Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2017	Oct. 27, 2017
Document And Entity Information [Abstract]
Entity Registrant Name	Nasdaq, Inc.
Entity Central Index Key	0001120193
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Sep. 30, 2017
Document Fiscal Year Focus	2017
Document Fiscal Period Focus	Q3
Trading Symbol	ndaq
Amendment Flag	false
Entity Common Stock, Shares Outstanding		166,226,273

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Sep. 30, 2017	Dec. 31, 2016
Current assets:
Cash and cash equivalents	$ 530	$ 403
Restricted cash	21	15
Financial investments, at fair value	207	245
Receivables, net	320	429
Default funds and margin deposits	3,893	3,301
Other current assets	175	167
Assets held for sale	300	0
Total current assets	5,446	4,560
Property and equipment, net	379	362
Deferred tax assets	611	717
Goodwill	6,154	6,027
Intangible assets, net	2,091	2,094
Other non-current assets	391	390
Total assets	15,072	14,150
Current liabilities:
Accounts payable and accrued expenses	168	175
Section 31 fees payable to SEC	31	108
Accrued personnel costs	130	207
Deferred revenue	204	162
Other current liabilities	94	129
Default funds and margin deposits	3,893	3,301
Short-term debt	154	0
Liabilities held for sale	49	0
Total current liabilities	4,723	4,082
Long-term debt	3,589	3,603
Deferred tax liabilities	726	720
Non-current deferred revenue	157	171
Other non-current liabilities	142	144
Total liabilities	9,337	8,720
Commitments and contingencies
Nasdaq stockholders’ equity:
Common stock, $0.01 par value, 300,000,000 shares authorized, shares issued: 171,454,303 at September 30, 2017 and 170,501,186 at December 31, 2016; shares outstanding: 166,594,818 at September 30, 2017 and 166,579,468 at December 31, 2016	2	2
Additional paid-in capital	3,012	3,104
Common stock in treasury, at cost: 4,859,485 shares at September 30, 2017 and 3,921,718 shares at December 31, 2016	(241)	(176)
Accumulated other comprehensive loss	(825)	(979)
Retained earnings	3,787	3,479
Total Nasdaq stockholders’ equity	5,735	5,430
Total liabilities and equity	$ 15,072	$ 14,150

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2017	Dec. 31, 2016
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	300,000,000	300,000,000
Common stock, shares issued (in shares)	171,454,303	170,501,186
Common stock, shares outstanding (in shares)	166,594,818	166,579,468
Common stock in treasury (in shares)	4,859,485	3,921,718

Condensed Consolidated Statements of Income - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Revenues:
Market Services	$ 581	$ 557	$ 1,808	$ 1,661
Corporate Services	161	162	486	467
Information Services	150	137	432	405
Market Technology	77	73	215	199
Total revenues	969	929	2,941	2,732
Transaction-based expenses:
Transaction rebates	(266)	(265)	(874)	(804)
Brokerage, clearance and exchange fees	(96)	(79)	(275)	(250)
Revenues less transaction-based expenses	607	585	1,792	1,678
Operating expenses:
Compensation and benefits	169	168	493	484
Professional and contract services	39	40	112	111
Computer operations and data communications	31	28	91	80
Occupancy	23	23	69	62
General, administrative and other	15	19	64	50
Marketing and advertising	7	8	22	22
Depreciation and amortization	47	46	140	125
Regulatory	9	8	25	21
Merger and strategic initiatives	3	12	20	56
Restructuring charges	0	0	0	41
Total operating expenses	343	352	1,036	1,052
Operating income	264	233	756	626
Interest income	2	1	6	4
Interest expense	(34)	(37)	(107)	(98)
Other investment income	0	0	2	3
Net income from unconsolidated investees	4	2	10	6
Income before income taxes	236	199	667	541
Income tax provision	65	68	179	208
Net income attributable to Nasdaq	$ 171	$ 131	$ 488	$ 333
Per share information:
Basic earnings per share (in dollars per share)	$ 1.03	$ 0.79	$ 2.93	$ 2.02
Diluted earnings per share (in dollars per share)	1.01	0.77	2.88	1.97
Cash dividends declared per common share (in dollars per share)	$ 0.38	$ 0.32	$ 1.08	$ 0.89

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Statement of Comprehensive Income [Abstract]
Net income	$ 171	$ 131	$ 488	$ 333
Foreign currency translation gains (losses):
Net foreign currency translation gains (losses)	92	(45)	258	(34)
Income tax benefit (expense)	(25)	23	(104)	16
Total other comprehensive income (loss), net of tax	67	(22)	154	(18)
Comprehensive income attributable to Nasdaq	$ 238	$ 109	$ 642	$ 315

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Cash flows from operating activities:
Net income	$ 488	$ 333
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	140	125
Share-based compensation	52	55
Deferred income taxes	(4)	(10)
Non-cash restructuring charges	0	8
Net income from unconsolidated investees	(10)	(6)
Other reconciling items included in net income	18	5
Net change in operating assets and liabilities, net of effects of acquisitions:
Receivables, net	106	53
Other assets	311	(2)
Accounts payable and accrued expenses	(18)	(3)
Section 31 fees payable to SEC	(77)	(77)
Accrued personnel costs	(82)	(8)
Deferred revenue	4	46
Other liabilities	(68)	(27)
Net assets held for sale	(251)	0
Net cash provided by operating activities	609	492
Cash flows from investing activities:
Purchases of trading securities	(291)	(376)
Proceeds from sales and redemptions of trading securities	334	328
Purchases of available-for-sale investment securities	(12)	(7)
Proceeds from maturities of available-for-sale investment securities	30	19
Acquisition of businesses, net of cash and cash equivalents acquired	0	(1,460)
Purchases of property and equipment	(102)	(85)
Other investment activities	(32)	(10)
Net cash used in investing activities	(73)	(1,591)
Cash flows from financing activities:
Proceeds from commercial paper, net	154	0
Repayments of long-term debt	(683)	(1,118)
Payment of debt extinguishment cost	(9)	0
Proceeds from utilization of credit commitment, net of debt issuance costs	10	878
Proceeds from issuances of senior unsecured notes, net of debt issuance costs	498	1,159
Proceeds from issuance of term loan facility	0	399
Cash paid for repurchase of common stock	(175)	(100)
Cash dividends	(180)	(147)
Proceeds received from employee stock activity	32	42
Payments related to employee shares withheld for taxes	(65)	(58)
Proceeds (disbursements) of customer funds	0	(38)
Net cash (used in) provided by financing activities	(418)	1,017
Effect of exchange rate changes on cash and cash equivalents and restricted cash	15	1
Net increase (decrease) in cash and cash equivalents and restricted cash	133	(81)
Cash and cash equivalents and restricted cash at beginning of period	418	357
Cash and cash equivalents and restricted cash at end of period	551	276
Cash paid for:
Interest	114	96
Income taxes, net of refund	$ 126	$ 167

Organization and Nature of Operations	9 Months Ended
Organization and Nature of Operations	Sep. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Nature of Operations	Organization and Nature of Operations Nasdaq, Inc. is a leading provider of trading, clearing, exchange technology, regulatory, securities listing, information and public company services. Our global offerings are diverse and include trading and clearing across multiple asset classes, trade management 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, Corporate Services, Information Services and Market Technology. Market Services Our Market Services segment includes our Equity Derivative Trading and Clearing, Cash Equity Trading, FICC, and Trade Management Services businesses. We operate multiple exchanges and other marketplace facilities across several asset classes, including derivatives, commodities, cash equity, debt, structured products and ETPs. In addition, in some countries where we operate exchanges, we also provide broker services, clearing, settlement and central depository services. Our transaction-based platforms provide market participants with the ability to access, process, display and integrate orders and quotes. The platforms allow the routing and execution of buy and sell orders as well as the reporting of transactions, providing fee-based revenues. In the U.S., we operate six electronic options exchanges and three cash equity exchanges. The Nasdaq Stock Market, the largest of our cash equities exchanges, is the largest single venue of liquidity for trading U.S.-listed cash equities. We also operate an electronic platform for trading of U.S. Treasuries and 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. In addition, we also operate three Canadian markets for the trading of Canadian-listed securities. In Europe, we operate exchanges in Stockholm (Sweden), Copenhagen (Denmark), Helsinki (Finland), and Reykjavik (Iceland), as well as the clearing operations of Nasdaq Clearing. 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. Nasdaq Commodities is the brand name for Nasdaq’s worldwide suite of commodity-related products and services. Nasdaq Commodities’ offerings include oil, power, natural gas and carbon emission markets, tanker and dry cargo freight, seafood derivatives, iron ore, electricity certificates and clearing services. The products are listed on two of Nasdaq’s derivatives exchanges, Nasdaq Oslo ASA and NFX. Through our Trade Management Services business, we provide market participants with a wide variety of alternatives for connecting to and accessing our markets via a number of different protocols used for quoting, order entry, trade reporting, 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 centers. Our broker services operations offer technology and customized securities administration solutions to financial participants in the Nordic market. Corporate Services Our Corporate Services segment includes our Corporate Solutions and Listing Services businesses. Our Corporate Solutions business serves corporate clients, including companies listed on our exchanges and private companies. 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: IR intelligence, public relations, board and leadership, and digital media services. As of September 30, 2017, our public relations solutions and digital media services businesses have been classified as held for sale. See Note 5, “Assets and Liabilities Held for Sale,” for further discussion. Our Listing Services business includes our U.S. and European Listing Services businesses. We operate a variety of listing platforms around the world to provide multiple global capital raising solutions for private and public companies. Our main listing markets are The Nasdaq Stock Market and the Nasdaq Nordic and Nasdaq Baltic exchanges. Through Nasdaq First North, our Nordic and Baltic operations also offer alternative marketplaces for smaller companies and growth companies. Our Listing Services business also includes NPM, which provides services for private companies. As of September 30, 2017, there were 2,935 total listings on The Nasdaq Stock Market, including 362 separately listed ETPs. The combined market capitalization was approximately $10.8 trillion. In Europe, the Nasdaq Nordic and Nasdaq Baltic exchanges, together with Nasdaq First North, were home to 952 listed companies with a combined market capitalization of approximately $1.6 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 September 30, 2017, we had 314 ETPs licensed to Nasdaq’s indexes which had $154 billion of assets under management. Market Technology Our Market Technology segment 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 90 marketplaces in 50 countries. Market Technology also provides market surveillance services to broker-dealer firms worldwide, as well as enterprise governance, risk management and compliance software solutions.

Basis of Presentation and Principles of Consolidation

9 Months Ended

Sep. 30, 2017

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation and Principles of Consolidation

The condensed consolidated financial statements are prepared in accordance with U.S. GAAP and include the accounts of Nasdaq, its wholly-owned subsidiaries and other entities in which Nasdaq has a controlling financial interest. When we do not have a controlling interest in an entity but exercise significant influence over the entity’s operating and financial policies, such investment is accounted for under the equity method of accounting. We recognize our share of earnings or losses of an equity method investee based on our ownership percentage. See “Equity Method Investments,” of Note 7, “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, 2016.

Certain prior year amounts have been reclassified to conform to the current year 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.

Subsequent Event

In October 2017, we acquired eVestment. See “Acquisition of eVestment,” of Note 4, “Acquisitions,” and “Note 18, “Subsequent Event,” for further discussion of our acquisition of eVestment.

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.

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



	Three Months Ended September 30,						Percentage Change
	2017			2016			Percentage Change
	($ in millions)
Income tax provision	$	65		$	68		(4.4	)%
Effective tax rate	27.5		%	34.2		%

	Nine Months Ended September 30,
	2017			2016
	($ in millions)
Income tax provision	$	179		$	208		(13.9	)%
Effective tax rate	26.8		%	38.4		%

The lower income tax provision and effective tax rate in the third quarter and first nine months of 2017 when compared with the same periods in 2016 is primarily due to the recognition of excess tax benefits associated with the vesting of employee share-based compensation arrangements. See “Recently Adopted Accounting Pronouncements” below for further discussion. In addition, in the third quarter of 2017, we recognized previously unrecognized tax benefits associated with positions taken in prior years which also contributed to the lower income tax provision and effective tax rate in both periods. Furthermore, in the second quarter of 2016, we received an unfavorable ruling from the Finnish Supreme Administrative Court which resulted in an increase to tax expense. The lower income tax provision in the third quarter and first nine months of 2017 is partially offset by an increase in income tax expense associated with the increase in income before taxes in the third quarter and first nine months of 2017.

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 the 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 2012 through 2015 are currently under examination by the Internal Revenue Services and we are subject to examination by the Internal Revenue Service for 2016. Several state tax returns are currently under examination by the respective tax authorities for the years 2005 through 2015 and we are subject to examination for 2016. Non-U.S. tax returns are subject to examination by the respective tax authorities for the years 2009 through 2016. Although the results of such examinations may have an impact on our unrecognized tax benefits, we do not anticipate that such impact will be material to our consolidated financial position or results of operations. Based on the expiration of the statute of limitations in the third quarter of 2017, we recognized $8 million in previously unrecognized tax benefits associated with positions taken in prior years. In addition, we anticipate that the amount of unrecognized tax benefits at September 30, 2017 will decrease in the next twelve months as we expect to settle certain tax audits.

The Swedish Tax Agency has disallowed certain interest expense deductions for the years 2013 - 2015. We have appealed to the Lower Administrative Court. Despite a prior negative decision from the Council for Advance Rulings and the Supreme Administrative Court's refusal to hear our appeal at that time, we continue to expect a favorable decision from the Swedish Courts. Since January 1, 2013, we have recorded tax benefits of $54 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 $47 million, or $0.28 per diluted share, which is gross of any related U.S. tax benefits and reflects the impact of foreign currency translation. We record quarterly tax benefits of $1 million to $2 million related to this matter.

Although no new U.S. tax legislation has been enacted, we are currently assessing the impact various tax reform proposals will have on our condensed consolidated financial statements.

Recently Adopted Accounting Pronouncements



Accounting Standard	Description	Effective Date	Effect on the Financial Statements or Other Significant Matters
Compensation - Stock Compensation In March 2016, the FASB issued ASU 2016-09, “Improvements to Employee Share-Based Payment Accounting.”	This ASU 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 guidance requires 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 was previously recorded. This guidance impacts the calculation of our total diluted share count for the earnings per share calculation, as calculated under the treasury stock method. It also allows an employer to repurchase more of an employee’s shares for tax withholding purposes without triggering liability accounting. All tax-related cash flows resulting from share-based payments are reported as operating activities on the statement of cash flows. In regards to forfeitures, a policy election is required to either estimate the number of awards that are expected to vest or account for forfeitures as they occur.	We adopted this new standard on January 1, 2017 on a prospective basis for the impacts on the accounting for income taxes and the effect on earnings per share. We have adopted the changes in cash flow statement classification retrospectively.	The adoption resulted in the recognition of excess tax benefit in our provision for income taxes rather than additional paid-in capital, which was $7 million for the three months ended September 30, 2017 and was $30 million for the nine months ended September 30, 2017.
Compensation - Stock Compensation In May 2017, the FASB issued ASU 2017-09, “Scope of Modification Accounting.”	This ASU clarifies when changes to the terms or conditions of a share-based payment award must be accounted for as modifications. Under the new guidance, modification accounting is required only if the fair value, the vesting conditions, or the classification of the award (as equity or liability) changes as a result of the change in terms or conditions.	We adopted this new standard on June 30, 2017 on a prospective basis.	Adopting this standard had no impact on our consolidated financial statements. The future impact will depend on the extent and nature of future changes to the terms of our share-based payment awards. Historically, we have not had significant changes to our share-based payment awards and therefore do not expect adoption of this guidance to have a material impact on our consolidated financial statements.

Recently Issued Accounting Pronouncements



Accounting Standard	Description	Effective Date	Effect on the Financial Statements or Other Significant Matters
Business Combination In January 2017, the FASB issued ASU 2017-01, “Clarifying the Definition of a Business.”	This ASU clarifies the definition of a business with the objective of adding guidance to assist companies with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The new guidance is expected to reduce the number of transactions that need to be further evaluated as businesses. Early adoption is permitted for certain types of transactions.	January 1, 2018, with early adoption permitted.	This new standard is required to be applied prospectively and therefore, may impact how we account for future acquisitions.
Goodwill In January 2017, the FASB issued ASU 2017-04, “Simplifying the Test for Goodwill Impairment.”	This ASU simplifies how an entity is required to test goodwill for impairment and removes the second step of the goodwill impairment test, which required a hypothetical purchase price allocation if the fair value of a reporting unit is less than its carrying amount. Goodwill impairment will now be measured using the difference between the carrying amount and the fair value of the reporting unit and the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. The amendments in this ASU should be applied on a prospective basis. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017.	January 1, 2020, with early adoption as of January 1, 2017 permitted.	We do not anticipate a material impact on our consolidated financial statements at the time of adoption of this new standard as the carrying amounts of our reporting units have been less than their corresponding fair values in recent years. Therefore, the second step of the goodwill impairment test was not required. However, changes in future projections, market conditions and other factors may cause a change in the excess of fair value of our reporting units over their corresponding carrying amounts.
Financial Instruments - Credit Losses In June 2016, the FASB issued ASU 2016-13, “Measurement of Credit Losses on Financial Instruments.”	This ASU 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.	January 1, 2020, with early adoption as of January 1, 2019 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 ASU, 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.	January 1, 2019, with early adoption permitted.	We are currently assessing the impact that this standard will have on our consolidated financial statements.



Accounting Standard	Description	Effective Date	Effect on the Financial Statements or Other Significant Matters
Financial Instruments - Overall In January 2016, the FASB issued ASU 2016-01, “Recognition and Measurement of Financial Assets and Financial Liabilities.”	This ASU 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.	January 1, 2018. Early adoption is not permitted.	As we do not have a significant investment in financial instruments impacted by this standard, 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.	January 1, 2018, with early adoption permitted.	See discussion below.

Revenue From Contracts With Customers

We are currently assessing the expected impact of the adoption of Topic 606 on our consolidated financial statements. We have determined that revenue and expense recognition for our Market Technology business and revenue recognition for our Listing Services business will be impacted, however we currently do not anticipate these changes to have a material impact on our consolidated financial statements at the time of adoption. We do not anticipate an impact to revenue and expense recognition for our other businesses.

The following are key items to note regarding the accounting for our Market Technology and Listing Services businesses under Topic 606:


•	revenue recognition for existing and new contracts will be recognized in earlier stages under the new standard;


•	expense recognition for Market Technology contracts will be recognized in earlier stages under the new standard;


•	a portion of revenues and expenses that were previously deferred will be recognized either in prior period revenues, through restatement, or as an adjustment to retained earnings upon adoption of the new standard; and


•	the overall value of our contracts and the timing of cash flows from customers will not change.

We will adopt the new standard on January 1, 2018 using the full retrospective method.

Market Technology. In our Market Technology business, we enter into contracts with customers to develop technology solutions, license the right to use software, and provide post-contract support and other services to our customers. Under current accounting

policies, we do not recognize revenue or expense until we begin the final stage of the contract as we are not able to establish vendor specific objective evidence of fair value for individual elements of the contract. Under Topic 606, we will no longer defer recognition of revenue and expense until the final stage of the contract. For each of our contracts, we have identified multiple performance obligations, allocated the transaction price to these obligations and will recognize revenue for each of these obligations as they are satisfied. Expenses will no longer be deferred, with the exception of commission expense, but will be recognized as incurred. Since revenue and expense will be recognized in earlier stages of the contract, the balance sheet accounts for deferred revenue and costs will decline upon adoption of Topic 606. Due to the complexity of certain contracts, the revenue recognition treatment under the new standard will be dependent on contract-specific terms and may vary in some instances.

Listing Services. Amounts received for initial listing fees and listing of additional shares fees are generally deferred and revenue is recognized over estimated service periods of six and four years, respectively. Under Topic 606, we have identified the performance obligations associated with these services and will record revenue upon satisfaction of each performance obligation. We expect to recognize initial listing fees over a shorter period on average than the current estimated service period. Since we expect to recognize revenues earlier under Topic 606, the balance sheet account for deferred revenue will decline upon adoption.

During the remainder of 2017, we will implement any required changes to our systems and processes to meet the new accounting, reporting and disclosure requirements and will update our internal controls accordingly. There are no significant barriers to implementation of the new standard.

Restructuring Charges

9 Months Ended

Sep. 30, 2017

Restructuring and Related Activities [Abstract]

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. This restructuring plan was completed in the second quarter of 2016.

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



	Nine Months Ended September 30, 2016
	Nine Months Ended September 30, 2016
	(in millions)
Severance	$	22
Facilities-related	1
Asset impairments	8
Other	10
Total restructuring charges	$	41

For the nine months ended September 30, 2016, we recognized restructuring charges totaling $41 million, including severance costs of $22 million related to workforce reductions of 201 positions across our organization, $8 million for asset impairments, primarily related to fixed assets and capitalized software that have been retired and $10 million of other charges.

