Brokerage, clearance and exchange fees

838

886

1,655

1,657

Cost of revenues:

Transaction rebates

(322)

(384)

(631)

(710)

(100)

(112)

(193)

(197)

Total cost of revenues

(422)

(496)

(824)

(907)

Revenues less transaction rebates, brokerage, clearance and exchange fees

416

390

831

750

Operating Expenses:

Compensation and benefits

115

103

226

201

Marketing and advertising

Depreciation and amortization

Professional and contract services

Computer operations and data communications

Occupancy

Regulatory

Merger and strategic initiatives

General, administrative and other

Total operating expenses

258

211

490

460

Operating income

158

179

341

290

Interest income

Interest expense

(31)

(26)

(63)

(51)

Dividend and investment income (loss)

(1)

Income from unconsolidated investees, net

(11)

Income before income taxes

131

^[1]

146

^[2]

283

^[1]

235

^[3]

Income tax provision

Net income

194

154

Net loss attributable to noncontrolling interests

Net income attributable to NASDAQ OMX

$ 92

$ 96

$ 196

$ 157

Basic and diluted earnings per share:

Basic earnings per share

$ 0.52

$ 0.46

$ 1.11

$ 0.75

Diluted earnings per share

$ 0.51

$ 0.46

$ 1.09

$ 0.74

[1]	The corporate items and eliminations for the three and six months ended June 30, 2011 primarily include merger and strategic initiatives expense.
[2]	The corporate items and eliminations for the three months ended June 30, 2010 primarily include charges of $11 million related to loss on divestiture of businesses as a result of our decision to close the businesses of our pan-European multilateral trading facility NASDAQ OMX Europe, or NEURO ($6 million) and Agora-X ($5 million).
[3]	For the six months ended June 30, 2010, corporate items and eliminations primarily include charges of $40 million related to the repayment of our senior secured credit facilities in place as of December 31, 2009 and $11 million related to loss on divestiture of businesses as a result of our decision to close the businesses of both NEURO ($6 million) and Agora-X ($5 million). See "Senior Unsecured Notes and Credit Facility," of Note 8, "Debt Obligations," for further discussion of the charges related to the repayment of our senior secured credit facilities.

Consolidated Balance Sheets (USD $)
In Millions, unless otherwise specified

6 Months Ended

12 Months Ended

Jun. 30, 2011

Dec. 31, 2010

Current assets:

Cash and cash equivalents

$ 578

$ 315

Restricted cash

320

^[1]

253

^[1]

Receivables, net

344

298

Deferred tax assets

Open clearing contracts:

Resale agreements, at contract value

1,417

4,037

3,560

3,441

Other current assets

127

Total current assets

6,429

8,510

Non-current restricted cash

105

Property and equipment, net

165

164

Non-current deferred tax assets

273

433

Goodwill

5,345

5,127

Intangible assets, net

1,767

1,719

Other non-current assets

133

149

Total assets

14,217

16,207

Current liabilities:

Accounts payable and accrued expenses

180

142

Section 31 fees payable to SEC

147

Accrued personnel costs

122

Deferred revenue

202

122

Other current liabilities

158

119

Deferred tax liabilities

Open clearing contracts:

Repurchase agreements, at contract value

1,417

4,037

3,560

3,441

Current portion of debt obligations

140

Total current liabilities

5,919

8,231

Debt obligations

2,069

2,181

Non-current deferred tax liabilities

712

698

Non-current deferred revenue

170

Other non-current liabilities

187

198

Total liabilities

9,057

11,478

Commitments and contingencies

NASDAQ OMX stockholders' equity:

Common stock, $0.01 par value, 300,000,000 shares authorized, shares issued: 213,379,758 at June 30, 2011 and 213,370,086 at December 31, 2010; shares outstanding: 177,064,158 at June 30, 2011 and 175,782,683 at December 31, 2010

Preferred stock, 30,000,000 shares authorized, series A convertible preferred stock: shares issued: 1,600,000 at June 30, 2011 and December 31, 2010; shares outstanding: none at June 30, 2011 and December 31, 2010

Additional paid-in capital

3,780

Common stock in treasury, at cost: 36,315,600 shares at June 30, 2011 and 37,587,403 shares at December 31, 2010

(770)

(796)

Accumulated other comprehensive loss

(62)

(272)

Retained earnings

2,200

2,004

Total NASDAQ OMX stockholders' equity

5,150

4,718

Noncontrolling interests

Total equity

5,160

4,729

Total liabilities and equity

$ 14,217

$ 16,207

[1]

Primarily comprised of Swedish government debt securities of $295 million. These securities are classified as trading securities and $233 million are restricted assets to meet regulatory capital requirements primarily for NASDAQ OMX Stockholm's clearing operations. Also includes our 1% available-for-sale investment security in DFM of $25 million. See Note 6, "Investments," for further discussion of our trading investment securities and available-for-sale investment security.

