Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2016	Jul. 27, 2016
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2016
Document Fiscal Year Focus	2016
Document Fiscal Period Focus	Q2
Trading Symbol	ndaq
Entity Registrant Name	Nasdaq, Inc.
Entity Central Index Key	0001120193
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		165,453,714

Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2016	Dec. 31, 2015
Current assets:
Cash and cash equivalents	$ 344	$ 301
Restricted cash	22	56
Financial investments, at fair value	255	201
Receivables, net	399	316
Deferred tax assets		24
Default funds and margin deposits	3,411	2,228
Other current assets	165	158
Total current assets	4,596	3,260
Property and equipment, net	332	323
Non-current deferred tax assets	741	643
Goodwill	6,236	5,395
Intangible assets, net	2,771	1,959
Other non-current assets	423	281
Total assets	15,099	11,861
Current liabilities:
Accounts payable and accrued expenses	172	158
Section 31 fees payable to SEC	160	98
Accrued personnel costs	129	171
Deferred revenue	275	127
Other current liabilities	161	138
Deferred tax liabilities		24
Default funds and margin deposits	3,411	2,228
Total current liabilities	4,308	2,920
Debt obligations	3,731	2,364
Non-current deferred tax liabilities	983	626
Non-current deferred revenue	199	200
Other non-current liabilities	161	142
Total liabilities	9,382	6,252
Commitments and contingencies
Nasdaq stockholders' equity:
Common stock, $0.01 par value, 300,000,000 shares authorized, shares issued: 169,339,692 at June 30, 2016 and 167,241,734 at December 31, 2015; shares outstanding: 165,542,188 at June 30, 2016 and 164,324,270 at December 31, 2015	2	2
Additional paid-in capital	3,062	3,011
Common stock in treasury, at cost: 3,797,504 shares at June 30, 2016 and 2,917,464 shares at December 31, 2015	(166)	(111)
Accumulated other comprehensive loss	(860)	(864)
Retained earnings	3,679	3,571
Total Nasdaq stockholders' equity	5,717	5,609
Total liabilities and equity	$ 15,099	$ 11,861

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2016	Dec. 31, 2015
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	169,339,692	167,241,734
Common stock, shares outstanding	165,542,188	164,324,270
Common stock in treasury	3,797,504	2,917,464

Consolidated Statements of Income - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Consolidated Statements of Income - USD ($) $ in Millions	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Revenues:
Market Services	$ 532	$ 478	$ 1,104	$ 1,018
Listing Services	68	66	134	130
Information Services	134	128	268	253
Technology Solutions	163	135	297	265
Total revenues	897	807	1,803	1,666
Transaction-based expenses:
Transaction rebates	(256)	(216)	(541)	(477)
Brokerage, clearance and exchange fees	(82)	(73)	(169)	(164)
Revenues less transaction-based expenses	559	518	1,093	1,025
Operating expenses:
Compensation and benefits	164	144	316	291
Marketing and advertising	8	6	14	13
Depreciation and amortization	41	34	79	67
Professional and contract services	35	42	70	76
Computer operations and data communications	27	23	52	58
Occupancy	19	21	39	42
Regulatory	6	7	13	14
Merger and strategic initiatives	35	3	44	3
General, administrative and other	17	19	32	65
Restructuring charges	33	2	41	152
Total operating expenses	385	301	700	781
Operating income	174	217	393	244
Interest income	1	1	2	1
Interest expense	(32)	(27)	(60)	(55)
Other investment income	2		3
Net income (loss) from unconsolidated investees	1	1	3	15
Income before income tax provision	146	192	341	205
Income tax provision	76	60	139	64
Net income	70	132	202	141
Net loss attributable to noncontrolling interests		1		1
Net income attributable to Nasdaq	$ 70	$ 133	$ 202	$ 142
Per share information:
Basic earnings per share	$ 0.42	$ 0.79	$ 1.23	$ 0.84
Diluted earnings per share	$ 0.42	0.77	1.20	0.82
Cash dividends declared per common share		$ 0.25	$ 0.57	$ 0.40

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Consolidated Statements of Comprehensive Income (Loss) [Abstract]
Net income	$ 70	$ 132	$ 202	$ 141
Foreign currency translation losses:
Net foreign currency translation losses	(127)	125	11	(188)
Income tax benefit	37	(48)	(7)	65
Total	(90)	77	4	(123)
Comprehensive income (loss)	(20)	209	206	18
Comprehensive loss attributable to noncontrolling interests		1		1
Comprehensive income (loss) attributable to Nasdaq	$ (20)	$ 210	$ 206	$ 19

Consolidated Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Cash flows from operating activities:
Net income	$ 202	$ 141
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	79	67
Share-based compensation	35	32
Excess tax benefits related to share-based payments	(33)	(5)
Deferred income taxes	(7)	(64)
Non-cash restructuring charges	8	134
Net (income) loss from unconsolidated investees	(3)	(15)
Other reconciling items included in net income	4	9
Net change in operating assets and liabilities, net of effects of acquisition:
Receivables, net	(6)	54
Other assets	11	13
Accounts payable and accrued expenses	5	(3)
Section 31 fees payable to SEC	57	23
Accrued personnel costs	(53)	(45)
Deferred revenue	111	58
Other liabilities	(18)	7
Net cash provided by operating activities	392	406
Cash flows from investing activities:
Purchases of trading securities	(245)	(190)
Proceeds from Sale of Short-term Investments	194	117
Purchases of available-for-sale investment securities	(8)	(27)
Proceeds from sale of available-for-sale investment security	7	3
Capital contribution in equity method investment		(30)
Acquisition of businesses, net of cash and cash equivalents acquired	(1,460)	(226)
Purchases of property and equipment	(51)	(59)
Other investment activities	(10)	(6)
Net cash used in investing activities	(1,573)	(418)
Cash flows from financing activities:
Payments of debt obligations	(1,033)	(91)
Proceeds from utilization of credit commitment	833	131
Proceeds From Issuance Of Debt	1,558
Cash paid for repurchase of common stock	(45)	(55)
Cash dividends	(94)	(68)
Proceeds received from employee stock activity	28	17
Payments related to employee shares withheld for taxes	(57)	(27)
Excess tax benefits related to share-based payments	33	5
Net cash provided by (used in) financing activities	1,223	(88)
Effect of exchange rate changes on cash and cash equivalents	1	(3)
Net increase in cash and cash equivalents	43	(103)
Cash and cash equivalents at beginning of period	301	427
Cash and cash equivalents at end of period	344	324
Cash paid for:
Interest	67	65
Income taxes, net of refund	$ 127	$ 111

Organization and Nature of Operations	6 Months Ended
Organization and Nature of Operations	Jun. 30, 2016
Organization and Nature of Operations [Abstract]
Organization and Nature of Operations	1. Organization and Nature of Operations Nasdaq, 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 derivative trading, clearing and settlement, cash equity trading, fixed income trading and many other functions. 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 ETPs. In addition, in some countries where we operate exchanges, we also provide broker services, clearing, settlement and central depository services. Our transaction-based platforms provide market participants with the ability to access, process, display and integrate orders and quotes. The platforms allow the routing and execution of buy and sell orders as well as the reporting of transactions, providing fee-based revenues. Through our acquisition of U.S. Exchange Holdings, Inc., together with its subsidiaries, or ISE, an operator of three electronic options exchanges, we now operate six electronic options exchanges and three cash equity exchanges in the U.S. See “Acquisition of International Securities Exchange,” of Note 4, “Acquisitions,” for further discussion of the ISE acquisition. 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 and Nasdaq Futures, Inc., or NFX, a U.S. based energy derivatives market which offers cash settled energy derivatives based on key energy benchmarks including oil, natural gas and U.S. power. Through our acquisition of Chi-X Canada ATS Limited, or Chi-X Canada, in February 2016, we also operate two Canadian markets for the trading of Canadian-listed securities. Effective June 1, 2016, we changed the name of Chi-X Canada to Nasdaq CXC Limited, or Nasdaq CXC. See “Acquisition of Nasdaq CXC, Formerly Chi-X Canada,” of Note 4, “Acquisitions,” for further discussion of the Chi-X Canada acquisition. In Europe, we operate exchanges in Stockholm (Sweden), Copenhagen (Denmark), Helsinki (Finland), and Iceland, as well as the clearing operations of Nasdaq 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 exchange traded funds 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 and Broker 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. Our Listing Services Segment also includes The NASDAQ Private Market, LLC, or NPM, and SecondMarket Solutions, Inc., or SecondMarket, which are marketplaces for private growth companies. As of June 30, 2016, The NASDAQ Stock Market was home to 2,868 listed companies with a combined market capitalization of approximately $8.1 trillion, and in Europe, the Nasdaq Nordic and Nasdaq Baltic exchanges, together with Nasdaq First North, were home to 873 listed companies with a combined market capitalization of approximately $1.2 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 professional and non-professional 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 June 30, 2016, we had 267 ETPs licensed to Nasdaq’s indexes and had over $108 billion of assets under management, or AUM, in licensed ETPs 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 over 18,000 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, and energy products, 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	6 Months Ended
Basis of Presentation and Principles of Consolidation	Jun. 30, 2016
Summary of Significant Accounting Policies [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, 2015. 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. 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 $76 million for the second quarter of 2016 and $139 million in the first six months of 2016 compared with $60 million in the second quarter of 2015 and $64 million in the first six months of 2015. The overall effective tax rate was 52.1% in the second quarter of 2016 and 40.8% in the first six months of 2016 compared with 31.3% in the second quarter of 2015 and 31.2% in the first six months of 2015. The higher effective tax rate in the second quarter and first six months of 2016 when compared with the same periods in 2015 is primarily due to an unfavorable ruling from the Finnish Supreme Administrative Court. See below for further discussion. 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 2015. We anticipate that the amount of unrecognized tax benefits at June 30, 2016 will significantly decrease in the next twelve months as we expect to settle certain tax audits. 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 appealed this ruling to the Finnish Supreme Administrative Court. Through March 31, 2016, we recorded tax benefits of $30 million associated with this filing position. We paid $41 million to the Finnish tax authorities, which includes $11 million in interest and penalties. In May 2016, we received an unfavorable ruling from the Finnish Supreme Administrative Court, in which the Court disagreed with our position. As such, in the second quarter of 2016 we recorded tax expense of $28 million, or $0.17 per diluted share. This expense reflects the reversal of previously recorded Finnish tax benefits, and related interest and penalties, of $38 million through the first quarter of 2016, net of a related U.S. tax benefit of $10 million. The tax expense recorded reflects the impact of foreign currency translation. We expect to record future quarterly net tax expense of approximately $1 million as a result of this ruling. 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 and continue to expect a favorable decision. Since January 1, 2013, we have recorded tax benefits of $47 million associated with this matter. We continue to 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 $38 million, or $0.23 per diluted share, which is gross of any related U.S. tax benefits and reflects the impact of foreign currency translation. We expect to record recurring quarterly tax benefits of $1 million to $2 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. The decision of the Lower Administrative Court was upheld by the Court of Appeals in April 2016. We have appealed this ruling to the Supreme Administrative Court. Recently Adopted Accounting Pronouncements Income Taxes In November 2015, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update, or ASU, 2015-17, “Balance Sheet Classification of Deferred Taxes,” which eliminates the current requirement to present deferred tax liabilities and assets as current and non-current in a classified balance sheet. Instead, Nasdaq is required to classify all deferred tax liabilities and assets as non-current. In the first quarter of 2016, we elected to early adopt this guidance retrospectively for all periods presented in the Condensed Consolidated Balance Sheets. The adoption of this guidance resulted in the reclassification of current deferred tax assets of $24 million to non-current deferred tax assets and current deferred tax liabilities of $24 million to non-current deferred tax liabilities for the year ended December 31, 2015. This new standard is a change in balance sheet presentation only. Business Combinations In September 2015, the FASB issued 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 the acquirer to recognize adjustments to provisional amounts 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. We adopted this new standard on January 1, 2016. Recently Announced Accounting Pronouncements Financial Instruments – Credit Losses In June 2016, the FASB issued ASU 2016-13, “Measurement of Credit Losses on Financial Instruments,” which changes the impairment model for certain financial instruments. The new model is a forward looking expected loss model and will apply to financial assets subject to credit losses and measured at amortized cost and certain off-balance sheet credit exposures. This includes loans, held-to-maturity debt securities, loan commitments, financial guarantees and net investments in leases, as well as trade receivables. For available-for-sale debt securities with unrealized losses, credit losses will be measured in a manner similar to today, except that the losses will be recognized as allowances rather than reductions in the amortized cost of the securities. This new standard is effective for us on January 1, 2020. Early adoption as of January 1, 2019 is permitted. We are currently assessing the impact that this standard will have on our consolidated financial statements. Compensation – Stock Compensation In March 2016, the FASB issued ASU 2016-09, “Improvements to Employee Share-Based Payment Accounting,” which involves several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. This new guidance will require all income tax effects of awards to be recognized as income tax expense or benefit in the income statement when the awards vest or are settled, as opposed to additional paid-in-capital where it is currently recorded. This guidance will impact the calculation of our total diluted share count for the earnings per share calculation, as calculated under the treasury stock method. It also will allow an employer to repurchase more of an employee’s shares than it can today for tax withholding purposes without triggering liability accounting. All tax-related cash flows resulting from share-based payments are to be reported as operating activities on the statement of cash flows. In regards to forfeitures, Nasdaq can make a policy election to either estimate the number of awards that are expected to vest or account for forfeitures as they occur. This new standard is effective for us on January 1, 2017, with early adoption permitted. We are currently assessing the impact that this standard will have on our consolidated financial statements. Leases In February 2016, the FASB issued ASU 2016-02, “Leases.” Under this new guidance, at the commencement date, lessees will be required to recognize a lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis; and a right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. This guidance is not applicable for leases with a term of 12 months or less. Lessor accounting is largely unchanged. The new standard is effective for us on January 1, 2019. Early adoption is permitted. We are currently assessing the impact that this standard will have on our consolidated financial statements. Financial Instruments – Overall In January 2016, the FASB issued ASU 2016-01, “Recognition and Measurement of Financial Assets and Financial Liabilities.” This new standard requires that most equity investments be measured at fair value, with subsequent changes in fair value recognized in net income. Under this new guidance, Nasdaq will no longer be able to recognize unrealized holding gains and losses on equity securities classified today as available-for-sale in accumulated other comprehensive income within stockholders’ equity. This new standard does not change the guidance for classifying and measuring investments in debt securities and loans. This new guidance also impacts financial liabilities accounted for under the fair value option and affects the presentation and disclosure requirements for financial assets and liabilities. This new standard is effective for us on January 1, 2018. Early adoption is not permitted. We do not anticipate a material impact on our consolidated financial statements at the time of adoption of this new standard. Revenue From Contracts With Customers 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, “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, and have not yet selected a transition approach.

Restructuring Charges

6 Months Ended

Jun. 30, 2016

Restructuring Charges [Abstract]

Restructuring Charges

3. Restructuring Charges

2015 Restructuring Plan

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. As part of our 2015 restructuring plan, we recognized net restructuring charges totaling $33 million for the three months ended June 30, 2016, $41 million for the six months ended June 30, 2016, $2 million for the three months ended June 30, 2015 and $152 million for the six months ended June 30, 2015.

In June 2016, we completed our 2015 restructuring plan and recognized total net pre-tax charges of $214 million for the period March 2015 through June 2016. Total net pre-tax charges were attributed to the rebranding of our trade name for $119 million, severance charges of $47 million, asset impairments of $26 million, other charges of $21 million, and facilities related costs of $1 million. Through this initiative, we expect to generate annualized pre-tax savings of $36 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 reserve.

The following table presents a summary of the 2015 restructuring plan charges in the Condensed Consolidated Statements of Income:



	Three Months Ended June 30,				Six Months Ended June 30,
	2016		2015		2016		2015

	(in millions)				(in millions)
Rebranding of trade name	$	-	$	-	$	-	$	119
Severance		18		3		22		21
Facilities-related		1		(10)		1		(7)
Asset impairments		5		6		8		15
Other		9		3		10		4
Total restructuring charges	$	33	$	2	$	41	$	152

Rebranding of Trade Name

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, which includes other termination benefits and other associated costs of $18 million for the three months ended June 30, 2016 and $22 million for the six months ended June 30, 2016, related to workforce reductions of 188 positions across our organization for the three months ended June 30, 2016 and 201 positions for the six months ended June 30, 2016. Severance, which includes other termination benefits and other associated costs of $3 million for the three months ended June 30, 2015 and $21 million for the six months ended June 30, 2015, related to workforce reductions of 21 positions across our organization for the three months ended June 30, 2015 and 220 positions for the six months ended June 30, 2015. In addition to reducing our workforce, we have relocated certain functions to lower cost locations and expect to continue hiring in these lower cost locations to support the business.

Facilities-related

The facilities-related cost of $1 million for both the three and six months ended June 30, 2016 primarily pertained to the consolidation of leased facilities. The facilities-related credit of $10 million for the three months ended June 30, 2015 and $7 million for the six months ended June 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.

Asset Impairments

Asset impairment charges of $5 million for the three months ended June 30, 2016, $8 million for the six months ended June 30, 2016, $6 million for the three months ended June 30, 2015 and $15 million for the six months ended June 30, 2015 primarily related to fixed assets and capitalized software that were retired during the respective period.

Other

Other charges of $9 million for the three months ended June 30, 2016, $10 million for the six months ended June 30, 2016, $3 million for the three months ended June 30, 2015 and $4 million for the six months ended June 30, 2015 primarily related to consultant costs, marketing costs associated with rebranding of the Nasdaq trade name, computer operation costs associated with the replacement of outdated technology, and various other miscellaneous costs.