Restructuring Reserve

Severance

The accrued severance balance was $4 million at September 30, 2017 and $17 million at December 31, 2016. As of September 30, 2017, the accrued severance is included in other current liabilities in the Condensed Consolidated Balance Sheets and will be paid in 2017.

Acquisitions

9 Months Ended

Sep. 30, 2017

Business Combinations [Abstract]

Acquisitions

We completed the following acquisitions in 2017 and 2016. Financial results of each transaction are included in our Condensed Consolidated Statements of Income from the date of each acquisition.

2017 Acquisitions

Acquisition of eVestment

In October 2017, we acquired eVestment, a content and analytics provider used by asset managers, investment consultants and asset owners to help facilitate institutional investment decisions, for $705 million. The aggregate cash consideration, net of cash acquired, of $744 million included $39 million of estimated tax benefits associated with the transaction. eVestment is part of our Information Services segment. For further discussion of our acquisition of eVestment, see Note 18, “Subsequent Event.”

Acquisition of Sybenetix

In September 2017, we acquired Sybenetix, a surveillance provider that combines behavioral analytics and cognitive computing with financial markets expertise, for an immaterial amount. Sybenetix's technology offering is designed to solve key surveillance challenges facing the asset management industry. Sybenetix is part of our Market Technology segment.

2016 Acquisitions



	Purchase Consideration		Total Net Assets (Liabilities) Acquired			Total Net Deferred Tax Liability			Acquired Intangible Assets		Goodwill
	(in millions)
ISE	$	1,070	$	83		$	(185	)	$	623	$	549
Boardvantage	242		28			(38		)	111		141
Marketwired	111		(1		)	(5		)	31		86
Nasdaq CXC	116		6			(20		)	76		54

The amounts in the table above represent the final allocation of purchase price. The allocations of the purchase price were subject to revision during the measurement period, a period not to exceed 12 months from the acquisition date. Adjustments to the provisional values, which may include tax and other estimates, during the measurement period are 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. We finalized the allocation of the purchase price for Marketwired and Nasdaq CXC in February 2017. In the second quarter of 2017, we finalized the allocation of the price for Boardvantage and ISE. There were no adjustments to the provisional values during the 12 month measurement period for Nasdaq CXC and ISE. In the second quarter of 2016, we recorded a measurement period adjustment of $5 million related to our acquisition of Marketwired which is discussed below under “Acquisition of Marketwired.” In the second quarter of 2017, we recorded a measurement period adjustment of $7 million related to our acquisition of Boardvantage which is discussed below under “Acquisition of Boardvantage.”

See “Intangible Assets” below for further discussion of intangible assets acquired through our 2016 acquisitions.

Acquisition of ISE

On June 30, 2016, we acquired ISE for $1,070 million. We acquired net assets, at fair value, totaling $83 million and recorded a net deferred tax liability of $185 million, comprised of 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. ISE is part of our Market Services, Information Services and Market Technology segments.

In May 2016, we issued the 2023 Notes and in June 2016, we issued the 2026 Notes to fund this acquisition. See “1.75% Senior Unsecured Notes,” and “3.85% Senior Unsecured Notes,” of Note 9, “Debt Obligations,” for further discussion.

Acquisition of Boardvantage

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). We acquired net assets, at fair value, totaling $28 million and recorded a net deferred tax liability of $45 million, comprised of 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. In the second quarter of 2017, we recorded a measurement period adjustment of $7 million to the estimated fair value of deferred tax assets to reflect a revised assessment following the receipt of new information. The adjustment resulted in an increase to deferred tax assets recorded and a decrease to goodwill. The adjustment did not result in an impact to our Condensed Consolidated Statements of Income. Boardvantage is part of our Corporate Solutions business within our Corporate Services segment.

Nasdaq borrowed $197 million under the revolving credit commitment of a previous credit facility to fund this acquisition.

Acquisition of Marketwired

In February 2016, we acquired Marketwired for $111 million ($109 million in cash paid plus $2 million in working capital adjustments). 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. 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 deferred tax liabilities recorded and goodwill. 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 Corporate Services segment.

Nasdaq borrowed $109 million under the revolving credit commitment of a previous credit facility to fund this acquisition.

Acquisition of Nasdaq CXC

In February 2016, we acquired Nasdaq CXC for $116 million ($115 million in cash paid plus $1 million in working capital adjustments). 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. 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 a previous credit facility to fund this acquisition.

Intangible Assets

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



	2016
	ISE			Boardvantage			Marketwired			Nasdaq CXC
	($ in millions)
Intangible Assets
Exchange registrations	$	467		$	—		$	—		$	—
Discount rate used	8.6		%	—			—			—
Estimated average useful life	Indefinite			—			—			—
Customer relationships	$	148		$	103		$	29		$	76
Discount rate used	9.1		%	15.5		%	16.4		%	10.3		%
Estimated average useful life	13 years			14 years			6 years			17 years
Trade name	$	8		$	2		$	2		$	—
Discount rate used	8.6		%	15.0		%	15.8		%	—
Estimated average useful life	Indefinite			1 year			2 years			—
Technology	$	—		$	6		$	—		$	—
Discount rate used	—			15.5		%	—			—
Estimated average useful life	—			5 years			—			—
Total intangible assets	$	623		$	111		$	31		$	76

Exchange Registrations

As part of our acquisition of ISE we acquired 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.

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

As part of our acquisitions of ISE, Boardvantage, Marketwired, and Nasdaq CXC, we acquired customer relationships. Customer relationships represent the non-contractual and contractual relationships with customers.

Methodology

For our acquisitions of ISE, Boardvantage, Marketwired and Nasdaq CXC, customer relationships were valued using the income approach, specifically an excess earnings method. The excess earnings method examines the economic returns contributed by the identified tangible and intangible assets of a company, and then isolates the excess return that is attributable to the intangible asset being valued.

Discount rate

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

For our acquisitions of Marketwired and Nasdaq CXC, 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.

Estimated Useful Life

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

Pro Forma Results and Acquisition-related Costs

The condensed consolidated financial statements for the three and nine months ended September 30, 2017 and 2016 include the financial results of the above 2016 acquisitions from the date of each acquisition. Pro forma financial results have not been presented since these acquisitions both individually and in the aggregate were not material to our financial results.

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

Assets and Liabilities Held For Sale Assets and Liabilities Held For Sale

9 Months Ended

Sep. 30, 2017

Discontinued Operations and Disposal Groups [Abstract]

Assets and Liabilities Held For Sale

We classify assets and liabilities as held for sale (disposal group) when management, having the authority to approve the action, commits to a plan to sell the disposal group, the sale is probable within one year, and the disposal group is available for immediate sale in its present condition. We also consider whether an active program to locate a buyer has been initiated, whether the disposal group is marketed actively for sale at a price that is reasonable in relation to its current fair value, and whether actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. We initially measure a disposal group that is classified as held for sale at the lower of its carrying amount or fair value less costs to sell. Any loss resulting from this measurement is recognized in the period in which the held for sale criteria are met. Conversely, gains are not recognized until the date of sale. We assess the fair value of a disposal group less costs to sell each reporting period it remains classified as held for sale and report any subsequent changes as an adjustment to the carrying amount of the disposal group, as long as the new carrying amount does not exceed the carrying amount of the disposal group at the time it was initially classified as held for sale. Assets are not depreciated or amortized while they are classified as held for sale. Upon determining that a disposal group meets the criteria to be classified as held for sale, we report the assets and liabilities of the disposal group as assets held for sale and liabilities held for sale in our Consolidated Balance Sheets.

In September 2017, we commenced a process to evaluate potential strategic alternatives for our public relations solutions and digital media services businesses within our Corporate Solutions business as part of our strategic refinement. The Corporate Solutions business is part of our Corporate Services segment. The public relations solutions and digital media services businesses include the following products and services:


•	Nasdaq GlobeNewswire;


•	Nasdaq Influencers;


•	Nasdaq Media Intelligence;


•	Nasdaq IR Websites and Newsrooms; and


•	Nasdaq Webcasts.

As a result of the above, we determined that we met all of the criteria to classify the assets and liabilities of these businesses as held for sale as of September 30, 2017. The potential disposal of these businesses does not represent a strategic shift that will have a major effect on our operations and financial results and is, therefore, not classified as discontinued operations. No impairment charge was recorded as the carrying amount of the net assets was less than the fair value less costs to sell. Fair value was determined based upon the anticipated sales price of these businesses based on current market conditions and assumptions made by management, which may differ from actual results and may result in an impairment if market conditions deteriorate.

The following table presents the carrying amounts of the major classes of assets and liabilities classified as held for sale in the Condensed Consolidated Balance Sheets:



	September 30, 2017
	September 30, 2017
	(in millions)
Receivables, net	$	23
Property and equipment, net	21
Goodwill	202
Intangible assets, net	41
Other assets	13
Total assets held for sale	$	300

Deferred tax liabilities	$	20
Other current liabilities	29
Total liabilities held for sale	$	49

Goodwill and Acquired Intangible Assets

9 Months Ended

Sep. 30, 2017

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Acquired Intangible Assets

Goodwill

The following table presents the changes in goodwill by business segment during the nine months ended September 30, 2017:



	Market Services		Corporate Services			Information Services		Market Technology		Total
	(in millions)
Balance at December 31, 2016	$	3,390	$	674		$	1,806	$	157	$	6,027
Goodwill acquired	—		—			—		13		13
Measurement period adjustment	—		(7		)	—		—		(7		)
Foreign currency translation adjustment	170		26			109		18		323
Goodwill reclassified as held for sale⁽¹⁾	—		(202		)	—		—		(202		)
Balance at September 30, 2017	$	3,560	$	491		$	1,915	$	188	$	6,154

____________

⁽¹⁾ See Note 5, “Assets and Liabilities Held for Sale,” for further discussion.

In the second quarter of 2017, we recorded a measurement period adjustment of $7 million to the estimated fair value of deferred tax assets related to our acquisition of Boardvantage. See “Acquisition of Boardvantage,” of Note 4, “Acquisitions,” for further discussion of the Boardvantage acquisition. The adjustment was made to reflect a revised assessment of deferred tax assets following the receipt of new information. The adjustment resulted in an increase to deferred tax assets recorded and a decrease to goodwill and is reflected in the above table. The measurement period adjustment is included in our Condensed Consolidated Balance Sheets as of September 30, 2017. The adjustment did not result in an impact to our Condensed Consolidated Statements of Income.

As of September 30, 2017, the amount of goodwill that is expected to be deductible for tax purposes in future periods is $815 million.

Goodwill represents the excess of purchase price over the value assigned to the net assets, including identifiable intangible assets, of a business acquired. Goodwill is allocated to our reporting units based on the assignment of the fair values of each reporting unit of the acquired company. We test goodwill for impairment at the reporting unit level annually, or in interim periods if certain events occur indicating that the carrying amount may be impaired, such as changes in the business climate, poor indicators of operating performance or the sale or disposition of a significant portion of a reporting unit. As discussed in Note 5, “Assets and Liabilities Held for Sale,” our public relations solutions and digital media services businesses have been classified as held for sale as of September 30, 2017. Therefore, we performed an interim goodwill impairment test on the remaining businesses in our Corporate Solutions business. No impairment charge was recorded as a result of the interim impairment test. In addition, no impairment of goodwill was recorded for our other reporting units for the nine months ended September 30, 2017 and 2016; however, events such as extended 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:



	September 30, 2017										December 31, 2016
	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	$	51		$	(20	)	$	31		8	$	38		$	(24	)	$	14		5
Customer relationships	1,330			(502		)	828			19	1,394			(464		)	930			18
Other	4			(3		)	1			10	7			(6		)	1			6
Foreign currency translation adjustment	(108		)	44			(64		)		(160		)	58			(102		)
Total finite-lived intangible assets	$	1,277		$	(481	)	$	796			$	1,279		$	(436	)	$	843
Indefinite-Lived Intangible Assets
Exchange and clearing registrations	$	1,257		$	—		$	1,257			$	1,257		$	—		$	1,257
Trade names	127			—			127				130			—			130
Licenses	52			—			52				52			—			52
Foreign currency translation adjustment	(141		)	—			(141		)		(188		)	—			(188		)
Total indefinite-lived intangible assets	$	1,295		$	—		$	1,295			$	1,251		$	—		$	1,251
Total intangible assets	$	2,572		$	(481	)	$	2,091			$	2,530		$	(436	)	$	2,094

As a result of our decision to evaluate potential strategic alternatives for our public relations solutions and digital media services businesses within our Corporate Solutions business, we reclassified certain intangibles assets to held for sale. The following table presents the gross amount, accumulated amortization and net amount of finite-lived and indefinite-lived intangible assets that have been reclassified as assets held for sale as of September 30, 2017. See Note 5, “Assets and Liabilities Held for Sale,” for further discussion.



	Gross Amount		Accumulated Amortization			Net Amount
	(in millions)
Finite-lived intangible assets reclassified as held for sale:
Customer relationships	$	54	$	(17	)	$	37
Other	2		(1		)	1
Total finite-lived intangible assets held for sale	56		(18		)	38
Indefinite-lived intangible assets reclassified as held for sale - trade name	3		—			3
Total intangible assets held for sale	$	59	$	(18	)	$	41

Amortization expense for acquired finite-lived intangible assets was $22 million for the three months ended September 30, 2017, $23 million for the three months ended September 30, 2016, $67 million for the nine months ended September 30, 2017, and $59 million for the nine months ended September 30, 2016. The increase in amortization expense for the nine months ended September 30, 2017 compared with the same period in 2016 was primarily due to additional acquired intangible assets related to our 2016 acquisitions.

The estimated future amortization expense (excluding the impact of foreign currency translation adjustments of $64 million as of September 30, 2017) of acquired finite-lived intangible assets as of September 30, 2017 is as follows:



	(in millions)
2017⁽¹⁾	$	22
2018	86
2019	71
2020	70
2021	68
2022 and thereafter	543
Total	$	860

____________


⁽¹⁾	Represents the estimated amortization to be recognized for the remaining three months of 2017.

- Definition

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

+ References + Details

Investments

9 Months Ended

Sep. 30, 2017

Investments, Debt and Equity Securities [Abstract]

Investments

The following table presents the details of our investments:



	September 30, 2017		December 31, 2016
	(in millions)
Trading securities	$	207	$	228
Available-for-sale investment securities	—		17
Equity method investments	127		124
Cost method investments	151		144

Trading Securities

Trading securities, which are included in financial investments, at fair value in the Condensed Consolidated Balance Sheets, are primarily comprised of highly rated European government debt securities, of which $159 million as of September 30, 2017 and $172 million as of December 31, 2016, are assets utilized to meet regulatory capital requirements primarily for our clearing operations at Nasdaq Clearing.

Available-for-Sale Investment Securities

As of December 31, 2016, available-for-sale investment securities, which are included in financial investments, at fair value in the Condensed Consolidated Balance Sheets, are primarily comprised of short-term certificates of deposit and commercial paper. The cumulative unrealized gains and losses on these securities were immaterial.

Equity Method Investments

As of September 30, 2017 and December 31, 2016, our equity method investments primarily included equity interests in OCC and EuroCCP N.V.

The carrying amounts of our equity method investments are included in other non-current assets in the Condensed Consolidated Balance Sheets.

Net income recognized from our equity interest in the earnings and losses of these equity method investments was $4 million for the three months ended September 30, 2017, $2 million for the three months ended September 30, 2016, $10 million for the nine months ended September 30, 2017, and $6 million for the nine months ended September 30, 2016. The increase in the three months ended September 30, 2017 compared with the same period in 2016 was primarily due to growth in earnings from our equity method investments. The increase in the nine months ended September 30, 2017 relates to our 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%. The increase in the nine months ended September 30, 2017 was partially offset by $2 million of wind down costs associated with an equity method investment that was previously written off.

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 Federal Court of Appeals for the District of Columbia Circuit, or 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 Court of Appeals. The Court of Appeals heard arguments on the case in March 2017 and decided the case in August 2017. The Court of Appeals remanded the case to the SEC for further examination of the record and an independent assessment by the SEC of the evidence OCC submitted. The Court directed that the SEC approval of the OCC capital plan remain in place during the SEC’s examination unless the SEC determined not to preserve it. The SEC has allowed OCC to preserve the capital plan, and in September 2017, OCC disbursed an annual dividend of $5 million per ownership share. Nasdaq, as the owner of two shares, received $10 million. There has been no additional ruling by the SEC.

Cost Method Investments

The carrying amounts of our cost method investments are included in other non-current assets in the Condensed Consolidated Balance Sheets. As of September 30, 2017 and December 31, 2016, our cost method investments primarily represented our 5% ownership interest in Borsa Istanbul, and our 5% ownership interest in LCH.Clearnet Group Limited.

The Borsa Istanbul shares, which were issued to us in the first quarter of 2014, are part of the consideration 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.

Deferred Revenue

9 Months Ended

Sep. 30, 2017

Deferred Revenue Disclosure [Abstract]

Deferred Revenue

Deferred revenue represents consideration received that is yet to be recognized as revenue. The changes in our deferred revenue during the nine months ended September 30, 2017 and 2016 are reflected in the following table:



	Initial Listing Revenues			Listing of Additional Shares Revenues			Annual Renewal and Other Revenues			Market Technology Revenues			Total
	(in millions)
Balance at January 1, 2017	$	54		$	37		$	57		$	185		$	333
Additions	12			9			468			170			659
Revenue recognized	(13		)	(17		)	(422		)	(197		)	(649		)
Translation adjustment	—			—			2			21			23
Deferred revenue reclassified as held for sale⁽¹⁾	—			—			(5		)	—			(5		)
Balance at September 30, 2017	$	53		$	29		$	100		$	179		$	361

Balance at January 1, 2016	$	59		$	53		$	28		$	187		$	327
Additions	9			10			516			195			730
Revenue recognized	(13		)	(22		)	(433		)	(185		)	(653		)
Translation adjustment	—			—			—			3			3
Balance at September 30, 2016	$	55		$	41		$	111		$	200		$	407

____________

⁽¹⁾ See Note 5, “Assets and Liabilities Held for Sale,” for further discussion.

The additions and revenue recognized for initial listing revenues, listing of additional shares revenues and annual renewal and other revenues primarily reflect revenues from our Listing Services business within our Corporate Services segment.

For our market technology contracts, total revenues, as well as costs incurred, are deferred until significant customizations 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 September 30, 2017, we estimate that our deferred revenue, which is primarily corporate services and market technology revenues, will be recognized in the following years:



	Initial Listing Revenues		Listing of Additional Shares Revenues		Annual Renewal and Other Revenues		Market Technology Revenues		Total
	(in millions)
Fiscal year ended:
2017⁽¹⁾	$	4	$	5	$	78	$	28	$	115
2018	15		13		22		57		107
2019	14		6		—		36		56
2020	10		4		—		33		47
2021	6		1		—		15		22
2022 and thereafter	4		—		—		10		14
	$	53	$	29	$	100	$	179	$	361

____________


⁽¹⁾	Represents deferred revenue that is anticipated to be recognized over the remaining three months of 2017.

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

Debt Obligations

9 Months Ended

Sep. 30, 2017

Debt Disclosure [Abstract]

Debt Obligations

The following table presents the changes in the carrying amount of our debt obligations during the nine months ended September 30, 2017:



	December 31, 2016		Additions		Payments, Accretion and Other			September 30, 2017
	(in millions)
Short-term debt - commercial paper	$	—	$	1,402	$	(1,248	)	$	154
Long-term debt:
5.55% senior unsecured notes due January 15, 2020	598		—		—			598
5.25% senior unsecured notes repaid on May 26, 2017	369		—		(369		)	—
3.875% senior unsecured notes due June 7, 2021	625		—		80			705
4.25% senior unsecured notes due June 1, 2024	495		—		1			496
1.75% senior unsecured notes due May 19, 2023	622		—		79			701
3.85% senior unsecured notes due June 30, 2026	495		—		1			496
Senior unsecured floating rate notes due March 22, 2019	—		498		—			498
$400 million senior unsecured term loan facility due November 25, 2019 (average interest rate of 2.43% for the period January 1, 2017 through September 30, 2017)	399		—		(299		)	100
$1 billion revolving credit commitment due April 25, 2022 (average interest rate of 2.40% for the period April 25, 2017 through September 30, 2017)	—		15		(20		)	(5		)
Total long-term debt	3,603		513		(527		)	3,589
Total debt obligations	$	3,603	$	1,915	$	(1,775	)	$	3,743

Commercial Paper Program

In April 2017, we entered into a U.S. dollar commercial paper program, or the Commercial Paper Program. The Commercial Paper Program is supported by our 2017 Credit Facility which provides liquidity support for the repayment of commercial paper issued through the Commercial Paper Program. See “2017 Credit Facility” below for further discussion of our 2017 Credit Facility. The effective interest rate of commercial paper issuances fluctuate as short term interest rates and demand fluctuate. The fluctuation of these rates due to market conditions may impact our interest expense.