Consolidated Balance Sheets (Parenthetical) (USD $)	Jun. 30, 2011	Dec. 31, 2010
Condensed Consolidated Balance Sheets
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	300,000,000	300,000,000
Common stock, shares issued	213,379,758	213,370,086
Common stock, shares outstanding	177,064,158	175,782,683
Preferred stock, shares authorized	30,000,000	30,000,000
Preferred stock, series A convertible preferred stock: shares issued	1,600,000	1,600,000
Preferred stock, series A convertible preferred stock: shares outstanding	0	0
Common stock in treasury, shares	36,315,600	37,587,403

Consolidated Statements Of Comprehensive Income (USD $) In Millions, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010	Jun. 30, 2011	Jun. 30, 2010
Consolidated Statements Of Comprehensive Income
Net income	$ 91	$ 95	$ 194	$ 154
Net unrealized holding losses on available-for-sale securities:
Unrealized holding losses arising during the period	(3)	(5)	(7)	(5)
Income tax benefit	1	2	3	2
Total	(2)	(3)	(4)	(3)
Foreign currency translation gains (losses):
Net foreign currency translation gains (losses)	23	(334)	299	(391)
Income tax (expense) benefit	(1)	128	(85)	147
Total	22	(206)	214	(244)
Unrealized losses on cash flow hedges:
Reclassification adjustment for loss realized in net income on cash flow hedges				9
Income tax benefit recognized in net income during the period				(3)
Total				6
Total other comprehensive income (loss), net of tax	20	(209)	210	(241)
Comprehensive income (loss)	111	(114)	404	(87)
Comprehensive loss attributable to noncontrolling interests	1	1	2	3
Comprehensive income (loss) attributable to NASDAQ OMX	$ 112	$ (113)	$ 406	$ (84)

Consolidated Statements Of Cash Flows (USD $) In Millions, unless otherwise specified	6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010
Cash flows from operating activities:
Net income	$ 194	$ 154
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	53	50
Share-based compensation	17	17
Excess tax benefits related to share-based compensation	(6)	(2)
Provision for bad debts	1	2
Deferred income taxes	(21)	(5)
Loss on divestiture of businesses		11
Charges related to debt refinancing		37
Net income from unconsolidated investees	(1)	(1)
Loss on asset retirements	1	3
Accretion of debt discounts	8	7
Amortization of debt issuance costs	4	3
Other non-cash items included in net income		(3)
Net change in operating assets and liabilities, net of effects of acquisitions:
Receivables, net	(43)	(71)
Other assets	65	(61)
Accounts payable and accrued expenses	46	49
Section 31 fees payable to SEC	65
Accrued personnel costs	(37)	(39)
Deferred revenue	70	89
Other liabilities	14	(17)
Net cash provided by operating activities	430	223
Cash flows from investing activities:
Purchases of trading securities	(348)	(169)
Proceeds from sales and redemptions of trading securities	298	178
Proceeds from sale of equity method investment		1
Acquisitions of businesses, net of cash and cash equivalents acquired and purchase accounting adjustments	(2)	(4)
Purchases of property and equipment	(24)	(20)
Net cash used in investing activities	(76)	(14)
Cash flows from financing activities:
Purchases of noncontrolling interests		(2)
Proceeds from debt obligations, net of debt issuance costs		1,676
Payments of debt obligations	(120)	(1,741)
Cash paid for repurchase of common stock		(200)
Issuances of common stock, net of treasury stock purchases	8	4
Excess tax benefits related to share-based compensation	6	2
Other financing activities	10	3
Net cash used in financing activities	(96)	(258)
Effect of exchange rate changes on cash and cash equivalents	5	(19)
Net increase (decrease) in cash and cash equivalents	263	(68)
Cash and cash equivalents at the beginning of period	315	594
Cash and cash equivalents at the end of period	578	526
Cash paid for:
Interest	36	15
Income taxes, net of refund	$ 37	$ 99

Organization And Nature Of Operations	6 Months Ended
Organization And Nature Of Operations	Jun. 30, 2011
Organization And Nature Of Operations
Organization And Nature Of Operations	1. Organization and Nature of Operations We are a leading global exchange group that delivers trading, clearing, exchange technology, securities listing, and public company services across six continents. Our global offerings are diverse and include trading and clearing across multiple asset classes, market data products, financial indexes, capital formation solutions, financial services and market technology products and services. Our technology powers markets across the globe, supporting cash equity trading, derivatives trading, clearing and settlement and many other functions. In the U.S., we operate The NASDAQ Stock Market, a registered national securities exchange. The NASDAQ Stock Market is the largest single cash equities securities market in the U.S. in terms of listed companies and in the world in terms of share value traded. As of June 30, 2011, The NASDAQ Stock Market was home to 2,724 listed companies with a combined market capitalization of approximately $4.7 trillion. In addition, in the U.S. we operate two additional cash equities trading markets, two options markets, a futures market and a derivatives clearinghouse. We also engage in riskless principal trading of over-the-counter, or OTC, power and gas contracts. In Europe, we operate exchanges in Stockholm (Sweden), Copenhagen (Denmark), Helsinki (Finland), and Iceland as NASDAQ OMX Nordic, and exchanges in Tallinn (Estonia), Riga (Latvia) and Vilnius (Lithuania) as NASDAQ OMX Baltic. Collectively, the exchanges that comprise NASDAQ OMX Nordic and NASDAQ OMX Baltic offer trading in cash equities, bonds, structured products and ETFs, as well as trading and clearing of derivatives and clearing of resale and repurchase agreements. Through NASDAQ OMX First North, our Nordic and Baltic operations also offer alternative marketplaces for smaller companies. As of June 30, 2011, the exchanges that comprise NASDAQ OMX Nordic and NASDAQ OMX Baltic, together with NASDAQ OMX First North, were home to 780 listed companies with a combined market capitalization of approximately $1.1 trillion. We also operate NASDAQ OMX Armenia. In addition, NASDAQ OMX Commodities operates the world's largest power derivatives exchange, one of Europe's largest carbon exchanges, and N2EX, a marketplace for physical U.K. power contracts. In some of the countries where we operate exchanges, we also provide clearing, settlement and depository services.