Restructuring Reserve

The following table presents the changes in the restructuring reserve during the six months ended June 30, 2016:


	Balance at December 31, 2015			Expense Incurred		Cash Payments	Balance at June 30, 2016

	(in millions)
Severance	$	12	$	22	$	(13)	$	21

As of June 30, 2016, the majority of the restructuring reserve is included in other current liabilities in the Condensed Consolidated Balance Sheets and will be paid during the remainder of 2016.

Acquisitions

6 Months Ended

Jun. 30, 2016

Acquisitions [Abstract]

Acquisitions

4. Acquisitions

2016 Acquisitions

We completed the following acquisitions in the first six months of 2016. Financial results of each transaction are included in our Condensed Consolidated Statements of Income from the date of each acquisition.


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

	(in millions)
ISE	$	1,070	$	(102)	$	623	$	549
Boardvantage		242		(17)		111		148
Marketwired		111		(6)		31		86
Nasdaq CXC, formerly Chi-X Canada		116		(14)		76		54

The amounts in the table above represent the preliminary allocation of the purchase price and are subject to revision during the remainder of the measurement period, a period not to exceed 12 months from the acquisition date. Adjustments to the provisional values during the measurement period will be recorded in the reporting period in which the adjustment amounts are determined. Changes to amounts recorded as assets and liabilities may result in a corresponding adjustment to goodwill. In the second quarter of 2016, we recorded a measurement period adjustment of $5 million to the estimated fair value of deferred tax liabilities related to our acquisition of Marketwired. The adjustment was made to reflect a revised assessment of deferred tax liabilities following the receipt of new information. The adjustment resulted in a decrease to both net liabilities acquired and goodwill and is reflected in the above table. The measurement period adjustment was recorded as a revision in our second quarter 2016 Condensed Consolidated Balance Sheets. The adjustment did not result in an impact to our Condensed Consolidated Statements of Income.

Acquisition of International Securities Exchange

On June 30, 2016, we acquired ISE for $1,070 million. The acquisition of ISE, an operator of three electronic options exchanges, is expected to allow us to improve efficiencies for clients, broaden our technology offering, and provide the capability within the equity options industry to further innovate. We acquired net assets, at fair value, totaling $83 million and recorded a deferred tax liability of $266 million and a deferred tax asset of $81 million related to differences in the U.S. GAAP and tax basis of our investment in ISE, resulting in total net liabilities acquired of $102 million. ISE is part of our Market Services, Information Services and Technology Solutions segments.

In May 2016, we issued €600 million aggregate principal amount of 1.75% senior unsecured notes and in June 2016, we issued $500 million aggregate principal amount of 3.85% senior unsecured notes to fund this acquisition. See “1.75% Senior Unsecured Notes,” and “3.85% Senior Unsecured Notes,” of Note 8, “Debt Obligations,” for further discussion.

Intangible Assets

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


			Estimated
			Average Remaining
	Value		Useful Life
Intangible assets:		(in millions)	(in years)
Exchange registrations	$	467	Indefinite
Customer relationships		148	13
Trade name		8	Indefinite
Total intangible assets	$	623

Exchange Registrations

The exchange registrations represent licenses that provide ISE with the ability to operate its option exchanges. Nasdaq views these intangible assets as a perpetual license to operate the exchanges so long as ISE meets its regulatory requirements. Nasdaq selected a variation of the income approach called the Greenfield Approach to value the exchange registrations. The Greenfield Approach refers to a discounted cash flow analysis that assumes the buyer is building the exchange from a start-up business to a normalized level of operations as of the acquisition date. This discounted cash flow model considers the required resources and eventual returns from the build-out of operational exchanges and the acquisition of customers, once the exchange registrations are obtained. The advantage of this approach is that it reflects the actual expectations that will arise from an investment in the registrations and it directly values the registrations. The Greenfield Approach relies on assumptions regarding projected revenues, margins, capital expenditures, depreciation, and working capital during the two year pre-trade phase, the 10 year ramp-up period as well as the terminal period.

A discount rate of 8.6% was utilized, which reflects the amount of risk associated with the hypothetical cash flows for the exchange registrations relative to the overall business. In developing a discount rate for the exchange registrations, we estimated a weighted average cost of capital for the overall business and we employed this rate when discounting the cash flows. The resulting discounted cash flows were then tax-effected at the applicable statutory rate.

Customer Relationships

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

A discount rate of 9.1% was utilized, which reflects the amount of risk associated with the hypothetical cash flows for the customer relationships relative to the overall business. In developing a discount rate for the customer relationships, we estimated a weighted average cost of capital for the overall business and we employed this rate when discounting the cash flows. The resulting discounted cash flows were then tax-effected at the applicable statutory rate.

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 13 years.

Acquisition of Boardvantage, Inc.

In May 2016, we acquired Boardvantage for $242 million ($197 million in cash paid plus $45 million in working capital adjustments, which primarily includes cash acquired). Boardvantage is a leading board portal solution provider which also specializes in leadership collaboration and meeting productivity. This acquisition expands our governance business within our Corporate Solutions business within our Technology Solutions segment where it will be integrated with the Directors Desk business. We acquired net assets, at fair value, totaling $28 million and recorded a deferred tax liability of $46 million and a deferred tax asset of $1 million related to differences in the U.S. GAAP and tax basis of our investment in Boardvantage, resulting in total net liabilities acquired of $17 million.

Nasdaq borrowed $197 million under the revolving credit commitment of our 2014 Credit Facility, as defined in Note 8, “Debt Obligations,” to fund this acquisition.

Intangible Assets

The following table presents the details of the Boardvantage acquired intangible assets. These assets are amortized using the straight-line method.


			Estimated
			Average Remaining
	Value		Useful Life
Intangible assets:		(in millions)	(in years)
Customer relationships	$	103	14 years
Technology		6	5 years
Trade name		2	1 year
Total intangible assets	$	111

Customer Relationships

Customer relationships represent the non-contractual and contractual relationships that Boardvantage has with its customers and represented the primary intangible asset in this transaction. Customer relationships were valued using the income approach, specifically an excess earnings method. The excess earnings method examines the economic returns contributed by the identified tangible and intangible assets of a company, and then isolates the excess return that is attributable to the intangible asset being valued.

A discount rate of 15.5% was utilized, which reflects the amount of risk associated with the hypothetical cash flows for the customer relationships relative to the overall business. In developing a discount rate for the customer relationships, we estimated a weighted average cost of capital for the overall business and we employed this rate when discounting the cash flows. The resulting discounted cash flows were then tax-effected at the applicable statutory rate.

Acquisition of Marketwired

In February 2016, we acquired Marketwired for $111 million ($109 million in cash paid plus $2 million in working capital adjustments). Marketwired is a newswire operator and press release distributor. This acquisition expands Nasdaq’s position as a leading global corporate solutions provider. We acquired net liabilities, at fair value, totaling $1 million and recorded a deferred tax liability of $10 million related to differences in the U.S. GAAP and tax basis of our investment in Marketwired, resulting in total net liabilities acquired of $11 million. In the second quarter of 2016, we recorded a measurement period adjustment of $5 million to the estimated fair value of deferred tax liabilities to reflect a revised assessment following the receipt of new information. The adjustment resulted in a decrease to both net liabilities acquired and goodwill. The measurement period adjustment was recorded as a revision in our second quarter 2016 Condensed Consolidated Balance Sheets. The adjustment did not result in an impact to our Condensed Consolidated Statements of Income. Marketwired is part of our Corporate Solutions business within our Technology Solutions segment.

Nasdaq borrowed $109 million under the revolving credit commitment of our 2014 Credit Facility, as defined in Note 8, “Debt Obligations,” to fund this acquisition.

Intangible Assets

The following table presents the details of the Marketwired acquired intangible assets. These assets are amortized using the straight-line method.


			Estimated
			Average Remaining
	Value		Useful Life
Intangible assets:		(in millions)	(in years)
Customer relationships	$	29	6 years
Trade name		2	2 years
Total intangible assets	$	31

Customer Relationships

Customer relationships represent the non-contractual and contractual relationships that Marketwired has with its customers and represented the primary intangible asset in this transaction. The Marketwired customer relationships were valued using the income approach, specifically an excess earnings method. The excess earnings method examines the economic returns contributed by the identified tangible and intangible assets of a company, and then isolates the excess return that is attributable to the intangible asset being valued.

A discount rate of 16.4% was utilized, which reflects the amount of risk associated with the hypothetical cash flows for the customer relationships relative to the overall business. In developing a discount rate for the customer relationships, we estimated a weighted average cost of capital for the overall business and we employed this rate when discounting the cash flows. The resulting discounted cash flows were then tax-effected at the applicable statutory rate, and a discounted tax amortization benefit was added to the fair value of the assets under the assumption that the customer relationships would be amortized for tax purposes over a period of 15 years.

Acquisition of Nasdaq CXC, Formerly Chi-X Canada

In February 2016, we acquired Nasdaq CXC for $116 million ($115 million in cash paid plus $1 million in working capital adjustments). With this acquisition, Nasdaq offers two Canadian markets for the trading of Canadian-listed securities. This acquisition will expand Nasdaq’s cash equity trading business in North America. We acquired net assets, at fair value, totaling $6 million and recorded a deferred tax liability of $20 million related to differences in the U.S. GAAP and tax basis of our investment in Nasdaq CXC, resulting in total net liabilities acquired of $14 million. Nasdaq CXC is part of our Market Services segment and our Data Products business within our Information Services segment.

Nasdaq used cash on hand and borrowed $55 million under the revolving credit commitment of our 2014 Credit Facility, as defined in Note 8, “Debt Obligations,” to fund this acquisition.

Intangible Assets

The following table presents the details of the Nasdaq CXC acquired intangible asset. This asset is amortized using the straight-line method.


			Estimated
			Average Remaining
	Value		Useful Life
Intangible asset:		(in millions)	(in years)
Customer relationships	$	76	17 years

Customer Relationships

Customer relationships represent the non-contractual and contractual relationships that Nasdaq CXC has with its customers and represented the primary intangible asset in this transaction. Customer relationships were valued individually for each of Nasdaq CXC’s businesses using the income approach, specifically an excess earnings method. The excess earnings method examines the economic returns contributed by the identified tangible and intangible assets of a company, and then isolates the excess return that is attributable to the intangible asset being valued.

A discount rate of 10.3% was utilized, which reflects the amount of risk associated with the hypothetical cash flows for the customer relationships relative to the overall business. In developing a discount rate for the customer relationships, we estimated a weighted average cost of capital for the overall business and we employed this rate when discounting the cash flows. The resulting discounted cash flows were then tax-effected at the applicable statutory rate, and a discounted tax amortization benefit was added to the fair value of the assets under the assumption that the customer relationships would be amortized for tax purposes over a period of 15 years.

2015 Acquisitions

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


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

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

The amounts in the table above represent the preliminary allocation of the purchase price and were subject to revision during the measurement period, a period not to exceed 12 months from the acquisition date. We finalized the allocation of the purchase price for the above acquisition in January 2016. There were no adjustments to the provisional values during the 12 month measurement period.

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 deferred tax liability of $34 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 Data Products and Index Licensing and Services businesses within our Information Services segment.

Nasdaq used cash on hand and borrowed $100 million under the revolving credit commitment of our 2014 Credit Facility, as defined in Note 8, “Debt Obligations,” to fund this acquisition.

Intangible Assets

The following table presents the details of the DWA acquired intangible assets. All acquired 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 17.0% 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 the applicable statutory rate, 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% was utilized, which reflects the amount of risk associated with the hypothetical cash flows generated by the customer relationships in the future. The resulting discounted cash flows were then tax-effected at the applicable statutory rate, 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.

Acquisition of Full Ownership of The NASDAQ Private Market, LLC and Acquisition of SecondMarket

In October 2015, we acquired full ownership of NPM following the acquisition of the minority stake that was previously held by a third party. In addition, through NPM, we acquired SecondMarket, a recognized innovator in facilitating liquidity for private company securities. The additional ownership interest in NPM and the acquisition of SecondMarket were purchased for an immaterial amount. NPM and SecondMarket are part of our Listing Services segment.

Pro Forma Results and Acquisition-related Costs

Pro forma financial results for the acquisitions completed in 2016 and 2015 have not been presented since the acquisitions, both individually and in the aggregate for each year, were not material to our financial results.

Acquisition-related costs for the transactions described above were expensed as incurred and are included in merger and strategic initiatives expense in the Condensed Consolidated Statements of Income.

- 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).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=56956515&loc=d3e1497-128463

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
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-URI http://asc.fasb.org/extlink&oid=56956515&loc=d3e1490-128463

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-Publisher FASB
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-URI http://asc.fasb.org/extlink&oid=56956515&loc=d3e1392-128463

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-Publisher FASB
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+ Details

Goodwill and Acquired Intangible Assets

6 Months Ended

Jun. 30, 2016

Goodwill and Acquired Intangible Assets [Abstract]

Goodwill and Acquired Intangible Assets

5. Goodwill and Acquired Intangible Assets

Goodwill

The following table presents the changes in goodwill by business segment during the six months ended June 30, 2016:



	Market Services		Listing Services		Information Services		Technology Solutions			Total

	(in millions)
Balance at December 31, 2015	$	2,941	$	112	$	1,823	$	519		$	5,395
Goodwill acquired		549		-		54		234	(1)		837
Foreign currency translation adjustment		9		-		(1)		(4)			4
Balance at June 30, 2016	$	3,499	$	112	$	1,876	$	749		$	6,236

__________________

(1)

Includes a $5 million measurement period adjustment related to our acquisition of Marketwired. See “Acquisition of Marketwired,” of Note 4, “Acquisitions,” for further discussion.

The goodwill acquired for Market Services and Information Services shown above relates to our acquisitions of ISE and Nasdaq CXC, formerly Chi-X Canada, and the goodwill acquired for Technology Solutions shown above relates to our acquisitions of Boardvantage and Marketwired. See “2016 Acquisitions,” of Note 4, “Acquisitions,” for further discussion.

As of June 30, 2016, the amount of goodwill that is expected to be deductible for tax purposes in future periods is $872 million, of which $536 million is related to our acquisition of certain assets and assumption of certain liabilities of the eSpeed business, or eSpeed, $247 million is related to our acquisition of the Investor Relations, Public Relations and Multimedia Solutions businesses of Thomson Reuters, and $89 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 six months ended June 30, 2016 and 2015; 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.

Acquired Intangible Assets

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



	June 30, 2016								December 31, 2015
	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	$	(20)	$	18		5	$	39	$	(23)	$	16		5
Customer relationships		1,394		(421)		973		18		1,038		(387)		651		20
Other		7		(4)		3		6		5		(4)		1		9
Foreign currency translation adjustment		(128)		45		(83)				(138)		43		(95)
Total finite-lived intangible assets	$	1,311	$	(400)	$	911			$	944	$	(371)	$	573

Indefinite-Lived Intangible Assets
Exchange and clearing registrations	$	1,257	$	-	$	1,257			$	790	$	-	$	790
Trade names		708		-		708				700		-		700
Licenses		52		-		52				51		-		51
Foreign currency translation adjustment		(157)		-		(157)				(155)		-		(155)
Total indefinite-lived intangible assets	$	1,860	$	-	$	1,860			$	1,386	$	-	$	1,386
Total intangible assets	$	3,171	$	(400)	$	2,771			$	2,330	$	(371)	$	1,959

Amortization expense for purchased finite-lived intangible assets was $19 million for the three months ended June 30, 2016, $15 million for the three months ended June 30, 2015, $36 million for the six months ended June 30, 2016 and $31 million for the six months ended June 30, 2015.

The estimated future amortization expense (excluding the impact of foreign currency translation adjustments of $83 million as of June 30, 2016) of acquired finite-lived intangible assets as of June 30, 2016 is as follows:



	(in millions)
2016(1)	$	47
2017		96
2018		92
2019		78
2020		77
2021 and thereafter		604
Total	$	994

(1) Represents the estimated amortization expense to be recognized for the remaining six months of 2016.

- 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	6 Months Ended
Investments	Jun. 30, 2016
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 $242 million as of June 30, 2016 and $189 million as of December 31, 2015. These securities are primarily comprised of highly rated European government debt securities, of which $169 million as of June 30, 2016 and $166 million as of December 31, 2015, are assets utilized to meet regulatory capital requirements primarily for our clearing operations at Nasdaq 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 $13 million as of June 30, 2016 and $12 million as of December 31, 2015. These securities are primarily comprised of short-term commercial paper. As of June 30, 2016 and December 31, 2015, the cumulative unrealized gains and losses on these securities were immaterial. Equity Method Investments The carrying amounts of our equity method investments totaled $132 million as of June 30, 2016 and $72 million as of December 31, 2015 and are included in other non-current assets in the Condensed Consolidated Balance Sheets. As of June 30, 2016 and December 31, 2015, our equity method investments primarily included equity interests in The Options Clearing Corporation, or OCC, EuroCCP N.V. and The Order Machine, or TOM. The increase in our equity method investments as of June 30, 2016 compared with December 31, 2015 is primarily due to the inclusion of an additional 20.0% ownership interest in OCC, which we acquired in connection with our acquisition of ISE on June 30, 2016, bringing our total ownership interest in OCC to 40.0% as of June 30, 2016. Net income recognized from our equity interest in the earnings and losses of these equity method investments was $1 million for both the three months ended June 30, 2016 and 2015, $3 million for the six months ended June 30, 2016, and $15 million for the six months ended June 30, 2015. The decrease in the first six months of 2016 compared with the same period in 2015 is primarily due to income recognized from our equity method investment in OCC in 2015. 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 for the six months ended June 30, 2015. Capital Contribution to 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. Under the OCC capital plan, OCC's existing exchange stockholders, including Nasdaq and ISE, each contributed a pro-rata share of $150 million in new equity capital. Nasdaq’s and ISE’s capital contributions were each $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 parties petitioned the full Commission to reconsider the capital plan’s approval. This stay was lifted by the SEC in September 2015, allowing OCC to implement the plan and in February 2016, the SEC issued an order approving the OCC capital plan as previously implemented and dismissed the petitions challenging that plan. The petitioners filed for a stay of the SEC's order, which would have blocked OCC from paying a dividend under the OCC capital plan. The Court of Appeals denied the requested stay, permitting OCC to pay a dividend which Nasdaq received in February 2016. The petitioners also appealed the SEC's order to the Federal Court of Appeals for the District of Columbia Circuit. Cost Method Investments The carrying amount of our cost method investments totaled $148 million as of June 30, 2016 and $132 million as of December 31, 2015 and is included in other non-current assets in the Condensed Consolidated Balance Sheets. As of June 30, 2016 and December 31, 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. 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.