In May 2017, we used a combination of cash on hand and net proceeds from the sale of commercial paper to redeem all of our $370 million aggregate principal amount of 5.25% senior unsecured notes, or the 2018 Notes. In addition, in June 2017, we used net proceeds from the sale of commercial paper to repay $300 million of the amount outstanding on the 2016 Credit Facility. See “Early Extinguishment of 2018 Notes” and “2016 Credit Facility” below for further discussion.

In connection with our agreement to acquire eVestment, we issued the 2019 Notes. Since the proposed acquisition of eVestment was not immediately expected to close, $276 million of the net proceeds from the 2019 Notes was used to partially pay down our outstanding commercial paper balance. See “Senior Unsecured Floating Rate Notes” below for further discussion of our 2019 Notes.

As of September 30, 2017, commercial paper notes in the table above reflect the aggregate principal amount, less the unamortized discount which is being accreted through interest expense over the life of the applicable notes. The original maturities of these notes range from 29 days to 92 days and the weighted-average maturity is 19 days. The weighted-average effective interest rate is 1.59% per annum.

Senior Unsecured Notes

Our senior unsecured notes were all issued at a discount. As a result of the discount, the proceeds received from each issuance were less than the aggregate principal amount. As of September 30, 2017, the amounts in the table above reflect the aggregate principal amount, less the unamortized debt discount and the unamortized debt issuance costs which are being accreted through interest expense over the life of the applicable notes. Our senior unsecured notes are general unsecured obligations of ours and rank equally with all of our existing and future unsubordinated obligations and they are not guaranteed by any of our subsidiaries. The senior unsecured notes were issued under indentures that, among other things, limit our ability to consolidate, merge or sell all or substantially all of our assets, create liens, and enter into sale and leaseback transactions.

With the exception of the 2020 Notes, upon a change of control triggering event (as defined in the various note indentures), the terms require us to repurchase all or part of each holder’s notes for cash equal to 101% of the aggregate principal amount purchased plus accrued and unpaid interest, if any.

5.55% Senior Unsecured Notes

In January 2010, Nasdaq issued the 2020 Notes. The 2020 Notes pay interest semiannually at a rate of 5.55% per annum until January 15, 2020.

Early Extinguishment of 2018 Notes

In December 2010, Nasdaq issued the 2018 Notes. The 2018 Notes paid interest semiannually at a rate of 5.25% per annum.

In May 2017, we redeemed all of our 2018 Notes using a combination of cash on hand and net proceeds from the sale of commercial paper issued through the Commercial Paper Program. See “Commercial Paper Program” above for further discussion of our Commercial Paper Program. In connection with the early extinguishment of the 2018 Notes, we recorded a pre-tax charge of $9 million, which primarily included a make-whole redemption price premium. This charge is included in general, administrative and other expense in the Condensed Consolidated Statements of Income for the nine months ended September 30, 2017.

3.875% Senior Unsecured Notes

In June 2013, Nasdaq issued 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 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 $80 million noted in the “Payments, Accretion and Other” column in the table above primarily 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 September 30, 2017.

4.25% Senior Unsecured Notes

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

1.75% Senior Unsecured Notes

In May 2016, Nasdaq issued the 2023 Notes. We used the net proceeds from the 2023 Notes and the 2026 Notes to fund our acquisition of ISE. See “Acquisition of ISE,” 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 have been designated as a hedge of our net investment in certain foreign subsidiaries to mitigate the foreign exchange rate risk associated with certain investments in these subsidiaries. The increase in the carrying amount of $79 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 September 30, 2017.

3.85% Senior Unsecured Notes

In June 2016, Nasdaq issued the 2026 Notes. We used the net proceeds from the 2023 Notes and the 2026 Notes to fund our acquisition of ISE. See “Acquisition of ISE,” 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%.

Senior Unsecured Floating Rate Notes

In connection with our agreement to acquire eVestment, we issued the 2019 Notes. The 2019 Notes pay interest quarterly in arrears at a rate equal to the three-month U.S. dollar LIBOR as determined at the beginning of each quarterly period plus 0.39% per annum until March 22, 2019.

Since the proposed acquisition of eVestment was not immediately expected to close, $276 million of the net proceeds from the 2019 Notes was used to partially pay down our outstanding commercial paper balance and the remainder of this balance was invested in short-term investments which are included in cash and cash equivalents in the Condensed Consolidated Balance Sheets as of September 30, 2017.

In October 2017, we acquired eVestment. See “Acquisition of eVestment," of Note 4, “Acquisitions,” and “Note 18, “Subsequent Event,” for further discussion of our acquisition of eVestment.

Credit Facilities

As of September 30, 2017, the amounts in the table above reflect the aggregate principal amount, less the unamortized debt issuance costs which are being accreted through interest expense over the life of the applicable credit facility. Nasdaq is permitted to repay borrowings under our credit facilities at any time in whole or in part, without penalty.

Our credit facilities contain financial and operating covenants. Financial covenants include a minimum interest expense coverage ratio and a maximum leverage ratio. Operating covenants include, among other things, limitations on Nasdaq’s ability to incur additional indebtedness, grant liens on assets, dispose of assets and pay dividends. Our credit facilities allow us to pay cash dividends on our common stock. The facilities also contain customary affirmative covenants, including access to financial statements, notice of defaults and certain other material events, maintenance of properties and insurance, and events of default, including cross-defaults to our material indebtedness.

2017 Credit Facility

In April 2017, Nasdaq entered into the 2017 Credit Facility. The 2017 Credit Facility consists of a $1 billion five-year revolving credit facility (with sublimits for non-dollar borrowings, swingline borrowings and letters of credit), which replaced our 2014 credit facility. See “2014 Credit Facility” below for further discussion. Nasdaq intends to use funds available under the 2017 Credit Facility for general corporate purposes and to provide liquidity support for the repayment of commercial paper issued through the Commercial Paper Program.

As of September 30, 2017, no amounts were outstanding on the 2017 Credit Facility. The $5 million credit balance represents unamortized debt issuance costs. Of the $1 billion that is available for borrowing, $154 million provides liquidity support for the principal amount outstanding under the Commercial Paper Program as of September 30, 2017. In addition, $1 million has been utilized for a letter of credit. As such, the total remaining amount available under the 2017 Credit Facility was $845 million as of September 30, 2017. See “Commercial Paper Program” above for further discussion of our Commercial Paper Program.

Borrowings under the revolving credit facility of the 2017 Credit Facility pay interest monthly and swingline borrowings pay interest quarterly at a variable interest rate based on either the LIBOR or the base rate (as defined in the credit agreement) (or other applicable rate with respect to non-dollar borrowings), plus an applicable margin that varies with Nasdaq’s debt rating.

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

2016 Credit Facility

In March 2016, Nasdaq entered into 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 were used to partially repay amounts outstanding under the revolving credit commitment of the 2014 credit facility. See “2014 Credit Facility” below for further discussion of our 2014 credit facility.

Loans under the 2016 Credit Facility pay interest monthly at a variable interest rate based on either the 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.

In June 2017, we used net proceeds from the sale of commercial paper issued through the Commercial Paper Program to repay $300 million of the amount outstanding on the 2016 Credit Facility. The remaining amount outstanding of $100 million is due upon maturity at November 25, 2019. See “Commercial Paper Program” above for further discussion of our Commercial Paper Program. In connection with the partial repayment of the amount outstanding on the 2016 Credit Facility, we recorded a pre-tax charge of $1 million which related to the write-off of unamortized debt issuance costs related to the $300 million payment. This charge is included in general, administrative and other expense in the Condensed Consolidated Statements of Income for the nine months ended September 30, 2017.

2014 Credit Facility

In November 2014, Nasdaq entered into the 2014 credit facility. The 2014 credit facility consisted of a $750 million revolving credit commitment (with sublimits for non-dollar borrowings, swingline borrowings and letters of credit).

Loans under the 2014 credit facility had 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 varied with Nasdaq’s debt rating.

In April 2017, Nasdaq entered into the 2017 Credit Facility which replaced the 2014 credit facility. As a result, our 2014 credit facility has been terminated. No amounts were outstanding on the 2014 credit facility during 2017. See “2017 Credit Facility” above for further discussion of our 2017 Credit Facility.

Other Credit Facilities

We also have credit facilities related to our Nasdaq Clearing operations in order to provide further liquidity. Credit facilities, which are available in multiple currencies, totaled $188 million at September 30, 2017 and $170 million at December 31, 2016 in available liquidity, none of which was utilized.

Debt Covenants

At September 30, 2017, we were in compliance with the covenants of all of our debt obligations.

Retirement Plans	9 Months Ended
Retirement Plans	Sep. 30, 2017
Retirement Benefits [Abstract]
Retirement Plans	Retirement Plans Defined Contribution Savings Plan We sponsor a 401(k) Plan for U.S. employees. Employees are immediately eligible to make contributions to the plan and are also eligible for an employer contribution match at an amount equal to 100.0% of the first 6.0% of eligible employee contributions. Savings plan expense included in compensation and benefits expense in the Condensed Consolidated Statements of Income was $3 million for both the three months ended September 30, 2017 and 2016, $10 million for the nine months ended September 30, 2017 and $8 million for the nine months ended September 30, 2016. Pension and Supplemental Executive Retirement Plans We maintain non-contributory, defined-benefit pension plans, non-qualified SERPs for certain senior executives and other post-retirement benefit plans for eligible employees in the U.S., collectively referred to as the Nasdaq Benefit Plans. Our pension plans and SERPs are frozen. Future service and salary for all participants do not count toward an accrual of benefits under the pension plans and SERPs. Most employees outside the U.S. are covered by local retirement plans or by applicable social laws. Benefits under social laws are generally expensed in the periods in which the costs are incurred. The total expense for these plans is included in compensation and benefits expense in the Condensed Consolidated Statements of Income and was $4 million for both the three months ended September 30, 2017 and 2016, $12 million for the nine months ended September 30, 2017 and $13 million for the nine months ended September 30, 2016.

Share-Based Compensation

9 Months Ended

Sep. 30, 2017

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

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 granted under this program include stock options, restricted stock (consisting of restricted stock units), and PSUs. For accounting purposes, we consider PSUs to be a form of restricted stock.

Summary of Share-Based Compensation Expense

The following table shows the total share-based compensation expense resulting from equity awards and the 15.0% discount for the ESPP for the three and nine months ended September 30, 2017 and 2016 in the Condensed Consolidated Statements of Income:



	Three Months Ended September 30,						Nine Months Ended September 30,
	2017			2016			2017			2016
	(in millions)
Share-based compensation expense before income taxes	$	18		$	19		$	52		$	55
Income tax benefit	(7		)	(8		)	(21		)	(23		)
Share-based compensation expense after income taxes	$	11		$	11		$	31		$	32

Common Shares Available Under Our Equity Plan

As of September 30, 2017, we had approximately 5.9 million shares of common stock authorized for future issuance under our Equity Plan.

Restricted Stock

We grant restricted stock to most active employees. The grant date fair value of restricted stock awards is based on the closing price at the date of grant less the present value of future cash dividends. Restricted stock awards granted generally vest 25.0% on the second anniversary of the grant date, 25.0% on the third anniversary of the grant date, and 50.0% on the fourth anniversary of the grant date. We generally recognize compensation expense for restricted stock awards on a straight-line basis over the requisite service period of the award, taking into account an estimated forfeiture rate.

Summary of Restricted Stock Activity

The following table summarizes our restricted stock activity for the nine months ended September 30, 2017:



	Restricted Stock
	Number of Awards		Weighted-Average Grant Date Fair Value
Unvested balances at January 1, 2017	2,560,578		$	45.92
Granted	633,234		66.08
Vested	(1,095,663	)	38.43
Forfeited	(188,292	)	51.68
Unvested balances at September 30, 2017	1,909,857		$	56.33

At September 30, 2017, $56 million of total unrecognized compensation cost related to restricted stock is expected to be recognized over a weighted-average period of 1.8 years.

PSUs

The grant date fair value of PSUs 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. 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 have two performance-based long-term PSU programs for certain officers, a one-year performance-based program and a three-year cumulative performance-based program that focuses on TSR.

One-Year PSU Program

Under the one-year performance-based program, an employee may receive from 0.0% to 150.0% of the target amount granted, depending on the achievement of performance measures. These awards vest ratably on an annual basis over a three-year period commencing with the end of the performance period. Compensation cost is recognized over the performance period and the three-year vesting period, taking into account an estimated forfeiture rate.

During 2016, certain grants of PSUs with a one-year performance period exceeded the applicable performance parameters. As a result, an additional 56,929 units above target were considered granted in the first quarter of 2017 and are included in the below table.

Three-Year PSU Program

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

Certain grants of PSUs that were issued in 2014 with a three-year performance period exceeded the applicable performance parameters. As a result, an additional 538,892 units above target were considered granted in the first quarter of 2017 and are included in the below table.

The following weighted-average assumptions were used to determine the weighted-average fair values of the PSU awards granted under the three-year PSU program for the nine months ended September 30, 2017 and 2016:



	Nine Months Ended September 30,
	2017		2016
Weighted-average risk free interest rate⁽¹⁾	1.44	%	0.84	%
Expected volatility⁽²⁾	19.2	%	21.0	%
Weighted-average grant date share price	$69.45		$66.36
Weighted-average fair value at grant date	$81.57		$93.25

____________


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


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

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

Summary of PSU Activity

The following table summarizes our PSU activity for the nine months ended September 30, 2017:



	PSUs
	One-Year Program				Three-Year Program
	Number of Awards		Weighted-Average Grant Date Fair Value		Number of Awards		Weighted-Average Grant Date Fair Value
Unvested balances at January 1, 2017	378,766		$	52.55	1,314,668		$	63.18
Granted	197,075		65.51		803,712		55.57
Vested	(10,729	)	53.72		(1,079,925	)	42.83
Forfeited	(41,063	)	55.95		(28,497	)	87.86
Unvested balances at September 30, 2017	524,049		$	57.13	1,009,958		$	78.18

At September 30, 2017, $11 million of total unrecognized compensation cost related to the one-year PSU program is expected to be recognized over a weighted-average period of 1.5 years. For the three-year PSU program, $27 million of total unrecognized compensation cost is expected to be recognized over a weighted-average period of 1.5 years.

Stock Options

The fair value of stock options is estimated using the Black-Scholes option-pricing model. Each grant has a 10-year life. In January 2017, our CEO received 268,817 performance-based non-qualified stock options which will vest annually over a three-year period, starting at the date of the grant with each vesting contingent upon the achievement of performance parameters. There were no stock option awards granted during the nine months ended September 30, 2016.

Summary of Stock Option Activity

A summary of stock option activity for the nine months ended September 30, 2017 is as follows:



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

Outstanding at January 1, 2017	1,406,371		$	22.32	2.65	$	63
Granted	268,817		66.68
Exercised	(1,074,321	)	21.87
Forfeited	(978	)	21.33
Outstanding at September 30, 2017	599,889		$	43.00	5.49	$	21
Exercisable at September 30, 2017	331,072		$	23.77	2.54	$	18

We received net cash proceeds of $1 million from the exercise of 40,160 stock options for the three months ended September 30, 2017 and received net cash proceeds of $24 million from the exercise of 1,074,321 stock options for the nine months ended September 30, 2017. We received net cash proceeds of $14 million from the exercise of 424,361 stock options for the three months ended September 30, 2016 and received net cash proceeds of $36 million from the exercise of 1,051,828 stock options for the nine months ended September 30, 2016.

The aggregate intrinsic value in the above table represents the total pre-tax intrinsic value (i.e., the difference between our closing stock price on September 29, 2017 of $77.57 and the exercise price, times the number of shares) based on stock options with an exercise price less than Nasdaq’s closing price of $77.57 as of September 29, 2017, which would have been received by the option holders had the option holders exercised their stock options on that date. This amount can change based on the fair market value of our common stock. The total number of in-the-money stock options exercisable as of September 30, 2017 was 0.3 million. As of September 30, 2016, 1.6 million outstanding stock options were exercisable and the weighted-average exercise price was $23.72.

The total pre-tax intrinsic value of stock options exercised was $2 million for the three months ended September 30, 2017, $14 million for the three months ended September 30, 2016, $53 million for the nine months ended September 30, 2017 and $36 million for the nine months ended September 30, 2016.

ESPP

We have an ESPP under which approximately 2.2 million shares of our common stock have been reserved for future issuance as of September 30, 2017. Under our ESPP, employees may purchase shares having a value not exceeding 10.0% of their annual compensation, subject to applicable annual Internal Revenue Service limitations. We record compensation expense related to the 15.0% discount that is given to our employees, which totaled $1 million for both the three months ended September 30, 2017 and 2016 and $3 million for both the nine months ended September 30, 2017 and 2016.

Nasdaq Stockholders’ Equity

9 Months Ended

Sep. 30, 2017

Equity [Abstract]

Nasdaq Stockholders' Equity

Nasdaq Stockholders’ Equity

Common Stock

At September 30, 2017, 300,000,000 shares of our common stock were authorized, 171,454,303 shares were issued and 166,594,818 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. Shares repurchased under our share repurchase program are currently retired and cancelled. When treasury shares are reissued, they are recorded at the average cost of the treasury shares acquired. We held 4,859,485 shares of common stock in treasury as of September 30, 2017 and 3,921,718 shares as of December 31, 2016, most of which are related to shares of our common stock repurchased for the settlement of employee tax withholding obligations arising from the vesting of restricted stock.

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.

The following table summarizes our share repurchase activity:



	Nine Months Ended September 30,
	2017		2016
Number of shares of common stock repurchased	2,455,171		1,547,778
Average price paid per share	$	71.15	$	64.42
Total purchase price (in millions)	$	175	$	100

As discussed above in “Common Stock in Treasury, at Cost,” shares repurchased under our share repurchase program are currently retired and cancelled. As of September 30, 2017, the remaining amount authorized for share repurchases under the program was $255 million.

Other Repurchases of Common Stock

During the first nine months of 2017, we repurchased 937,767 shares of our common stock in settlement of employee tax withholding obligations arising from 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 September 30, 2017 and December 31, 2016, no shares of preferred stock were issued or outstanding.

* * * * * *

Cash Dividends on Common Stock

During the nine months ended September 30, 2017, our board of directors declared the following cash dividends:



Declaration Date	Dividend Per Common Share		Record Date	Total Amount Paid		Payment Date
				(in millions)
January 30, 2017	$	0.32	March 17, 2017	$	53	March 31, 2017
April 25, 2017	0.38		June 16, 2017	63		June 30, 2017
July 25, 2017	0.38		September 15, 2017	64		September 29, 2017
				$	180

The total amount paid of $180 million was recorded in retained earnings in the Condensed Consolidated Balance Sheets at September 30, 2017.

In October 2017, the board of directors declared a regular quarterly cash dividend of $0.38 per share on our outstanding common stock. The dividend is payable on December 29, 2017 to shareholders of record at the close of business on December 15, 2017. The estimated amount of this dividend is $63 million. In April 2017, the board of directors declared a regular quarterly cash dividend of $0.38 per share on our outstanding common stock which reflected a 19.0% increase from our prior quarterly cash dividend of $0.32. Future declarations of quarterly dividends and the establishment of future record and payment dates are subject to approval by the board of directors.

In April 2017, our board of directors adopted a dividend policy with the intention to provide shareholders with regular and growing dividends over the long term as earnings and cash flow grow.

Earnings Per Share

9 Months Ended

Sep. 30, 2017

Earnings Per Share [Abstract]

Earnings Per Share

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



	Three Months Ended September 30,				Nine Months Ended September 30,
	2017		2016		2017		2016
	(in millions, except share and per share amounts)
Numerator:
Net income attributable to common shareholders	$	171	$	131	$	488	$	333
Denominator:
Weighted-average common shares outstanding for basic earnings per share	166,694,755		165,606,199		166,195,433		164,971,288
Weighted-average effect of dilutive securities:
Employee equity awards	2,315,145		2,898,633		3,036,349		3,355,780
Contingent issuance of common stock	992,247		992,247		334,384		333,163
Weighted-average common shares outstanding for diluted earnings per share	170,002,147		169,497,079		169,566,166		168,660,231
Basic and diluted earnings per share:
Basic earnings per share	$	1.03	$	0.79	$	2.93	$	2.02
Diluted earnings per share	$	1.01	$	0.77	$	2.88	$	1.97

Stock options to purchase 599,889 shares of common stock and 3,443,864 shares of restricted stock and PSUs were outstanding at September 30, 2017. For the three months ended September 30, 2017, we included 420,677 of the outstanding stock options and 3,437,639 shares of restricted stock and PSUs in the computation of diluted earnings per share, on a weighted-average basis, as their inclusion was dilutive. For the nine months ended September 30, 2017, we included 331,072 of the outstanding stock options and 2,926,602 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, shares of restricted stock and PSUs are antidilutive, and as such, they were properly excluded.

