,639
Noncontrolling interests	3	0
Total equity	6,014	5,639
Total liabilities and equity	$ 14,831	$ 13,924

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	300,000,000	300,000,000
Common stock, shares issued (in shares)	170,298,054	171,075,011
Common stock, shares outstanding (in shares)	164,020,697	165,094,440
Common stock in treasury (in shares)	6,277,357	5,980,571

Condensed Consolidated Statements of Income - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenues:
Total revenues	$ 1,414	$ 1,096	$ 4,165	$ 3,197
Transaction-based expenses:
Revenues less transaction-based expenses	715	632	2,115	1,889
Operating expenses:
Compensation and benefits	198	175	582	518
Professional and contract services	38	31	96	99
Computer operations and data communications	39	33	109	98
Occupancy	29	24	80	72
General, administrative and other	13	40	99	95
Marketing and advertising	7	8	20	29
Depreciation and amortization	51	47	149	143
Regulatory	2	8	16	23
Merger and strategic initiatives	1	10	12	25
Restructuring charges	11	30	36	30
Total operating expenses	389	406	1,199	1,132
Operating income	326	226	916	757
Interest income	0	3	4	8
Interest expense	(24)	(29)	(77)	(97)
Net gain on divestiture of business	0	0	0	27
Other income	1	0	5	1
Net income from unconsolidated investees	54	15	97	71
Income before income taxes	357	215	945	767
Income tax provision	93	65	237	196
Net income attributable to Nasdaq	$ 264	$ 150	$ 708	$ 571
Per share information:
Basic earnings per share (in dollars per share)	$ 1.61	$ 0.91	$ 4.31	$ 3.46
Diluted earnings per share (in dollars per share)	1.58	0.90	4.25	3.42
Cash dividends declared per common share (in dollars per share)	$ 0.49	$ 0.47	$ 1.45	$ 1.38
Transaction rebates
Transaction-based expenses:
Transaction-based expenses	$ (518)	$ (349)	$ (1,526)	$ (1,012)
Brokerage, clearance and exchange fees
Transaction-based expenses:
Transaction-based expenses	(181)	(115)	(524)	(296)
Operating Segments \| Market Services
Revenues:
Total revenues	958	690	2,867	1,995
Transaction-based expenses:
Revenues less transaction-based expenses	259	226	817	687
Operating expenses:
Operating income	154	129	509	392
Operating Segments \| Corporate Services
Revenues:
Total revenues	132	124	386	368
Transaction-based expenses:
Revenues less transaction-based expenses	132	124	386	368
Operating expenses:
Operating income	51	45	145	134
Operating Segments \| Information Services
Revenues:
Total revenues	238	198	661	585
Operating Segments \| Market Technology
Revenues:
Total revenues	86	84	251	239
Other Revenues
Revenues:
Total revenues	$ 0	$ 0	$ 0	10
Transaction-based expenses:
Revenues less transaction-based expenses				$ 10

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($)
$ in Millions

3 Months Ended

9 Months Ended

Sep. 30, 2020

Sep. 30, 2019

Sep. 30, 2020

Sep. 30, 2019

Statement of Comprehensive Income [Abstract]

Net income

$ 264

$ 150

$ 708

$ 571

Other comprehensive income (loss):

Foreign currency translation gains (losses)

(121)

(256)

Income tax benefit (expense)

^[1]

(46)

(47)

Foreign currency translation, net

(167)

(303)

Comprehensive income (loss) attributable to Nasdaq

$ 347

$ (17)

$ 762

$ 268

[1]	Primarily relates to the tax effect of unrealized gains and losses on Euro denominated notes.

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($) shares in Millions, $ in Millions	Total	Common stock	Additional paid-in capital	Common stock in treasury, at cost	Accumulated other comprehensive loss	Retained earnings	Retained earnings Cumulative effect, period of adoption	Total Nasdaq stockholders’ equity	Noncontrolling interests
Beginning balance, stockholders' equity at Dec. 31, 2018			$ 2,716	$ (297)	$ (1,530)	$ 4,558			$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares repurchase program (in shares)			(2)
Share repurchase program	$ (200)		$ (200)
Share-based compensation			$ 57
Share-based compensation (in shares)			1
Stock option exercises, net			$ 1
Other issuances of common stock, net			11
Other employee stock activity				(31)
Other comprehensive income (loss)					(303)
Net income	$ 571					571
Cash dividends declared per common share						(228)
Ending balance (in shares) at Sep. 30, 2019	164	165
Ending balance, stockholders' equity at Sep. 30, 2019	$ 5,327	$ 2	2,585	(328)	(1,833)	4,901		$ 5,327	0
Beginning balance, stockholders' equity at Dec. 31, 2018			2,716	(297)	(1,530)	4,558			0
Ending balance, stockholders' equity at Dec. 31, 2019	$ 5,639		2,632	(336)	(1,686)	5,027	$ (12)		0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Accounting Standards Update [Extensible List]	us-gaap:AccountingStandardsUpdate201613Member
Beginning balance (in shares) at Jun. 30, 2019		165
Beginning balance, stockholders' equity at Jun. 30, 2019			$ 2,713	(327)	(1,666)	4,829			0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares repurchase program (in shares)			(2)
Share repurchase program			$ (150)
Share-based compensation			$ 21
Share-based compensation (in shares)			1
Stock option exercises, net			$ 1
Other employee stock activity				(1)
Other comprehensive income (loss)					(167)
Net income	$ 150					150
Cash dividends declared per common share						(78)
Ending balance (in shares) at Sep. 30, 2019	164	165
Ending balance, stockholders' equity at Sep. 30, 2019	$ 5,327	$ 2	2,585	(328)	(1,833)	4,901		5,327	0
Beginning balance, stockholders' equity at Dec. 31, 2019	5,639		$ 2,632	(336)	(1,686)	5,027	$ (12)		0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares repurchase program (in shares)			(2)
Share repurchase program	(186)		$ (186)
Share-based compensation			$ 64
Share-based compensation (in shares)			1
Stock option exercises, net			$ 2
Other issuances of common stock, net			12
Other employee stock activity				(31)
Other comprehensive income (loss)					54
Net income	708					708
Cash dividends declared per common share	$ (239)					(239)
Net activity related to noncontrolling interests									3
Ending balance (in shares) at Sep. 30, 2020	164	165
Ending balance, stockholders' equity at Sep. 30, 2020	$ 6,014	$ 2	2,524	(367)	(1,632)	5,484		6,011	3
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Accounting Standards Update [Extensible List]	us-gaap:AccountingStandardsUpdate201613Member
Beginning balance (in shares) at Jun. 30, 2020		164
Beginning balance, stockholders' equity at Jun. 30, 2020			2,533	(367)	(1,715)	5,301			3
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share repurchase program			(34)
Share-based compensation			24
Stock option exercises, net			1
Other comprehensive income (loss)					83
Net income	$ 264					264
Cash dividends declared per common share						(81)
Ending balance (in shares) at Sep. 30, 2020	164	165
Ending balance, stockholders' equity at Sep. 30, 2020	$ 6,014	$ 2	$ 2,524	$ (367)	$ (1,632)	$ 5,484		$ 6,011	$ 3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Cash flows from operating activities:
Net income	$ 708	$ 571
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	149	143
Share-based compensation	64	57
Deferred income taxes	19	(21)
Extinguishment of debt	36	11
Net gain on divestiture of business	0	(27)
Non-cash restructuring charges	10	25
Net income from unconsolidated investees	(97)	(71)
Other reconciling items included in net income	16	7
Net change in operating assets and liabilities, net of effects of divestiture and acquisitions:
Receivables, net	(109)	(7)
Other assets	43	(128)
Accounts payable and accrued expenses	(18)	(36)
Section 31 fees payable to SEC	(69)	(75)
Accrued personnel costs	(6)	(58)
Deferred revenue	70	52
Other liabilities	1	181
Net cash provided by operating activities	817	624
Cash flows from investing activities:
Purchases of securities	(252)	(384)
Proceeds from sales and redemptions of securities	372	429
Proceeds from divestiture of business	0	108
Acquisition of businesses, net of cash and cash equivalents acquired	(157)	(193)
Purchases of property and equipment	(128)	(88)
Other investing activities	8	(3)
Net cash used in investing activities	(157)	(131)
Cash flows from financing activities:
Proceeds from (repayments of) commercial paper, net	(391)	264
Repayments of borrowings under our credit commitment and debt obligations	(1,470)	(1,215)
Payment of debt extinguishment cost	(36)	(11)
Proceeds from issuances of long-term debt, net of issuance costs and utilization of credit commitment	1,928	680
Repurchases of common stock	(186)	(200)
Dividends paid	(239)	(228)
Proceeds received from employee stock activity and other issuances	14	12
Payments related to employee shares withheld for taxes	(31)	(31)
Other financing activities	3	0
Net cash used in financing activities	(408)	(729)
Effect of exchange rate changes on cash and cash equivalents and restricted cash and cash equivalents	3	(17)
Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents	255	(253)
Cash and cash equivalents and restricted cash and cash equivalents at beginning of period	362	586
Cash and cash equivalents and restricted cash and cash equivalents at end of period	617	333
Cash paid for:
Interest	69	97
Income taxes, net of refund	$ 218	$ 189

Organization and Nature of Operations	9 Months Ended
Organization and Nature of Operations	Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Nature of Operations	Organization and Nature of Operations Nasdaq is a global technology company serving the capital markets and other industries. Our diverse offerings of data, analytics, software and services enables clients to optimize and execute their business vision with confidence. We manage, operate and provide our products and services in four business segments: Market Services, Corporate Services, Information Services and Market Technology. Market Services Our Market Services segment includes our Equity Derivative Trading and Clearing, Cash Equity Trading, FICC and Trade Management Services businesses. We operate multiple exchanges and other marketplace facilities across several asset classes, including derivatives, commodities, cash equity, debt, structured products and ETPs. In addition, in some countries where we operate exchanges, we also provide broker services, clearing, settlement and central depository services. In November 2019, we sold NFX’s futures exchange business to a third party which acquired the core assets of NFX, including the portfolio of open interest in NFX contracts. As of June 30, 2020, all open interest was migrated to other exchanges. Also, in January 2020, management commenced an orderly wind-down of our Nordic broker services operations business. We expect this wind-down to continue through 2021. 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. 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. We also operate an electronic platform for trading of U.S. Treasuries and a Canadian exchange for the trading of certain Canadian-listed securities. 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. 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. Through our Trade Management Services business, we provide market participants with a wide variety of alternatives for connecting to and accessing our markets via a number of different protocols used for quoting, order entry, trade reporting, and connectivity to various data feeds. We also provide co-location 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 routes between select data centers using millimeter wave and microwave technology. Our broker services operations business primarily offers technology and customized securities administration solutions to financial participants in the Nordic market. Corporate Services Our Corporate Services segment includes our Listing Services and Corporate Solutions businesses. These businesses deliver critical capital market and governance solutions across the lifecycle of public and private companies. Our Listing Services business includes our U.S. and European Listing Services businesses. We operate a variety of listing platforms around the world to provide multiple global capital raising solutions for private and public companies. Our main listing markets are The Nasdaq Stock Market and the Nasdaq Nordic and Nasdaq Baltic exchanges. Through Nasdaq First North, our Nordic and Baltic operations also offer alternative marketplaces for smaller companies and growth companies. Our Listing Services business also includes NPM, which provides liquidity solutions for private companies and private funds. We continue to grow our U.S. Corporate Bond exchange for the listing and trading of corporate bonds. This exchange operates pursuant to The Nasdaq Stock Market exchange license and is powered by NFF. We also continue to grow the Nasdaq Sustainable Bond Network, a platform for increased transparency in the global sustainable bond markets. As of September 30, 2020, there were 3,249 total listings on The Nasdaq Stock Market, including 409 ETPs. The combined market capitalization was approximately $19.2 trillion. In Europe, the Nasdaq Nordic and Nasdaq Baltic exchanges, together with Nasdaq First North, were home to 1,049 listed companies with a combined market capitalization of approximately $1.8 trillion. Our Corporate Solutions business includes our Investor Relations Intelligence and Governance Solutions businesses, which serve 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. We help organizations enhance their ability to understand and expand their global shareholder base and improve corporate governance through our suite of advanced technology, analytics, and consultative services. We provide clients with counsel on a range of governance and sustainability-related issues. Our acquisition of OneReport in February 2020 broadened our environmental, social and governance, or ESG, offerings, which also include our ESG Advisory service and our board assessment and collaboration technology. Information Services Our Information Services segment includes our Market Data, Index and Investment Data & Analytics businesses. Our Market Data business sells and distributes historical and real-time market data to the sell-side, the buy-side, retail online brokers, proprietary trading shops, other venues, internet portals and data distributors. Our market data products enhance transparency of market activity within our exchanges and provide critical information to professional and non-professional investors globally. Our Index business develops and licenses Nasdaq-branded indexes, associated derivatives, and financial products and sells and distributes historical and real-time index data. As of September 30, 2020, we had 335 ETPs licensed to Nasdaq’s indexes which had $313 billion in AUM. Our Investment Data & Analytics business is a leading content and analytics cloud-based solutions provider used by asset managers, investment consultants and asset owners to help facilitate better investment decisions. In March 2020, we acquired Solovis, which offers multi-asset class, public and private market portfolio management, analytics, and reporting tools used by institutional investors and consultants. Market Technology Powering over 100 market infrastructure operators in more than 50 countries, our Market Technology segment is a leading global technology solutions provider and partner to exchanges, clearing organizations, central securities depositories, regulators, banks, brokers, buy-side firms and corporate businesses. Our Market Technology business is the sales channel for our complete global offering to other marketplaces. Our solutions can handle 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. During the third quarter of 2020, we announced the launch of the cloud-deployed Nasdaq Automated Investigator, an automated solution for investigating anti-money laundering for retail and commercial banks and other financial institutions. Nasdaq’s market technology is utilized by leading markets in the U.S., Europe and Asia as well as emerging markets in the Middle East, Latin America, and Africa. Additionally, more than 170 market participants leverage our surveillance technology globally to manage their integrity obligations and assist them in complying with market rules, regulations and internal market surveillance policies.

Basis of Presentation and Principles of Consolidation	9 Months Ended
Basis of Presentation and Principles of Consolidation	Sep. 30, 2020
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation The condensed consolidated financial statements are prepared in accordance with U.S. GAAP and include the accounts of Nasdaq, its wholly-owned subsidiaries and other entities in which Nasdaq has a controlling financial interest. When we do not have a controlling interest in an entity but exercise significant influence over the entity’s operating and financial policies, such investment is accounted for under the equity method of accounting. We recognize our share of earnings or losses of an equity method investee based on our ownership percentage. See “Equity Method Investments,” of Note 6, “Investments,” for further discussion of our equity method investments. The accompanying condensed consolidated financial statements reflect all adjustments which are, in the opinion of management, necessary for a fair statement of the results. These adjustments are of a normal recurring nature. All significant intercompany accounts and transactions have been eliminated in consolidation. As permitted under U.S. GAAP, certain footnotes or other financial information can be condensed or omitted in the interim condensed consolidated financial statements. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with the consolidated financial statements and accompanying notes included in Nasdaq’s Form 10-K. The year-end condensed balance sheet data was derived from the audited financial statements, but does not include all disclosures required by U.S. GAAP. Certain prior year amounts have been reclassified to conform to the current year presentation. Accounting Estimates 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. Nasdaq has considered the impact of COVID-19 on the assumptions and estimates used in evaluating our assets and liabilities, including but not limited to our goodwill, intangible assets, equity method investments, equity securities and allowance for losses on accounts receivable. We determined that there were no material adverse impacts on our results of operations and financial position for the three and nine months ended September 30, 2020. In addition, there were no material impairment charges recorded for the three and nine months ended September 30, 2020. These estimates may change as new events occur and additional information is obtained. Actual results could differ from these estimates under different assumptions or conditions. Recently Adopted Accounting Standard In June 2016, the FASB issued ASU 2016-13, “Measurement of Credit Losses on Financial Instruments.” This standard changes the impairment model for certain financial instruments. The new model is a forward looking expected loss model and applies to financial assets subject to credit losses and measured at amortized cost and certain off-balance sheet credit exposures. This includes loans, held-to-maturity debt securities, loan commitments, financial guarantees and trade receivables. For available-for-sale debt securities with unrealized losses, credit losses are measured in a manner similar to previous accounting, except that the losses are recognized as allowances rather than reductions in the amortized cost of the securities. We adopted this standard on January 1, 2020 using the modified retrospective transition method. We recorded a $12 million non-cash cumulative effect adjustment to retained earnings on our opening Condensed Consolidated Balance Sheets as of January 1, 2020. The comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods. We expect the impact of the adoption of the new standard to be immaterial to our net income on an on-going basis. At the date of adoption, the adjustment impacted by the standard related primarily to an adjustment to trade receivables. We took into consideration all financial instruments held at the date of adoption which were impacted by the standard, including reverse repurchase agreements and commercial paper, and estimated the risk of loss to be immaterial. Therefore, no adjustment was recorded for these instruments. In accordance with the new standard, Nasdaq must recognize an allowance when a receivable or contract asset is established, regardless of whether there has been an incurred loss. Our receivables are concentrated with our member firms, market data distributors, listed companies and corporate solutions and market technology customers. In order to assess the appropriate allowance as of January 1, 2020, we disaggregated our trade receivables by business unit and the aging of receivables. We concluded that historical loss information is a reasonable starting point on which to determine expected credit losses for trade receivables held at the date of adoption as the composition of our trade receivables at adoption of the standard is materially consistent with that used in developing the historical loss percentages for each business unit. In order to incorporate our expectation of credit losses over the life of our receivables, we considered corporate default rate averages over an extended period as compared to the period covered by our historical loss data and included an adjustment to historical loss percentages for current conditions and expected future conditions at the date of adoption. The allowance for losses is reviewed monthly and adjustments may be required if economic conditions at the measurement date reflect stronger or weaker economic performance than the historical data implies. If circumstances change (i.e., higher than expected defaults or an unexpected material adverse change in a major customer’s ability to pay), our estimates of recoverability could be reduced by a material amount. When we deem all or a portion of a receivable uncollectible the allowance for losses is reduced by the amount being written off. Any change in the allowance is included in general, administrative and other expense in the Condensed Consolidated Statements of Income. Receivables are shown net of the allowance for losses. The total allowance netted against receivables in the Condensed Consolidated Balance Sheets was $20 million as of September 30, 2020 and $9 million as of December 31, 2019. Subsequent Events There have been no subsequent events through the issuance date of this Quarterly Report on Form 10-Q that would require disclosure in, or adjustment to, the condensed consolidated financial statements.

Revenue From Contracts With Customers

9 Months Ended

Sep. 30, 2020

Revenue from Contract with Customer [Abstract]

Revenue From Contracts With Customers

Disaggregation of Revenue

The following tables summarize the disaggregation of revenue by major product and service and by segment for the three and nine months ended September 30, 2020 and 2019:


	Three Months Ended September 30, 2020
	Market Services		Corporate Services		Information Services		Market Technology		Consolidated
	(in millions)
Transaction-based trading and clearing, net	$	183	$	—	$	—	$	—	$	183
Trade management services	76		—		—		—		76
Listing services	—		79		—		—		79
Corporate solutions	—		53		—		—		53
Market data	—		—		107		—		107
Index	—		—		86		—		86
Investment data & analytics	—		—		45		—		45
Market technology	—		—		—		86		86
Revenues less transaction-based expenses	$	259	$	132	$	238	$	86	$	715


	Three Months Ended September 30, 2019
	Market Services		Corporate Services		Information Services		Market Technology		Consolidated
	(in millions)
Transaction-based trading and clearing, net	$	154	$	—	$	—	$	—	$	154
Trade management services	72		—		—		—		72
Listing services	—		74		—		—		74
Corporate solutions	—		50		—		—		50
Market data	—		—		102		—		102
Index	—		—		56		—		56
Investment data & analytics	—		—		40		—		40
Market technology	—		—		—		84		84
Revenues less transaction-based expenses	$	226	$	124	$	198	$	84	$	632

For the three months ended September 30, 2020, approximately 67.0% of Market Services revenues were recognized at a point in time and 33.0% were recognized over time. For the three months ended September 30, 2019, approximately 65.0% of Market Services revenues were recognized at a point in time and 35.0% were recognized over time. Substantially all revenues from the Corporate Services, Information Services and Market Technology segments were recognized over time for the three months ended September 30, 2020 and 2019.


	Nine Months Ended September 30, 2020
	Market Services		Corporate Services		Information Services		Market Technology		Consolidated
	(in millions)
Transaction-based trading and clearing, net	$	596	$	—	$	—	$	—	$	596
Trade management services	221		—		—		—		221
Listing services	—		228		—		—		228
Corporate solutions	—		158		—		—		158
Market data	—		—		305		—		305
Index	—		—		227		—		227
Investment data & analytics	—		—		129		—		129
Market technology	—		—		—		251		251
Revenues less transaction-based expenses	$	817	$	386	$	661	$	251	$	2,115


	Nine Months Ended September 30, 2019
	Market Services		Corporate Services		Information Services		Market Technology		Other Revenues		Consolidated
	(in millions)
Transaction-based trading and clearing, net	$	468	$	—	$	—	$	—	$	—	$	468
Trade management services	219		—		—		—		—		219
Listing services	—		219		—		—		—		219
Corporate solutions	—		149		—		—		—		149
Market data	—		—		302		—		—		302
Index	—		—		166		—		—		166
Investment data & analytics	—		—		117		—		—		117
Market technology	—		—		—		239		—		239
Other revenues	—		—		—		—		10		10
Revenues less transaction-based expenses	$	687	$	368	$	585	$	239	$	10	$	1,889

For the nine months ended September 30, 2020, approximately 70.0% of Market Services revenues were recognized at a point in time and 30.0% were recognized over time. For the nine months ended September 30, 2019, approximately 65.0% of Market Services revenues were recognized at a point in time and 35.0% were recognized over time. The increase in Market Services revenues recognized at a point in time for the nine months ended September 30, 2020 compared with the same period in 2019 was primarily due to higher U.S. industry trading volumes in our equity derivative trading and clearing business and higher U.S. and European industry trading volumes in our cash equity trading business. Substantially all revenues from the Corporate Services, Information Services and Market Technology segments were recognized over time for the nine months ended September 30, 2020 and 2019.

