Document and Entity Information	9 Months Ended
Document and Entity Information	Sep. 30, 2015	Oct. 27, 2015
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2015
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q3
Trading Symbol	ndaq
Entity Registrant Name	NASDAQ, INC.
Entity Central Index Key	0001120193
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		164,236,534

Condensed Consolidated Balance Sheets (USD $) In Millions, unless otherwise specified	Sep. 30, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 290	$ 427
Restricted cash	18	49
Financial investments, at fair value	193	174
Receivables, net	278	389
Deferred tax assets	49	16
Default funds and margin deposits	2,175	2,194
Other current assets	157	151
Total current assets	3,160	3,400
Property and equipment, net	305	292
Non-current deferred tax assets	630	536
Goodwill	5,421	5,538
Intangible assets, net	1,981	2,077
Other non-current assets	273	228
Total assets	11,770	12,071
Current liabilities:
Accounts payable and accrued expenses	173	189
Section 31 fees payable to SEC	25	124
Accrued personnel costs	121	143
Deferred revenue	164	177
Other current liabilities	147	116
Deferred tax liabilities	27	37
Default funds and margin deposits	2,175	2,194
Current portion of debt obligations	20
Total current liabilities	2,852	2,980
Debt obligations	2,415	2,297
Non-current deferred tax liabilities	603	626
Non-current deferred revenue	211	215
Other non-current liabilities	143	159
Total liabilities	6,224	6,277
Commitments and contingencies
Nasdaq stockholders' equity:
Common stock, $0.01 par value, 300,000,000 shares authorized, shares issued: 166,893,305 at September 30, 2015 and 170,325,304 at December 31, 2014; shares outstanding: 164,077,244 at September 30, 2015 and 168,795,263 at December 31, 2014	2	2
Additional paid-in capital	3,032	3,222
Common stock in treasury, at cost: 2,816,061 shares at September 30, 2015 and 1,530,041 shares at December 31, 2014	(105)	(41)
Accumulated other comprehensive loss	(847)	(682)
Retained earnings	3,464	3,292
Total Nasdaq stockholders' equity	5,546	5,793
Noncontrolling interests		1
Total equity	5,546	5,794
Total liabilities and equity	$ 11,770	$ 12,071

Condensed Consolidated Balance Sheets (Parenthetical) (USD $)	Sep. 30, 2015	Dec. 31, 2014
Condensed Consolidated Balance Sheets [Abstract]
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	300,000,000	300,000,000
Common stock, shares issued	166,893,305	170,325,304
Common stock, shares outstanding	164,077,244	168,795,263
Common stock in treasury	2,816,061	1,530,041

Condensed Consolidated Statements of Income (USD $) In Millions, except Per Share data, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Revenues:
Market Services	$ 542	$ 510	$ 1,561	$ 1,626
Listing Services	66	59	196	177
Information Services	132	114	385	360
Technology Solutions	131	135	396	417
Total revenues	871	818	2,538	2,580
Transaction-based expenses:
Transaction rebates	(256)	(236)	(733)	(771)
Brokerage, clearance and exchange fees	(86)	(85)	(251)	(260)
Revenues less transaction-based expenses	529	497	1,554	1,549
Operating expenses:
Compensation and benefits	150	136	441	439
Marketing and advertising	6	5	20	23
Depreciation and amortization	34	34	102	104
Professional and contract services	33	37	108	118
Computer operations and data communications	23	22	81	67
Occupancy	22	26	63	75
Regulatory	7	7	20	21
Merger and strategic initiatives	4	5	7	46
General, administrative and other	11	18	77	75
Restructuring Charges	8		160	0
Total operating expenses	298	290	1,079	968
Operating income	231	207	475	581
Interest income	1	1	3	4
Interest expense	(28)	(29)	(83)	(88)
Net income from unconsolidated investees	2		16
Income before income taxes	206	179	411	497
Income tax provision	68	56	132	170
Profit Loss	138	123	279	327
Net loss attributable to noncontrolling interests			1	1
Net income attributable to Nasdaq	$ 138	$ 123	$ 280	$ 328
Per share information:
Basic earnings per share	$ 0.83	$ 0.73	$ 1.66	$ 1.94
Diluted earnings per share	$ 0.80	$ 0.71	$ 1.63	$ 1.89
Cash dividends declared per common share	$ 0.25	$ 0.15	$ 0.65	$ 0.43

Condensed Consolidated Statements of Comprehensive Income (Loss) (USD $) In Millions, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Condensed Consolidated Statements of Comprehensive Income (Loss) [Abstract]
Net income	$ 138	$ 123	$ 279	$ 327
Foreign currency translation gains (losses):
Net foreign currency translation gains (losses)	(68)	(287)	(256)	(424)
Income tax (expense) benefit	26	104	91	166
Total	(42)	(183)	(165)	(258)
Comprehensive income (loss)	96	(60)	114	69
Comprehensive loss attributable to noncontrolling interests			1	1
Comprehensive income (loss) attributable to Nasdaq	$ 96	$ (60)	$ 115	$ 70

- Definition

Amount before tax, after reclassification adjustments of gain (loss) on foreign currency translation adjustments, foreign currency transactions designated and effective as economic hedges of a net investment in a foreign entity and intra-entity foreign currency transactions that are of a long-term-investment nature.

+ References+ Details

Condensed Consolidated Statements of Cash Flows (USD $) In Millions, unless otherwise specified	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Cash flows from operating activities:
Net income	$ 279	$ 327
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	102	104
Share-based compensation	49	45
Excess tax benefits related to share-based payments	(16)	(5)
Deferred income taxes	(61)	(19)
Non-cash restructuring charges	134
Non-cash merger and strategic initiatives		20
Net income from unconsolidated investees	(16)
Other reconciling items included in net income	9	18
Net change in operating assets and liabilities, net of effects of acquisition:
Receivables, net	96	7
Other assets		(20)
Accounts payable and accrued expenses	(21)	(44)
Section 31 fees payable to SEC	(99)	(56)
Accrued personnel costs	(18)	(40)
Deferred revenue	(3)	67
Other liabilities	37	3
Net cash provided by operating activities	472	407
Cash flows from investing activities:
Purchases of trading securities	(265)	(239)
Proceeds from sales and redemptions of trading securities	236	246
Purchases of available-for-sale investment securities	(26)	(17)
Proceeds from sale of available-for-sale investment securities	29	17
Capital contribution in equity method investment	(30)
Acquisition of businesses, net of cash and cash equivalents acquired	(226)
Purchases of property and equipment	(91)	(93)
Other investment activities	(9)	(10)
Net cash used in investing activities	(382)	(96)
Cash flows from financing activities:
Payments of debt obligations	(176)	(847)
Proceeds from utilization of credit commitment	366	612
Cash paid for repurchase of common stock	(310)	(121)
Cash dividends	(108)	(73)
Proceeds received from employee stock activity	19	30
Payments related to employee shares withheld for taxes	(28)	(23)
Excess tax benefits related to share-based payments	16	5
Other financing activities		2
Net cash provided by (used in) financing activities	(221)	(415)
Effect of exchange rate changes on cash and cash equivalents	(6)	(8)
Net decrease in cash and cash equivalents	(137)	(112)
Cash and cash equivalents at beginning of period	427	398
Cash and cash equivalents at end of period	290	286
Cash paid for:
Interest	91	103
Income taxes, net of refund	146	147
Non-cash investing activities:
Cost method investments		$ 75

Organization and Nature of Operations	9 Months Ended
Organization and Nature of Operations	Sep. 30, 2015
Organization and Nature of Operations [Abstract]
Organization and Nature of Operations	1. Organization and Nature of Operations Nasdaq, Inc. (formerly The NASDAQ OMX Group, Inc.) is a leading provider of trading, clearing, exchange technology, regulatory, securities listing, information and public company services across six continents. Our global offerings are diverse and include trading and clearing across multiple asset classes, access services, data products, financial indexes, capital formation solutions, corporate solutions and market technology products and services. Our technology powers markets across the globe, supporting equity derivatives trading, clearing and settlement, cash equity trading, fixed income trading and many other functions. In August 2015, the SEC approved the amendment to the charter and by-laws of The NASDAQ OMX Group, Inc. to change its legal name. The amendment to effect the name change was filed and became effective with the State of Delaware on September 8, 2015. We manage, operate and provide our products and services in four business segments: Market Services, Listing Services, Information Services and Technology Solutions. Market Services Our Market Services segment includes our equity derivative trading and clearing, cash equity trading, fixed income, currency and commodities trading and clearing, or FICC, and access and broker services businesses. We operate multiple exchanges and other marketplace facilities across several asset classes, including derivatives, commodities, cash equity, debt, structured products and ETFs. In addition, in some countries where we operate exchanges, we also provide broker services, clearing, settlement and central depository services. Our transaction-based platforms provide market participants with the ability to access, process, display and integrate orders and quotes. The platforms allow the routing and execution of buy and sell orders as well as the reporting of transactions, providing fee based revenues. In the U.S., we operate three options exchanges, as well as 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 a leading electronic platform for trading of U.S. Treasuries. In the third quarter of 2015, we launched Nasdaq Futures, Inc., or NFX, which is our new U.S. based energy derivatives market. NFX offers cash settled energy derivatives based on key energy benchmarks including oil, natural gas and U.S. power. In Europe, we operate exchanges in Stockholm (Sweden), Copenhagen (Denmark), Helsinki (Finland), and Iceland, as well as the clearing operations of Nasdaq Nordic Clearing. We also operate exchanges in Tallinn (Estonia), Riga (Latvia) and Vilnius (Lithuania) as Nasdaq Baltic. Collectively, Nasdaq Nordic and Nasdaq Baltic offer trading in cash equities and depository receipts, warrants, convertibles, rights, fund units and ETFs, as well as trading and clearing of derivatives and clearing of resale and repurchase agreements. Through Nasdaq First North, our Nordic and Baltic operations also offer alternative marketplaces for smaller companies. In addition, Nasdaq Commodities operates a power derivatives exchange regulated in Norway and a European carbon exchange. In the U.K., we operate Nasdaq NLX, a London-based multilateral trading venue that offers a range of both short-term interest rate and long-term interest rate euro- and sterling-based listed derivative products. Through our access services business, we provide market participants with a wide variety of alternatives for connecting to and accessing our markets via a number of different protocols used for quoting, order entry, trade reporting, DROP functionality and connectivity to various data feeds. We also provide co-location services to market participants, whereby firms may lease cabinet space and power to house their own equipment and servers within our data center. Our broker services operations offer technology and customized securities administration solutions to financial participants in the Nordic market. Listing Services Our Listing Services segment 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. We also operate The NASDAQ Private Market, LLC, or NPM, a marketplace for private growth companies. As of September 30, 2015, The NASDAQ Stock Market was home to 2,850 listed companies with a combined market capitalization of approximately $7.7 trillion, and in Europe, the Nasdaq Nordic and Nasdaq Baltic exchanges, together with Nasdaq First North, were home to 835 listed companies with a combined market capitalization of approximately $1.1 trillion. Information Services Our Information Services segment includes our Data Products and our Index Licensing and Services businesses. Our Data Products business sells and distributes historical and real-time quote and trade information to market participants and data distributors. Our data products enhance transparency of the market activity within the exchanges that we operate and provide critical information to financial professionals and individual investors globally. Our Index Licensing and Services business develops and licenses Nasdaq branded indexes, associated derivatives, and financial products and also provides custom calculation services for third-party clients. As of September 30, 2015, we had 210 exchange traded products licensed to Nasdaq’s indexes and had over $103 billion of assets under management in licensed exchange traded products tracking Nasdaq indexes. Technology Solutions Our Technology Solutions segment includes our Corporate Solutions and Market Technology businesses. Our Corporate Solutions business serves corporate clients, including companies listed on our exchanges. We help organizations manage the two-way flow of information with their key constituents, including their board members and investors, and with clients and the public through our suite of advanced technology, analytics, and consultative services. Our Corporate Solutions business primarily offers products to serve the following key areas: investor relations, public relations, multimedia solutions, and governance. We currently have approximately 10,000 Corporate Solutions clients. Our Market Technology business is a leading global technology solutions provider and partner to exchanges, clearing organizations, central securities depositories, regulators, banks, brokers and corporate businesses. Our Market Technology business is the sales channel for our complete global offering to other marketplaces. Market Technology provides technology solutions for trading, clearing, settlement, surveillance and information dissemination to markets with wide-ranging requirements, from the leading markets in the U.S., Europe and Asia to emerging markets in the Middle East, Latin America, and Africa. Our marketplace solutions can handle a wide array of assets including cash equities, equity derivatives, currencies, various interest-bearing securities, commodities, energy products and derivatives, and are currently powering more than 70 marketplaces in 50 countries. Market Technology also provides market surveillance services to broker-dealer firms worldwide, as well as enterprise governance, risk management and compliance software solutions.

Basis of Presentation and Principles of Consolidation	9 Months Ended
Basis of Presentation and Principles of Consolidation	Sep. 30, 2015
Basis of Presentation and Principles of Consolidation [Abstract]
Basis of Presentation and Principles of Consolidation	2. Basis of Presentation and Principles of Consolidation The condensed consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles, or U.S. GAAP. The condensed consolidated financial statements 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. As permitted under U.S. GAAP, for certain equity method investments for which financial information is not sufficiently timely for us to apply the equity method of accounting currently, we record our share of the earnings or losses of the investee from the most recently available financial statements on a lag. 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 for the interim periods presented. 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 Annual Report on Form 10-K for the fiscal year ended December 31, 2014. Certain prior period amounts have been reclassified to conform to the current period presentation. The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts and the disclosure of contingent amounts in the condensed consolidated financial statements and accompanying notes. Actual results could differ from those estimates. We have evaluated subsequent events through the issuance date of this Quarterly Report on Form 10-Q. See Note 17, “Subsequent Event,” for further discussion. Income Tax Matters We use the asset and liability method to determine income taxes on all transactions recorded in the condensed consolidated financial statements. Deferred tax assets and liabilities are determined based on differences between the financial statement carrying amounts and the tax basis of existing assets and liabilities (i.e., temporary differences) and are measured at the enacted rates that will be in effect when these differences are realized. If necessary, a valuation allowance is established to reduce deferred tax assets to the amount that is more likely than not to be realized. In order to recognize and measure our unrecognized tax benefits, management determines whether a tax position is more likely than not to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. Once it is determined that a position meets the recognition thresholds, the position is measured to determine the amount of benefit to be recognized in the condensed consolidated financial statements. Interest and/or penalties related to income tax matters are recognized in income tax expense. Nasdaq’s income tax provision was $68 million in the third quarter of 2015 and $132 million in the first nine months of 2015 compared with $56 million in the third quarter of 2014 and $170 million in the first nine months of 2014. The overall effective tax rate was 33% in the third quarter of 2015 and 32% in the first nine months of 2015 compared with 31% in the third quarter of 2014 and 34% in the first nine months of 2014. The higher effective tax rate in the third quarter of 2015 when compared with the same period in 2014 is primarily due to adjustments related to prior year tax return liabilities which resulted in an increase to the tax provision. In addition, in the third quarter of 2014, we recorded adjustments related to prior year tax return liabilities which resulted in a decrease to the tax provision. The lower effective tax rate in the first nine months of 2015 when compared with the same period in 2014 is primarily due to a change in the geographic mix of earnings and losses. 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. 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. Federal income tax returns for the years 2011 through 2013 are currently under audit by the Internal Revenue Service and we are subject to examination for the year 2014. Several state tax returns are currently under examination by the respective tax authorities for the years 2005 through 2013 and we are subject to examination for the year 2014. Non-U.S. tax returns are subject to examination by the respective tax authorities for the years 2008 through 2014. In the third quarter of 2015, we received an assessment of $6 million from the Swedish Tax Agency for the year 2013. We will appeal this assessment to the Swedish Courts. Due to the uncertainty of the outcome of this matter, in the third quarter of 2015 we recorded a reserve of $6 million. This reserve is mostly offset by the recognition of $5 million of previously unrecognized tax benefits, in the third quarter of 2015, due to the lapse of the statute of limitations related to tax examinations in various jurisdictions in the U.S. We anticipate that the amount of unrecognized tax benefits at September 30, 2015 will significantly decrease in the next twelve months as we expect to settle certain tax audits. The final outcome of such audits cannot yet be determined. We anticipate that such adjustments will not have a material impact on our consolidated financial position or results of operations. In the fourth quarter of 2010, we received an appeal from the Finnish Tax Authority challenging certain interest expense deductions claimed by Nasdaq in Finland for the year 2008. The appeal also demanded certain penalties be paid with regard to the company’s tax return filing position. In October 2012, the Finnish Appeals Board disagreed with the company’s tax return filing position for years 2009 through 2011, even though the tax return position with respect to this deduction was previously reviewed and approved by the Finnish Tax Authority. In June 2014, the Finnish Administrative Court also disagreed with the company’s tax return filing position for these years. We have appealed this ruling to the Finnish Supreme Administrative Court and expect to receive a favorable decision. Through September 30, 2015, we have recorded tax benefits of $27 million associated with this filing position. We have paid $37 million to the Finnish tax authorities, which includes $11 million in interest and penalties. We expect the Finnish Supreme Administrative Court to agree with our position, which would result in an expected refund to Nasdaq of $34 million, which reflects the impact of foreign currency translation. If the Finnish Supreme Administrative Court disagrees with our position, we would record tax expense of $34 million, or $0.20 per diluted share. From 2009 through 2012, we recorded tax benefits associated with certain interest expense incurred in Sweden. Our position is supported by a 2011 ruling we received from the Swedish Supreme Administrative Court. However, under new legislation effective January 1, 2013, limitations are imposed on certain forms of interest expense. Because this legislation is unclear with regard to our ability to continue to claim such interest deductions, Nasdaq filed an application for an advance tax ruling with the Swedish Tax Council for Advance Tax Rulings. In June 2014, we received an unfavorable ruling from the Swedish Tax Council for Advance Tax Rulings. We appealed this ruling to the Swedish Supreme Administrative Court; however the Swedish Supreme Administrative Court denied our request for a ruling based on procedural requirements. In the third quarter of 2015, we received a notice from the Swedish Tax Agency that interest deductions for the year 2013 have been disallowed. We will appeal to the Swedish Lower Administrative Court. We continue to expect a favorable decision. Since January 1, 2013, we have recorded tax benefits of $41 million associated with this matter. We will pay all assessments from the Swedish Tax Agency while this matter is pending. If the Swedish Courts agree with our position we will receive a refund of all paid assessments; if the Swedish Courts disagree with our position, we will record tax expense of $33 million, or $0.19 per diluted share, which reflects the impact of foreign currency translation. We expect to record recurring quarterly tax benefits of $2 million to $3 million with respect to this matter for the foreseeable future. Other Tax Matter In December 2012, the Swedish Tax Agency approved our 2010 amended value added tax, or VAT, tax return and we received a cash refund for the amount claimed. In 2013, we filed amended VAT tax returns for 2011 and 2012, utilizing the same approach which was approved for the 2010 filing. We also utilized this approach in our 2013 and 2014 filings. However, even though the VAT return position was previously reviewed and approved by the Swedish Tax Agency, the Swedish Tax Agency challenged our approach. The revised position of the Swedish Tax Agency was upheld by the Lower Administrative Court during the first quarter of 2015. As a result, in the first quarter of 2015, we reversed the previously recorded benefit of $12 million, based on the court decision. We have appealed the ruling of the Lower Administrative Court to the Court of Appeals. Recently Announced Accounting Pronouncements ASU 2015-16 In September 2015, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update, or ASU, 2015-16, “Simplifying the Accounting for Measurement-Period Adjustments,” which eliminates the requirement that an acquirer in a business combination account for measurement-period adjustments retrospectively. This guidance requires that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. In addition, the amendments in this guidance require an entity to present separately on the face of the income statement or disclose in the notes the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. This new standard is effective prospectively for us on January 1, 2016. Early adoption is permitted. We do not expect the adoption of this guidance to have a significant impact on our consolidated financial statements. ASU 2015-03 In April 2015, the FASB issued ASU 2015-03, “Simplifying the Presentation of Debt Issuance Costs,” which requires debt issuance costs to be presented in the balance sheet as a direct deduction from the carrying amount of the related debt liability rather than as an asset. This guidance does not change the recognition and measurement of debt issuance costs. In the second quarter of 2015, we elected to early adopt this guidance retrospectively for all periods presented in the Condensed Consolidated Balance Sheets. The reclassification of debt issuance costs resulted in reductions in other non-current assets and debt obligations of $16 million for the year ended December 31, 2014. Other than this reclassification, the adoption of this guidance did not have an impact on our consolidated financial statements. ASU 2014-09 In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers (Topic 606),” which supersedes the revenue recognition guidance in Accounting Standards Codification, or ASC, 605, “Revenue Recognition.” The new revenue recognition standard sets forth a five-step revenue recognition model to determine when and how revenue is recognized. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration it expects to receive in exchange for those goods or services. The standard also requires more detailed disclosures. The standard provides alternative methods of initial adoption. On July 9, 2015, the FASB approved the deferral of the effective date of the new revenue recognition standard by one year. As a result, this new standard will now be effective for us on January 1, 2018. Early adoption as of the original effective date is permitted. We are currently assessing the impact that this standard will have on our consolidated financial statements.