Stock options to purchase 1,574,659 shares of common stock and 4,519,995 shares of restricted stock and PSUs were outstanding at September 30, 2016. For the three months ended September 30, 2016, we included all of the outstanding stock options and 4,135,696 shares of restricted stock and PSUs in the computation of diluted earnings per share, on a weighted-average basis, as their inclusion was dilutive. For the nine months ended September 30, 2016, we included all of the outstanding stock options and 3,864,478 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.

Fair Value of Financial Instruments

9 Months Ended

Sep. 30, 2017

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

The following table presents our financial assets that are measured at fair value on a recurring basis as of September 30, 2017 and December 31, 2016. We did not have any financial liabilities measured at fair value on a recurring basis as of September 30, 2017 and December 31, 2016.



	September 30, 2017
	Total		Level 1		Level 2		Level 3
	(in millions)
Financial investments, at fair value	$	207	$	134	$	73	$	—
Default fund and margin deposit investments	1,905		252		1,653		—
Total	$	2,112	$	386	$	1,726	$	—



	December 31, 2016
	Total		Level 1		Level 2		Level 3
	(in millions)
Financial investments, at fair value	$	245	$	151	$	94	$	—
Default fund and margin deposit investments	1,900		614		1,286		—
Total	$	2,145	$	765	$	1,380	$	—

Our Level 1 financial investments, at fair value were comprised of trading securities, mainly highly rated European government debt securities. Level 2 financial investments, at fair value were primarily comprised of trading securities, mainly European mortgage and corporate bonds as of September 30, 2017 and were primarily comprised of available-for-sale investment securities in short-term commercial paper and trading securities, mainly European mortgage and corporate bonds as of December 31, 2016. Of the Level 1 and Level 2 financial investments, at fair value, $159 million as of September 30, 2017 and $172 million as of December 31, 2016 are assets utilized to meet regulatory capital requirements, primarily for our clearing operations at Nasdaq Clearing.

Our default fund and margin deposit investments include cash contributions invested by Nasdaq Clearing, in accordance with its investment policy. Of the total balance of $3,893 million recorded in the Condensed Consolidated Balance Sheets as of September 30, 2017, $1,314 million of cash contributions have been invested in highly rated European and U.S. government debt securities or central bank certificates and $591 million in reverse repurchase agreements. The remainder of this balance is held in cash. Of the total balance of $3,301 million recorded in the Condensed Consolidated Balance Sheets as of December 31, 2016, $137 million of cash contributions have been invested in reverse repurchase agreements and $1,763 million of cash contributions have been invested in highly rated European and U.S. government debt securities and central bank certificates. The remainder of this balance is held in cash. See Note 15, “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 September 30, 2017 and December 31, 2016.

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, commercial paper and certain other current liabilities.

In addition, our investments in OCC and EuroCCP N.V. are accounted for under the equity method of accounting and our investments in Borsa Istanbul and LCH.Clearnet Group Limited are carried at cost. See “Equity Method Investments,” and “Cost Method Investments,” of Note 7, “Investments,” for further discussion.

We also consider our debt obligations to be financial instruments. The fair value of our debt obligations, utilizing discounted cash flow analyses for our floating rate debt and prevailing market rates for our fixed rate debt, was $4.0 billion at September 30, 2017 and $3.8 billion at December 31, 2016. The discounted cash flow analyses are based on borrowing rates currently available to us for debt with similar terms and maturities. The fair value of our commercial paper approximates the carrying value since the rates of interest on this short-term debt approximate market rates as of September 30, 2017. Our commercial paper and our fixed rate and floating rate debt are categorized as Level 2 in the fair value hierarchy.

For further discussion of our debt obligations, see Note 9, “Debt Obligations.”

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

Our non-financial assets, which include goodwill, intangible assets, and other long-lived assets, are not required to be carried at fair value on a recurring basis. Fair value measures of non-financial assets are primarily used in the impairment analysis of these assets. Any resulting asset impairment would require that the non-financial asset be recorded at its fair value. Nasdaq uses Level 3 inputs to measure the fair value of the above assets on a non-recurring basis. At September 30, 2017 and December 31, 2016, there were no non-financial assets measured at fair value on a non-recurring basis.

- Definition

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

+ References + Details

Clearing Operations

9 Months Ended

Sep. 30, 2017

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

Clearing Operations

Nasdaq Clearing

Nasdaq Clearing is authorized and supervised under EMIR as a multi-asset clearinghouse by the SFSA and is authorized to conduct clearing operations in Norway by the Norwegian Ministry of Finance. The clearinghouse acts as the CCP for exchange and OTC trades in equity derivatives, fixed income derivatives, resale and repurchase contracts, power derivatives, emission allowance derivatives, 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 September 30, 2017, clearing member default fund contributions and margin deposits were as follows:



	September 30, 2017
	Cash Contributions		Non-Cash Contributions		Total Contributions
	(in millions)
Default fund contributions	$	361	$	133	$	494
Margin deposits	3,532		4,561		8,093
Total	$	3,893	$	4,694	$	8,587

In accordance with its investment policy, of the total cash contributions of $3,893 million, Nasdaq Clearing has invested $1,314 million in highly rated European and U.S. government debt securities or central bank certificates and $591 million in reverse repurchase agreements. The remainder of this balance is held in cash. Of the total default fund contributions of $494 million, Nasdaq Clearing can utilize $411 million as capital resources in the event of a counterparty default. The remaining balance of $83 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, central bank certificates or reverse repurchase agreements with highly rated government debt securities as collateral. Nasdaq Clearing maintains and manages all cash deposits related to margin collateral. All risks and rewards of collateral ownership, including interest, belong to Nasdaq Clearing. Clearing members’ cash contributions are included in default funds and margin deposits in the Condensed Consolidated Balance Sheets as both a current asset and a current liability. Non-cash contributions include highly rated government debt securities that must meet specific criteria approved by Nasdaq Clearing. Non-cash contributions are pledged assets that are not recorded in the Condensed Consolidated Balance Sheets as Nasdaq Clearing does not take legal ownership of these assets and the risks and rewards remain with the clearing members. These balances may fluctuate over time due to changes in the amount of deposits required and whether members choose to provide cash or non-cash contributions. Assets pledged are held at a nominee account in Nasdaq Clearing’s name for the benefit of the clearing members and are immediately accessible by Nasdaq Clearing in the event of a default. In addition to clearing members’ required contributions to the liability waterfall, Nasdaq Clearing is also required to contribute capital to the liability waterfall and overall regulatory capital as specified under its clearinghouse rules. As of September 30, 2017, Nasdaq Clearing committed capital totaling $113 million to the liability waterfall and overall regulatory capital, in the form of government debt securities, which are recorded as financial investments, at fair value in the Condensed Consolidated Balance Sheets. The combined regulatory capital of the clearing members and Nasdaq Clearing 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.

Similar to default fund contributions, Nasdaq Clearing maintains and manages all cash deposits related to margin collateral. All risks and rewards of collateral ownership, including interest, belong to Nasdaq Clearing. 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 September 30, 2017.

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



	September 30, 2017
	(in millions)
Commodity and seafood options, futures and forwards^(1)(2)(3)	$	646
Fixed-income options and futures⁽¹⁾⁽²⁾	700
Stock options and futures⁽¹⁾⁽²⁾	140
Index options and futures⁽¹⁾⁽²⁾	181
Total	$	1,667

____________


⁽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 nine months ended September 30, 2017 and 2016 was as follows:



	September 30, 2017	September 30, 2016
Commodity and seafood options, futures and forwards⁽¹⁾	2,040,033	2,548,090
Fixed-income options and futures	14,788,850	10,656,778
Stock options and futures	20,070,584	22,012,777
Index options and futures	32,748,357	38,389,146
Total	69,647,824	73,606,791

____________


(1)	The total volume in cleared power related to commodity contracts was 911 Terawatt hours (TWh) for the nine months ended September 30, 2017 and 1,197 TWh for the nine months ended September 30, 2016.

The outstanding contract value of resale and repurchase agreements was $5.0 billion as of September 30, 2017 and $6.3 billion at September 30, 2016. The total number of contracts cleared was 5,891,900 for the nine months ended September 30, 2017 and was 6,027,419 for the nine months ended September 30, 2016.

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 $18 million at September 30, 2017;


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


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


•	senior capital contributed to each specific market by Nasdaq Clearing, calculated in accordance with clearinghouse rules, which totaled $25 million at September 30, 2017; and


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

If additional funds are needed after utilization of the 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	9 Months Ended
Commitments, Contingencies and Guarantees	Sep. 30, 2017
Commitments and Contingencies Disclosure [Abstract]
Commitments, Contingencies and Guarantees	Commitments, Contingencies and Guarantees Guarantees Issued and Credit Facilities Available In addition to the default fund contributions and margin collateral pledged by clearing members discussed in Note 15, “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 $13 million at September 30, 2017 and December 31, 2016. As discussed in “Other Credit Facilities,” of Note 9, “Debt Obligations,” clearing-related credit facilities, which are available in multiple currencies, totaled $188 million at September 30, 2017 and $170 million at December 31, 2016, in available liquidity, none of which was utilized. Execution Access is an introducing broker which operates the trading platform for our Fixed Income business to trade in U.S. Treasury securities. Execution Access has a clearing arrangement with Cantor Fitzgerald. As of September 30, 2017, we have contributed $19 million of clearing deposits to Cantor Fitzgerald in connection with this clearing arrangement. These deposits are recorded in other current assets in our Condensed Consolidated Balance Sheets. Some of the trading activity in Execution Access is cleared by Cantor Fitzgerald through the Fixed Income Clearing Corporation. Execution Access assumes the counterparty risk of clients that do not clear through the Fixed Income Clearing Corporation. Counterparty risk of clients exists for Execution Access between the trade date and the settlement date of the individual transactions, which is one business day. All of Execution Access’ obligations under the clearing arrangement with Cantor Fitzgerald are guaranteed by Nasdaq. Counterparties that do not clear through the Fixed Income Clearing Corporation are 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 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 September 30, 2017 and December 31, 2016. 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. Through our clearing operations in the financial markets, Nasdaq Clearing is the legal counterparty for, and guarantees the performance of, its clearing members. See Note 15, “Clearing Operations,” for further discussion of Nasdaq Clearing performance guarantees. We have provided a guarantee related to lease obligations for The Nasdaq Entrepreneurial Center, Inc. which is a not-for-profit organization designed to convene, connect and engage aspiring and current entrepreneurs. This entity is not included in the 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 purchase price consideration of a prior acquisition, we have agreed to future annual issuances of 992,247 shares of Nasdaq common stock which approximated certain tax benefits associated with the transaction. Such contingent future issuances of Nasdaq common stock will be 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. As of September 30, 2017, these escrow agreements provide for future payment of $13 million, of which $9 million is included in other current liabilities and $4 million is included in other non-current liabilities in the Condensed Consolidated Balance Sheets. Routing Brokerage Activities One of our broker-dealer subsidiaries, Nasdaq Execution Services, provides a guarantee to securities clearinghouses and exchanges under its standard membership agreements, which require members to guarantee the performance of other members. If a member becomes unable to satisfy its obligations to a clearinghouse or exchange, other members would be required to meet its shortfalls. To mitigate these performance risks, the exchanges and clearinghouses often require members to post collateral, as well as meet certain minimum financial standards. Nasdaq Execution Services’ maximum potential liability under these arrangements cannot be quantified. However, we believe that the potential for Nasdaq Execution Services to be required to make payments under these arrangements is unlikely. Accordingly, no contingent liability is recorded in the Condensed Consolidated Balance Sheets for these arrangements. Legal and Regulatory Matters 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. On October 25, 2017, the Third Circuit issued a decision affirming the dismissal of the case. Given the fact that the complaint has been dismissed, we are unable to estimate what, if any, liability may result from this litigation. However, we believe (as the district court and the Third Circuit concluded) that the claims are without merit and intend to continue to litigate vigorously if there are further proceedings in this matter. 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 Exchange Act and Rule 10b-5, as well as under Section 6(b) of the Exchange Act. The plaintiffs seek injunctive and monetary relief of an unspecified amount. We filed a motion to dismiss the amended complaint on November 3, 2014. In response, the plaintiffs filed a second amended complaint on November 24, 2014, which names the same defendants and alleges essentially the same violations. We then filed a motion to dismiss the second amended complaint on January 23, 2015. On August 26, 2015, the district court entered an order dismissing the second amended complaint in its entirety 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. The Second Circuit heard oral argument on August 24, 2016. On August 25, 2016, the Second Circuit issued an order requesting the SEC’s views on whether the district court had subject-matter jurisdiction over the case, and whether the defendants are immune from suit regarding the challenged conduct. The SEC filed its brief on November 28, 2016. The exchanges and plaintiffs filed supplemental briefs responding to the SEC’s brief on December 12, 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 will continue to litigate 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. In the normal course of business, Nasdaq discusses matters with its regulators raised during regulatory examinations or otherwise subject to their inquiry and oversight. These matters could result in censures, fines, penalties or other sanctions. Management believes the outcome of any resulting actions will not have a material impact on its consolidated financial position or results of operations. However, Nasdaq is unable to predict the outcome or the timing of the ultimate resolution of these matters, or the potential fines, penalties or injunctive or other equitable relief, if any, that may result from these matters. Tax Audits We are engaged in ongoing discussions and audits with taxing authorities on various tax matters, the resolutions of which are uncertain. Currently, there are matters that may lead to assessments, some of which may not be resolved for several years. Based on currently available information, we believe we have adequately provided for any assessments that could result from those proceedings where it is more likely than not that we will be assessed. We review our positions on these matters as they progress.

Business Segments

9 Months Ended

Sep. 30, 2017

Segment Reporting [Abstract]

Business Segments

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

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

The following table presents certain information regarding our operating segments for the three and nine months ended September 30, 2017 and 2016:



	Market Services			Corporate Services		Information Services		Market Technology		Corporate Items			Consolidated
	(in millions)
Three Months Ended September 30, 2017
Total revenues	$	581		$	161	$	150	$	77	$	—		$	969
Transaction-based expenses	(362		)	—		—		—		—			(362		)
Revenues less transaction-based expenses	219			161		150		77		—			607
Operating income (loss)	$	118		$	45	$	111	$	16	$	(26	)	$	264
Three Months Ended September 30, 2016
Total revenues	$	557		$	162	$	137	$	73	$	—		$	929
Transaction-based expenses	(344		)	—		—		—		—			(344		)
Revenues less transaction-based expenses	213			162		137		73		—			585
Operating income (loss)	$	114		$	42	$	97	$	19	$	(39	)	$	233
Nine Months Ended September 30, 2017
Total revenues	$	1,808		$	486	$	432	$	215	$	—		$	2,941
Transaction-based expenses	(1,149		)	—		—		—		—			(1,149		)
Revenues less transaction-based expenses	659			486		432		215		—			1,792
Operating income (loss)	$	359		$	133	$	318	$	44	$	(98	)	$	756
Nine Months Ended September 30, 2016
Total revenues	$	1,661		$	467	$	405	$	199	$	—		$	2,732
Transaction-based expenses	(1,054		)	—		—		—		—			(1,054		)
Revenues less transaction-based expenses	607			467		405		199		—			1,678
Operating income (loss)	$	332		$	117	$	290	$	46	$	(159	)	$	626

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 ongoing operating performance. 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) severance and other termination benefits, (ii) asset impairment charges, and (iii) other 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 generally include integration costs, as well as legal, due diligence and other third party transaction costs. The frequency and the amount of such expenses vary significantly based on the size, timing and complexity of the transaction. 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. For the nine months ended September 30, 2017, other significant items included loss on extinguishment of debt. For the nine months ended September 30, 2016, other significant items included the release of a sublease loss reserve due to the early exit of a facility. We believe the exclusion of such amounts allows management and investors to better understand the financial results of Nasdaq.

* * * * * *

A summary of our corporate items is as follows:



	Three Months Ended September 30,				Nine Months Ended September 30,
	2017		2016		2017		2016
	(in millions)
Amortization expense of acquired intangible assets	$	22	$	23	$	67	$	59
Restructuring charges	—		—		—		41
Merger and strategic initiatives expense	3		12		20		56
Loss on extinguishment of debt	—		—		10		—
Sublease loss reserve	—		—		—		(2		)
Other	1		4		1		5
Total	$	26	$	39	$	98	$	159

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.”

Subsequent Events	9 Months Ended
Subsequent Events	Sep. 30, 2017
Subsequent Events [Abstract]
Subsequent Event	Subsequent Event In October 2017, we acquired eVestment for $705 million. The aggregate cash consideration, net of cash acquired, of $744 million included $39 million of estimated tax benefits associated with the transaction. The transaction was funded from cash on hand and issuances of commercial paper. See “Acquisition of eVestment,” of Note 4, “Acquisitions,” and “Senior Unsecured Floating Rate Notes,” of Note 9, “Debt Obligations,” for further discussion of our acquisition of eVestment.

Basis of Presentation and Principles of Consolidation (Policies)

9 Months Ended

Sep. 30, 2017

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Accounting

Consolidation

Certain prior year amounts have been reclassified to conform to the current year presentation.

Tax Matters

Although no new U.S. tax legislation has been enacted, we are currently assessing the impact various tax reform proposals will have on our condensed consolidated financial statements.

Recently Adopted and Issued Accounting Pronouncements

Recently Adopted Accounting Pronouncements



Accounting Standard	Description	Effective Date	Effect on the Financial Statements or Other Significant Matters
Compensation - Stock Compensation In March 2016, the FASB issued ASU 2016-09, “Improvements to Employee Share-Based Payment Accounting.”	This ASU 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 guidance requires 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 was previously recorded. This guidance impacts the calculation of our total diluted share count for the earnings per share calculation, as calculated under the treasury stock method. It also allows an employer to repurchase more of an employee’s shares for tax withholding purposes without triggering liability accounting. All tax-related cash flows resulting from share-based payments are reported as operating activities on the statement of cash flows. In regards to forfeitures, a policy election is required to either estimate the number of awards that are expected to vest or account for forfeitures as they occur.	We adopted this new standard on January 1, 2017 on a prospective basis for the impacts on the accounting for income taxes and the effect on earnings per share. We have adopted the changes in cash flow statement classification retrospectively.	The adoption resulted in the recognition of excess tax benefit in our provision for income taxes rather than additional paid-in capital, which was $7 million for the three months ended September 30, 2017 and was $30 million for the nine months ended September 30, 2017.
Compensation - Stock Compensation In May 2017, the FASB issued ASU 2017-09, “Scope of Modification Accounting.”	This ASU clarifies when changes to the terms or conditions of a share-based payment award must be accounted for as modifications. Under the new guidance, modification accounting is required only if the fair value, the vesting conditions, or the classification of the award (as equity or liability) changes as a result of the change in terms or conditions.	We adopted this new standard on June 30, 2017 on a prospective basis.	Adopting this standard had no impact on our consolidated financial statements. The future impact will depend on the extent and nature of future changes to the terms of our share-based payment awards. Historically, we have not had significant changes to our share-based payment awards and therefore do not expect adoption of this guidance to have a material impact on our consolidated financial statements.

Recently Issued Accounting Pronouncements



Accounting Standard	Description	Effective Date	Effect on the Financial Statements or Other Significant Matters
Business Combination In January 2017, the FASB issued ASU 2017-01, “Clarifying the Definition of a Business.”	This ASU clarifies the definition of a business with the objective of adding guidance to assist companies with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The new guidance is expected to reduce the number of transactions that need to be further evaluated as businesses. Early adoption is permitted for certain types of transactions.	January 1, 2018, with early adoption permitted.	This new standard is required to be applied prospectively and therefore, may impact how we account for future acquisitions.
Goodwill In January 2017, the FASB issued ASU 2017-04, “Simplifying the Test for Goodwill Impairment.”	This ASU simplifies how an entity is required to test goodwill for impairment and removes the second step of the goodwill impairment test, which required a hypothetical purchase price allocation if the fair value of a reporting unit is less than its carrying amount. Goodwill impairment will now be measured using the difference between the carrying amount and the fair value of the reporting unit and the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. The amendments in this ASU should be applied on a prospective basis. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017.	January 1, 2020, with early adoption as of January 1, 2017 permitted.	We do not anticipate a material impact on our consolidated financial statements at the time of adoption of this new standard as the carrying amounts of our reporting units have been less than their corresponding fair values in recent years. Therefore, the second step of the goodwill impairment test was not required. However, changes in future projections, market conditions and other factors may cause a change in the excess of fair value of our reporting units over their corresponding carrying amounts.
Financial Instruments - Credit Losses In June 2016, the FASB issued ASU 2016-13, “Measurement of Credit Losses on Financial Instruments.”	This ASU 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.	January 1, 2020, with early adoption as of January 1, 2019 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 ASU, 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.	January 1, 2019, with early adoption permitted.	We are currently assessing the impact that this standard will have on our consolidated financial statements.



Accounting Standard	Description	Effective Date	Effect on the Financial Statements or Other Significant Matters
Financial Instruments - Overall In January 2016, the FASB issued ASU 2016-01, “Recognition and Measurement of Financial Assets and Financial Liabilities.”	This ASU 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.	January 1, 2018. Early adoption is not permitted.	As we do not have a significant investment in financial instruments impacted by this standard, 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.	January 1, 2018, with early adoption permitted.	See discussion below.