* * * * * *

Contract Balances

Substantially all of our revenues are considered to be revenues from contracts with customers. The related accounts receivable balances are recorded in our Condensed Consolidated Balance Sheets as receivables which are net of allowance for losses of $20 million as of September 30, 2020 and $9 million as of December 31, 2019. The changes in the balance between periods were immaterial. We do not have obligations for warranties, returns or refunds to customers.

For the majority of our contracts with customers, except for our market technology and listings services contracts, our performance obligations are short-term in nature and there is no significant variable consideration.

We do not have a material amount of revenue recognized from performance obligations that were satisfied in prior periods. We do not provide disclosures about transaction price allocated to unsatisfied performance obligations if contract durations are less than one year. Excluding our market technology contracts, for contract durations that are

one-year or greater, materially all of the transaction price allocated to unsatisfied performance obligations is included in deferred revenue. For our market technology contracts, the portion of transaction price allocated to unsatisfied performance obligations is shown in the table below. Deferred revenue primarily represents our contract liabilities related to our fees for annual and initial listings, market technology, corporate solutions and information services contracts. Deferred revenue is the only significant contract asset or liability as of September 30, 2020. See Note 7, “Deferred Revenue,” for our discussion on deferred revenue balances, activity, and expected timing of recognition.

Transaction Price Allocated to Remaining Performance Obligations

As stated above, for contract durations that are one-year or greater, we do not have a material portion of transaction price allocated to unsatisfied performance obligations that are not included in deferred revenue other than for our market technology contracts.

For our market technology contracts, the following table summarizes the amount of the transaction price allocated to performance obligations that are unsatisfied as of September 30, 2020:


	(in millions)
2020(1)	$	80
2021	295
2022	175
2023	80
2024	60
2025 and thereafter	140
Total	$	830

____________

(1) Represents performance obligations to be recognized over the remaining three months of 2020.

Market technology deferred revenue, as discussed in Note 7, “Deferred Revenue,” represents consideration received that is yet to be recognized as revenue for unsatisfied performance obligations.

Deferred Revenue

Deferred revenue represents consideration received that is yet to be recognized as revenue. The changes in our deferred revenue during the nine months ended September 30, 2020 are reflected in the following table:


	Initial Listing Revenues		Annual Listings Revenues		Corporate Solutions Revenues		Information Services Revenues		Market Technology Revenues		Other(1)		Total
	(in millions)
Balance at December 31, 2019	$	69	$	2	$	41	$	82	$	66	$	14	$	274
Deferred revenue billed in the current period, net of recognition	29		66		44		67		36		8		250
Revenue recognized that was included in the beginning of the period	(24)		(2)		(39)		(58)		(45)		(8)		(176)
Foreign currency translation adjustment	1		(1)		—		—		3		1		4
Balance at September 30, 2020	$	75	$	65	$	46	$	91	$	60	$	15	$	352

____________

(1) Balance at September 30, 2020 primarily includes deferred revenue from listing of additional shares fees. In the U.S., these fees will continue to run-off as a result of the implementation of our all-inclusive annual fee. Listing of additional shares fees are included in our Listing Services business.

As of September 30, 2020, we estimate that our deferred revenue will be recognized in the following years:


	Initial Listing Revenues		Annual Listings Revenues		Corporate Solutions Revenues		Information Services Revenues		Market Technology Revenues		Other(1)		Total
	(in millions)
Fiscal year ended:
2020(2)	$	8	$	65	$	23	$	39	$	25	$	4	$	164
2021	28		—		23		52		33		5		141
2022	17		—		—		—		1		3		21
2023	10		—		—		—		1		3		14
2024	7		—		—		—		—		—		7
2025 and thereafter	5		—		—		—		—		—		5
Total	$	75	$	65	$	46	$	91	$	60	$	15	$	352

____________

(1) Other primarily includes revenues from listing of additional shares fees which are included in our Listing Services business.

(2) Represents the estimated amortization to be recognized for the remaining three months of 2020.

The timing of recognition of our deferred market technology revenues is primarily dependent upon the completion of customization and any significant modifications made pursuant to existing market technology contracts. As such, as it relates to market technology revenues, the timing represents our best estimate.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

+ Details

Acquisitions and Divestiture

9 Months Ended

Sep. 30, 2020

Business Combinations [Abstract]

Acquisitions and Divestiture

The financial results of the below transactions are included in our condensed consolidated financial statements from the date of each acquisition or divestiture.

2020 Acquisition

Acquisition of Solovis

In March 2020, we acquired Solovis, Inc., which offers multi-asset class, public and private market portfolio management, analytics, and reporting tools used by institutional investors and consultants. Solovis is part of our Information Services segment.

2019 Acquisition and Divestiture

2019 Divestiture

Divestiture of BWise

In March 2019, we sold our BWise enterprise governance, risk and compliance software platform, which was part of our Corporate Solutions business within our Corporate Services segment, to SAI Global and recognized a pre-tax gain on the sale of $27 million, net of disposal costs ($20 million after tax). The pre-tax gain is included in net gain on divestiture of business in the Condensed Consolidated Statements of Income for the nine months ended September 30, 2019.

2019 Acquisition

Acquisition of Cinnober


	Purchase Consideration		Total Net Assets Acquired		Total Net Deferred Tax Liability		Acquired Intangible Assets		Goodwill
	(in millions)
Cinnober	$	219	$	18	$	(19)	$	74	$	146

In January 2019, we acquired Cinnober, a Swedish financial technology provider to brokers, exchanges and clearinghouses worldwide for $219 million. Cinnober is part of our Market Technology segment.

Nasdaq used cash on hand to fund this acquisition.

The amounts in the table above represent the final allocation of the purchase price.

See “Intangible Assets” below for further discussion of intangible assets acquired in the Cinnober acquisition.

Intangible Assets

The following table presents the details of the customer relationships intangible asset at the date of acquisition for

Cinnober which was the significant acquired intangible asset for this acquisition. All acquired intangible assets with finite lives are amortized using the straight-line method.


Customer relationships (in millions)	$	67
Discount rate used	9.5		%
Estimated average useful life	13 years

Customer Relationships

Customer relationships represent the non-contractual and contractual relationships with customers.

Methodology

Customer relationships were valued using the income approach, specifically an excess earnings method. The excess earnings method examines the economic returns contributed by the identified tangible and intangible assets of a company, and then isolates the excess return that is attributable to the intangible asset being valued.

Discount Rate

The discount rate used reflects the amount of risk associated with the hypothetical cash flows for the customer relationships relative to the overall business. In developing a discount rate for the customer relationships, we estimated a weighted-average cost of capital for the overall business and we employed this rate when discounting the cash flows. The resulting discounted cash flows were then tax-effected at the applicable statutory rate.

For our acquisition of Cinnober, a discounted tax amortization benefit was added to the fair value of the assets

under the assumption that the customer relationships would be amortized for tax purposes over a period of 5 years.

Estimated Useful Life

We estimate the useful life based on the historical behavior of the customers and a parallel analysis of the customers using the excess earnings method.

Pro Forma Results and Acquisition-Related Costs

The condensed consolidated financial statements for the three and nine months ended September 30, 2020 and 2019 include the financial results of the above acquisitions from the dates of these acquisitions. Pro forma financial results have not been presented since these acquisitions both individually and in the aggregate were not material to our financial results.

Acquisition-related costs for the transactions described above

were expensed as incurred and are included in merger and strategic initiatives expense in the Condensed Consolidated Statements of Income.

Goodwill and Acquired Intangible Assets

9 Months Ended

Sep. 30, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Acquired Intangible Assets

Goodwill

The following table presents the changes in goodwill by business segment during the nine months ended September 30, 2020:


	Market Services		Corporate Services		Information Services		Market Technology		Total
	(in millions)
Balance at December 31, 2019	$	3,342	$	460	$	2,283	$	281	$	6,366
Goodwill acquired	—		—		134		—		134


Foreign currency translation adjustment	49		5		40		6		100
Balance at September 30, 2020	$	3,391	$	465	$	2,457	$	287	$	6,600

The goodwill acquired for Information Services shown above relates to our acquisition of Solovis. See “2020 Acquisition,” of Note 4, “Acquisitions and Divestiture,” for further discussion of this acquisition.

Goodwill represents the excess of purchase price over the value assigned to the net assets, including identifiable intangible assets, of a business acquired. Goodwill is allocated to our reporting units based on the assignment of the fair values of each reporting unit of the acquired company. We test goodwill for impairment at the reporting unit level annually, or in interim periods if certain events

occur indicating that the carrying amount may be impaired, such as changes in the business climate, poor indicators of operating performance or the sale or disposition of a significant portion of a reporting unit. There was no impairment of goodwill for the nine months ended September 30, 2020 and 2019; however, events such as extended economic weakness or unexpected significant declines in operating results of any of our reporting units or businesses may result in goodwill impairment charges in the future.

Acquired Intangible Assets

The following table presents details of our total acquired intangible assets, both finite- and indefinite-lived:


	September 30, 2020						December 31, 2019
	Gross Amount		Accumulated Amortization		Net Amount		Gross Amount		Accumulated Amortization		Net Amount
	(in millions)						(in millions)
Finite-Lived Intangible Assets
Technology	$	76	$	(21)	$	55	$	63	$	(19)	$	44
Customer relationships	1,599		(624)		975		1,596		(532)		1,064
Other	18		(6)		12		18		(5)		13
Foreign currency translation adjustment	(151)		77		(74)		(159)		55		(104)
Total finite-lived intangible assets	$	1,542	$	(574)	$	968	$	1,518	$	(501)	$	1,017
Indefinite-Lived Intangible Assets
Exchange and clearing registrations	$	1,257	$	—	$	1,257	$	1,257	$	—	$	1,257
Trade names	121		—		121		121		—		121
Licenses	52		—		52		52		—		52
Foreign currency translation adjustment	(180)		—		(180)		(198)		—		(198)
Total indefinite-lived intangible assets	$	1,250	$	—	$	1,250	$	1,232	$	—	$	1,232
Total intangible assets	$	2,792	$	(574)	$	2,218	$	2,750	$	(501)	$	2,249

Amortization expense for acquired finite-lived intangible assets was $26 million for the three months ended September 30, 2020, $25 million for the three months ended September 30, 2019, and $76 million for both the nine months ended September 30, 2020 and 2019. These amounts are included in depreciation and amortization expense in the Condensed Consolidated Statements of Income.

The estimated future amortization expense (excluding the impact of foreign currency translation adjustments of $74 million as of September 30, 2020) of acquired finite-lived intangible assets as of September 30, 2020 is as follows:


	(in millions)
2020(1)	$	27
2021	109
2022	106
2023	103
2024	98
2025 and thereafter	599
Total	$	1,042

____________

(1) Represents the estimated amortization to be recognized over the remaining three months of 2020.

Investments

9 Months Ended

Sep. 30, 2020

Investments, Debt and Equity Securities [Abstract]

Investments

The following table presents the details of our investments:


	September 30, 2020		December 31, 2019
	(in millions)
Financial investments	$	177	$	291



Equity method investments	$	243	$	156
Equity securities	$	53	$	49

Financial Investments

As of September 30, 2020, financial investments are comprised of trading securities, and are primarily comprised of highly rated European government debt securities, Swedish mortgage bonds and highly rated corporate debt, of which $157 million are assets primarily utilized to meet regulatory capital requirements, mainly for our clearing operations at Nasdaq Clearing. As of December 31, 2019, financial investments are comprised of trading securities, and are primarily comprised of highly rated European government debt securities, time deposits and highly rated corporate debt, of which $169 million are assets primarily utilized to meet regulatory capital requirements, mainly for our clearing operations at Nasdaq Clearing.

Equity Method Investments

We record our estimated pro-rata share of earnings or losses each period based on the most recent financial information made available to us and record any dividends as a reduction in the investment balance. As of September 30, 2020 and 2019, our equity method investments primarily included our 40.0% equity interest in OCC.

The carrying amounts of our equity method investments are included in other non-current assets in the Condensed Consolidated Balance Sheets. No material impairments were recorded to reduce the carrying value of our equity method investments for the three and nine months ended September 30, 2020 and 2019.

Net income recognized from our equity interest in the earnings and losses of these equity method investments was $54 million for the three months ended September 30, 2020, $15 million for the three months ended September 30, 2019, $97 million for the nine months ended September 30, 2020, and $71 million for the nine months ended September 30, 2019. For the three and nine months ended September 30, 2020, net income recognized included higher earnings from our OCC ownership interest as a result of high U.S. industry trading volumes. The higher earnings for the first nine months of 2019 is discussed in the following paragraph.

In February 2019, the SEC disapproved the OCC capital plan that had been established in 2015. Following the SEC disapproval, the OCC suspended customer rebates and dividends to owners, including the unpaid dividend on 2018

results. We were not able to determine the impact of the disapproval of the OCC capital plan on OCC's 2018 net income until March 2019, when OCC's 2018 financial statements were made available to us. As a result, during the first quarter of 2019, we recognized an additional $36 million of income relating to our share of OCC's net income for the year ended December 31, 2018, which is included in the $71 million for the nine months ended September 30, 2019.

Equity Securities

The carrying amounts of our equity securities are included in other non-current assets in the Condensed Consolidated Balance Sheets. We elected the measurement alternative for primarily all of our equity securities as they do not have a readily determinable fair value. No material adjustments were made to the carrying value of our equity securities for the three and nine months ended September 30, 2020 and 2019. As of September 30, 2020 and December 31, 2019, our equity securities represent various strategic investments made through our corporate venture program as well as investments acquired through various acquisitions.

Deferred Revenue

9 Months Ended

Sep. 30, 2020

Revenue from Contract with Customer [Abstract]

Deferred Revenue

Revenue From Contracts With Customers

Disaggregation of Revenue

The following tables summarize the disaggregation of revenue by major product and service and by segment for the three and nine months ended September 30, 2020 and 2019:


	Three Months Ended September 30, 2020
	Market Services		Corporate Services		Information Services		Market Technology		Consolidated
	(in millions)
Transaction-based trading and clearing, net	$	183	$	—	$	—	$	—	$	183
Trade management services	76		—		—		—		76
Listing services	—		79		—		—		79
Corporate solutions	—		53		—		—		53
Market data	—		—		107		—		107
Index	—		—		86		—		86
Investment data & analytics	—		—		45		—		45
Market technology	—		—		—		86		86
Revenues less transaction-based expenses	$	259	$	132	$	238	$	86	$	715


	Three Months Ended September 30, 2019
	Market Services		Corporate Services		Information Services		Market Technology		Consolidated
	(in millions)
Transaction-based trading and clearing, net	$	154	$	—	$	—	$	—	$	154
Trade management services	72		—		—		—		72
Listing services	—		74		—		—		74
Corporate solutions	—		50		—		—		50
Market data	—		—		102		—		102
Index	—		—		56		—		56
Investment data & analytics	—		—		40		—		40
Market technology	—		—		—		84		84
Revenues less transaction-based expenses	$	226	$	124	$	198	$	84	$	632


	Nine Months Ended September 30, 2020
	Market Services		Corporate Services		Information Services		Market Technology		Consolidated
	(in millions)
Transaction-based trading and clearing, net	$	596	$	—	$	—	$	—	$	596
Trade management services	221		—		—		—		221
Listing services	—		228		—		—		228
Corporate solutions	—		158		—		—		158
Market data	—		—		305		—		305
Index	—		—		227		—		227
Investment data & analytics	—		—		129		—		129
Market technology	—		—		—		251		251
Revenues less transaction-based expenses	$	817	$	386	$	661	$	251	$	2,115


	Nine Months Ended September 30, 2019
	Market Services		Corporate Services		Information Services		Market Technology		Other Revenues		Consolidated
	(in millions)
Transaction-based trading and clearing, net	$	468	$	—	$	—	$	—	$	—	$	468
Trade management services	219		—		—		—		—		219
Listing services	—		219		—		—		—		219
Corporate solutions	—		149		—		—		—		149
Market data	—		—		302		—		—		302
Index	—		—		166		—		—		166
Investment data & analytics	—		—		117		—		—		117
Market technology	—		—		—		239		—		239
Other revenues	—		—		—		—		10		10
Revenues less transaction-based expenses	$	687	$	368	$	585	$	239	$	10	$	1,889

* * * * * *

Contract Balances

Transaction Price Allocated to Remaining Performance Obligations

For our market technology contracts, the following table summarizes the amount of the transaction price allocated to performance obligations that are unsatisfied as of September 30, 2020:


	(in millions)
2020(1)	$	80
2021	295
2022	175
2023	80
2024	60
2025 and thereafter	140
Total	$	830

____________

(1) Represents performance obligations to be recognized over the remaining three months of 2020.

Market technology deferred revenue, as discussed in Note 7, “Deferred Revenue,” represents consideration received that is yet to be recognized as revenue for unsatisfied performance obligations.

Deferred Revenue


	Initial Listing Revenues		Annual Listings Revenues		Corporate Solutions Revenues		Information Services Revenues		Market Technology Revenues		Other(1)		Total
	(in millions)
Balance at December 31, 2019	$	69	$	2	$	41	$	82	$	66	$	14	$	274
Deferred revenue billed in the current period, net of recognition	29		66		44		67		36		8		250
Revenue recognized that was included in the beginning of the period	(24)		(2)		(39)		(58)		(45)		(8)		(176)
Foreign currency translation adjustment	1		(1)		—		—		3		1		4
Balance at September 30, 2020	$	75	$	65	$	46	$	91	$	60	$	15	$	352

____________

As of September 30, 2020, we estimate that our deferred revenue will be recognized in the following years:


	Initial Listing Revenues		Annual Listings Revenues		Corporate Solutions Revenues		Information Services Revenues		Market Technology Revenues		Other(1)		Total
	(in millions)
Fiscal year ended:
2020(2)	$	8	$	65	$	23	$	39	$	25	$	4	$	164
2021	28		—		23		52		33		5		141
2022	17		—		—		—		1		3		21
2023	10		—		—		—		1		3		14
2024	7		—		—		—		—		—		7
2025 and thereafter	5		—		—		—		—		—		5
Total	$	75	$	65	$	46	$	91	$	60	$	15	$	352

____________

(1) Other primarily includes revenues from listing of additional shares fees which are included in our Listing Services business.

(2) Represents the estimated amortization to be recognized for the remaining three months of 2020.

- Definition

+ References

+ Details

Debt Obligations

9 Months Ended

Sep. 30, 2020

Debt Disclosure [Abstract]

Debt Obligations

The following table presents the changes in the carrying amount of our debt obligations during the nine months ended September 30, 2020:


	December 31, 2019		Additions		Payments, Foreign Currency Translation and Accretion		September 30, 2020
	(in millions)
Short-term debt - commercial paper	$	391	$	990	$	(1,381)	$	—
Long-term debt:
3.875% senior unsecured notes repaid on March 16, 2020	671		—		(671)		—
4.25% senior unsecured notes due June 1, 2024	497		—		1		498
1.75% senior unsecured notes due May 19, 2023	668		—		32		700
3.85% senior unsecured notes due June 30, 2026	497		—		—		497
1.75% senior unsecured notes due March 28, 2029	665		—		32		697
0.875% senior unsecured notes due February 13, 2030	—		644		52		696
3.25% senior unsecured notes due April 28, 2050	—		485		—		485
$1 billion senior unsecured revolving credit facility due April 25, 2022 (average interest rate of 2.37% for the period January 1, 2020 through September 30, 2020)	(2)		799		(799)		(2)
Total long-term debt	2,996		1,928		(1,353)		3,571
Total debt obligations	$	3,387	$	2,918	$	(2,734)	$	3,571

Commercial Paper Program

Our U.S. dollar commercial paper program is supported by our 2017 Credit Facility which provides liquidity support for the repayment of commercial paper issued through this program. The effective interest rate of commercial paper issuances fluctuates as short term interest rates and demand fluctuate. The fluctuation of these rates due to market conditions may impact our interest expense.

In March 2020, we observed that conditions for Tier 2 commercial paper issuers were deteriorating, impacting both costs and actionable duration of commercial paper issues. To mitigate funding uncertainties and as a precautionary measure to maximize our liquidity and increase our available cash on hand, Nasdaq borrowed $799 million under the revolving credit commitment of the 2017 Credit Facility. In April 2020, Nasdaq issued the 2050 Notes and used the net proceeds to repay a portion of amounts borrowed under the 2017 Credit Facility. In June 2020, the remaining outstanding amount under the 2017 Credit Facility was repaid using cash on hand. For further discussion of the 2050 Notes, see “3.25% Senior Unsecured Notes Due 2050” below and see “2017 Credit Facility” below for further discussion of our 2017 Credit Facility. As of September 30, 2020, we had no

outstanding borrowings under our commercial paper program.

Senior Unsecured Notes

Our senior unsecured notes were all issued at a discount. As a result of the discount, the proceeds received from each issuance were less than the aggregate principal amount. As of September 30, 2020, the amounts in the table above reflect the aggregate principal amount, less the unamortized debt discount and the unamortized debt issuance costs which are being accreted through interest expense over the life of the applicable notes. For our Euro denominated notes, the “Payments, Accretion and Other” column also includes the impact of foreign currency translation. Our senior unsecured notes are general unsecured obligations of ours and rank equally with all of our existing and future unsubordinated obligations and they are not guaranteed by any of our subsidiaries. The senior unsecured notes were issued under indentures that, among other things, limit our ability to consolidate, merge or sell all or substantially all of our assets, create liens, and enter into sale and leaseback transactions.

Upon a change of control triggering event (as defined in the various note indentures), the terms require us to repurchase all or part of each holder’s notes for cash equal to 101% of

the aggregate principal amount purchased plus accrued and unpaid interest, if any.

Early Extinguishment of 3.875% Senior Unsecured Notes Due 2021

Nasdaq issued the 2021 Notes in June 2013. The 2021 Notes paid interest annually at a rate of 3.875% per annum.