+ References + Details

Deferred Revenue

6 Months Ended

Jun. 30, 2016

Deferred Revenue [Abstract]

Deferred Revenue

7. Deferred Revenue

Deferred revenue represents consideration received that is yet to be recognized as revenue. The changes in our deferred revenue during the six months ended June 30, 2016 and 2015 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, 2016	$	59	$	53	$	16	$	199	$	327
Additions(1)		5		7		294		252		558
Amortization(1)		(9)		(15)		(184)		(209)		(417)
Translation adjustment		-		-		1		5		6
Balance at June 30, 2016	$	55	$	45	$	127	$	247	$	474

Balance at January 1, 2015	$	54	$	78	$	13	$	247	$	392
Additions(1)		10		5		231		202		448
Amortization(1)		(8)		(18)		(125)		(238)		(389)
Translation adjustment		-		-		(1)		(11)		(12)
Balance at June 30, 2015	$	56	$	65	$	118	$	200	$	439

(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.

(2)

Technology solutions deferred revenue primarily includes revenues from our corporate solutions subscription-based contracts, which are primarily billed quarterly in advance, and our market technology client contracts where customization and significant modifications to the software are made to meet the needs of our customers. For our market technology contracts, 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.

At June 30, 2016, 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:
2016(1)	$	8	$	13	$	125	$	74	$	220
2017		15		20		2		54		91
2018		12		9		-		38		59
2019		10		3		-		32		45
2020		7		-		-		30		37
2021 and thereafter		3		-		-		19		22
	$	55	$	45	$	127	$	247	$	474

(1)

Represents deferred revenue that is anticipated to be recognized over the remaining six months of 2016.

(2)

Technology solutions deferred revenue primarily includes corporate solutions and market technology deferred revenue. 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. As such, as it relates to market technology revenues, the timing represents our best estimate.

Debt Obligations

6 Months Ended

Jun. 30, 2016

Debt Obligations [Abstract]

Debt Obligations

8. Debt Obligations

The following table presents the changes in the carrying amount of our debt obligations during the six months ended June 30, 2016:



	December 31, 2015		Additions		Payments, Accretion and Other		June 30, 2016

	(in millions)
5.55% senior unsecured notes due January 15, 2020 (1) (2)	$	597	$	-	$	-	$	597
5.25% senior unsecured notes due January 16, 2018 (1) (2)		368		-		1		369
3.875% senior unsecured notes due June 7, 2021 (1) (2)		646		-		15		661
4.25% senior unsecured notes due June 1, 2024 (1) (2)		495		-		-		495
1.75% senior unsecured notes due May 19, 2023 (1) (2)		-		664		(7)		657
3.85% senior unsecured notes due June 30, 2026 (1) (2)		-		495		-		495
$400 million senior unsecured term loan facility due November 25, 2019 (average interest rate of 1.94% for the period March 17, 2016 through June 30, 2016)(3)		-		399		-		399
$750 million revolving credit commitment due November 25, 2019 (average interest rate of 1.62% for the period January 1, 2016 through June 30, 2016)(4)		258		833		(1,033)		58
Total long-term debt obligations	$	2,364	$	2,391	$	(1,024)	$	3,731

(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 “2016 Credit Facility” below for further discussion.

(4)

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 unsecured 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 June 30, 2016, 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 aggregate principal amount of 5.25% senior unsecured notes due January 16, 2018, or the 2018 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 June 30, 2016, the balance of $369 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 June 30, 2016, the balance of $661 million reflects the aggregate principal amount translated into U.S. dollars, 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 increase in the carrying amount of $15 million noted in the “Payments, 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 within stockholders’ equity in the Condensed Consolidated Balance Sheets as of June 30, 2016.

4.25% Senior Unsecured Notes

In May 2014, Nasdaq issued $500 million aggregate principal amount of 4.25% senior unsecured notes due June 1, 2024, or the 2024 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 June 30, 2016, 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.

1.75% Senior Unsecured Notes

In May 2016, Nasdaq issued €600 million aggregate principal amount of 1.75% senior unsecured notes due May 19, 2023, or the 2023 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 June 30, 2016, the balance of $657 million reflects the aggregate principal amount translated into U.S. dollars, 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 2023 Notes. We used the proceeds from the 2023 Notes and the 2026 Notes, as defined below, to fund our acquisition of ISE. See “Acquisition of International Securities Exchange,” of Note 4, “Acquisitions,” for further discussion of the ISE acquisition.

The 2023 Notes pay interest annually at a rate of 1.75% per annum until May 19, 2023 and such rate may vary with Nasdaq’s debt rating up to a rate not to exceed 3.75%. The 2023 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 2023 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 2023 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 $7 million noted in the “Payments, Accretion and Other” column in the table above reflects the translation of the 2023 Notes into U.S. dollars and is recorded in accumulated other comprehensive loss within stockholders’ equity in the Condensed Consolidated Balance Sheets as of June 30, 2016.

3.85% Senior Unsecured Notes

In June 2016, Nasdaq issued $500 million aggregate principal amount of 3.85% senior unsecured notes due June 30, 2026, or the 2026 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 June 30, 2016, 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 2026 Notes. We used the proceeds from the 2023 Notes and the 2026 Notes to fund our acquisition of ISE. See “Acquisition of International Securities Exchange,” of Note 4, “Acquisitions,” for further discussion of the ISE acquisition.

The 2026 Notes pay interest semiannually at a rate of 3.85% per annum until June 30, 2026 and such rate may vary with Nasdaq’s debt rating up to a rate not to exceed 5.85%. The 2026 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 2026 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

2016 Credit Facility

In March 2016, Nasdaq entered into a credit agreement which provides for a $400 million senior unsecured term loan facility which matures on November 25, 2019, or the 2016 Credit Facility. In March 2016, loans in an aggregate principal amount of $400 million were drawn under the 2016 Credit Facility and the net proceeds of $399 million were used to partially repay amounts outstanding under the revolving credit commitment of the 2014 Credit Facility, as discussed and defined below. As of June 30, 2016, the balance of $399 million reflects the aggregate principal amount, less the unamortized debt issuance costs. The unamortized debt issuance costs are being accreted through interest expense over the life of the 2016 Credit Facility.

Loans under the 2016 Credit Facility pay interest monthly at a variable interest rate based on either the London Interbank Offered Rate, or LIBOR, or the base rate (or other applicable rate with respect to non-dollar borrowings), plus an applicable margin that varies with Nasdaq’s debt rating. Under the 2016 Credit Facility, we are required to make quarterly principal payments beginning in March 2018 equal to 2.50% of the aggregate original principal amounts borrowed with the remaining amounts due at maturity.

The credit agreement contains financial and operating covenants. Financial covenants include a minimum interest expense coverage ratio and a maximum leverage ratio. Operating covenants include, among other things, limitations on Nasdaq’s ability to incur additional indebtedness, grant liens on assets, enter into affiliate transactions, disposition of assets by Nasdaq and pay dividends.

Nasdaq is permitted to repay borrowings under the 2016 Credit Facility at any time in whole or in part, without penalty. We are also required to repay loans outstanding under the 2016 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.

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). During the first six months of 2016, we borrowed $833 million under the revolving credit commitment of the 2014 Credit Facility, of which $361 million was used to partially fund our acquisitions of Nasdaq CXC, formerly Chi-X Canada, Marketwired and Boardvantage, and $472 million was used for general corporate purposes. See “2016 Acquisitions,” of Note 4, “Acquisitions,” for further discussion of the Nasdaq CXC, formerly Chi-X Canada, Marketwired and Boardvantage acquisitions. During the first six months of 2016, we used the net proceeds from our 2016 Credit Facility of $399 million and cash on hand to repay $1,033 million under the revolving credit commitment of the 2014 Credit Facility. As of June 30, 2016, the balance of $58 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 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 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 Nasdaq Clearing operations in order to provide further liquidity. Credit facilities, which are available in multiple currencies, totaled $182 million at June 30, 2016 and $202 million at December 31, 2015 in available liquidity, none of which was utilized.

Debt Covenants

At June 30, 2016, we were in compliance with the covenants of all of our debt obligations.

Employee Benefits	6 Months Ended
Employee Benefits	Jun. 30, 2016
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 months and six months ended June 30, 2016 and 2015. 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 both the three months ended June 30, 2016 and 2015, $8 million for the six months ended June 30, 2016, and $9 million for the six months ended June 30, 2015. U.S. Defined Contribution Savings Plan We sponsor a voluntary defined contribution savings 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 is included in compensation and benefits expense in the Condensed Consolidated Statements of Income and was $2 million for both three months ended June 30, 2016 and 2015 and $5 million for both the six months ended June 30, 2016 and 2015. Employee Stock Purchase Plan We have an employee stock purchase plan, or ESPP, under which approximately 2.4 million shares of our common stock have been reserved for future issuance as of June 30, 2016. 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 June 30, 2016 and 2015 and $2 million for both the six months ended June 30, 2016 and 2015.

Share-Based Compensation

6 Months Ended

Jun. 30, 2016

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. 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 six months ended June 30, 2016 and 2015:



	Six Months Ended June 30,
	2016		2015


Weighted-average risk free interest rate		0.84%		0.81%
Expected volatility(1)		21.0%		21.5%
Weighted-average grant date share price	$	66.36	$	50.94
Weighted-average fair value at grant date	$	93.30	$	64.03

(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.

Summary of 2016 Equity Awards

In March 2016, we granted restricted stock to most active employees. During the first six months of 2016, certain officers received grants of 502,207 PSUs. Of these PSUs granted, 347,147 units are subject to the performance measures and vesting schedules of the TSR program as discussed above, and the remaining 155,060 units are subject to a one-year performance period and generally vest ratably on an annual basis from December 31, 2017 through December 31, 2019. See “Summary of Restricted Stock and PSU Activity” below for further discussion.

During 2015, certain grants of PSUs with a one-year performance period exceeded the applicable performance parameters. As a result, an additional 87,582 units were considered granted in the first quarter of 2016.

Certain grants of PSUs that were issued in 2013 under the TSR program with a three-year performance period exceeded the applicable performance parameters. As a result, an additional 406,075 units were considered granted in the first quarter of 2016.

See “Summary of Restricted Stock and PSU Activity” below for further discussion.

Common Shares Available Under Our Equity Plan

As of June 30, 2016, we had approximately 6.0 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 six months ended June 30, 2016 and 2015 in the Condensed Consolidated Statements of Income:


	Three Months Ended June 30,				Six Months Ended June 30,
	2016		2015		2016		2015

	(in millions)				(in millions)
Share-based compensation expense before income taxes	$	19	$	18	$	35	$	32
Income tax benefit		(7)		(7)		(14)		(13)
Share-based compensation expense after income taxes	$	12	$	11	$	21	$	19

Summary of Restricted Stock and PSU Activity

The following table summarizes our restricted stock and PSU activity for the six months ended June 30, 2016:



	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, 2016		3,343,738		$	35.36		1,863,685		$	47.57
Granted		653,650	(1)		62.67		995,864	(2)		64.60
Vested		(1,183,210)			27.58		(879,926)			43.81
Forfeited		(154,673)			40.67		(35,174)			50.62
Unvested balances at June 30, 2016		2,659,505		$	45.22		1,944,449		$	57.94

(1)

Primarily reflects our company-wide equity grant issued in March 2016, as discussed above.

(2)

PSUs granted in 2016 reflect awards issued to certain officers, as described above.

At June 30, 2016, $124 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.

Summary of Stock Option Activity

The following table summarizes our stock option activity for the six months ended June 30, 2016:


	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, 2016		2,626,487	$	27.74		2.63	$	80
Exercised		(627,467)		33.50
Outstanding at June 30, 2016		1,999,020	$	25.94		2.47	$	77
Exercisable at June 30, 2016		1,999,020	$	25.94		2.47	$	77

(1)

No stock option awards were granted during the six months ended June 30, 2016. All stock options were vested in 2014.

We received net cash proceeds of $19 million from the exercise of 540,656 stock options during the three months ended June 30, 2016 and received net cash proceeds of $21 million from the exercise of 627,467 stock options during the six months ended June 30, 2016. We received net cash proceeds of $5 million from the exercise of 200,745 stock options during the three months ended June 30, 2015 and received net cash proceeds of $11 million from the exercise of 433,204 stock options during the six months ended June 30, 2015. 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 June 30, 2016 of $64.67 and the exercise price, times the number of shares) based on stock options with an exercise price less than Nasdaq’s closing price of $64.67 as of June 30, 2016, 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 June 30, 2016 was 2.0 million. As of June 30, 2015, 2.9 million outstanding stock options were exercisable and the weighted-average exercise price was $27.87.

The total pre-tax intrinsic value of stock options exercised was $17 million for the three months ended June 30, 2016, $5 million for the three months ended June 30, 2015, $20 million for the six months ended June 30, 2016 and $11 million for the six months ended June 30, 2015.

Nasdaq Stockholders’ Equity

6 Months Ended

Jun. 30, 2016

Nasdaq Stockholders’ Equity [Abstract]

Nasdaq Stockholders' Equity

11. Nasdaq Stockholders’ Equity

Common Stock

At June 30, 2016, 300,000,000 shares of our common stock were authorized, 169,339,692 shares were issued and 165,542,188 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. Most shares repurchased under our share repurchase program are retired and cancelled, and the remaining shares are available for general corporate purposes. When treasury shares are reissued, they are recorded at the average cost of the treasury shares acquired. We held 3,797,504 shares of common stock in treasury as of June 30, 2016 and 2,917,464 shares as of December 31, 2015.

Share Repurchase Program

In the fourth quarter of 2014, our board of directors authorized the repurchase of up to $500 million of our outstanding common stock and in the first quarter of 2016, our board of directors authorized the repurchase of an additional $370 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 primarily funded from existing cash balances. The share repurchase program may be suspended, modified or discontinued at any time.

During the first six months of 2016, we repurchased 746,840 shares of our common stock at an average price of $60.37, for an aggregate purchase price of $45 million. As discussed above in “Common Stock in Treasury, at Cost,” most shares repurchased under the share repurchase program are retired and cancelled, and the remaining shares are available for general corporate purposes. As of June 30, 2016, the remaining amount authorized for share repurchases under the program was $484 million.

Other Repurchases of Common Stock

During the six months ended June 30, 2016, we repurchased 880,040 shares of our common stock in settlement of employee tax withholding obligations due upon the vesting of restricted stock.

Preferred Stock

Our certificate of incorporation authorizes the issuance of 30,000,000 shares of preferred stock, par value $0.01 per share, issuable from time to time in one or more series. At June 30, 2016 and December 31, 2015, no shares of preferred stock were issued or outstanding.

Cash Dividends on Common Stock

During the six months ended June 30, 2016, 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 28, 2016	$	0.25	March 14, 2016	$	41	March 28, 2016
March 28, 2016	$	0.32	June 10, 2016	$	53	June 24, 2016

(1)

These amounts were recorded in retained earnings in the Condensed Consolidated Balance Sheets at June 30, 2016.

In July 2016, the board of directors declared a regular quarterly cash dividend of $0.32 per share on our outstanding common stock. The dividend is payable on September 30, 2016 to shareholders of record at the close of business on September 16, 2016. The dividends declared in March 2016 and July 2016 of $0.32 per share on our outstanding common stock reflect a 28% increase from our prior year’s quarterly cash dividends of $0.25. 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

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-Subparagraph (SX 210.4-08.(d),(e))
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
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Reference 5: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 210
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-Paragraph 1
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Reference 8: http://www.xbrl.org/2003/role/presentationRef
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-Subparagraph (SX 210.3-04)
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Reference 9: http://www.xbrl.org/2003/role/presentationRef
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-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=6521494

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-Name Accounting Standards Codification
-Topic 505
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-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21564-112644

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section E

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
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+ Details

Earnings Per Share

6 Months Ended

Jun. 30, 2016

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 June 30,				Six Months Ended June 30,
	2016		2015		2016		2015

	(in millions, except share and per share amounts)
Numerator:
Net income attributable to common shareholders	$	70	$	133	$	202	$	142
Denominator:
Weighted-average common shares outstanding for basic earnings per share		165,018,990		168,717,817		164,650,341		168,851,145
Weighted-average effect of dilutive securities:
Employee equity awards		3,186,818		3,423,836		3,582,688		3,543,889
Weighted-average common shares outstanding for diluted earnings per share		168,205,808		172,141,653		168,233,029		172,395,034
Basic and diluted earnings per share:
Basic earnings per share	$	0.42	$	0.79	$	1.23	$	0.84
Diluted earnings per share	$	0.42	$	0.77	$	1.20	$	0.82

Stock options to purchase 1,999,020 shares of common stock and 4,603,954 shares of restricted stock and PSUs were outstanding at June 30, 2016. For the three months ended June 30, 2016, we included all of the outstanding stock options and 4,229,100 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 six months ended June 30, 2016, we included all of the outstanding stock options and 3,858,076 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 2,882,978 shares of common stock and 5,642,346 shares of restricted stock and PSUs were outstanding at June 30, 2015. For the three months ended June 30, 2015, we included all of the outstanding stock options and 5,189,122 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 six months ended June 30, 2015, we included all of the outstanding stock options and 5,178,903 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.