Basis Of Presentation And Principles Of Consolidation	6 Months Ended
Basis Of Presentation And Principles Of Consolidation	Jun. 30, 2011
Basis Of Presentation And Principles Of Consolidation
Basis Of Presentation And Principles Of Consolidation	2. Basis of Presentation and Principles of Consolidation The condensed consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles, or U.S. GAAP. The accompanying unaudited 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. The financial statements include the accounts of NASDAQ OMX, its wholly-owned subsidiaries and other entities in which NASDAQ OMX has a controlling financial interest. 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 OMX's Annual Report on Form 10-K for the fiscal year ended December 31, 2010. Certain prior period amounts have been reclassified to conform to the current period presentation. The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts and the disclosure of contingent amounts in the condensed consolidated financial statements and accompanying notes. Actual results could differ from those estimates. We have evaluated our subsequent events through the issuance date of this Quarterly Report on Form 10-Q. Income Taxes We use the asset and liability method to provide 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. In the fourth quarter of 2010, we received an appeal from the Finnish Tax Authority in which such authority challenges certain interest expense deductions claimed by NASDAQ OMX in Finland for the years 2008 and 2009. NASDAQ OMX's tax return position with respect to this deduction was previously reviewed and approved by the Finnish Tax Authority. The appeal also demands certain penalties be paid with regard to the company's tax return filing position. If the Finnish Tax Authority prevails in its challenge, additional tax and penalties for the years 2008-2010 would total approximately $18 million. We expect the Finnish Tax Authority to agree with our position once its review is completed and, as such, believe it is unlikely NASDAQ OMX will be assessed any additional tax and penalties. Through June 30, 2011, we have recorded the tax benefits associated with the filing position. In June 2009, NASDAQ OMX filed an application for an advance tax ruling with the Swedish Tax Council for Advance Tax Rulings. The application was filed to confirm whether certain interest expense is deductible for Swedish tax purposes under legislation that became effective on January 1, 2009. In June 2010, we received a favorable response from the Swedish Tax Council for Advance Tax Rulings in which all members of the Council agreed that the interest expense is deductible for Swedish tax purposes. The Swedish Tax Agency has appealed the Council's ruling to the Swedish Supreme Administrative Court. We expect the Swedish Supreme Administrative Court to agree with the ruling from the Swedish Tax Council for Advance Tax Rulings. In the second quarter of 2011, we recorded a tax benefit of $5 million, or $0.03 per diluted share, and in the second quarter of 2010, we recorded a tax benefit of $4 million, or $0.02 per diluted share, related to this matter. In the first six months of 2011, we recorded a tax benefit of $10 million, or $0.06 per diluted share, and in the first six months of 2010, we recorded a tax benefit of $9 million, or $0.04 per diluted share, related to this matter. Since January 1, 2009, we have recorded a tax benefit of $47 million, or $0.23 per diluted share, related to this matter.

Recently Adopted Accounting Pronouncements

6 Months Ended

Jun. 30, 2011

Recently Adopted Accounting Pronouncements

Recently Adopted Accounting Pronouncements

3. Recently Adopted Accounting Pronouncements

ASC Topic 820 —In January 2010, the Financial Accounting Standards Board, or FASB, issued amended guidance relating to FASB Accounting Standards Codification, or ASC, Topic 820, "Fair Value Measurements and Disclosures." The amended guidance requires new disclosures as follows:

•

Amounts related to transfers in and out of Levels 1 and 2 shall be disclosed separately and the reasons for the transfers shall be described.

•

In the reconciliation for fair value measurements using significant unobservable inputs (Level 3), a reporting entity should present separately information about purchases, sales, issuances, and settlements on a gross basis.

The guidance also provides amendments that clarify existing disclosures related to the following:

•

Reporting fair value measurement disclosures for each class of assets and liabilities.

•

Providing disclosure surrounding the valuation techniques and inputs used to measure fair value for both Level 2 and Level 3 fair value measurements.

This accounting guidance was effective for us beginning on January 1, 2010, except for the disclosure requirements surrounding the reconciliation of Level 3 fair value measurements, which were effective for us on January 1, 2011. Since this guidance only required additional disclosure, it did not affect our financial position or results of operations.

Acquisitions

6 Months Ended

Jun. 30, 2011

Acquisitions

Acquisitions

4. Acquisitions

We completed the following acquisitions in 2010. The results of operations of each transaction are included in our Condensed Consolidated Statements of Income from the dates of each acquisition. A summary of the allocation of the total purchase consideration is presented as follows:


	Purchase Consideration		Total Net (Liabilities) Assets Acquired			Purchased Intangible Assets		Goodwill
	(in millions)
FTEN⁽¹⁾	$	110	$	(1	)	$	46	$	65
SMARTS⁽²⁾		77		(5	)		28		54
Nord Pool ⁽³⁾		17		7			2		8

Total for 2010	$	204	$	1		$	76	$	127

⁽¹⁾

In December 2010, we acquired FTEN, Inc., or FTEN, a leading provider of Real-Time Risk Management solutions for the financial securities market for $110 million. FTEN purchase consideration included $11 million held in escrow to be paid in 2012, in accordance with the purchase agreement. We acquired net assets, at fair value, totaling $3 million and recorded a current deferred tax liability of $2 million and a non-current deferred tax liability of $16 million related to purchased intangible assets, and we also recorded a non-current deferred tax asset of $14 million related to net operating loss carry forwards, resulting in total net liabilities acquired of $1 million. The total deferred tax liabilities of $18 million represent the tax effect of the difference between the estimated assigned fair value of the acquired intangible assets ($46 million) and the tax basis ($0) of such assets. The estimated amount of $18 million is determined by multiplying the difference of $46 million by FTEN's effective tax rate of 39.55%. The purchased intangible assets of $46 million consisted of $23 million in customer relationships, $12 million in technology, $9 million for the FTEN trade name and $2 million related to non-compete agreements.