In March 2020, we primarily used the net proceeds from the 2030 Notes to repay in full and terminate our 2021 Notes. For further discussion of the 2030 Notes, see “0.875% Senior Unsecured Notes Due 2030” below. In connection with the early extinguishment of the 2021 Notes, we recorded a charge of $36 million, which primarily included a make-whole redemption price premium. This charge is included in general, administrative and other expense in the Condensed Consolidated Statements of Income for the nine months ended September 30, 2020.

4.25% Senior Unsecured Notes Due 2024

In May 2014, Nasdaq issued the 2024 Notes. The 2024 Notes pay interest semiannually at a rate of 4.25% per annum until June 1, 2024. Such interest rate may vary with Nasdaq’s debt rating, to the extent Nasdaq is downgraded below investment grade, up to a rate not to exceed 6.25%.

1.75% Senior Unsecured Notes Due 2023

In May 2016, Nasdaq issued the 2023 Notes. The 2023 Notes pay interest annually at a rate of 1.75% per annum until May 19, 2023. Such interest rate may vary with Nasdaq’s debt rating, to the extent Nasdaq is downgraded below investment grade, up to a rate not to exceed 3.75%.

The 2023 Notes have been designated as a hedge of our net investment in certain foreign subsidiaries to mitigate the foreign exchange rate risk associated with certain investments in these subsidiaries. The increase in the carrying amount of $32 million noted in the “Payments, Accretion and Other” column in the table above primarily reflects the translation of the 2023 Notes into U.S. dollars and is recorded in accumulated other comprehensive loss within stockholders’ equity in the Condensed Consolidated Balance Sheets as of September 30, 2020.

3.85% Senior Unsecured Notes Due 2026

In June 2016, Nasdaq issued the 2026 Notes. The 2026 Notes pay interest semiannually at a rate of 3.85% per annum until June 30, 2026. Such interest rate may vary with Nasdaq’s debt rating, to the extent Nasdaq is downgraded below investment grade, up to a rate not to exceed 5.85%.

1.75% Senior Unsecured Notes Due 2029

In April 2019, Nasdaq issued the 2029 Notes. The 2029 Notes pay interest annually at a rate of 1.75% per annum until March 28, 2029. Such interest rate may vary with Nasdaq’s debt rating, to the extent Nasdaq is downgraded below investment grade, up to a rate not to exceed 3.75%. The 2029 Notes may be redeemed by Nasdaq at any time, subject to a make-whole amount.

The 2029 Notes have been designated as a hedge of our net investment in certain foreign subsidiaries to mitigate the foreign exchange risk associated with certain investments in these subsidiaries. The increase in the carrying amount of $32 million noted in the “Payments, Accretion and Other” column in the table above primarily reflects the translation of the 2029 Notes into U.S. dollars and is recorded in accumulated other comprehensive loss within stockholders’ equity in the Condensed Consolidated Balance Sheets as of September 30, 2020.

0.875% Senior Unsecured Notes Due 2030

In February 2020, Nasdaq issued the 2030 Notes. The 2030 Notes pay interest annually in arrears, beginning on February 13, 2021 and may be redeemed by Nasdaq at any time, subject to a make-whole amount. The proceeds from the 2030 Notes, approximately $644 million after issuing the notes at a discount and deducting underwriting fees of the offering, were primarily used to redeem the 2021 Notes and for other general corporate purposes. For further discussion of the 2021 Notes, see “Early Extinguishment of 3.875% Senior Unsecured Notes Due 2021” above.

The 2030 Notes were designated as a hedge of our net investment in certain foreign subsidiaries to mitigate the foreign exchange risk associated with certain investments in these subsidiaries. The increase in the carrying amount of $52 million noted in the “Payments, Accretion and Other” column in the table above primarily reflects the translation of the 2030 Notes into U.S. dollars and is recorded in accumulated other comprehensive loss within stockholders’ equity in the Condensed Consolidated Balance Sheets as of September 30, 2020.

3.25% Senior Unsecured Notes Due 2050

In April 2020, Nasdaq issued the 2050 Notes. The 2050 Notes pay interest semi-annually in arrears, which began on October 28, 2020 and may be redeemed by Nasdaq at any time, subject to a make-whole amount. The interest rate of 3.25% may vary with Nasdaq's debt rating, to the extent Nasdaq is downgraded below investment grade, up to a rate not to exceed 5.25%. The net proceeds from the 2050 Notes were approximately $485 million after issuing the notes at a discount and deducting underwriting fees of the offering. In April 2020, we used the net proceeds from the 2050 Notes to repay a portion of amounts previously borrowed under the 2017 Credit Facility. See “2017 Credit Facility” below for further discussion of our 2017 Credit Facility.

2017 Credit Facility

In April 2017, Nasdaq entered into the 2017 Credit Facility. The 2017 Credit Facility consists of a $1 billion five-year revolving credit facility (with sublimits for non-dollar borrowings, swingline borrowings and letters of credit), which replaced a former credit facility. Nasdaq intends to use funds available under the 2017 Credit Facility for general corporate purposes and to provide liquidity support for the repayment of commercial paper issued through the commercial paper program. Nasdaq is permitted to repay

borrowings under our 2017 Credit Facility at any time in whole or in part, without penalty.

As discussed under “Commercial Paper Program” above, in March 2020, Nasdaq borrowed $799 million under the revolving credit commitment of the 2017 Credit Facility. In April 2020, we used the net proceeds from the 2050 Notes to repay a portion of amounts previously borrowed under the 2017 Credit Facility, and in June 2020, the remaining outstanding amount was repaid using cash on hand. The ($2) million balance represents unamortized debt issuance costs which are being accreted through interest expense over the life of the credit facility. As of September 30, 2020, availability under the 2017 Credit Facility was $1 billion. For further discussion of the 2050 Notes, see “3.25% Senior Unsecured Notes Due 2050” above.

Under our 2017 Credit Facility, borrowings under the revolving credit facility and swingline borrowings bear interest on the principal amount outstanding at a variable interest rate based on either the LIBOR or the base rate (as defined in the credit agreement) (or other applicable rate with respect to non-dollar borrowings), plus an applicable margin that varies with Nasdaq’s debt rating. We are charged commitment fees of 0.125% to 0.4%, depending on our credit rating, whether or not amounts have been borrowed. These commitment fees are included in interest expense and were not material for the three and nine months ended September 30, 2020 and 2019.

The 2017 Credit Facility contains financial and operating covenants. Financial covenants include a minimum interest expense coverage ratio and a maximum leverage ratio. Operating covenants include, among other things, limitations on Nasdaq’s ability to incur additional indebtedness, grant liens on assets, dispose of assets and make certain restricted payments. The facility also contains customary affirmative covenants, including access to financial statements, notice of defaults and certain other material events, maintenance of properties and insurance, and events of default, including cross-defaults to our material indebtedness.

The 2017 Credit Facility includes an option for Nasdaq to increase the available aggregate amount by up to $500 million, subject to the consent of the lenders funding the increase and certain other conditions.

Other Credit Facilities

Certain of our European subsidiaries have several other credit facilities, which are available in multiple currencies, primarily to support our Nasdaq Clearing operations in Europe, as well to provide a cash pool credit line for one subsidiary. These credit facilities, in aggregate, totaled $214 million as of September 30, 2020 and $203 million as of December 31, 2019 in available liquidity, none of which was utilized as of September 30, 2020, and of which $15 million was utilized as of December 31, 2019. Generally, these facilities each have a one year term. The amounts borrowed under these various credit facilities bear interest on the principal amount outstanding at a variable interest rate based

on a base rate (as defined in the applicable credit agreement), plus an applicable margin. We are charged commitment fees (as defined in the applicable credit agreement), whether or not amounts have been borrowed. These commitment fees are included in interest expense and were not material for the three and nine months ended September 30, 2020 and 2019.

These facilities include customary affirmative and negative operating covenants and events of default.

Debt Covenants

As of September 30, 2020, we were in compliance with the covenants of all of our debt obligations.

Transition from LIBOR

Nasdaq is currently evaluating the impact of the transition from LIBOR as an interest rate benchmark to other potential alternative reference rates. Currently, Nasdaq has debt instruments in place that reference LIBOR-based rates. As of September 30, 2020, we did not have material risk exposure to LIBOR through our outstanding debt instruments. The transition from LIBOR is estimated to take place in 2021 and Nasdaq will continue to actively assess the related opportunities and risks involved in this transition.

Retirement Plans	9 Months Ended
Retirement Plans	Sep. 30, 2020
Retirement Benefits [Abstract]
Retirement Plans	Retirement Plans Defined Contribution Savings Plan We sponsor a 401(k) Plan for U.S. employees. Employees are immediately eligible to make contributions to the plan and are also eligible for an employer contribution match at an amount equal to 100.0% of the first 6.0% of eligible employee contributions. Savings plan expense included in compensation and benefits expense in the Condensed Consolidated Statements of Income was $4 million for both the three months ended September 30, 2020 and 2019, $11 million for the nine months ended September 30, 2020, and $10 million for the nine months ended September 30, 2019. Pension and Supplemental Executive Retirement Plans We maintain non-contributory, defined-benefit pension plans, non-qualified SERPs for certain senior executives and other post-retirement benefit plans for eligible employees in the U.S., collectively referred to as the Nasdaq Benefit Plans. Our pension plans and SERPs are frozen. Future service and salary for all participants do not count toward an accrual of benefits under the pension plans and SERPs. Most employees outside the U.S. are covered by local retirement plans or by applicable social laws. Benefits under social laws are generally expensed in the periods in which the costs are incurred. The total expense for these plans is included in compensation and benefits expense in the Condensed Consolidated Statements of Income and was $6 million for the three months ended September 30, 2020, $5 million for the three months ended September 30, 2019, $17 million for the nine months ended September 30, 2020, and $15 million for the nine months ended September 30, 2019.

- Definition

The entire disclosure for retirement benefits.

+ References

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+ Details

Share-Based Compensation

9 Months Ended

Sep. 30, 2020

Share-based Payment Arrangement [Abstract]

Share-Based Compensation

We have a share-based compensation program for employees and non-employee directors. Share-based awards granted under this program include stock options, restricted stock (consisting of restricted stock units), and PSUs. For accounting purposes, we consider PSUs to be a form of restricted stock.

Summary of Share-Based Compensation Expense

The following table shows the total share-based compensation expense resulting from equity awards and the 15.0% discount for the ESPP for the three and nine months ended September 30, 2020 and 2019 which is included in compensation and benefits expense in the Condensed Consolidated Statements of Income:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
	(in millions)
Share-based compensation expense before income taxes	$	24	$	21	$	64	$	57
Income tax benefit	(7)		(6)		(17)		(16)
Share-based compensation expense after income taxes	$	17	$	15	$	47	$	41

Common Shares Available Under Our Equity Plan

As of September 30, 2020, we had approximately 9.7 million shares of common stock authorized for future issuance under our Equity Plan.

Restricted Stock

We grant restricted stock to most active employees. The grant date fair value of restricted stock awards is based on the closing stock price at the date of grant less the present value of future cash dividends. Restricted stock awards granted to employees below the manager level vest 25.0% on the second anniversary of the grant date, 25.0% on the third anniversary of the grant date, and 50.0% on the fourth anniversary of the grant date. Restricted stock awards granted to employees at or above the manager level vest 33.3% on the second anniversary of the grant date, 33.3% on the third anniversary of the grant date, and 33.3% on the fourth anniversary of the grant date.

Summary of Restricted Stock Activity

The following table summarizes our restricted stock activity for the nine months ended September 30, 2020:


	Restricted Stock
	Number of Awards	Weighted-Average Grant Date Fair Value









Unvested at January 1, 2020	1,486,756	$	77.38
Granted	729,448	$	89.36
Vested	(446,550)	$	71.91
Forfeited	(67,013)	$	80.40
Unvested at September 30, 2020	1,702,641	$	83.82

As of September 30, 2020, $79 million of total unrecognized compensation cost related to restricted stock is expected to be recognized over a weighted-average period of 1.8 years.

PSUs

PSUs are based on performance measures that impact the amount of shares that each recipient will receive upon vesting. Prior to April 1, 2020, we had two performance-based PSU programs for certain officers, a one-year performance-based program and a three-year cumulative performance-based program that focuses on TSR. Effective with new equity awards issued on April 1, 2020, to better align the equity programs for eligible officers, the one-year performance-based program was eliminated and all eligible officers will participate in the three-year cumulative performance-based program. While the performance periods are complete for all PSUs granted under the one-year performance-based program, some shares underlying these PSUs have not vested.

One-Year PSU Program

The grant date fair value of PSUs under the one-year performance-based program was based on the closing stock price at the date of grant less the present value of future cash dividends. Under this program, an eligible employee received a target grant of PSUs, but could have received from 0.0% to 150.0% of the target amount granted, depending on the achievement of performance measures. These awards vest ratably on an annual basis over a three-year period commencing with the end of the one-year performance period. Compensation cost is recognized over the performance period and the three-year vesting period based on the probability that such performance measures will be achieved, taking into account an estimated forfeiture rate.

During 2019, grants of PSUs with a one-year performance period exceeded the applicable performance parameters. As a result, an additional 26,780 units above the original target were granted in the first quarter of 2020.

Three-Year PSU Program

Under the three-year performance-based program, each eligible individual receives PSUs, subject to market

conditions, with a three-year cumulative performance period that vest at the end of the performance period. Compensation cost is recognized over the three-year performance period, taking into account an estimated forfeiture rate, regardless of whether the market condition is satisfied, provided that the requisite service period has been completed. Performance will be determined by comparing Nasdaq’s TSR to two peer groups, each weighted 50.0%. The first peer group consists of exchange companies, and the second peer group consists of all companies in the S&P 500. Nasdaq’s relative performance ranking against each of these groups will determine the final number of shares delivered to each individual under the program. The payout under this program will be between 0.0% and 200.0% of the number of PSUs granted and will be determined by Nasdaq’s overall performance against both peer groups. However, if Nasdaq’s TSR is negative for the three-year performance period, regardless of TSR ranking, the payout will not exceed 100.0% of the number of PSUs granted. We estimate the fair value of PSUs granted under the three-year PSU program using the Monte Carlo simulation model, as these awards contain a market condition.

Grants of PSUs that were issued in 2017 with a three-year performance period exceeded the applicable performance parameters. As a result, an additional 43,684 units above the original target were granted in the first quarter of 2020 and were fully vested upon issuance.

The following weighted-average assumptions were used to determine the weighted-average fair values of the PSU awards granted under the three-year PSU program for the nine months ended September 30, 2020:


	Nine Months Ended September 30,
	2020		2019
Weighted-average risk free interest rate(1)	0.27	%	2.26	%
Expected volatility(2)	27.4	%	16.5	%
Weighted-average grant date share price	$92.34		$89.00
Weighted-average fair value at grant date	$111.50		$97.65

____________

(1) The risk-free interest rate for periods within the expected life of the award is based on the U.S. Treasury yield curve in effect at the time of grant.

(2) We use historic volatility for PSU awards issued under the three-year PSU program, as implied volatility data could not be obtained for all the companies in the peer groups used for relative performance measurement within the program.

In addition, the annual dividend assumption utilized in the Monte Carlo simulation model is based on Nasdaq’s dividend yield at the date of grant.

Summary of PSU Activity

The following table summarizes our PSU activity for the nine months ended September 30, 2020:


	PSUs
	One-Year Program			Three-Year Program
	Number of Awards	Weighted-Average Grant Date Fair Value		Number of Awards	Weighted-Average Grant Date Fair Value








Unvested at January 1, 2020	317,251	$	80.87	797,451	$	98.31
Granted(1)	26,780	$	84.17	320,328	$	107.42
Vested	(10,104)	$	75.85	(300,767)	$	81.57
Forfeited	(26,984)	$	82.27	(6,557)	$	97.33
Unvested at September 30, 2020	306,943	$	81.20	810,455	$	108.13

____________

(1) For both the one-year and the three-year PSU programs, includes additional awards granted based on overachievement of performance parameters. For the three-year PSU program, also includes target awards granted.

As of September 30, 2020, $6 million of total unrecognized compensation cost related to the one-year PSU program is expected to be recognized over a weighted-average period of 1.3 years. For the three-year PSU program, $39 million of total unrecognized compensation cost is expected to be recognized over a weighted-average period of 1.5 years.

Stock Options

There were no stock option awards granted during the nine months ended September 30, 2020.

Summary of Stock Option Activity

A summary of stock option activity for the nine months ended September 30, 2020 is as follows:


	Number of Stock Options	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in millions)









Outstanding at January 1, 2020	379,102	$	54.32	5.27	$	20

Exercised	(80,378)	23.82
Forfeited	(435)	19.75
Outstanding and exercisable at September 30, 2020	298,289	$	62.59	5.69	$	18

The net cash proceeds from the exercise of 25,113 stock options for the three months ended September 30, 2020 was $1 million. The net cash proceeds from the exercise of 80,378 stock options for the nine months ended September 30, 2020 was $2 million. The net cash proceeds from the exercise of 9,216 stock options for the three months ended September 30, 2019 was immaterial. The net cash proceeds from the exercise of 62,624 stock options for the nine months ended September 30, 2019 was $1 million.

The aggregate intrinsic value in the above table represents the total pre-tax intrinsic value (i.e., the difference between our closing stock price on September 30, 2020 of $122.71 and the exercise price, times the number of shares), which would have been received by the option holders had the option holders exercised their stock options on that date. This amount can change based on the fair market value of our common stock. The total number of in-the-money stock options exercisable as of September 30, 2020 was 0.3 million and the weighted-average exercise price was $62.59. As of September 30, 2019, 0.3 million outstanding stock options were exercisable and the weighted-average exercise price was $49.76.

The total pre-tax intrinsic value of stock options exercised was $2 million for the three months ended September 30, 2020, $1 million for the three months ended September 30, 2019, $8 million for the nine months ended September 30, 2020, and $5 million for the nine months ended September 30, 2019.

ESPP

We have an ESPP under which approximately 4.5 million shares of our common stock were available for future issuance as of September 30, 2020. Under our ESPP, employees may purchase shares having a value not exceeding 10.0% of their annual compensation, subject to applicable annual Internal Revenue Service limitations. We record compensation expense related to the 15.0% discount that is given to our employees which totaled $1 million for both the three months ended September 30, 2020 and 2019, $4 million for the nine months ended September 30, 2020, and $3 million for the nine months ended September 30, 2019.

Nasdaq Stockholders’ Equity

9 Months Ended

Sep. 30, 2020

Equity [Abstract]

Nasdaq Stockholders' Equity

Nasdaq Stockholders’ Equity

Common Stock

As of September 30, 2020, 300,000,000 shares of our common stock were authorized, 170,298,054 shares were issued and 164,020,697 shares were outstanding. As of December 31, 2019, 300,000,000 shares of our common stock were authorized, 171,075,011 shares were issued and 165,094,440 shares were outstanding. The holders of common stock are entitled to one vote per share, except that our certificate of incorporation limits the ability of any shareholder to vote in excess of 5.0% of the then-outstanding shares of Nasdaq common stock.

Common Stock in Treasury, at Cost

We account for the purchase of treasury stock under the cost method with the shares of stock repurchased reflected as a reduction to Nasdaq stockholders’ equity and included in common stock in treasury, at cost in the Condensed Consolidated Balance Sheets. Shares repurchased under our share repurchase program are currently retired and canceled and are therefore not included in the common stock in treasury balance. When treasury shares are reissued, they are recorded at the average cost of the treasury shares acquired. We held 6,277,357 shares of common stock in treasury as of September 30, 2020 and 5,980,571 shares as of December 31, 2019, most of which are related to shares of our common stock withheld for the settlement of employee tax withholding obligations arising from the vesting of restricted stock and PSUs.

Share Repurchase Program

As of September 30, 2020, the remaining aggregate authorized amount under the existing share repurchase program was $446 million.

These purchases may be made from time to time at prevailing market prices in open market purchases, privately-negotiated transactions, block purchase techniques or otherwise, as determined by our management. The purchases are primarily funded from existing cash balances. The share repurchase program may be suspended, modified or discontinued at any time. The share repurchase program has no defined expiration date.

The following is a summary of our share repurchase activity, reported based on settlement date, for the nine months ended September 30, 2020 and 2019:


	Nine Month Ended September 30,
	2020		2019
Number of shares of common stock repurchased(1)	1,752,474		2,053,855
Average price paid per share	$	106.26	$	97.37
Total purchase price (in millions)	$	186	$	200

____________

(1) Excludes shares withheld upon vesting of restricted stock and PSUs of 296,786 for the nine months ended September 30, 2020 and 363,813 for the nine months ended September 30, 2019.

As discussed above in “Common Stock in Treasury, at Cost,” shares repurchased under our share repurchase program are currently retired and cancelled.

Preferred Stock

Our certificate of incorporation authorizes the issuance of 30,000,000 shares of preferred stock, par value $0.01 per share, issuable from time to time in one or more series. As of September 30, 2020 and December 31, 2019, no shares of preferred stock were issued or outstanding.

Cash Dividends on Common Stock

During the first nine months of 2020, our board of directors declared the following cash dividends:


Declaration Date	Dividend Per Common Share		Record Date	Total Amount Paid		Payment Date
				(in millions)
January 28, 2020	$	0.47	March 13, 2020	$	78	March 27, 2020
April 22, 2020	0.49		June 12, 2020	80		June 26, 2020
July 22, 2020	0.49		September 11, 2020	81		September 25, 2020

				$	239

The total amount paid of $239 million was recorded in retained earnings in the Condensed Consolidated Balance Sheets at September 30, 2020.

In October 2020, the board of directors approved a regular quarterly cash dividend of $0.49 per share on our outstanding common stock. The dividend is payable on December 18, 2020 to shareholders of record at the close of business on December 4, 2020. The estimated amount of this dividend is $80 million. Future declarations of quarterly dividends and the establishment of future record and payment dates are subject to approval by the board of directors.

Our board of directors maintains a dividend policy with the intention to provide stockholders with regular and growing dividends over the long term as earnings and cash flow grow.