Fair Value of Financial Instruments

6 Months Ended

Jun. 30, 2016

Fair Value of Financial Instruments [Abstract]

Fair Value of Financial Instruments

13. Fair Value of Financial Instruments

The fair value of our financial instruments are measured based on a three-level 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.

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 June 30, 2016 and December 31, 2015.



	June 30, 2016
	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)	$	255	$	242	$	13	$	-
Default fund and margin deposit investments(2)		2,165		1,337		828		-
Total	$	2,420	$	1,579	$	841	$	-

	December 31, 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)	$	201	$	189	$	12	$	-
Default fund and margin deposit investments(2)		1,556		1,253		303		-
Total	$	1,757	$	1,442	$	315	$	-

(1)

As of June 30, 2016 and December 31, 2015, Level 1 financial investments, at fair value were primarily comprised of trading securities, mainly highly rated European government debt securities. Of these securities, $169 million as of June 30, 2016 and $166 million as of December 31, 2015 are assets utilized to meet regulatory capital requirements, primarily for the clearing operations at Nasdaq Clearing. As of June 30, 2016 and December 31, 2015, 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 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 $3,411 million recorded in the Condensed Consolidated Balance Sheets as of June 30, 2016, $828 million of cash contributions have been invested in reverse repurchase agreements and $1,337 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 $2,228 million recorded in the Condensed Consolidated Balance Sheets as of December 31, 2015, $303 million of cash contributions have been invested in reverse repurchase agreements and $1,253 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. See Note 14, “Clearing Operations,” for further discussion of default fund contributions and margin deposits.

There were no transfers between Level 1 and Level 2 of the fair value hierarchy as of June 30, 2016 and December 31, 2015.

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 $4.0 billion at June 30, 2016 and $2.5 billion at December 31, 2015. 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

6 Months Ended

Jun. 30, 2016

Clearing Operations [Abstract]

Clearing Operations

14. Clearing Operations

Nasdaq Clearing

Nasdaq Clearing is authorized and supervised under the European Market Infrastructure Regulation as a 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, resale and repurchase contracts, power derivatives, emission allowance derivatives, freight and fuel oil derivatives, iron ore derivatives and seafood derivatives.

Through our clearing operations in the financial markets, which include the resale and repurchase market, the commodities markets, and the seafood market, Nasdaq Clearing is the legal counterparty for, and guarantees the fulfillment of, each contract cleared. These contracts are not used by Nasdaq Clearing for the purpose of trading on its own behalf. As the legal counterparty of each transaction, Nasdaq Clearing bears the counterparty risk between the purchaser and seller in the contract. In its guarantor role, Nasdaq Clearing has precisely equal and offsetting claims to and from clearing members on opposite sides of each contract, standing as the CCP on every contract cleared. In accordance with the rules and regulations of Nasdaq Clearing, 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 Clearing’s default fund and margin requirements.

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

Default Fund Contributions and Margin Deposits

As of June 30, 2016, clearing member default fund contributions and margin deposits were as follows:



	June 30, 2016
	Cash Contributions(1)		Non-Cash Contributions		Total Contributions
	(in millions)
Default fund contributions(2)	$	330	$	93	$	423
Margin deposits		3,081		3,238		6,319
Total	$	3,411	$	3,331	$	6,742

(1)

As of June 30, 2016, in accordance with its investment policy, Nasdaq Clearing has invested cash contributions of $828 million in reverse repurchase agreements and $1,337 million in highly rated European, and to a lesser extent, U.S. government debt securities. The remainder of this balance is held in cash.

(2)

As of June 30, 2016, of the total contributions of $423 million, Nasdaq Clearing can utilize $350 million as capital resources in the event of a counterparty default. The remaining balance of $73 million pertains to member posted surplus balances.

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 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. Nasdaq Clearing maintains and manages all cash deposits related to margin collateral. All risks and rewards of collateral ownership, including interest, belong to Nasdaq Clearing. Clearing members’ cash contributions are included in default funds and margin deposits in the Condensed Consolidated Balance Sheets as both a current asset and a current liability. Non-cash contributions include highly rated government debt securities that must meet specific criteria approved by Nasdaq Clearing. Non-cash contributions are pledged assets that are not recorded in the Condensed Consolidated Balance Sheets as Nasdaq Clearing does not take legal ownership of these assets and the risks and rewards remain with the clearing members. These balances may fluctuate over time due to changes in the amount of deposits required and whether members choose to provide cash or non-cash contributions. Assets pledged are held at a nominee account in Nasdaq Clearing’s name for the benefit of the clearing members and are immediately accessible by Nasdaq Clearing in the event of a default. In addition to clearing members’ required contributions to the default funds, Nasdaq Clearing is also required to contribute capital to the default funds and overall regulatory capital as specified under its clearinghouse rules. As of June 30, 2016, Nasdaq Clearing committed capital totaling $129 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 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 Clearing requires all clearing members to provide collateral, which may consist of cash and non-cash contributions, to guarantee performance on the clearing members’ open positions, or initial margin. In addition, clearing members must also provide collateral to cover the daily margin call if needed. See “Default Fund Contributions” above for further discussion of cash and non-cash contributions.

Nasdaq Clearing maintains and manages all cash deposits related to margin collateral. All risks and rewards of collateral ownership, including interest, belong to Nasdaq Clearing. 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 Clearing’s name for the benefit of the clearing members and are immediately accessible by Nasdaq Clearing in the event of a default.

Nasdaq Clearing marks to market all outstanding contracts and requires payment from clearing members whose positions have lost value. The mark-to-market process helps identify any clearing members that may not be able to satisfy their financial obligations in a timely manner allowing Nasdaq Clearing the ability to mitigate the risk of a clearing member defaulting due to exceptionally large losses. In the event of a default, Nasdaq Clearing can access the defaulting member’s margin deposits to cover the defaulting member’s losses.

Regulatory Capital and Risk Management Calculations

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

As mentioned above, Nasdaq Clearing is the legal counterparty for each contract traded and thereby guarantees the fulfillment of each contract. Nasdaq Clearing accounts for this guarantee as a performance guarantee. We determine the fair value of the performance guarantee by considering daily settlement of contracts and other margining and default fund requirements, the risk management program, historical evidence of default payments, and the estimated probability of potential default payouts. The calculation is determined using proprietary risk management software that simulates gains and losses based on historical market prices, extreme but plausible market scenarios, volatility and other factors present at that point in time for those particular unsettled contracts. Based on this analysis, the estimated liability was nominal and no liability was recorded as of June 30, 2016.

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



	June 30, 2016
	(in millions)
Commodity and seafood options, futures and forwards(1)(2)(3)	$	1,352
Fixed-income options and futures(1)(2)		1,118
Stock options and futures(1)(2)		194
Index options and futures(1)(2)		181
Total	$	2,845

(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.

The total number of derivative contracts cleared through Nasdaq Clearing for the six months ended June 30, 2016 and 2015 was as follows:



	June 30, 2016		June 30, 2015
Commodity and seafood options, futures and forwards(1)		1,790,752		1,461,087
Fixed-income options and futures		7,942,528		9,880,194
Stock options and futures		16,193,401		18,003,301
Index options and futures		26,709,292		24,860,846
Total		52,635,973		54,205,428

(1)

The total volume in cleared power related to commodity contracts was 875 Terawatt hours (TWh) for the six months ended June 30, 2016 and 692 TWh for the six months ended June 30, 2015.

The outstanding contract value of resale and repurchase agreements was $5.5 billion as of June 30, 2016 and $4.6 billion as of June 30, 2015. The total number of resale and repurchase contracts cleared was 3,895,795 for the six months ended June 30, 2016 and was 3,077,624 for the six months ended June 30, 2015.

Power of Assessment

To further strengthen the contingent financial resources of the clearinghouse, Nasdaq Clearing has power of assessment that provides the ability to collect additional funds from its clearing members to cover a defaulting member’s remaining obligations up to the limits established under the terms of the clearinghouse rules. The power of assessment corresponds to 100.0% of the clearing member’s aggregate contribution to the financial, commodities, and seafood markets’ default funds.

Liability Waterfall

The liability waterfall is the priority order in which the capital resources would be utilized in the event of a default where the defaulting clearing member’s collateral would not be sufficient to cover the cost to settle its portfolio. If a default occurs and the defaulting clearing member’s collateral, including cash deposits and pledged assets, is depleted, then capital is utilized in the following amount and order:

junior capital contributed by Nasdaq Clearing, which totaled $21 million at June 30, 2016;

a loss sharing pool related only to the financial market that is contributed to by clearing members and only applies if the defaulting member’s portfolio includes interest rate swap products;

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

senior capital contributed to each specific market by Nasdaq Clearing, calculated in accordance with clearinghouse rules, which totaled $24 million at June 30, 2016; and

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

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

Commitments, Contingencies and Guarantees	6 Months Ended
Commitments, Contingencies and Guarantees	Jun. 30, 2016
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 related to our clearing businesses. Financial guarantees issued to us totaled $14 million at June 30, 2016 and $13 million at December 31, 2015. As discussed in “Other Credit Facilities,” of Note 8, “Debt Obligations,” at June 30, 2016, credit facilities, which are available in multiple currencies, totaled $182 million in available liquidity, none of which was utilized. At December 31, 2015, credit facilities, which are available in multiple currencies, totaled $202 million in available liquidity, none of which 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. As of June 30, 2016, we have contributed $43 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 subject to a credit due diligence process and may be required to post collateral, provide principal letters, or provide other forms of credit enhancement to Execution Access for the purpose of mitigating counterparty risk. 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 $3 million as of June 30, 2016 and $11 million at December 31, 2015. 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. We have provided a guarantee related to lease obligations for The Nasdaq Entrepreneurial Center Inc., or the Entrepreneurial Center. 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. 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. Escrow Agreements In connection with prior acquisitions, we entered into escrow agreements to secure the payment of post-closing adjustments and to ensure other closing conditions. At June 30, 2016, these escrow agreements provide for future payment of $34 million and are included in other current and non-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 were named as a defendant in a putative class action, Rabin v. NASDAQ OMX PHLX LLC, et al., No. 15-551 (E.D. Pa.), filed in 2015 in the United States District Court for the Eastern District of Pennsylvania. On April 21, 2016, the court entered an order granting our motion to dismiss the complaint. The plaintiff appealed the dismissal to the Court of Appeals for the Third Circuit on May 18, 2016. Particularly given that the complaint was dismissed at the preliminary stage of the proceeding, 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 we intend to defend the dismissal on appeal vigorously. 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 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. The Second Circuit heard oral argument on March 3, 2016. 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. 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

6 Months Ended

Jun. 30, 2016

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,” 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. For the three and six months ended June 30, 2016, the following items are allocated to corporate items for segment reporting purposes:

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

Restructuring charges: Restructuring charges are associated with our 2015 restructuring plan to improve performance, cut costs and reduce spending and are primarily related to (i) the rebranding of our company name from The NASDAQ OMX Group, Inc. to Nasdaq, Inc., (ii) severance and other termination benefits, (iii) costs to vacate duplicate facilities, and (iv) asset impairment charges. We do not allocate these restructuring costs because they do not contribute to a meaningful evaluation of a particular segment’s ongoing operating performance.

Merger and strategic initiatives expense: We have pursued various strategic initiatives and completed a number of acquisitions in recent years which have resulted in expenses which would not have otherwise been incurred. These expenses include integration costs, as well as legal, due diligence and other third party transaction costs. The frequency and the amount of such expenses vary significantly based on the size, timing and complexity of the transaction. Accordingly, we do not allocate these costs for purposes of disclosing segment results because they do not contribute to a meaningful evaluation of a particular segment’s ongoing operating performance.

Other significant items: We have excluded certain other charges or gains that are the result of other non-comparable events to measure operating performance. We do not allocate these items for purposes of disclosing segment results as they do not contribute to a meaningful evaluation of a particular segment’s ongoing operating performance.

The following table presents certain information regarding our operating segments for the three and six months ended June 30, 2016 and 2015.



	Market Services		Listing Services		Information Services		Technology Solutions		Corporate Items and Eliminations		Consolidated
	(in millions)
Three Months Ended June 30, 2016
Total revenues	$	532	$	68	$	134	$	163	$	-	$	897
Transaction-based expenses		(338)		-		-		-		-		(338)
Revenues less transaction-based expenses		194		68		134		163		-		559
Operating income (loss)(1)	$	105	$	29	$	96	$	29	$	(85)	$	174
Three Months Ended June 30, 2015
Total revenues	$	478	$	66	$	128	$	135	$	-	$	807
Transaction-based expenses		(289)		-		-		-		-		(289)
Revenues less transaction-based expenses		189		66		128		135		-		518
Operating income (loss)(2)	$	100	$	29	$	89	$	19	$	(20)	$	217
Six Months Ended June 30, 2016
Total revenues	$	1,104	$	134	$	268	$	297	$	-	$	1,803
Transaction-based expenses		(710)		-		-		-		-		(710)
Revenues less transaction-based expenses		394		134		268		297		-		1,093
Operating income (loss)(3)	$	218	$	57	$	193	$	45	$	(120)	$	393
Six Months Ended June 30, 2015
Total revenues	$	1,018	$	130	$	253	$	265	$	-	$	1,666
Transaction-based expenses		(641)		-		-		-		-		(641)
Revenues less transaction-based expenses		377		130		253		265		-		1,025
Operating income (loss)(4)	$	201	$	57	$	181	$	33	$	(228)	$	244

(1)

Corporate items and eliminations for the three months ended June 30, 2016 primarily include:

amortization expense of acquired intangible assets of $19 million;

restructuring charges of $33 million. See Note 3, “Restructuring Charges,” for further discussion; and

merger and other strategic initiatives costs of $35 million primarily related to our acquisitions of Nasdaq CXC, formerly Chi-X Canada, Marketwired, Boardvantage, and ISE.

(2)

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

amortization expense of acquired intangible assets of $15 million;

merger and other strategic initiatives costs of $3 million primarily related to certain strategic initiatives and our acquisition of DWA; and

restructuring charges of $2 million. See Note 3, “Restructuring Charges,” for further discussion;

(3)

Corporate items and eliminations for the six months ended June 30, 2016 primarily include:

amortization expense of acquired intangible assets of $36 million;

restructuring charges of $41 million. See Note 3, “Restructuring Charges,” for further discussion; and

merger and other strategic initiatives costs of $44 million primarily related to our acquisitions of Nasdaq CXC, formerly Chi-X Canada, Marketwired, Boardvantage, and ISE.

(4)

Corporate items and eliminations for the six months ended June 30, 2015 primarily include:

restructuring charges of $152 million. See Note 3, “Restructuring Charges,” for further discussion;

amortization expense of acquired intangible assets of $31 million;

special legal expenses of $31 million;

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

merger and other strategic initiatives costs of $3 million primarily related to certain strategic initiatives and our acquisition of DWA.