- Definition

The entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure.

+ References+ Details

Restructuring Charges

9 Months Ended

Sep. 30, 2015

Restructuring Charges [Abstract]

Restructuring Charges

3. Restructuring Charges

During the first quarter of 2015, we performed a comprehensive review of our processes, businesses and systems in a company-wide effort to improve performance, cut costs, and reduce spending. In the first quarter of 2015, we also decided to change our company name from The NASDAQ OMX Group, Inc. to Nasdaq, Inc., which became effective in the third quarter of 2015. We currently estimate that we will recognize net pre-tax restructuring charges of $188 million, consisting of the rebranding of our trade name, severance, asset impairments, facility-related and other costs. We recognized net restructuring charges of $8 million for the three months ended September 30, 2015 and $160 million for the nine months ended September 30, 2015, with the remaining amount to be recognized through June 2016. The restructuring charge for the nine months ended September 30, 2015 includes the reversal of a sublease loss reserve of $10 million. See “Facilities-related” below for further discussion. Through this initiative, we expect to generate pre-tax savings in 2015 of approximately $20 million and annualized savings of $23 million. 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. Changes to the estimates may require future adjustments to the restructuring liabilities. There were no restructuring charges in the comparable periods of 2014.

The following table presents a summary of restructuring charges in the Condensed Consolidated Statements of Income:



	Three Months Ended September 30, 2015		Nine Months Ended September 30, 2015
	(in millions)
Rebranding of trade name	$	-	$	119
Severance		2		23
Facilities-related		4		(3)
Asset impairments		-		15
Other		2		6
Total restructuring charges	$	8	$	160

Rebranding of Trade Name

As noted above, in connection with our global rebranding initiative, we decided to change our company name from The NASDAQ OMX Group, Inc. to Nasdaq, Inc., which became effective in the third quarter of 2015. In connection with this action, we decided to discontinue the use of the OMX trade name and recorded a pre-tax, non-cash impairment charge of $119 million in March 2015 because we no longer attribute any material value to the trade name. The impairment charge did not impact the company's consolidated cash flows, liquidity, or capital resources.

Severance

Severance, other termination benefits and other associated costs of $2 million for the three months ended September 30, 2015 and $23 million for the nine months ended September 30, 2015, related to workforce reductions of 224 positions across our organization. In addition to reducing our workforce, we have relocated certain functions to lower cost locations and will continue hiring in these lower cost locations to support the business.

Facilities-related

The facilities-related costs of $4 million for the three months ended September 30, 2015 pertained to the consolidation of leased facilities and the credit of $3 million for the nine months ended September 30, 2015 primarily pertained to the release of a previously recorded sublease loss reserve for part of the space we lease in New York, New York located at 1500 Broadway. In June 2015, as part of our real estate reorganization plans, management decided to occupy this space. Based on management’s decision, we released the sublease loss reserve recorded for this space which totaled $10 million. This credit was partially offset by costs related to the consolidation of leased facilities.

Asset Impairments

Asset impairment charges of $15 million for the nine months ended September 30, 2015 primarily related to fixed assets and capitalized software that were retired during the respective period.

Restructuring Reserve

The following table presents the changes in the restructuring reserve during the nine months ended September 30, 2015:


	Balance at January 1, 2015			Expense Incurred		Cash Payments	Balance at September 30, 2015

	(in millions)
Severance	$	-	$	23	$	(8)	$	15
Facilities-related		-		7		(6)		1
Total	$	-	$	30	$	(14)	$	16

As of September 30, 2015, the majority of the restructuring reserve is included in other current liabilities in the Condensed Consolidated Balance Sheets and will be paid during the fourth quarter of 2015.

- Definition

The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled.

+ References+ Details

Acquisitions

9 Months Ended

Sep. 30, 2015

Acquisitions [Abstract]

Acquisitions and Divestitures

4. Acquisition

We completed the following acquisition in 2015. Financial results are included in our Condensed Consolidated Statements of Income from the date of the acquisition.



	Purchase Consideration		Total Net Assets (Liabilities) Acquired		Purchased Intangible Assets		Goodwill

	(in millions)
Dorsey, Wright & Associates, LLC	$	226	$	(26)	$	141	$	111

Acquisition of Dorsey, Wright & Associates, LLC

On January 30, 2015, we completed the acquisition of Dorsey, Wright & Associates, LLC, or DWA, for $226 million ($225 million cash paid plus $1 million in working capital adjustments). DWA is a market leader in data analytics, passive indexing and smart beta strategies. We acquired net assets, at fair value, totaling $8 million and recorded a current deferred tax liability of $1 million and a non-current deferred tax liability of $33 million related to differences in the U.S. GAAP and tax basis of our investment in DWA, resulting in total net liabilities acquired of $26 million. DWA is part of our Information Services segment.

Nasdaq used cash on hand and borrowed $100 million under the revolving credit commitment of our current credit facility to fund this acquisition.

Intangible Assets

The following table presents the details of the purchased intangible assets acquired in the acquisition of DWA. All purchased intangible assets with finite lives are amortized using the straight-line method.


			Estimated
			Average Remaining
	Value		Useful Life
Intangible assets:		(in millions)	(in years)
Trade name	$	108	Indefinite
Customer relationships		29	15 years
Technology		4	5 years
Total intangible assets	$	141

Trade Name

The DWA trade name is recognized in the industry and carries a reputation for quality. As such, DWA’s reputation and positive recognition embodied in the trade name is a valuable asset to Nasdaq. The trade name was considered the primary asset acquired in this transaction. In valuing the acquired trade name, we used the income approach, specifically the 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.

A discount rate of 17% was utilized, which reflects the amount of risk associated with the hypothetical cash flows generated by the DWA trade name in the future. In developing a discount rate for the trade name, 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 a rate of 36.5%, and a discounted tax amortization benefit was added to the fair value of the asset under the assumption that the trade name would be amortized for tax purposes over a period of 15 years.

We estimated the useful life of the trade name to be indefinite. The useful life was based on several factors including the number of years the name has been in service, its popularity within the industry, and our intention to continue its use in the branding of products.

Customer Relationships

Customer relationships represent the non-contractual and contractual relationships that DWA has with its customers. The DWA customer relationships were valued individually for each of DWA’s businesses using the income approach, specifically the with-and-without method. The with-and-without method is commonly used when the cash flows of a business can be estimated with and without the asset in place. The premise associated with this valuation technique is that the value of an asset is represented by the differences in the subject business’ cash flows under scenarios where (a) the asset is present and is used in operations (with); and (b) the asset is absent and not used in operations (without). Cash flow differentials are then discounted to present value to arrive at an estimate of fair value for the asset.

We estimated that without current customer relationships, it would take approximately 3-6 years, depending on the business, for the customer base to grow to 100% of current projected revenues. We also made estimates related to compensation levels and other expenses such as sales and marketing that would be incurred as the business was ramped up through the year in which the customer base would be expected to reach the level that currently exists.

A discount rate of 17.5%, which reflects the estimated weighted average cost of capital for the overall business plus a premium of 0.5% reflecting the risk and uncertainty of the cash flows for the customer relationships relative to the overall business, was utilized when discounting the cash flows. The resulting discounted cash flows were then tax-effected at a rate of 36.5%, and a discounted tax amortization benefit was added to the fair value of the asset under the assumption that the customer relationships would be amortized for tax purposes over a period of 15 years.

Based on the historical behavior of the customers and a parallel analysis of the customers using the excess earnings method, we estimated the remaining useful life for the acquired customer relationships to be 15 years.

Technology

The fair value of the acquired DWA developed technology was valued using the income approach, specifically the relief from royalty method, or RFRM. The RFRM is used to estimate the cost savings that accrue to the owner of an intangible asset who would otherwise have to pay royalties or license fees on revenues earned through the use of the asset. The royalty rate is applied to the projected revenue over the expected remaining life of the intangible asset to estimate royalty savings. The net after-tax royalty savings are calculated for each year in the remaining economic life of the intangible asset and discounted to present value.

To determine the royalty rate we searched for and identified market transactions and royalty rates for comparable technology. In addition, we performed a profit split analysis that produced a range of royalty rates that were then compared for reasonableness to the royalty rates identified in the market transactions and royalty rates for comparable technology. Profit split theory states that a reasonable market participant would be willing and able to make revenue-based royalty payments of 25 to 30 percent of their operating profit to receive the rights to certain licensable intellectual property necessary for conducting business. Conversely, the owner of such intellectual property would save that amount or be relieved from making those royalty payments. We estimated supportable royalty rates for the technology and selected a pre-tax royalty rate of 15%.

A discount rate of 17% was utilized, which reflects the estimated 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 a rate of 36.5%, and a discounted tax amortization benefit was added to the fair value of the asset under the assumption that the technology would be amortized for tax purposes over a period of 15 years.

We have estimated the remaining useful life for the acquired developed technology to be 5 years.

Pro Forma Results and Acquisition-related Costs

Pro forma financial results for the acquisition of DWA completed in January 2015 have not been presented since the acquisition was not material to our financial results.

Acquisition-related costs for the acquisition of DWA were immaterial.

- Definition

The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable).

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+ Details

Goodwill and Purchased Intangible Assets

9 Months Ended

Sep. 30, 2015

Goodwill and Purchased Intangible Assets [Abstract]

Goodwill and Purchased Intangible Assets

5. Goodwill and Purchased Intangible Assets

Goodwill

The following table presents the changes in goodwill by business segment during the nine months ended September 30, 2015:



	Market Services		Listing Services		Information Services		Technology Solutions		Total

	(in millions)
Balance at December 31, 2014	$	3,081	$	114	$	1,794	$	549	$	5,538
Goodwill acquired		-		-		111		-		111
Foreign currency translation adjustment		(121)		(8)		(73)		(26)		(228)
Balance at September 30, 2015	$	2,960	$	106	$	1,832	$	523	$	5,421

The goodwill acquired for Information Services shown above relates to our acquisition of DWA in January 2015. See Note 4, “Acquisition,” for further discussion.

As of September 30, 2015, the amount of goodwill that is expected to be deductible for tax purposes in future periods is $876 million, of which $521 million is related to our acquisition of certain assets and assumption of certain liabilities of the eSpeed business, or eSpeed, $263 million is related to our acquisition of the Investor Relations, Public Relations and Multimedia Solutions businesses of Thomson Reuters, or the TR Corporate businesses, and $92 million is related to other acquisitions.

Goodwill represents the excess of the purchase price over the value assigned to the net tangible and 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, 2015 and 2014; however, events such as economic weakness or unexpected significant declines in operating results of a reporting unit may result in goodwill impairment charges in the future.

Purchased Intangible Assets

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



	September 30, 2015								December 31, 2014
	Gross Amount		Accumulated Amortization		Net Amount		Weighted-Average Useful Life (in Years)		Gross Amount		Accumulated Amortization		Net Amount		Weighted-Average Useful Life (in Years)

	(in millions)								(in millions)
Finite-Lived Intangible Assets
Technology	$	38	$	(21)	$	17		5	$	35	$	(16)	$	19		5
Customer relationships		1,038		(372)		666		20		1,009		(329)		680		20
Other		5		(4)		1		9		5		(3)		2		9
Foreign currency translation adjustment		(132)		40		(92)				(94)		26		(68)
Total finite-lived intangible assets	$	949	$	(357)	$	592			$	955	$	(322)	$	633

Indefinite-Lived Intangible Assets
Exchange and clearing registrations	$	790	$	-	$	790			$	790	$	-	$	790
Trade names		700		-		700				756		-		756
Licenses		51		-		51				51		-		51
Foreign currency translation adjustment		(152)		-		(152)				(153)		-		(153)
Total indefinite-lived intangible assets	$	1,389	$	-	$	1,389			$	1,444	$	-	$	1,444
Total intangible assets	$	2,338	$	(357)	$	1,981			$	2,399	$	(322)	$	2,077

Amortization expense for purchased finite-lived intangible assets was $15 million for the three months ended September 30, 2015, $17 million for the three months ended September 30, 2014, $46 million for the nine months ended September 30, 2015, and $53 million for the nine months ended September 30, 2014.

The estimated future amortization expense (excluding the impact of foreign currency translation adjustment) of purchased finite-lived intangible assets as of September 30, 2015 is as follows:



	(in millions)
2015(1)	$	17
2016		66
2017		64
2018		60
2019		47
2020 and thereafter		430
Total	$	684

(1)

Represents the estimated amortization to be recognized for the remaining three months of 2015.

Intangible Asset Impairment Charge

In connection with our global rebranding initiative, we decided to change our company name from The NASDAQ OMX Group, Inc. to Nasdaq, Inc., which became effective in the third quarter of 2015. In connection with this action, we decided to discontinue the use of the OMX trade name and recorded a pre-tax, non-cash impairment charge of $119 million in March 2015 because we no longer attribute any material value to the trade name. The impairment charge did not impact the company's consolidated cash flows, liquidity, or capital resources. This charge is included in restructuring charges in the Condensed Consolidated Statements of Income for the nine months ended September 30, 2015.

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

+ References+ Details

Investments	9 Months Ended
Investments	Sep. 30, 2015
Investments [Abstract]
Investments	6. Investments Trading Securities Trading securities, which are included in financial investments, at fair value in the Condensed Consolidated Balance Sheets, were $193 million as of September 30, 2015 and $171 million as of December 31, 2014. These securities are primarily comprised of highly rated European government debt securities, of which $173 million as of September 30, 2015 and $159 million as of December 31, 2014, are assets utilized to meet regulatory capital requirements primarily for our clearing operations at Nasdaq Nordic Clearing. Available-for-Sale Investment Securities Available-for-sale investment securities, which are included in financial investments, at fair value in the Condensed Consolidated Balance Sheets, were immaterial as of September 30, 2015 and $3 million as of December 31, 2014. These securities are primarily comprised of short-term commercial paper. As of September 30, 2015 and December 31, 2014, the cumulative unrealized gains and losses on these securities were immaterial. Equity Method Investments The carrying amounts of our equity method investments totaled $71 million as of September 30, 2015 and $25 million as of December 31, 2014 and are included in other non-current assets in the Condensed Consolidated Balance Sheets. The increase in the first nine months of 2015 was primarily due to our capital contribution of $30 million to The Options Clearing Corporation, or OCC. See below for further discussion. As of September 30, 2015, our equity method investments primarily included equity interests in OCC, EuroCCP N.V. and The Order Machine, or TOM. As of December 31, 2014, our equity method investments consisted primarily of our equity interests in EuroCCP N.V. and TOM. Net income recognized from our equity interest in the earnings and losses of these equity method investments was $2 million for the three months ended September 30, 2015, $16 million for the nine months ended September 30, 2015 and was immaterial for both the three and nine months ended September 30, 2014. The increase in the third quarter and the first nine months of 2015 compared with the same periods in 2014 is primarily due to income recognized from our equity method investment in OCC. We were not able to determine what our share of OCC’s income was for the year ended December 31, 2014 until the first quarter of 2015, when OCC’s financial statements were made available to us. As a result, we recorded other income of $13 million in March 2015 relating to our share of OCC’s income for the year ended December 31, 2014. This income is included in net income from unconsolidated investees in the Condensed Consolidated Statements of Income. Capital Contribution to The Options Clearing Corporation In March 2015, in connection with being designated systemically important by the Financial Stability Oversight Council, OCC implemented a capital plan under which the options exchanges that are OCC’s stockholders made new capital contributions to OCC, committed to make further capital contributions in the future under certain specified circumstances, and received certain commitments from OCC with respect to future dividend payments and related matters. Certain aspects of the OCC capital plan require approval by the SEC. Under the OCC capital plan, OCC's existing exchange stockholders, including Nasdaq, each contributed a pro-rata share of $150 million in new equity capital. Nasdaq’s capital contribution was $30 million. OCC’s exchange stockholders also committed to provide, as may become necessary from time to time, additional replenishment capital on a pro-rata basis if certain capital thresholds are triggered. For its part, OCC adopted specific policies with respect to fees, customer refunds and stockholder dividends, which envision an annual dividend payment to its stockholders equal to the portion of OCC’s after-tax income that exceeds OCC’s capital requirements after payment of refunds to OCC’s clearing members (with such customer refunds generally to constitute 50% of the portion of OCC’s pre-tax income that exceeds OCC’s capital requirements). After the SEC staff approved the OCC capital plan and the stockholders made their capital contributions, the plan’s further effectiveness was suspended under the applicable SEC rules because certain unrelated parties petitioned the full Commission to reconsider the capital plan’s approval. If the SEC staff’s approval is reversed or the suspension of the capital plan’s effectiveness is not lifted in a timely manner, then the transaction may be reversed and the 2015 capital contributions returned to stockholders. Cost Method Investments The carrying amounts of our cost method investments totaled $133 million as of September 30, 2015 and $138 million as of December 31, 2014 and are included in other non-current assets in the Condensed Consolidated Balance Sheets. As of September 30, 2015, our cost method investments primarily represent our 5% ownership interest in Borsa Istanbul and our 5% ownership interest in LCH.Clearnet Group Limited, or LCH. As of December 31, 2014, our cost method investments represented our 5% ownership interest in Borsa Istanbul and our 5% ownership interest in LCH. The Borsa Istanbul shares, which were issued to us in the first quarter of 2014, are part of the consideration to be received under a market technology agreement. This investment has a cost basis of $75 million which is guaranteed to us via a put option negotiated as part of the market technology agreement.

- Definition

The entire disclosure for investments in certain debt and equity securities.

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+ Details

Deferred Revenue

9 Months Ended

Sep. 30, 2015

Deferred Revenue [Abstract]

Deferred Revenue

7. Deferred Revenue

Deferred revenue represents consideration received that is yet to be recognized as revenue. At September 30, 2015, we estimate that our deferred revenue, which is primarily Listing Services and Technology Solutions revenues, will be recognized in the following years:



	Initial Listing Revenues		Listing of Additional Shares Revenues		Annual Renewal and Other Revenues		Technology Solutions Revenues(2)		Total

	(in millions)
Fiscal year ended:
2015(1)	$	4	$	8	$	61	$	33	$	106
2016		15		26		3		33		77
2017		13		17		1		33		64
2018		11		7		-		27		45
2019		8		1		-		22		31
2020 and thereafter		6		-		-		46		52
	$	57	$	59	$	65	$	194	$	375

(1)

Represents deferred revenue that is anticipated to be recognized over the remaining three months of 2015.

(2)

The timing of recognition of our deferred Technology Solutions revenues is primarily dependent upon the completion of customization and any significant modifications made pursuant to existing Market Technology contracts and the timing of Corporate Solutions subscription-based contracts. As such, as it relates to Market Technology revenues, the timing represents our best estimate.

The changes in our deferred revenue during the nine months ended September 30, 2015 and 2014 are reflected in the following table.



	Initial Listing Revenues		Listing of Additional Shares Revenues		Annual Renewal and Other Revenues		Technology Solutions Revenues(2)		Total

	(in millions)
Balance at January 1, 2015	$	54	$	78	$	13	$	247	$	392
Additions(1)		15		8		244		324		591
Amortization(1)		(12)		(27)		(190)		(364)		(593)
Translation adjustment		-		-		(2)		(13)		(15)
Balance at September 30, 2015	$	57	$	59	$	65	$	194	$	375

Balance at January 1, 2014	$	41	$	75	$	20	$	158	$	294
Additions(1)		20		36		214		463		733
Amortization(1)		(10)		(30)		(175)		(381)		(596)
Translation adjustment		-		-		(2)		(17)		(19)
Balance at September 30, 2014	$	51	$	81	$	57	$	223	$	412

(1)

The additions and amortization for initial listing revenues, listing of additional shares revenues and annual renewal and other revenues primarily reflect revenues from our U.S. Listing Services business. The additions to Technology Solutions revenues during the nine months ended September 30, 2014 include $75 million related to the Borsa Istanbul market technology agreement. See “Cost Method Investments,” of Note 6, “Investments,” for further discussion.