Earnings Per Share

9 Months Ended

Sep. 30, 2020

Earnings Per Share [Abstract]

Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Numerator:	(in millions, except share and per share amounts)
Net income attributable to common shareholders	$	264	$	150	$	708	$	571
Denominator:
Weighted-average common shares outstanding for basic earnings per share	164,171,067		164,331,832		164,377,053		165,086,951
Weighted-average effect of dilutive securities:
Employee equity awards(1)	2,328,540		1,705,665		2,071,848		1,611,232
Contingent issuance of common stock(2)	992,247		992,247		330,749		330,749
Weighted-average common shares outstanding for diluted earnings per share	167,491,854		167,029,744		166,779,650		167,028,932
Basic and diluted earnings per share:
Basic earnings per share	$	1.61	$	0.91	$	4.31	$	3.46
Diluted earnings per share	$	1.58	$	0.90	$	4.25	$	3.42

____________

(1) PSUs, which are considered contingently issuable, are included in the computation of dilutive earnings per share on a weighted average basis when management determines that the applicable performance criteria would have been met if the performance period ended as of the date of the relevant computation.

(2) See “Non-Cash Contingent Consideration,” of Note 17, “Commitments, Contingencies and Guarantees,” for further discussion.

Securities that were not included in the computation of diluted earnings per share because their effect was antidilutive were immaterial for the three months ended September 30, 2019 and both the nine months ended September 30, 2020 and 2019. There were no securities excluded for the three months ended September 30, 2020.

Fair Value of Financial Instruments

9 Months Ended

Sep. 30, 2020

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

The following tables present our financial assets and financial liabilities that were measured at fair value on a recurring basis as of September 30, 2020 and December 31, 2019.


	September 30, 2020								December 31, 2019
	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
	(in millions)								(in millions)
Assets at Fair Value
Debt securities:
European government	$	139	$	139	$	—	$	—	$	157	$	157	$	—	$	—
Corporate	14		—		14		—		34		—		34		—
State owned enterprises and municipalities	3		—		3		—		24		—		24		—
Swedish mortgage bonds	21		—		21		—		19		—		19		—
Time deposits	—		—		—		—		57		—		57		—
Total assets at fair value	$	177	$	139	$	38	$	—	$	291	$	157	$	134	$	—

Financial Instruments Not Measured at Fair Value on a Recurring Basis

Some of our financial instruments are not measured at fair value on a recurring basis but are recorded at amounts that approximate fair value due to their liquid or short-term nature. Such financial assets and financial liabilities include: cash and cash equivalents, restricted cash and cash equivalents, receivables, net, certain other current assets, accounts payable and accrued expenses, Section 31 fees payable to SEC, accrued personnel costs, commercial paper and certain other current liabilities.

Our investment in OCC is accounted for under the equity method of accounting. We have elected the measurement alternative for the majority of our equity securities, which primarily represent various strategic investments made through our corporate venture program. See “Equity Method Investments,” and “Equity Securities,” of Note 6, “Investments,” for further discussion.

We also consider our debt obligations to be financial instruments. The fair value of our debt obligations, utilizing discounted cash flow analyses for our floating rate debt and prevailing market rates for our fixed rate debt, was $3.9 billion as of September 30, 2020 and $3.6 billion as of December 31, 2019. The discounted cash flow analyses are based on borrowing rates currently available to us for debt with similar terms and maturities. As of September 30, 2020, we had no outstanding borrowings under our commercial paper program. The fair value of our commercial paper as of December 31, 2019 approximated the carrying value since the rates of interest on this short-term debt approximated market rates. Our commercial paper and our fixed rate and floating rate debt are categorized as Level 2 in the fair value hierarchy.

For further discussion of our debt obligations, see Note 8, “Debt Obligations.”

Non-Financial Assets Measured at Fair Value on a Non-Recurring Basis

Our non-financial assets, which include goodwill, intangible assets, and other long-lived assets, are not required to be carried at fair value on a recurring basis. Fair value measures of non-financial assets are primarily used in the impairment analysis of these assets. Any resulting asset impairment would require that the non-financial asset be recorded at its fair value. Nasdaq uses Level 3 inputs to measure the fair value of the above assets on a non-recurring basis. As of September 30, 2020 and December 31, 2019, there were no non-financial assets measured at fair value on a non-recurring basis.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Clearing Operations

9 Months Ended

Sep. 30, 2020

Due to and from Broker-Dealers and Clearing Organizations [Abstract]

Clearing Operations

Nasdaq Clearing

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.

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.

Nasdaq Clearing maintains four member sponsored default funds: one related to financial markets, one related to commodities markets, one related to the seafood market, and a mutualized fund. Under this structure, Nasdaq Clearing and its clearing members must contribute to the total regulatory capital related to the clearing operations of Nasdaq Clearing. This structure applies an initial separation of default fund contributions for the financial, commodities and seafood markets in order to create a buffer for each market’s counterparty risks. Simultaneously, a mutualized default fund provides capital efficiencies to Nasdaq Clearing’s members with regard to total regulatory capital required. See “Default Fund Contributions” below for further discussion of Nasdaq Clearing’s default fund. Power of assessment and a liability waterfall also have been implemented. See “Power of Assessment” and “Liability Waterfall” below for further discussion. These requirements align risk between Nasdaq Clearing and its clearing members.

Nasdaq Commodities Clearing Default

In September 2018, a member of the Nasdaq Clearing commodities market defaulted due to inability to post sufficient collateral to cover increased margin requirements for the positions of the relevant member, which had experienced losses due to sharp adverse movements in the Nordic - German power market spread. Nasdaq Clearing followed default procedures and offset the future market risk on the defaulting member’s positions. The default resulted in an initial loss of $133 million. In accordance with the liability waterfall, the first $8 million of the loss was allocated to Nasdaq Clearing’s junior capital and the remainder was allocated on a pro-rata basis to the commodities clearing members’ default funds. In September 2018, these funds were replenished.

In December 2018, we initiated a capital relief program. The capital relief program was a voluntary program open to each commodities default fund participant; each such participant who agreed to the capital relief program received a proportion of the funds made available under the capital relief program as reflected by their proportionate share of the aggregate of the clearing members' default fund replenishments. As of September 30, 2020, we have disbursed substantially all of the $23 million offered through the program. In addition to the capital relief program, we are pursuing recovery of assets from the defaulted member which will be allocated back to default fund participants.

Default Fund Contributions and Margin Deposits

As of September 30, 2020, clearing member default fund contributions and margin deposits were as follows:


	September 30, 2020
	Cash Contributions		Non-Cash Contributions		Total Contributions
	(in millions)
Default fund contributions	$	482	$	89	$	571
Margin deposits	2,896		5,293		8,189
Total	$	3,378	$	5,382	$	8,760

Of the total default fund contributions of $571 million, Nasdaq Clearing can utilize $473 million as capital resources in the event of a counterparty default. The remaining balance of $98 million pertains to member posted surplus balances.

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.

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 European government debt securities with original maturities of 90 days or less, reverse repurchase agreements, supranationals and state owned enterprise debt securities. Investments in reverse repurchase agreements are secured with highly rated government securities with maturity dates that range from 6 days to 8 days. The carrying value of these securities approximates their fair value due to the short-term nature of the instruments and reverse repurchase agreements.

Nasdaq Clearing has invested the total cash contributions of $3,378 million as of September 30, 2020 and $2,996 million as of December 31, 2019, in accordance with its investment policy as follows:


	September 30, 2020		December 31, 2019
	(in millions)
Demand deposits	$	1,788	$	1,328
Central bank certificates	666		896
European government debt securities	436		508
Reverse repurchase agreements	388		116
Supranationals and state owned enterprise debt securities	100		148
Total	$	3,378	$	2,996

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.

Default Fund Contributions

Required contributions to the default funds are proportional to the exposures of each clearing member. When a clearing member is active in more than one market, contributions must be made to all markets’ default funds in which the member is active. Clearing members’ eligible contributions may include cash and non-cash contributions. Cash contributions received are held in cash or invested by Nasdaq Clearing, in accordance with its investment policy, either in highly rated government debt securities, time deposits, central bank certificates or reverse repurchase agreements with highly rated government debt securities as collateral. Nasdaq Clearing maintains and manages all cash deposits related to margin collateral. All risks and rewards of collateral ownership, including interest, belong to Nasdaq Clearing. Clearing members’ cash contributions are included in default funds and margin deposits in the Condensed Consolidated Balance Sheets as both a current asset and a current liability. Non-cash contributions include highly rated government debt securities that must meet specific criteria approved by Nasdaq Clearing. Non-cash contributions are pledged assets that are not recorded in the Condensed Consolidated Balance Sheets as Nasdaq Clearing does not take legal ownership of these assets and the risks and rewards remain with the clearing members. These balances may fluctuate over time due to changes in the amount of deposits required and whether members choose to provide cash or non-cash contributions. Assets pledged are held at a nominee account in Nasdaq Clearing’s name for the benefit of the clearing members and are immediately accessible by Nasdaq Clearing in the event of a default. In addition to clearing members’ required contributions to the liability waterfall, Nasdaq Clearing is also required to contribute capital to the liability waterfall and overall regulatory capital as specified under its clearinghouse rules. As of September 30, 2020, Nasdaq Clearing committed capital totaling $131 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.

Margin Deposits

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.

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.

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.

Regulatory Capital and Risk Management Calculations

Nasdaq Clearing manages risk through a comprehensive counterparty risk management framework, which is comprised of policies, procedures, standards and financial resources. The level of regulatory capital is determined in accordance with Nasdaq Clearing’s regulatory capital policy, as approved by the SFSA. Regulatory capital calculations are continuously updated through a proprietary capital-at-risk calculation model that establishes the appropriate level of capital.

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 September 30, 2020.

Power of Assessment

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.

Liability Waterfall

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:

•junior capital contributed by Nasdaq Clearing, which totaled $36 million as of September 30, 2020;

•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;

•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;

•senior capital contributed to each specific market by Nasdaq Clearing, calculated in accordance with clearinghouse rules, which totaled $22 million as of September 30, 2020; and

•mutualized default fund, which includes capital contributions of the clearing members on a pro-rata basis.

If additional funds are needed after utilization of the liability waterfall, then Nasdaq Clearing will utilize its power of assessment and additional capital contributions will be required by non-defaulting members up to the limits established under the terms of the clearinghouse rules.

In addition to the capital held to withstand counterparty defaults described above, Nasdaq Clearing also has committed capital of $73 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.

Market Value of Derivative Contracts Outstanding

The following table includes the market value of derivative contracts outstanding prior to netting:


	September 30, 2020
	(in millions)
Commodity and seafood options, futures and forwards(1)(2)(3)	$	163
Fixed-income options and futures(1)(2)	792
Stock options and futures(1)(2)	168
Index options and futures(1)(2)	100
Total	$	1,223

____________

(1)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.

(2)We determined the fair value of our futures contracts based upon quoted market prices and average quoted market yields.

(3)We determined the fair value of our forward contracts using standard valuation models that were based on market-based observable inputs including LIBOR rates and the spot price of the underlying instrument.

Derivative Contracts Cleared

The following table includes the total number of derivative contracts cleared through Nasdaq Clearing for the nine months ended September 30, 2020 and 2019:


	September 30, 2020	September 30, 2019
Commodity and seafood options, futures and forwards(1)	476,480	393,153
Fixed-income options and futures	16,456,583	15,780,707
Stock options and futures	14,322,903	18,030,431
Index options and futures	41,202,460	35,752,600
Total	72,458,426	69,956,891

____________

(1) The total volume in cleared power related to commodity contracts was 670 Terawatt hours (TWh) for the nine months ended September 30, 2020 and 614 TWh for the nine months ended September 30, 2019.

The outstanding contract value of resale and repurchase agreements was $2.4 billion as of September 30, 2020 and $2.1 billion as of September 30, 2019. The total number of contracts cleared was 3,639,384 for the nine months ended September 30, 2020 and was 5,580,836 for the nine months ended September 30, 2019.

Leases

9 Months Ended

Sep. 30, 2020

Leases [Abstract]

Leases

LeasesWe have operating leases which are primarily real estate leases for our U.S. and European headquarters and for general office space. The following table provides

supplemental balance sheet information related to Nasdaq's operating leases:


Leases	Balance Sheet Classification	September 30, 2020		December 31, 2019
		(in millions)
Assets:
Operating lease assets	Operating lease assets	$	387	$	346

Liabilities:
Current lease liabilities	Other current liabilities	$	42	$	61
Non-current lease liabilities	Operating lease liabilities	397		331
Total lease liabilities		$	439	$	392

The following table summarizes Nasdaq's lease cost:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
	(in millions)
Operating lease cost(1)	$	22	$	19	$	63	$	58
Variable lease cost	8		6		20		18
Sublease income	(1)		(1)		(3)		(4)
Total lease cost	$	29	$	24	$	80	$	72

____________

(1) Includes short-term lease cost, which was immaterial.

The following table reconciles the undiscounted cash flows for each of the first five years and total of the remaining years to the operating lease liabilities recorded in our Condensed Consolidated Balance Sheets.


	September 30, 2020
	(in millions)
2020(1)	$	19
2021	60
2022	53
2023	49
2024	43
Thereafter	341
Total lease payments	565
Less: interest(2)	(126)
Present value of lease liabilities(3)	$	439

____________

(1) Represents the estimated lease payments to be made for the remaining three months of 2020.

(2) Calculated using the interest rate for each lease.

(3) Includes the current portion of $42 million.

Total lease payments in the above table exclude $8 million of legally binding minimum lease payments for leases signed as of September 30, 2020 that commenced, or will commence, as applicable, in October 2020, November 2020 and January 2021 with lease terms of 3 to 5 years.

The following table provides information related to Nasdaq's lease term and discount rate:


	September 30, 2020
Weighted-average remaining lease term (in years)	11.6

Weighted-average discount rate	4.2	%

The following table provides supplemental cash flow information related to Nasdaq's operating leases:


	Nine Months Ended September 30,
	2020		2019
	(in millions)
Cash paid for amounts included in the measurement of operating lease liabilities	$	57	$	59

Lease assets obtained in exchange for new operating lease liabilities	$	94	$	20

Income Taxes

9 Months Ended

Sep. 30, 2020

Income Tax Disclosure [Abstract]

Income Taxes

Income Tax Provision

The following table shows our income tax provision and effective tax rate:


	Three Months Ended September 30,						Percentage Change
	2020			2019
	(in millions)
Income tax provision	$	93		$	65		43.1	%
Effective tax rate	26.1		%	30.2		%
	Nine Months Ended September 30,						Percentage Change
	2020			2019
	(in millions)
Income tax provision	$	237		$	196		20.9	%
Effective tax rate	25.1		%	25.6		%

The lower effective tax rate in the third quarter of 2020 was primarily due to a change in uncertain tax positions recorded in the third quarter of 2019. The lower effective tax rate in the first nine months of 2020 is primarily due to a compensation deduction which was determined to be allowable in the current year.

The effective tax rate may vary from period to period depending on, among other factors, the geographic and business mix of earnings and losses. These same and other factors, including history of pre-tax earnings and losses, are taken into account in assessing the ability to realize deferred tax assets.

Tax Audits

Nasdaq and its eligible subsidiaries file a consolidated U.S. federal income tax return and applicable state and local income tax returns and non-U.S. income tax returns. We are subject to examination by federal, state and local, and foreign tax authorities. Federal income tax returns for the years 2012 through 2016 are currently under examination by the Internal

Revenue Service and we are subject to examination by the Internal Revenue Service for 2017 through 2019. Several state tax returns are currently under examination by the respective tax authorities for the years 2007 through 2018. Non-U.S. tax returns are subject to examination by the respective tax authorities for the years 2014 through 2019. We regularly assess the likelihood of additional assessments by each jurisdiction and have established tax reserves that we believe are adequate in relation to the potential for additional assessments. Examination outcomes and the timing of examination settlements are subject to uncertainty. Although the results of such examinations may have an impact on our unrecognized tax benefits, we do not anticipate that such impact will be material to our consolidated financial position or results of operations. We do not expect to settle any material tax audits in the next twelve months.

We are subject to examination by federal, state and local, and foreign tax authorities. We regularly assess the likelihood of additional assessments by each jurisdiction and have established tax reserves that we believe are adequate in relation to the potential for additional assessments. We believe that the resolution of tax matters will not have a material effect on our financial condition but may be material to our operating results for a particular period and the effective tax rate for that period.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

Commitments, Contingencies and Guarantees	9 Months Ended
Commitments, Contingencies and Guarantees	Sep. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments, Contingencies and Guarantees	Commitments, Contingencies and Guarantees Guarantees Issued and Credit Facilities Available In addition to the default fund contributions and margin collateral pledged by clearing members discussed in Note 14, “Clearing Operations,” we have obtained financial guarantees and credit facilities which are guaranteed by us through counter indemnities, to provide further liquidity related to our clearing businesses. Financial guarantees issued to us totaled $4 million as of September 30, 2020 and $11 million as of December 31, 2019. As discussed in “Other Credit Facilities,” of Note 8, “Debt Obligations,” we also have credit facilities primarily related to our Nasdaq Clearing operations, which are available in multiple currencies, and totaled $214 million as of September 30, 2020 and $203 million as of December 31, 2019 in available liquidity, none of which was utilized as of September 30, 2020, and of which $15 million was utilized as of December 31, 2019. Execution Access is an introducing broker which operates the trading platform for our Fixed Income business to trade in U.S. Treasury securities. Execution Access has a clearing arrangement with Industrial and Commercial Bank of China Financial Services LLC, or ICBC. As of September 30, 2020, we have contributed $10 million of clearing deposits to ICBC in connection with this clearing arrangement. These deposits are recorded in other current assets in our Condensed Consolidated Balance Sheets. Some of the trading activity in Execution Access is cleared by ICBC through the Fixed Income Clearing Corporation, with ICBC acting as agent. Execution Access assumes the counterparty risk of clients that do not clear through the Fixed Income Clearing Corporation. Counterparty risk of clients exists for Execution Access between the trade date and the settlement date of the individual transactions, which is at least one business day (or more, if specified by the U.S. Treasury issuance calendar). Counterparties that do not clear through the Fixed Income Clearing Corporation are subject to a credit due diligence process and may be required to post collateral, provide principal letters, or provide other forms of credit enhancement to Execution Access for the purpose of mitigating counterparty risk. Daily position trading limits are also enforced for such counterparties. We believe that the potential for us to be required to make payments under these arrangements is mitigated through the pledged collateral and our risk management policies. Accordingly, no contingent liability is recorded in the Condensed Consolidated Balance Sheets for these arrangements. However, no guarantee can be provided that these arrangements will at all times be sufficient. Other Guarantees Through our clearing operations in the financial markets, Nasdaq Clearing is the legal counterparty for, and guarantees the performance of, its clearing members. See Note 14, “Clearing Operations,” for further discussion of Nasdaq Clearing performance guarantees. We have provided a guarantee related to lease obligations for The Nasdaq Entrepreneurial Center, Inc., which is a not-for-profit organization designed to convene, connect and engage aspiring and current entrepreneurs. This entity is not included in the consolidated financial statements of Nasdaq. We believe that the potential for us to be required to make payments under these arrangements is unlikely. Accordingly, no contingent liability is recorded in the Condensed Consolidated Balance Sheets for the above guarantees. Non-Cash Contingent Consideration As part of the purchase price consideration of a prior acquisition, we have agreed to future annual issuances of 992,247 shares of Nasdaq common stock which approximated certain tax benefits associated with the transaction. Such contingent future issuances of Nasdaq common stock will be issued annually through 2027 if Nasdaq’s total gross revenues equal or exceed $25 million in each such year. The contingent future issuances of Nasdaq common stock are subject to anti-dilution protections and acceleration upon certain events. Routing Brokerage Activities One of our broker-dealer subsidiaries, Nasdaq Execution Services, provides a guarantee to securities clearinghouses and exchanges under its standard membership agreements, which require members to guarantee the performance of other members. If a member becomes unable to satisfy its obligations to a clearinghouse or exchange, other members would be required to meet its shortfalls. To mitigate these performance risks, the exchanges and clearinghouses often require members to post collateral, as well as meet certain minimum financial standards. Nasdaq Execution Services’ maximum potential liability under these arrangements cannot be quantified. However, we believe that the potential for Nasdaq Execution Services to be required to make payments under these arrangements is unlikely. Accordingly, no contingent liability is recorded in the Condensed Consolidated Balance Sheets for these arrangements. Legal and Regulatory Matters Litigation As previously disclosed, we are named as one of many defendants in City of Providence v. BATS Global Markets, Inc., et al., 14 Civ. 2811 (S.D.N.Y.), which was filed on April 18, 2014 in the United States District Court for the Southern District of New York. The district court appointed lead counsel, who filed an amended complaint on September 2, 2014. The amended complaint names as defendants seven national exchanges, as well as Barclays PLC, which operated a private alternative trading system. On behalf of a putative class of securities traders, the plaintiffs allege that the defendants engaged in a scheme to manipulate the markets through high-frequency trading; the amended complaint asserts claims against us under Section 10(b) of the Exchange Act and Rule 10b-5, as well as under Section 6(b) of the Exchange Act. The plaintiffs seek injunctive and monetary relief of an unspecified amount. We filed a motion to dismiss the amended complaint on November 3, 2014. In response, the plaintiffs filed a second amended complaint on November 24, 2014, which names the same defendants and alleges essentially the same violations. We then filed a motion to dismiss the second amended complaint on January 23, 2015. On August 26, 2015, the district court entered an order dismissing the second amended complaint in its entirety. The plaintiffs appealed the judgment of dismissal to the United States Court of Appeals for the Second Circuit (although opting not to appeal the dismissal with respect to Barclays PLC or the dismissal of claims under Section 6(b) of the Exchange Act). On December 19, 2017, the Second Circuit issued an opinion vacating the district court’s judgment of dismissal and remanding to the district court for further proceedings. On May 18, 2018, the exchanges filed a motion to dismiss the amended complaint, raising issues not addressed in the proceedings to date. On May 28, 2019, the district court denied the exchanges’ renewed motion to dismiss. The parties are currently engaged in the discovery process. On June 17, 2019, the exchanges filed a motion to certify the district court’s order for immediate review by the Second Circuit and on July 16, 2019, the district court denied the motion. Given the preliminary nature of the proceedings, we are unable to estimate what, if any, liability may result from this litigation. However, we believe that the claims are without merit and will continue to litigate vigorously. Nasdaq Commodities Clearing Default During September 2018, a clearing member of Nasdaq Clearing's commodities market was declared in default. We have been cooperating fully with the SFSA in the associated regulatory audits. While we are currently unable to predict the final outcome of this matter, it could include penalties, such as a fine. We do not expect this matter will have a material impact on our consolidated financial statements. See “Nasdaq Commodities Clearing Default,” of Note 14, “Clearing Operations,” for further information on this event. SEC Decisions In recent years, certain industry groups have challenged the level of fees that U.S. exchanges charge for market data and connectivity. In October 2018, the SEC reversed a prior administrative decision and found that Nasdaq had not met a burden of demonstrating that certain challenged fees were fair and reasonable. In addition, the SEC remanded a series of additional challenges to market data and connectivity fees back to Nasdaq for further consideration. On June 5, 2020, a three-judge panel of the U.S. Court of Appeals for the District of Columbia Circuit vacated both SEC decisions, finding that the SEC lacked authority to review fees under the statutory provisions that it had relied upon. The applicable deadlines for a party to seek further review of the Court’s decisions have now passed. Other Matters Except as disclosed above and in prior reports filed under the Exchange Act, we are not currently a party to any litigation or proceeding that we believe could have a material adverse effect on our business, consolidated financial condition, or operating results. However, from time to time, we have been threatened with, or named as a defendant in, lawsuits or involved in regulatory proceedings. In the normal course of business, Nasdaq discusses matters with its regulators raised during regulatory examinations or otherwise subject to their inquiries. Management believes that censures, fines, penalties or other sanctions that could result from any ongoing examinations or inquiries will not have a material impact on its consolidated financial position or results of operations. However, we are unable to predict the outcome or the timing of the ultimate resolution of these matters, or the potential fines, penalties or injunctive or other equitable relief, if any, that may result from these matters. Tax Audits We are engaged in ongoing discussions and audits with taxing authorities on various tax matters, the resolutions of which are uncertain. Currently, there are matters that may lead to assessments, some of which may not be resolved for several years. Based on currently available information, we believe we have adequately provided for any assessments that could result from those proceedings where it is more likely than not that we will be assessed. We review our positions on these matters as they progress. See “Tax Audits,” of Note 16, “Income Taxes,” for further discussion.