Revenue From Contracts With Customers

The following are key items to note regarding the accounting for our Market Technology and Listing Services businesses under Topic 606:


•	revenue recognition for existing and new contracts will be recognized in earlier stages under the new standard;


•	expense recognition for Market Technology contracts will be recognized in earlier stages under the new standard;


•	a portion of revenues and expenses that were previously deferred will be recognized either in prior period revenues, through restatement, or as an adjustment to retained earnings upon adoption of the new standard; and


•	the overall value of our contracts and the timing of cash flows from customers will not change.

We will adopt the new standard on January 1, 2018 using the full retrospective method.

- 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

Basis of Presentation and Principles of Consolidation (Tables)

9 Months Ended

Sep. 30, 2017

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Income Tax Provision and Effective Tax Rates

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



	Three Months Ended September 30,						Percentage Change
	2017			2016			Percentage Change
	($ in millions)
Income tax provision	$	65		$	68		(4.4	)%
Effective tax rate	27.5		%	34.2		%

	Nine Months Ended September 30,
	2017			2016
	($ in millions)
Income tax provision	$	179		$	208		(13.9	)%
Effective tax rate	26.8		%	38.4		%

Recently Adopted and Recently Issued Accounting Pronouncements



Accounting Standard	Description	Effective Date	Effect on the Financial Statements or Other Significant Matters
Compensation - Stock Compensation In March 2016, the FASB issued ASU 2016-09, “Improvements to Employee Share-Based Payment Accounting.”	This ASU 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 guidance requires 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 was previously recorded. This guidance impacts the calculation of our total diluted share count for the earnings per share calculation, as calculated under the treasury stock method. It also allows an employer to repurchase more of an employee’s shares for tax withholding purposes without triggering liability accounting. All tax-related cash flows resulting from share-based payments are reported as operating activities on the statement of cash flows. In regards to forfeitures, a policy election is required to either estimate the number of awards that are expected to vest or account for forfeitures as they occur.	We adopted this new standard on January 1, 2017 on a prospective basis for the impacts on the accounting for income taxes and the effect on earnings per share. We have adopted the changes in cash flow statement classification retrospectively.	The adoption resulted in the recognition of excess tax benefit in our provision for income taxes rather than additional paid-in capital, which was $7 million for the three months ended September 30, 2017 and was $30 million for the nine months ended September 30, 2017.
Compensation - Stock Compensation In May 2017, the FASB issued ASU 2017-09, “Scope of Modification Accounting.”	This ASU clarifies when changes to the terms or conditions of a share-based payment award must be accounted for as modifications. Under the new guidance, modification accounting is required only if the fair value, the vesting conditions, or the classification of the award (as equity or liability) changes as a result of the change in terms or conditions.	We adopted this new standard on June 30, 2017 on a prospective basis.	Adopting this standard had no impact on our consolidated financial statements. The future impact will depend on the extent and nature of future changes to the terms of our share-based payment awards. Historically, we have not had significant changes to our share-based payment awards and therefore do not expect adoption of this guidance to have a material impact on our consolidated financial statements.



Accounting Standard	Description	Effective Date	Effect on the Financial Statements or Other Significant Matters
Business Combination In January 2017, the FASB issued ASU 2017-01, “Clarifying the Definition of a Business.”	This ASU clarifies the definition of a business with the objective of adding guidance to assist companies with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The new guidance is expected to reduce the number of transactions that need to be further evaluated as businesses. Early adoption is permitted for certain types of transactions.	January 1, 2018, with early adoption permitted.	This new standard is required to be applied prospectively and therefore, may impact how we account for future acquisitions.
Goodwill In January 2017, the FASB issued ASU 2017-04, “Simplifying the Test for Goodwill Impairment.”	This ASU simplifies how an entity is required to test goodwill for impairment and removes the second step of the goodwill impairment test, which required a hypothetical purchase price allocation if the fair value of a reporting unit is less than its carrying amount. Goodwill impairment will now be measured using the difference between the carrying amount and the fair value of the reporting unit and the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. The amendments in this ASU should be applied on a prospective basis. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017.	January 1, 2020, with early adoption as of January 1, 2017 permitted.	We do not anticipate a material impact on our consolidated financial statements at the time of adoption of this new standard as the carrying amounts of our reporting units have been less than their corresponding fair values in recent years. Therefore, the second step of the goodwill impairment test was not required. However, changes in future projections, market conditions and other factors may cause a change in the excess of fair value of our reporting units over their corresponding carrying amounts.
Financial Instruments - Credit Losses In June 2016, the FASB issued ASU 2016-13, “Measurement of Credit Losses on Financial Instruments.”	This ASU 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.	January 1, 2020, with early adoption as of January 1, 2019 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 ASU, 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.	January 1, 2019, with early adoption permitted.	We are currently assessing the impact that this standard will have on our consolidated financial statements.



Accounting Standard	Description	Effective Date	Effect on the Financial Statements or Other Significant Matters
Financial Instruments - Overall In January 2016, the FASB issued ASU 2016-01, “Recognition and Measurement of Financial Assets and Financial Liabilities.”	This ASU 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.	January 1, 2018. Early adoption is not permitted.	As we do not have a significant investment in financial instruments impacted by this standard, 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.	January 1, 2018, with early adoption permitted.	See discussion below.

Restructuring Charges (Tables)

9 Months Ended

Sep. 30, 2017

Restructuring and Related Activities [Abstract]

Summary of Restructuring Charges

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



	Nine Months Ended September 30, 2016
	Nine Months Ended September 30, 2016
	(in millions)
Severance	$	22
Facilities-related	1
Asset impairments	8
Other	10
Total restructuring charges	$	41

Acquisitions (Tables)

9 Months Ended

Sep. 30, 2017

Business Combinations [Abstract]

Acquisition of Businesses



	Purchase Consideration		Total Net Assets (Liabilities) Acquired			Total Net Deferred Tax Liability			Acquired Intangible Assets		Goodwill
	(in millions)
ISE	$	1,070	$	83		$	(185	)	$	623	$	549
Boardvantage	242		28			(38		)	111		141
Marketwired	111		(1		)	(5		)	31		86
Nasdaq CXC	116		6			(20		)	76		54

Acquired infinite lived intangible assets in acquisition

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



	2016
	ISE			Boardvantage			Marketwired			Nasdaq CXC
	($ in millions)
Intangible Assets
Exchange registrations	$	467		$	—		$	—		$	—
Discount rate used	8.6		%	—			—			—
Estimated average useful life	Indefinite			—			—			—
Customer relationships	$	148		$	103		$	29		$	76
Discount rate used	9.1		%	15.5		%	16.4		%	10.3		%
Estimated average useful life	13 years			14 years			6 years			17 years
Trade name	$	8		$	2		$	2		$	—
Discount rate used	8.6		%	15.0		%	15.8		%	—
Estimated average useful life	Indefinite			1 year			2 years			—
Technology	$	—		$	6		$	—		$	—
Discount rate used	—			15.5		%	—			—
Estimated average useful life	—			5 years			—			—
Total intangible assets	$	623		$	111		$	31		$	76

Acquired finite lived intangible assets in acquisition

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



	2016
	ISE			Boardvantage			Marketwired			Nasdaq CXC
	($ in millions)
Intangible Assets
Exchange registrations	$	467		$	—		$	—		$	—
Discount rate used	8.6		%	—			—			—
Estimated average useful life	Indefinite			—			—			—
Customer relationships	$	148		$	103		$	29		$	76
Discount rate used	9.1		%	15.5		%	16.4		%	10.3		%
Estimated average useful life	13 years			14 years			6 years			17 years
Trade name	$	8		$	2		$	2		$	—
Discount rate used	8.6		%	15.0		%	15.8		%	—
Estimated average useful life	Indefinite			1 year			2 years			—
Technology	$	—		$	6		$	—		$	—
Discount rate used	—			15.5		%	—			—
Estimated average useful life	—			5 years			—			—
Total intangible assets	$	623		$	111		$	31		$	76

Assets and Liabilities Held For Sale Assets and Liabilities Held For Sale (Tables)

9 Months Ended

Sep. 30, 2017

Discontinued Operations and Disposal Groups [Abstract]

Schedule of carrying amounts of assets and liabilities classified as held for sale

The following table presents the carrying amounts of the major classes of assets and liabilities classified as held for sale in the Condensed Consolidated Balance Sheets:



	September 30, 2017
	September 30, 2017
	(in millions)
Receivables, net	$	23
Property and equipment, net	21
Goodwill	202
Intangible assets, net	41
Other assets	13
Total assets held for sale	$	300

Deferred tax liabilities	$	20
Other current liabilities	29
Total liabilities held for sale	$	49

Goodwill and Acquired Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2017

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Changes in Goodwill

The following table presents the changes in goodwill by business segment during the nine months ended September 30, 2017:



	Market Services		Corporate Services			Information Services		Market Technology		Total
	(in millions)
Balance at December 31, 2016	$	3,390	$	674		$	1,806	$	157	$	6,027
Goodwill acquired	—		—			—		13		13
Measurement period adjustment	—		(7		)	—		—		(7		)
Foreign currency translation adjustment	170		26			109		18		323
Goodwill reclassified as held for sale⁽¹⁾	—		(202		)	—		—		(202		)
Balance at September 30, 2017	$	3,560	$	491		$	1,915	$	188	$	6,154

____________

⁽¹⁾ See Note 5, “Assets and Liabilities Held for Sale,” for further discussion.

Schedule of Acquired Finite-Lived Intangible Assets

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



	September 30, 2017										December 31, 2016
	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	$	51		$	(20	)	$	31		8	$	38		$	(24	)	$	14		5
Customer relationships	1,330			(502		)	828			19	1,394			(464		)	930			18
Other	4			(3		)	1			10	7			(6		)	1			6
Foreign currency translation adjustment	(108		)	44			(64		)		(160		)	58			(102		)
Total finite-lived intangible assets	$	1,277		$	(481	)	$	796			$	1,279		$	(436	)	$	843
Indefinite-Lived Intangible Assets
Exchange and clearing registrations	$	1,257		$	—		$	1,257			$	1,257		$	—		$	1,257
Trade names	127			—			127				130			—			130
Licenses	52			—			52				52			—			52
Foreign currency translation adjustment	(141		)	—			(141		)		(188		)	—			(188		)
Total indefinite-lived intangible assets	$	1,295		$	—		$	1,295			$	1,251		$	—		$	1,251
Total intangible assets	$	2,572		$	(481	)	$	2,091			$	2,530		$	(436	)	$	2,094

Schedule of Acquired Indefinite-lived Intangible Assets

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



	September 30, 2017										December 31, 2016
	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	$	51		$	(20	)	$	31		8	$	38		$	(24	)	$	14		5
Customer relationships	1,330			(502		)	828			19	1,394			(464		)	930			18
Other	4			(3		)	1			10	7			(6		)	1			6
Foreign currency translation adjustment	(108		)	44			(64		)		(160		)	58			(102		)
Total finite-lived intangible assets	$	1,277		$	(481	)	$	796			$	1,279		$	(436	)	$	843
Indefinite-Lived Intangible Assets
Exchange and clearing registrations	$	1,257		$	—		$	1,257			$	1,257		$	—		$	1,257
Trade names	127			—			127				130			—			130
Licenses	52			—			52				52			—			52
Foreign currency translation adjustment	(141		)	—			(141		)		(188		)	—			(188		)
Total indefinite-lived intangible assets	$	1,295		$	—		$	1,295			$	1,251		$	—		$	1,251
Total intangible assets	$	2,572		$	(481	)	$	2,091			$	2,530		$	(436	)	$	2,094

Estimated Future Amortization Expense



	(in millions)
2017⁽¹⁾	$	22
2018	86
2019	71
2020	70
2021	68
2022 and thereafter	543
Total	$	860

____________


⁽¹⁾	Represents the estimated amortization to be recognized for the remaining three months of 2017

Schedule of Indefinite-Lived Intangible Assets

The following table presents the gross amount, accumulated amortization and net amount of finite-lived and indefinite-lived intangible assets that have been reclassified as assets held for sale as of September 30, 2017. See Note 5, “Assets and Liabilities Held for Sale,” for further discussion.



	Gross Amount		Accumulated Amortization			Net Amount
	(in millions)
Finite-lived intangible assets reclassified as held for sale:
Customer relationships	$	54	$	(17	)	$	37
Other	2		(1		)	1
Total finite-lived intangible assets held for sale	56		(18		)	38
Indefinite-lived intangible assets reclassified as held for sale - trade name	3		—			3
Total intangible assets held for sale	$	59	$	(18	)	$	41

Schedule of Finite-Lived Intangible Assets



	Gross Amount		Accumulated Amortization			Net Amount
	(in millions)
Finite-lived intangible assets reclassified as held for sale:
Customer relationships	$	54	$	(17	)	$	37
Other	2		(1		)	1
Total finite-lived intangible assets held for sale	56		(18		)	38
Indefinite-lived intangible assets reclassified as held for sale - trade name	3		—			3
Total intangible assets held for sale	$	59	$	(18	)	$	41

Deferred Revenue (Tables)

9 Months Ended

Sep. 30, 2017

Deferred Revenue Disclosure [Abstract]

Changes in Deferred Revenue

The changes in our deferred revenue during the nine months ended September 30, 2017 and 2016 are reflected in the following table:



	Initial Listing Revenues			Listing of Additional Shares Revenues			Annual Renewal and Other Revenues			Market Technology Revenues			Total
	(in millions)
Balance at January 1, 2017	$	54		$	37		$	57		$	185		$	333
Additions	12			9			468			170			659
Revenue recognized	(13		)	(17		)	(422		)	(197		)	(649		)
Translation adjustment	—			—			2			21			23
Deferred revenue reclassified as held for sale⁽¹⁾	—			—			(5		)	—			(5		)
Balance at September 30, 2017	$	53		$	29		$	100		$	179		$	361

Balance at January 1, 2016	$	59		$	53		$	28		$	187		$	327
Additions	9			10			516			195			730
Revenue recognized	(13		)	(22		)	(433		)	(185		)	(653		)
Translation adjustment	—			—			—			3			3
Balance at September 30, 2016	$	55		$	41		$	111		$	200		$	407

____________

⁽¹⁾ See Note 5, “Assets and Liabilities Held for Sale,” for further discussion.

Estimated Deferred Revenue

At September 30, 2017, we estimate that our deferred revenue, which is primarily corporate services and market technology revenues, will be recognized in the following years:



	Initial Listing Revenues		Listing of Additional Shares Revenues		Annual Renewal and Other Revenues		Market Technology Revenues		Total
	(in millions)
Fiscal year ended:
2017⁽¹⁾	$	4	$	5	$	78	$	28	$	115
2018	15		13		22		57		107
2019	14		6		—		36		56
2020	10		4		—		33		47
2021	6		1		—		15		22
2022 and thereafter	4		—		—		10		14
	$	53	$	29	$	100	$	179	$	361

____________


⁽¹⁾	Represents deferred revenue that is anticipated to be recognized over the remaining three months of 2017.

Debt Obligations (Tables)

9 Months Ended

Sep. 30, 2017

Debt Disclosure [Abstract]

Changes in Debt Obligations

The following table presents the changes in the carrying amount of our debt obligations during the nine months ended September 30, 2017:



	December 31, 2016		Additions		Payments, Accretion and Other			September 30, 2017
	(in millions)
Short-term debt - commercial paper	$	—	$	1,402	$	(1,248	)	$	154
Long-term debt:
5.55% senior unsecured notes due January 15, 2020	598		—		—			598
5.25% senior unsecured notes repaid on May 26, 2017	369		—		(369		)	—
3.875% senior unsecured notes due June 7, 2021	625		—		80			705
4.25% senior unsecured notes due June 1, 2024	495		—		1			496
1.75% senior unsecured notes due May 19, 2023	622		—		79			701
3.85% senior unsecured notes due June 30, 2026	495		—		1			496
Senior unsecured floating rate notes due March 22, 2019	—		498		—			498
$400 million senior unsecured term loan facility due November 25, 2019 (average interest rate of 2.43% for the period January 1, 2017 through September 30, 2017)	399		—		(299		)	100
$1 billion revolving credit commitment due April 25, 2022 (average interest rate of 2.40% for the period April 25, 2017 through September 30, 2017)	—		15		(20		)	(5		)
Total long-term debt	3,603		513		(527		)	3,589
Total debt obligations	$	3,603	$	1,915	$	(1,775	)	$	3,743

Share-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2017

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Summary of Share-Based Compensation Expense



	Three Months Ended September 30,						Nine Months Ended September 30,
	2017			2016			2017			2016
	(in millions)
Share-based compensation expense before income taxes	$	18		$	19		$	52		$	55
Income tax benefit	(7		)	(8		)	(21		)	(23		)
Share-based compensation expense after income taxes	$	11		$	11		$	31		$	32

Summary of Restricted Stock Activity

The following table summarizes our restricted stock activity for the nine months ended September 30, 2017:



	Restricted Stock
	Number of Awards		Weighted-Average Grant Date Fair Value
Unvested balances at January 1, 2017	2,560,578		$	45.92
Granted	633,234		66.08
Vested	(1,095,663	)	38.43
Forfeited	(188,292	)	51.68
Unvested balances at September 30, 2017	1,909,857		$	56.33

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



	Nine Months Ended September 30,
	2017		2016
Weighted-average risk free interest rate⁽¹⁾	1.44	%	0.84	%
Expected volatility⁽²⁾	19.2	%	21.0	%
Weighted-average grant date share price	$69.45		$66.36
Weighted-average fair value at grant date	$81.57		$93.25

____________


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


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

Summary of PSU Activity

The following table summarizes our PSU activity for the nine months ended September 30, 2017:



	PSUs
	One-Year Program				Three-Year Program
	Number of Awards		Weighted-Average Grant Date Fair Value		Number of Awards		Weighted-Average Grant Date Fair Value
Unvested balances at January 1, 2017	378,766		$	52.55	1,314,668		$	63.18
Granted	197,075		65.51		803,712		55.57
Vested	(10,729	)	53.72		(1,079,925	)	42.83
Forfeited	(41,063	)	55.95		(28,497	)	87.86
Unvested balances at September 30, 2017	524,049		$	57.13	1,009,958		$	78.18

Summary of Stock Option Activity

A summary of stock option activity for the nine months ended September 30, 2017 is as follows:



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

Outstanding at January 1, 2017	1,406,371		$	22.32	2.65	$	63
Granted	268,817		66.68
Exercised	(1,074,321	)	21.87
Forfeited	(978	)	21.33
Outstanding at September 30, 2017	599,889		$	43.00	5.49	$	21
Exercisable at September 30, 2017	331,072		$	23.77	2.54	$	18

Nasdaq Stockholders’ Equity (Tables)

9 Months Ended

Sep. 30, 2017

Equity [Abstract]

Common Stock in Treasury, at Cost

The following table summarizes our share repurchase activity:



	Nine Months Ended September 30,
	2017		2016
Number of shares of common stock repurchased	2,455,171		1,547,778
Average price paid per share	$	71.15	$	64.42
Total purchase price (in millions)	$	175	$	100

Schedule of Dividends Declared

During the nine months ended September 30, 2017, our board of directors declared the following cash dividends:



Declaration Date	Dividend Per Common Share		Record Date	Total Amount Paid		Payment Date
				(in millions)
January 30, 2017	$	0.32	March 17, 2017	$	53	March 31, 2017
April 25, 2017	0.38		June 16, 2017	63		June 30, 2017
July 25, 2017	0.38		September 15, 2017	64		September 29, 2017
				$	180

Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2017

Earnings Per Share [Abstract]

Summary of Computation of Basic and Diluted Earnings Per Share

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



	Three Months Ended September 30,				Nine Months Ended September 30,
	2017		2016		2017		2016
	(in millions, except share and per share amounts)
Numerator:
Net income attributable to common shareholders	$	171	$	131	$	488	$	333
Denominator:
Weighted-average common shares outstanding for basic earnings per share	166,694,755		165,606,199		166,195,433		164,971,288
Weighted-average effect of dilutive securities:
Employee equity awards	2,315,145		2,898,633		3,036,349		3,355,780
Contingent issuance of common stock	992,247		992,247		334,384		333,163
Weighted-average common shares outstanding for diluted earnings per share	170,002,147		169,497,079		169,566,166		168,660,231
Basic and diluted earnings per share:
Basic earnings per share	$	1.03	$	0.79	$	2.93	$	2.02
Diluted earnings per share	$	1.01	$	0.77	$	2.88	$	1.97

Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2017

Fair Value Disclosures [Abstract]

Schedule of Financial Assets Measured at Fair Value on Recurring Basis



	September 30, 2017
	Total		Level 1		Level 2		Level 3
	(in millions)
Financial investments, at fair value	$	207	$	134	$	73	$	—
Default fund and margin deposit investments	1,905		252		1,653		—
Total	$	2,112	$	386	$	1,726	$	—



	December 31, 2016
	Total		Level 1		Level 2		Level 3
	(in millions)
Financial investments, at fair value	$	245	$	151	$	94	$	—
Default fund and margin deposit investments	1,900		614		1,286		—
Total	$	2,145	$	765	$	1,380	$	—

Clearing Operations (Tables)

9 Months Ended

Sep. 30, 2017

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

Schedule of Clearing Member Default Fund Contributions

As of September 30, 2017, clearing member default fund contributions and margin deposits were as follows:



	September 30, 2017
	Cash Contributions		Non-Cash Contributions		Total Contributions
	(in millions)
Default fund contributions	$	361	$	133	$	494
Margin deposits	3,532		4,561		8,093
Total	$	3,893	$	4,694	$	8,587

Schedule of Derivative Contracts Outstanding

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



	September 30, 2017
	(in millions)
Commodity and seafood options, futures and forwards^(1)(2)(3)	$	646
Fixed-income options and futures⁽¹⁾⁽²⁾	700
Stock options and futures⁽¹⁾⁽²⁾	140
Index options and futures⁽¹⁾⁽²⁾	181
Total	$	1,667

____________


⁽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.