(2)

Technology Solutions deferred revenues primarily include revenues from our Market Technology delivered client contracts in the support phase charged during the period and our Corporate Solutions subscription based contracts, which are primarily billed quarterly in advance. For our Market Technology contracts, where customization and significant modifications to the software are made to meet the needs of our customers, total revenues, as well as costs incurred, are deferred until significant modifications are completed and delivered. Once delivered, deferred revenue and the related deferred costs are recognized over the post contract support period. For these Market Technology contracts, we have included the deferral of costs in other current assets and other non-current assets in the Condensed Consolidated Balance Sheets. The amortization of Technology Solutions deferred revenue primarily includes revenues earned from Market Technology client contracts and Corporate Solutions subscription based contracts recognized during the period.

Debt Obligations

9 Months Ended

Sep. 30, 2015

Debt Obligations [Abstract]

Debt Obligations

8. Debt Obligations

As discussed in “ASU 2015-03,” of Note 2, “Basis of Presentation and Principles of Consolidation,” we elected to early adopt ASU 2015-03 which requires debt issuance costs to be presented in the balance sheet as a direct deduction from the carrying amount of the related debt liability rather than an asset. As of September 30, 2015, we have reclassified debt issuance costs associated with our debt obligations from other non-current assets to debt obligations. In accordance with ASU 2015-03, prior year amounts have been reclassified to conform to the current year classification, resulting in an adjustment to debt obligations of $16 million for the year ended December 31, 2014.

The following table presents the changes in the carrying amount of our debt obligations during the nine months ended September 30, 2015:



	December 31, 2014		Additions		Payments, Conversions, Accretion and Other		September 30, 2015

	(in millions)
5.55% senior unsecured notes due January 15, 2020 (1) (2)	$	596	$	-	$	1	$	597
5.25% senior unsecured notes due January 16, 2018 (1) (2)		368		-		-		368
3.875% senior unsecured notes due June 7, 2021 (1) (2)		720		-		(55)		665
4.25% senior unsecured notes due June 1, 2024 (1) (2)		494		-		1		495
$750 million revolving credit commitment due November 25, 2019 (average interest rate of 1.50% for the period January 1, 2015 through June 30, 2015)(3)		119		366		(175)		310

Total debt obligations		2,297		366		(228)		2,435
Less current portion		-		(20)		-		(20)
Total long-term debt obligations	$	2,297	$	346	$	(228)	$	2,415

(1)

See “Senior Unsecured Notes” below for further discussion.

(2)

Net of unamortized debt discount and debt issuance costs.

(3)

Net of unamortized debt issuance costs. See “2014 Credit Facility” below for further discussion.

Senior Unsecured Notes

5.55% Senior Unsecured Notes

In January 2010, Nasdaq issued $600 million aggregate principal amount of 5.55% senior notes due January 15, 2020, or the 2020 Notes, at a discount. As a result of the discount, the proceeds received from the issuance were less than the aggregate principal amount. As of September 30, 2015, the balance of $597 million reflects the aggregate principal amount, less the unamortized debt discount and the unamortized debt issuance costs. The unamortized debt discount and the unamortized debt issuance costs are being accreted through interest expense over the life of the 2020 Notes.

The 2020 Notes pay interest semiannually at a rate of 5.55% per annum until January 15, 2020. The 2020 Notes are general unsecured obligations of ours and rank equally with all of our existing and future unsubordinated obligations. The 2020 Notes are not guaranteed by any of our subsidiaries. The 2020 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.

5.25% Senior Unsecured Notes

In December 2010, Nasdaq issued $370 million of 5.25% senior unsecured notes due January 16, 2018, or the 2018 Notes. The 2018 Notes were issued at a discount. As a result of the discount, the proceeds received from the issuance were less than the aggregate principal amount. As of September 30, 2015, the balance of $368 million reflects the aggregate principal amount, less the unamortized debt discount and the unamortized debt issuance costs. The unamortized debt discount and the unamortized debt issuance costs are being accreted through interest expense over the life of the 2018 Notes.

The 2018 Notes pay interest semiannually at a rate of 5.25% per annum until January 16, 2018 and such rate may vary with Nasdaq’s debt rating up to a rate not to exceed 7.25%. The 2018 Notes are general unsecured obligations of ours and rank equally with all of our existing and future unsubordinated obligations. They are not guaranteed by any of our subsidiaries. The 2018 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. In addition, upon a change of control triggering event (as defined in the indenture), 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.

3.875% Senior Unsecured Notes

In June 2013, Nasdaq issued €600 million aggregate principal amount of 3.875% senior unsecured notes due June 7, 2021, or the 2021 Notes, at a discount. As a result of the discount, the proceeds received from the issuance were less than the aggregate principal amount. As of September 30, 2015, the balance of $665 million reflects the aggregate principal amount, less the unamortized debt discount and the unamortized debt issuance costs. The unamortized debt discount and the unamortized debt issuance costs are being accreted through interest expense over the life of the 2021 Notes.

The 2021 Notes pay interest annually at a rate of 3.875% per annum until June 7, 2021 and such rate may vary with Nasdaq’s debt rating up to a rate not to exceed 5.875%. The 2021 Notes are general unsecured obligations of ours and rank equally with all of our existing and future unsubordinated obligations. They are not guaranteed by any of our subsidiaries. The 2021 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. In addition, upon a change of control triggering event (as defined in the indenture), 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.

The 2021 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 decrease in the carrying amount of $55 million noted in the “Payments, Conversions, Accretion and Other” column in the table above reflects the translation of the 2021 Notes into U.S. dollars and is recorded in accumulated other comprehensive loss in the Condensed Consolidated Balance Sheets for the nine months ended September 30, 2015.

4.25% Senior Unsecured Notes

In May 2014, Nasdaq issued $500 million of 4.25% senior unsecured notes due June 1, 2024, or the 2024 Notes. The 2024 Notes were issued at a discount. As a result of the discount, the proceeds received from the issuance were less than the aggregate principal amount. As of September 30, 2015, the balance of $495 million reflects the aggregate principal amount, less the unamortized debt discount and the unamortized debt issuance costs. The unamortized debt discount and the unamortized debt issuance costs are being accreted through interest expense over the life of the 2024 Notes.

The 2024 Notes pay interest semiannually at a rate of 4.25% per annum until June 1, 2024 and such rate may vary with Nasdaq’s debt rating up to a rate not to exceed 6.25%. The 2024 Notes are general unsecured obligations of ours and rank equally with all of our existing and future unsubordinated obligations. They are not guaranteed by any of our subsidiaries. The 2024 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. In addition, upon a change of control triggering event (as defined in the indenture), 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.

Credit Facilities

2014 Credit Facility

In November 2014, Nasdaq entered into a $750 million senior unsecured five-year credit facility which matures on November 25, 2019, or the 2014 Credit Facility. The 2014 Credit Facility consists of a $750 million revolving credit commitment (with sublimits for non-dollar borrowings, swingline borrowings and letters of credit). In January 2015, we used cash on hand and borrowed $100 million under the revolving credit commitment of the 2014 Credit Facility to fund our acquisition of DWA. During the first nine months of 2015, we borrowed $366 million for general corporate purposes. See Note 4, “Acquisition,” for further discussion of the DWA acquisition. During the nine months ended September 30, 2015, we repaid $176 million under the revolving credit commitment of the 2014 Credit Facility. As of September 30, 2015, the balance of $310 million reflects the outstanding amount under the 2014 Credit Facility, less the unamortized debt issuance costs. The unamortized debt issuance costs are being accreted through interest expense over the life of the 2014 Credit Facility.

The loans under the 2014 Credit Facility have a variable interest rate based on either the London Interbank Offered Rate, or 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. The Credit Agreement includes an option for Nasdaq to propose an increase in the available aggregate amount by up to $500 million, subject to the consent of the lenders funding the increase and certain other conditions.

The 2014 Credit Facility contains financial and operating covenants. Financial covenants include an interest expense coverage ratio and a maximum leverage ratio. Operating covenants include limitations on Nasdaq’s ability to incur additional indebtedness, grant liens on assets, enter into affiliate transactions and pay dividends. Our 2014 Credit Facility allows us to pay cash dividends on our common stock. The 2014 Credit Facility also contains customary affirmative covenants, including access to financial statements, notice of defaults and certain other material events, maintenance of business and insurance, and events of default, including cross-defaults to our material indebtedness.

Nasdaq is permitted to repay borrowings under the 2014 Credit Facility at any time in whole or in part, without penalty. We are also required to repay loans outstanding under the 2014 Credit Facility with net cash proceeds from sales of property and assets of Nasdaq and its subsidiaries (excluding inventory sales and other sales in the ordinary course of business) and casualty and condemnation proceeds, in each case subject to specified exceptions and thresholds.

Other Credit Facilities

In addition to the revolving credit commitment under our 2014 Credit Facility discussed above, we have credit facilities related to our Nordic clearing operations in order to provide further liquidity and default protection. At September 30, 2015, credit facilities, which are available in multiple currencies, primarily Swedish Krona, totaled $204 million in available liquidity, none of which was utilized. At December 31, 2014, credit facilities, which are available in multiple currencies, primarily Swedish Krona, totaled $236 million ($197 million in available liquidity and $39 million for default protection), of which $7 million was utilized.

Debt Covenants

At September 30, 2015, we were in compliance with the covenants of all of our debt obligations.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References+ Details

Employee Benefits	9 Months Ended
Employee Benefits	Sep. 30, 2015
Employee Benefits [Abstract]
Employee Benefits	9. Employee Benefits U.S. Defined-Benefit Pension and Supplemental Executive Retirement Plans We maintain non-contributory, defined-benefit pension plans, non-qualified supplemental executive retirement plans, or SERPs, for certain senior executives and 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. As such, net periodic benefit cost was immaterial for both the three and nine months ended September 30, 2015 and 2014. Non-U.S. Benefit Plans 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. These costs are included in compensation and benefits expense in the Condensed Consolidated Statements of Income and were $4 million for the three months ended September 30, 2015, $5 million for the three months ended September 30, 2014, $13 million for the nine months ended September 30, 2015, and $15 million for the nine months ended September 30, 2014. U.S. Defined Contribution Savings Plan We sponsor a voluntary defined contribution savings plan, or 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 $3 million for the three months ended September 30, 2015, $2 million for the three months ended September 30, 2014, $8 million for the nine months ended September 30, 2015, and $7 million for the nine months ended September 30, 2014. Prior to 2015, we had a profit-sharing contribution feature to our 401(k) Plan which allowed eligible U.S. employees to receive employer retirement contributions, or ERCs, when we met our annual corporate goals. In addition, we had a supplemental ERC for select highly compensated employees whose ERCs were limited by the annual Internal Revenue Service compensation limit. In December 2013, we announced changes to the ERC program. In 2014, we reduced the basic ERC contribution for all plan participants and, effective January 1, 2015, the ERC plan was discontinued and no future contributions will be made. Employee Stock Purchase Plan We have an employee stock purchase plan, or ESPP, under which approximately 2.7 million shares of our common stock have been reserved for future issuance as of September 30, 2015. Our ESPP allows eligible U.S. and non-U.S. employees to purchase a limited number of shares of our common stock at six-month intervals, called offering periods, at 85.0% of the lower of the fair market value on the first or the last day of each offering period. The 15.0% discount given to our employees is included in compensation and benefits expense in the Condensed Consolidated Statements of Income and was $1 million for both the three months ended September 30, 2015 and 2014 and $3 million for both the nine months ended September 30, 2015 and 2014.

- Definition

The entire disclosure for pension and other postretirement benefits.

+ References+ Details

Share-Based Compensation

9 Months Ended

Sep. 30, 2015

Share-Based Compensation [Abstract]

Share-Based Compensation

10. Share-Based Compensation

We have a share-based compensation program that provides our board of directors broad discretion in creating employee equity incentives. Share-based awards, or equity awards, granted under this program include stock options, restricted stock (consisting of restricted stock units), and performance share units, or PSUs. Grants of equity awards are designed to reward employees for their long-term contributions and provide incentives for them to remain with us. For accounting purposes, we consider PSUs to be a form of restricted stock.

Restricted stock is generally time-based and vests over two- to five-year periods beginning on the date of the grant. Stock options are also generally time-based and expire ten years from the grant date. Stock option and restricted stock awards granted prior to 2014 generally included performance-based accelerated vesting features based on achievement of specific levels of corporate performance. If Nasdaq exceeded the applicable performance parameters, the grants vest on the third anniversary of the grant date, if Nasdaq met the applicable performance parameters, the grants vest on the fourth anniversary of the grant date, and if Nasdaq did not meet the applicable performance parameters, the grants vest on the fifth anniversary of the grant date. Beginning in 2014, restricted stock awards granted vest 25% on the second anniversary of the grant date, 25% on the third anniversary of the grant date, and 50% on the fourth anniversary of the grant date. The grant date fair value of restricted stock awards is based on the closing price at the date of grant less the present value of future cash dividends.

PSUs are based on performance measures that impact the amount of shares that each recipient will receive upon vesting. PSUs are granted at the fair market value of our stock on the grant date and compensation cost is recognized over the performance period and, in certain cases, an additional vesting period. For each grant of PSUs, an employee may receive from 0% to 150% of the target amount granted, depending on the achievement of performance measures. We report the target number of PSUs granted, unless we have determined that it is more likely than not, based on the actual achievement of performance measures, that an employee will receive a different amount of shares underlying the PSUs, in which case we report the amount of shares the employee is likely to receive.

We also have a performance-based long-term incentive program for our chief executive officer, presidents, executive vice presidents and senior vice presidents that focuses on total shareholder return, or TSR. This program represents 100% of our chief executive officer’s, presidents’ and executive vice presidents’ long-term stock-based compensation and 50% of our senior vice presidents’ long-term stock-based compensation. Under the program, each individual receives PSUs with a three-year cumulative performance period that vest at the end of the performance period. Performance will be determined by comparing Nasdaq’s TSR to two peer groups, each weighted 50%. The first peer group consists of exchange companies, and the second peer group consists of all companies in the Standard & Poor’s 500 Index. 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% and 200% 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% of the number of PSUs granted. We estimate the fair value of PSU’s granted under the TSR program using the Monte Carlo simulation model, as these awards contain a market condition. The following weighted-average assumptions were used to determine the weighted-average fair values of the PSU awards granted under the TSR program during the nine months ended September 30, 2015 and 2014:



	Nine Months Ended September 30,
	2015		2014


Weighted-average risk free interest rate		0.81%		0.78%
Expected volatility(1)		21.5%		28.4%
Grant date share price	$	50.93	$	36.94
Weighted-average fair value at grant date	$	63.99	$	42.80

(1)

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

Summary of 2015 Equity Awards

In March 2015, we granted restricted stock to most active employees. During the first nine months of 2015, certain officers received grants of 605,504 PSUs. Of these PSUs granted, 420,734 units are subject to the performance measures and vesting schedules of the TSR program as discussed above, and the remaining 184,770 units are subject to a one-year performance period and generally vest ratably on an annual basis from December 31, 2016 through December 31, 2018. See “Summary of Restricted Stock and PSU Activity” below for further discussion.

During 2014, certain grants of PSUs with a one-year performance period exceeded the applicable performance parameters. As a result, an additional 21,429 units were considered granted in the first quarter of 2015.

Certain grants of PSUs that were issued in 2012 under the TSR program with a three-year performance period exceeded the applicable performance parameters. As a result, an additional 224,805 units were considered granted in the first quarter of 2015.

Common Shares Available Under Our Equity Plan

As of September 30, 2015, we had approximately 6.8 million shares of common stock authorized for future issuance under Nasdaq’s Equity Incentive Plan.

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, 2015 and 2014 in the Condensed Consolidated Statements of Income:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2015		2014		2015		2014

	(in millions)
Share-based compensation expense before income taxes	$	17	$	15	$	49	$	45
Income tax benefit		(7)		(6)		(20)		(19)
Share-based compensation expense after income taxes	$	10	$	9	$	29	$	26

Summary of Stock Option Activity

A summary of stock option activity for the nine months ended September 30, 2015 is as follows:


	Number of Stock Options(1)		Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term		Aggregate Intrinsic Value

					(in years)		(in millions)
Outstanding at January 1, 2015		3,316,782	$	27.56		3.77	$	68
Exercised		(492,345)		26.20
Forfeited or expired		(2,725)		34.40
Outstanding at September 30, 2015		2,821,712	$	27.79		2.90	$	72
Exercisable at September 30, 2015		2,821,712	$	27.79		2.90	$	72

(1)

No stock option awards were granted during the nine months ended September 30, 2015.

We received net cash proceeds of $2 million from the exercise of 59,141 stock options during the three months ended September 30, 2015 and received net cash proceeds of $13 million from the exercise of 492,345 stock options during the nine months ended September 30, 2015. We received net cash proceeds of $11 million from the exercise of 527,225 stock options during the three months ended September 30, 2014 and received net cash proceeds of $24 million from the exercise of 1,222,139 stock options during the nine months ended September 30, 2014. We present excess tax benefits from the exercise of stock options, if any, as financing cash flows.

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, 2015 of $53.33 and the exercise price, times the number of shares) based on stock options with an exercise price less than Nasdaq’s closing price of $53.33 as of September 30, 2015, 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, 2015 was 2.8 million.

As of September 30, 2014, 3.7 million outstanding stock options were exercisable and the weighted-average exercise price was $27.00.

The total pre-tax intrinsic value of stock options exercised was $1 million for the three months ended September 30, 2015, $11 million for the three months ended September 30, 2014, $12 million for the nine months ended September 30, 2015 and $24 million for the nine months ended September 30, 2014.

Total fair value of stock options vested was $11 million for the nine months ended September 30, 2014.

Summary of Restricted Stock and PSU Activity

The following table summarizes our restricted stock and PSU activity for the nine months ended September 30, 2015:



	Restricted Stock					PSUs
	Number of Awards			Weighted-Average Grant Date Fair Value		Number of Awards			Weighted-Average Grant Date Fair Value
Unvested balances at January 1, 2015		3,193,230		$	30.99		2,212,607		$	32.69
Granted		798,795	(1)		49.16		851,738	(2)		49.21
Vested		(362,672)			29.89		(837,109)			22.50
Forfeited		(238,386)			33.89		(110,809)			36.66
Unvested balances at September 30, 2015		3,390,967		$	35.23		2,116,427		$	45.49

(1)

Primarily reflects our company-wide equity grant issued in March 2015, as discussed above.

(2)

PSUs granted in 2015 reflect awards issued to certain officers, as described above.

At September 30, 2015, $101 million of total unrecognized compensation cost related to restricted stock and PSUs is expected to be recognized over a weighted-average period of 1.7 years.

- Definition

Tabular disclosure of components of a stock option or other award plan under which equity-based compensation is awarded to employees, typically comprised of the amount of unearned compensation (deferred compensation cost), compensation expense, and changes in the quantity and fair value of the shares (or other type of equity) granted, exercised, forfeited, and issued and outstanding pertaining to that plan. Disclosure may also include nature and general terms of such arrangements that existed during the period and potential effects of those arrangements on shareholders, effect of compensation cost arising from equity-based payment arrangements on the income statement, method of estimating the fair value of the goods or services received, or the fair value of the equity instruments granted, during the period, cash flow effects resulting from equity-based payment arrangements and, for registrants that accelerate vesting of out of the money share options, reasons for the decision to accelerate.

+ References+ Details

Nasdaq Stockholders’ Equity

9 Months Ended

Sep. 30, 2015

Nasdaq Stockholders’ Equity [Abstract]

Nasdaq Stockholders' Equity

11. Nasdaq Stockholders’ Equity

Common Stock

At September 30, 2015, 300,000,000 shares of our common stock were authorized, 166,893,305 shares were issued and 164,077,244 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 person 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. When treasury shares are reissued, they are recorded at the average cost of the treasury shares acquired. We held 2,816,061 shares of common stock in treasury as of September 30, 2015 and 1,530,041 shares as of December 31, 2014.

Share Repurchase Program

In the third quarter of 2012, our board of directors authorized the repurchase of up to $300 million of our outstanding common stock and in the fourth quarter 2014, our board of directors authorized the repurchase of up to an additional $500 million of our outstanding common stock under our share repurchase program.

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 funded from existing cash balances. The share repurchase program may be suspended, modified or discontinued at any time.

During the first nine months of 2015, we repurchased 6,009,334 shares of our common stock at an average price of $51.63, for an aggregate purchase price of $310 million, completing the share repurchase program authorized in the third quarter of 2012. Most shares repurchased under the share repurchase program are retired and cancelled, and the remaining shares are available for general corporate purposes. As of September 30, 2015, the remaining amount authorized for share repurchases under the program was $226 million.