Business Segments

9 Months Ended

Sep. 30, 2020

Segment Reporting [Abstract]

Business Segments

Business SegmentsWe manage, operate and provide our products and services in four business segments: Market Services, Corporate Services, Information Services and Market Technology. See Note 1, “Organization and Nature of Operations,” for further discussion of our reportable segments.

Our management allocates resources, assesses performance and manages these businesses as four separate segments. We evaluate the performance of our segments based on several factors, of which the primary financial measure is operating income. Results of individual businesses are presented based

on our management accounting practices and structure. Our chief operating decision maker does not review total assets or statements of income below operating income by segments as key performance metrics; therefore, such information is not presented below.

* * * * * *

The following table presents certain information regarding our business segments for the three and nine months ended September 30, 2020 and 2019:


	Market Services		Corporate Services		Information Services		Market Technology		Corporate Items		Consolidated
	(in millions)
Three Months Ended September 30, 2020
Total revenues	$	958	$	132	$	238	$	86	$	—	$	1,414
Transaction-based expenses	(699)		—		—		—		—		(699)
Revenues less transaction-based expenses	259		132		238		86		—		715
Operating income (loss)	$	154	$	51	$	155	$	9	$	(43)	$	326
Three Months Ended September 30, 2019
Total revenues	$	690	$	124	$	198	$	84	$	—	$	1,096
Transaction-based expenses	(464)		—		—		—		—		(464)
Revenues less transaction-based expenses	226		124		198		84		—		632
Operating income (loss)	$	129	$	45	$	126	$	15	$	(89)	$	226
Nine Months Ended September 30, 2020
Total revenues	$	2,867	$	386	$	661	$	251	$	—	$	4,165
Transaction-based expenses	(2,050)		—		—		—		—		(2,050)
Revenues less transaction-based expenses	817		386		661		251		—		2,115

Operating income (loss)	$	509	$	145	$	420	$	32	$	(190)	$	916

Nine Months Ended September 30, 2019
Total revenues	$	1,995	$	368	$	585	$	239	$	10	$	3,197
Transaction-based expenses	(1,308)		—		—		—		—		(1,308)
Revenues less transaction-based expenses	687		368		585		239		10		1,889

Operating income (loss)	$	392	$	134	$	372	$	29	$	(170)	$	757

Certain amounts are allocated to corporate items in our management reports as we believe they do not contribute to a meaningful evaluation of a particular segment's ongoing operating performance. These items, which are shown in the table below, include the following:

Amortization expense of acquired intangible assets: We amortize intangible assets acquired in connection with various acquisitions. Intangible asset amortization expense can vary from period to period due to episodic acquisitions completed, rather than from our ongoing business operations. As such, if intangible asset amortization is included in performance measures, it is more difficult to assess the day-to-day operating performance of the segments, and the relative operating performance of the segments between periods. Management does not consider intangible asset amortization expense for the purpose of evaluating the performance of our segments or their managers or when making decisions to allocate resources. Therefore, we believe performance measures excluding intangible asset amortization expense provide management with a useful

representation of our segments' ongoing activity in each period.

Merger and strategic initiatives expense: We have pursued various strategic initiatives and completed acquisitions and divestitures in recent years that have resulted in expenses which would not have otherwise been incurred. These expenses generally include integration costs, as well as legal, due diligence and other third party transaction costs. The frequency and the amount of such expenses vary significantly based on the size, timing and complexity of the transaction. Management does not consider merger and strategic initiatives expense for the purpose of evaluating the performance of our segments or their managers or when making decisions to allocate resources. Therefore, we believe performance measures excluding merger and strategic initiatives expense provide management with a useful representation of our segments' ongoing activity in each period.

Restructuring charges: We initiated the transition of certain technology platforms to advance our strategic opportunities as a technology and analytics provider and continue the re-

alignment of certain business areas. See Note 19, “Restructuring Charges,” for further discussion of our 2019 restructuring plan. We believe performance measures excluding restructuring charges provide management with a useful representation of our segments' ongoing activity in each period.

2019 divestiture: We have included in corporate items the revenues and expenses of BWise which were part of the Corporate Solutions business within our Corporate Services segment as BWise was sold in March 2019. See “2019 Divestiture,” of Note 4, “Acquisitions and Divestiture,” for further discussion.

Other significant items: We have included certain other charges or gains in corporate items, to the extent we believe they should be excluded when evaluating the ongoing operating performance of each individual segment. Other significant items included:

•for the three and nine months ended September 30, 2020 and 2019, a provision for notes receivable associated

with the funding of technology development for a market-wide consolidated audit trail established by Nasdaq and other exchanges under an SEC approved plan, or CAT;

•for the nine months ended September 30, 2020 and 2019, a loss on extinguishment of debt; and

•for the nine months ended September 30, 2020, charitable donations made to the Nasdaq Foundation, COVID-19 response and relief efforts, and social justice charities.

The above charges are recorded in general, administrative and other expense in our Condensed Consolidated Statements of Income.

Accordingly, we do not allocate these costs for purposes of disclosing segment results because they do not contribute to a meaningful evaluation of a particular segment’s ongoing operating performance.

* * * * * *

A summary of our corporate items is as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
	(in millions)
Revenues - divested business	$	—	$	—	$	—	$	10
Expenses:
Amortization expense of acquired intangible assets	26		25		76		76
Merger and strategic initiatives expense	1		10		12		25
Restructuring charges	11		30		36		30

Provision for notes receivable	6		20		6		20
Extinguishment of debt	—		—		36		11
Charitable donations	—		—		17		—

Expenses - divested business	—		—		—		8
Other	(1)		4		7		10
Total expenses	43		89		190		180
Operating loss	$	(43)	$	(89)	$	(190)	$	(170)

For further discussion of our segments’ results, see “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations-Segment Operating Results.”

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

Restructuring Charges

9 Months Ended

Sep. 30, 2020

Restructuring and Related Activities [Abstract]

Restructuring Charges

In September 2019, we initiated the transition of certain technology platforms to advance the company's strategic opportunities as a technology and analytics provider and continue the re-alignment of certain business areas. In connection with these restructuring efforts, we are retiring certain elements of our marketplace infrastructure and technology product offerings as we implement NFF and other technologies internally and externally. This represents a fundamental shift in our strategy and technology as well as executive re-alignment. As a result of these actions, we expect to incur approximately $100 million in pre-tax charges over a two year period related primarily to non-cash items such as asset impairments, accelerated depreciation as well as third-party consulting costs. Severance and employee-related charges also will be incurred. Restructuring charges are recorded on restructuring plans that have been committed to by management and are, in part, based upon management’s best estimates of future events.

The following table presents a summary of the 2019 restructuring plan charges in the Condensed Consolidated Statements of Income for the three and nine months ended September 30, 2020 and 2019 which primarily consisted of consulting services,

asset impairment charges primarily related to capitalized software that was retired, and accelerated depreciation expense on certain assets as a result of a decrease in their useful life.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
	(in millions)
Asset impairment charges and accelerated depreciation expense	$	2	$	25	$	10	$	25
Consulting services	6		—		15		—
Contract terminations	—		—		3		—
Severance and employee-related costs	2		3		3		3
Other	1		2		5		2
Total restructuring charges	$	11	$	30	$	36	$	30

Basis of Presentation and Principles of Consolidation (Policies)	9 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
Basis of Presentation	The condensed consolidated financial statements are prepared in accordance with U.S. GAAP and include the accounts of Nasdaq, its wholly-owned subsidiaries and other entities in which Nasdaq has a controlling financial interest. When we do not have a controlling interest in an entity but exercise significant influence over the entity’s operating and financial policies, such investment is accounted for under the equity method of accounting. We recognize our share of earnings or losses of an equity method investee based on our ownership percentage. See “Equity Method Investments,” of Note 6, “Investments,” for further discussion of our equity method investments.
Principles of Consolidation	The accompanying condensed consolidated financial statements reflect all adjustments which are, in the opinion of management, necessary for a fair statement of the results. These adjustments are of a normal recurring nature. All significant intercompany accounts and transactions have been eliminated in consolidation.
Accounting Estimates	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. Nasdaq has considered the impact of COVID-19 on the assumptions and estimates used in evaluating our assets and liabilities, including but not limited to our goodwill, intangible assets, equity method investments, equity securities and allowance for losses on accounts receivable. We determined that there were no material adverse impacts on our results of operations and financial position for the three and nine months ended September 30, 2020. In addition, there were no material impairment charges recorded for the three and nine months ended September 30, 2020. These estimates may change as new events occur and additional information is obtained. Actual results could differ from these estimates under different assumptions or conditions.
Recently Adopted Accounting Standard	Recently Adopted Accounting Standard In June 2016, the FASB issued ASU 2016-13, “Measurement of Credit Losses on Financial Instruments.” This standard changes the impairment model for certain financial instruments. The new model is a forward looking expected loss model and applies to financial assets subject to credit losses and measured at amortized cost and certain off-balance sheet credit exposures. This includes loans, held-to-maturity debt securities, loan commitments, financial guarantees and trade receivables. For available-for-sale debt securities with unrealized losses, credit losses are measured in a manner similar to previous accounting, except that the losses are recognized as allowances rather than reductions in the amortized cost of the securities. We adopted this standard on January 1, 2020 using the modified retrospective transition method. We recorded a $12 million non-cash cumulative effect adjustment to retained earnings on our opening Condensed Consolidated Balance Sheets as of January 1, 2020. The comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods. We expect the impact of the adoption of the new standard to be immaterial to our net income on an on-going basis. At the date of adoption, the adjustment impacted by the standard related primarily to an adjustment to trade receivables. We took into consideration all financial instruments held at the date of adoption which were impacted by the standard, including reverse repurchase agreements and commercial paper, and estimated the risk of loss to be immaterial. Therefore, no adjustment was recorded for these instruments. In accordance with the new standard, Nasdaq must recognize an allowance when a receivable or contract asset is established, regardless of whether there has been an incurred loss. Our receivables are concentrated with our member firms, market data distributors, listed companies and corporate solutions and market technology customers. In order to assess the appropriate allowance as of January 1, 2020, we disaggregated our trade receivables by business unit and the aging of receivables. We concluded that historical loss information is a reasonable starting point on which to determine expected credit losses for trade receivables held at the date of adoption as the composition of our trade receivables at adoption of the standard is materially consistent with that used in developing the historical loss percentages for each business unit. In order to incorporate our expectation of credit losses over the life of our receivables, we considered corporate default rate averages over an extended period as compared to the period covered by our historical loss data and included an adjustment to historical loss percentages for current conditions and expected future conditions at the date of adoption. The allowance for losses is reviewed monthly and adjustments may be required if economic conditions at the measurement date reflect stronger or weaker economic performance than the historical data implies. If circumstances change (i.e., higher than expected defaults or an unexpected material adverse change in a major customer’s ability to pay), our estimates of recoverability could be reduced by a material amount. When we deem all or a portion of a receivable uncollectible the allowance for losses is reduced by the amount being written off. Any change in the allowance is included in general, administrative and other expense in the Condensed Consolidated Statements of Income. Receivables are shown net of the allowance for losses. The total allowance netted against receivables in the Condensed Consolidated Balance Sheets was $20 million as of September 30, 2020 and $9 million as of December 31, 2019.
Subsequent Events	Subsequent Events There have been no subsequent events through the issuance date of this Quarterly Report on Form 10-Q that would require disclosure in, or adjustment to, the condensed consolidated financial statements.

Revenue From Contracts With Customers (Tables)

9 Months Ended

Sep. 30, 2020

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

The following tables summarize the disaggregation of revenue by major product and service and by segment for the three and nine months ended September 30, 2020 and 2019:


	Three Months Ended September 30, 2020
	Market Services		Corporate Services		Information Services		Market Technology		Consolidated
	(in millions)
Transaction-based trading and clearing, net	$	183	$	—	$	—	$	—	$	183
Trade management services	76		—		—		—		76
Listing services	—		79		—		—		79
Corporate solutions	—		53		—		—		53
Market data	—		—		107		—		107
Index	—		—		86		—		86
Investment data & analytics	—		—		45		—		45
Market technology	—		—		—		86		86
Revenues less transaction-based expenses	$	259	$	132	$	238	$	86	$	715


	Three Months Ended September 30, 2019
	Market Services		Corporate Services		Information Services		Market Technology		Consolidated
	(in millions)
Transaction-based trading and clearing, net	$	154	$	—	$	—	$	—	$	154
Trade management services	72		—		—		—		72
Listing services	—		74		—		—		74
Corporate solutions	—		50		—		—		50
Market data	—		—		102		—		102
Index	—		—		56		—		56
Investment data & analytics	—		—		40		—		40
Market technology	—		—		—		84		84
Revenues less transaction-based expenses	$	226	$	124	$	198	$	84	$	632


	Nine Months Ended September 30, 2020
	Market Services		Corporate Services		Information Services		Market Technology		Consolidated
	(in millions)
Transaction-based trading and clearing, net	$	596	$	—	$	—	$	—	$	596
Trade management services	221		—		—		—		221
Listing services	—		228		—		—		228
Corporate solutions	—		158		—		—		158
Market data	—		—		305		—		305
Index	—		—		227		—		227
Investment data & analytics	—		—		129		—		129
Market technology	—		—		—		251		251
Revenues less transaction-based expenses	$	817	$	386	$	661	$	251	$	2,115


	Nine Months Ended September 30, 2019
	Market Services		Corporate Services		Information Services		Market Technology		Other Revenues		Consolidated
	(in millions)
Transaction-based trading and clearing, net	$	468	$	—	$	—	$	—	$	—	$	468
Trade management services	219		—		—		—		—		219
Listing services	—		219		—		—		—		219
Corporate solutions	—		149		—		—		—		149
Market data	—		—		302		—		—		302
Index	—		—		166		—		—		166
Investment data & analytics	—		—		117		—		—		117
Market technology	—		—		—		239		—		239
Other revenues	—		—		—		—		10		10
Revenues less transaction-based expenses	$	687	$	368	$	585	$	239	$	10	$	1,889

Remaining Performance Obligation

For our market technology contracts, the following table summarizes the amount of the transaction price allocated to performance obligations that are unsatisfied as of September 30, 2020:


	(in millions)
2020(1)	$	80
2021	295
2022	175
2023	80
2024	60
2025 and thereafter	140
Total	$	830

____________

(1) Represents performance obligations to be recognized over the remaining three months of 2020.

Acquisitions and Divestiture (Tables)

9 Months Ended

Sep. 30, 2020

Business Combinations [Abstract]

Schedule of Business Acquisitions, by Acquisition


	Purchase Consideration		Total Net Assets Acquired		Total Net Deferred Tax Liability		Acquired Intangible Assets		Goodwill
	(in millions)
Cinnober	$	219	$	18	$	(19)	$	74	$	146

Acquired Finite Lived Intangible Assets in Acquisition

The following table presents the details of the customer relationships intangible asset at the date of acquisition for

Cinnober which was the significant acquired intangible asset for this acquisition. All acquired intangible assets with finite lives are amortized using the straight-line method.


Customer relationships (in millions)	$	67
Discount rate used	9.5		%
Estimated average useful life	13 years

Goodwill and Acquired Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Changes in Goodwill

The following table presents the changes in goodwill by business segment during the nine months ended September 30, 2020:


	Market Services		Corporate Services		Information Services		Market Technology		Total
	(in millions)
Balance at December 31, 2019	$	3,342	$	460	$	2,283	$	281	$	6,366
Goodwill acquired	—		—		134		—		134


Foreign currency translation adjustment	49		5		40		6		100
Balance at September 30, 2020	$	3,391	$	465	$	2,457	$	287	$	6,600

Schedule of Acquired Finite-Lived Intangible Assets

The following table presents details of our total acquired intangible assets, both finite- and indefinite-lived:


	September 30, 2020						December 31, 2019
	Gross Amount		Accumulated Amortization		Net Amount		Gross Amount		Accumulated Amortization		Net Amount
	(in millions)						(in millions)
Finite-Lived Intangible Assets
Technology	$	76	$	(21)	$	55	$	63	$	(19)	$	44
Customer relationships	1,599		(624)		975		1,596		(532)		1,064
Other	18		(6)		12		18		(5)		13
Foreign currency translation adjustment	(151)		77		(74)		(159)		55		(104)
Total finite-lived intangible assets	$	1,542	$	(574)	$	968	$	1,518	$	(501)	$	1,017
Indefinite-Lived Intangible Assets
Exchange and clearing registrations	$	1,257	$	—	$	1,257	$	1,257	$	—	$	1,257
Trade names	121		—		121		121		—		121
Licenses	52		—		52		52		—		52
Foreign currency translation adjustment	(180)		—		(180)		(198)		—		(198)
Total indefinite-lived intangible assets	$	1,250	$	—	$	1,250	$	1,232	$	—	$	1,232
Total intangible assets	$	2,792	$	(574)	$	2,218	$	2,750	$	(501)	$	2,249

Schedule of Acquired Indefinite-lived Intangible Assets

The following table presents details of our total acquired intangible assets, both finite- and indefinite-lived:


	September 30, 2020						December 31, 2019
	Gross Amount		Accumulated Amortization		Net Amount		Gross Amount		Accumulated Amortization		Net Amount
	(in millions)						(in millions)
Finite-Lived Intangible Assets
Technology	$	76	$	(21)	$	55	$	63	$	(19)	$	44
Customer relationships	1,599		(624)		975		1,596		(532)		1,064
Other	18		(6)		12		18		(5)		13
Foreign currency translation adjustment	(151)		77		(74)		(159)		55		(104)
Total finite-lived intangible assets	$	1,542	$	(574)	$	968	$	1,518	$	(501)	$	1,017
Indefinite-Lived Intangible Assets
Exchange and clearing registrations	$	1,257	$	—	$	1,257	$	1,257	$	—	$	1,257
Trade names	121		—		121		121		—		121
Licenses	52		—		52		52		—		52
Foreign currency translation adjustment	(180)		—		(180)		(198)		—		(198)
Total indefinite-lived intangible assets	$	1,250	$	—	$	1,250	$	1,232	$	—	$	1,232
Total intangible assets	$	2,792	$	(574)	$	2,218	$	2,750	$	(501)	$	2,249

Schedule of Estimated Future Amortization Expense


	(in millions)
2020(1)	$	27
2021	109
2022	106
2023	103
2024	98
2025 and thereafter	599
Total	$	1,042

____________

(1) Represents the estimated amortization to be recognized over the remaining three months of 2020.

Investments (Tables)

9 Months Ended

Sep. 30, 2020

Investments, Debt and Equity Securities [Abstract]

Schedule of Investments

The following table presents the details of our investments:


	September 30, 2020		December 31, 2019
	(in millions)
Financial investments	$	177	$	291



Equity method investments	$	243	$	156
Equity securities	$	53	$	49

Deferred Revenue (Tables)

9 Months Ended

Sep. 30, 2020

Revenue from Contract with Customer [Abstract]

Changes in Deferred Revenue

The changes in our deferred revenue during the nine months ended September 30, 2020 are reflected in the following table:


	Initial Listing Revenues		Annual Listings Revenues		Corporate Solutions Revenues		Information Services Revenues		Market Technology Revenues		Other(1)		Total
	(in millions)
Balance at December 31, 2019	$	69	$	2	$	41	$	82	$	66	$	14	$	274
Deferred revenue billed in the current period, net of recognition	29		66		44		67		36		8		250
Revenue recognized that was included in the beginning of the period	(24)		(2)		(39)		(58)		(45)		(8)		(176)
Foreign currency translation adjustment	1		(1)		—		—		3		1		4
Balance at September 30, 2020	$	75	$	65	$	46	$	91	$	60	$	15	$	352

____________

Estimated Deferred Revenue

As of September 30, 2020, we estimate that our deferred revenue will be recognized in the following years:


	Initial Listing Revenues		Annual Listings Revenues		Corporate Solutions Revenues		Information Services Revenues		Market Technology Revenues		Other(1)		Total
	(in millions)
Fiscal year ended:
2020(2)	$	8	$	65	$	23	$	39	$	25	$	4	$	164
2021	28		—		23		52		33		5		141
2022	17		—		—		—		1		3		21
2023	10		—		—		—		1		3		14
2024	7		—		—		—		—		—		7
2025 and thereafter	5		—		—		—		—		—		5
Total	$	75	$	65	$	46	$	91	$	60	$	15	$	352

____________

(1) Other primarily includes revenues from listing of additional shares fees which are included in our Listing Services business.