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

Basis of Presentation and Principles of Consolidation (Policy)	6 Months Ended
	Jun. 30, 2016
Summary of Significant Accounting Policies [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, 2015. 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.
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	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 $76 million for the second quarter of 2016 and $139 million in the first six months of 2016 compared with $60 million in the second quarter of 2015 and $64 million in the first six months of 2015. The overall effective tax rate was 52.1% in the second quarter of 2016 and 40.8% in the first six months of 2016 compared with 31.3% in the second quarter of 2015 and 31.2% in the first six months of 2015. The higher effective tax rate in the second quarter and first six months of 2016 when compared with the same periods in 2015 is primarily due to an unfavorable ruling from the Finnish Supreme Administrative Court. See below for further discussion. 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 2015. We anticipate that the amount of unrecognized tax benefits at June 30, 2016 will significantly decrease in the next twelve months as we expect to settle certain tax audits. 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 appealed this ruling to the Finnish Supreme Administrative Court. Through March 31, 2016, we recorded tax benefits of $30 million associated with this filing position. We paid $41 million to the Finnish tax authorities, which includes $11 million in interest and penalties. In May 2016, we received an unfavorable ruling from the Finnish Supreme Administrative Court, in which the Court disagreed with our position. As such, in the second quarter of 2016 we recorded tax expense of $28 million, or $0.17 per diluted share. This expense reflects the reversal of previously recorded Finnish tax benefits, and related interest and penalties, of $38 million through the first quarter of 2016, net of a related U.S. tax benefit of $10 million. The tax expense recorded reflects the impact of foreign currency translation. We expect to record future quarterly net tax expense of approximately $1 million as a result of this ruling. 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 and continue to expect a favorable decision. Since January 1, 2013, we have recorded tax benefits of $47 million associated with this matter. We continue to 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 $38 million, or $0.23 per diluted share, which is gross of any related U.S. tax benefits and reflects the impact of foreign currency translation. We expect to record recurring quarterly tax benefits of $1 million to $2 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. The decision of the Lower Administrative Court was upheld by the Court of Appeals in April 2016. We have appealed this ruling to the Supreme Administrative Court.
Recently Announced Accounting Pronouncements	Recently Adopted Accounting Pronouncements Income Taxes In November 2015, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update, or ASU, 2015-17, “Balance Sheet Classification of Deferred Taxes,” which eliminates the current requirement to present deferred tax liabilities and assets as current and non-current in a classified balance sheet. Instead, Nasdaq is required to classify all deferred tax liabilities and assets as non-current. In the first quarter of 2016, we elected to early adopt this guidance retrospectively for all periods presented in the Condensed Consolidated Balance Sheets. The adoption of this guidance resulted in the reclassification of current deferred tax assets of $24 million to non-current deferred tax assets and current deferred tax liabilities of $24 million to non-current deferred tax liabilities for the year ended December 31, 2015. This new standard is a change in balance sheet presentation only. Business Combinations In September 2015, the FASB issued 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 the acquirer to recognize adjustments to provisional amounts 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. We adopted this new standard on January 1, 2016. Recently Announced Accounting Pronouncements Financial Instruments – Credit Losses In June 2016, the FASB issued ASU 2016-13, “Measurement of Credit Losses on Financial Instruments,” which changes the impairment model for certain financial instruments. The new model is a forward looking expected loss model and will apply to financial assets subject to credit losses and measured at amortized cost and certain off-balance sheet credit exposures. This includes loans, held-to-maturity debt securities, loan commitments, financial guarantees and net investments in leases, as well as trade receivables. For available-for-sale debt securities with unrealized losses, credit losses will be measured in a manner similar to today, except that the losses will be recognized as allowances rather than reductions in the amortized cost of the securities. This new standard is effective for us on January 1, 2020. Early adoption as of January 1, 2019 is permitted. We are currently assessing the impact that this standard will have on our consolidated financial statements. Compensation – Stock Compensation In March 2016, the FASB issued ASU 2016-09, “Improvements to Employee Share-Based Payment Accounting,” which involves several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. This new guidance will require all income tax effects of awards to be recognized as income tax expense or benefit in the income statement when the awards vest or are settled, as opposed to additional paid-in-capital where it is currently recorded. This guidance will impact the calculation of our total diluted share count for the earnings per share calculation, as calculated under the treasury stock method. It also will allow an employer to repurchase more of an employee’s shares than it can today for tax withholding purposes without triggering liability accounting. All tax-related cash flows resulting from share-based payments are to be reported as operating activities on the statement of cash flows. In regards to forfeitures, Nasdaq can make a policy election to either estimate the number of awards that are expected to vest or account for forfeitures as they occur. This new standard is effective for us on January 1, 2017, with early adoption permitted. We are currently assessing the impact that this standard will have on our consolidated financial statements. Leases In February 2016, the FASB issued ASU 2016-02, “Leases.” Under this new guidance, at the commencement date, lessees will be required to recognize a lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis; and a right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. This guidance is not applicable for leases with a term of 12 months or less. Lessor accounting is largely unchanged. The new standard is effective for us on January 1, 2019. Early adoption is permitted. We are currently assessing the impact that this standard will have on our consolidated financial statements. Financial Instruments – Overall In January 2016, the FASB issued ASU 2016-01, “Recognition and Measurement of Financial Assets and Financial Liabilities.” This new standard requires that most equity investments be measured at fair value, with subsequent changes in fair value recognized in net income. Under this new guidance, Nasdaq will no longer be able to recognize unrealized holding gains and losses on equity securities classified today as available-for-sale in accumulated other comprehensive income within stockholders’ equity. This new standard does not change the guidance for classifying and measuring investments in debt securities and loans. This new guidance also impacts financial liabilities accounted for under the fair value option and affects the presentation and disclosure requirements for financial assets and liabilities. This new standard is effective for us on January 1, 2018. Early adoption is not permitted. We do not anticipate a material impact on our consolidated financial statements at the time of adoption of this new standard. Revenue From Contracts With Customers 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, “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, and have not yet selected a transition approach

- 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)

6 Months Ended

Jun. 30, 2016

Restructuring Charges [Abstract]

Summary of Restructuring Charges



	Three Months Ended June 30,				Six Months Ended June 30,
	2016		2015		2016		2015

	(in millions)				(in millions)
Rebranding of trade name	$	-	$	-	$	-	$	119
Severance		18		3		22		21
Facilities-related		1		(10)		1		(7)
Asset impairments		5		6		8		15
Other		9		3		10		4
Total restructuring charges	$	33	$	2	$	41	$	152

Restructuring Reserve


	Balance at December 31, 2015			Expense Incurred		Cash Payments	Balance at June 30, 2016

	(in millions)
Severance	$	12	$	22	$	(13)	$	21

Acquisitions (Tables)

6 Months Ended

Jun. 30, 2016

Business Acquisition [Line Items]

Acquisition of Businesses


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

	(in millions)
ISE	$	1,070	$	(102)	$	623	$	549
Boardvantage		242		(17)		111		148
Marketwired		111		(6)		31		86
Nasdaq CXC, formerly Chi-X Canada		116		(14)		76		54

Dorsey, Wright & Associates, LLC or DWA [Member]

Business Acquisition [Line Items]

Acquisition of Businesses


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

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

Acquired finite lived intangible assets in acquisition


			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

Chi-X Canada [Member]

Business Acquisition [Line Items]

Acquired finite lived intangible assets in acquisition


			Estimated
			Average Remaining
	Value		Useful Life
Intangible asset:		(in millions)	(in years)
Customer relationships	$	76	17 years

Broadvantage [Member]

Business Acquisition [Line Items]

Acquired finite lived intangible assets in acquisition


			Estimated
			Average Remaining
	Value		Useful Life
Intangible assets:		(in millions)	(in years)
Customer relationships	$	103	14 years
Technology		6	5 years
Trade name		2	1 year
Total intangible assets	$	111

ISE [Member]

Business Acquisition [Line Items]

Acquired finite lived intangible assets in acquisition


			Estimated
			Average Remaining
	Value		Useful Life
Intangible assets:		(in millions)	(in years)
Exchange registrations	$	467	Indefinite
Customer relationships		148	13
Trade name		8	Indefinite
Total intangible assets	$	623

Goodwill and Acquired Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2016

Goodwill and Acquired Intangible Assets [Abstract]

Schedule of Changes in Goodwill



	Market Services		Listing Services		Information Services		Technology Solutions			Total

	(in millions)
Balance at December 31, 2015	$	2,941	$	112	$	1,823	$	519		$	5,395
Goodwill acquired		549		-		54		234	(1)		837
Foreign currency translation adjustment		9		-		(1)		(4)			4
Balance at June 30, 2016	$	3,499	$	112	$	1,876	$	749		$	6,236

Finite-Lived and Indefinite-Lived Intangible Assets



	June 30, 2016								December 31, 2015
	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	$	(20)	$	18		5	$	39	$	(23)	$	16		5
Customer relationships		1,394		(421)		973		18		1,038		(387)		651		20
Other		7		(4)		3		6		5		(4)		1		9
Foreign currency translation adjustment		(128)		45		(83)				(138)		43		(95)
Total finite-lived intangible assets	$	1,311	$	(400)	$	911			$	944	$	(371)	$	573

Indefinite-Lived Intangible Assets
Exchange and clearing registrations	$	1,257	$	-	$	1,257			$	790	$	-	$	790
Trade names		708		-		708				700		-		700
Licenses		52		-		52				51		-		51
Foreign currency translation adjustment		(157)		-		(157)				(155)		-		(155)
Total indefinite-lived intangible assets	$	1,860	$	-	$	1,860			$	1,386	$	-	$	1,386
Total intangible assets	$	3,171	$	(400)	$	2,771			$	2,330	$	(371)	$	1,959

Estimated Future Amortization Expense



	(in millions)
2016(1)	$	47
2017		96
2018		92
2019		78
2020		77
2021 and thereafter		604
Total	$	994

Deferred Revenue (Tables)

6 Months Ended

Jun. 30, 2016

Deferred Revenue [Abstract]

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, 2016	$	59	$	53	$	16	$	199	$	327
Additions(1)		5		7		294		252		558
Amortization(1)		(9)		(15)		(184)		(209)		(417)
Translation adjustment		-		-		1		5		6
Balance at June 30, 2016	$	55	$	45	$	127	$	247	$	474

Balance at January 1, 2015	$	54	$	78	$	13	$	247	$	392
Additions(1)		10		5		231		202		448
Amortization(1)		(8)		(18)		(125)		(238)		(389)
Translation adjustment		-		-		(1)		(11)		(12)
Balance at June 30, 2015	$	56	$	65	$	118	$	200	$	439

(1)

(2)

Debt Obligations (Tables)

6 Months Ended

Jun. 30, 2016

Debt Obligations [Abstract]

Changes in Debt Obligations



	December 31, 2015		Additions		Payments, Accretion and Other		June 30, 2016

	(in millions)
5.55% senior unsecured notes due January 15, 2020 (1) (2)	$	597	$	-	$	-	$	597
5.25% senior unsecured notes due January 16, 2018 (1) (2)		368		-		1		369
3.875% senior unsecured notes due June 7, 2021 (1) (2)		646		-		15		661
4.25% senior unsecured notes due June 1, 2024 (1) (2)		495		-		-		495
1.75% senior unsecured notes due May 19, 2023 (1) (2)		-		664		(7)		657
3.85% senior unsecured notes due June 30, 2026 (1) (2)		-		495		-		495
$400 million senior unsecured term loan facility due November 25, 2019 (average interest rate of 1.94% for the period March 17, 2016 through June 30, 2016)(3)		-		399		-		399
$750 million revolving credit commitment due November 25, 2019 (average interest rate of 1.62% for the period January 1, 2016 through June 30, 2016)(4)		258		833		(1,033)		58
Total long-term debt obligations	$	2,364	$	2,391	$	(1,024)	$	3,731

- 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 210
-SubTopic 10
-Section S99
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-Subparagraph (SX 210.5-02.22)
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-Subparagraph (SX 210.4-08.(e),(f))
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+ Details

Share-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2016

Share-Based Compensation [Abstract]

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



	Six Months Ended June 30,
	2016		2015


Weighted-average risk free interest rate		0.84%		0.81%
Expected volatility(1)		21.0%		21.5%
Weighted-average grant date share price	$	66.36	$	50.94
Weighted-average fair value at grant date	$	93.30	$	64.03

Summary of Share-Based Compensation Expense


	Three Months Ended June 30,				Six Months Ended June 30,
	2016		2015		2016		2015

	(in millions)				(in millions)
Share-based compensation expense before income taxes	$	19	$	18	$	35	$	32
Income tax benefit		(7)		(7)		(14)		(13)
Share-based compensation expense after income taxes	$	12	$	11	$	21	$	19

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, 2016		2,626,487	$	27.74		2.63	$	80
Exercised		(627,467)		33.50
Outstanding at June 30, 2016		1,999,020	$	25.94		2.47	$	77
Exercisable at June 30, 2016		1,999,020	$	25.94		2.47	$	77

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, 2016		3,343,738		$	35.36		1,863,685		$	47.57
Granted		653,650	(1)		62.67		995,864	(2)		64.60
Vested		(1,183,210)			27.58		(879,926)			43.81
Forfeited		(154,673)			40.67		(35,174)			50.62
Unvested balances at June 30, 2016		2,659,505		$	45.22		1,944,449		$	57.94

Nasdaq Stockholders’ Equity (Tables)

6 Months Ended

Jun. 30, 2016

Nasdaq Stockholders’ Equity [Abstract]

Schedule Of Dividends Payable [Text Block]



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

January 28, 2016	$	0.25	March 14, 2016	$	41	March 28, 2016
March 28, 2016	$	0.32	June 10, 2016	$	53	June 24, 2016

Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2016

Earnings Per Share [Abstract]

Summary of Computation of Basic and Diluted Earnings Per Share


	Three Months Ended June 30,				Six Months Ended June 30,
	2016		2015		2016		2015

	(in millions, except share and per share amounts)
Numerator:
Net income attributable to common shareholders	$	70	$	133	$	202	$	142
Denominator:
Weighted-average common shares outstanding for basic earnings per share		165,018,990		168,717,817		164,650,341		168,851,145
Weighted-average effect of dilutive securities:
Employee equity awards		3,186,818		3,423,836		3,582,688		3,543,889
Weighted-average common shares outstanding for diluted earnings per share		168,205,808		172,141,653		168,233,029		172,395,034
Basic and diluted earnings per share:
Basic earnings per share	$	0.42	$	0.79	$	1.23	$	0.84
Diluted earnings per share	$	0.42	$	0.77	$	1.20	$	0.82

Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2016

Fair Value of Financial Instruments [Abstract]

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



	June 30, 2016
	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)	$	255	$	242	$	13	$	-
Default fund and margin deposit investments(2)		2,165		1,337		828		-
Total	$	2,420	$	1,579	$	841	$	-

	December 31, 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)	$	201	$	189	$	12	$	-
Default fund and margin deposit investments(2)		1,556		1,253		303		-
Total	$	1,757	$	1,442	$	315	$	-

Clearing Operations (Tables)

6 Months Ended

Jun. 30, 2016

Clearing Operations [Abstract]

Schedule of Clearing Member Default Fund Contributions



	June 30, 2016
	Cash Contributions(1)		Non-Cash Contributions		Total Contributions
	(in millions)
Default fund contributions(2)	$	330	$	93	$	423
Margin deposits		3,081		3,238		6,319
Total	$	3,411	$	3,331	$	6,742

Schedule of Derivative Contracts Outstanding



	June 30, 2016
	(in millions)
Commodity and seafood options, futures and forwards(1)(2)(3)	$	1,352
Fixed-income options and futures(1)(2)		1,118
Stock options and futures(1)(2)		194
Index options and futures(1)(2)		181
Total	$	2,845

Schedule of Derivative Contracts Cleared



	June 30, 2016		June 30, 2015
Commodity and seafood options, futures and forwards(1)		1,790,752		1,461,087
Fixed-income options and futures		7,942,528		9,880,194
Stock options and futures		16,193,401		18,003,301
Index options and futures		26,709,292		24,860,846
Total		52,635,973		54,205,428

- 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
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-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5579240-113959

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=56946850&loc=d3e41620-113959

Reference 11: 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.(n)(2))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

+ Details

Business Segments (Tables)

6 Months Ended

Jun. 30, 2016

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 June 30, 2016
Total revenues	$	532	$	68	$	134	$	163	$	-	$	897
Transaction-based expenses		(338)		-		-		-		-		(338)
Revenues less transaction-based expenses		194		68		134		163		-		559
Operating income (loss)(1)	$	105	$	29	$	96	$	29	$	(85)	$	174
Three Months Ended June 30, 2015
Total revenues	$	478	$	66	$	128	$	135	$	-	$	807
Transaction-based expenses		(289)		-		-		-		-		(289)
Revenues less transaction-based expenses		189		66		128		135		-		518
Operating income (loss)(2)	$	100	$	29	$	89	$	19	$	(20)	$	217
Six Months Ended June 30, 2016
Total revenues	$	1,104	$	134	$	268	$	297	$	-	$	1,803
Transaction-based expenses		(710)		-		-		-		-		(710)
Revenues less transaction-based expenses		394		134		268		297		-		1,093
Operating income (loss)(3)	$	218	$	57	$	193	$	45	$	(120)	$	393
Six Months Ended June 30, 2015
Total revenues	$	1,018	$	130	$	253	$	265	$	-	$	1,666
Transaction-based expenses		(641)		-		-		-		-		(641)
Revenues less transaction-based expenses		377		130		253		265		-		1,025
Operating income (loss)(4)	$	201	$	57	$	181	$	33	$	(228)	$	244

Organization and Nature of Operations (Details) $ in Billions	6 Months Ended
	Jun. 30, 2016 USD ($) segment item country customer
Organization And Basis Of Presentation [Line Items]
Operations in number of continents \| segment	6
Number of operating segments \| segment	4
Total number of U.S. listed companies	2,868
Approximate combined market capitalization, U.S. \| $	$ 8,100
Total number of listed companies within Nordic and Baltic exchanges	873
Approximate combined market capitalization within Nordic and Baltic exchanges \| $	$ 1,200
Information Services [Member]
Organization And Basis Of Presentation [Line Items]
Number of exchange traded products licensed to Nasdaq's Indexes	267
Assets management value \| $	$ 108
Technology Solutions Revenues [Member]
Organization And Basis Of Presentation [Line Items]
Number of clients \| customer	18,000
Number of exchanges	70
Services Provided Over Number Of Countries \| country	50

Basis of Presentation and Principles of Consolidation (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015	Mar. 31, 2015
Income Tax Examination [Line Items]
Tax Provision	$ 76	$ 60	$ 139	$ 64
Effective Income Tax Rate Continuing Operations	52.10%	31.30%	40.80%	31.20%
Tax expense (benefits) recorded		$ 12		$ 12
Deferred Tax Assets Net Current					$ 24
Deferred Tax Liabilities Current					$ 24
Recurring quarterly tax expense (benefits)	$ 1
Finnish Tax Authority [Member]
Income Tax Examination [Line Items]
Tax Provision	10
Tax expense (benefits) recorded	38		$ 38
Swedish Tax Agency [Member]
Income Tax Examination [Line Items]
Tax expense (benefits) recorded						$ 12
FI \| Finnish Tax Authority [Member]
Income Tax Examination [Line Items]
Income Taxes Paid			41
Income Tax Examination, Penalties and Interest Expense			11
Tax expense (benefits) recorded	(30)		(30)
SE \| Swedish Supreme Administrative Court [Member]
Income Tax Examination [Line Items]
Tax expense (benefits) recorded	(47)		(47)
SE \| Swedish Supreme Administrative Court [Member] \| Minimum [Member]
Income Tax Examination [Line Items]
Recurring quarterly tax expense (benefits)			1
SE \| Swedish Supreme Administrative Court [Member] \| Maximum [Member]
Income Tax Examination [Line Items]
Recurring quarterly tax expense (benefits)			$ 2
Unfavorable outcome [Member] \| Finnish Tax Authority [Member]
Income Tax Examination [Line Items]
Tax Provision	$ 28
Tax expense (benefits), per diluted share	$ 0.17		$ 0.17
Unfavorable outcome [Member] \| Swedish Supreme Administrative Court [Member]
Income Tax Examination [Line Items]
Tax expense (benefits) recorded	$ 38		$ 38
Tax expense (benefits), per diluted share	$ 0.23		$ 0.23