⁽²⁾

In August 2010, we acquired SMARTS Group Holdings Pty Ltd, or SMARTS, a leading technology provider of surveillance solutions to exchanges, regulators and brokers to diversify our Market Technology business and enter the broker surveillance and compliance market. We completed our acquisition of SMARTS for $77 million, which included a $75 million initial purchase price, as well as a $2 million working capital adjustment. SMARTS purchase consideration also included $2 million held in escrow that was paid in the first quarter of 2011 and $12 million held in escrow to be paid in 2012, in accordance with the purchase agreement. We acquired net assets, at fair value, totaling $3 million and recorded a current deferred tax liability of $1 million and a non-current deferred tax liability of $7 million related to purchased intangible assets, resulting in total net liabilities acquired of $5 million. The total deferred tax liabilities of $8 million represent the tax effect of the difference between the estimated assigned fair value of the acquired intangible assets ($28 million) and the tax basis ($0) of such assets. The estimated amount of $8 million is determined by multiplying the difference of $28 million by SMARTS' effective tax rate of 30%. The purchased intangible assets of $28 million consisted of $11 million in technology and $17 million in customer relationships.

⁽³⁾

In May 2010, we acquired Nord Pool, a derivatives trading market, for $17 million (101 million Norwegian Krone). We acquired net assets, at fair value, totaling $8 million and recorded a non-current deferred tax liability of $1 million related to purchased intangible assets, resulting in total net assets acquired of $7 million. Through this acquisition, we now hold a Norwegian exchange license and operate the Nordic power market and the European carbon market on one trading platform.

In the second quarter of 2011, we finalized the allocation of the purchase price for Nord Pool. The above amounts for FTEN and SMARTS represent the preliminary allocation of the purchase price and are subject to revision during the remainder of the measurement period, a period not to exceed 12 months from the acquisition date. Adjustments to the provisional values during the measurement period will be pushed back to the date of acquisition. Comparative information for periods after acquisition but before the period in which the adjustments are identified will be adjusted to reflect the effects of the adjustments as if they were taken into account as of the acquisition date. Changes to amounts recorded as assets and liabilities may result in a corresponding adjustment to goodwill. There were no adjustments to the provisional values during the three and six months ended June 30, 2011.

Acquisition of ZVM

In December 2010, we acquired Zoomvision Mamato, or ZVM, a provider of webcasting and investor relation communication services for companies in the Nordic region, for an immaterial amount. ZVM, which is the leading provider of webcasting services in Northern Europe, adds to the growing range of capabilities and services NASDAQ OMX offers public and private companies in the U.S. and Europe.

Acquisition of Assets of North American Energy Credit and Clearing Corp.

In March 2010, we purchased the assets of North American Energy Credit and Clearing Corp. for an immaterial amount. With this purchase, NASDAQ OMX expanded its presence in the OTC energy commodity markets. The acquisition of these assets was effected through NASDAQ OMX Commodities Clearing Company, or NOCC. In March 2010, we also provided cash of $25 million to NOCC to improve its liquidity position. As of June 30, 2011 and December 31, 2010, this amount is classified as non-current restricted cash in the Condensed Consolidated Balance Sheets.

Pro Forma Results and Acquisition-related Costs

Pro forma results of operations for the acquisitions completed during 2010 have not been presented since the acquisitions both individually and in the aggregate were not material to our financial results.

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

Goodwill And Purchased Intangible Assets

6 Months Ended

Jun. 30, 2011

Goodwill And Purchased Intangible Assets

Goodwill And Purchased Intangible Assets

5. Goodwill and Purchased Intangible Assets

Goodwill

The following table presents the changes in goodwill by business segment during the six months ended June 30, 2011:


	Market Services		Issuer Services		Market Technology		Total
	(in millions)
Balance at December 31, 2010	$	4,679	$	292	$	156	$	5,127
Foreign currency translation adjustment		193		14		11		218

Balance at June 30, 2011	$	4,872	$	306	$	167	$	5,345

As of June 30, 2011, the amount of goodwill that is expected to be deductible for tax purposes in future periods is $101 million.

Goodwill represents the excess of the purchase price over the value assigned to the net tangible and identifiable intangible assets of a business acquired. Goodwill is allocated to the reporting units based on the assignment of the fair values of each reporting unit of the acquired company. We are required to test goodwill for impairment at the reporting unit level annually, or in interim periods if certain events occur indicating that the carrying value may be impaired. We test for impairment during the fourth quarter of our fiscal year using October 1^stcarrying values. We considered the need to update our most recent annual goodwill impairment test as of June 30, 2011 and concluded that none of the impairment indicators triggered a revised impairment analysis. As such, we concluded the assumptions used during the annual assessment remained appropriate. There was no impairment of goodwill for the three and six months ended June 30, 2011 and 2010. Although there is no impairment as of June 30, 2011, events such as economic weakness and unexpected significant declines in operating results of reporting units may result in our having to perform a goodwill impairment test for some or all of our reporting units prior to the required annual assessment. These types of events and the resulting analysis could result in goodwill impairment charges in the future.