(2) Represents the estimated amortization to be recognized for the remaining three months of 2020.

Debt Obligations (Tables)

9 Months Ended

Sep. 30, 2020

Debt Disclosure [Abstract]

Changes in Debt Obligations

The following table presents the changes in the carrying amount of our debt obligations during the nine months ended September 30, 2020:


	December 31, 2019		Additions		Payments, Foreign Currency Translation and Accretion		September 30, 2020
	(in millions)
Short-term debt - commercial paper	$	391	$	990	$	(1,381)	$	—
Long-term debt:
3.875% senior unsecured notes repaid on March 16, 2020	671		—		(671)		—
4.25% senior unsecured notes due June 1, 2024	497		—		1		498
1.75% senior unsecured notes due May 19, 2023	668		—		32		700
3.85% senior unsecured notes due June 30, 2026	497		—		—		497
1.75% senior unsecured notes due March 28, 2029	665		—		32		697
0.875% senior unsecured notes due February 13, 2030	—		644		52		696
3.25% senior unsecured notes due April 28, 2050	—		485		—		485
$1 billion senior unsecured revolving credit facility due April 25, 2022 (average interest rate of 2.37% for the period January 1, 2020 through September 30, 2020)	(2)		799		(799)		(2)
Total long-term debt	2,996		1,928		(1,353)		3,571
Total debt obligations	$	3,387	$	2,918	$	(2,734)	$	3,571

Share-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2020

Share-based Payment Arrangement [Abstract]

Summary of Share-Based Compensation Expense


	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
	(in millions)
Share-based compensation expense before income taxes	$	24	$	21	$	64	$	57
Income tax benefit	(7)		(6)		(17)		(16)
Share-based compensation expense after income taxes	$	17	$	15	$	47	$	41

Summary of Restricted Stock Activity

The following table summarizes our restricted stock activity for the nine months ended September 30, 2020:


	Restricted Stock
	Number of Awards	Weighted-Average Grant Date Fair Value









Unvested at January 1, 2020	1,486,756	$	77.38
Granted	729,448	$	89.36
Vested	(446,550)	$	71.91
Forfeited	(67,013)	$	80.40
Unvested at September 30, 2020	1,702,641	$	83.82

Summary of Stock Options, Valuation Assumptions


	Nine Months Ended September 30,
	2020		2019
Weighted-average risk free interest rate(1)	0.27	%	2.26	%
Expected volatility(2)	27.4	%	16.5	%
Weighted-average grant date share price	$92.34		$89.00
Weighted-average fair value at grant date	$111.50		$97.65

____________

(1) The risk-free interest rate for periods within the expected life of the award is based on the U.S. Treasury yield curve in effect at the time of grant.

Summary of PSU Activity

The following table summarizes our PSU activity for the nine months ended September 30, 2020:


	PSUs
	One-Year Program			Three-Year Program
	Number of Awards	Weighted-Average Grant Date Fair Value		Number of Awards	Weighted-Average Grant Date Fair Value








Unvested at January 1, 2020	317,251	$	80.87	797,451	$	98.31
Granted(1)	26,780	$	84.17	320,328	$	107.42
Vested	(10,104)	$	75.85	(300,767)	$	81.57
Forfeited	(26,984)	$	82.27	(6,557)	$	97.33
Unvested at September 30, 2020	306,943	$	81.20	810,455	$	108.13

____________

Summary of Stock Option Activity

A summary of stock option activity for the nine months ended September 30, 2020 is as follows:


	Number of Stock Options	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in millions)









Outstanding at January 1, 2020	379,102	$	54.32	5.27	$	20

Exercised	(80,378)	23.82
Forfeited	(435)	19.75
Outstanding and exercisable at September 30, 2020	298,289	$	62.59	5.69	$	18

Nasdaq Stockholders’ Equity (Tables)

9 Months Ended

Sep. 30, 2020

Equity [Abstract]

Schedule of Common Stock in Treasury

The following is a summary of our share repurchase activity, reported based on settlement date, for the nine months ended September 30, 2020 and 2019:


	Nine Month Ended September 30,
	2020		2019
Number of shares of common stock repurchased(1)	1,752,474		2,053,855
Average price paid per share	$	106.26	$	97.37
Total purchase price (in millions)	$	186	$	200

____________

(1) Excludes shares withheld upon vesting of restricted stock and PSUs of 296,786 for the nine months ended September 30, 2020 and 363,813 for the nine months ended September 30, 2019.

Schedule of Dividends Declared

During the first nine months of 2020, our board of directors declared the following cash dividends:


Declaration Date	Dividend Per Common Share		Record Date	Total Amount Paid		Payment Date
				(in millions)
January 28, 2020	$	0.47	March 13, 2020	$	78	March 27, 2020
April 22, 2020	0.49		June 12, 2020	80		June 26, 2020
July 22, 2020	0.49		September 11, 2020	81		September 25, 2020

				$	239

Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2020

Earnings Per Share [Abstract]

Summary of Computation of Basic and Diluted Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Numerator:	(in millions, except share and per share amounts)
Net income attributable to common shareholders	$	264	$	150	$	708	$	571
Denominator:
Weighted-average common shares outstanding for basic earnings per share	164,171,067		164,331,832		164,377,053		165,086,951
Weighted-average effect of dilutive securities:
Employee equity awards(1)	2,328,540		1,705,665		2,071,848		1,611,232
Contingent issuance of common stock(2)	992,247		992,247		330,749		330,749
Weighted-average common shares outstanding for diluted earnings per share	167,491,854		167,029,744		166,779,650		167,028,932
Basic and diluted earnings per share:
Basic earnings per share	$	1.61	$	0.91	$	4.31	$	3.46
Diluted earnings per share	$	1.58	$	0.90	$	4.25	$	3.42

____________

(2) See “Non-Cash Contingent Consideration,” of Note 17, “Commitments, Contingencies and Guarantees,” for further discussion.

Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2020

Fair Value Disclosures [Abstract]

Schedule of Financial Assets Measured at Fair Value on Recurring Basis

The following tables present our financial assets and financial liabilities that were measured at fair value on a recurring basis as of September 30, 2020 and December 31, 2019.


	September 30, 2020								December 31, 2019
	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
	(in millions)								(in millions)
Assets at Fair Value
Debt securities:
European government	$	139	$	139	$	—	$	—	$	157	$	157	$	—	$	—
Corporate	14		—		14		—		34		—		34		—
State owned enterprises and municipalities	3		—		3		—		24		—		24		—
Swedish mortgage bonds	21		—		21		—		19		—		19		—
Time deposits	—		—		—		—		57		—		57		—
Total assets at fair value	$	177	$	139	$	38	$	—	$	291	$	157	$	134	$	—

Clearing Operations (Tables)

9 Months Ended

Sep. 30, 2020

Due to and from Broker-Dealers and Clearing Organizations [Abstract]

Schedule of Clearing Member Default Fund Contributions

As of September 30, 2020, clearing member default fund contributions and margin deposits were as follows:


	September 30, 2020
	Cash Contributions		Non-Cash Contributions		Total Contributions
	(in millions)
Default fund contributions	$	482	$	89	$	571
Margin deposits	2,896		5,293		8,189
Total	$	3,378	$	5,382	$	8,760

Nasdaq Clearing has invested the total cash contributions of $3,378 million as of September 30, 2020 and $2,996 million as of December 31, 2019, in accordance with its investment policy as follows:


	September 30, 2020		December 31, 2019
	(in millions)
Demand deposits	$	1,788	$	1,328
Central bank certificates	666		896
European government debt securities	436		508
Reverse repurchase agreements	388		116
Supranationals and state owned enterprise debt securities	100		148
Total	$	3,378	$	2,996

Schedule of Derivative Contracts Outstanding

The following table includes the market value of derivative contracts outstanding prior to netting:


	September 30, 2020
	(in millions)
Commodity and seafood options, futures and forwards(1)(2)(3)	$	163
Fixed-income options and futures(1)(2)	792
Stock options and futures(1)(2)	168
Index options and futures(1)(2)	100
Total	$	1,223

____________

(2)We determined the fair value of our futures contracts based upon quoted market prices and average quoted market yields.

Schedule of Derivative Contracts Cleared

The following table includes the total number of derivative contracts cleared through Nasdaq Clearing for the nine months ended September 30, 2020 and 2019:


	September 30, 2020	September 30, 2019
Commodity and seafood options, futures and forwards(1)	476,480	393,153
Fixed-income options and futures	16,456,583	15,780,707
Stock options and futures	14,322,903	18,030,431
Index options and futures	41,202,460	35,752,600
Total	72,458,426	69,956,891

____________

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5624163-113959

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1B
-URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5580258-113959

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=121590274&loc=d3e41620-113959

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5579245-113959

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=121590274&loc=d3e41638-113959

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
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+ Details

Leases (Tables)

9 Months Ended

Sep. 30, 2020

Leases [Abstract]

Schedule of Balance Sheet Information

The following table provides

supplemental balance sheet information related to Nasdaq's operating leases:


Leases	Balance Sheet Classification	September 30, 2020		December 31, 2019
		(in millions)
Assets:
Operating lease assets	Operating lease assets	$	387	$	346

Liabilities:
Current lease liabilities	Other current liabilities	$	42	$	61
Non-current lease liabilities	Operating lease liabilities	397		331
Total lease liabilities		$	439	$	392

Lease Cost, Lease Term and Discount Rate

The following table summarizes Nasdaq's lease cost:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
	(in millions)
Operating lease cost(1)	$	22	$	19	$	63	$	58
Variable lease cost	8		6		20		18
Sublease income	(1)		(1)		(3)		(4)
Total lease cost	$	29	$	24	$	80	$	72

____________

(1) Includes short-term lease cost, which was immaterial.

The following table provides information related to Nasdaq's lease term and discount rate:


	September 30, 2020
Weighted-average remaining lease term (in years)	11.6

Weighted-average discount rate	4.2	%

The following table provides supplemental cash flow information related to Nasdaq's operating leases:


	Nine Months Ended September 30,
	2020		2019
	(in millions)
Cash paid for amounts included in the measurement of operating lease liabilities	$	57	$	59

Lease assets obtained in exchange for new operating lease liabilities	$	94	$	20

Schedule of Operating Lease Liabilities


	September 30, 2020
	(in millions)
2020(1)	$	19
2021	60
2022	53
2023	49
2024	43
Thereafter	341
Total lease payments	565
Less: interest(2)	(126)
Present value of lease liabilities(3)	$	439

____________

(1) Represents the estimated lease payments to be made for the remaining three months of 2020.

(2) Calculated using the interest rate for each lease.

(3) Includes the current portion of $42 million.

Income Taxes (Tables)

9 Months Ended

Sep. 30, 2020

Income Tax Disclosure [Abstract]

Schedule of Income Tax Provision and Effective Tax Rate

The following table shows our income tax provision and effective tax rate:


	Three Months Ended September 30,						Percentage Change
	2020			2019
	(in millions)
Income tax provision	$	93		$	65		43.1	%
Effective tax rate	26.1		%	30.2		%
	Nine Months Ended September 30,						Percentage Change
	2020			2019
	(in millions)
Income tax provision	$	237		$	196		20.9	%
Effective tax rate	25.1		%	25.6		%

Business Segments (Tables)

9 Months Ended

Sep. 30, 2020

Segment Reporting [Abstract]

Schedule of Operating Segments

The following table presents certain information regarding our business segments for the three and nine months ended September 30, 2020 and 2019:


	Market Services		Corporate Services		Information Services		Market Technology		Corporate Items		Consolidated
	(in millions)
Three Months Ended September 30, 2020
Total revenues	$	958	$	132	$	238	$	86	$	—	$	1,414
Transaction-based expenses	(699)		—		—		—		—		(699)
Revenues less transaction-based expenses	259		132		238		86		—		715
Operating income (loss)	$	154	$	51	$	155	$	9	$	(43)	$	326
Three Months Ended September 30, 2019
Total revenues	$	690	$	124	$	198	$	84	$	—	$	1,096
Transaction-based expenses	(464)		—		—		—		—		(464)
Revenues less transaction-based expenses	226		124		198		84		—		632
Operating income (loss)	$	129	$	45	$	126	$	15	$	(89)	$	226
Nine Months Ended September 30, 2020
Total revenues	$	2,867	$	386	$	661	$	251	$	—	$	4,165
Transaction-based expenses	(2,050)		—		—		—		—		(2,050)
Revenues less transaction-based expenses	817		386		661		251		—		2,115

Operating income (loss)	$	509	$	145	$	420	$	32	$	(190)	$	916

Nine Months Ended September 30, 2019
Total revenues	$	1,995	$	368	$	585	$	239	$	10	$	3,197
Transaction-based expenses	(1,308)		—		—		—		—		(1,308)
Revenues less transaction-based expenses	687		368		585		239		10		1,889

Operating income (loss)	$	392	$	134	$	372	$	29	$	(170)	$	757

Schedule of Corporate Items

A summary of our corporate items is as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
	(in millions)
Revenues - divested business	$	—	$	—	$	—	$	10
Expenses:
Amortization expense of acquired intangible assets	26		25		76		76
Merger and strategic initiatives expense	1		10		12		25
Restructuring charges	11		30		36		30

Provision for notes receivable	6		20		6		20
Extinguishment of debt	—		—		36		11
Charitable donations	—		—		17		—

Expenses - divested business	—		—		—		8
Other	(1)		4		7		10
Total expenses	43		89		190		180
Operating loss	$	(43)	$	(89)	$	(190)	$	(170)

Restructuring Charges (Tables)

9 Months Ended

Sep. 30, 2020

Restructuring and Related Activities [Abstract]

Summary of Restructuring Charges

asset impairment charges primarily related to capitalized software that was retired, and accelerated depreciation expense on certain assets as a result of a decrease in their useful life.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
	(in millions)
Asset impairment charges and accelerated depreciation expense	$	2	$	25	$	10	$	25
Consulting services	6		—		15		—
Contract terminations	—		—		3		—
Severance and employee-related costs	2		3		3		3
Other	1		2		5		2
Total restructuring charges	$	11	$	30	$	36	$	30

Organization and Nature of Operations (Details) $ in Billions	9 Months Ended
	Sep. 30, 2020 USD ($) segment exchange company exchange_traded_product marketplace country
Organization And Basis Of Presentation [Line Items]
Number of operating segments (in segments) \| segment	4
Surveillance Technology
Organization And Basis Of Presentation [Line Items]
Number of exchanges (in marketplaces) \| marketplace	170
Market Services \| United States \| Options Markets
Organization And Basis Of Presentation [Line Items]
Number of exchanges (in marketplaces) \| exchange	6
Market Services \| United States \| Cash Equities Trading Markets
Organization And Basis Of Presentation [Line Items]
Number of exchanges (in marketplaces) \| exchange	3
Corporate Services \| United States
Organization And Basis Of Presentation [Line Items]
Total number of listings on The Nasdaq Stock Market \| company	3,249
ETPs and other listings listed on Nasdaq Stock Market \| company	409
Approximate combined market capitalization \| $	$ 19,200
Corporate Services \| Europe
Organization And Basis Of Presentation [Line Items]
Approximate combined market capitalization \| $	$ 1,800
Total number of listed companies within Nordic and Baltic exchanges (in countries) \| company	1,049
Information Services
Organization And Basis Of Presentation [Line Items]
Number of exchange traded products licensed to Nasdaq's Indexes (in exchange traded products) \| exchange_traded_product	335
Assets management value \| $	$ 313
Market Technology
Organization And Basis Of Presentation [Line Items]
Number of exchanges (in marketplaces) \| marketplace	100
Number of countries services are provided (in countries) \| country	50

Basis of Presentation and Principles of Consolidation (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2019	Jun. 30, 2020	Jan. 01, 2020	Sep. 30, 2019	Jun. 30, 2019	Dec. 31, 2018
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Accounting Standards Update [Extensible List]	us-gaap:AccountingStandardsUpdate201613Member	us-gaap:AccountingStandardsUpdate201613Member
Impact of adoption of ASU 2016-13	$ 6,014	$ 5,639			$ 5,327
Allowance for doubtful accounts	20	9
Retained earnings
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Impact of adoption of ASU 2016-13	$ 5,484	5,027	$ 5,301		$ 4,901	$ 4,829	$ 4,558
Retained earnings \| Cumulative effect, period of adoption
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Impact of adoption of ASU 2016-13		$ (12)
Retained earnings \| Accounting Standards Update 2016-13 \| Cumulative effect, period of adoption
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Impact of adoption of ASU 2016-13				$ (12)

- Definition

Indicates amendment to accounting standards.

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- Definition

Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity.

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-URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (b)(3)
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22499-107794

Reference 19: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6450520&loc=d3e32583-110901

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 65
-Paragraph 15
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=121322162&loc=SL121327923-165333

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 65
-Paragraph 8
-Subparagraph (d)(2)

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 65
-Paragraph 8
-Subparagraph (d)(3)

+ Details

Revenue From Contracts With Customers (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Receivables net of allowance for doubtful accounts	$ 20		$ 20		$ 9
Market Services \| Services transferred at a point in time
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue recognized (percentage)	67.00%	65.00%	70.00%	65.00%
Market Services \| Services transferred over time
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue recognized (percentage)	33.00%	35.00%	30.00%	35.00%

Revenue From Contracts With Customers (Remaining Performance Obligation) (Details) - Market Technology $ in Millions	Sep. 30, 2020 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation	$ 830
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation	80
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation	295
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation	175
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation	80
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation	60
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation	$ 140

Revenue From Contracts With Customers (Remaining Performance Obligation) (Performance Periods) (Details) - Market Technology	Sep. 30, 2020
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, period	3 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, period

Acquisitions and Divestiture (2019 Divestiture and Acquisition) (Details) - USD ($) $ in Millions	1 Months Ended		9 Months Ended
	Mar. 31, 2019	Jan. 31, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
2019 Divestiture [Abstract]
Proceeds from divestiture of businesses			$ 0	$ 108
2019 Acquisition [Abstract]
Purchase Consideration			157	$ 193
Goodwill			$ 6,600		$ 6,366
Cinnober
2019 Acquisition [Abstract]
Purchase Consideration		$ 219
Total Net Assets Acquired		18
Total Net Deferred Tax Liability		(19)
Acquired Intangible Assets		74
Goodwill		$ 146
Disposal group disposed of by sale \| BWise
2019 Divestiture [Abstract]
Proceeds from divestiture of businesses	$ 27
Gain on divestiture of business, after tax	$ 20

Acquisitions and Divestiture (Intangible Assets) (Details) - Cinnober $ in Millions	1 Months Ended
	Jan. 31, 2019 USD ($)
Finite Lived And Indefinite Lived Intangible Assets [Line Items]
Intangible assets, finite-lived	$ 74
Customer relationships
Finite Lived And Indefinite Lived Intangible Assets [Line Items]
Intangible assets, finite-lived	$ 67
Estimated average useful life	13 years
Amortization period of intangible assets for tax purposes	5 years
Customer relationships \| Discount rate used
Finite Lived And Indefinite Lived Intangible Assets [Line Items]
Discount rate used	0.095

Goodwill and Acquired Intangible Assets (Schedule of Changes in Goodwill) (Details) $ in Millions	9 Months Ended
	Sep. 30, 2020 USD ($)
Goodwill [Roll Forward]
Balance at beginning of period	$ 6,366
Goodwill acquired	134
Foreign currency translation adjustment	100
Balance at end of period	6,600
Market Services
Goodwill [Roll Forward]
Balance at beginning of period	3,342
Goodwill acquired	0
Foreign currency translation adjustment	49
Balance at end of period	3,391
Corporate Services
Goodwill [Roll Forward]
Balance at beginning of period	460
Goodwill acquired	0
Foreign currency translation adjustment	5
Balance at end of period	465
Information Services
Goodwill [Roll Forward]
Balance at beginning of period	2,283
Goodwill acquired	134
Foreign currency translation adjustment	40
Balance at end of period	2,457
Market Technology
Goodwill [Roll Forward]
Balance at beginning of period	281
Goodwill acquired	0
Foreign currency translation adjustment	6
Balance at end of period	$ 287

Goodwill and Acquired Intangible Assets (Narrative) (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Indefinite-lived Intangible Assets [Line Items]
Goodwill, impairment loss			$ 0	$ 0
Amortization expense of acquired intangible assets	$ 26,000,000	$ 25,000,000	76,000,000	$ 76,000,000
Net future amortization expense	968,000,000		968,000,000		$ 1,017,000,000
Foreign currency translation adjustment
Indefinite-lived Intangible Assets [Line Items]
Net future amortization expense	$ (74,000,000)		$ (74,000,000)		$ (104,000,000)

Goodwill and Acquired Intangible Assets (Finite-Lived and Indefinite-Lived Intangible Assets) (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Finite-Lived Intangible Assets [Line Items]
Gross Amount	$ 1,542	$ 1,518
Accumulated Amortization	(574)	(501)
Net Amount	968	1,017
Indefinite-lived Intangible Assets [Line Items]
Indefinite-Lived Intangible Assets	1,250	1,232
Total intangible assets	2,792	2,750
Intangible assets, net	2,218	2,249
Exchange and clearing registrations
Indefinite-lived Intangible Assets [Line Items]
Indefinite-Lived Intangible Assets	1,257	1,257
Trade names
Indefinite-lived Intangible Assets [Line Items]
Indefinite-Lived Intangible Assets	121	121
Licenses
Indefinite-lived Intangible Assets [Line Items]
Indefinite-Lived Intangible Assets	52	52
Foreign currency translation adjustment
Indefinite-lived Intangible Assets [Line Items]
Indefinite-Lived Intangible Assets	(180)	(198)
Technology
Finite-Lived Intangible Assets [Line Items]
Gross Amount	76	63
Accumulated Amortization	(21)	(19)
Net Amount	55	44
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Amount	1,599	1,596
Accumulated Amortization	(624)	(532)
Net Amount	975	1,064
Other
Finite-Lived Intangible Assets [Line Items]
Gross Amount	18	18
Accumulated Amortization	(6)	(5)
Net Amount	12	13
Foreign currency translation adjustment
Finite-Lived Intangible Assets [Line Items]
Gross Amount	(151)	(159)
Accumulated Amortization	77	55
Net Amount	$ (74)	$ (104)