Other Repurchases of Common Stock

During the nine months ended September 30, 2015, we repurchased 555,300 shares of our common stock in settlement of employee tax withholding obligations due upon the vesting of restricted stock.

Cash Dividends on Common Stock

During the nine months ended September 30, 2015, our board of directors declared the following cash dividends:



Declaration Date	Dividend Per Common Share		Record Date	Total Amount(1)		Payment Date
				(in millions)

January 26, 2015	$	0.15	March 13, 2015	$	25	March 27, 2015
April 21, 2015	$	0.25	June 12, 2015	$	42	June 26, 2015
July 23, 2015	$	0.25	September 11, 2015	$	41	September 25, 2015

(1)

These amounts were recorded in retained earnings in the Condensed Consolidated Balance Sheets at September 30, 2015.

In October 2015, the board of directors declared a regular quarterly cash dividend of $0.25 per share on our outstanding common stock. The dividend is payable on December 28, 2015 to shareholders of record at the close of business on December 14, 2015. Future declarations of quarterly dividends and the establishment of future record and payment dates are subject to approval by the board of directors.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

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+ Details

Earnings Per Share

9 Months Ended

Sep. 30, 2015

Earnings Per Share [Abstract]

Earnings Per Share

12. 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,
	2015		2014		2015			2014

	(in millions, except share and per share amounts)
Numerator:
Net income attributable to common shareholders	$	138	$	123	$	280	$	328
Denominator:
Weighted-average common shares outstanding for basic earnings per share		166,903,697		168,587,861		168,203,316		169,184,773
Weighted-average effect of dilutive securities:
Employee equity awards		3,556,065		3,576,954		3,514,960		3,599,709
Contingent issuance of common stock(1)		992,247		992,247		334,384		330,749	-
Weighted-average common shares outstanding for diluted earnings per share		171,452,009		173,157,062		172,052,660		173,115,231
Basic and diluted earnings per share:
Basic earnings per share	$	0.83	$	0.73	$	1.66	$	1.94
Diluted earnings per share	$	0.80	$	0.71	$	1.63	$	1.89

⁽¹⁾

See “Non-Cash Contingent Consideration,” of Note 15, “Commitments, Contingencies and Guarantees,” for further discussion.

Stock options to purchase 2,821,712 shares of common stock and 5,507,394 shares of restricted stock and PSUs were outstanding at September 30, 2015. For the three months ended September 30, 2015, we included all of the outstanding stock options and 5,496,526 shares of restricted stock and PSUs in the computation of diluted earnings per share, on a weighted-average basis, as their inclusion was dilutive. For the nine months ended September 30, 2015, we included all of the outstanding stock options and 5,086,010 shares of restricted stock and PSUs in the computation of diluted earnings per share, on a weighted-average basis, as their inclusion was dilutive. The remaining shares of restricted stock and PSUs are antidilutive, and as such, they were properly excluded.

Stock options to purchase 3,672,919 shares of common stock and 5,880,307 shares of restricted stock and PSUs were outstanding at September 30, 2014. For the three months ended September 30, 2014, we included 3,570,750 of the outstanding stock options and 5,879,265 shares of restricted stock and PSUs in the computation of diluted earnings per share, on a weighted-average basis, as their inclusion was dilutive. For the nine months ended September 30, 2014, we included 3,541,567 of the outstanding stock options and 5,061,458 shares of restricted stock and PSUs in the computation of diluted earnings per share, on a weighted-average basis, as their inclusion was dilutive. The remaining stock options and shares of restricted stock and PSUs are antidilutive, and as such, they were properly excluded.

- Definition

The entire disclosure for earnings per share.

+ References+ Details

Fair Value of Financial Instruments

9 Months Ended

Sep. 30, 2015

Fair Value of Financial Instruments [Abstract]

Fair Value of Financial Instruments

13. Fair Value of Financial Instruments

Fair Value Measurement—Definition and Hierarchy

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability, or the exit price, in an orderly transaction between market participants at the measurement date. Fair value measurement establishes a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect Nasdaq’s market assumptions. These two types of inputs create the following fair value hierarchy:

Level 1—Quoted prices for identical instruments in active markets.

Level 2—Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable.

Level 3—Instruments whose significant value drivers are unobservable.

This hierarchy requires the use of observable market data when available.

There were no transfers between Level 1 and Level 2 of the fair value hierarchy during the nine months ended September 30, 2015 and the year ended December 31, 2014. The following table presents for each of the above hierarchy levels, our financial assets and liabilities that are measured at fair value on a recurring basis as of September 30, 2015 and December 31, 2014.



	September 30, 2015
	Total		Level 1		Level 2		Level 3

	(in millions)
Financial Assets Measured at Fair Value on a Recurring Basis
Financial investments, at fair value(1)	$	193	$	193	$	-	$	-
Default fund and margin deposit investments(2)		1,609		600		1,009		-
Total	$	1,802	$	793	$	1,009	$	-

	December 31, 2014
	Total		Level 1		Level 2		Level 3

	(in millions)
Financial Assets Measured at Fair Value on a Recurring Basis
Financial investments, at fair value(1)	$	174	$	171	$	3	$	-
Default fund and margin deposit investments(2)		2,148		664		1,484		-
Total	$	2,322	$	835	$	1,487	$	-

(1)

As of September 30, 2015 and December 31, 2014, Level 1 financial investments, at fair value were primarily comprised of trading securities, mainly highly rated European government debt securities. Of these securities, $173 million as of September 30, 2015 and $159 million as of December 31, 2014 are assets utilized to meet regulatory capital requirements, primarily for the clearing operations of Nasdaq Nordic Clearing. As of December 31, 2014, Level 2 financial investments, at fair value were primarily comprised of available-for-sale investment securities in short-term commercial paper.

(2)

Default fund and margin deposit investments include cash contributions invested by Nasdaq Nordic Clearing, in accordance with its investment policy, either in highly rated European, and to a lesser extent, U.S. government debt securities, time deposits or reverse repurchase agreements with highly rated government debt securities as collateral. Of the total balance of $2,175 million recorded in the Condensed Consolidated Balance Sheets as of September 30, 2015, $1,009 million of cash contributions have been invested in reverse repurchase agreements and $600 million of cash contributions have been invested in highly rated European, and to a lesser extent, U.S. government debt securities. The remainder of this balance is held in cash. Of the total balance of $2,194 million recorded in the Condensed Consolidated Balance Sheets as of December 31, 2014, $1,484 million of cash contributions have been invested in reverse repurchase agreements and $664 million of cash contributions have been invested in highly rated European, and to a lesser extent, U.S. government debt securities and time deposits. The remainder of this balance was held in cash.

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, receivables, net, certain other current assets, accounts payable and accrued expenses, Section 31 fees payable to SEC, accrued personnel costs, and certain other current liabilities.

In addition, our investments in OCC, EuroCCP N.V. and TOM are accounted for under the equity method of accounting and our investments in Borsa Istanbul and LCH are carried at cost. See “Equity Method Investments,” and “Cost Method Investments,” of Note 6, “Investments,” for further discussion.

We also consider our debt obligations to be financial instruments. The fair value of our debt, utilizing discounted cash flow analyses for our floating rate debt and prevailing market rates for our fixed rate debt, was $2.6 billion at September 30, 2015 and $2.5 billion at December 31, 2014. The discounted cash flow analyses are based on borrowing rates currently available to us for debt with similar terms and maturities. Our fixed rate and our floating rate debt is categorized as Level 2 in the fair value hierarchy. For further discussion of our debt obligations, see Note 8, “Debt Obligations.”

- 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, 2015

Clearing Operations [Abstract]

Clearing Operations

14. Clearing Operations

Nordic Clearing

Nasdaq Nordic Clearing is authorized and supervised as a European multi-asset clearinghouse by the Swedish Financial Supervisory Authority, or SFSA, and is authorized to conduct clearing operations in Norway by the Norwegian Ministry of Finance. The clearinghouse acts as the central counterparty, or CCP, for exchange and over-the-counter, or OTC, trades in equity derivatives, fixed income derivatives, power derivatives, carbon derivatives, resale and repurchase contracts, freight 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 Nordic Clearing is the legal counterparty for, and guarantees the fulfillment of, each contract cleared. These contracts are not used by Nasdaq Nordic Clearing for the purpose of trading on its own behalf. As the legal counterparty of each transaction, Nasdaq Nordic Clearing bears the counterparty risk between the purchaser and seller in the contract. In its guarantor role, Nasdaq Nordic Clearing has precisely equal and offsetting claims to and from clearing members on opposite sides of each contract, standing as an intermediary on every contract cleared. In accordance with the rules and regulations of Nasdaq Nordic Clearing, clearing members’ open positions are aggregated to create a single portfolio for which default fund and margin collateral requirements are calculated. See “Default Fund Contributions” and “Margin Deposits” below for further discussion of Nasdaq Nordic Clearing’s default fund and margin requirements.

Nasdaq Nordic 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 Nordic Clearing and its clearing members must contribute to the total regulatory capital related to the clearing operations of Nasdaq Nordic 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 Nordic Clearing members with regard to total regulatory capital required. See “Default Fund Contributions” below for further discussion of Nasdaq Nordic Clearing’s default fund. Power of assessment and a liability waterfall also have been implemented. See “Power of Assessment” and “Liability Waterfall” below for further discussion. These requirements ensure the alignment of risk between Nasdaq Nordic Clearing and its clearing members.

Default Fund Contributions and Margin Deposits

As of September 30, 2015, clearing member default fund contributions and margin deposits were as follows:



	September 30, 2015
	Cash Contributions(1)		Non-Cash Contributions		Total Contributions

	(in millions)
Default fund contributions	$	359	$	92	$	451
Margin deposits		1,816		5,391		7,207
Total	$	2,175	$	5,483	$	7,658

(1)

As of September 30, 2015, in accordance with its investment policy, Nasdaq Nordic Clearing has invested cash contributions of $1,009 million in reverse repurchase agreements and $600 million in highly rated European, and to a lesser extent, U.S. government debt securities. The remainder of this balance is held in cash.

Default Fund Contributions

Contributions made to the default funds are proportional to the exposures of each clearing member. When a clearing member is active in more than one market, contributions must be made to all markets’ default funds in which the member is active. Clearing members’ eligible contributions may include cash and non-cash contributions. Cash contributions received are held in cash or invested by Nasdaq Nordic Clearing, in accordance with its investment policy, either in highly rated government debt securities, time deposits or reverse repurchase agreements with highly rated government debt securities as collateral. 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 Nordic Clearing. Non-cash contributions are pledged assets that are not recorded in the Condensed Consolidated Balance Sheets as Nasdaq Nordic 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 Nordic Clearing’s name for the benefit of the clearing members and are immediately accessible by Nasdaq Nordic Clearing in the event of a default. In addition to clearing members’ required contributions to the default funds, Nasdaq Nordic Clearing is also required to contribute capital to the default funds and overall regulatory capital as specified under its clearinghouse rules. As of September 30, 2015, Nasdaq Nordic Clearing committed capital totaling $131 million to the member sponsored default funds and overall regulatory capital, in the form of government debt securities, which are recorded as financial investments, at fair value in the Condensed Consolidated Balance Sheets. The combined regulatory capital of the clearing members and Nasdaq Nordic Clearing will serve to secure the obligations of a clearing member and may be used to cover losses sustained by a clearing member in the event of a default.

Margin Deposits

Nasdaq Nordic 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 as needed, which is in addition to the initial margin. See “Default Fund Contributions” above for further discussion of cash and non-cash contributions.

Nasdaq Nordic Clearing maintains and manages all cash deposits related to margin collateral. All risks and rewards of collateral ownership, including interest, belong to Nasdaq Nordic Clearing. These cash deposits are recorded in default funds and margin deposits in the Condensed Consolidated Balance Sheets as both a current asset and current liability. Pledged margin collateral is not recorded in our Condensed Consolidated Balance Sheets as all risks and rewards of collateral ownership, including interest, belong to the counterparty. Assets pledged are held at a nominee account in Nasdaq Nordic Clearing’s name for the benefit of the clearing members and are immediately accessible by Nasdaq Nordic Clearing in the event of a default.

Nasdaq Nordic 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 Nordic Clearing the ability to mitigate the risk of a clearing member defaulting due to exceptionally large losses. In the event of a default, Nasdaq Nordic Clearing can access the defaulting member’s margin deposits to cover the defaulting member’s losses.

Regulatory Capital and Risk Management Calculations

Nasdaq Nordic Clearing manages risk through a comprehensive counterparty risk management framework, which is comprised of policies, procedures, standards and resources. The level of regulatory capital is determined in accordance with Nasdaq Nordic 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 Nordic Clearing is the legal counterparty for each contract traded and thereby guarantees the fulfillment of each contract. Nasdaq Nordic Clearing accounts for this guarantee as a performance guarantee. We determine the fair value of the performance guarantee by considering daily settlement of contracts and other margining and default fund requirements, the risk management program, historical evidence of default payments, and the estimated probability of potential default payouts. The calculation is determined using proprietary risk management software that simulates gains and losses based on historical market prices, extreme but plausible market scenarios, volatility and other factors present at that point in time for those particular unsettled contracts. Based on this analysis, the estimated liability was nominal and no liability was recorded as of September 30, 2015.

The market value of derivative contracts outstanding prior to netting was as follows:



	September 30, 2015
	(in millions)
Commodity and seafood options, futures and forwards(1)(2)(3)	$	1,785
Fixed-income options and futures(2)(3)		810
Stock options and futures(2)(3)		197
Index options and futures(2)(3)		201
Total	$	2,993

(1)

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.

(2)

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.

(3)

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

The total number of derivative contracts cleared through Nasdaq Nordic Clearing for the nine months ended September 30, 2015 and 2014 was as follows:



	September 30, 2015		September 30, 2014
Commodity and seafood options, futures and forwards(1)		2,371,252		1,775,434
Fixed-income options and futures		14,739,280		15,171,646
Stock options and futures		25,166,412		24,426,440
Index options and futures		37,281,580		29,705,046
Total		79,558,524		71,078,566

(1)

The total volume in cleared power related to commodity contracts was 1,077 Terawatt hours (TWh) for the nine months ended September 30, 2015 and 1,150 TWh for the nine months ended September 30, 2014.

The outstanding contract value of resale and repurchase agreements was $5.9 billion as of September 30, 2015 and $2.6 billion as of September 30, 2014. The total number of contracts cleared was 5,899,287 for the nine months ended September 30, 2015 and was 3,157,685 for the nine months ended September 30, 2014.

Power of Assessment

To further strengthen the contingent financial resources of the clearinghouse, Nasdaq Nordic 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 100% 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 Nordic Clearing, which totaled $22 million at September 30, 2015;

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 for the market where the loss occurred (i.e., the financial, commodities, or seafood market), which includes capital contributions of both the clearing members and Nasdaq Nordic Clearing on a pro-rata basis;

senior capital contributed to each specific market by Nasdaq Nordic Clearing, calculated in accordance with clearinghouse rules, which totaled $24 million at September 30, 2015; and

mutualized default fund, which includes capital contributions of both the clearing members and Nasdaq Nordic Clearing on a pro-rata basis.

If additional funds are needed after utilization of the mutualized default fund, then Nasdaq Nordic 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.

Commitments, Contingencies and Guarantees	9 Months Ended
Commitments, Contingencies and Guarantees	Sep. 30, 2015
Commitments, Contingencies and Guarantees [Abstract]
Commitments, Contingencies and Guarantees	15. 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 and default protection related to our clearing businesses. Financial guarantees issued to us totaled $14 million at September 30, 2015 and December 31, 2014. At September 30, 2015, credit facilities, which are available in multiple currencies, primarily Swedish Krona, totaled $204 million in available liquidity, none of which was utilized. At December 31, 2014, credit facilities, which are available in multiple currencies, primarily Swedish Krona, totaled $236 million ($197 million in available liquidity and $39 million for default protection), of which $7 million was utilized. Execution Access LLC is an introducing broker which operates the eSpeed trading platform for U.S. Treasury securities. Execution Access has a clearing arrangement with Cantor Fitzgerald & Co., or Cantor Fitzgerald. As of September 30, 2015, we have contributed $19 million of clearing deposits to Cantor Fitzgerald 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 Cantor Fitzgerald through the Fixed Income Clearing Corporation. 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 one business day. All of Execution Access’ obligations under the clearing arrangement with Cantor Fitzgerald are guaranteed by Nasdaq. Counterparties that do not clear through the Fixed Income Clearing Corporation are required to post collateral, provide principal letters, or provide other forms of credit enhancement to Execution Access for the purpose of mitigating counterparty risk. 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. Lease Commitments We lease some of our office space and equipment under non-cancelable operating leases with third parties and sublease office space to third parties. Some of our lease agreements contain renewal options and escalation clauses based on increases in property taxes and building operating costs. Other Guarantees We have provided other guarantees of $10 million as of September 30, 2015 and $13 million at December 31, 2014. These guarantees are primarily related to obligations for our rental and leasing contracts as well as performance guarantees on certain Market Technology contracts related to the delivery of software technology and support services. We have received financial guarantees from various financial institutions to support the above guarantees. In September 2014, we provided a guarantee related to lease obligations for The Nasdaq Entrepreneurial Center Inc., or the Entrepreneurial Center, which opened in the third quarter of 2015. The Entrepreneurial Center is a not-for-profit organization designed to convene, connect and engage aspiring and current entrepreneurs. This entity is not included in the condensed 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. In connection with the launch of Nasdaq NLX, we entered into agreements with certain members which may have required us to make payments if certain financial goals were achieved. In July 2015, all agreements were settled for an immaterial amount. Non-Cash Contingent Consideration As part of the eSpeed purchase price consideration, 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 paid ratably 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. OCC In March 2015, in connection with being designated systemically important by the Financial Stability Oversight Council, OCC implemented a capital plan under which the options exchanges that are OCC’s stockholders made new capital contributions to OCC, committed to make further capital contributions in the future under certain specified circumstances, and received certain commitments from OCC with respect to future dividend payments and related matters. Certain aspects of the OCC capital plan require approval by the SEC. Under the OCC capital plan, OCC's existing exchange stockholders, including Nasdaq, each contributed a pro-rata share of $150 million in new equity capital. Nasdaq’s capital contribution was $30 million. OCC’s exchange stockholders also committed to provide, as may become necessary from time to time, additional replenishment capital on a pro-rata basis if certain capital thresholds are triggered. For its part, OCC adopted specific policies with respect to fees, customer refunds and stockholder dividends, which envision an annual dividend payment to its stockholders equal to the portion of OCC’s after-tax income that exceeds OCC’s capital requirements after payment of refunds to OCC’s clearing members (with such customer refunds generally to constitute 50% of the portion of OCC’s pre-tax income that exceeds OCC’s capital requirements). After the SEC staff approved the OCC capital plan and the stockholders made their capital contributions, the plan’s further effectiveness was suspended under the applicable SEC rules because certain unrelated parties petitioned the full Commission to reconsider the capital plan’s approval. If the SEC staff’s approval is reversed or the suspension of the capital plan’s effectiveness is not lifted in a timely manner, then the transaction may be reversed and the 2015 capital contributions returned to stockholders. Escrow Agreements In connection with a prior acquisition, we entered into an escrow agreement to secure the payment of post-closing adjustments and to ensure other closing conditions. At September 30, 2015, this escrow agreement provides for a potential future payment of $9 million and is included in other current liabilities in the Condensed Consolidated Balance Sheets. Routing Brokerage Activities One of our broker-dealer subsidiaries, Nasdaq Execution Services, LLC 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. Litigation As previously disclosed, we became a party to several legal and regulatory proceedings in 2012, 2013, and 2014 relating to the Facebook IPO that occurred on May 18, 2012. As described in our Annual Report on Form 10-K for the year ended December 31, 2012, we are named as a defendant in a consolidated matter captioned In re Facebook, Inc., IPO Securities and Derivative Litigation, MDL No. 2389 (S.D.N.Y.). On May 22, 2015, the parties executed a stipulation of settlement, and on June 25, 2015, the court entered an order preliminarily approving the settlement, which remains subject to final court approval. In our Quarterly Report on Form 10-Q for the period ended March 31, 2013, we identified a demand for arbitration from a member organization seeking indemnification for alleged losses associated with the Facebook IPO. In April 2015, we reached an agreement to settle the claims asserted by the member organization. We have established a reserve of $26 million, which is net of a $5 million insurance recovery, to cover the costs of these settlements. We anticipate that some or all of the amounts paid from the loss reserve will be reimbursed by applicable insurance coverage. We also 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 Securities Exchange Act of 1934, as amended, or the Exchange Act, and Rule 10b-5, as well as under Section 6(b) of the Exchange Act. 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. The plaintiffs filed an opposition to our motion to dismiss on March 24, 2015, and we filed a reply brief on May 8, 2015. The court heard oral argument on the motion on June 18, 2015. On August 26, 2015, the district court entered an order dismissing the second amended complaint in its entirety with prejudice, concluding that most of the plaintiffs’ theories were foreclosed by absolute immunity and in any event that the plaintiffs failed to state any claim. The plaintiffs have appealed the judgment of dismissal to the United States Court of Appeals for the Second Circuit. Given the preliminary nature of the proceedings, and particularly the fact that the complaints have been dismissed, we are unable to estimate what, if any, liability may result from this litigation. However, we believe (as the district court concluded) that the claims are without merit and intend to litigate the appeal vigorously. In addition, we are named as one of many exchange defendants in Lanier v. BATS Exchange Inc., et al., 14 Civ. 3745 (S.D.N.Y.), Lanier v. BATS Exchange Inc., et al., 14 Civ. 3865 (S.D.N.Y.), and Lanier v. Bats Exchange Inc., 14 Civ. 3866 (S.D.N.Y.), which were filed between May 23, 2014 and May 30, 2014 in the United States District Court for the Southern District of New York. The plaintiff is the same in each of these cases, and the three complaints contain substantially similar allegations. On behalf of a putative class of subscribers for market data provided by national exchanges, the plaintiff alleges that the exchanges provided data more quickly to certain market participants than to others, supposedly in breach of the exchanges’ plans for dissemination of market data and subscriber agreements executed under those plans. The complaint asserts contractual theories under state law based on these alleged breaches. On September 29, 2014, we filed a motion to dismiss the complaints. The court heard oral argument on the motion on January 16, 2015. On April 28, 2015, the district court entered an order dismissing the complaints in their entirety with prejudice, concluding that they are foreclosed by the Exchange Act and in any event do not state a claim under the contracts. The plaintiff has appealed the judgment of dismissal to the United States Court of Appeals for the Second Circuit. Given the preliminary nature of the proceedings, and particularly the fact that the complaints have been dismissed, we are unable to estimate what, if any, liability may result from this litigation. However, we believe (as the district court concluded) that the claims are without merit and intend to litigate the appeal vigorously. As reported in our Quarterly Report on Form 10-Q for the period ended March 31, 2015, we are a defendant in a putative class action, Rabin v. NASDAQ OMX PHLX LLC, et al., No. 15-551 (E.D. Pa.). We intend to file a motion to dismiss the complaint. We believe the claims to be without merit and intend to litigate them vigorously. 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. 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.