Purchased Intangible Assets

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


	June 30, 2011											December 31, 2010
	Gross Amount			Accumulated Amortization			Net Amount			Weighted- Average Useful Life (in Years)		Gross Amount			Accumulated Amortization			Net Amount			Weighted- Average Useful Life (in Years)
	(in millions)											(in millions)
*Finite-Lived Intangible Assets*
Technology	$	38		$	(8	)	$	30			9	$	72		$	(41	)	$	31			6
Customer relationships		853			(175	)		678			21		853			(152	)		701			21
Other		6			(1	)		5			8		6			(1	)		5			8
Foreign currency translation adjustment		20			(2	)		18					(15	)		4			(11	)

Total finite-lived intangible assets	$	917		$	(186	)	$	731				$	916		$	(190	)	$	726

*Indefinite-Lived Intangible Assets*
Exchange and clearing registrations	$	790		$	—		$	790				$	790		$	—		$	790
Trade names		181			—			181					181			—			181
Licenses		78			—			78					78			—			78
Foreign currency translation adjustment		(13	)		—			(13	)				(56	)		—			(56	)

Total indefinite-lived intangible assets	$	1,036		$	—		$	1,036				$	993		$	—		$	993

Total intangible assets	$	1,953		$	(186	)	$	1,767				$	1,909		$	(190	)	$	1,719

Amortization expense for purchased finite-lived intangible assets was $13 million for the three months ended June 30, 2011 and $28 million for the six months ended June 30, 2011 compared to $13 million for the three months ended June 30, 2010 and $27 million for the six months ended June 30, 2010.

The estimated future amortization expense (excluding the impact of foreign currency translation adjustments of $18 million as of June 30, 2011) of purchased finite-lived intangible assets as of June 30, 2011 is as follows:

(in millions)
2011⁽¹⁾	$	25
2012		51
2013		50
2014		48
2015		46
2016 and thereafter		493

Total	$	713

⁽¹⁾	Represents the estimated amortization to be recognized for the remaining six months of 2011.

Discloses 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 or 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. This element may be used as a single block of text to include the entire intangible asset disclosure including data and tables.

+ References+ Details

Investments	6 Months Ended
Investments	Jun. 30, 2011
Investments
Investments	6. Investments Trading Securities Trading securities, which are included in financial investments, at fair value in the Condensed Consolidated Balance Sheets, were $295 million as of June 30, 2011 and $220 million as of December 31, 2010. These securities are primarily comprised of Swedish government debt securities, of which $233 million as of June 30, 2011 and $190 million as of December 31, 2010, are restricted assets to meet regulatory capital requirements primarily for NASDAQ OMX Stockholm's clearing operations. Available-for-Sale Investment Security *Investment in DFM* Our available-for-sale investment security, which is included in financial investments, at fair value in the Condensed Consolidated Balance Sheets, represents our 1% investment in Dubai Financial Market PJSC, or DFM. In May 2010, we completed the exchange of our equity interest in NASDAQ Dubai Limited, or NASDAQ Dubai, for a 1% investment in DFM. See "Investment in NASDAQ Dubai" below for further discussion. As of June 30, 2011 and December 31, 2010, the cost basis of this security was $36 million. As of June 30, 2011, the fair value was $25 million and as of December 31, 2010, the fair value was $33 million. The gross change of $11 million between the cost basis and fair value as of June 30, 2011 is reflected as an unrealized holding loss in accumulated other comprehensive loss in the Condensed Consolidated Balance Sheets, net of taxes. We reviewed the carrying value of this investment security to determine whether an other-than-temporary decline in value exists. We considered factors affecting the investee, factors affecting the industry the investee operates in and general market trends. We also considered the length of time the market value has been below the cost basis and the near-term prospects for recovery of unrealized losses. As of June 30, 2011 and December 31, 2010, we have not recognized an other-than-temporary decline in value on this investment security. Equity Method Investments In general, the equity method of accounting is used when we own 20% to 50% of the outstanding voting stock and when we are able to exercise significant influence over the operating and financial policies of a company. Equity interest in our equity method investments was $29 million as of June 30, 2011 and $27 million as of December 31, 2010, which consisted primarily of our equity interest in European Multilateral Clearing Facility N.V., a leading European clearinghouse in which we own a 22% equity stake. Equity method investments are included in other non-current assets in the Condensed Consolidated Balance Sheets. Income recognized from our equity interest in the earnings and losses of these companies was $1 million for both the three and six months ended June 30, 2011 and 2010. *Investment in NASDAQ Dubai* In May 2010, we participated in the realignment of the ownership structure of NASDAQ Dubai, in which NASDAQ Dubai became a wholly-owned subsidiary of DFM, a publicly traded company controlled by Borse Dubai Limited, a Dubai company, or Borse Dubai. We received a 1% equity interest in DFM in exchange for our equity interest in NASDAQ Dubai. Our existing technology and trademark licensing arrangements with Borse Dubai and NASDAQ Dubai remain unchanged. NASDAQ Dubai and DFM are related parties, as both of them are primarily owned by Borse Dubai, our largest stockholder.