Restructuring Charges (Narrative) (Details) $ in Millions	3 Months Ended		6 Months Ended		18 Months Ended
Restructuring Charges (Narrative) (Details) $ in Millions	Jun. 30, 2016 USD ($) employee	Jun. 30, 2015 USD ($) employee	Jun. 30, 2016 USD ($) employee	Jun. 30, 2015 USD ($) employee	Jun. 30, 2016 USD ($)
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 33	$ 2	$ 41	$ 152	$ 214
Pre-tax savings	$ 36
Number of positions eliminated \| employee	188	21	201	220
Release of sublease loss reserve		$ 10
Severance [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 18	3	$ 22	$ 21	47
Release of sublease loss reserve			(13)
Facilities-related [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges	1	(10)	1	(7)	1
Asset impairments [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges	5	6	8	15	26
Rebranding of Trade Name [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges				119	119
Other Restructuring [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 9	$ 3	$ 10	$ 4	$ 21

Restructuring Charges (Summary of Restructuring Charges) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		18 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	$ 33	$ 2	$ 41	$ 152	$ 214
Rebranding of Trade Name [Member]
Restructuring Cost and Reserve [Line Items]
Total restructuring charges				119	119
Severance [Member]
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	18	3	22	21	47
Facilities-related [Member]
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	1	(10)	1	(7)	1
Asset impairments [Member]
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	5	6	8	15	26
Other Restructuring [Member]
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	$ 9	$ 3	$ 10	$ 4	$ 21

Restructuring Charges (Restructuring Reserve) (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2016
Restructuring Cost And Reserve [Line Items]
Cash payments	$ 10
Severance [Member]
Restructuring Cost And Reserve [Line Items]
Balance at December 31, 2015		$ 12
Expenses Incurred		22
Cash payments		(13)
Balance at end of period		$ 21

Acquisitions (Narrative) (Details) € in Millions, $ in Millions						2 Months Ended	3 Months Ended		6 Months Ended	12 Months Ended
	Jun. 30, 2016 EUR (€)	May 02, 2016 USD ($)	Feb. 24, 2016 USD ($)	Feb. 01, 2016 USD ($)	Jan. 30, 2015 USD ($)	Mar. 31, 2015 USD ($)	Jun. 30, 2016 USD ($)	Mar. 31, 2016 USD ($)	Jun. 30, 2016 EUR (€)	Dec. 31, 2015	Jun. 30, 2016 USD ($)
Business Acquisition [Line Items]
Net assets acquired		$ (17)	$ (6)	$ (14)							$ (102)
Acquired intangible assets		111	31	76	$ 141						$ 623
3.875% senior unsecured notes due June 7, 2021 [Member]
Business Acquisition [Line Items]
Debt Instrument Carrying Amount \| €	€ 600								€ 600
Debt Instrument Interest Rate Stated Percentage	3.875%								3.875%		3.875%
1.75% Senior Unsecured Notes Due May 19 2023 [Member]
Business Acquisition [Line Items]
Debt Instrument Carrying Amount \| €	€ 600								€ 600
Debt Instrument Interest Rate Stated Percentage	1.75%								1.75%		1.75%
3.85 Senior Unsecured Notes Due June 30, 2026 [Member]
Business Acquisition [Line Items]
Debt Instrument Carrying Amount											$ 500
Debt Instrument Interest Rate Stated Percentage	3.85%								3.85%		3.85%
Customer Relationships [Member]
Business Acquisition [Line Items]
Acquired Finite Lived Intangible Assets Weighted Average Useful Life									18 years	20 years
Estimated Average Remaining Useful Life									13 years
Technology [Member]
Business Acquisition [Line Items]
Acquired Finite Lived Intangible Assets Weighted Average Useful Life									5 years	5 years
Boardbantage, Inc [Member]
Business Acquisition [Line Items]
Acquired intangible assets		111
Purchase consideration includes working capital adjustments		242
Business acquisition, cash paid		197
Business acquisition, working capital adjustments		45
Net liabilities assumed		17
Acquisition recorded as deferred tax asset		1
Acquisition recorded as deferred tax liability		46
Net assets Acquired		28
Credit facility, proceeds		197
Boardbantage, Inc [Member] \| Customer Relationships [Member]
Business Acquisition [Line Items]
Acquired intangible assets		$ 103
Discount rate		15.50%
Acquired Finite Lived Intangible Assets Weighted Average Useful Life		14 years
Estimated Average Remaining Useful Life									14 years
Boardbantage, Inc [Member] \| Technology [Member]
Business Acquisition [Line Items]
Acquired intangible assets		$ 6
Estimated Average Remaining Useful Life									5 years
Boardbantage, Inc [Member] \| Trade names [Member]
Business Acquisition [Line Items]
Acquired intangible assets		$ 2
Marketwired [Member]
Business Acquisition [Line Items]
Acquired intangible assets			31
Purchase consideration includes working capital adjustments			111
Business acquisition, cash paid			109
Business acquisition, working capital adjustments			2
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Financial Liabilities							$ 5
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities			1
Net liabilities assumed			11
Acquisition recorded as deferred tax liability			10
Credit facility, proceeds								$ 109
Marketwired [Member] \| Customer Relationships [Member]
Business Acquisition [Line Items]
Acquired intangible assets			$ 29
Discount rate			16.40%
Amortization period of intangible assets for tax purposes			15 years
Acquired Finite Lived Intangible Assets Weighted Average Useful Life			6 years
Estimated Average Remaining Useful Life									6 years
Marketwired [Member] \| Trade names [Member]
Business Acquisition [Line Items]
Acquired intangible assets			$ 2
Chi-X Canada [Member]
Business Acquisition [Line Items]
Net assets acquired				6
Purchase consideration includes working capital adjustments				116
Business acquisition, cash paid				115
Business acquisition, working capital adjustments				1
Net liabilities assumed				14
Acquisition recorded as non-current deferred tax liability				20
Deferred Tax Liabilities Noncurrent				20
Chi-X Canada [Member] \| Revolving Credit Facility [Member]
Business Acquisition [Line Items]
Credit facility, proceeds				55
Chi-X Canada [Member] \| Customer Relationships [Member]
Business Acquisition [Line Items]
Acquired intangible assets				$ 76
Discount rate				10.30%
Amortization period of intangible assets for tax purposes				15 years
Acquired Finite Lived Intangible Assets Weighted Average Useful Life				17 years
Estimated Average Remaining Useful Life									17 years
ISE [Member]
Business Acquisition [Line Items]
Net assets acquired											$ 83
Acquired intangible assets											623
Purchase consideration includes working capital adjustments											1,070,000
Net liabilities assumed											102
Acquisition recorded as deferred tax asset											81
Acquisition recorded as deferred tax liability											266
ISE [Member] \| Customer Relationships [Member]
Business Acquisition [Line Items]
Acquired intangible assets											148
Discount rate	9.10%
Acquired Finite Lived Intangible Assets Weighted Average Useful Life	13 years
ISE [Member] \| Trade names [Member]
Business Acquisition [Line Items]
Acquired intangible assets											8
Dorsey, Wright & Associates, LLC or DWA [Member]
Business Acquisition [Line Items]
Acquired intangible assets					141
Purchase consideration includes working capital adjustments					226
Business acquisition, cash paid					225
Net liabilities assumed					(26)
Acquisition recorded as non-current deferred tax liability					34
Business acquisition, working capital adjustments					1
Net assets Acquired					8
Deferred Tax Liabilities Noncurrent					$ 34
Dorsey, Wright & Associates, LLC or DWA [Member] \| Revolving Credit Facility [Member]
Business Acquisition [Line Items]
Credit facility, proceeds						$ 100
Dorsey, Wright & Associates, LLC or DWA [Member] \| Customer Relationships [Member]
Business Acquisition [Line Items]
Estimated Average Remaining Useful Life					15 years				15 years
Dorsey, Wright & Associates, LLC or DWA [Member] \| Customer Relationships [Member] \| Income Approach Valuation Technique [Member]
Business Acquisition [Line Items]
Discount rate					17.50%
Amortization period of intangible assets for tax purposes					15 years
Customer relationships intangible assets, estimated percentage of revenues					100.00%
Dorsey, Wright & Associates, LLC or DWA [Member] \| Technology [Member]
Business Acquisition [Line Items]
Estimated Average Remaining Useful Life									5 years
Dorsey, Wright & Associates, LLC or DWA [Member] \| Trade names [Member]
Business Acquisition [Line Items]
Amortization period of intangible assets for tax purposes					15 years
Dorsey, Wright & Associates, LLC or DWA [Member] \| Trade names [Member] \| Income Approach Valuation Technique [Member]
Business Acquisition [Line Items]
Discount rate					17.00%
Trade names [Member] \| Boardbantage, Inc [Member]
Business Acquisition [Line Items]
Estimated Average Remaining Useful Life									1 year
Trade names [Member] \| Marketwired [Member]
Business Acquisition [Line Items]
Estimated Average Remaining Useful Life									2 years
Licenses [Member] \| ISE [Member]
Business Acquisition [Line Items]
Acquired intangible assets											$ 467
Discount rate	8.60%
Minimum [Member] \| Dorsey, Wright & Associates, LLC or DWA [Member] \| Customer Relationships [Member] \| Income Approach Valuation Technique [Member]
Business Acquisition [Line Items]
Customer relationships intangible assets, period of growth					3 years
Maximum [Member] \| Dorsey, Wright & Associates, LLC or DWA [Member] \| Customer Relationships [Member] \| Income Approach Valuation Technique [Member]
Business Acquisition [Line Items]
Customer relationships intangible assets, period of growth					6 years

Acquisitions (Acquisition of Businesses) (Details) - USD ($) $ in Millions	Jun. 30, 2016	May 02, 2016	Feb. 24, 2016	Feb. 01, 2016	Dec. 31, 2015	Jan. 30, 2015
Business Acquisition [Line Items]
Purchase consideration	$ 1,070	$ 242	$ 111	$ 116
Net assets acquired	(102)	(17)	(6)	(14)
Acquired intangible assets	623	111	31	76		$ 141
Goodwill	6,236	$ 148	86	54	$ 5,395	111
Dorsey, Wright & Associates, LLC or DWA [Member]
Business Acquisition [Line Items]
Purchase consideration						226
Acquired intangible assets						$ 141
Chi-X Canada [Member]
Business Acquisition [Line Items]
Net assets acquired				$ 6
Marketwired [Member]
Business Acquisition [Line Items]
Acquired intangible assets			$ 31
ISE [Member]
Business Acquisition [Line Items]
Net assets acquired	83
Acquired intangible assets	623
Goodwill	$ 549

Acquisitions (Purchased finite lived intangible assets acquired in the acquisition) (Details) - USD ($) $ in Millions		6 Months Ended
	Jan. 30, 2015	Jun. 30, 2016	May 02, 2016	Feb. 24, 2016	Feb. 01, 2016
Finite Lived And Indefinite Lived Intangible Assets [Line Items]
Acquired intangible assets	$ 141	$ 623	$ 111	$ 31	$ 76
Dorsey, Wright & Associates, LLC or DWA [Member]
Finite Lived And Indefinite Lived Intangible Assets [Line Items]
Acquired intangible assets	$ 141
Boardbantage, Inc [Member]
Finite Lived And Indefinite Lived Intangible Assets [Line Items]
Acquired intangible assets			111
Marketwired [Member]
Finite Lived And Indefinite Lived Intangible Assets [Line Items]
Acquired intangible assets				31
Customer Relationships [Member]
Finite Lived And Indefinite Lived Intangible Assets [Line Items]
Estimated Average Remaining Useful Life		13 years
Customer Relationships [Member] \| Dorsey, Wright & Associates, LLC or DWA [Member]
Finite Lived And Indefinite Lived Intangible Assets [Line Items]
Estimated Average Remaining Useful Life	15 years	15 years
Finite-lived Intangible Assets Acquired	$ 29
Customer Relationships [Member] \| Chi-X Canada [Member]
Finite Lived And Indefinite Lived Intangible Assets [Line Items]
Estimated Average Remaining Useful Life		17 years
Acquired intangible assets					$ 76
Customer Relationships [Member] \| Boardbantage, Inc [Member]
Finite Lived And Indefinite Lived Intangible Assets [Line Items]
Estimated Average Remaining Useful Life		14 years
Acquired intangible assets			103
Customer Relationships [Member] \| Marketwired [Member]
Finite Lived And Indefinite Lived Intangible Assets [Line Items]
Estimated Average Remaining Useful Life		6 years
Acquired intangible assets				$ 29
Technology [Member] \| Dorsey, Wright & Associates, LLC or DWA [Member]
Finite Lived And Indefinite Lived Intangible Assets [Line Items]
Estimated Average Remaining Useful Life		5 years
Finite-lived Intangible Assets Acquired	4
Technology [Member] \| Boardbantage, Inc [Member]
Finite Lived And Indefinite Lived Intangible Assets [Line Items]
Estimated Average Remaining Useful Life		5 years
Acquired intangible assets			$ 6
Trade names [Member] \| Dorsey, Wright & Associates, LLC or DWA [Member]
Finite Lived And Indefinite Lived Intangible Assets [Line Items]
Indefinite-lived Intangible Assets Acquired	$ 108
Trade names [Member] \| Boardbantage, Inc [Member]
Finite Lived And Indefinite Lived Intangible Assets [Line Items]
Estimated Average Remaining Useful Life		1 year
Trade names [Member] \| Marketwired [Member]
Finite Lived And Indefinite Lived Intangible Assets [Line Items]
Estimated Average Remaining Useful Life		2 years

Goodwill and Acquired Intangible Assets (Narrative) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Schedule of Goodwill and Intangible Assets [Line Items]
Goodwill expected to be deductible in future periods	$ 872,000,000		$ 872,000,000
Amortization expense for purchased finite-lived intangible assets	19,000,000	$ 15,000,000	36,000,000	$ 31,000,000
Future amortization expense, impact of foreign currency translation adjustments	83,000,000		83,000,000
Goodwill Impairment Loss			0	$ 0
eSpeed [Member]
Schedule of Goodwill and Intangible Assets [Line Items]
Goodwill expected to be deductible in future periods	536,000,000		536,000,000
TR Corporate Solutions Businesses [Member]
Schedule of Goodwill and Intangible Assets [Line Items]
Goodwill expected to be deductible in future periods	247,000,000		247,000,000
Marketwired [Member]
Schedule of Goodwill and Intangible Assets [Line Items]
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Financial Liabilities	5,000,000
Other Aquisitions [Member]
Schedule of Goodwill and Intangible Assets [Line Items]
Goodwill expected to be deductible in future periods	$ 89,000,000		$ 89,000,000

Goodwill and Acquired Intangible Assets (Schedule of Changes in Goodwill) (Details) $ in Millions	6 Months Ended
	Jun. 30, 2016 USD ($)
Goodwill [Line Items]
Balance	$ 5,395
Goodwill acquired	837
Foreign currency translation adjustment	4
Balance	6,236
Market Services [Member]
Goodwill [Line Items]
Balance	2,941
Goodwill acquired	549
Foreign currency translation adjustment	9
Balance	3,499
Listing Services [Member]
Goodwill [Line Items]
Balance	112
Balance	112
Information Services [Member]
Goodwill [Line Items]
Balance	1,823
Goodwill acquired	54
Foreign currency translation adjustment	(1)
Balance	1,876
Technology Solutions Revenues [Member]
Goodwill [Line Items]
Balance	519
Goodwill acquired	234
Foreign currency translation adjustment	(4)
Balance	$ 749

Goodwill and Acquired Intangible Assets (Finite-Lived and Indefinite-Lived Intangible Assets) (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Finite Lived And Indefinite Lived Intangible Assets [Line Items]
Total Finite-Lived Intangible Assets, Gross Amount	$ 1,311	$ 944
Accumulated Amortization	(400)	(371)
Total	911	573
Total indefinite-lived intangible assets, Net Amount	1,860	1,386
Total Intangible Assets, Gross Amount	3,171	2,330
Total Intangible Assets, Net Amount	2,771	1,959
Exchange and clearing registrations [Member]
Finite Lived And Indefinite Lived Intangible Assets [Line Items]
Total indefinite-lived intangible assets, Net Amount	1,257	790
Trade names [Member]
Finite Lived And Indefinite Lived Intangible Assets [Line Items]
Total indefinite-lived intangible assets, Net Amount	708	700
Foreign currency translation adjustment [Member]
Finite Lived And Indefinite Lived Intangible Assets [Line Items]
Total indefinite-lived intangible assets, Net Amount	(157)	(155)
Technology [Member]
Finite Lived And Indefinite Lived Intangible Assets [Line Items]
Total Finite-Lived Intangible Assets, Gross Amount	38	39
Accumulated Amortization	(20)	(23)
Total	$ 18	$ 16
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	$ 1,394	$ 1,038
Accumulated Amortization	(421)	(387)
Total	$ 973	$ 651
Total finite-lived intangible assets, Weighted-Average Useful Life (in Years)	18 years	20 years
Other [Member]
Finite Lived And Indefinite Lived Intangible Assets [Line Items]
Total Finite-Lived Intangible Assets, Gross Amount	$ 7	$ 5
Accumulated Amortization	(4)	(4)
Total	$ 3	$ 1
Total finite-lived intangible assets, Weighted-Average Useful Life (in Years)	6 years	9 years
Foreign currency translation adjustment [Member]
Finite Lived And Indefinite Lived Intangible Assets [Line Items]
Total Finite-Lived Intangible Assets, Gross Amount	$ (128)	$ (138)
Accumulated Amortization	45	43
Total	$ (83)	$ (95)

Goodwill and Acquired Intangible Assets (Estimated Future Amortization Expense) (Details)
$ in Millions

Jun. 30, 2016

USD ($)

Goodwill and Acquired Intangible Assets [Abstract]

2016

$ 47

^[1]

604

$ 994

[1]	(1) Represents the estimated amortization expense to be recognized for the remaining six months of 2016.