Goodwill and Acquired Intangible Assets (Estimated Future Amortization Expense) (Details) $ in Millions	Sep. 30, 2020 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2020	$ 27
2021	109
2022	106
2023	103
2024	98
2025 and thereafter	599
Total	$ 1,042

Investments (Schedule of Investments) (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Investments, Debt and Equity Securities [Abstract]
Financial investments	$ 177	$ 291
Equity method investments	243	156
Equity securities	$ 53	$ 49

Investments (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended			9 Months Ended
Investments (Narrative) (Details) - USD ($) $ in Millions	Sep. 30, 2020	Sep. 30, 2019	Mar. 31, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Investments, Debt and Securities [Line Items]
Net income from unconsolidated investees	$ 54	$ 15		$ 97	$ 71
OCC, Prior Period Results
Investments, Debt and Securities [Line Items]
Net income from unconsolidated investees			$ 36		$ 71
OCC
Investments, Debt and Securities [Line Items]
Equity method investment, ownership percentage	40.00%	40.00%		40.00%	40.00%
Foreign Government Debt Securities
Investments, Debt and Securities [Line Items]
Trading securities	$ 157			$ 157		$ 169

Deferred Revenue (Changes in Deferred Revenue) (Details) $ in Millions	9 Months Ended
	Sep. 30, 2020 USD ($)
Change in Contract with Customer Liability [Roll Forward]
Beginning balance	$ 274
Deferred revenue billed in the current period, net of recognition	250
Revenue recognized that was included in the beginning of the period	(176)
Foreign currency translation adjustment	4
Ending balance	352
Initial Listing Revenues
Change in Contract with Customer Liability [Roll Forward]
Beginning balance	69
Deferred revenue billed in the current period, net of recognition	29
Revenue recognized that was included in the beginning of the period	(24)
Foreign currency translation adjustment	1
Ending balance	75
Annual Listings Revenues
Change in Contract with Customer Liability [Roll Forward]
Beginning balance	2
Deferred revenue billed in the current period, net of recognition	66
Revenue recognized that was included in the beginning of the period	(2)
Foreign currency translation adjustment	(1)
Ending balance	65
Corporate Solutions Revenues
Change in Contract with Customer Liability [Roll Forward]
Beginning balance	41
Deferred revenue billed in the current period, net of recognition	44
Revenue recognized that was included in the beginning of the period	(39)
Foreign currency translation adjustment	0
Ending balance	46
Information Services Revenues
Change in Contract with Customer Liability [Roll Forward]
Beginning balance	82
Deferred revenue billed in the current period, net of recognition	67
Revenue recognized that was included in the beginning of the period	(58)
Foreign currency translation adjustment	0
Ending balance	91
Market Technology Revenues
Change in Contract with Customer Liability [Roll Forward]
Beginning balance	66
Deferred revenue billed in the current period, net of recognition	36
Revenue recognized that was included in the beginning of the period	(45)
Foreign currency translation adjustment	3
Ending balance	60
Other
Change in Contract with Customer Liability [Roll Forward]
Beginning balance	14
Deferred revenue billed in the current period, net of recognition	8
Revenue recognized that was included in the beginning of the period	(8)
Foreign currency translation adjustment	1
Ending balance	$ 15

Deferred Revenue (Estimated Deferred Revenue) (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Fiscal year ended:
2020	$ 164
2021	141
2022	21
2023	14
2024	7
2025 and thereafter	5
Total	352	$ 274
Initial Listing Revenues
Fiscal year ended:
2020	8
2021	28
2022	17
2023	10
2024	7
2025 and thereafter	5
Total	75	69
Annual Listings Revenues
Fiscal year ended:
2020	65
2021	0
2022	0
2023	0
2024	0
2025 and thereafter	0
Total	65	2
Corporate Solutions Revenues
Fiscal year ended:
2020	23
2021	23
2022	0
2023	0
2024	0
2025 and thereafter	0
Total	46	41
Information Services Revenues
Fiscal year ended:
2020	39
2021	52
2022	0
2023	0
2024	0
2025 and thereafter	0
Total	91	82
Market Technology Revenues
Fiscal year ended:
2020	25
2021	33
2022	1
2023	1
2024	0
2025 and thereafter	0
Total	60	66
Other
Fiscal year ended:
2020	4
2021	5
2022	3
2023	3
2024	0
2025 and thereafter	0
Total	$ 15	$ 14

Debt Obligations (Changes in Debt Obligations) (Details) - USD ($)	1 Months Ended			9 Months Ended
	Apr. 30, 2020	Mar. 31, 2020	Feb. 29, 2020	Sep. 30, 2020	Jun. 30, 2020	Apr. 30, 2019	Jun. 30, 2016	May 31, 2016	May 31, 2014
Changes in Long-Term Debt Obligations [Roll Forward]
Total long-term debt at beginning of period				$ 2,996,000,000
Additions				1,928,000,000
Payments, Foreign Currency Translation and Accretion				(1,353,000,000)
Total long-term debt at end of period				3,571,000,000
Changes In Debt Obligations [Roll Forward]
Total debt obligations at beginning of period				3,387,000,000
Additions				2,918,000,000
Payments, Foreign Currency Translation and Accretion				(2,734,000,000)
Total debt obligations at end of period				$ 3,571,000,000
3.875% senior unsecured notes repaid on March 16, 2020
Schedule of Debt [Line Items]
Stated rate				3.875%
4.25% senior unsecured notes due June 1, 2024
Schedule of Debt [Line Items]
Stated rate				4.25%
1.75% senior unsecured notes due May 19, 2023
Schedule of Debt [Line Items]
Stated rate				1.75%
3.85% senior unsecured notes due June 30, 2026
Schedule of Debt [Line Items]
Stated rate				3.85%
1.75% senior unsecured notes due March 28, 2029
Schedule of Debt [Line Items]
Stated rate				1.75%
0.875% senior unsecured notes due February 13, 2030
Schedule of Debt [Line Items]
Stated rate				0.875%
3.25% senior unsecured notes due April 28, 2050
Schedule of Debt [Line Items]
Stated rate				3.25%
Senior Notes \| 3.875% senior unsecured notes repaid on March 16, 2020
Schedule of Debt [Line Items]
Stated rate				3.875%
Changes in Long-Term Debt Obligations [Roll Forward]
Long-term debt obligations at beginning of period				$ 671,000,000
Additions				0
Payments, Foreign Currency Translation and Accretion				(671,000,000)
Long-term debt obligations at end of period				0
Senior Notes \| 4.25% senior unsecured notes due June 1, 2024
Schedule of Debt [Line Items]
Stated rate									4.25%
Changes in Long-Term Debt Obligations [Roll Forward]
Long-term debt obligations at beginning of period				497,000,000
Additions				0
Payments, Foreign Currency Translation and Accretion				1,000,000
Long-term debt obligations at end of period				498,000,000
Senior Notes \| 1.75% senior unsecured notes due May 19, 2023
Schedule of Debt [Line Items]
Stated rate								1.75%
Changes in Long-Term Debt Obligations [Roll Forward]
Long-term debt obligations at beginning of period				668,000,000
Additions				0
Payments, Foreign Currency Translation and Accretion				32,000,000
Long-term debt obligations at end of period				700,000,000
Senior Notes \| 3.85% senior unsecured notes due June 30, 2026
Schedule of Debt [Line Items]
Stated rate							3.85%
Changes in Long-Term Debt Obligations [Roll Forward]
Long-term debt obligations at beginning of period				497,000,000
Additions				0
Payments, Foreign Currency Translation and Accretion				0
Long-term debt obligations at end of period				497,000,000
Senior Notes \| 1.75% senior unsecured notes due March 28, 2029
Schedule of Debt [Line Items]
Stated rate						1.75%
Changes in Long-Term Debt Obligations [Roll Forward]
Long-term debt obligations at beginning of period				665,000,000
Additions				0
Payments, Foreign Currency Translation and Accretion				32,000,000
Long-term debt obligations at end of period				697,000,000
Senior Notes \| 0.875% senior unsecured notes due February 13, 2030
Changes in Long-Term Debt Obligations [Roll Forward]
Long-term debt obligations at beginning of period				0
Additions			$ 644,000,000	644,000,000
Payments, Foreign Currency Translation and Accretion				52,000,000
Long-term debt obligations at end of period				696,000,000
Senior Notes \| 3.25% senior unsecured notes due April 28, 2050
Schedule of Debt [Line Items]
Stated rate					3.25%
Changes in Long-Term Debt Obligations [Roll Forward]
Long-term debt obligations at beginning of period				0
Additions	$ 485,000,000			485,000,000
Payments, Foreign Currency Translation and Accretion				0
Long-term debt obligations at end of period				485,000,000
$1 billion senior unsecured revolving credit facility due April 25, 2022
Schedule of Debt [Line Items]
Facility borrowing capacity				$ 1,000,000,000
Average interest rate				2.37%
Changes in Long-Term Debt Obligations [Roll Forward]
Long-term debt obligations at beginning of period				$ (2,000,000)
Additions		$ 799,000,000		799,000,000
Payments, Foreign Currency Translation and Accretion				(799,000,000)
Long-term debt obligations at end of period				(2,000,000)
Short-term debt - commercial paper
Changes In Short-Term Debt Obligations [Roll Forward]
Short-term debt - commercial paper beginning balance				391,000,000
Additions				990,000,000
Payments, Foreign Currency Translation and Accretion				(1,381,000,000)
Short-term debt - commercial paper ending balance				$ 0

Debt Obligations (Commercial Paper) (Details)	9 Months Ended
Debt Obligations (Commercial Paper) (Details)	Sep. 30, 2020 USD ($)
Short-term Debt [Line Items]
Proceeds from revolving credit commitment	$ 1,928,000,000
Commercial paper
Short-term Debt [Line Items]
Outstanding credit facility	$ 0

Debt Obligations (Senior Unsecured Notes) (Details)	9 Months Ended
Debt Obligations (Senior Unsecured Notes) (Details)	Sep. 30, 2020
Senior Notes \| Senior Notes Excluding 2020 Notes
Debt Instrument [Line Items]
Aggregate principal amount purchased plus accrued and unpaid interest	101.00%

Debt Obligations (Early Extinguishment of 3.875% Senior Unsecured Notes) (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Debt Instrument [Line Items]
Extinguishment of debt	$ 36	$ 11
3.875% senior unsecured notes repaid on March 16, 2020
Debt Instrument [Line Items]
Stated rate	3.875%
3.875% senior unsecured notes repaid on March 16, 2020 \| Senior Notes
Debt Instrument [Line Items]
Stated rate	3.875%
0.875% Senior Unsecured Notes Due 2030 \| Senior Notes
Debt Instrument [Line Items]
Stated rate	0.875%
Extinguishment of debt	$ 36

Debt Obligations (4.25% Senior Unsecured Notes) (Details) - 4.25% senior unsecured notes due June 1, 2024	Sep. 30, 2020	May 31, 2014
Debt Instrument [Line Items]
Stated rate	4.25%
Senior Notes
Debt Instrument [Line Items]
Stated rate		4.25%
Senior Notes \| Maximum
Debt Instrument [Line Items]
Maximum interest rate on debt instrument		6.25%

Debt Obligations (1.75% Senior Unsecured Notes Due 2023) (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2020	May 31, 2016
Debt Instrument [Line Items]
Increase (decrease) in carrying amount	$ 1,353
1.75% senior unsecured notes due May 19, 2023
Debt Instrument [Line Items]
Stated rate	1.75%
Senior Notes \| 1.75% senior unsecured notes due May 19, 2023
Debt Instrument [Line Items]
Stated rate		1.75%
Increase (decrease) in carrying amount	$ (32)
Senior Notes \| 1.75% senior unsecured notes due May 19, 2023 \| Maximum
Debt Instrument [Line Items]
Maximum interest rate on debt instrument		3.75%

Debt Obligations (3.85% Senior Unsecured Notes) (Details) - 3.85% senior unsecured notes due June 30, 2026	Sep. 30, 2020	Jun. 30, 2016
Debt Instrument [Line Items]
Stated rate	3.85%
Senior Notes
Debt Instrument [Line Items]
Stated rate		3.85%
Senior Notes \| Maximum
Debt Instrument [Line Items]
Maximum interest rate on debt instrument		5.85%

Debt Obligations (1.75% Senior Unsecured Notes Due 2029) (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2020	Apr. 30, 2019
Debt Instrument [Line Items]
Increase (decrease) in carrying amount	$ 1,353
1.75% senior unsecured notes due March 28, 2029
Debt Instrument [Line Items]
Stated rate	1.75%
Senior Notes \| 1.75% senior unsecured notes due March 28, 2029
Debt Instrument [Line Items]
Stated rate		1.75%
Increase (decrease) in carrying amount	$ (32)
Senior Notes \| 1.75% senior unsecured notes due March 28, 2029 \| Maximum
Debt Instrument [Line Items]
Maximum interest rate on debt instrument		3.75%

Debt Obligations (0.875% Senior Unsecured Notes Due 2030) (Details) - USD ($) $ in Millions	1 Months Ended	9 Months Ended
	Feb. 29, 2020	Sep. 30, 2020
Debt Instrument [Line Items]
Net proceeds from senior note		$ 1,928
Increase (decrease) in carrying amount		$ 1,353
3.875% senior unsecured notes repaid on March 16, 2020
Debt Instrument [Line Items]
Stated rate		3.875%
0.875% senior unsecured notes due February 13, 2030
Debt Instrument [Line Items]
Stated rate		0.875%
Senior Notes \| 0.875% Senior Unsecured Notes Due 2030
Debt Instrument [Line Items]
Stated rate		0.875%
Senior Notes \| 3.875% senior unsecured notes repaid on March 16, 2020
Debt Instrument [Line Items]
Stated rate		3.875%
Net proceeds from senior note		$ 0
Increase (decrease) in carrying amount		671
Senior Notes \| 0.875% senior unsecured notes due February 13, 2030
Debt Instrument [Line Items]
Net proceeds from senior note	$ 644	644
Increase (decrease) in carrying amount		$ (52)

Debt Obligations (3.25% Senior Unsecured Notes Due 2050) (Details) - USD ($) $ in Millions	1 Months Ended	9 Months Ended
	Apr. 30, 2020	Sep. 30, 2020	Jun. 30, 2020
Debt Instrument [Line Items]
Net proceeds from senior note		$ 1,928
3.25% senior unsecured notes due April 28, 2050
Debt Instrument [Line Items]
Stated rate		3.25%
3.25% senior unsecured notes due April 28, 2050 \| Senior Notes
Debt Instrument [Line Items]
Stated rate			3.25%
Net proceeds from senior note	$ 485	$ 485
3.25% senior unsecured notes due April 28, 2050 \| Senior Notes \| Maximum
Debt Instrument [Line Items]
Stated rate	5.25%

Debt Obligations (2017 Credit Facility) (Details) - USD ($)	1 Months Ended			9 Months Ended
	Apr. 30, 2020	Mar. 31, 2020	Apr. 30, 2017	Sep. 30, 2020	Jun. 30, 2020
Debt Instrument [Line Items]
Net proceeds from senior note				$ 1,928,000,000
$1 billion senior unsecured revolving credit facility due April 25, 2022
Debt Instrument [Line Items]
Unamortized debt issuance expense				$ (2,000,000)
3.25% senior unsecured notes due April 28, 2050
Debt Instrument [Line Items]
Stated rate				3.25%
Revolving Credit Facility \| $1 billion senior unsecured revolving credit facility due April 25, 2022
Debt Instrument [Line Items]
Credit facility, borrowing capacity			$ 1,000,000,000
Credit facility term			5 years
Remaining amount available				$ 1,000,000,000
Option to increase available aggregate amount				$ 500,000,000
Revolving Credit Facility \| $1 billion senior unsecured revolving credit facility due April 25, 2022 \| Minimum
Debt Instrument [Line Items]
Line of credit facility, commitment fee percentage				0.125%
Revolving Credit Facility \| $1 billion senior unsecured revolving credit facility due April 25, 2022 \| Maximum
Debt Instrument [Line Items]
Line of credit facility, commitment fee percentage				0.40%
Senior Notes \| 3.25% senior unsecured notes due April 28, 2050
Debt Instrument [Line Items]
Net proceeds from senior note	$ 485,000,000			$ 485,000,000
Stated rate					3.25%
Senior Notes \| 3.25% senior unsecured notes due April 28, 2050 \| Maximum
Debt Instrument [Line Items]
Stated rate	5.25%
$1 billion senior unsecured revolving credit facility due April 25, 2022
Debt Instrument [Line Items]
Credit facility, borrowing capacity				1,000,000,000
Net proceeds from senior note		$ 799,000,000		$ 799,000,000

Debt Obligations (Other Credit Facilities) (Details) - Commercial Paper and Letter Of Credit - Clearinghouse Credit Facilities - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Remaining amount available	$ 214,000,000	$ 203,000,000
Utilized amount	$ 0	$ 15,000,000

- Definition

The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

+ References + Details

Retirement Plans (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Retirement Benefits [Abstract]
Employer contribution match, percent match			100.00%	100.00%
Employer contribution match, percentage of employee contribution			6.00%	6.00%
Defined contributions plan expense	$ 4	$ 4	$ 11	$ 10
Cost or expenses included in compensation and benefit expense	$ 6	$ 5	$ 17	$ 15

Share-Based Compensation (Narrative) (Details)	3 Months Ended			9 Months Ended		12 Months Ended
Share-Based Compensation (Narrative) (Details)	Sep. 30, 2020 USD ($) $ / shares peer_group shares	Mar. 31, 2020 shares	Sep. 30, 2019 USD ($) $ / shares shares	Sep. 30, 2020 USD ($) program $ / shares peer_group shares	Sep. 30, 2019 USD ($) $ / shares shares	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock shares reserved for future issuance (in shares) \| shares	9,700,000			9,700,000
Net cash proceeds from the exercise of stock options \| $	$ 1,000,000			$ 2,000,000	$ 1,000,000
Stock option exercises, net (in shares) \| shares	25,113		9,216	80,378	62,624
Stock options, exercisable (in shares) \| shares	298,289		300,000	298,289	300,000
Options exercisable, weighted average exercise price (in dollars per share) \| $ / shares	$ 62.59		$ 49.76	$ 62.59	$ 49.76
Total pre-tax intrinsic value of stock options exercised \| $	$ 2,000,000		$ 1,000,000	$ 8,000,000	$ 5,000,000
Compensation expenses \| $	$ 24,000,000		21,000,000	$ 64,000,000	$ 57,000,000
Commercial Paper and Letter Of Credit \| Clearinghouse Credit Facilities
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share price (in dollars per share) \| $ / shares	$ 122.71			$ 122.71
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Discount from market price (as a percent)				15.00%	15.00%
Common stock shares reserved for future issuance (in shares) \| shares	4,500,000			4,500,000
Maximum percentage of shares purchased from annual compensation				10.00%
Discount given to employees (as a percent)				15.00%
Compensation expenses \| $	$ 1,000,000		$ 1,000,000	$ 4,000,000	$ 3,000,000
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation cost \| $	79,000,000			$ 79,000,000
Weighted-average period unrecognized compensation cost is expected to be recognized, in years				1 year 9 months 18 days
PSUs \| Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of performance-based programs (in programs) \| program				2
PSUs \| One-Year Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation cost \| $	6,000,000			$ 6,000,000
Weighted-average period unrecognized compensation cost is expected to be recognized, in years				1 year 3 months 18 days
Expiration period of PSU program				1 year		1 year
Percentage of target amount granted, minimum				0.00%
Percentage of target amount granted, maximum				150.00%
Additional units granted above target (in shares) \| shares		26,780
PSUs \| Three-Year Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation cost \| $	$ 39,000,000			$ 39,000,000
Weighted-average period unrecognized compensation cost is expected to be recognized, in years				1 year 6 months
Expiration period of PSU program				3 years
Performance period				3 years
Additional units granted above target (in shares) \| shares		43,684
Number of peer groups (in peer groups) \| peer_group	2			2
Performance-based long-term incentive program weighted percentage				50.00%
Minimum payout (as a percent)				0.00%
Maximum payout (as a percent)				200.00%
Share price (in dollars per share) \| $ / shares	$ 92.34		$ 89.00	$ 92.34	$ 89.00
PSUs, Negative TSR \| Three-Year Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum payout (as a percent)				100.00%
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares) \| shares					0
Second Anniversary \| Restricted Stock \| Below Manager Level
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage (as a percent)				25.00%
Second Anniversary \| Restricted Stock \| At or Above Manager Level
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage (as a percent)				33.30%
Third Anniversary \| Restricted Stock \| Below Manager Level
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage (as a percent)				25.00%
Third Anniversary \| Restricted Stock \| At or Above Manager Level
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage (as a percent)				33.30%
Fourth Anniversary \| Restricted Stock \| Below Manager Level
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage (as a percent)				50.00%
Fourth Anniversary \| Restricted Stock \| At or Above Manager Level
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage (as a percent)				33.30%

Share-Based Compensation (Summary of Share-Based Compensation Expense) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Share-based Payment Arrangement [Abstract]
Share-based compensation expense before income taxes	$ 24	$ 21	$ 64	$ 57
Income tax benefit	(7)	(6)	(17)	(16)
Share-based compensation expense after income taxes	$ 17	$ 15	$ 47	$ 41