Business Segments

9 Months Ended

Sep. 30, 2015

Business Segments [Abstract]

Business Segments

16. Business Segments

We manage, operate and provide our products and services in four business segments: Market Services, Listing Services, Information Services and Technology Solutions. See Note 1, “Organization and Nature of Operations,” to the condensed consolidated financial statements 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. Certain amounts are allocated to corporate items in our management reports based on the decision that those activities should not be used to evaluate the segment’s operating performance. Since management does not consider intangible asset amortization expense for the purpose of evaluating the performance of the business or its managers or when making decisions to allocate resources, such expenses are shown in corporate items in our management reports. See below for further discussion.

The following table presents certain information regarding these operating segments for the three and nine months ended September 30, 2015 and 2014.



	Market Services		Listing Services		Information Services		Technology Solutions		Corporate Items and Eliminations		Consolidated
	(in millions)
Three Months Ended September 30, 2015
Total revenues	$	542	$	66	$	132	$	131	$	-	$	871
Transaction-based expenses		(342)		-		-		-		-		(342)
Revenues less transaction-based expenses		200		66		132		131		-		529
Operating income (loss)(1)	$	109	$	29	$	96	$	19	$	(22)	$	231
Three Months Ended September 30, 2014
Total revenues	$	510	$	59	$	114	$	135	$	-	$	818
Transaction-based expenses		(321)		-		-		-		-		(321)
Revenues less transaction-based expenses		189		59		114		135		-		497
Operating income (loss)(2)	$	98	$	25	$	84	$	23	$	(23)	$	207
Nine Months Ended September 30, 2015
Total revenues	$	1,561	$	196	$	385	$	396	$	-	$	2,538
Transaction-based expenses		(984)		-		-		-		-		(984)
Revenues less transaction-based expenses		577		196		385		396		-		1,554
Operating income (loss)(3)	$	310	$	86	$	277	$	52	$	(250)	$	475
Nine Months Ended September 30, 2014
Total revenues	$	1,626	$	177	$	360	$	417	$	-	$	2,580
Transaction-based expenses		(1,031)		-		-		-		-		(1,031)
Revenues less transaction-based expenses		595		177		360		417		-		1,549
Operating income (loss)(4)	$	303	$	71	$	268	$	52	$	(113)	$	581

(1)

Corporate items and eliminations for the three months ended September 30, 2015 include:

amortization expense of acquired intangible assets of $15 million;

restructuring charges of $8 million. See Note 3, “Restructuring Charges,” for further discussion;

merger and other strategic initiatives costs of $4 million primarily related to certain strategic initiatives and our acquisition of DWA, partially offset by an;

insurance recovery of $5 million. See “Litigation,” of Note 15, “Commitments, Contingencies and Guarantees,” for further discussion.

(2)

Corporate items and eliminations for the three months ended September 30, 2014 primarily include:

amortization expense of acquired intangible assets of $17 million; and

merger and strategic initiatives expense of $5 million primarily related to the acquisition of the TR Corporate businesses and other strategic initiatives.

(3)

Corporate items and eliminations for the nine months ended September 30, 2015 include:

restructuring charges of $160 million. See Note 3, “Restructuring Charges,” for further discussion;

amortization expense of acquired intangible assets of $46 million;

special legal expense of $26 million, which is net of a $5 million insurance recovery. See “Litigation,” of Note 15, “Commitments, Contingencies and Guarantees,” for further discussion;

reversal of previously recorded VAT receivables no longer deemed collectible of $12 million; and

merger and other strategic initiatives costs of $7 million primarily related to certain strategic initiatives and our acquisition of DWA.

(4)

Corporate items and eliminations for the nine months ended September 30, 2014 primarily include:

amortization expense of acquired intangible assets of $53 million;

merger and strategic initiatives expense of $46 million primarily related to the acquisition of the TR Corporate businesses and other strategic initiatives.

loss on debt extinguishment of $9 million; and

special legal expense of $2 million.

For further discussion of our segments’ results, see “Part I. Item 2. 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

Subsequent Events	9 Months Ended
Subsequent Events	Sep. 30, 2015
Subsequent Events [Abstract]
Subsequent Event	17. Subsequent Events In October 2015, we acquired full ownership of NPM following the acquisition of the minority stake that was previously held by SharesPost, Inc. In addition, in October 2015, we, through our subsidiary NPM, acquired SecondMarket Solutions, Inc., a recognized innovator in facilitating liquidity for private company securities.

Basis of Presentation and Principles of Consolidation (Policy)	9 Months Ended
	Sep. 30, 2015
Basis of Presentation and Principles of Consolidation [Abstract]
Basis of Accounting	The condensed consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles, or U.S. GAAP. The condensed consolidated financial statements 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. As permitted under U.S. GAAP, for certain equity method investments for which financial information is not sufficiently timely for us to apply the equity method of accounting currently, we record our share of the earnings or losses of the investee from the most recently available financial statements on a lag. 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 for the interim periods presented. 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 Annual Report on Form 10-K for the fiscal year ended December 31, 2014. Certain prior period amounts have been reclassified to conform to the current period presentation. The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts and the disclosure of contingent amounts in the condensed consolidated financial statements and accompanying notes. Actual results could differ from those estimates. We have evaluated subsequent events through the issuance date of this Quarterly Report on Form 10-Q. See Note 17, “Subsequent Event,” for further discussion.
Consolidation Policy	Certain prior period amounts have been reclassified to conform to the current period presentation. The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts and the disclosure of contingent amounts in the condensed consolidated financial statements and accompanying notes. Actual results could differ from those estimates.
Income Tax matters	Income Tax Matters We use the asset and liability method to determine income taxes on all transactions recorded in the condensed consolidated financial statements. Deferred tax assets and liabilities are determined based on differences between the financial statement carrying amounts and the tax basis of existing assets and liabilities (i.e., temporary differences) and are measured at the enacted rates that will be in effect when these differences are realized. If necessary, a valuation allowance is established to reduce deferred tax assets to the amount that is more likely than not to be realized. In order to recognize and measure our unrecognized tax benefits, management determines whether a tax position is more likely than not to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. Once it is determined that a position meets the recognition thresholds, the position is measured to determine the amount of benefit to be recognized in the condensed consolidated financial statements. Interest and/or penalties related to income tax matters are recognized in income tax expense. Nasdaq’s income tax provision was $68 million in the third quarter of 2015 and $132 million in the first nine months of 2015 compared with $56 million in the third quarter of 2014 and $170 million in the first nine months of 2014. The overall effective tax rate was 33% in the third quarter of 2015 and 32% in the first nine months of 2015 compared with 31% in the third quarter of 2014 and 34% in the first nine months of 2014. The higher effective tax rate in the third quarter of 2015 when compared with the same period in 2014 is primarily due to adjustments related to prior year tax return liabilities which resulted in an increase to the tax provision. In addition, in the third quarter of 2014, we recorded adjustments related to prior year tax return liabilities which resulted in a decrease to the tax provision. The lower effective tax rate in the first nine months of 2015 when compared with the same period in 2014 is primarily due to a change in the geographic mix of earnings and losses. 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. 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. Federal income tax returns for the years 2011 through 2013 are currently under audit by the Internal Revenue Service and we are subject to examination for the year 2014. Several state tax returns are currently under examination by the respective tax authorities for the years 2005 through 2013 and we are subject to examination for the year 2014. Non-U.S. tax returns are subject to examination by the respective tax authorities for the years 2008 through 2014. In the third quarter of 2015, we received an assessment of $6 million from the Swedish Tax Agency for the year 2013. We will appeal this assessment to the Swedish Courts. Due to the uncertainty of the outcome of this matter, in the third quarter of 2015 we recorded a reserve of $6 million. This reserve is mostly offset by the recognition of $5 million of previously unrecognized tax benefits, in the third quarter of 2015, due to the lapse of the statute of limitations related to tax examinations in various jurisdictions in the U.S. We anticipate that the amount of unrecognized tax benefits at September 30, 2015 will significantly decrease in the next twelve months as we expect to settle certain tax audits. The final outcome of such audits cannot yet be determined. We anticipate that such adjustments will not have a material impact on our consolidated financial position or results of operations. In the fourth quarter of 2010, we received an appeal from the Finnish Tax Authority challenging certain interest expense deductions claimed by Nasdaq in Finland for the year 2008. The appeal also demanded certain penalties be paid with regard to the company’s tax return filing position. In October 2012, the Finnish Appeals Board disagreed with the company’s tax return filing position for years 2009 through 2011, even though the tax return position with respect to this deduction was previously reviewed and approved by the Finnish Tax Authority. In June 2014, the Finnish Administrative Court also disagreed with the company’s tax return filing position for these years. We have appealed this ruling to the Finnish Supreme Administrative Court and expect to receive a favorable decision. Through September 30, 2015, we have recorded tax benefits of $27 million associated with this filing position. We have paid $37 million to the Finnish tax authorities, which includes $11 million in interest and penalties. We expect the Finnish Supreme Administrative Court to agree with our position, which would result in an expected refund to Nasdaq of $34 million, which reflects the impact of foreign currency translation. If the Finnish Supreme Administrative Court disagrees with our position, we would record tax expense of $34 million, or $0.20 per diluted share. From 2009 through 2012, we recorded tax benefits associated with certain interest expense incurred in Sweden. Our position is supported by a 2011 ruling we received from the Swedish Supreme Administrative Court. However, under new legislation effective January 1, 2013, limitations are imposed on certain forms of interest expense. Because this legislation is unclear with regard to our ability to continue to claim such interest deductions, Nasdaq filed an application for an advance tax ruling with the Swedish Tax Council for Advance Tax Rulings. In June 2014, we received an unfavorable ruling from the Swedish Tax Council for Advance Tax Rulings. We appealed this ruling to the Swedish Supreme Administrative Court; however the Swedish Supreme Administrative Court denied our request for a ruling based on procedural requirements. In the third quarter of 2015, we received a notice from the Swedish Tax Agency that interest deductions for the year 2013 have been disallowed. We will appeal to the Swedish Lower Administrative Court. We continue to expect a favorable decision. Since January 1, 2013, we have recorded tax benefits of $41 million associated with this matter. We will pay all assessments from the Swedish Tax Agency while this matter is pending. If the Swedish Courts agree with our position we will receive a refund of all paid assessments; if the Swedish Courts disagree with our position, we will record tax expense of $33 million, or $0.19 per diluted share, which reflects the impact of foreign currency translation. We expect to record recurring quarterly tax benefits of $2 million to $3 million with respect to this matter for the foreseeable future. Other Tax Matter In December 2012, the Swedish Tax Agency approved our 2010 amended value added tax, or VAT, tax return and we received a cash refund for the amount claimed. In 2013, we filed amended VAT tax returns for 2011 and 2012, utilizing the same approach which was approved for the 2010 filing. We also utilized this approach in our 2013 and 2014 filings. However, even though the VAT return position was previously reviewed and approved by the Swedish Tax Agency, the Swedish Tax Agency challenged our approach. The revised position of the Swedish Tax Agency was upheld by the Lower Administrative Court during the first quarter of 2015. As a result, in the first quarter of 2015, we reversed the previously recorded benefit of $12 million, based on the court decision. We have appealed the ruling of the Lower Administrative Court to the Court of Appeals.
Recently Announced Accounting Pronouncements	Recently Announced Accounting Pronouncements ASU 2015-16 In September 2015, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update, or ASU, 2015-16, “Simplifying the Accounting for Measurement-Period Adjustments,” which eliminates the requirement that an acquirer in a business combination account for measurement-period adjustments retrospectively. This guidance requires that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. In addition, the amendments in this guidance require an entity to present separately on the face of the income statement or disclose in the notes the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. This new standard is effective prospectively for us on January 1, 2016. Early adoption is permitted. We do not expect the adoption of this guidance to have a significant impact on our consolidated financial statements. ASU 2015-03 In April 2015, the FASB issued ASU 2015-03, “Simplifying the Presentation of Debt Issuance Costs,” which requires debt issuance costs to be presented in the balance sheet as a direct deduction from the carrying amount of the related debt liability rather than as an asset. This guidance does not change the recognition and measurement of debt issuance costs. In the second quarter of 2015, we elected to early adopt this guidance retrospectively for all periods presented in the Condensed Consolidated Balance Sheets. The reclassification of debt issuance costs resulted in reductions in other non-current assets and debt obligations of $16 million for the year ended December 31, 2014. Other than this reclassification, the adoption of this guidance did not have an impact on our consolidated financial statements. ASU 2014-09 In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers (Topic 606),” which supersedes the revenue recognition guidance in Accounting Standards Codification, or ASC, 605, “Revenue Recognition.” The new revenue recognition standard sets forth a five-step revenue recognition model to determine when and how revenue is recognized. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration it expects to receive in exchange for those goods or services. The standard also requires more detailed disclosures. The standard provides alternative methods of initial adoption. On July 9, 2015, the FASB approved the deferral of the effective date of the new revenue recognition standard by one year. As a result, this new standard will now be effective for us on January 1, 2018. Early adoption as of the original effective date is permitted. We are currently assessing the impact that this standard will have on our consolidated financial statements

- Definition

Disclosure of accounting policy regarding (1) the principles it follows in consolidating or combining the separate financial statements, including the principles followed in determining the inclusion or exclusion of subsidiaries or other entities in the consolidated or combined financial statements and (2) its treatment of interests (for example, common stock, a partnership interest or other means of exerting influence) in other entities, for example consolidation or use of the equity or cost methods of accounting. The accounting policy may also address the accounting treatment for intercompany accounts and transactions, noncontrolling interest, and the income statement treatment in consolidation for issuances of stock by a subsidiary.

+ References+ Details

- Definition

Disclosure of accounting policy for income taxes, which may include its accounting policies for recognizing and measuring deferred tax assets and liabilities and related valuation allowances, recognizing investment tax credits, operating loss carryforwards, tax credit carryforwards, and other carryforwards, methodologies for determining its effective income tax rate and the characterization of interest and penalties in the financial statements.

+ References+ Details

Restructuring Charges (Tables)

9 Months Ended

Sep. 30, 2015

Restructuring Charges [Abstract]

Summary of Restructuring Charges



	Three Months Ended September 30, 2015		Nine Months Ended September 30, 2015
	(in millions)
Rebranding of trade name	$	-	$	119
Severance		2		23
Facilities-related		4		(3)
Asset impairments		-		15
Other		2		6
Total restructuring charges	$	8	$	160

Restructuring Reserve


	Balance at January 1, 2015			Expense Incurred		Cash Payments	Balance at September 30, 2015

	(in millions)
Severance	$	-	$	23	$	(8)	$	15
Facilities-related		-		7		(6)		1
Total	$	-	$	30	$	(14)	$	16

Acquisitions (Tables)

9 Months Ended

Sep. 30, 2015

Acquisitions [Abstract]

Acquisition of Businesses



	Purchase Consideration		Total Net Assets (Liabilities) Acquired		Purchased Intangible Assets		Goodwill

	(in millions)
Dorsey, Wright & Associates, LLC	$	226	$	(26)	$	141	$	111

Purchased finite lived intangible assets acquired in the acquisition of DWA


			Estimated
			Average Remaining
	Value		Useful Life
Intangible assets:		(in millions)	(in years)
Trade name	$	108	Indefinite
Customer relationships		29	15 years
Technology		4	5 years
Total intangible assets	$	141

Goodwill and Purchased Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2015

Goodwill and Purchased Intangible Assets [Abstract]

Schedule of Changes in Goodwill



	Market Services		Listing Services		Information Services		Technology Solutions		Total

	(in millions)
Balance at December 31, 2014	$	3,081	$	114	$	1,794	$	549	$	5,538
Goodwill acquired		-		-		111		-		111
Foreign currency translation adjustment		(121)		(8)		(73)		(26)		(228)
Balance at September 30, 2015	$	2,960	$	106	$	1,832	$	523	$	5,421

Finite-Lived and Indefinite-Lived Intangible Assets



	September 30, 2015								December 31, 2014
	Gross Amount		Accumulated Amortization		Net Amount		Weighted-Average Useful Life (in Years)		Gross Amount		Accumulated Amortization		Net Amount		Weighted-Average Useful Life (in Years)

	(in millions)								(in millions)
Finite-Lived Intangible Assets
Technology	$	38	$	(21)	$	17		5	$	35	$	(16)	$	19		5
Customer relationships		1,038		(372)		666		20		1,009		(329)		680		20
Other		5		(4)		1		9		5		(3)		2		9
Foreign currency translation adjustment		(132)		40		(92)				(94)		26		(68)
Total finite-lived intangible assets	$	949	$	(357)	$	592			$	955	$	(322)	$	633

Indefinite-Lived Intangible Assets
Exchange and clearing registrations	$	790	$	-	$	790			$	790	$	-	$	790
Trade names		700		-		700				756		-		756
Licenses		51		-		51				51		-		51
Foreign currency translation adjustment		(152)		-		(152)				(153)		-		(153)
Total indefinite-lived intangible assets	$	1,389	$	-	$	1,389			$	1,444	$	-	$	1,444
Total intangible assets	$	2,338	$	(357)	$	1,981			$	2,399	$	(322)	$	2,077

Estimated Future Amortization Expense



	(in millions)
2015(1)	$	17
2016		66
2017		64
2018		60
2019		47
2020 and thereafter		430
Total	$	684

Deferred Revenue (Tables)

9 Months Ended

Sep. 30, 2015

Deferred Revenue [Abstract]

Estimated Deferred Revenue



	Initial Listing Revenues		Listing of Additional Shares Revenues		Annual Renewal and Other Revenues		Technology Solutions Revenues(2)		Total

	(in millions)
Fiscal year ended:
2015(1)	$	4	$	8	$	61	$	33	$	106
2016		15		26		3		33		77
2017		13		17		1		33		64
2018		11		7		-		27		45
2019		8		1		-		22		31
2020 and thereafter		6		-		-		46		52
	$	57	$	59	$	65	$	194	$	375

Changes in Deferred Revenue



	Initial Listing Revenues		Listing of Additional Shares Revenues		Annual Renewal and Other Revenues		Technology Solutions Revenues(2)		Total