Schedule of Derivative Contracts Cleared

The total number of derivative contracts cleared through Nasdaq Clearing for the nine months ended September 30, 2017 and 2016 was as follows:



	September 30, 2017	September 30, 2016
Commodity and seafood options, futures and forwards⁽¹⁾	2,040,033	2,548,090
Fixed-income options and futures	14,788,850	10,656,778
Stock options and futures	20,070,584	22,012,777
Index options and futures	32,748,357	38,389,146
Total	69,647,824	73,606,791

____________


(1)	The total volume in cleared power related to commodity contracts was 911 Terawatt hours (TWh) for the nine months ended September 30, 2017 and 1,197 TWh for the nine months ended September 30, 2016.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=84234895&loc=d3e41641-113959

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=84234895&loc=SL5624163-113959

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=84234895&loc=d3e41678-113959

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=84234895&loc=d3e41638-113959

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1B
-URI http://asc.fasb.org/extlink&oid=84234895&loc=SL5580258-113959

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=84234895&loc=SL5579245-113959

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-URI http://asc.fasb.org/extlink&oid=84234895&loc=SL5624171-113959

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=84234895&loc=SL5579240-113959

Reference 9: 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=84234895&loc=d3e41620-113959

Reference 10: 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)

9 Months Ended

Sep. 30, 2017

Segment Reporting [Abstract]

Schedule of Operating Segments

The following table presents certain information regarding our operating segments for the three and nine months ended September 30, 2017 and 2016:



	Market Services			Corporate Services		Information Services		Market Technology		Corporate Items			Consolidated
	(in millions)
Three Months Ended September 30, 2017
Total revenues	$	581		$	161	$	150	$	77	$	—		$	969
Transaction-based expenses	(362		)	—		—		—		—			(362		)
Revenues less transaction-based expenses	219			161		150		77		—			607
Operating income (loss)	$	118		$	45	$	111	$	16	$	(26	)	$	264
Three Months Ended September 30, 2016
Total revenues	$	557		$	162	$	137	$	73	$	—		$	929
Transaction-based expenses	(344		)	—		—		—		—			(344		)
Revenues less transaction-based expenses	213			162		137		73		—			585
Operating income (loss)	$	114		$	42	$	97	$	19	$	(39	)	$	233
Nine Months Ended September 30, 2017
Total revenues	$	1,808		$	486	$	432	$	215	$	—		$	2,941
Transaction-based expenses	(1,149		)	—		—		—		—			(1,149		)
Revenues less transaction-based expenses	659			486		432		215		—			1,792
Operating income (loss)	$	359		$	133	$	318	$	44	$	(98	)	$	756
Nine Months Ended September 30, 2016
Total revenues	$	1,661		$	467	$	405	$	199	$	—		$	2,732
Transaction-based expenses	(1,054		)	—		—		—		—			(1,054		)
Revenues less transaction-based expenses	607			467		405		199		—			1,678
Operating income (loss)	$	332		$	117	$	290	$	46	$	(159	)	$	626

Schedule of Corporate Items

A summary of our corporate items is as follows:



	Three Months Ended September 30,				Nine Months Ended September 30,
	2017		2016		2017		2016
	(in millions)
Amortization expense of acquired intangible assets	$	22	$	23	$	67	$	59
Restructuring charges	—		—		—		41
Merger and strategic initiatives expense	3		12		20		56
Loss on extinguishment of debt	—		—		10		—
Sublease loss reserve	—		—		—		(2		)
Other	1		4		1		5
Total	$	26	$	39	$	98	$	159

Organization and Nature of Operations (Details) $ in Billions	9 Months Ended
	Sep. 30, 2017 USD ($) exchange_traded_product marketplace segment company exchange country
Organization And Basis Of Presentation [Line Items]
Number of operating segments \| segment	4
Market Services
Organization And Basis Of Presentation [Line Items]
Number of derivative exchanges listing commodities offerings	2
Market Services \| United States \| Options Markets
Organization And Basis Of Presentation [Line Items]
Number of exchanges	6
Market Services \| United States \| Cash Equities Trading Markets
Organization And Basis Of Presentation [Line Items]
Number of exchanges	3
Market Services \| Canada
Organization And Basis Of Presentation [Line Items]
Number of exchanges	3
Corporate Services
Organization And Basis Of Presentation [Line Items]
Total number of listing on The Nasdaq Stock Market \| company	2,935
ETPs and other listings listed on Nasdaq Stock Market \| company	362
Approximate combined market capitalization, U.S. \| $	$ 10,800
Total number of listed companies within Nordic and Baltic exchanges \| company	952
Approximate combined market capitalization within Nordic and Baltic exchanges \| $	$ 1,600
Information Services
Organization And Basis Of Presentation [Line Items]
Number of exchange traded products licensed to Nasdaq's Indexes \| exchange_traded_product	314
Assets management value \| $	$ 154
Market Technology
Organization And Basis Of Presentation [Line Items]
Number of exchanges \| marketplace	90
Number of countries services are provided \| country	50

Basis of Presentation and Principles of Consolidation - Tax Matters (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended		57 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017
Income Tax Examination [Line Items]
Income tax provision	$ 65	$ 68	$ 179	$ 208
Effective tax rate	27.50%	34.20%	26.80%	38.40%
Income tax provision, percentage change	(4.40%)		(13.90%)
Decrease in unrecognized tax benefits	$ 8
SE \| Foreign Tax Authority
Income Tax Examination [Line Items]
Cumulative tax benefits recorded					$ 54
Tax expense if courts disagree with our position	$ 47		$ 47		$ 47
Tax expense (benefits), per diluted share (in dollars per share)	$ 0.28		$ 0.28		$ 0.28
SE \| Foreign Tax Authority \| Minimum
Income Tax Examination [Line Items]
Recurring tax benefits			$ 1
SE \| Foreign Tax Authority \| Maximum
Income Tax Examination [Line Items]
Recurring tax benefits			$ 2

Basis of Presentation and Principles of Consolidation (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2017
Initial Listing Fees
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Listings estimated useful life		6 years
Additional Listing Fees
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Listings estimated useful life		4 years
Accounting Standards Update 2016-09, Excess Tax Benefit Component
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Excess tax benefits recorded	$ 7	$ 30

Restructuring Charges (Narrative) (Details) $ in Millions	3 Months Ended		9 Months Ended
Restructuring Charges (Narrative) (Details) $ in Millions	Sep. 30, 2017 USD ($)	Sep. 30, 2016 USD ($)	Sep. 30, 2017 USD ($)	Sep. 30, 2016 USD ($) employee	Dec. 31, 2016 USD ($)
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 0	$ 0	$ 0	$ 41
Severance
Restructuring Cost and Reserve [Line Items]
Restructuring charges				$ 22
Number of positions eliminated \| employee				201
Restructuring reserve	$ 4		$ 4		$ 17
Asset impairments
Restructuring Cost and Reserve [Line Items]
Restructuring charges				$ 8
Other
Restructuring Cost and Reserve [Line Items]
Restructuring charges				$ 10

Restructuring Charges (Summary of Restructuring Charges) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	$ 0	$ 0	$ 0	$ 41
Severance
Restructuring Cost and Reserve [Line Items]
Total restructuring charges				22
Facilities-related
Restructuring Cost and Reserve [Line Items]
Total restructuring charges				1
Asset impairments
Restructuring Cost and Reserve [Line Items]
Total restructuring charges				8
Other
Restructuring Cost and Reserve [Line Items]
Total restructuring charges				$ 10

Acquisitions (2017 Acquisitions) (Details) - USD ($) $ in Millions	1 Months Ended	9 Months Ended
	Oct. 31, 2017	Sep. 30, 2017	Sep. 30, 2016	Oct. 27, 2017
Business Acquisition [Line Items]
Payments to acquire businesses, net of cash acquired		$ 0	$ 1,460
eVestment \| Subsequent Event
Business Acquisition [Line Items]
Purchase price	$ 705
Payments to acquire businesses, net of cash acquired	$ 744
Purchase price allocation deferred tax assets				$ 39

Acquisitions (Acquisition of Businesses) (Details) - USD ($) $ in Millions	Sep. 30, 2017	Dec. 31, 2016	Jun. 30, 2016	May 31, 2016	Feb. 29, 2016
Business Acquisition [Line Items]
Goodwill	$ 6,154	$ 6,027
ISE
Business Acquisition [Line Items]
Purchase Consideration	1,070		$ 1,070
Total Net Assets (Liabilities) Acquired	83		83
Total Net Deferred Tax Liability	(185)		$ (185)
Acquired Intangible Assets	623	623
Goodwill	549
Boardvantage
Business Acquisition [Line Items]
Purchase Consideration	242			$ 242
Total Net Assets (Liabilities) Acquired	28			28
Total Net Deferred Tax Liability	(38)			$ (45)
Acquired Intangible Assets	111	111
Goodwill	141
Marketwired
Business Acquisition [Line Items]
Purchase Consideration	111				$ 111
Total Net Assets (Liabilities) Acquired	(1)				(1)
Total Net Deferred Tax Liability	(5)
Acquired Intangible Assets	31	31
Goodwill	86
Nasdaq CXC
Business Acquisition [Line Items]
Purchase Consideration	116				116
Total Net Assets (Liabilities) Acquired	6				6
Total Net Deferred Tax Liability	(20)				$ (20)
Acquired Intangible Assets	76	$ 76
Goodwill	$ 54

Acquisitions (2016 Acquisitions) (Narrative) (Details) - USD ($) $ in Millions	1 Months Ended			3 Months Ended		9 Months Ended
	Oct. 31, 2017	May 31, 2016	Feb. 29, 2016	Jun. 30, 2017	Jun. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Oct. 27, 2017
Business Acquisition [Line Items]
Credit facility, proceeds						$ 10	$ 878
Marketwired
Business Acquisition [Line Items]
Measurement period adjustment decrease to deferred tax liabilities					$ 5
Purchase price			$ 111			111
Net assets (liabilities)			(1)			(1)
Net deferred tax liability						5
Purchase price allocation deferred tax liabilities			10
Cash paid			109
Working capital adjustments			2
Marketwired \| Previous credit facility
Business Acquisition [Line Items]
Credit facility, proceeds			109
Boardvantage
Business Acquisition [Line Items]
Measurement period adjustment, increase to deferred tax assets				$ 7
Purchase price		$ 242				242
Net assets (liabilities)		28				28
Net deferred tax liability		45				38
Purchase price allocation deferred tax liabilities		46
Purchase price allocation deferred tax assets		1
Cash paid		197
Working capital adjustments		45
Boardvantage \| Previous credit facility
Business Acquisition [Line Items]
Credit facility, proceeds		$ 197
ISE
Business Acquisition [Line Items]
Purchase price					1,070	1,070
Net assets (liabilities)					83	83
Net deferred tax liability					185	185
Purchase price allocation deferred tax liabilities					266
Purchase price allocation deferred tax assets					$ 81
Nasdaq CXC
Business Acquisition [Line Items]
Purchase price			116			116
Net assets (liabilities)			6			6
Net deferred tax liability			20			$ 20
Cash paid			115
Working capital adjustments			1
Nasdaq CXC \| Previous credit facility
Business Acquisition [Line Items]
Credit facility, proceeds			$ 55
Subsequent Event \| eVestment
Business Acquisition [Line Items]
Purchase price allocation deferred tax assets								$ 39
Cash paid	$ 705

Acquisitions (Intangible Assets) (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2017	Dec. 31, 2016
Customer relationships
Finite Lived And Indefinite Lived Intangible Assets [Line Items]
Amortization period of intangible assets for tax purposes	15 years
ISE
Finite Lived And Indefinite Lived Intangible Assets [Line Items]
Acquired intangible assets	$ 623	$ 623
ISE \| Customer relationships
Finite Lived And Indefinite Lived Intangible Assets [Line Items]
Acquired intangible assets		$ 148
Discount rate used		9.10%
Estimated average useful life		13 years
ISE \| Exchange registrations
Finite Lived And Indefinite Lived Intangible Assets [Line Items]
Acquired intangible assets		$ 467
Discount rate used		8.60%
ISE \| Trade name
Finite Lived And Indefinite Lived Intangible Assets [Line Items]
Acquired intangible assets		$ 8
Discount rate used		8.60%
Boardvantage
Finite Lived And Indefinite Lived Intangible Assets [Line Items]
Acquired intangible assets	111	$ 111
Boardvantage \| Customer relationships
Finite Lived And Indefinite Lived Intangible Assets [Line Items]
Acquired intangible assets		$ 103
Discount rate used		15.50%
Estimated average useful life		14 years
Boardvantage \| Technology
Finite Lived And Indefinite Lived Intangible Assets [Line Items]
Acquired intangible assets		$ 6
Discount rate used		15.50%
Estimated average useful life		5 years
Boardvantage \| Trade name
Finite Lived And Indefinite Lived Intangible Assets [Line Items]
Acquired intangible assets		$ 2
Discount rate used		15.00%
Estimated average useful life		1 year
Marketwired
Finite Lived And Indefinite Lived Intangible Assets [Line Items]
Acquired intangible assets	31	$ 31
Marketwired \| Customer relationships
Finite Lived And Indefinite Lived Intangible Assets [Line Items]
Acquired intangible assets		$ 29
Discount rate used		16.40%
Estimated average useful life		6 years
Marketwired \| Trade name
Finite Lived And Indefinite Lived Intangible Assets [Line Items]
Acquired intangible assets		$ 2
Discount rate used		15.80%
Estimated average useful life		2 years
Nasdaq CXC
Finite Lived And Indefinite Lived Intangible Assets [Line Items]
Acquired intangible assets	$ 76	$ 76
Nasdaq CXC \| Customer relationships
Finite Lived And Indefinite Lived Intangible Assets [Line Items]
Acquired intangible assets		$ 76
Discount rate used		10.30%
Estimated average useful life		17 years

Assets and Liabilities Held For Sale Assets and Liabilities Held For Sale (Details) - USD ($)	9 Months Ended
	Sep. 30, 2017	Dec. 31, 2016
Discontinued Operations and Disposal Groups [Abstract]
Impairment charge	$ 0
Receivables, net	23,000,000
Property and equipment, net	21,000,000
Goodwill	202,000,000
Intangible assets, net	41,000,000
Other assets	13,000,000
Total assets held for sale	300,000,000	$ 0
Deferred tax liabilities	20,000,000
Other current liabilities	29,000,000
Total liabilities held for sale	$ 49,000,000	$ 0

Goodwill and Acquired Intangible Assets (Schedule of Changes in Goodwill) (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Jun. 30, 2017	Sep. 30, 2017
Goodwill [Roll Forward]
Balance at beginning of period		$ 6,027
Goodwill acquired		13
Measurement period adjustment		(7)
Foreign currency translation adjustment		323
Goodwill reclassified as held for sale		(202)
Balance at end of period		6,154
Market Services
Goodwill [Roll Forward]
Balance at beginning of period		3,390
Goodwill acquired		0
Measurement period adjustment		0
Foreign currency translation adjustment		170
Goodwill reclassified as held for sale		0
Balance at end of period		3,560
Corporate Services
Goodwill [Roll Forward]
Balance at beginning of period		674
Goodwill acquired		0
Measurement period adjustment	$ (7)	(7)
Foreign currency translation adjustment		26
Goodwill reclassified as held for sale		(202)
Balance at end of period		491
Information Services
Goodwill [Roll Forward]
Balance at beginning of period		1,806
Goodwill acquired		0
Measurement period adjustment		0
Foreign currency translation adjustment		109
Goodwill reclassified as held for sale		0
Balance at end of period		1,915
Market Technology
Goodwill [Roll Forward]
Balance at beginning of period		157
Goodwill acquired		13
Measurement period adjustment		0
Foreign currency translation adjustment		18
Goodwill reclassified as held for sale		0
Balance at end of period		$ 188

Goodwill and Acquired Intangible Assets (Narrative) (Details) - USD ($)	3 Months Ended			9 Months Ended
	Sep. 30, 2017	Jun. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Goodwill [Line Items]
Measurement period adjustment				$ 7,000,000
Goodwill expected to be deductible for tax purposes in future periods	$ 815,000,000			815,000,000
Goodwill, impairment loss				0	$ 0
Amortization expense for purchased finite-lived intangible assets	22,000,000		$ 23,000,000	67,000,000	$ 59,000,000
Future amortization expense, impact of foreign currency translation adjustments	$ 64,000,000			64,000,000
Corporate Services
Goodwill [Line Items]
Measurement period adjustment		$ 7,000,000		7,000,000
Goodwill, impairment loss				$ 0

Goodwill and Acquired Intangible Assets (Finite-Lived and Indefinite-Lived Intangible Assets) (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2017	Dec. 31, 2016
Finite-Lived Intangible Assets
Total Finite-Lived Intangible Assets, Gross Amount	$ 1,277	$ 1,279
Accumulated Amortization	(481)	(436)
Total	796	843
Indefinite-Lived Intangible Assets
Total Indefinite-Lived Intangible Assets, Net Amount	1,295	1,251
Total Intangible Assets, Gross Amount	2,572	2,530
Total Intangible Assets, Net Amount	2,091	2,094
Disposal Group, Held-for-sale, Not Discontinued Operations
Finite-Lived Intangible Assets
Total Finite-Lived Intangible Assets, Gross Amount	56
Accumulated Amortization	(18)
Total	38
Indefinite-Lived Intangible Assets
Total Indefinite-Lived Intangible Assets, Net Amount	3
Total Intangible Assets, Gross Amount	59
Total Intangible Assets, Net Amount	41
Exchange and clearing registrations
Indefinite-Lived Intangible Assets
Total Indefinite-Lived Intangible Assets, Net Amount	1,257	1,257
Trade names
Indefinite-Lived Intangible Assets
Total Indefinite-Lived Intangible Assets, Net Amount	127	130
Licenses
Indefinite-Lived Intangible Assets
Total Indefinite-Lived Intangible Assets, Net Amount	52	52
Foreign currency translation adjustment
Indefinite-Lived Intangible Assets
Total Indefinite-Lived Intangible Assets, Net Amount	(141)	(188)
Technology
Finite-Lived Intangible Assets
Total Finite-Lived Intangible Assets, Gross Amount	51	38
Accumulated Amortization	(20)	(24)
Total	$ 31	$ 14
Weighted-Average Useful Life (in Years)	8 years	5 years
Customer relationships
Finite-Lived Intangible Assets
Total Finite-Lived Intangible Assets, Gross Amount	$ 1,330	$ 1,394
Accumulated Amortization	(502)	(464)
Total	$ 828	$ 930
Weighted-Average Useful Life (in Years)	19 years	18 years
Customer relationships \| Disposal Group, Held-for-sale, Not Discontinued Operations
Finite-Lived Intangible Assets
Total Finite-Lived Intangible Assets, Gross Amount	$ 54
Accumulated Amortization	(17)
Total	37
Other
Finite-Lived Intangible Assets
Total Finite-Lived Intangible Assets, Gross Amount	4	$ 7
Accumulated Amortization	(3)	(6)
Total	$ 1	$ 1
Weighted-Average Useful Life (in Years)	10 years	6 years
Other \| Disposal Group, Held-for-sale, Not Discontinued Operations
Finite-Lived Intangible Assets
Total Finite-Lived Intangible Assets, Gross Amount	$ 2
Accumulated Amortization	(1)
Total	1
Foreign currency translation adjustment
Finite-Lived Intangible Assets
Total Finite-Lived Intangible Assets, Gross Amount	(108)	$ (160)
Accumulated Amortization	44	58
Total	$ (64)	$ (102)