Pension and Other Benefit Programs

This item represents the entire disclosure related to Investments in Certain Debt and Equity Securities (and certain other trading assets) which include all debt and equity securities (other than those equity securities accounted for under the equity or cost methods of accounting) with readily determinable fair values. Other trading assets include assets that are carried on the balance sheet at fair value and held for trading purposes. A debt security represents a creditor relationship with an enterprise that is in the form of a security. Debt securities include, among other items, US Treasury securities, US government securities, municipal securities, corporate bonds, convertible debt, commercial paper, and all securitized debt instruments. An equity security represents an ownership interest in an enterprise or the right to acquire or dispose of an ownership interest in an enterprise at fixed or determinable prices. Equity securities include, among other things, common stock, certain preferred stock, warrant rights, call options, and put options, but do not include convertible debt. An entity may opt to provide the reader with additional narrative text to better understand the nature of investments in debt and equity securities (and other trading assets).

+ References+ Details

Deferred Revenue

6 Months Ended

Jun. 30, 2011

Deferred Revenue

Deferred Revenue

7. Deferred Revenue

Deferred revenue represents cash payments received that are yet to be recognized as revenue. At June 30, 2011, we have estimated that our deferred revenue, which is primarily related to Global Listing 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⁽²⁾		Total
	(in millions)
Fiscal year ended:
2011⁽¹⁾	$	8	$	19	$	96	$	30	$	153
2012		12		30		2		43		87
2013		8		23		—		34		65
2014		6		11		—		21		38
2015		4		2		—		12		18
2016 and thereafter		3		—		—		8		11

	$	41	$	85	$	98	$	148	$	372

⁽¹⁾	Represents deferred revenue that is anticipated to be recognized over the remaining six months of 2011.

⁽²⁾	The timing of recognition of our deferred Market Technology revenues is dependent upon when significant modifications are made pursuant to existing contracts. As such, as it relates to these revenues, the timing represents our best estimate.

Our deferred revenue during the six months ended June 30, 2011 and 2010 is reflected in the following table.


	Initial Listing Revenues			Listing of Additional Shares Revenues			Annual Renewal and Other Revenues			Market Technology Revenues ⁽²⁾			Total
							(in millions)
Balance at January 1, 2011	$	42		$	83		$	21		$	146		$	292
Additions ⁽¹⁾		7			22			189			25			243
Amortization ⁽¹⁾		(8	)		(20	)		(113	)		(30	)		(171	)
Translation adjustment		—			—			1			7			8

Balance at June 30, 2011	$	41		$	85		$	98		$	148		$	372


Balance at January 1, 2010	$	46		$	76		$	18		$	125		$	265
Additions ⁽¹⁾		6			25			185			14			230
Amortization ⁽¹⁾		(9	)		(19	)		(104	)		(8	)		(140	)
Translation adjustment		—			—			—			(10	)		(10	)

Balance at June 30, 2010	$	43		$	82		$	99		$	121		$	345

⁽¹⁾	The additions and amortization for initial listing revenues, listing of additional shares revenues and annual renewal and other revenues primarily reflect Issuer Services revenues from U.S. listing revenues.

⁽²⁾

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

Debt Obligations

6 Months Ended

Jun. 30, 2011

Debt Obligations

Debt Obligations

8. Debt Obligations

The following table presents the changes in the carrying value of our debt obligations during the six months ended June 30, 2011:


	December 31, 2010			Additions		Payments, Conversions, Accretion and Other			June 30, 2011
	(in millions)
3.75% convertible notes due October 22, 2012 (net of discount)⁽¹⁾	$	—		$	—	$	—		$	—
2.50% convertible senior notes due August 15, 2013		388			—		7			395
4.00% senior unsecured notes due January 15, 2015 (net of discount)⁽²⁾		398			—		1			399
5.55% senior unsecured notes due January 15, 2020 (net of discount)⁽²⁾		598			—		—			598
$700 million senior unsecured term loan facility credit agreement due January 15, 2013 (average interest rate of 2.26%for the six months ended June 30, 2011)⁽²⁾		570			—		(120	)		450
5.25% senior unsecured notes due January 16, 2018 (net of discount)⁽³⁾		367			—		—			367

Total debt obligations		2,321			—		(112	)		2,209
Less current portion		(140	)		—		—			(140	)

Total long-term debt obligations	$	2,181		$	—	$	(112	)	$	2,069

⁽¹⁾	As of June 30, 2011 and December 31, 2010, approximately $0.5 million aggregate principal amount of the 3.75% convertible notes remained outstanding.

⁽²⁾	See "Senior Unsecured Notes and Credit Facility" below for further discussion.

⁽³⁾	See "5.25% Senior Unsecured Notes" below for further discussion.

2.50% Convertible Senior Notes

During the first quarter of 2008, in connection with the business combination with OMX AB, we completed the offering of $475 million aggregate principal amount of 2.50% convertible senior notes due 2013. The interest rate on the notes is 2.50% per annum payable semi-annually in arrears on February 15 and August 15 and the notes will mature on August 15, 2013. In 2009, we repurchased $47 million aggregate principal amount of the 2.50% convertible senior notes. As a result of the $47 million repurchase, the remaining aggregate principal amount outstanding on these notes as of June 30, 2011 and December 31, 2010 was $428 million.