	(in millions)
Balance at January 1, 2015	$	54	$	78	$	13	$	247	$	392
Additions(1)		15		8		244		324		591
Amortization(1)		(12)		(27)		(190)		(364)		(593)
Translation adjustment		-		-		(2)		(13)		(15)
Balance at September 30, 2015	$	57	$	59	$	65	$	194	$	375

Balance at January 1, 2014	$	41	$	75	$	20	$	158	$	294
Additions(1)		20		36		214		463		733
Amortization(1)		(10)		(30)		(175)		(381)		(596)
Translation adjustment		-		-		(2)		(17)		(19)
Balance at September 30, 2014	$	51	$	81	$	57	$	223	$	412

Debt Obligations (Tables)

9 Months Ended

Sep. 30, 2015

Debt Obligations [Abstract]

Changes in Debt Obligations



	December 31, 2014		Additions		Payments, Conversions, Accretion and Other		September 30, 2015

	(in millions)
5.55% senior unsecured notes due January 15, 2020 (1) (2)	$	596	$	-	$	1	$	597
5.25% senior unsecured notes due January 16, 2018 (1) (2)		368		-		-		368
3.875% senior unsecured notes due June 7, 2021 (1) (2)		720		-		(55)		665
4.25% senior unsecured notes due June 1, 2024 (1) (2)		494		-		1		495
$750 million revolving credit commitment due November 25, 2019 (average interest rate of 1.50% for the period January 1, 2015 through June 30, 2015)(3)		119		366		(175)		310

Total debt obligations		2,297		366		(228)		2,435
Less current portion		-		(20)		-		(20)
Total long-term debt obligations	$	2,297	$	346	$	(228)	$	2,415

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 235

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.4-08.(e),(f))

-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/presentationRef

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-Name Accounting Standards Codification

-Topic 835

-SubTopic 30

-Section 55

-Paragraph 8

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-Name Accounting Standards Codification

-Topic 835

-SubTopic 30

-Section 45

-Paragraph 2

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-Name Accounting Standards Codification

-Topic 505

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-Paragraph 3

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-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.22)

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-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 22

-Article 5

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-Topic 942

-SubTopic 470

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=6479336&loc=d3e64711-112823

+ Details

Share-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2015

Share-Based Compensation [Abstract]

Schedule of Weighted-Average Assumptions Used to Determine the Weighted-Average Fair Values



	Nine Months Ended September 30,
	2015		2014


Weighted-average risk free interest rate		0.81%		0.78%
Expected volatility(1)		21.5%		28.4%
Grant date share price	$	50.93	$	36.94
Weighted-average fair value at grant date	$	63.99	$	42.80

(1)

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

Summary of Share-Based Compensation Expense


	Three Months Ended September 30,				Nine Months Ended September 30,
	2015		2014		2015		2014

	(in millions)
Share-based compensation expense before income taxes	$	17	$	15	$	49	$	45
Income tax benefit		(7)		(6)		(20)		(19)
Share-based compensation expense after income taxes	$	10	$	9	$	29	$	26

Summary of Stock Option Activity


	Number of Stock Options(1)		Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term		Aggregate Intrinsic Value

					(in years)		(in millions)
Outstanding at January 1, 2015		3,316,782	$	27.56		3.77	$	68
Exercised		(492,345)		26.20
Forfeited or expired		(2,725)		34.40
Outstanding at September 30, 2015		2,821,712	$	27.79		2.90	$	72
Exercisable at September 30, 2015		2,821,712	$	27.79		2.90	$	72

Summary of Restricted Stock And PSU Activity



	Restricted Stock					PSUs
	Number of Awards			Weighted-Average Grant Date Fair Value		Number of Awards			Weighted-Average Grant Date Fair Value
Unvested balances at January 1, 2015		3,193,230		$	30.99		2,212,607		$	32.69
Granted		798,795	(1)		49.16		851,738	(2)		49.21
Vested		(362,672)			29.89		(837,109)			22.50
Forfeited		(238,386)			33.89		(110,809)			36.66
Unvested balances at September 30, 2015		3,390,967		$	35.23		2,116,427		$	45.49

Nasdaq Stockholders’ Equity (Tables)

9 Months Ended

Sep. 30, 2015

Nasdaq Stockholders’ Equity [Abstract]

Schedule of Dividends Declared



Declaration Date	Dividend Per Common Share		Record Date	Total Amount(1)		Payment Date
				(in millions)

January 26, 2015	$	0.15	March 13, 2015	$	25	March 27, 2015
April 21, 2015	$	0.25	June 12, 2015	$	42	June 26, 2015
July 23, 2015	$	0.25	September 11, 2015	$	41	September 25, 2015

(1)

These amounts were recorded in retained earnings in the Condensed Consolidated Balance Sheets at September 30, 2015.

Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2015

Earnings Per Share [Abstract]

Summary of Computation of Basic and Diluted Earnings Per Share


	Three Months Ended September 30,				Nine Months Ended September 30,
	2015		2014		2015			2014

	(in millions, except share and per share amounts)
Numerator:
Net income attributable to common shareholders	$	138	$	123	$	280	$	328
Denominator:
Weighted-average common shares outstanding for basic earnings per share		166,903,697		168,587,861		168,203,316		169,184,773
Weighted-average effect of dilutive securities:
Employee equity awards		3,556,065		3,576,954		3,514,960		3,599,709
Contingent issuance of common stock(1)		992,247		992,247		334,384		330,749	-
Weighted-average common shares outstanding for diluted earnings per share		171,452,009		173,157,062		172,052,660		173,115,231
Basic and diluted earnings per share:
Basic earnings per share	$	0.83	$	0.73	$	1.66	$	1.94
Diluted earnings per share	$	0.80	$	0.71	$	1.63	$	1.89

Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2015

Fair Value of Financial Instruments [Abstract]

Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis



	September 30, 2015
	Total		Level 1		Level 2		Level 3

	(in millions)
Financial Assets Measured at Fair Value on a Recurring Basis
Financial investments, at fair value(1)	$	193	$	193	$	-	$	-
Default fund and margin deposit investments(2)		1,609		600		1,009		-
Total	$	1,802	$	793	$	1,009	$	-

	December 31, 2014
	Total		Level 1		Level 2		Level 3

	(in millions)
Financial Assets Measured at Fair Value on a Recurring Basis
Financial investments, at fair value(1)	$	174	$	171	$	3	$	-
Default fund and margin deposit investments(2)		2,148		664		1,484		-
Total	$	2,322	$	835	$	1,487	$	-

Clearing Operations (Tables)

9 Months Ended

Sep. 30, 2015

Clearing Operations [Abstract]

Schedule of Clearing Member Default Fund Contributions



	September 30, 2015
	Cash Contributions(1)		Non-Cash Contributions		Total Contributions

	(in millions)
Default fund contributions	$	359	$	92	$	451
Margin deposits		1,816		5,391		7,207
Total	$	2,175	$	5,483	$	7,658

Schedule of Derivative Contracts Outstanding



	September 30, 2015
	(in millions)
Commodity and seafood options, futures and forwards(1)(2)(3)	$	1,785
Fixed-income options and futures(2)(3)		810
Stock options and futures(2)(3)		197
Index options and futures(2)(3)		201
Total	$	2,993

Schedule of Derivative Contracts Cleared



	September 30, 2015		September 30, 2014
Commodity and seafood options, futures and forwards(1)		2,371,252		1,775,434
Fixed-income options and futures		14,739,280		15,171,646
Stock options and futures		25,166,412		24,426,440
Index options and futures		37,281,580		29,705,046
Total		79,558,524		71,078,566

- 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://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 25

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6886632&loc=d3e76258-113986

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

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-Name Accounting Standards Codification

-Topic 815

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-Name Accounting Standards Codification

-Topic 815

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-Topic 815

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-Paragraph 1B

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-Topic 815

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-Topic 815

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-Topic 815

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-Name Accounting Standards Codification

-Topic 815

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-Name Accounting Standards Codification

-Topic 815

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-Publisher FASB

-Name Accounting Standards Codification

-Topic 235

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.4-08.(n)(2))

-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

+ Details

Business Segments (Tables)

9 Months Ended

Sep. 30, 2015

Business Segments [Abstract]

Schedule of Operating Segments



	Market Services		Listing Services		Information Services		Technology Solutions		Corporate Items and Eliminations		Consolidated
	(in millions)
Three Months Ended September 30, 2015
Total revenues	$	542	$	66	$	132	$	131	$	-	$	871
Transaction-based expenses		(342)		-		-		-		-		(342)
Revenues less transaction-based expenses		200		66		132		131		-		529
Operating income (loss)(1)	$	109	$	29	$	96	$	19	$	(22)	$	231
Three Months Ended September 30, 2014
Total revenues	$	510	$	59	$	114	$	135	$	-	$	818
Transaction-based expenses		(321)		-		-		-		-		(321)
Revenues less transaction-based expenses		189		59		114		135		-		497
Operating income (loss)(2)	$	98	$	25	$	84	$	23	$	(23)	$	207
Nine Months Ended September 30, 2015
Total revenues	$	1,561	$	196	$	385	$	396	$	-	$	2,538
Transaction-based expenses		(984)		-		-		-		-		(984)
Revenues less transaction-based expenses		577		196		385		396		-		1,554
Operating income (loss)(3)	$	310	$	86	$	277	$	52	$	(250)	$	475
Nine Months Ended September 30, 2014
Total revenues	$	1,626	$	177	$	360	$	417	$	-	$	2,580
Transaction-based expenses		(1,031)		-		-		-		-		(1,031)
Revenues less transaction-based expenses		595		177		360		417		-		1,549
Operating income (loss)(4)	$	303	$	71	$	268	$	52	$	(113)	$	581

- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

+ References+ Details

Organization and Nature of Operations (Details) (USD $)	9 Months Ended
Organization and Nature of Operations (Details) (USD $)	Sep. 30, 2015 segment
Organization And Basis Of Presentation [Line Items]
Operations in number of continents	6
Number of Operating Segments	4
Market Services [Member] \| Cash Equities Trading Markets [Member]
Organization And Basis Of Presentation [Line Items]
Number of exchanges	3
Market Services [Member] \| Options Markets [Member]
Organization And Basis Of Presentation [Line Items]
Number of exchanges	3
Listing Services [Member]
Organization And Basis Of Presentation [Line Items]
Total number of U.S. listed companies	2,850
Approximate combined market capitalization, U.S.	$ 7,700,000,000,000
Total number of listed companies within Nordic and Baltic exchanges	835
Approximate Combined Market Capitalization within Nordic and Baltic exchanges	1,100,000,000,000
Information Services [Member]
Organization And Basis Of Presentation [Line Items]
Number of exchange traded products licensed to Nasdaq's Indexes	210
Assets management value	$ 103,000,000,000
Technology Solutions [Member]
Organization And Basis Of Presentation [Line Items]
Number of clients	10,000
Number of exchanges	70
Services Provided Over Number Of Countries	50

Basis of Presentation and Principles of Consolidation (Details) (USD $) In Millions, except Per Share data, unless otherwise specified	3 Months Ended		9 Months Ended		84 Months Ended								3 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015 Finnish Tax Authority [Member] FI	Sep. 30, 2015 Finnish Tax Authority [Member] FI Favorable outcome [Member]	Sep. 30, 2015 Finnish Tax Authority [Member] FI Unfavorable outcome [Member]	Sep. 30, 2015 Swedish Supreme Administrative Court [Member] Unfavorable outcome [Member]	Sep. 30, 2015 Swedish Supreme Administrative Court [Member] SE	Sep. 30, 2015 Swedish Tax Agency [Member]	Mar. 31, 2015 Swedish Tax Agency [Member]	Sep. 30, 2015 Swedish Tax Agency [Member] SE	Sep. 30, 2015 Minimum [Member] Swedish Supreme Administrative Court [Member] SE	Sep. 30, 2015 Maximum [Member] Swedish Supreme Administrative Court [Member] SE
Income Tax Examination [Line Items]
Tax Provision	$ 68	$ 56	$ 132	$ 170
Effective Income Tax Rate Continuing Operations	33.00%	31.00%	32.00%	34.00%
Income Taxes Paid					37
Income Tax Examination, Penalties and Interest Expense					11
Tax expense (benefits) recorded	12		12		(27)	(34)	34	33	(41)	5	12	6
Tax expense (benefits), per diluted share					$ (0.20)			$ 0.19
Recurring quarterly tax benefits													$ 2	$ 3

Restructuring Charges (Narrative) (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended	9 Months Ended		3 Months Ended	9 Months Ended	3 Months Ended	9 Months Ended	3 Months Ended	9 Months Ended		3 Months Ended	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2015 employee	Sep. 30, 2014	Sep. 30, 2015 Severance [Member]	Sep. 30, 2015 Severance [Member]	Sep. 30, 2015 Facilities-related [Member]	Sep. 30, 2015 Facilities-related [Member]	Sep. 30, 2015 Leasing Arrangement [Member]	Sep. 30, 2015 Leasing Arrangement [Member]	Sep. 30, 2015 Asset impairments [Member]	Mar. 31, 2015 Rebranding of trade name [Member]	Sep. 30, 2015 Rebranding of trade name [Member]
Restructuring Cost and Reserve [Line Items]
Estimated recognize pre-tax restructruing charges	$ 188	$ 188
Restructuring and other charges	8	160	0	2	23	4	(3)	(10)	(10)	15	119	119
Pre-tax savings		20
Expected annualized savings		$ 23
Number of positions eliminated		224

- Definition

Amount of expenses associated with exit or disposal activities pursuant to an authorized plan. Excludes expenses related to a discontinued operation or an asset retirement obligation.

+ References+ Details

Restructuring Charges (Summary of Restructuring Charges) (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended	9 Months Ended		3 Months Ended	9 Months Ended	3 Months Ended	9 Months Ended	3 Months Ended	9 Months Ended		3 Months Ended	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2015	Sep. 30, 2014	Mar. 31, 2015 Rebranding of trade name [Member]	Sep. 30, 2015 Rebranding of trade name [Member]	Sep. 30, 2015 Severance [Member]	Sep. 30, 2015 Severance [Member]	Sep. 30, 2015 Facilities-related [Member]	Sep. 30, 2015 Facilities-related [Member]	Sep. 30, 2015 Asset impairments [Member]	Sep. 30, 2015 Other Restructuring [Member]	Sep. 30, 2015 Other Restructuring [Member]
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	$ 8	$ 160	$ 0	$ 119	$ 119	$ 2	$ 23	$ 4	$ (3)	$ 15	$ 2	$ 6

- Definition

Amount of expenses associated with exit or disposal activities pursuant to an authorized plan. Excludes expenses related to a discontinued operation or an asset retirement obligation.

+ References+ Details

Restructuring Charges (Restructuring Reserve) (Details) (USD $) In Millions, unless otherwise specified	9 Months Ended
	Sep. 30, 2015
Restructuring and Related Cost [Abstract]
Expenses Incurred	$ 30
Cash Payments	(14)
Balance at end of period	16
Severance [Member]
Restructuring and Related Cost [Abstract]
Expenses Incurred	23
Cash Payments	(8)
Balance at end of period	15
Facilities-related [Member]
Restructuring and Related Cost [Abstract]
Expenses Incurred	7
Cash Payments	(6)
Balance at end of period	$ 1

Acquisitions (Narrative) (Details) (USD $) In Millions, except Share data, unless otherwise specified	3 Months Ended		9 Months Ended			12 Months Ended	9 Months Ended	12 Months Ended	0 Months Ended			2 Months Ended	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015 Customer relationships [Member]	Dec. 31, 2014 Customer relationships [Member]	Sep. 30, 2015 Technology [Member]	Dec. 31, 2014 Technology [Member]	Jan. 30, 2015 Dorsey, Wright & Associates, LLC or DWA [Member]	Sep. 30, 2015 Dorsey, Wright & Associates, LLC or DWA [Member]	Jan. 30, 2015 Dorsey, Wright & Associates, LLC or DWA [Member]	Mar. 31, 2015 Dorsey, Wright & Associates, LLC or DWA [Member] Revolving Credit Facility [Member]	Sep. 30, 2015 Dorsey, Wright & Associates, LLC or DWA [Member] Customer relationships [Member]	Sep. 30, 2015 Dorsey, Wright & Associates, LLC or DWA [Member] Customer relationships [Member] Income Approach Valuation Technique [Member]	Sep. 30, 2015 Dorsey, Wright & Associates, LLC or DWA [Member] Technology [Member]	Sep. 30, 2015 Dorsey, Wright & Associates, LLC or DWA [Member] Technology [Member] Income Approach Valuation Technique [Member]	Sep. 30, 2015 Dorsey, Wright & Associates, LLC or DWA [Member] Trade names [Member]	Sep. 30, 2015 Dorsey, Wright & Associates, LLC or DWA [Member] Trade names [Member] Income Approach Valuation Technique [Member]	Sep. 30, 2015 Minimum [Member] Dorsey, Wright & Associates, LLC or DWA [Member] Customer relationships [Member] Income Approach Valuation Technique [Member]	Sep. 30, 2015 Minimum [Member] Dorsey, Wright & Associates, LLC or DWA [Member] Technology [Member]	Sep. 30, 2015 Maximum [Member] Dorsey, Wright & Associates, LLC or DWA [Member] Customer relationships [Member] Income Approach Valuation Technique [Member]	Sep. 30, 2015 Maximum [Member] Dorsey, Wright & Associates, LLC or DWA [Member] Technology [Member]
Business Acquisition [Line Items]
Net assets acquired										$ (26)
Purchased intangible assets	141		141							141
Purchase consideration includes working capital adjustments											226
Business acquisition, cash paid									225
Contingent future issuance of common stock, shares	992,247	992,247	334,384	330,749
Premium rate														0.50%
Discount rate														17.50%		17.00%		17.00%
Discounted cash flows tax effect														36.50%		36.50%		36.50%
Amortization period of intangible assets for tax purposes														15 years		15 years	15 years
Customer relationships intangible assets, period of growth																			3 years		6 years
Acquired Finite Lived Intangible Assets Weighted Average Useful Life					20 years	20 years	5 years	5 years							5 years
Estimated Average Remaining Useful Life					15 years		5 years						15 years
Customer relationships intangible assets, estimated percentage of revenues														100.00%
Royalty rate, profit split																				25.00%		30.00%
Pre tax royalty rate																15.00%
Net liabilities assumed											26
Acquisition recorded as non-current deferred tax liability											33
Business acquisition, working capital adjustments									1
Net assets Acquired											8
Deferred Tax Liabilites Current											1
Credit facility, proceeds			366									100
DeferredTax Liabilities Noncurrent											$ 33

Acquisitions (Acquisition of Businesses) (Details) (USD $) In Millions, unless otherwise specified	Sep. 30, 2015	Dec. 31, 2014
Business Acquisition [Line Items]
Purchased intangible assets	$ 141
Goodwill	5,421	5,538
Dorsey, Wright & Associates, LLC or DWA [Member]
Business Acquisition [Line Items]
Purchase consideration	226
Net assets acquired	(26)
Purchased intangible assets	141
Goodwill	$ 111

Acquisitions (Purchased finite lived intangible assets acquired in the acquisition of DWA) (Details) (USD $) In Millions, unless otherwise specified	9 Months Ended
	Sep. 30, 2015
Finite Lived And Indefinite Lived Intangible Assets [Line Items]
Purchased intangible assets	$ 141
Trade names [Member]
Finite Lived And Indefinite Lived Intangible Assets [Line Items]
Indefinite-lived Intangible Assets Acquired	108
Technology [Member]
Finite Lived And Indefinite Lived Intangible Assets [Line Items]
Estimated Average Remaining Useful Life	5 years
Finite-lived Intangible Assets Acquired	4
Customer relationships [Member]
Finite Lived And Indefinite Lived Intangible Assets [Line Items]
Estimated Average Remaining Useful Life	15 years
Finite-lived Intangible Assets Acquired	$ 29

Goodwill and Purchased Intangible Assets (Narrative) (Details) (USD $)	3 Months Ended		9 Months Ended		3 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Mar. 31, 2015 Rebranding of trade name [Member]	Sep. 30, 2015 eSpeed [Member]	Sep. 30, 2015 TR Corporate Solutions Businesses [Member]	Sep. 30, 2015 Dorsey, Wright & Associates, LLC or DWA [Member]
Schedule of Goodwill and Intangible Assets [Line Items]
Goodwill expected to be deductible in future periods	$ 876,000,000		$ 876,000,000			$ 521,000,000	$ 263,000,000	$ 92,000,000
Amortization expense for purchased finite-lived intangible assets	15,000,000	17,000,000	46,000,000	53,000,000
Goodwill Impairment Loss			0	0
Non-cash intangible asset impairment charges					$ 119,000,000

- Definition

Amount of deferred tax liability attributable to taxable temporary differences from goodwill.