Goodwill and Acquired Intangible Assets Intangible Assets Reclassified as Held for Sale (Details) - USD ($) $ in Millions	Sep. 30, 2017	Dec. 31, 2016
Finite-Lived Intangible Assets [Line Items]
Total Finite-Lived Intangible Assets, Gross Amount	$ 1,277	$ 1,279
Accumulated Amortization	(481)	(436)
Total	796	843
Total Indefinite-Lived Intangible Assets, Net Amount	1,295	1,251
Total Intangible Assets, Gross Amount	2,572	2,530
Total Intangible Assets, Net Amount	2,091	2,094
Technology
Finite-Lived Intangible Assets [Line Items]
Total Finite-Lived Intangible Assets, Gross Amount	51	38
Accumulated Amortization	(20)	(24)
Total	31	14
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Total Finite-Lived Intangible Assets, Gross Amount	1,330	1,394
Accumulated Amortization	(502)	(464)
Total	828	930
Other
Finite-Lived Intangible Assets [Line Items]
Total Finite-Lived Intangible Assets, Gross Amount	4	7
Accumulated Amortization	(3)	(6)
Total	1	$ 1
Disposal Group, Held-for-sale, Not Discontinued Operations
Finite-Lived Intangible Assets [Line Items]
Total Finite-Lived Intangible Assets, Gross Amount	56
Accumulated Amortization	(18)
Total	38
Total Indefinite-Lived Intangible Assets, Net Amount	3
Total Intangible Assets, Gross Amount	59
Total Intangible Assets, Net Amount	41
Disposal Group, Held-for-sale, Not Discontinued Operations \| Customer relationships
Finite-Lived Intangible Assets [Line Items]
Total Finite-Lived Intangible Assets, Gross Amount	54
Accumulated Amortization	(17)
Total	37
Disposal Group, Held-for-sale, Not Discontinued Operations \| Other
Finite-Lived Intangible Assets [Line Items]
Total Finite-Lived Intangible Assets, Gross Amount	2
Accumulated Amortization	(1)
Total	$ 1

Goodwill and Acquired Intangible Assets (Estimated Future Amortization Expense) (Details) $ in Millions	Sep. 30, 2017 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2017	$ 22
2018	86
2019	71
2020	70
2021	68
2022 and thereafter	543
Total	$ 860

Investments (Schedule of Investments) (Details) - USD ($) $ in Millions	Sep. 30, 2017	Dec. 31, 2016
Investments, Debt and Equity Securities [Abstract]
Trading securities	$ 207	$ 228
Available-for-sale investment securities	0	17
Equity method investments	127	124
Cost method investments	$ 151	$ 144

Investments (Narrative) (Details) - USD ($) $ / shares in Millions, $ in Millions	1 Months Ended		3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2017	Mar. 31, 2015	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016	Jun. 30, 2016
Investments, Debt and Securities [Line Items]
Trading securities	$ 207		$ 207		$ 207		$ 228
Cumulative unrealized gains and losses					0		$ 0
Net income from unconsolidated investees			$ 4	$ 2	10	$ 6
Wind down costs					$ 2
Borsa Istanbul Cost Method Investment
Investments, Debt and Securities [Line Items]
Ownership interest, cost method investments	5.00%		5.00%		5.00%		5.00%
Cost method investment, original amount	$ 75		$ 75		$ 75
LCH
Investments, Debt and Securities [Line Items]
Ownership interest, cost method investments	5.00%		5.00%		5.00%		5.00%
OCC
Investments, Debt and Securities [Line Items]
Committed equity contribution		$ 150
Capital contribution		$ 30
Annual dividend from shareholders percentage		50.00%
Annual dividend (in dollars per share)	$ 5
Shares owned (in shares)	2		2		2
Annual dividend received	$ 10
OCC \| ISE
Investments, Debt and Securities [Line Items]
Additional ownership interest, equity method investments								20.00%
Ownership interest, equity method investments								40.00%
Foreign Government Debt Securities
Investments, Debt and Securities [Line Items]
Trading securities	$ 159		$ 159		$ 159		$ 172

Deferred Revenue (Changes in Deferred Revenue) (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Movement in Deferred Revenue [Roll Forward]
Beginning Balance	$ 333	$ 327
Additions	659	730
Revenue recognized	(649)	(653)
Translation adjustment	23	3
Deferred revenue reclassified as held for sale	(5)
Ending Balance	361	407
Initial Listing Revenues
Movement in Deferred Revenue [Roll Forward]
Beginning Balance	54	59
Additions	12	9
Revenue recognized	(13)	(13)
Translation adjustment	0	0
Deferred revenue reclassified as held for sale	0
Ending Balance	53	55
Listing of Additional Shares Revenues
Movement in Deferred Revenue [Roll Forward]
Beginning Balance	37	53
Additions	9	10
Revenue recognized	(17)	(22)
Translation adjustment	0	0
Deferred revenue reclassified as held for sale	0
Ending Balance	29	41
Annual Renewal and Other Revenues
Movement in Deferred Revenue [Roll Forward]
Beginning Balance	57	28
Additions	468	516
Revenue recognized	(422)	(433)
Translation adjustment	2	0
Deferred revenue reclassified as held for sale	(5)
Ending Balance	100	111
Market Technology Revenues
Movement in Deferred Revenue [Roll Forward]
Beginning Balance	185	187
Additions	170	195
Revenue recognized	(197)	(185)
Translation adjustment	21	3
Deferred revenue reclassified as held for sale	0
Ending Balance	$ 179	$ 200

Deferred Revenue (Estimated Deferred Revenue) (Details) - USD ($) $ in Millions	Sep. 30, 2017	Dec. 31, 2016	Sep. 30, 2016	Dec. 31, 2015
Deferred Revenue Arrangement [Line Items]
2017	$ 115
2018	107
2019	56
2020	47
2021	22
2022 and thereafter	14
Deferred revenue estimated revenue to be recognized	361	$ 333	$ 407	$ 327
Initial Listing Revenues
Deferred Revenue Arrangement [Line Items]
2017	4
2018	15
2019	14
2020	10
2021	6
2022 and thereafter	4
Deferred revenue estimated revenue to be recognized	53	54	55	59
Listing of Additional Shares Revenues
Deferred Revenue Arrangement [Line Items]
2017	5
2018	13
2019	6
2020	4
2021	1
2022 and thereafter	0
Deferred revenue estimated revenue to be recognized	29	37	41	53
Annual Renewal and Other Revenues
Deferred Revenue Arrangement [Line Items]
2017	78
2018	22
2019	0
2020	0
2021	0
2022 and thereafter	0
Deferred revenue estimated revenue to be recognized	100	57	111	28
Market Technology Revenues
Deferred Revenue Arrangement [Line Items]
2017	28
2018	57
2019	36
2020	33
2021	15
2022 and thereafter	10
Deferred revenue estimated revenue to be recognized	$ 179	$ 185	$ 200	$ 187

Debt Obligations (Changes in Debt Obligations) (Details) - USD ($)	1 Months Ended		5 Months Ended	9 Months Ended
	Jun. 30, 2017	May 31, 2017	Sep. 30, 2017	Sep. 30, 2017	Apr. 30, 2017	Mar. 31, 2016
Changes In Short-Term Debt Obligations [Roll Forward]
Short-term debt - commercial paper beginning balance				$ 0
Short-term debt - commercial paper ending balance			$ 154,000,000	154,000,000
Changes in Long-Term Debt Obligations [Roll Forward]
Long-term debt obligations at beginning of period				3,603,000,000
Additions				513,000,000
Payments, Accretion and Other				(527,000,000)
Long-term debt obligations at end of period			3,589,000,000	3,589,000,000
Changes In Debt Obligations [Roll Forward]
Total debt obligations at beginning of period				3,603,000,000
Additions				1,915,000,000
Payments, Accretion and Other				(1,775,000,000)
Total debt obligations at end of period			3,743,000,000	3,743,000,000
$400 million senior unsecured term loan facility due November 25, 2019 (average interest rate of 2.43% for the period January 1, 2017 through September 30, 2017)
Changes in Long-Term Debt Obligations [Roll Forward]
Long-term debt obligations at beginning of period				399,000,000
Additions				0
Payments, Accretion and Other	$ (300,000,000)			(299,000,000)
Long-term debt obligations at end of period			100,000,000	100,000,000
Credit facility, borrowing capacity			400,000,000	$ 400,000,000		$ 400,000,000
Interest rate during period				2.43%
Short-term debt - commercial paper
Changes In Short-Term Debt Obligations [Roll Forward]
Short-term debt - commercial paper beginning balance				$ 0
Additions				1,402,000,000
Payments, Accretion and Other				(1,248,000,000)
Short-term debt - commercial paper ending balance			154,000,000	154,000,000
Senior Notes \| 5.55% senior unsecured notes due January 15, 2020
Changes in Long-Term Debt Obligations [Roll Forward]
Long-term debt obligations at beginning of period				598,000,000
Additions				0
Payments, Accretion and Other				0
Long-term debt obligations at end of period			$ 598,000,000	$ 598,000,000
Stated rate			5.55%	5.55%
Senior Notes \| 5.25% senior unsecured notes repaid on May 26, 2017
Changes in Long-Term Debt Obligations [Roll Forward]
Long-term debt obligations at beginning of period				$ 369,000,000
Additions				0
Payments, Accretion and Other		$ (370,000,000)		(369,000,000)
Long-term debt obligations at end of period			$ 0	$ 0
Stated rate		5.25%	5.25%	5.25%
Senior Notes \| 3.875% senior unsecured notes due June 7, 2021
Changes in Long-Term Debt Obligations [Roll Forward]
Long-term debt obligations at beginning of period				$ 625,000,000
Additions				0
Payments, Accretion and Other				80,000,000
Long-term debt obligations at end of period			$ 705,000,000	$ 705,000,000
Stated rate			3.875%	3.875%
Senior Notes \| 4.25% senior unsecured notes due June 1, 2024
Changes in Long-Term Debt Obligations [Roll Forward]
Long-term debt obligations at beginning of period				$ 495,000,000
Additions				0
Payments, Accretion and Other				1,000,000
Long-term debt obligations at end of period			$ 496,000,000	$ 496,000,000
Stated rate			4.25%	4.25%
Senior Notes \| 1.75% senior unsecured notes due May 19, 2023
Changes in Long-Term Debt Obligations [Roll Forward]
Long-term debt obligations at beginning of period				$ 622,000,000
Additions				0
Payments, Accretion and Other				79,000,000
Long-term debt obligations at end of period			$ 701,000,000	$ 701,000,000
Stated rate			1.75%	1.75%
Senior Notes \| 3.85% senior unsecured notes due June 30, 2026
Changes in Long-Term Debt Obligations [Roll Forward]
Long-term debt obligations at beginning of period				$ 495,000,000
Additions				0
Payments, Accretion and Other				1,000,000
Long-term debt obligations at end of period			$ 496,000,000	$ 496,000,000
Stated rate			3.85%	3.85%
Senior Notes \| Senior unsecured floating rate notes due March 22, 2019
Changes in Long-Term Debt Obligations [Roll Forward]
Long-term debt obligations at beginning of period				$ 0
Additions				498,000,000
Payments, Accretion and Other				0
Long-term debt obligations at end of period			$ 498,000,000	$ 498,000,000
Senior Notes \| Senior unsecured floating rate notes due March 22, 2019 \| LIBOR
Changes in Long-Term Debt Obligations [Roll Forward]
Spread on variable rate				0.39%
Revolving Credit Facility \| $1 billion revolving credit commitment due April 25, 2022 (average interest rate of 2.40% for the period April 25, 2017 through September 30, 2017)
Changes in Long-Term Debt Obligations [Roll Forward]
Long-term debt obligations at beginning of period				$ 0
Additions				15,000,000
Payments, Accretion and Other				(20,000,000)
Long-term debt obligations at end of period			(5,000,000)	(5,000,000)
Credit facility, borrowing capacity			$ 1,000,000,000	$ 1,000,000,000	$ 1,000,000,000
Interest rate during period			2.40%

Debt Obligations (Commercial Paper) (Details) - USD ($) $ in Millions	1 Months Ended			9 Months Ended
	Sep. 30, 2017	Jun. 30, 2017	May 31, 2017	Sep. 30, 2017
Debt Instrument [Line Items]
Repayment of debt				$ 527
Short-term Debt [Line Items]
Partial payment of outstanding commercial paper balance	$ 276
$400 million senior unsecured term loan facility due November 25, 2019 (average interest rate of 2.43% for the period January 1, 2017 through September 30, 2017)
Debt Instrument [Line Items]
Repayment of debt		$ 300		$ 299
Short-term debt - commercial paper
Short-term Debt [Line Items]
Weighted average interest rate	1.59%			1.59%
Short-term debt - commercial paper \| Minimum
Short-term Debt [Line Items]
Maturity period				29 days
Short-term debt - commercial paper \| Maximum
Short-term Debt [Line Items]
Maturity period				92 days
Short-term debt - commercial paper \| Weighted Average
Short-term Debt [Line Items]
Maturity period				19 days
Senior Notes \| 5.25% senior unsecured notes repaid on May 26, 2017
Debt Instrument [Line Items]
Repayment of debt			$ 370	$ 369
Stated rate	5.25%		5.25%	5.25%

Debt Obligations (Senior Unsecured Notes) (Details)	9 Months Ended
Debt Obligations (Senior Unsecured Notes) (Details)	Sep. 30, 2017
Senior Notes \| Senior Notes Excluding 2020 Notes
Debt Instrument [Line Items]
Aggregate principal amount purchased plus accrued and unpaid interest	101.00%

Debt Obligations (5.55% Senior Unsecured Notes) (Details)	Sep. 30, 2017
5.55% senior unsecured notes due January 15, 2020 \| Senior Notes
Debt Instrument [Line Items]
Stated rate	5.55%

Debt Obligations (Early Extinguishment of 2018 Notes) (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2017	May 31, 2017
Debt Instrument [Line Items]
Pre-tax charge	$ 9
Senior Notes \| 5.25% senior unsecured notes repaid on May 26, 2017
Debt Instrument [Line Items]
Stated rate	5.25%	5.25%

Debt Obligations (3.875% Senior Unsecured Notes) (Details) - Senior Notes - 3.875% senior unsecured notes due June 7, 2021 $ in Millions	9 Months Ended
	Sep. 30, 2017 USD ($)
Debt Instrument [Line Items]
Stated rate	3.875%
Foreign currency translation	$ 80
Maximum
Debt Instrument [Line Items]
Maximum interest rate on debt instrument	5.875%

Debt Obligations (4.25% Senior Unsecured Notes) (Details) - Senior Notes - 4.25% senior unsecured notes due June 1, 2024	Sep. 30, 2017
Debt Instrument [Line Items]
Stated rate	4.25%
Maximum
Debt Instrument [Line Items]
Maximum interest rate on debt instrument	6.25%

Debt Obligations (1.75% Senior Unsecured Notes) (Details) $ in Millions	9 Months Ended
	Sep. 30, 2017 USD ($)
Debt Instrument [Line Items]
Increase in carrying amount	$ (527)
Senior Notes \| 1.75% senior unsecured notes due May 19, 2023
Debt Instrument [Line Items]
Stated rate	1.75%
Increase in carrying amount	$ 79
Senior Notes \| 1.75% senior unsecured notes due May 19, 2023 \| Maximum
Debt Instrument [Line Items]
Maximum interest rate on debt instrument	3.75%

Debt Obligations (3.85% Senior Unsecured Notes) (Details) - Senior Notes - 3.85% senior unsecured notes due June 30, 2026	Sep. 30, 2017
Debt Instrument [Line Items]
Stated rate	3.85%
Maximum
Debt Instrument [Line Items]
Maximum interest rate on debt instrument	5.85%

Debt Obligations Debt Obligations (Senior Unsecured Floating Rate Notes) (Details) - USD ($) $ in Millions	1 Months Ended		9 Months Ended
	Oct. 31, 2017	Sep. 30, 2017	Sep. 30, 2017
Debt Instrument [Line Items]
Partial payment of outstanding commercial paper balance		$ 276
Senior Notes \| Senior unsecured floating rate notes due March 22, 2019 \| LIBOR
Debt Instrument [Line Items]
Spread on variable rate			0.39%
Subsequent Event \| Senior Notes \| Senior unsecured floating rate notes due March 22, 2019 \| LIBOR
Debt Instrument [Line Items]
Spread on variable rate	0.39%

Debt Obligations (2017 Credit Facility) (Details) - USD ($)	1 Months Ended	9 Months Ended
	Apr. 30, 2017	Sep. 30, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Balance		$ 3,589,000,000	$ 3,603,000,000
Revolving Credit Facility \| $1 billion revolving credit commitment due April 25, 2022 (average interest rate of 2.40% for the period April 25, 2017 through September 30, 2017)
Debt Instrument [Line Items]
Credit facility, borrowing capacity	$ 1,000,000,000	1,000,000,000
Credit facility term	5 years
Borrowings		0
Balance		(5,000,000)	$ 0
Available for borrowing		1,000,000,000
Amount required to provide liquidity		154,000,000
Letter of credit		1,000,000
Remaining amount available		845,000,000
Option to increase available aggregate amount		$ 500,000,000

Debt Obligations (2016 Credit Facility) (Details) - $400 million senior unsecured term loan facility due November 25, 2019 (average interest rate of 2.43% for the period January 1, 2017 through September 30, 2017) - USD ($)	1 Months Ended
	Jun. 30, 2017	Sep. 30, 2017	Mar. 31, 2016
Debt Instrument [Line Items]
Credit facility, borrowing capacity		$ 400,000,000	$ 400,000,000
Repayments of Lines of Credit	$ 300,000,000
Remaining amount outstanding		$ 100,000,000
Pre-tax charge related to the write-off of unamortized debt issuance costs	$ 1,000,000

- Definition

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

+ References + Details

Debt Obligations (2014 Credit Facility) (Details) - Revolving Credit Facility - $1 billion revolving credit commitment due April 25, 2022 (average interest rate of 2.40% for the period April 25, 2017 through June 30, 2017) - USD ($)	Sep. 30, 2017	Nov. 30, 2014
Debt Instrument [Line Items]
Credit facility, borrowing capacity		$ 750,000,000
Borrowings	$ 0

- Definition

+ References + Details

Retirement Plans (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Retirement Benefits [Abstract]
Employer contribution match, percent match			100.00%
Employer contribution match, percentage of employee contribution			6.00%
Defined contributions plan expense	$ 3	$ 3	$ 10	$ 8
Cost or expenses included in compensation and benefit expense	$ 4	$ 4	$ 12	$ 13

Share-Based Compensation (Narrative) (Details) $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended			9 Months Ended
	Jan. 31, 2017 shares	Sep. 30, 2017 USD ($) $ / shares peer_group shares	Mar. 31, 2017 shares	Sep. 30, 2016 USD ($) $ / shares shares	Sep. 30, 2017 USD ($) program $ / shares peer_group shares	Sep. 30, 2016 USD ($) $ / shares shares	Sep. 29, 2017 $ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock shares reserved for future issuance (in shares)		5,900,000			5,900,000
Stock option awards granted (in shares)					268,817
Net cash proceeds from the exercise of stock options \| $		$ 1		$ 14	$ 24	$ 36
Stock options exercised in period (in shares)		40,160		424,361	1,074,321	1,051,828
Share Price (in dollars per share) \| $ / shares							$ 77.57
Stock options, exercisable (in shares)		331,072		1,600,000	331,072	1,600,000
Weighted-average exercise price (in dollars per share) \| $ / shares		$ 23.77		$ 23.72	$ 23.77	$ 23.72
Total pre-tax intrinsic value of stock options exercised \| $		$ 2		$ 14	$ 53	$ 36
Compensation expense \| $		$ 18		$ 19	$ 52	$ 55
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Discount from market price		15.00%		15.00%	15.00%	15.00%
Common stock shares reserved for future issuance (in shares)		2,200,000			2,200,000
Maximum percentage of shares purchased from annual compensation					10.00%
Discount given to employees					15.00%
Compensation expense \| $		$ 1		$ 1	$ 3	$ 3
Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation cost \| $		56			$ 56
Weighted-average period unrecognized compensation cost is expected to be recognized, in years					1 year 9 months 15 days
Restricted stock \| Second Anniversary
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage					25.00%
Restricted stock \| Third Anniversary
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage					25.00%
Restricted stock \| Fourth Anniversary
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage					50.00%
PSUs \| One Year Performance Share Unit Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation cost \| $		11			$ 11
Weighted-average period unrecognized compensation cost is expected to be recognized, in years					1 year 6 months
Performance period					1 year
Percentage of target amount granted, minimum					0.00%
Percentage of target amount granted, maximum					150.00%
Vesting period					3 years
Additional units granted above target (in shares)			56,929
PSUs \| Three Year Performance Share Unit Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation cost \| $		$ 27			$ 27
Weighted-average period unrecognized compensation cost is expected to be recognized, in years					1 year 6 months
Performance period					3 years
Vesting period					3 years
Additional units granted above target (in shares)			538,892
Number of peer groups \| peer_group		2			2
Performance-based long-term incentive program weighted percentage					50.00%
Minimum payout					0.00%
Maximum payout					200.00%
Share Price (in dollars per share) \| $ / shares		$ 69.45		$ 66.36	$ 69.45	$ 66.36
PSUs \| Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of performance-based programs \| program					2
PSUs, Negative TSR \| Three Year Performance Share Unit Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum payout					100.00%
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option life					10 years
Stock option awards granted (in shares)						0
Employee Stock Option \| CEO
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Stock option awards granted (in shares)	268,817