The notes are convertible in certain circumstances specified in the indenture for the notes. Upon conversion, holders will receive, at the election of NASDAQ OMX, cash, common stock or a combination of cash and common stock. It is our current intent and policy to settle the principal amount of the notes in cash. The conversion rate will initially be 18.1386 shares of common stock per $1,000 principal amount of notes, which is equivalent to a conversion price of approximately $55.13 per share of common stock. At June 30, 2011 and December 31, 2010, the 2.50% convertible senior notes are convertible into 7,757,283 shares of our common stock, subject to adjustment upon the occurrence of specified events. Subject to certain exceptions, if we undergo a "fundamental change" as described in the indenture, holders may require us to purchase their notes at a price equal to 100% of the principal amount of the notes, plus accrued and unpaid interest.

Since the settlement structure of our 2.50% convertible senior notes permits settlement in cash upon conversion, we are required to separately account for the liability and equity components of the convertible debt in a manner that reflects our nonconvertible debt borrowing rate when interest cost is recognized in subsequent periods. This entails bifurcation of a component of the debt, classification of that component in equity and then accretion of the resulting discount on the debt being reflected in the income statement as part of interest expense.

The changes in the liability and equity components of our 2.50% convertible senior notes during the six months ended June 30, 2011 are as follows:


	Liability Component							Equity Component
	(in millions)							(in millions)
	Principal Balance		Unamortized Debt Discount			Net Carrying Amount		Gross Equity Component		Deferred Taxes		Net Equity Component
December 31, 2010	$	428	$	40		$	388	$	80	$	32	$	48
Accretion of debt discount		—		(7	)		7		—		—		—

June 30, 2011	$	428	$	33		$	395	$	80	$	32	$	48

The unamortized debt discount on the convertible debt was $33 million as of June 30, 2011 and $40 million as of December 31, 2010 and is included in debt obligations in the Condensed Consolidated Balance Sheets. This amount will be accreted as part of interest expense through the maturity date of the convertible debt of August 15, 2013. The effective annual interest rate on the 2.50% convertible senior notes was 6.53% for the three and six months ended June 30, 2011 and 2010, which includes the accretion of the debt discount in addition to the annual contractual interest rate of 2.50%.

As of June 30, 2011 and December 31, 2010, the equity component of the convertible debt included in additional paid-in capital in the Condensed Consolidated Balance Sheets was $48 million. This amount is calculated as follows: $80 million of excess principal of the convertible debt over the carrying amount less $32 million of deferred taxes. The deferred tax liability is determined by multiplying the $80 million of excess principal of the convertible debt over the carrying amount by the U.S. marginal tax rate of 39.55%.

Interest expense recognized on our 2.50% convertible senior notes in the Condensed Consolidated Statements of Income for the three and six months ended June 30, 2011 and 2010 is as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2011		2010		2011		2010
	(in millions)
Components of interest expense recognized on our 2.50% convertible senior notes
Accretion of debt discount	$	3	$	3	$	7	$	7
Contractual interest		3		3		5		5

Total interest expense recognized on our 2.50% convertible senior notes	$	6	$	6	$	12	$	12

Debt Issuance Costs

In 2008, in conjunction with the issuance of the 2.50% convertible senior notes, we incurred debt issuance costs of $10 million. These costs, which are capitalized and included in other non-current assets in the Condensed Consolidated Balance Sheets, are being amortized over the life of the debt obligation. Amortization expense, which is recorded as additional interest expense for these costs, was immaterial for both the three months ended June 30, 2011 and 2010 and $1 million for both the six months ended June 30, 2011 and 2010.

Senior Unsecured Notes and Credit Facility

In January 2010, NASDAQ OMX issued $1 billion of senior unsecured notes, or the Notes, and entered into a $950 million senior unsecured three-year credit facility. The credit facility provides for an unfunded $250 million revolving credit commitment (including a swingline facility and letter of credit facility), a $350 million funded Tranche A term loan, or the Term Loan A, and a $350 million funded Tranche X term loan, or the Term Loan X and, together with Term Loan A, the Term Loans. NASDAQ OMX applied the net proceeds from the Notes, the $700 million funded Term Loans and cash on hand to repay all amounts outstanding under our senior secured credit facilities in place as of December 31, 2009 and related fees. As a result, NASDAQ OMX terminated the associated credit agreement.

The Notes

The Notes were issued at a discount in two separate series consisting of $400 million aggregate principal amount of 4.00% senior notes due 2015, or the 2015 Notes, and $600 million aggregate principal amount of 5.55% senior notes due 2020, or the 2020 Notes. As a result of the discount, the proceeds received from the issuance were less than the aggregate principal amounts. As of June 30, 2011, the balance of $399 million for the 2015 Notes and the balance of $598 million for the 2020 Notes, reflect the aggregate principal amounts, less the unamortized debt discount. The unamortized debt discount will be accreted through interest expense over the life of the Notes.

The 2015 Notes pay interest semiannually at a rate of 4.00% per annum until January 15, 2015, and the 2020 Notes pay interest semiannually at a rate of 5.55% per annum until January 15, 2020. The Notes are general unsecured obligations of ours and rank equally with all of our existing and future unsubordinated obligations. The Notes are not guaranteed by any of our subsidiaries. The Notes were issued under an indenture that, among other things, limits our ability to consolidate, merge or sell all or substantially all of our assets, create liens, and enter into sale and leaseback transactions.

Credit Facility

The credit facility provides for an unfunded $250 million revolving credit commitment (including a swingline facility and letter of credit facility), a $350 million funded Term Loan A and a $350 million funded Term Loan X. The loans under the credit facility have a variable interest rate based on either the London Interbank Offered Rate, or LIBOR, or the Federal Funds Rate, plus an applicable margin that varies with NASDAQ OMX's debt rating.