Share-Based Compensation (Summary of Restricted Stock Activity) (Details) - Restricted Stock	9 Months Ended
	Sep. 30, 2020 $ / shares shares
Number of Awards
Unvested balances at beginning of period (in shares) \| shares	1,486,756
Granted (in shares) \| shares	729,448
Vested (in shares) \| shares	(446,550)
Forfeited (in shares) \| shares	(67,013)
Unvested balances at end of period (in shares) \| shares	1,702,641
Weighted-Average Grant Date Fair Value
Unvested balances at beginning of period (in dollars per share) \| $ / shares	$ 77.38
Granted (in dollars per share) \| $ / shares	89.36
Vested (in dollars per share) \| $ / shares	71.91
Forfeited (in dollars per share) \| $ / shares	80.40
Unvested balances at end of period (in dollars per share) \| $ / shares	$ 83.82

Share-Based Compensation (Summary of PSU Activity) (Details) - PSUs	9 Months Ended
	Sep. 30, 2020 $ / shares shares
One-Year Program
Number of Awards
Unvested balances at beginning of period (in shares) \| shares	317,251
Granted (in shares) \| shares	26,780
Vested (in shares) \| shares	(10,104)
Forfeited (in shares) \| shares	(26,984)
Unvested balances at end of period (in shares) \| shares	306,943
Weighted-Average Grant Date Fair Value
Unvested balances at beginning of period (in dollars per share) \| $ / shares	$ 80.87
Granted (in dollars per share) \| $ / shares	84.17
Vested (in dollars per share) \| $ / shares	75.85
Forfeited (in dollars per share) \| $ / shares	82.27
Unvested balances at end of period (in dollars per share) \| $ / shares	$ 81.20
Three-Year Program
Number of Awards
Unvested balances at beginning of period (in shares) \| shares	797,451
Granted (in shares) \| shares	320,328
Vested (in shares) \| shares	(300,767)
Forfeited (in shares) \| shares	(6,557)
Unvested balances at end of period (in shares) \| shares	810,455
Weighted-Average Grant Date Fair Value
Unvested balances at beginning of period (in dollars per share) \| $ / shares	$ 98.31
Granted (in dollars per share) \| $ / shares	107.42
Vested (in dollars per share) \| $ / shares	81.57
Forfeited (in dollars per share) \| $ / shares	97.33
Unvested balances at end of period (in dollars per share) \| $ / shares	$ 108.13

Share-Based Compensation (Summary of Stock Option Activity) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Number of Stock Options
Outstanding at Beginning of period (in shares)			379,102
Exercised (in shares)	(25,113)	(9,216)	(80,378)	(62,624)
Forfeited (in shares)			(435)
Outstanding at End of period (in shares)	298,289		298,289		379,102
Exercisable (in shares)	298,289	300,000	298,289	300,000
Weighted-Average Exercise Price
Weighted average exercise price, outstanding, beginning of period (in dollars per share)			$ 54.32
Exercised (in dollars per share)			23.82
Forfeited (in dollars per share)			19.75
Weighted average exercise price, outstanding, end of period (in dollars per share)	$ 62.59		62.59		$ 54.32
Options exercisable, weighted average exercise price (in dollars per share)	$ 62.59	$ 49.76	$ 62.59	$ 49.76
Weighted-Average Remaining Contractual Term (In Years) [Abstract]
Weighted-Average Remaining Contractual Term, Outstanding (in years)			5 years 8 months 8 days		5 years 3 months 7 days
Weighted-Average Remaining Contractual Term, Exercisable (in years)			5 years 8 months 8 days
Aggregate Intrinsic Value (In Millions) [Abstract]
Aggregate Intrinsic Value, Outstanding (in millions)	$ 18		$ 18		$ 20
Exercisable, aggregate intrinsic value	$ 18		$ 18

Share-Based Compensation (Schedule of Weighted- Average Assumptions Used to Determine Weighted-Average Fair Values) (Details) - PSUs - Three-Year Program - $ / shares	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average risk free interest rate	0.27%	2.26%
Expected volatility (as a percent)	27.40%	16.50%
Weighted-average grant date share price (in dollars per share)	$ 92.34	$ 89.00
Weighted-average fair value at grant date (in dollars per share)	$ 111.50	$ 97.65

Nasdaq Stockholders' Equity (Narrative) (Details) $ / shares in Units, $ in Millions			1 Months Ended	3 Months Ended		9 Months Ended
	Sep. 11, 2020 USD ($)	Jul. 22, 2020 $ / shares	Oct. 31, 2020 USD ($) $ / shares	Sep. 30, 2020 USD ($) vote $ / shares shares	Sep. 30, 2019 $ / shares shares	Sep. 30, 2020 USD ($) vote $ / shares shares	Sep. 30, 2019 $ / shares shares	Dec. 31, 2019 vote $ / shares shares
Stockholders Equity [Line Items]
Common stock, shares authorized (in shares)				300,000,000		300,000,000		300,000,000
Common stock, shares issued (in shares)				170,298,054		170,298,054		171,075,011
Common stock, shares outstanding (in shares)				164,020,697		164,020,697		165,094,440
Common stock (in votes per share) \| vote				1		1		1
Common stock holder voting rights, maximum percentage of the then-outstanding shares of Nasdaq common stock				5.00%		5.00%		5.00%
Common stock in treasury (in shares)				6,277,357		6,277,357		5,980,571
Authorized amount under share repurchase program \| $				$ 446		$ 446
Number of shares of common stock repurchased (in shares)						1,752,474	2,053,855
Preferred stock, shares authorized (in shares)				30,000,000		30,000,000		30,000,000
Preferred stock par value (in dollars per share) \| $ / shares				$ 0.01		$ 0.01		$ 0.01
Preferred stock, shares issued (in shares)				0	0	0	0
Preferred stock, shares outstanding (in shares)				0	0	0	0
Payments of dividends \| $						$ 239
Cash dividends declared per common share (in dollars per share) \| $ / shares		$ 0.49		$ 0.49	$ 0.47	$ 1.45	$ 1.38
Dividends declared \| $	$ 81					$ 239
Subsequent Event
Stockholders Equity [Line Items]
Cash dividends declared per common share (in dollars per share) \| $ / shares			$ 0.49
Dividends declared \| $			$ 80
Other Repurchases of Common Stock
Stockholders Equity [Line Items]
Number of shares of common stock repurchased (in shares)						296,786	363,813

Nasdaq Stockholders' Equity (Common Stock in Treasury) (Details) - USD ($) $ / shares in Units, $ in Millions	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Equity [Abstract]
Number of shares of common stock repurchased (in shares)	1,752,474	2,053,855
Average price paid per share (in dollars per share)	$ 106.26	$ 97.37
Total purchase price (in millions)	$ 186	$ 200

Nasdaq Stockholders' Equity (Schedule of Dividends Declared) (Details) - USD ($) $ / shares in Units, $ in Millions							3 Months Ended		9 Months Ended
	Sep. 11, 2020	Jul. 22, 2020	Jun. 12, 2020	Apr. 22, 2020	Mar. 13, 2020	Jan. 28, 2020	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Dividends Payable [Line Items]
Dividend Per Common Share (in dollars per share)		$ 0.49					$ 0.49	$ 0.47	$ 1.45	$ 1.38
Total Amount Paid	$ 81								$ 239
Dividend Declaration Date First Quarter
Dividends Payable [Line Items]
Dividend Per Common Share (in dollars per share)						$ 0.47
Total Amount Paid					$ 78
Dividend Declaration Date Second Quarter
Dividends Payable [Line Items]
Dividend Per Common Share (in dollars per share)				$ 0.49
Total Amount Paid			$ 80

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Numerator:
Net income attributable to common shareholders	$ 264	$ 150	$ 708	$ 571
Denominator:
Weighted-average common shares outstanding for basic earnings per share (in shares)	164,171,067	164,331,832	164,377,053	165,086,951
Weighted-average effect of dilutive securities:
Employee equity awards (in shares)	2,328,540	1,705,665	2,071,848	1,611,232
Contingent issuance of stock (in shares)	992,247	992,247	330,749	330,749
Weighted-average common shares outstanding for diluted earnings per share (in shares)	167,491,854	167,029,744	166,779,650	167,028,932
Basic and diluted earnings per share:
Basic earnings per share (in dollars per share)	$ 1.61	$ 0.91	$ 4.31	$ 3.46
Diluted earnings per share (in dollars per share)	$ 1.58	$ 0.90	$ 4.25	$ 3.42
Securities excluded from the computation of diluted earnings per share (in shares)	0

Fair Value of Financial Instruments (Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis) (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Debt securities:
Financial investments	$ 177	$ 291
Fair Value, Measurements, Recurring
Debt securities:
Financial investments	177	291
Fair Value, Measurements, Recurring \| European government
Debt securities:
Financial investments	139	157
Fair Value, Measurements, Recurring \| Corporate
Debt securities:
Financial investments	14	34
Fair Value, Measurements, Recurring \| State owned enterprises and municipalities
Debt securities:
Financial investments	3	24
Fair Value, Measurements, Recurring \| Swedish mortgage bonds
Debt securities:
Financial investments	21	19
Fair Value, Measurements, Recurring \| Time deposits
Debt securities:
Financial investments	0	57
Fair Value, Measurements, Recurring \| Level 1
Debt securities:
Financial investments	139	157
Fair Value, Measurements, Recurring \| Level 1 \| European government
Debt securities:
Financial investments	139	157
Fair Value, Measurements, Recurring \| Level 1 \| Corporate
Debt securities:
Financial investments	0	0
Fair Value, Measurements, Recurring \| Level 1 \| State owned enterprises and municipalities
Debt securities:
Financial investments	0	0
Fair Value, Measurements, Recurring \| Level 1 \| Swedish mortgage bonds
Debt securities:
Financial investments	0	0
Fair Value, Measurements, Recurring \| Level 1 \| Time deposits
Debt securities:
Financial investments	0	0
Fair Value, Measurements, Recurring \| Level 2
Debt securities:
Financial investments	38	134
Fair Value, Measurements, Recurring \| Level 2 \| European government
Debt securities:
Financial investments	0	0
Fair Value, Measurements, Recurring \| Level 2 \| Corporate
Debt securities:
Financial investments	14	34
Fair Value, Measurements, Recurring \| Level 2 \| State owned enterprises and municipalities
Debt securities:
Financial investments	3	24
Fair Value, Measurements, Recurring \| Level 2 \| Swedish mortgage bonds
Debt securities:
Financial investments	21	19
Fair Value, Measurements, Recurring \| Level 2 \| Time deposits
Debt securities:
Financial investments	0	57
Fair Value, Measurements, Recurring \| Level 3
Debt securities:
Financial investments	0	0
Fair Value, Measurements, Recurring \| Level 3 \| European government
Debt securities:
Financial investments	0	0
Fair Value, Measurements, Recurring \| Level 3 \| Corporate
Debt securities:
Financial investments	0	0
Fair Value, Measurements, Recurring \| Level 3 \| State owned enterprises and municipalities
Debt securities:
Financial investments	0	0
Fair Value, Measurements, Recurring \| Level 3 \| Swedish mortgage bonds
Debt securities:
Financial investments	0	0
Fair Value, Measurements, Recurring \| Level 3 \| Time deposits
Debt securities:
Financial investments	$ 0	$ 0

Fair Value of Financial Instruments (Narrative) (Details) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value assets	$ 0	$ 0
Short-term debt - commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Outstanding credit facility	0
Fair Value, Measurements, Nonrecurring \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of debt utilizing discounted cash flow analyses	$ 3,900,000,000	$ 3,600,000,000

Clearing Operations (Narrative) (Details)	1 Months Ended	9 Months Ended
Clearing Operations (Narrative) (Details)	Sep. 30, 2018 USD ($)	Sep. 30, 2020 USD ($) fund contract	Sep. 30, 2019 USD ($) contract	Dec. 31, 2019 USD ($)
Clearing Operations [Line Items]
Number of member sponsored default funds (in funds) \| fund		4
Loss due to commodities market default	$ 133,000,000
Clearing default loss	$ 8,000,000
Capital relief program expense		$ 23,000,000
Default fund contributions		571,000,000
Default fund contributions and margin deposits		8,760,000,000
Liability due to market default		0
Liability Waterfall
Clearing Operations [Line Items]
Junior capital, cash deposits and pledged assets		36,000,000
Senior capital, cash deposits and pledged assets		22,000,000
Committed capital		73,000,000
Utilize as capital resources
Clearing Operations [Line Items]
Default fund contributions		473,000,000
Utilize as member posted surplus balance
Clearing Operations [Line Items]
Default fund contributions		98,000,000
Nasdaq clearing members cash contributions
Clearing Operations [Line Items]
Default fund contributions		482,000,000
Default fund contributions and margin deposits		$ 3,378,000,000		$ 2,996,000,000
Minimum
Clearing Operations [Line Items]
Reverse purchase agreements, maturity range		6 days
Maximum
Clearing Operations [Line Items]
Reverse purchase agreements, maturity range		8 days
Nasdaq Clearing
Clearing Operations [Line Items]
Maturity period of time deposits		90 days
Committed capital		$ 131,000,000
Power of assessment of the clearing member's contribution to the financial markets and commodities markets default funds (as a percent)		230.00%
Contract value of resale and repurchase agreements		$ 2,400,000,000	$ 2,100,000,000
Total number of derivative contracts cleared \| contract		3,639,384	5,580,836

Clearing Operations (Schedule of Clearing Member Default Fund Contributions And Margin Deposits) (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Clearing Operations [Line Items]
Default fund contributions	$ 571
Margin deposits	8,189
Total	8,760
Cash Contributions
Clearing Operations [Line Items]
Default fund contributions	482
Margin deposits	2,896
Total	3,378	$ 2,996
Non-Cash Contributions
Clearing Operations [Line Items]
Default fund contributions	89
Margin deposits	5,293
Total	$ 5,382

Clearing Operations (Investment Policy) (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Clearing Operations [Line Items]
Total	$ 8,760
Demand deposits
Clearing Operations [Line Items]
Total	1,788	$ 1,328
Central bank certificates
Clearing Operations [Line Items]
Total	666	896
European government debt securities
Clearing Operations [Line Items]
Total	436	508
Reverse repurchase agreements
Clearing Operations [Line Items]
Total	388	116
Supranationals and state owned enterprise debt securities
Clearing Operations [Line Items]
Total	100	148
Nasdaq clearing members cash contributions
Clearing Operations [Line Items]
Total	$ 3,378	$ 2,996

Clearing Operations (Schedule of Derivative Contracts) (Details) $ in Millions	9 Months Ended
	Sep. 30, 2020 USD ($) TWh contract	Sep. 30, 2019 TWh contract
Clearing Operations [Line Items]
Market value of derivative contracts \| $	$ 1,223
Total number of cleared contracts (in contracts) \| contract	72,458,426	69,956,891
Total volume in cleared power, in Terawatt hours (TWh) \| TWh	670	614
Commodity and seafood options, futures and forwards
Clearing Operations [Line Items]
Market value of derivative contracts \| $	$ 163
Total number of cleared contracts (in contracts) \| contract	476,480	393,153
Fixed-income options and futures
Clearing Operations [Line Items]
Market value of derivative contracts \| $	$ 792
Total number of cleared contracts (in contracts) \| contract	16,456,583	15,780,707
Stock options and futures
Clearing Operations [Line Items]
Market value of derivative contracts \| $	$ 168
Total number of cleared contracts (in contracts) \| contract	14,322,903	18,030,431
Index options and futures
Clearing Operations [Line Items]
Market value of derivative contracts \| $	$ 100
Total number of cleared contracts (in contracts) \| contract	41,202,460	35,752,600

Leases (Narrative) (Details) $ in Millions	Sep. 30, 2020 USD ($)
Lessee, Lease, Description [Line Items]
Future minimum payments on lease not yet commenced	$ 8
Maximum
Lessee, Lease, Description [Line Items]
Terms of lease not yet commenced	5 years
Minimum
Lessee, Lease, Description [Line Items]
Terms of lease not yet commenced	3 years

Leases (Summary of Supplemental Balance Sheet Information Related to Operating Leases) (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Assets:
Operating lease assets	$ 387	$ 346
Liabilities:
Current lease liabilities	42	61
Non-current lease liabilities	397	331
Total lease liabilities	$ 439	$ 392
Current lease liability, statement of financial position [Extensible List]	us-gaap:OtherLiabilitiesCurrent	us-gaap:OtherLiabilitiesCurrent

Leases (Leases Cost) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Leases (Leases Cost) (Details) - USD ($) $ in Millions	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Leases [Abstract]
Operating lease cost	$ 22	$ 19	$ 63	$ 58
Variable lease cost	8	6	20	18
Sublease income	(1)	(1)	(3)	(4)
Total lease cost	$ 29	$ 24	$ 80	$ 72

Leases (Operating Lease Maturity) (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Leases [Abstract]
2020	$ 19
2021	60
2022	53
2023	49
2024	43
Thereafter	341
Total lease payments	565
Less: interest	(126)
Present value of lease liabilities	439
Operating lease, current liabilities	$ 42	$ 61

Leases (Leases Terms and Discount Rate) (Details)	Sep. 30, 2020
Leases [Abstract]
Weighted-average remaining lease term (in years)	11 years 7 months 6 days
Weighted-average discount rate	4.20%

Leases (Supplemental Cash Flow Information) (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Leases [Abstract]
Cash paid for amounts included in the measurement of operating lease liabilities	$ 57	$ 59
Lease assets obtained in exchange for new operating lease liabilities	$ 94	$ 20

Income Taxes (Components of Income Tax Provision) (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020 USD ($)	Sep. 30, 2019 USD ($)	Sep. 30, 2020 USD ($)	Sep. 30, 2019 USD ($)
Income Tax Disclosure [Abstract]
Income tax provision	$ 93	$ 65	$ 237	$ 196
Percentage change in income tax provision	0.431	0.209	0.431	0.209
Effective tax rate	26.10%	30.20%	25.10%	25.60%

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Commitments, Contingencies and Guarantees (Details)		9 Months Ended
Commitments, Contingencies and Guarantees (Details)	Sep. 02, 2014 exchange	Sep. 30, 2020 USD ($) shares	Dec. 31, 2019 USD ($)
Commitments and Contingencies Disclosure [Line Items]
Financial guarantees obtained		$ 4,000,000	$ 11,000,000
National exchanges named as defendants (in exchanges) \| exchange	7
eSpeed
Commitments and Contingencies Disclosure [Line Items]
Contingent future issuance of common stock (in shares) \| shares		992,247
Revenue required to trigger annual issuance of Nasdaq common stock		$ 25,000,000
ICBC
Commitments and Contingencies Disclosure [Line Items]
Margin deposits contributed to brokers		10,000,000
Clearinghouse Credit Facilities
Commitments and Contingencies Disclosure [Line Items]
Credit facility, available liquidity		214,000,000	203,000,000
Commercial Paper and Letter Of Credit \| Clearinghouse Credit Facilities
Commitments and Contingencies Disclosure [Line Items]
Utilized amount		$ 0	$ 15,000,000

Business Segments (Narrative) (Details)	9 Months Ended
Business Segments (Narrative) (Details)	Sep. 30, 2020 segment
Segment Reporting [Abstract]
Number of operating segments (in segments)	4

Business Segments (Schedule of Operating Segments) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Segment Reporting Information [Line Items]
Total revenues	$ 1,414	$ 1,096	$ 4,165	$ 3,197
Transaction-based expenses	(699)	(464)	(2,050)	(1,308)
Revenues less transaction-based expenses	715	632	2,115	1,889
Operating income	326	226	916	757
Operating Segments \| Market Services
Segment Reporting Information [Line Items]
Total revenues	958	690	2,867	1,995
Transaction-based expenses	(699)	(464)	(2,050)	(1,308)
Revenues less transaction-based expenses	259	226	817	687
Operating income	154	129	509	392
Operating Segments \| Corporate Services
Segment Reporting Information [Line Items]
Total revenues	132	124	386	368
Transaction-based expenses	0	0	0	0
Revenues less transaction-based expenses	132	124	386	368
Operating income	51	45	145	134
Operating Segments \| Information Services
Segment Reporting Information [Line Items]
Total revenues	238	198	661	585
Transaction-based expenses	0	0	0	0
Revenues less transaction-based expenses	238	198	661	585
Operating income	155	126	420	372
Operating Segments \| Market Technology
Segment Reporting Information [Line Items]
Total revenues	86	84	251	239
Transaction-based expenses	0	0	0	0
Revenues less transaction-based expenses	86	84	251	239
Operating income	9	15	32	29
Corporate Items
Segment Reporting Information [Line Items]
Total revenues	0	0	0	10
Transaction-based expenses	0	0	0	0
Revenues less transaction-based expenses	0	0	0	10
Operating income	$ (43)	$ (89)	$ (190)	$ (170)

Business Segments (Corporate Items) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Segment Reporting Information [Line Items]
Revenues - divested business	$ 1,414	$ 1,096	$ 4,165	$ 3,197
Expenses:
Amortization expense of acquired intangible assets	26	25	76	76
Merger and strategic initiatives expense	1	10	12	25
Restructuring charges	11	30	36	30
Extinguishment of debt			36	11
Operating income	326	226	916	757
Corporate Items
Segment Reporting Information [Line Items]
Revenues - divested business	0	0	0	10
Expenses:
Amortization expense of acquired intangible assets	26	25	76	76
Merger and strategic initiatives expense	1	10	12	25
Restructuring charges	11	30	36	30
Provision for notes receivable	6	20	6	20
Extinguishment of debt	0	0	36	11
Charitable donations	0	0	17	0
Expenses - divested business	0	0	0	8
Other	(1)	4	7	10
Total expenses	43	89	190	180
Operating income	$ (43)	$ (89)	$ (190)	$ (170)

Restructuring Charges (Narrative) (Details) $ in Millions	9 Months Ended
Restructuring Charges (Narrative) (Details) $ in Millions	Sep. 30, 2020 USD ($)
Restructuring Cost and Reserve [Line Items]
Restructuring, period of recognition	2 years
Asset impairment charges and accelerated depreciation expense
Restructuring Cost and Reserve [Line Items]
Restructuring, expected cost	$ 100

Restructuring Charges (Summary of Restructuring Plan) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	$ 11	$ 30	$ 36	$ 30
Asset impairment charges and accelerated depreciation expense
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	2	25	10	25
Consulting services
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	6	0	15	0
Contract terminations
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	0	0	3	0
Severance and employee-related costs
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	2	3	3	3
Other
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	$ 1	$ 2	$ 5	$ 2