Share-Based Compensation (Summary of Share-Based Compensation Expense) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share-based compensation expense before income taxes	$ 18	$ 19	$ 52	$ 55
Income tax benefit	(7)	(8)	(21)	(23)
Share-based compensation expense after income taxes	$ 11	$ 11	$ 31	$ 32

Share-Based Compensation (Summary of Restricted Stock Activity) (Details) - Restricted stock	9 Months Ended
	Sep. 30, 2017 $ / shares shares
Number of Awards
Number of Awards, Unvested balances at beginning of period (in shares) \| shares	2,560,578
Number of Awards, Granted (in shares) \| shares	633,234
Number of Awards, Vested (in shares) \| shares	(1,095,663)
Number of Awards, Forfeited (in shares) \| shares	(188,292)
Number of Awards, Unvested balances at end of period (in shares) \| shares	1,909,857
Weighted-Average Grant Date Fair Value
Weighted-Average Grant Date Fair Value, Unvested balances at beginning of period (in dollars per share) \| $ / shares	$ 45.92
Weighted-Average Grant Date Fair Value, Granted (in dollars per share) \| $ / shares	66.08
Weighted-Average Grant Date Fair Value, Vested (in dollars per share) \| $ / shares	38.43
Weighted-Average Grant Date Fair Value, Forfeited (in dollars per share) \| $ / shares	51.68
Weighted-Average Grant Date Fair Value, Unvested balances at end of period (in dollars per share) \| $ / shares	$ 56.33

Share-Based Compensation (Schedule of Weighted- Average Assumptions Used to Determine Weighted-Average Fair Values) (Details) - $ / shares	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 29, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average grant date share price (in dollars per share)			$ 77.57
PSUs \| Three Year Performance Share Unit Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average risk free interest rate	1.44%	0.84%
Expected volatility	19.20%	21.00%
Weighted-average grant date share price (in dollars per share)	$ 69.45	$ 66.36
Weighted-average fair value at grant date (in dollars per share)	$ 81.57	$ 93.25
Performance period	3 years

Share-Based Compensation (Summary of PSU Activity) (Details) - PSUs	9 Months Ended
	Sep. 30, 2017 $ / shares shares
One Year Performance Share Unit Program
Number of Awards
Number of Awards, Unvested balances at beginning of period (in shares) \| shares	378,766
Number of Awards, Granted (in shares) \| shares	197,075
Number of Awards, Vested (in shares) \| shares	(10,729)
Number of Awards, Forfeited (in shares) \| shares	(41,063)
Number of Awards, Unvested balances at end of period (in shares) \| shares	524,049
Weighted-Average Grant Date Fair Value
Weighted-Average Grant Date Fair Value, Unvested balances at beginning of period (in dollars per share) \| $ / shares	$ 52.55
Weighted-Average Grant Date Fair Value, Granted (in dollars per share) \| $ / shares	65.51
Weighted-Average Grant Date Fair Value, Vested (in dollars per share) \| $ / shares	53.72
Weighted-Average Grant Date Fair Value, Forfeited (in dollars per share) \| $ / shares	55.95
Weighted-Average Grant Date Fair Value, Unvested balances at end of period (in dollars per share) \| $ / shares	$ 57.13
Three Year Performance Share Unit Program
Number of Awards
Number of Awards, Unvested balances at beginning of period (in shares) \| shares	1,314,668
Number of Awards, Granted (in shares) \| shares	803,712
Number of Awards, Vested (in shares) \| shares	(1,079,925)
Number of Awards, Forfeited (in shares) \| shares	(28,497)
Number of Awards, Unvested balances at end of period (in shares) \| shares	1,009,958
Weighted-Average Grant Date Fair Value
Weighted-Average Grant Date Fair Value, Unvested balances at beginning of period (in dollars per share) \| $ / shares	$ 63.18
Weighted-Average Grant Date Fair Value, Granted (in dollars per share) \| $ / shares	55.57
Weighted-Average Grant Date Fair Value, Vested (in dollars per share) \| $ / shares	42.83
Weighted-Average Grant Date Fair Value, Forfeited (in dollars per share) \| $ / shares	87.86
Weighted-Average Grant Date Fair Value, Unvested balances at end of period (in dollars per share) \| $ / shares	$ 78.18

Share-Based Compensation (Summary of Stock Option Activity) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Number of Stock Options
Number of Stock Options, Outstanding at Beginning of period (in shares)			1,406,371
Number of Stock Options, Granted (in shares)			268,817
Number of Stock Options, Exercised (in shares)	(40,160)	(424,361)	(1,074,321)	(1,051,828)
Number of Stock Options, Forfeited (in shares)			(978)
Number of Stock Options, Outstanding at End of period (in shares)	599,889		599,889		1,406,371
Weighted-Average Exercise Price
Weighted-Average Exercise Price, Outstanding at Beginning of period (in dollars per share)			$ 22.32
Weighted-Average Exercise Price, Granted (in dollars per share)			66.68
Weighted-Average Exercise Price, Exercised (in dollars per share)			21.87
Weighted-Average Exercise Price, Forfeited (in dollars per share)			21.33
Weighted-Average Exercise Price, Outstanding at End of period (in dollars per share)	$ 43.00		$ 43.00		$ 22.32
Stock Option Activity, Additional Disclosures [Abstract]
Options Outstanding, Weighted Average Remaining Contractual Term (in years)			5 years 5 months 28 days		2 years 7 months 24 days
Options Outstanding, Aggregate Intrinsic Value	$ 21		$ 21		$ 63
Options Exercisable, Number of Options (in shares)	331,072	1,600,000	331,072	1,600,000
Options Exercisable, Weighted Average Exercise Price Per Share (in dollars per share)	$ 23.77	$ 23.72	$ 23.77	$ 23.72
Options Exercisable, Weighted Average Remaining Contractual Term (in years)			2 years 6 months 13 days
Options Exercisable, Aggregate Intrinsic Value	$ 18		$ 18

Nasdaq Stockholders' Equity (Narrative) (Details)					1 Months Ended		3 Months Ended		9 Months Ended
Nasdaq Stockholders' Equity (Narrative) (Details)	Jun. 30, 2017 USD ($)	Apr. 25, 2017 $ / shares	Mar. 31, 2017 USD ($)	Jan. 30, 2017 $ / shares	Oct. 31, 2017 USD ($) $ / shares	Apr. 30, 2017 $ / shares	Sep. 30, 2017 USD ($) vote $ / shares shares	Sep. 30, 2016 $ / shares	Sep. 30, 2017 USD ($) vote $ / shares shares	Sep. 30, 2016 $ / shares shares	Dec. 31, 2016 shares	Mar. 31, 2016 USD ($)	Dec. 31, 2014 USD ($)
Stockholders Equity [Line Items]
Common stock, shares authorized (in shares)							300,000,000		300,000,000		300,000,000
Common stock, shares issued (in shares)							171,454,303		171,454,303		170,501,186
Common stock, shares outstanding (in shares)							166,594,818		166,594,818		166,579,468
Common stock (in votes per share) \| vote							1		1
Common stock holder voting rights, maximum percentage of the then-outstanding shares of Nasdaq common stock							5.00%		5.00%
Common stock in treasury (in shares)							4,859,485		4,859,485		3,921,718
Share repurchase program, authorized amount \| $												$ 370,000,000	$ 500,000,000
Remaining authorized share repurchase amounts under repurchase program \| $							$ 255,000,000		$ 255,000,000
Number of shares of common stock repurchased (in shares)									2,455,171	1,547,778
Preferred stock, shares authorized (in shares)							30,000,000		30,000,000
Preferred stock par value (in dollars per share) \| $ / shares							$ 0.01		$ 0.01
Amount paid \| $									$ 180,000,000
Cash dividends declared per common share (in dollars per share) \| $ / shares							$ 0.38	$ 0.32	$ 1.08	$ 0.89
October 2017 \| Subsequent Event
Stockholders Equity [Line Items]
Amount paid \| $					$ 63,000,000
Cash dividends declared per common share (in dollars per share) \| $ / shares					$ 0.38
April 2017
Stockholders Equity [Line Items]
Amount paid \| $	$ 63,000,000
Cash dividends declared per common share (in dollars per share) \| $ / shares		$ 0.38				$ 0.38
Percent increase over prior quarter dividend						19.00%
Prior Quarterly Cash Dividend
Stockholders Equity [Line Items]
Amount paid \| $			$ 53,000,000
Cash dividends declared per common share (in dollars per share) \| $ / shares				$ 0.32
Other Repurchases of Common Stock
Stockholders Equity [Line Items]
Number of shares of common stock repurchased (in shares)									937,767
Series A Preferred Stock
Stockholders Equity [Line Items]
Preferred stock, series A convertible preferred stock, shares issued (in shares)							0		0		0
Preferred stock, series A convertible preferred stock, shares outstanding (in shares)							0		0		0

Nasdaq Stockholders' Equity (Common Stock in Treasury) (Details) - USD ($) $ / shares in Units, $ in Millions	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Equity [Abstract]
Number of shares of common stock repurchased (in shares)	2,455,171	1,547,778
Average per share price of repurchased stock (in dollars per share)	$ 71.15	$ 64.42
Total purchase price (in millions)	$ 175	$ 100

Nasdaq Stockholders' Equity (Schedule of Dividends Declared) (Details) - USD ($) $ / shares in Units, $ in Millions							1 Months Ended	3 Months Ended		9 Months Ended
	Sep. 29, 2017	Jul. 25, 2017	Jun. 30, 2017	Apr. 25, 2017	Mar. 31, 2017	Jan. 30, 2017	Apr. 30, 2017	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Dividends Payable [Line Items]
Dividend per common share (in dollars per share)								$ 0.38	$ 0.32	$ 1.08	$ 0.89
Total Amount Paid										$ 180
January 30, 2017
Dividends Payable [Line Items]
Dividend per common share (in dollars per share)						$ 0.32
Total Amount Paid					$ 53
April 25, 2017
Dividends Payable [Line Items]
Dividend per common share (in dollars per share)				$ 0.38			$ 0.38
Total Amount Paid			$ 63
July 25, 2017
Dividends Payable [Line Items]
Dividend per common share (in dollars per share)		$ 0.38
Total Amount Paid	$ 64

Earnings Per Share (Summary of Computation of Basic and Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Earnings Per Share [Abstract]
Net income attributable to common shareholders	$ 171	$ 131	$ 488	$ 333
Weighted-average common shares outstanding for basic earnings per share (in shares)	166,694,755	165,606,199	166,195,433	164,971,288
Weighted-average effect of dilutive securities:
Employee equity awards (in shares)	2,315,145	2,898,633	3,036,349	3,355,780
Incremental Common Shares Attributable to Dilutive Effect of Contingently Issuable Shares	992,247	992,247	334,384	333,163
Weighted-average common shares outstanding for diluted earnings per share (in shares)	170,002,147	169,497,079	169,566,166	168,660,231
Basic earnings per share (in dollars per share)	$ 1.03	$ 0.79	$ 2.93	$ 2.02
Diluted earnings per share (in dollars per share)	$ 1.01	$ 0.77	$ 2.88	$ 1.97

Earnings Per Share (Narrative) (Details) - shares	3 Months Ended		9 Months Ended
Earnings Per Share (Narrative) (Details) - shares	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Stock options to purchase shares (in shares)	599,889		599,889		1,406,371
Diluted shares outstanding (in shares)	2,315,145	2,898,633	3,036,349	3,355,780
Common stock
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Stock options to purchase shares (in shares)	599,889	1,574,659	599,889	1,574,659
Diluted shares outstanding (in shares)	420,677		331,072
Restricted stock and PSU's
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Stock options to purchase shares (in shares)	3,443,864	4,519,995	3,443,864	4,519,995
Diluted shares outstanding (in shares)	3,437,639	4,135,696	2,926,602	3,864,478

Fair Value of Financial Instruments (Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis) (Details) - USD ($) $ in Millions	Sep. 30, 2017	Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial investments, at fair value	$ 207	$ 245
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial investments, at fair value	207	245
Default fund and margin deposit investments	1,905	1,900
Total	2,112	2,145
Fair Value, Measurements, Recurring \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial investments, at fair value	134	151
Default fund and margin deposit investments	252	614
Total	386	765
Fair Value, Measurements, Recurring \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial investments, at fair value	73	94
Default fund and margin deposit investments	1,653	1,286
Total	1,726	1,380
Fair Value, Measurements, Recurring \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial investments, at fair value	0	0
Default fund and margin deposit investments	0	0
Total	$ 0	$ 0

Fair Value of Financial Instruments (Narrative) (Details) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2017	Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading securities	$ 207,000,000	$ 228,000,000
Default funds and margin deposits	3,893,000,000	3,301,000,000
Highly rated government debt securities	1,314,000,000	1,763,000,000
Transfers from between level 1 and level 2	0	0
Non-financial assets measured at fair value on non-recurring basis	0	0
Fair Value, Measurements, Nonrecurring \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of debt utilizing discounted cash flow analyses	4,000,000,000	3,800,000,000
Reverse Repurchase Agreements
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Default funds and margin deposits	591,000,000	137,000,000
Foreign Government Debt Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading securities	$ 159,000,000	$ 172,000,000

Clearing Operations (Narrative) (Details) $ in Millions	9 Months Ended		12 Months Ended
Clearing Operations (Narrative) (Details) $ in Millions	Sep. 30, 2017 USD ($) fund contract	Sep. 30, 2016 USD ($) contract	Dec. 31, 2016 USD ($)
Clearing Operations [Line Items]
Number of member sponsored default funds \| fund	4
Default funds and margin deposits	$ 3,893		$ 3,301
Default fund cash contributions invested in highly rated government debt securities	1,314		1,763
Default fund contributions	494
Committed capital	207		245
Liability Waterfall
Clearing Operations [Line Items]
Junior capital, cash deposits and pledged assets	18
Senior capital, cash deposits and pledged assets	25
Utilize as capital resources
Clearing Operations [Line Items]
Default fund contributions	411
Utilize as member posted surplus balance
Clearing Operations [Line Items]
Default fund contributions	83
Reverse Repurchase Agreements
Clearing Operations [Line Items]
Default funds and margin deposits	591		$ 137
Nasdaq Clearing
Clearing Operations [Line Items]
Default fund cash contributions invested in highly rated government debt securities	1,314
Outstanding contract value of resale and repurchase agreements	$ 5,000	$ 6,300
Total number of derivative contracts cleared \| contract	5,891,900	6,027,419
Power of assessment of the clearing member's contribution to the financial markets and commodities markets default funds	100.00%
Committed capital	$ 113
Nasdaq Clearing \| Reverse Repurchase Agreements
Clearing Operations [Line Items]
Default funds and margin deposits	$ 591

Clearing Operations (Schedule of Clearing Member Default Fund Contributions And Margin Deposits) (Details) $ in Millions	Sep. 30, 2017 USD ($)
Clearing Operations [Line Items]
Default fund contributions	$ 494
Margin deposits	8,093
Total	8,587
Cash Contributions
Clearing Operations [Line Items]
Default fund contributions	361
Margin deposits	3,532
Total	3,893
Non-Cash Contributions
Clearing Operations [Line Items]
Default fund contributions	133
Margin deposits	4,561
Total	$ 4,694

Clearing Operations (Schedule of Derivative Contracts Outstanding) (Details) $ in Millions	9 Months Ended
	Sep. 30, 2017 USD ($) TWh contract	Sep. 30, 2016 TWh contract
Clearing Operations [Line Items]
Market value of derivative contracts \| $	$ 1,667
Total number of cleared contracts \| contract	69,647,824	73,606,791
Total volume in cleared power, in Terawatt hours (TWh) \| TWh	911	1,197
Commodity and seafood options, futures and forwards
Clearing Operations [Line Items]
Market value of derivative contracts \| $	$ 646
Total number of cleared contracts \| contract	2,040,033	2,548,090
Fixed-income options and futures
Clearing Operations [Line Items]
Market value of derivative contracts \| $	$ 700
Total number of cleared contracts \| contract	14,788,850	10,656,778
Stock options and futures
Clearing Operations [Line Items]
Market value of derivative contracts \| $	$ 140
Total number of cleared contracts \| contract	20,070,584	22,012,777
Index options and futures
Clearing Operations [Line Items]
Market value of derivative contracts \| $	$ 181
Total number of cleared contracts \| contract	32,748,357	38,389,146

Commitments, Contingencies and Guarantees (Details) - USD ($)	9 Months Ended
	Sep. 30, 2017	Dec. 31, 2016
Commitments and Contingencies Disclosure [Line Items]
Financial guarantees obtained	$ 13,000,000	$ 13,000,000
Margin deposits contributed to Cantor Fitzgerald	$ 19,000,000
eSpeed
Commitments and Contingencies Disclosure [Line Items]
Contingent future issuance of common stock (in shares)	992,247
Revenue required to trigger annual issuance of Nasdaq common stock	$ 25,000,000
Property Lease Guarantee
Commitments and Contingencies Disclosure [Line Items]
Other guarantees	3,000,000	3,000,000
Escrow Agreement
Commitments and Contingencies Disclosure [Line Items]
Contingency, accrual	13,000,000
Escrow Agreement \| Other current liabilities
Commitments and Contingencies Disclosure [Line Items]
Contingency, accrual	9,000,000
Escrow Agreement \| Other non-current liabilities
Commitments and Contingencies Disclosure [Line Items]
Contingency, accrual	4,000,000
Clearinghouse Credit Facilities
Commitments and Contingencies Disclosure [Line Items]
Credit facility, available liquidity	$ 188,000,000	$ 170,000,000

Business Segments (Schedule of Operating Segments) (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2017 USD ($)	Sep. 30, 2016 USD ($)	Sep. 30, 2017 USD ($) segment	Sep. 30, 2016 USD ($)
Segment Reporting [Abstract]
Number of business segments \| segment			4
Segment Reporting Information [Line Items]
Total revenues	$ 969	$ 929	$ 2,941	$ 2,732
Transaction-based expenses	(362)	(344)	(1,149)	(1,054)
Revenues less transaction-based expenses	607	585	1,792	1,678
Operating income (loss)	264	233	756	626
Operating Segments \| Market Services
Segment Reporting Information [Line Items]
Total revenues	581	557	1,808	1,661
Transaction-based expenses	(362)	(344)	(1,149)	(1,054)
Revenues less transaction-based expenses	219	213	659	607
Operating income (loss)	118	114	359	332
Operating Segments \| Corporate Services
Segment Reporting Information [Line Items]
Total revenues	161	162	486	467
Transaction-based expenses	0	0	0	0
Revenues less transaction-based expenses	161	162	486	467
Operating income (loss)	45	42	133	117
Operating Segments \| Information Services
Segment Reporting Information [Line Items]
Total revenues	150	137	432	405
Transaction-based expenses	0	0	0	0
Revenues less transaction-based expenses	150	137	432	405
Operating income (loss)	111	97	318	290
Operating Segments \| Market Technology
Segment Reporting Information [Line Items]
Total revenues	77	73	215	199
Transaction-based expenses	0	0	0	0
Revenues less transaction-based expenses	77	73	215	199
Operating income (loss)	16	19	44	46
Corporate Items
Segment Reporting Information [Line Items]
Operating income (loss)	$ (26)	$ (39)	$ (98)	$ (159)

Business Segments (Corporate Items) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Segment Reporting Information [Line Items]
Amortization expense of acquired intangible assets	$ 22	$ 23	$ 67	$ 59
Restructuring charges	0	0	0	41
Merger and strategic initiatives	3	12	20	56
Loss on extinguishment of debt			(9)	0
Total	(264)	(233)	(756)	(626)
Corporate Items
Segment Reporting Information [Line Items]
Amortization expense of acquired intangible assets	22	23	67	59
Restructuring charges	0	0	0	41
Merger and strategic initiatives	3	12	20	56
Loss on extinguishment of debt	0	0	10	0
Sublease loss reserve	0	0	0	(2)
Other	1	4	1	5
Total	$ 26	$ 39	$ 98	$ 159

Subsequent Events (Details) - USD ($) $ in Millions	1 Months Ended	9 Months Ended
Subsequent Events (Details) - USD ($) $ in Millions	Oct. 31, 2017	Sep. 30, 2017	Sep. 30, 2016	Oct. 27, 2017
Subsequent Event [Line Items]
Payments to acquire businesses, net of cash acquired		$ 0	$ 1,460
Subsequent Event \| eVestment
Subsequent Event [Line Items]
Cash consideration	$ 705
Payments to acquire businesses, net of cash acquired	$ 744
Purchase price allocation deferred tax assets				$ 39