Investments (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended		6 Months Ended		15 Months Ended
Investments (Details) - USD ($) $ in Millions	Mar. 31, 2015	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Dec. 31, 2015
Investments, Debt and Securities [Line Items]
Trading securities		$ 242		$ 242		$ 242	$ 189
Available for sale, fair value		13		13		13	12
Equity method investments		132		132		132	72
Net income (loss) from unconsolidated investees		1	$ 1	3	$ 15	1
Carrying cost of Investment		148		148		148	$ 132
Borsa Istanbul Cost Method Investment [Member]
Investments, Debt and Securities [Line Items]
Carrying cost of Investment		$ 75		$ 75		$ 75
Cost Method Investment Ownership Percentage		5.00%		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%	5.00%
Foreign Government Debt Securities [Member]
Investments, Debt and Securities [Line Items]
Trading securities		$ 169		$ 169		$ 169	$ 166
OCC [Member]
Investments, Debt and Securities [Line Items]
Equity Method Investment Ownership Percentage		40.00%		40.00%		40.00%
Payments to Acquire Equity Method Investments	$ 30
Total Committed Equity Contribution	$ 150
Annual dividend From Shareholders percentage				50.00%
OCC [Member] \| ISE [Member]
Investments, Debt and Securities [Line Items]
Equity Method Investment Ownership Percentage		20.00%		20.00%		20.00%
OCC [Member] \| OCC [Member] \| Other Income [Member]
Investments, Debt and Securities [Line Items]
Net income (loss) from unconsolidated investees					$ 13

Deferred Revenue (Changes in Deferred Revenue) (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Deferred Revenue Arrangement [Line Items]
Beginning Balance	$ 327	$ 392
Additions	558	448
Amortization	(417)	(389)
Translation adjustment	6	(12)
Ending Balance	474	439
Initial Listing Revenues [Member]
Deferred Revenue Arrangement [Line Items]
Beginning Balance	59	54
Additions	5	10
Amortization	(9)	(8)
Ending Balance	55	56
Listing of Additional Shares Revenues [Member]
Deferred Revenue Arrangement [Line Items]
Beginning Balance	53	78
Additions	7	5
Amortization	(15)	(18)
Ending Balance	45	65
Annual Renewal and Other Revenues [Member]
Deferred Revenue Arrangement [Line Items]
Beginning Balance	16	13
Additions	294	231
Amortization	(184)	(125)
Translation adjustment	1	(1)
Ending Balance	127	118
Technology Solutions Revenues [Member]
Deferred Revenue Arrangement [Line Items]
Beginning Balance	199	247
Additions	252	202
Amortization	(209)	(238)
Translation adjustment	5	(11)
Ending Balance	$ 247	$ 200

Deferred Revenue (Estimated Deferred Revenue) (Details) - USD ($) $ in Millions	Jun. 30, 2016	Dec. 31, 2015	Jun. 30, 2015	Dec. 31, 2014
Deferred Revenue Arrangement [Line Items]
2016	$ 220
2017	91
2018	59
2019	45
2020	37
2021 and thereafter	22
Deferred revenue estimated revenue to be recognized	474	$ 327	$ 439	$ 392
Initial Listing Revenues [Member]
Deferred Revenue Arrangement [Line Items]
2016	8
2017	15
2018	12
2019	10
2020	7
2021 and thereafter	3
Deferred revenue estimated revenue to be recognized	55	59	56	54
Listing of Additional Shares Revenues [Member]
Deferred Revenue Arrangement [Line Items]
2016	13
2017	20
2018	9
2019	3
Deferred revenue estimated revenue to be recognized	45	53	65	78
Annual Renewal and Other Revenues [Member]
Deferred Revenue Arrangement [Line Items]
2016	125
2017	2
Deferred revenue estimated revenue to be recognized	127	16	118	13
Technology Solutions Revenues [Member]
Deferred Revenue Arrangement [Line Items]
2016	74
2017	54
2018	38
2019	32
2020	30
2021 and thereafter	19
Deferred revenue estimated revenue to be recognized	$ 247	$ 199	$ 200	$ 247

Debt Obligations (5.55% Senior Unsecured Notes) (Details) - USD ($)	6 Months Ended
	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015
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
Total debt obligations	$ 597,000,000		$ 597,000,000
$750 million revolving credit commitment due September 19, 2016 [Member]
Debt Instrument [Line Items]
Total debt obligations	58,000,000		$ 258,000,000
$400 million term loan facility [Member]
Debt Instrument [Line Items]
Debt instrument, face amount		$ 400,000,000
Debt Instrument Carrying Amount	399,000,000
Total debt obligations	$ 399,000,000

Employee Benefits (Narrative) (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended		18 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016
Defined Benefit Plan Disclosure [Line Items]
Cost or expenses included in compensation and benefit expense			$ 8	$ 9
Common stock shares reserved for future issuance	6.0		6.0		6.0
Defined contributions plan expense					$ 5
Compensation expenses	$ 1	$ 1			$ 2
Savings Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined contributions plan expense	2	2
Non-U.S. Benefit Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Cost or expenses included in compensation and benefit expense	$ 4	$ 4
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	2.4		2.4		2.4
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%

Debt Obligations (5.25% Senior Unsecured Notes) (Details) - 5.25% senior unsecured notes due January 16, 2018 [Member] - USD ($)	6 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
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	$ 369,000,000	$ 368,000,000
Aggregate principal amount purchased plus accrued and unpaid interest	101.00%

Debt Obligations (3.875% Senior Unsecured Notes) (Details) € in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016 USD ($)	Jun. 30, 2015 USD ($)	Jun. 30, 2016 USD ($)	Jun. 30, 2015 USD ($)	Jun. 30, 2016 EUR (€)	Jun. 30, 2016 USD ($)	Dec. 31, 2015 USD ($)
Debt Instrument [Line Items]
Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Before Tax	$ (127)	$ 125	$ 11	$ (188)
3.875% senior unsecured notes due June 7, 2021 [Member]
Debt Instrument [Line Items]
Total debt obligations						$ 661	$ 646
Debt Instrument Carrying Amount \| €					€ 600
Debt instrument, interest rate					3.875%	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			$ 15
3.85 Senior Unsecured Notes Due June 30, 2026 [Member]
Debt Instrument [Line Items]
Total debt obligations						$ 495
Debt Instrument Carrying Amount						$ 500
Debt instrument, interest rate					3.85%	3.85%
Maximum interest rate on debt instrument	5.85%
Aggregate principal amount purchased plus accrued and unpaid interest	101.00%
1.75% Senior Unsecured Notes Due May 19 2023 [Member]
Debt Instrument [Line Items]
Total debt obligations						$ 657
Debt Instrument Carrying Amount \| €					€ 600
Debt instrument, interest rate					1.75%	1.75%
Maximum interest rate on debt instrument	3.75%
Aggregate principal amount purchased plus accrued and unpaid interest	101.00%
Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Before Tax			$ 7

Debt Obligations (4.25% Senior Unsecured Notes) (Details) - 4.25% Senior Unsecured Notes Due June 1 2024 [Member] - USD ($)	6 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Total debt obligations	$ 495,000,000	$ 495,000,000
Debt instrument, face amount	$ 500,000,000
Debt instrument, interest rate	4.25%
Debt instrument, interest rate, maximum	6.25%
Aggregate principal amount purchased plus accrued and unpaid interest	101.00%

Debt Obligations (2014 Credit Facility) (Details) - USD ($) $ in Millions		2 Months Ended	3 Months Ended		6 Months Ended
	Feb. 01, 2016	Mar. 31, 2015	Jun. 30, 2016	Mar. 31, 2016	Jun. 30, 2016
Debt Instrument [Line Items]
Credit facility, outstanding amount			$ 58		$ 58
Marketwired [Member]
Debt Instrument [Line Items]
Credit facility, proceeds				$ 109
$750 million revolving credit commitment due November 25, 2019 [Member]
Debt Instrument [Line Items]
Credit facility, proceeds			361		833
Line Of Credit Facility Maximum Borrowing Capacity			$ 750		750
Revolving Credit Facility [Member] \| Dorsey, Wright & Associates, LLC or DWA [Member]
Debt Instrument [Line Items]
Credit facility, proceeds		$ 100
Revolving Credit Facility [Member] \| Chi-X Canada [Member]
Debt Instrument [Line Items]
Credit facility, proceeds	$ 55
Revolving Credit Facility [Member] \| $750 million revolving credit commitment due November 25, 2019 [Member]
Debt Instrument [Line Items]
Repayments of credit facility					$ 1,033

Debt Obligations (2016 Credit Facility) (Details) - USD ($)		2 Months Ended	3 Months Ended	6 Months Ended
	Feb. 01, 2016	Mar. 31, 2015	Jun. 30, 2016	Jun. 30, 2016
Debt Instrument [Line Items]
Credit facility, outstanding amount			$ 58,000,000	$ 58,000,000
$750 million revolving credit commitment due November 25, 2019 [Member]
Debt Instrument [Line Items]
Credit facility, proceeds			361,000,000	833,000,000
Line Of Credit Facility Maximum Borrowing Capacity			$ 750,000,000	750,000,000
$400 million term loan facility [Member]
Debt Instrument [Line Items]
percentage of principal repayment				2.50
Revolving Credit Facility [Member] \| Chi-X Canada [Member]
Debt Instrument [Line Items]
Credit facility, proceeds	$ 55,000,000
Revolving Credit Facility [Member] \| Dorsey, Wright & Associates, LLC or DWA [Member]
Debt Instrument [Line Items]
Credit facility, proceeds		$ 100,000,000
Revolving Credit Facility [Member] \| $750 million revolving credit commitment due November 25, 2019 [Member]
Debt Instrument [Line Items]
Repayments of credit facility				$ 1,033,000,000

Debt Obligations (Other Credit Facilities) (Details) - USD ($) $ in Millions	Jun. 30, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Credit facility, outstanding amount	$ 58
Clearinghouse Credit Facilities [Member]
Debt Instrument [Line Items]
Credit facility, borrowing capacity	182	$ 202
Credit facility, available liquidity	$ 182	$ 202

- 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	3 Months Ended	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Total long-term debt obligations	$ 3,731	$ 3,731	$ 2,364
Additions		1,558
5.55% senior unsecured notes due January 15, 2020 [Member]
Debt Instrument [Line Items]
Total debt obligations	$ 597	$ 597	597
Debt instrument, maturity date		Jan. 15, 2020
Debt Instrument Interest Rate Stated Percentage	5.55%	5.55%
5.25% senior unsecured notes due January 16, 2018 [Member]
Debt Instrument [Line Items]
Total debt obligations	$ 369	$ 369	368
Payments, Accretion and Other		$ 1
Debt instrument, maturity date		Jan. 16, 2018
Debt Instrument Interest Rate Stated Percentage	5.25%	5.25%
3.875% senior unsecured notes due June 7, 2021 [Member]
Debt Instrument [Line Items]
Total debt obligations	$ 661	$ 661	646
Payments, Accretion and Other		$ 15
Debt Instrument Interest Rate Stated Percentage	3.875%	3.875%
1.75% Senior Unsecured Notes Due May 19 2023 [Member]
Debt Instrument [Line Items]
Total debt obligations	$ 657	$ 657
Additions		664
Payments, Accretion and Other		$ (7)
Debt Instrument Interest Rate Stated Percentage	1.75%	1.75%
3.85 Senior Unsecured Notes Due June 30, 2026 [Member]
Debt Instrument [Line Items]
Total debt obligations	$ 495	$ 495
Additions		$ 495
Debt Instrument Interest Rate Stated Percentage	3.85%	3.85%
4.25% Senior Unsecured Notes Due June 1 2024 [Member]
Debt Instrument [Line Items]
Total debt obligations	$ 495	$ 495	495
Debt Instrument Interest Rate Stated Percentage	4.25%	4.25%
$750 million revolving credit commitment due November 25, 2019 [Member]
Debt Instrument [Line Items]
Additions	$ 472
Line Of Credit Facility Maximum Borrowing Capacity	750	$ 750
$400 million term loan facility [Member]
Debt Instrument [Line Items]
Total debt obligations	399	399
Additions	399	399
$750 million revolving credit commitment due September 19, 2016 [Member]
Debt Instrument [Line Items]
Total debt obligations	58	58	258
Additions		833
Payments, Accretion and Other		(1,033)
Debt Non Current [Member]
Debt Instrument [Line Items]
Total debt obligations	$ 3,731	3,731	$ 2,364
Additions		2,391
Payments, Accretion and Other		$ (1,024)

Debt Obligations (Changes in Debt Obligations Additional Information) (Details) € in Millions, $ in Millions	6 Months Ended
	Jun. 30, 2016 EUR (€)	Jun. 30, 2016 USD ($)
5.55% senior unsecured notes due January 15, 2020 [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate	5.55%	5.55%
Debt instrument, maturity date	Jan. 15, 2020
5.25% senior unsecured notes due January 16, 2018 [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate	5.25%	5.25%
Debt instrument, maturity date	Jan. 16, 2018
3.875% senior unsecured notes due June 7, 2021 [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate	3.875%	3.875%
Debt instrument, principal outstanding \| €	€ 600
4.25% Senior Unsecured Notes Due June 1 2024 [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate	4.25%	4.25%
$750 million revolving credit commitment due November 25, 2019 [Member]
Debt Instrument [Line Items]
Credit facility, borrowing capacity \| $		$ 750

Share-Based Compensation (Narrative) (Details)
$ / shares in Units, $ in Millions

3 Months Ended

6 Months Ended

Jun. 30, 2016

USD ($)

$ / shares

item

Mar. 31, 2016

Jun. 30, 2015

USD ($)

$ / shares

Jun. 30, 2016

USD ($)

$ / shares

item

Jun. 30, 2015

USD ($)

$ / shares

Dec. 31, 2015

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

Common stock shares reserved for future issuance

6,000,000

Discount from market price

15.00%

Net cash proceeds from the exercise of stock options | $

$ 19

$ 5

$ 21

$ 11

Stock options exercised in period

540,656

200,745

627,467

433,204

Stock options, exercisable

1,999,020

Weighted-average exercise price | $ / shares

$ 25.94

Total pre-tax intrinsic value of stock options exercised | $

$ 17

$ 5

$ 20

$ 11

Stock options to purchase shares

1,999,020

2,626,487

Weighted-average grant date share price | $ / shares

$ 66.36

$ 50.94

$ 66.36

$ 50.94

Total number of in-the-money stock options exercisable

2,000,000

2,900,000

2,000,000

2,900,000

Total unrecognized compensation cost | $

$ 124

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

1 year 8 months 12 days

PSUs [Member]

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

Vesting period

3 years

Number of Awards, Granted

^[1]

995,864

Number of peer groups | item

Performance-based long-term incentive program weighted percentage

50.00%

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

3 years

PSUs [Member] | Executive Officer [Member]

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

Number of Awards, Granted

502,207

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

100.00%

PSUs [Member] | Senior vice presidents' [Member]

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

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

50.00%

Restricted stock [Member]

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

Number of Awards, Granted

^[2]

653,650

General expiration period of stock options

10 years

Restricted stock [Member] | Fourth Anniversary [Member]

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

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

50.00%

Restricted stock [Member] | Second Anniversary [Member]

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

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

25.00%

Restricted stock [Member] | Third Anniversary [Member]

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

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

25.00%

One-year performance period [Member]

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

Additional PSU's Granted

87,582

One-year performance period [Member] | Executive Officer [Member]

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

Number of Awards, Granted

155,060

Three-year performance period [Member]

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

Additional PSU's Granted

406,075

Three-year performance period [Member] | Executive Officer [Member]

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

Number of Awards, Granted

347,147

Common stock [Member]

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

Stock options to purchase shares

1,999,020

2,882,978

1,999,020

2,882,978

QuarterEndClosePrice [Member]

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

Weighted-average grant date share price | $ / shares

$ 64.67

Minimum [Member] | PSUs [Member]

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

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

0.00%

Minimum [Member] | PSUs [Member] | Executive Officer [Member]

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

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

0.00%

Minimum [Member] | Restricted stock [Member]

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

Vesting period

2 years

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

2 years

Maximum [Member] | PSUs [Member]

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

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

150.00%

Maximum [Member] | PSUs [Member] | Executive Officer [Member]

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

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

200.00%

Maximum [Member] | Restricted stock [Member]

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

Vesting period

5 years

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

5 years

[1]	PSUs granted in 2016 reflect awards issued to certain officers, as described above.
[2]	Primarily reflects our company-wide equity grant issued in March 2016, as discussed above.