+ References+ Details

Goodwill and Purchased Intangible Assets (Schedule of Changes in Goodwill) (Details) (USD $) In Millions, unless otherwise specified	9 Months Ended
	Sep. 30, 2015
Goodwill [Line Items]
Balance	$ 5,538
Goodwill acquired	111
Foreign currency translation adjustment	(228)
Balance	5,421
Market Services [Member]
Goodwill [Line Items]
Balance	3,081
Foreign currency translation adjustment	(121)
Balance	2,960
Listing Services [Member]
Goodwill [Line Items]
Balance	114
Foreign currency translation adjustment	(8)
Balance	106
Information Services [Member]
Goodwill [Line Items]
Balance	1,794
Goodwill acquired	111
Foreign currency translation adjustment	(73)
Balance	1,832
Technology Solutions [Member]
Goodwill [Line Items]
Balance	549
Foreign currency translation adjustment	(26)
Balance	$ 523

Goodwill and Purchased Intangible Assets (Finite-Lived and Indefinite-Lived Intangible Assets) (Details) (USD $) In Millions, unless otherwise specified	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Finite Lived And Indefinite Lived Intangible Assets [Line Items]
Total Finite-Lived Intangible Assets, Gross Amount	$ 949	$ 955
Accumulated Amortization	(357)	(322)
Total	592	633
Total indefinite-lived intangible assets, Net Amount	1,389	1,444
Total Intangible Assets, Gross Amount	2,338	2,399
Total Intangible Assets, Net Amount	1,981	2,077
Exchange and clearing registrations [Member]
Finite Lived And Indefinite Lived Intangible Assets [Line Items]
Total indefinite-lived intangible assets, Net Amount	790	790
Trade names [Member]
Finite Lived And Indefinite Lived Intangible Assets [Line Items]
Total indefinite-lived intangible assets, Net Amount	700	756
Licenses [Member]
Finite Lived And Indefinite Lived Intangible Assets [Line Items]
Total indefinite-lived intangible assets, Net Amount	51	51
Foreign currency translation adjustment [Member]
Finite Lived And Indefinite Lived Intangible Assets [Line Items]
Total indefinite-lived intangible assets, Net Amount	(152)	(153)
Technology [Member]
Finite Lived And Indefinite Lived Intangible Assets [Line Items]
Total Finite-Lived Intangible Assets, Gross Amount	38	35
Accumulated Amortization	(21)	(16)
Total	17	19
Total finite-lived intangible assets, Weighted-Average Useful Life (in Years)	5 years	5 years
Customer relationships [Member]
Finite Lived And Indefinite Lived Intangible Assets [Line Items]
Total Finite-Lived Intangible Assets, Gross Amount	1,038	1,009
Accumulated Amortization	(372)	(329)
Total	666	680
Total finite-lived intangible assets, Weighted-Average Useful Life (in Years)	20 years	20 years
Other [Member]
Finite Lived And Indefinite Lived Intangible Assets [Line Items]
Total Finite-Lived Intangible Assets, Gross Amount	5	5
Accumulated Amortization	(4)	(3)
Total	1	2
Total finite-lived intangible assets, Weighted-Average Useful Life (in Years)	9 years	9 years
Foreign currency translation adjustment [Member]
Finite Lived And Indefinite Lived Intangible Assets [Line Items]
Total Finite-Lived Intangible Assets, Gross Amount	(132)	(94)
Accumulated Amortization	40	26
Total	$ (92)	$ (68)

Goodwill and Purchased Intangible Assets (Estimated Future Amortization Expense) (Details) (USD $)
In Millions, unless otherwise specified

Sep. 30, 2015

Goodwill and Purchased Intangible Assets [Abstract]

2015

$ 17

^[1]

430

$ 684

[1]	Represents the estimated amortization to be recognized for the remaining three months of 2015.

Investments (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Sep. 30, 2015	Dec. 31, 2014
Investments, Debt and Securities [Line Items]
Trading securities	$ 193	$ 193	$ 171
Available for sale, fair value			3
Equity method investments	71	71	25
Net income from unconsolidated investees	2	16
Carrying cost of Investment	133	133	138
Borsa Istanbul Cost Method Investment[Member]
Investments, Debt and Securities [Line Items]
Carrying cost of Investment	75	75
Cost Method Investment Ownership Percentage	5.00%	5.00%	5.00%
LCH [Member]
Investments, Debt and Securities [Line Items]
Cost Method Investment Ownership Percentage	5.00%	5.00%	5.00%
Foreign Government Debt Securities [Member]
Investments, Debt and Securities [Line Items]
Trading securities	173	173	159
OCC [Member]
Investments, Debt and Securities [Line Items]
Payments to Acquire Equity Method Investments		30
Contribution In Equity Capital	150	150
Annual dividend From Shareholders percentage		50.00%
OCC [Member] \| Other Income [Member]
Investments, Debt and Securities [Line Items]
Net income from unconsolidated investees	$ 2	$ 16	$ 13

Deferred Revenue (Estimated Deferred Revenue) (Details) (USD $)
In Millions, unless otherwise specified

Sep. 30, 2015

Dec. 31, 2014

Sep. 30, 2014

Dec. 31, 2013

Deferred Revenue Arrangement [Line Items]

2015

$ 106

^[1]

Deferred revenue estimated revenue to be recognized

375

392

412

294

Initial Listing Revenues [Member]

Deferred Revenue Arrangement [Line Items]

^[1]

Deferred revenue estimated revenue to be recognized

Listing of Additional Shares Revenues [Member]

Deferred Revenue Arrangement [Line Items]

^[1]

Deferred revenue estimated revenue to be recognized

Annual Renewal and Other Revenues [Member]

Deferred Revenue Arrangement [Line Items]

2015

^[1]

2016

2017

Deferred revenue estimated revenue to be recognized

Technology Solutions [Member]

Deferred Revenue Arrangement [Line Items]

^[1],[2]

^[2]

^[2]

^[2]

^[2]

^[2]

Deferred revenue estimated revenue to be recognized

$ 194

^[2],[3]

$ 247

^[3]

$ 223

^[3]

$ 158

^[3]

[1]	Represents deferred revenue that is anticipated to be recognized over the remaining three months of 2015.
[2]	The timing of recognition of our deferred Technology Solutions revenues is primarily dependent upon the completion of customization and any significant modifications made pursuant to existing Market Technology contracts and the timing of Corporate Solutions subscription-based contracts. As such, as it relates to Market Technology revenues, the timing represents our best estimate.
[3]	Technology Solutions deferred revenues primarily include revenues from our Market Technology delivered client contracts in the support phase charged during the period and our Corporate Solutions subscription based contracts, which are primarily billed quarterly in advance. For our Market Technology contracts, where customization and significant modifications to the software are made to meet the needs of our customers, total revenues, as well as costs incurred, are deferred until significant modifications are completed and delivered. Once delivered, deferred revenue and the related deferred costs are recognized over the post contract support period. For these Market Technology contracts, we have included the deferral of costs in other current assets and other non-current assets in the Condensed Consolidated Balance Sheets. The amortization of Technology Solutions deferred revenue primarily includes revenues earned from Market Technology client contracts and Corporate Solutions subscription based contracts recognized during the period.

Deferred Revenue (Changes in Deferred Revenue) (Details) (USD $)
In Millions, unless otherwise specified

9 Months Ended

Sep. 30, 2015

Sep. 30, 2014

Deferred Revenue Arrangement [Line Items]

Balance

$ 392

$ 294

Additions

591

^[1]

733

^[1]

Amortization

(593)

^[1]

(596)

^[1]

Translation adjustment

(15)

(19)

Balance

375

412

Initial Listing Revenues [Member]

Deferred Revenue Arrangement [Line Items]

Balance

Additions

^[1]

Amortization

(12)

^[1]

(10)

^[1]

Balance

Listing of Additional Shares Revenues [Member]

Deferred Revenue Arrangement [Line Items]

Balance

Additions

^[1]

Amortization

(27)

^[1]

(30)

^[1]

Balance

Annual Renewal and Other Revenues [Member]

Deferred Revenue Arrangement [Line Items]

Balance

Additions

244

^[1]

214

^[1]

Amortization

(190)

^[1]

(175)

^[1]

Translation adjustment

(2)

Balance

Technology Solutions [Member]

Deferred Revenue Arrangement [Line Items]

Balance

247

^[2]

158

^[2]

Additions

324

^[1],[2]

463

^[1],[2]

Amortization

(364)

^[1],[2]

(381)

^[1],[2]

Translation adjustment

(13)

^[2]

(17)

^[2]

Balance

194

^[2],[3]

223

^[2]

Borsa Istanbul Cost Method Investment[Member]

Deferred Revenue Arrangement [Line Items]

Additions

$ 75

[1]	The additions and amortization for initial listing revenues, listing of additional shares revenues and annual renewal and other revenues primarily reflect revenues from our U.S. Listing Services business. The additions to Technology Solutions revenues during the nine months ended September 30, 2014 include $75 million related to the Borsa Istanbul market technology agreement. See "Cost Method Investments," of Note 6, "Investments," for further discussion.
[2]	Technology Solutions deferred revenues primarily include revenues from our Market Technology delivered client contracts in the support phase charged during the period and our Corporate Solutions subscription based contracts, which are primarily billed quarterly in advance. For our Market Technology contracts, where customization and significant modifications to the software are made to meet the needs of our customers, total revenues, as well as costs incurred, are deferred until significant modifications are completed and delivered. Once delivered, deferred revenue and the related deferred costs are recognized over the post contract support period. For these Market Technology contracts, we have included the deferral of costs in other current assets and other non-current assets in the Condensed Consolidated Balance Sheets. The amortization of Technology Solutions deferred revenue primarily includes revenues earned from Market Technology client contracts and Corporate Solutions subscription based contracts recognized during the period.
[3]	The timing of recognition of our deferred Technology Solutions revenues is primarily dependent upon the completion of customization and any significant modifications made pursuant to existing Market Technology contracts and the timing of Corporate Solutions subscription-based contracts. As such, as it relates to Market Technology revenues, the timing represents our best estimate.

Debt Obligations (5.55% Senior Unsecured Notes) (Details) (USD $)	12 Months Ended		9 Months Ended
	Dec. 31, 2014	Sep. 30, 2015	Sep. 30, 2015 5.55% senior unsecured notes due January 15, 2020 [Member]	Dec. 31, 2014 5.55% senior unsecured notes due January 15, 2020 [Member]
Debt Instrument [Line Items]
Debt instrument, face amount			$ 600,000,000
Debt instrument, interest rate			5.55%
Debt instrument, maturity date			Jan. 15, 2020
Debt issuance cost	16,000,000
Total debt obligations	$ 2,297,000,000	$ 2,435,000,000	$ 597,000,000	$ 596,000,000

- Definition

Carrying amount of long-term debt, net of unamortized discount or premium, including current and noncurrent amounts. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.

+ References+ Details

Debt Obligations (5.25% Senior Unsecured Notes) (Details) (USD $)	12 Months Ended		9 Months Ended
	Dec. 31, 2014	Sep. 30, 2015	Sep. 30, 2015 5.25% senior unsecured notes due January 16, 2018 [Member]	Dec. 31, 2014 5.25% senior unsecured notes due January 16, 2018 [Member]
Debt Instrument [Line Items]
Debt instrument, face amount			$ 370,000,000
Debt instrument, interest rate			5.25%
Debt instrument, maturity date			Jan. 16, 2018
Debt instrument, interest rate, maximum			7.25%
Total debt obligations	2,297,000,000	2,435,000,000	368,000,000	368,000,000
Aggregate principal amount purchased plus accrued and unpaid interest			101.00%
Debt issuance cost	$ 16,000,000

- Definition

+ References+ Details

Debt Obligations (3.875% Senior Unsecured Notes) (Details) In Millions, unless otherwise specified	3 Months Ended		9 Months Ended		12 Months Ended	9 Months Ended
	Sep. 30, 2015 USD ($)	Sep. 30, 2014 USD ($)	Sep. 30, 2015 USD ($)	Sep. 30, 2014 USD ($)	Dec. 31, 2014 USD ($)	Sep. 30, 2015 3.875% senior unsecured notes due June 7, 2021 [Member] USD ($)	Sep. 30, 2015 3.875% senior unsecured notes due June 7, 2021 [Member] EUR (€)	Dec. 31, 2014 3.875% senior unsecured notes due June 7, 2021 [Member] USD ($)
Debt Instrument [Line Items]
Total debt obligations	$ 2,435		$ 2,435		$ 2,297	$ 665		$ 720
Debt Instrument Carrying Amount							600
Debt instrument, interest rate						3.875%
Debt instrument, interest rate, maximum						5.875%
Aggregate principal amount purchased plus accrued and unpaid interest						101.00%
Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Before Tax	(68)	(287)	(256)	(424)		55
Debt issuance cost					$ 16

- Definition

+ References+ Details

- Definition

+ References+ Details

Debt Obligations (4.25% Senior Unsecured Notes) (Details) (USD $)	9 Months Ended	12 Months Ended		9 Months Ended
	Sep. 30, 2014	Dec. 31, 2014	Sep. 30, 2015	Sep. 30, 2015 4.25% Senior Unsecured Notes Due June 1 2024 [Member]	Dec. 31, 2014 4.25% Senior Unsecured Notes Due June 1 2024 [Member]
Debt Instrument [Line Items]
Total debt obligations		$ 2,297,000,000	$ 2,435,000,000	$ 495,000,000	$ 494,000,000
Debt Instrument Face Amount				500,000,000
Debt instrument, interest rate				4.25%
Payments Of Debt Extinguishment Costs	9,000,000
Debt instrument, interest rate, maximum				6.25%
Aggregate principal amount purchased plus accrued and unpaid interest				101.00%
Debt issuance cost		$ 16,000,000

- Definition

+ References+ Details

Debt Obligations (2014 Credit Facility) (Details) (USD $) In Millions, unless otherwise specified	9 Months Ended	12 Months Ended	2 Months Ended	9 Months Ended
	Sep. 30, 2015	Dec. 31, 2014	Mar. 31, 2015 Revolving Credit Facility [Member] Dorsey, Wright & Associates, LLC or DWA [Member]	Sep. 30, 2015 Revolving Credit Facility [Member] $750 million revolving credit commitment due November 25, 2019 [Member]	Sep. 30, 2015 Revolving Credit Facility [Member] $750 million revolving credit commitment due November 25, 2019 [Member] London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Credit facility, borrowing capacity				$ 750
Debt issuance cost		16
Credit facility, proceeds	366		100
Line Of Credit Facility Maximum Borrowing Capacity				750
Repayments of Long-term Lines of Credit				176
Additional Capacity Option					$ 500

Debt Obligations (Other Credit Facilities) (Details) (USD $) In Millions, unless otherwise specified	Sep. 30, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Line of credit, outstanding amount	$ 310	$ 7
Clearinghouse Credit Facilities [Member]
Debt Instrument [Line Items]
Credit facility, borrowing capacity	204	236
Line of credit facility, available liquidity	204	197
Credit facility satisfy regulatory requirements		39
Line of credit, outstanding amount	$ 0	$ 7

- 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

Debt Obligations (Changes in Debt Obligations) (Details) (USD $) In Millions, unless otherwise specified	9 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Total debt obligations	$ 2,435	$ 2,297
Less current portion	(20)
Total long-term debt obligations	2,415	2,297
Additions	366
Total long-term debt obligations, Additions	346
Payments, Conversions, Accretion and Other	(228)
Total long-term debt obligations, Payments, Conversions, Accretion and Other	(228)
5.55% senior unsecured notes due January 15, 2020 [Member]
Debt Instrument [Line Items]
Total debt obligations	597	596
Payments, Conversions, Accretion and Other	1
5.25% senior unsecured notes due January 16, 2018 [Member]
Debt Instrument [Line Items]
Total debt obligations	368	368
3.875% senior unsecured notes due June 7, 2021 [Member]
Debt Instrument [Line Items]
Total debt obligations	665	720
Payments, Conversions, Accretion and Other	(55)
4.25% Senior Unsecured Notes Due June 1 2024 [Member]
Debt Instrument [Line Items]
Total debt obligations	495	494
Payments, Conversions, Accretion and Other	1
$750 million revolving credit commitment due November 25, 2019 [Member]
Debt Instrument [Line Items]
Total debt obligations	310	119
Additions	366
Payments, Conversions, Accretion and Other	$ (175)

- Definition

+ References+ Details

Debt Obligations (Changes in Debt Obligations Additional Information) (Details) In Millions, unless otherwise specified	9 Months Ended
	Sep. 30, 2015 5.55% senior unsecured notes due January 15, 2020 [Member]	Sep. 30, 2015 5.25% senior unsecured notes due January 16, 2018 [Member]	Sep. 30, 2015 3.875% senior unsecured notes due June 7, 2021 [Member] EUR (€)	Sep. 30, 2015 4.25% Senior Unsecured Notes Due June 1 2024 [Member]	Sep. 30, 2015 Revolving Credit Facility [Member] $750 million revolving credit commitment due November 25, 2019 [Member] USD ($)
Debt Instrument [Line Items]
Debt instrument, interest rate	5.55%	5.25%	3.875%	4.25%
Debt instrument, maturity date	Jan. 15, 2020	Jan. 16, 2018
Debt instrument, principal outstanding			€ 600
Credit facility, borrowing capacity					$ 750

Employee Benefits (Narrative) (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Defined Benefit Plan Disclosure [Line Items]
Common stock shares reserved for future issuance	6.8		6.8
Compensation expenses	$ 1	$ 1	$ 3	$ 3
Savings Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined contributions plan expense	3	2	8	7
Non-U.S. Benefit Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Cost or expenses included in compensation and benefit expense	$ 4	$ 5	$ 13	$ 15
Pension [Member]
Defined Benefit Plan Disclosure [Line Items]
Percentage of employer contributions			100.00%
Defined Contribution Plan, Employer Matching Contribution, Percent of Match			100.00%
Percentage of eligible employee contributions receiving employer contributions			6.00%
Share-based compensation [Member]
Defined Benefit Plan Disclosure [Line Items]
Common stock shares reserved for future issuance	2.7		2.7
Offering periods for ESPP shares, months			6 months
Percentage of fair market value of common stock			85.00%
Percentage of discount to employees on purchase of common stock under ESPP			15.00%

Share-Based Compensation (Narrative) (Details) (USD $)
In Millions, except Share data, unless otherwise specified

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

Sep. 30, 2015

Sep. 30, 2014

Sep. 30, 2015

Sep. 30, 2014

Dec. 31, 2014

Sep. 30, 2015

PSUs [Member]

item

Sep. 30, 2014

PSUs [Member]

Sep. 30, 2015

PSUs [Member]

Executive Officer [Member]

Sep. 30, 2015

PSUs [Member]

Senior vice presidents' [Member]

Sep. 30, 2015

Restricted stock [Member]

Sep. 30, 2015

Restricted stock [Member]

Fourth Anniversary [Member]

Sep. 30, 2015

Restricted stock [Member]

Second Anniversary [Member]

Sep. 30, 2015

Restricted stock [Member]

Third Anniversary [Member]

Mar. 31, 2015

One-year performance period [Member]

Sep. 30, 2015

One-year performance period [Member]

Executive Officer [Member]

Mar. 31, 2015

Three-year performance period [Member]

Sep. 30, 2015

Three-year performance period [Member]

Executive Officer [Member]

Sep. 30, 2015

Restricted stock and PSU's [Member]

Sep. 30, 2015

Common stock [Member]

Sep. 30, 2014

Common stock [Member]

Sep. 30, 2015

Minimum [Member]

PSUs [Member]

Sep. 30, 2015

Minimum [Member]

PSUs [Member]

Executive Officer [Member]

Sep. 30, 2015

Minimum [Member]

Restricted stock [Member]

Sep. 30, 2015

Maximum [Member]

PSUs [Member]

Sep. 30, 2015

Maximum [Member]

PSUs [Member]

Executive Officer [Member]

Sep. 30, 2015

Maximum [Member]

Restricted stock [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Vesting period

3 years

2 years

5 years

Number of Awards, Granted

851,738

^[1]

605,504

798,795

^[2]

184,770

420,734

General expiration period of stock options

10 years

Chief executive officer's and executive vice presidents' long-term stock-based compensation

100.00%

50.00%

Number of peer groups

Performance-based long-term incentive program weighted percentage

50.00%

Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage

50.00%

25.00%

0.00%

150.00%

200.00%

Share Based Compensation Arrangement By Share Based Payment Award Percentage of maximum shares earned for a negative three-year performanace period

100.00%

Additional PSU's Granted

21,429

224,805

Common stock shares reserved for future issuance

6,800,000

Discount from market price

15.00%

Net cash proceeds from the exercise of stock options

$ 2

$ 11

$ 13

$ 24

Stock options exercised in period

59,141

527,225

492,345

^[3]

1,222,139

Stock options, exercisable

2,821,712

^[3]

3,700,000

2,821,712

^[3]

3,700,000

Weighted-average exercise price

$ 27.79

$ 27.00

$ 27.79

$ 27.00

Total fair value of stock option vested

Total pre-tax intrinsic value of stock options exercised

Stock options, granted

Share Based Compensation Arrangement By Share Based Payment Award Award Vesting Period 1

3 years

2 years

5 years

Stock options to purchase shares

2,821,712

^[3]

3,541,567

2,821,712

^[3]

3,541,567

3,316,782

^[3]

2,821,712

3,672,919

Closing stock price

$ 53.33

$ 50.93

$ 36.94

Total unrecognized compensation cost

$ 101

Weighted-average period unrecognized compensation cost is expected to be recognized, in years

1 year 8 months 12 days

[1]	PSUs granted in 2015 reflect awards issued to certain officers, as described above.
[2]	Primarily reflects our company-wide equity grant issued in March 2015, as discussed above.
[3]	No stock option awards were granted during the nine months ended September 30, 2015.