Share-Based Compensation (Summary of Stock Option Activity) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Share-Based Compensation [Abstract]
Number of Stock Options Outstanding, Beginning of period			2,626,487
Number of Stock Options, Exercised	(540,656)	(200,745)	(627,467)	(433,204)
Number of Stock Options Outstanding, End of period	1,999,020		1,999,020		2,626,487
Stock options, exercisable	1,999,020		1,999,020
Weighted-Average Exercise Price, Outstanding Beginning of period			$ 27.74
Weighted-Average Exercise Price, Exercised			33.50
Weighted-Average Exercise Price, Outstanding End of period	$ 25.94	$ 27.87	25.94	$ 27.87	$ 27.74
Weighted-average exercise price	$ 25.94		$ 25.94
Options Outstanding, Weighted-Average Remaining Contractual Term, outstanding (in years)			2 years 5 months 19 days		2 years 7 months 17 days
Aggregate Intrinsic Value, Options Outstanding	$ 77		$ 77		$ 80
Options Outstanding, Weighted-Average Remaining Contractual Term, exercisable (in years)			2 years 5 months 19 days
Aggregate Intrinsic Value, Exercisable	$ 77		$ 77

Shared-based Compensation (Schedule of Weighted- Average Assumptions Used to Determine Weighted-Average Fair Values) (Details) - $ / shares	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Weighted-average risk free interest rate	0.84%	0.81%
Expected volatility	21.00%	21.50%
Weighted-average grant date share price	$ 66.36	$ 50.94
Weighted-average fair value at grant date	$ 93.30	$ 64.03

Share-Based Compensation (Summary of Share-Based Compensation Expense) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Share-Based Compensation [Abstract]
Share-based compensation expense before income taxes	$ 19	$ 18	$ 35	$ 32
Income tax benefit	(7)	(7)	(14)	(13)
Share-based compensation expense after income taxes	$ 12	$ 11	$ 21	$ 19

Share-Based Compensation (Summary of Stock Option Activity) (Details) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Share-Based Compensation [Abstract]
Number of Stock Options Outstanding, Beginning of period			2,626,487
Number of Stock Options, Exercised	(540,656)	(200,745)	(627,467)	(433,204)
Number of Stock Options Outstanding, End of period	1,999,020		1,999,020
Weighted-Average Exercise Price, Outstanding Beginning of period			$ 27.74
Weighted-Average Exercise Price, Exercised			33.50
Weighted-Average Exercise Price, Outstanding End of period	$ 25.94	$ 27.87	$ 25.94	$ 27.87

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

6 Months Ended

Jun. 30, 2016

$ / shares

Restricted stock [Member]

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

Number of Awards, Unvested balances | shares

3,343,738

Number of Awards, Granted | shares

653,650

^[1]

Number of Awards, Vested | shares

(1,183,210)

Number of Awards, Forfeited | shares

(154,673)

Number of Awards, Unvested balances | shares

2,659,505

Weighted-Average Grant Date Fair Value, Unvested balances | $ / shares

$ 35.36

Weighted-Average Grant Date Fair Value, Granted | $ / shares

62.67

Weighted-Average Grant Date Fair Value, Vested | $ / shares

27.58

Weighted-Average Grant Date Fair Value, Forfeited | $ / shares

40.67

Weighted-Average Grant Date Fair Value, Unvested balances | $ / shares

$ 45.22

PSUs [Member]

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

Number of Awards, Unvested balances | shares

1,863,685

Number of Awards, Granted | shares

995,864

^[2]

Number of Awards, Vested | shares

(879,926)

Number of Awards, Forfeited | shares

(35,174)

Number of Awards, Unvested balances | shares

1,944,449

Weighted-Average Grant Date Fair Value, Unvested balances | $ / shares

$ 47.57

Weighted-Average Grant Date Fair Value, Granted | $ / shares

64.60

Weighted-Average Grant Date Fair Value, Vested | $ / shares

43.81

Weighted-Average Grant Date Fair Value, Forfeited | $ / shares

50.62

Weighted-Average Grant Date Fair Value, Unvested balances | $ / shares

$ 57.94

[1]	Primarily reflects our company-wide equity grant issued in March 2016, as discussed above.
[2]	PSUs granted in 2016 reflect awards issued to certain officers, as described above.

Nasdaq Stockholders' Equity (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions			3 Months Ended	6 Months Ended
	Mar. 28, 2016	Jan. 28, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Stockholders Equity [Line Items]
Common stock, shares authorized				300,000,000		300,000,000
Common stock, shares issued				169,339,692		167,241,734
Common stock, shares outstanding				165,542,188		164,324,270
Common stock holder voting rights, maximum percentage of the then-outstanding shares of Nasdaq common stock				5.00%
Common stock in treasury, shares				3,797,504		2,917,464
Share repurchase program, authorized amount	$ 370			$ 500
Remaining authorized share repurchase amounts under repurchase program				$ 484
Treasury shares acquired				746,840
Average per share price of repurchased stock				$ 60.37
Aggregate purchase price				$ 45
Preferred stock, shares authorized				30,000,000
Preferred stock par value				$ 0.01
Cash dividend per share	$ 0.32	$ 0.25	$ 0.25	$ 0.57	$ 0.40
Dividend declared, date payable	Jun. 24, 2016			Mar. 28, 2016
Dividend declared, record date	Jun. 10, 2016			Mar. 14, 2016
Increase from prior quarter cash dividend, percentage				28.00%
Other Repurchases of Common Stock [Member]
Stockholders Equity [Line Items]
Treasury shares acquired				880,040

Nasdaq Stockholders' Equity (Schedule of Dividends Declared) (Details) - USD ($) $ / shares in Units, $ in Millions			3 Months Ended	6 Months Ended
	Mar. 28, 2016	Jan. 28, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Nasdaq Stockholders’ Equity [Abstract]
Declaration Date	Mar. 28, 2016			Jan. 28, 2016
Dividend Per Common Share	$ 0.32	$ 0.25	$ 0.25	$ 0.57	$ 0.40
Record Date	Jun. 10, 2016			Mar. 14, 2016
Total Amount	$ 53			$ 41
Payment Date	Jun. 24, 2016			Mar. 28, 2016

Nasdaq Stockholders' Equity (Components of Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Millions	Jun. 30, 2016	Dec. 31, 2015
Nasdaq Stockholders’ Equity [Abstract]
Net balance	$ (860)	$ (864)

- Definition

Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge.

+ References + Details

Earnings Per Share (Narrative) (Details) - shares	3 Months Ended		6 Months Ended
Earnings Per Share (Narrative) (Details) - shares	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Stock options to purchase shares	1,999,020		1,999,020		2,626,487
Diluted shares outstanding	3,186,818	3,423,836	3,582,688	3,543,889
Common stock [Member]
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Stock options to purchase shares	1,999,020	2,882,978	1,999,020	2,882,978
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			4,603,954	5,642,346
Diluted shares outstanding	4,229,100	5,189,122	3,858,076	5,178,903

Earnings Per Share (Summary of Computation of Basic and Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Earnings Per Share [Abstract]
Net income attributable to common shareholders	$ 70	$ 133	$ 202	$ 142
Weighted-average common shares outstanding for basic earnings per share	165,018,990	168,717,817	164,650,341	168,851,145
Employee equity awards	3,186,818	3,423,836	3,582,688	3,543,889
Weighted-average common shares outstanding for diluted earnings per share	168,205,808	172,141,653	168,233,029	172,395,034
Basic earnings per share	$ 0.42	$ 0.79	$ 1.23	$ 0.84
Diluted earnings per share	$ 0.42	$ 0.77	$ 1.20	$ 0.82

- 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 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

Jun. 30, 2016

Dec. 31, 2015

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

Financial investments, at fair value

$ 255

$ 201

Default fund and margin deposit investments

^[1]

2,165

1,556

Total

2,420

1,757

Level 1 [Member]

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

Financial investments, at fair value

242

189

Default fund and margin deposit investments

^[1]

1,337

1,253

Total

1,579

1,442

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]

828

303

Total

$ 841

$ 315

[1]

Default fund and margin deposit investments include cash contributions invested by Nasdaq 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 $3,411 million recorded in the Condensed Consolidated Balance Sheets as of June 30, 2016, $828 million of cash contributions have been invested in reverse repurchase agreements and $1,337 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 $2,228 million recorded in the Condensed Consolidated Balance Sheets as of December 31, 2015, $303 million of cash contributions have been invested in reverse repurchase agreements and $1,253 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. See Note 14, "Clearing Operations," for further discussion of default fund contributions and margin deposits.

Fair Value of Financial Instruments (Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Additional Information) (Details) - USD ($)
$ in Millions

Jun. 30, 2016

Dec. 31, 2015

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

Financial investments, at fair value

$ 255

$ 201

Default funds and margin deposits

3,411

2,228

Default fund and margin deposit investments

^[1]

2,165

1,556

Foreign Government Debt Securities [Member]

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

Default fund and margin deposit investments

1,337

1,253

Restricted assets [Member]

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

Financial investments, at fair value

169

166

Reverse Repurchase Agreements [Member]

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

Default fund and margin deposit investments

$ 828

$ 303

[1]

Default fund and margin deposit investments include cash contributions invested by Nasdaq 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 $3,411 million recorded in the Condensed Consolidated Balance Sheets as of June 30, 2016, $828 million of cash contributions have been invested in reverse repurchase agreements and $1,337 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 $2,228 million recorded in the Condensed Consolidated Balance Sheets as of December 31, 2015, $303 million of cash contributions have been invested in reverse repurchase agreements and $1,253 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. See Note 14, "Clearing Operations," for further discussion of default fund contributions and margin deposits.

Clearing Operations (Narrative) (Details)
$ in Millions

6 Months Ended

Jun. 30, 2016

USD ($)

contract

Jun. 30, 2015

USD ($)

contract

Dec. 31, 2015

USD ($)

Clearing Operations [Line Items]

Marketable Securities Current

$ 255

$ 201

Default fund and margin deposit investments

^[1]

2,165

1,556

Reverse Repurchase Agreements [Member]

Clearing Operations [Line Items]

Default fund and margin deposit investments

828

$ 303

NASDAQ Nordic Clearing [Member]

Clearing Operations [Line Items]

Outstanding contract value of resale and repurchase agreements

$ 5,500

$ 4,600

Total number of derivative contracts cleared | contract

3,895,795

3,077,624

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

100.00%

Marketable Securities Current

$ 129

Liability Waterfall [Member]

Clearing Operations [Line Items]

Junior capital, cash deposits and pledged assets

Senior capital, cash deposits and pledged assets

NOS Clearing [Member] | Reverse Repurchase Agreements [Member]

Clearing Operations [Line Items]

Default fund and margin deposit investments

828

NOS Clearing [Member] | US Government Debt Securities [Member]

Clearing Operations [Line Items]

Default fund and margin deposit investments

$ 1,337

[1]

Default fund and margin deposit investments include cash contributions invested by Nasdaq 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 $3,411 million recorded in the Condensed Consolidated Balance Sheets as of June 30, 2016, $828 million of cash contributions have been invested in reverse repurchase agreements and $1,337 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 $2,228 million recorded in the Condensed Consolidated Balance Sheets as of December 31, 2015, $303 million of cash contributions have been invested in reverse repurchase agreements and $1,253 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. See Note 14, "Clearing Operations," for further discussion of default fund contributions and margin deposits.

Clearing Operations (Schedule of Clearing Member Default Fund Contributions And Margin Deposits) (Details)
$ in Millions

Jun. 30, 2016

USD ($)

Clearing Operations [Line Items]

Default fund contributions

$ 423

Margin deposits

6,319

Default fund contributions and margin deposits

6,742

Cash Contributions [Member]

Clearing Operations [Line Items]

Default fund contributions

330

^[1]

Margin deposits

3,081

^[1]

Default fund contributions and margin deposits

3,411

^[1]

Non-Cash Contributions [Member]

Clearing Operations [Line Items]

Default fund contributions

Margin deposits

3,238

Default fund contributions and margin deposits

3,331

DefaultFundContributionCapitalResourcesAvailable [Member]

Clearing Operations [Line Items]

Default fund contributions

350

DefaultFundContributionMemberPostedSurplusBalance [Member]

Clearing Operations [Line Items]

Default fund contributions

$ 73

[1]	As of June 30, 2016, in accordance with its investment policy, Nasdaq Clearing has invested cash contributions of $828 million in reverse repurchase agreements and $1,337 million in highly rated European, and to a lesser extent, U.S. government debt securities

Clearing Operations (Schedule of Derivative Contracts Outstanding) (Details)
$ in Millions

Jun. 30, 2016

USD ($)

contract

Jun. 30, 2015

contract

Clearing Operations [Line Items]

Market value of derivative contracts | $

^[1],[2]

$ 2,845

Total Number of Cleared Contracts | contract

52,635,973

54,205,428

Commodity forwards and options [Member]

Clearing Operations [Line Items]

Market value of derivative contracts | $

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

$ 1,352

Total Number of Cleared Contracts | contract

^[4]

1,790,752

1,461,087

Fixed-income options and futures [Member]

Clearing Operations [Line Items]

Market value of derivative contracts | $

^[1],[2]

$ 1,118

Total Number of Cleared Contracts | contract

7,942,528

9,880,194

Stock options and futures [Member]

Clearing Operations [Line Items]

Market value of derivative contracts | $

^[1],[2]

$ 194

Total Number of Cleared Contracts | contract

16,193,401

18,003,301

Index options and futures [Member]

Clearing Operations [Line Items]

Market value of derivative contracts | $

^[1],[2]

$ 181

Total Number of Cleared Contracts | contract

26,709,292

24,860,846

[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 futures contracts based upon quoted market prices and average quoted market yields.
[3]	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.
[4]	The total volume in cleared power related to commodity contracts was 875 Terawatt hours (TWh) for the six months ended June 30, 2016 and 692 TWh for the six months ended June 30, 2015.

Commitments, Contingencies and Guarantees (Details) - USD ($) $ in Millions			6 Months Ended
	Feb. 24, 2016	Feb. 01, 2016	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Commitments and Contingencies Disclosure [Line Items]
Financial guarantees obtained			$ 14		$ 13
Credit facility, outstanding amount			58
Margin deposits contributed to Cantor Fitzgerald			$ 43
Legal And Other Expenses				$ 31
Chi-X Canada [Member]
Commitments and Contingencies Disclosure [Line Items]
Business acquisition		$ 115
Marketwired [Member]
Commitments and Contingencies Disclosure [Line Items]
Business acquisition	$ 109
eSpeed [Member]
Commitments and Contingencies Disclosure [Line Items]
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares			992,247
Consolidated Amount of Revenue required to triger annual issuance of Nasdaq common stock			$ 25
Clearinghouse Credit Facilities [Member]
Commitments and Contingencies Disclosure [Line Items]
Credit facilities, total			182		202
Credit facility, available liquidity			182		202
Escrow Agreement [Member]
Commitments and Contingencies Disclosure [Line Items]
Contingency, accrual			34
Property Lease Guarantee [Member]
Commitments and Contingencies Disclosure [Line Items]
Other guarantees			$ 3		$ 11

Business Segments (Narrative) (Details) $ in Millions	3 Months Ended		6 Months Ended		18 Months Ended
Business Segments (Narrative) (Details) $ in Millions	Jun. 30, 2016 USD ($)	Jun. 30, 2015 USD ($)	Jun. 30, 2016 USD ($) segment	Jun. 30, 2015 USD ($)	Jun. 30, 2016 USD ($)	Mar. 31, 2015 USD ($)
Segment Reporting Information [Line Items]
Merger expenses	$ 35	$ 3	$ 44	$ 3
Total restructuring charges	33	2	41	152	$ 214
Special legal expenses				31
Tax expense (benefits) recorded		12		12
Amortization Of Intangible Assets	$ 19	$ 15	$ 36	$ 31
Number of operating segments \| segment			4
Swedish Tax Agency [Member]
Segment Reporting Information [Line Items]
Tax expense (benefits) recorded						$ 12

Business Segments (Schedule of Operating Segments) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Segment Reporting Information [Line Items]
Total revenues	$ 897	$ 807	$ 1,803	$ 1,666
Transaction-based expenses	(338)	(289)	(710)	(641)
Revenues less transaction expenses	559	518	1,093	1,025
Depreciation And Amortization	41	34	79	67
Operating income (loss)	174	217	393	244
Total assets	15,099		15,099		$ 11,861
Purchases of property and equipment			51	59
Corporate Items and Eliminations [Member]
Segment Reporting Information [Line Items]
Operating income (loss)	(85)	(20)	(120)	(228)
Market Services [Member]
Segment Reporting Information [Line Items]
Total revenues	532	478	1,104	1,018
Transaction-based expenses	(338)	(289)	(710)	(641)
Revenues less transaction expenses	194	189	394	377
Operating income (loss)	105	100	218	201
Listing Services [Member]
Segment Reporting Information [Line Items]
Total revenues	68	66	134	130
Revenues less transaction expenses	68	66	134	130
Operating income (loss)	29	29	57	57
Information Services [Member]
Segment Reporting Information [Line Items]
Total revenues	134	128	268	253
Revenues less transaction expenses	134	128	268	253
Operating income (loss)	96	89	193	181
Technology Solutions Revenues [Member]
Segment Reporting Information [Line Items]
Total revenues	163	135	297	265
Revenues less transaction expenses	163	135	297	265
Operating income (loss)	$ 29	$ 19	$ 45	$ 33

Fair Value of Financial Instruments (Narrative) (Details) - USD ($) $ in Billions	Jun. 30, 2016	Dec. 31, 2015
Fair Value of Financial Instruments [Abstract]
Fair value of debt utilizing discounted cash flow analyses	$ 4.0	$ 2.5