Shared-based Compensation (Schedule of Weighted- Average Assumptions Used to Determine Weighted-Average Fair Values) (Details) (USD $)

9 Months Ended

Sep. 30, 2015

Sep. 30, 2014

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Weighted-average risk free interest rate

0.81%

0.78%

Expected volatility

21.50%

^[1]

28.40%

^[1]

Grant date share price

$ 53.33

Weighted-average fair value at grant date

$ 63.99

$ 42.80

PSUs [Member]

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Grant date share price

$ 50.93

$ 36.94

[1]

We use historic volatility for PSU awards issued under the TSR program, as implied volatility data could not be obtained for all the companies in the peer groups used for relative performance measurement within the TSR 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 the grant.

Share-Based Compensation (Summary of Share-Based Compensation Expense) (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Share-Based Compensation [Abstract]
Share-based compensation expense before income taxes	$ 17	$ 15	$ 49	$ 45
Income tax benefit	(7)	(6)	(20)	(19)
Share-based compensation expense after income taxes	$ 10	$ 9	$ 29	$ 26

Share-Based Compensation (Summary of Stock Option Activity) (Details) (USD $)
In Millions, except Share data, unless otherwise specified

3 Months Ended

9 Months Ended

12 Months Ended

Sep. 30, 2015

Sep. 30, 2014

Sep. 30, 2015

Sep. 30, 2014

Dec. 31, 2014

Share-Based Compensation [Abstract]

Number of Stock Options Outstanding, Beginning of period

3,316,782

^[1]

Stock options amortization and exercises, net (in shares)

(59,141)

(527,225)

(492,345)

^[1]

(1,222,139)

Number of Stock Options, Forfeited or expired

(2,725)

^[1]

Number of Stock Options Outstanding, End of period

2,821,712

^[1]

3,541,567

2,821,712

^[1]

3,541,567

3,316,782

^[1]

Stock options, exercisable

2,821,712

^[1]

3,700,000

2,821,712

^[1]

3,700,000

Weighted-Average Exercise Price, Outstanding Beginning of period

$ 27.56

Weighted-Average Exercise Price, Exercised

$ 26.20

Weighted-Average Exercise Price, Forfeited or expired

$ 34.40

Weighted-Average Exercise Price, Outstanding End of period

$ 27.79

$ 27.56

Weighted-average exercise price

$ 27.79

$ 27.00

$ 27.79

$ 27.00

Options Outstanding, Weighted-Average Remaining Contractual Term, outstanding (in years)

2 years 10 months 24 days

3 years 9 months 7 days

Aggregate Intrinsic Value, Options Outstanding

$ 72

$ 68

Aggregate Intrinsic Value, Exercisable

$ 72

Stock options, granted

[1]	No stock option awards were granted during the nine months ended September 30, 2015.

Share-Based Compensation (Summary of Restricted Stock and PSU Activity) (Details) (USD $)

9 Months Ended

Sep. 30, 2015

Restricted stock [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Number of Awards, Unvested balances

3,193,230

Number of Awards, Granted

798,795

^[1]

Number of Awards, Vested

(362,672)

Number of Awards, Forfeited

(238,386)

Number of Awards, Unvested balances

3,390,967

Weighted-Average Grant Date Fair Value, Unvested balances

$ 30.99

Weighted-Average Grant Date Fair Value, Granted

$ 49.16

Weighted-Average Grant Date Fair Value, Vested

$ 29.89

Weighted-Average Grant Date Fair Value, Forfeited

$ 33.89

Weighted-Average Grant Date Fair Value, Unvested balances

$ 35.23

PSUs [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Number of Awards, Unvested balances

2,212,607

Number of Awards, Granted

851,738

^[2]

Number of Awards, Vested

(837,109)

Number of Awards, Forfeited

(110,809)

Number of Awards, Unvested balances

2,116,427

Weighted-Average Grant Date Fair Value, Unvested balances

$ 32.69

Weighted-Average Grant Date Fair Value, Granted

$ 49.21

Weighted-Average Grant Date Fair Value, Vested

$ 22.50

Weighted-Average Grant Date Fair Value, Forfeited

$ 36.66

Weighted-Average Grant Date Fair Value, Unvested balances

$ 45.49

[1]	Primarily reflects our company-wide equity grant issued in March 2015, as discussed above.
[2]	PSUs granted in 2015 reflect awards issued to certain officers, as described above.

Nasdaq Stockholders' Equity (Narrative) (Details) (USD $) In Millions, except Share data, unless otherwise specified	3 Months Ended				9 Months Ended				9 Months Ended	0 Months Ended	3 Months Ended
	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014	Sep. 30, 2012	Sep. 30, 2015 Other Repurchases of Common Stock [Member]	Oct. 22, 2015 Subsequent Event [Member]	Sep. 30, 2015 Subsequent Event [Member]
Stockholders Equity [Line Items]
Common stock, shares authorized	300,000,000				300,000,000		300,000,000
Common stock, shares issued	166,893,305				166,893,305		170,325,304
Common stock, shares outstanding	164,077,244				164,077,244		168,795,263
Common stock holder voting rights, maximum percentage of the then-outstanding shares of Nasdaq common stock	5.00%				5.00%
Common stock in treasury, shares	2,816,061				2,816,061		1,530,041
Share repurchase program, authorized amount							$ 500	$ 300
Remaining authorized share repurchase amounts under repurchase program	226				226
Treasury shares acquired					6,009,334				555,300
Average per share price of repurchased stock					$ 51.63
Aggregate purchase price					$ 310
Cash dividend per share	$ 0.25	$ 0.25	$ 0.15	$ 0.15	$ 0.65	$ 0.43				$ 0.25
Dividend declared, date payable											Dec. 28, 2015
Dividend declared, record date	Sep. 11, 2015	Jun. 12, 2015	Mar. 13, 2015								Dec. 14, 2015

Nasdaq Stockholders' Equity (Schedule of Dividends Declared) (Details) (USD $)
In Millions, except Per Share data, unless otherwise specified

3 Months Ended

9 Months Ended

Sep. 30, 2015

Jun. 30, 2015

Mar. 31, 2015

Sep. 30, 2014

Sep. 30, 2015

Sep. 30, 2014

Nasdaq Stockholders’ Equity [Abstract]

Declaration Date

Jul. 23, 2015

Apr. 21, 2015

Jan. 26, 2015

Dividend Per Common Share

$ 0.25

$ 0.15

$ 0.65

$ 0.43

Record Date

Sep. 11, 2015

Jun. 12, 2015

Mar. 13, 2015

Total Amount

$ 41

^[1]

$ 42

^[1]

$ 25

^[1]

[1]	These amounts were recorded in retained earnings in the Condensed Consolidated Balance Sheets at September 30, 2015.

Earnings Per Share (Narrative) (Details)

3 Months Ended

9 Months Ended

Sep. 30, 2015

Sep. 30, 2014

Sep. 30, 2015

Sep. 30, 2014

Dec. 31, 2014

Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]

Stock options to purchase shares

2,821,712

^[1]

3,541,567

2,821,712

^[1]

3,541,567

3,316,782

^[1]

Restricted stock and PSU's outstanding

5,061,458

Diluted shares outstanding

3,556,065

3,576,954

3,514,960

3,599,709

Common stock [Member]

Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]

Stock options to purchase shares

2,821,712

3,672,919

2,821,712

3,672,919

Restricted stock and PSU's [Member]

Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]

Restricted stock and PSU's outstanding

5,507,394

5,880,307

Diluted shares outstanding

5,496,526

5,879,265

5,086,010

Employee Stock Option [Member]

Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]

Diluted shares outstanding

3,570,750

[1]	No stock option awards were granted during the nine months ended September 30, 2015.

Earnings Per Share (Summary of Computation of Basic and Diluted Earnings Per Share) (Details) (USD $) In Millions, except Share data, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Earnings Per Share [Abstract]
Net income attributable to common shareholders	$ 138	$ 123	$ 280	$ 328
Weighted-average common shares outstanding for basic earnings per share	166,903,697	168,587,861	168,203,316	169,184,773
Employee equity awards	3,556,065	3,576,954	3,514,960	3,599,709
Issuance of common stock related to the acquisition	992,247	992,247	334,384	330,749
Weighted-average common shares outstanding for diluted earnings per share	171,452,009	173,157,062	172,052,660	173,115,231
Basic earnings per share	$ 0.83	$ 0.73	$ 1.66	$ 1.94
Diluted earnings per share	$ 0.80	$ 0.71	$ 1.63	$ 1.89

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References+ Details

- Definition

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

+ References+ Details

Fair Value of Financial Instruments (Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis) (Details) (USD $)
In Millions, unless otherwise specified

Sep. 30, 2015

Dec. 31, 2014

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Financial investments, at fair value

$ 193

$ 174

Default fund and margin deposit investments

1,609

^[1]

2,148

^[1]

Total

1,802

2,322

Level 1 [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Financial investments, at fair value

193

171

Default fund and margin deposit investments

600

^[1]

664

^[1]

Total

793

835

Level 2 [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Financial investments, at fair value

Default fund and margin deposit investments

1,009

^[1]

1,484

^[1]

Total

$ 1,009

$ 1,487

[1]

Fair Value of Financial Instruments (Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Additional Information) (Details) (USD $)
In Millions, unless otherwise specified

Sep. 30, 2015

Dec. 31, 2014

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Financial investments, at fair value

$ 193

$ 174

Default funds and margin deposits

2,175

2,194

Default fund and margin deposit investments

1,609

^[1]

2,148

^[1]

Foreign Government Debt Securities [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Default fund and margin deposit investments

600

664

Restricted assets [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Financial investments, at fair value

173

159

Reverse Repurchase Agreements [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Default fund and margin deposit investments

$ 1,009

$ 1,484

[1]

- Definition

In anticipation of new regulations proposed by the European Market Infrastructure Regulation, NASDAQ OMX Nordic Clearing implemented three member sponsored default funds in March 2012: one related to financial markets, one related to commodities markets, and a mutualized fund. Under this new regulatory structure, NASDAQ OMX Nordic Clearing and its clearing members must contribute to the total regulatory capital related to the clearing operations of NASDAQ OMX Nordic Clearing. This new requirement ensures the alignment of risk between NASDAQ OMX Nordic Clearing and its clearing members. Contributions made to the default funds will be proportional to the exposures of each clearing member. This structure applies an initial separation of default fund contributions for the financial and commodities markets in order to create a buffer for each market's counterparty risks. Simultaneously, a mutualized default fund provides capital efficiencies with regard to total regulatory capital required. When a clearing member is active in both the financial and commodities markets, contributions must be made to both markets' default funds.Clearing members' eligible contributions may include cash and non-cash contributions. Cash contributions received are invested by NASDAQ OMX Nordic Clearing, in accordance with our investment policy, either in highly rated government debt securities or reverse repurchase agreements with highly rated government debt securities as collateral. 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.

+ References+ Details

Clearing Operations (Narrative) (Details) (USD $)

9 Months Ended

Sep. 30, 2015

Dec. 31, 2014

Sep. 30, 2015

Reverse Repurchase Agreements [Member]

Dec. 31, 2014

Reverse Repurchase Agreements [Member]

Sep. 30, 2015

NASDAQ Nordic Clearing [Member]

contract

Sep. 30, 2014

NASDAQ Nordic Clearing [Member]

contract

Sep. 30, 2015

Liability Waterfall [Member]

Sep. 30, 2015

NOS Clearing [Member]

Reverse Repurchase Agreements [Member]

Sep. 30, 2015

NOS Clearing [Member]

US Government Debt Securities [Member]

Clearing Operations [Line Items]

Contract value of resale and repurchase agreements

$ 5,900,000,000

$ 2,600,000,000

Total number of derivative contracts cleared

5,899,287

3,157,685

Power of assessment of the clearing member's contribution to the financial markets and commodities markets default funds

100.00%

Junior capital, cash deposits and pledged assets

22,000,000

Senior capital, cash deposits and pledged assets

24,000,000

Marketable Securities Current

193,000,000

174,000,000

131,000,000

Default fund and margin deposit investments

$ 1,609,000,000

^[1]

$ 2,148,000,000

^[1]

$ 1,009,000,000

$ 1,484,000,000

$ 1,009,000,000

$ 600,000,000

[1]

Clearing Operations (Schedule of Clearing Member Default Fund Contributions And Margin Deposits) (Details) (USD $)
In Millions, unless otherwise specified

Sep. 30, 2015

Clearing Operations [Line Items]

Default fund contributions

$ 451

Margin deposits

7,207

Default fund contributions and margin deposits

7,658

Cash Contributions [Member]

Clearing Operations [Line Items]

Default fund contributions

359

^[1]

Margin deposits

1,816

^[1]

Default fund contributions and margin deposits

2,175

^[1]

Non-Cash Contributions [Member]

Clearing Operations [Line Items]

Default fund contributions

Margin deposits

5,391

Default fund contributions and margin deposits

$ 5,483

[1]	As of September 30, 2015, in accordance with its investment policy, Nasdaq Nordic Clearing has invested cash contributions of $1,009 million in reverse repurchase agreements and $600 million in highly rated European, and to a lesser extent, U.S. government debt securities

Clearing Operations (Schedule of Derivative Contracts Outstanding) (Details) (USD $)
In Millions, unless otherwise specified

Sep. 30, 2015

contract

Sep. 30, 2014

contract

Clearing Operations [Line Items]

Market value of derivative contracts

$ 2,993

^[1],[2]

Total Number of Cleared Contracts

79,558,524

71,078,566

Commodity forwards and options [Member]

Clearing Operations [Line Items]

Market value of derivative contracts

1,785

^[1],[2],[3]

Total Number of Cleared Contracts

2,371,252

^[4]

1,775,434

^[4]

Fixed-income options and futures [Member]

Clearing Operations [Line Items]

Market value of derivative contracts

810

^[1],[2]

Total Number of Cleared Contracts

14,739,280

15,171,646

Stock options and futures [Member]

Clearing Operations [Line Items]

Market value of derivative contracts

197

^[1],[2]

Total Number of Cleared Contracts

25,166,412

24,426,440

Index options and futures [Member]

Clearing Operations [Line Items]

Market value of derivative contracts

$ 201

^[1],[2]

Total Number of Cleared Contracts

37,281,580

29,705,046

[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.
[4]	The total volume in cleared power related to commodity contracts was 1,077 Terawatt hours (TWh) for the nine months ended September 30, 2015 and 1,150 TWh for the nine months ended September 30, 2014.

Commitments, Contingencies and Guarantees (Details) (USD $) In Millions, except Share data, unless otherwise specified	3 Months Ended		9 Months Ended			9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014	Sep. 30, 2015 Legal Reserve [Member]	Sep. 30, 2015 eSpeed [Member]	Sep. 30, 2015 OCC [Member]	Mar. 31, 2015 OCC [Member]	Sep. 30, 2015 Clearinghouse Credit Facilities [Member]	Dec. 31, 2014 Clearinghouse Credit Facilities [Member]	Sep. 30, 2015 Escrow Agreement [Member]	Sep. 30, 2015 Property Lease Guarantee [Member]	Dec. 31, 2014 Property Lease Guarantee [Member]
Commitments and Contingencies Disclosure [Line Items]
Financial guarantees obtained	$ 14		$ 14		$ 14
Credit facilities, total										204	236
Line of credit facility, available liquidity										204	197
Credit facility, regulatory requirements amount											39
Line of credit, outstanding amount	310		310		7					0	7
Contingent future issuance of common stock, shares	992,247	992,247	334,384	330,749			992,247
Margin deposits contributed to Cantor Fitzgerald	19		19
Other guarantees													10	13
Consolidated Amount of Revenue required to triger annual issuance of Nasdaq common stock							25
Contingency, accrual												9
Payments to Acquire Equity Method Investments								30
Contribution In Equity Capital									150
Annual dividend From Shareholders percentage								50.00%
Legal And Other Expenses	$ 5		$ 26	$ 2		$ 26

Business Segments (Narrative) (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended		9 Months Ended				9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015 segment	Sep. 30, 2014	Sep. 30, 2015 Swedish Tax Agency [Member]	Mar. 31, 2015 Swedish Tax Agency [Member]	Sep. 30, 2015 Legal Reserve [Member]	Sep. 30, 2015 SE Swedish Tax Agency [Member]
Segment Reporting Information [Line Items]
Merger expenses	$ 4	$ 5	$ 7	$ 46
Total restructuring charges	8		160	0
Special legal expenses	5		26	2			26
Tax expense (benefits) recorded	12		12		5	12		6
Amortization Of Intangible Assets	15	17	46	53
Number of Operating Segments			4
Payments Of Debt Extinguishment Costs				$ 9

- Definition

Amount of expenses associated with exit or disposal activities pursuant to an authorized plan. Excludes expenses related to a discontinued operation or an asset retirement obligation.

+ References+ Details

Business Segments (Schedule of Operating Segments) (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Segment Reporting Information [Line Items]
Total revenues	$ 871	$ 818	$ 2,538	$ 2,580
Transaction-based expenses	(342)	(321)	(984)	(1,031)
Revenues less transaction rebates, brokerage, clearance and exchange fees	529	497	1,554	1,549
Operating income (loss)	231	207	475	581
Corporate Items and Eliminations [Member]
Segment Reporting Information [Line Items]
Operating income (loss)	(22)	(23)	(250)	(113)
Market Services [Member]
Segment Reporting Information [Line Items]
Total revenues	542	510	1,561	1,626
Transaction-based expenses	(342)	(321)	(984)	(1,031)
Revenues less transaction rebates, brokerage, clearance and exchange fees	200	189	577	595
Operating income (loss)	109	98	310	303
Listing Services [Member]
Segment Reporting Information [Line Items]
Total revenues	66	59	196	177
Revenues less transaction rebates, brokerage, clearance and exchange fees	66	59	196	177
Operating income (loss)	29	25	86	71
Information Services [Member]
Segment Reporting Information [Line Items]
Total revenues	132	114	385	360
Revenues less transaction rebates, brokerage, clearance and exchange fees	132	114	385	360
Operating income (loss)	96	84	277	268
Technology Solutions [Member]
Segment Reporting Information [Line Items]
Total revenues	131	135	396	417
Revenues less transaction rebates, brokerage, clearance and exchange fees	131	135	396	417
Operating income (loss)	$ 19	$ 23	$ 52	$ 52

Fair Value of Financial Instruments (Narrative) (Details) (USD $) In Billions, unless otherwise specified	Sep. 30, 2015	Dec. 31, 2014
Fair Value of Financial Instruments [Abstract]
Fair value of debt utilizing discounted cash flow analyses	$ 2.6	$ 2.5

Clearing Operations (Schedule of Derivative Contracts Outstanding Additional Information) (Details)	9 Months Ended
	Sep. 30, 2015 TW	Sep. 30, 2014 TW
Clearing Operations [Abstract]
Total volume in cleared power, in Terawatt hours (TWh)	1,077	1,150

Subsequent Event (Details) (USD $)	3 Months Ended				9 Months Ended		0 Months Ended
Subsequent Event (Details) (USD $)	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Oct. 22, 2015 Subsequent Event [Member]
Subsequent Event [Line Items]
Common Stock Dividends Per Share Declared	$ 0.25	$ 0.25	$ 0.15	$ 0.15	$ 0.65	$ 0.43	$ 0.25