Under our credit facility, we are required to pay quarterly principal payments of $35 million on our Term Loans. We made required payments of $70 million, as well as an optional payment of $50 million, during the first six months of 2011 on our Term Loans.

The credit facility contains financial and operating covenants. Financial covenants include an interest expense coverage ratio and a maximum leverage ratio. Operating covenants include limitations on NASDAQ OMX's ability to incur additional indebtedness, grant liens on assets, enter into affiliate transactions and pay dividends.

The credit facility also contains customary affirmative covenants, including access to financial statements, notice of defaults and certain other material events, maintenance of business and insurance, and events of default, including cross-defaults to our material indebtedness.

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

Debt Issuance and Other Costs

We incurred debt issuance and other costs of $21 million in connection with the issuance of the Notes and the entry into the new credit facility. These costs, which are capitalized and included in other non-current assets in the Condensed Consolidated Balance Sheets, are being amortized over the life of the debt obligations. Amortization expense, which is recorded as additional interest expense for these costs, was $1 million for both the three months ended June 30, 2011 and 2010, $3 million for the six months ended June 30, 2011 and $2 million for the six months ended June 30, 2010.

In January 2010, as a result of the repayment of our senior secured credit facilities in place as of December 31, 2009, we recorded a pre-tax charge of $40 million, which included the write-off of the remaining unamortized balance of debt issuance costs incurred of $28 million, costs to terminate our float-to-fixed interest rate swaps previously designated as a cash flow hedge of $9 million and other costs of $3 million. These charges are included in general, administrative and other expense in the Condensed Consolidated Statements of Income for the six months ended June 30, 2010.

5.25% Senior Unsecured Notes

In December 2010, NASDAQ OMX issued $370 million of 5.25% senior unsecured notes due 2018, or the 2018 Notes. We applied the net proceeds from the 2018 Notes of $367 million and cash on hand of $3 million to repay all amounts outstanding under our bridge facility, discussed below, as well as related fees.

The 2018 Notes were issued at a discount. As a result of the discount, the proceeds received from the issuance were less than the aggregate principal amount. As of June 30, 2011, the balance of $367 million reflects the aggregate principal amount, less the unamortized debt discount. The unamortized debt discount will be accreted through interest expense over the life of the 2018 Notes.

The 2018 Notes pay interest semiannually at a rate of 5.25% per annum until January 16, 2018 and may vary with NASDAQ OMX's debt rating up to a rate not to exceed 7.25%. The 2018 Notes are general unsecured obligations of ours and rank equally with all of our existing and future unsubordinated obligations. They are not guaranteed by any of our subsidiaries. The 2018 Notes were issued under indentures that among other things, limit our ability to consolidate, merge or sell all or substantially all of our assets, create liens, and enter into sale and leaseback transactions. In addition, upon a change of control triggering event (as defined in the indenture), the terms require us to repurchase all or part of each holder's notes for cash equal to 101% of the aggregate principal amount purchased plus accrued and unpaid interest, if any.

Debt Issuance Costs

We incurred debt issuance costs of $3 million in connection with the issuance of the 2018 Notes. These costs, which are capitalized and included in other non-current assets in the Condensed Consolidated Balance Sheets, are being amortized over the life of the debt obligation. Amortization expense, which is recorded as additional interest expense for these costs, was immaterial for both the three and six months ended June 30, 2011.

Bridge Facility

In December 2010, NASDAQ OMX entered into a $400 million senior unsecured bridge facility, or the bridge facility, and borrowed $370 million to partially finance the purchase of our stock from Borse Dubai. See "Share Repurchase Program and Share Repurchase from Borse Dubai," of Note 12, "NASDAQ OMX Stockholders' Equity," for further discussion of our share repurchase from Borse Dubai. We applied the net proceeds from the issuance of our 2018 Notes, discussed above, and cash on hand to repay all amounts outstanding under the bridge facility and terminated the bridge facility as of December 31, 2010. The effective interest rate on borrowings under the bridge facility was 1.76%.

Other Credit Facilities

In addition to the $250 million revolving credit commitment discussed above, we have credit facilities related to our clearinghouses in order to meet liquidity and regulatory requirements. These credit facilities, which are available in multiple currencies, primarily Swedish Krona and U.S. dollar, totaled $460 million ($208 million in available liquidity and $252 million to satisfy regulatory requirements), of which $10 million was utilized at June 30, 2011. At December 31, 2010, these facilities totaled $440 million ($196 million in available liquidity and $244 million to satisfy regulatory requirements), none of which was utilized.

Debt Covenants

At June 30, 2011, we were in compliance with the covenants of all of our debt obligations.

Pension And Other Benefit Programs

6 Months Ended

Jun. 30, 2011

Pension And Other Benefit Programs

9. Pension and Other Benefit Programs

U.S. Defined-Benefit Pension and Supplemental Executive Retirement Plans

We maintain non-contributory, defined-benefit pension plans, non-qualified supplemental executive retirement plans, or SERPs, for certain senior executives and post-retirement benefit plans for eligible employees in the U.S., collectively referred to as the NASDAQ OMX 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.

Components of Net Periodic Benefit Cost

The following table sets forth the components of net periodic pension, SERP and post-retirement benefit costs from the NASDAQ OMX Benefit Plans recognized in compensation and benefits expense in the Condensed Consolidated Statements of Income:


	Three Months Ended June 30,						Six Months Ended June 30,
	2011			2010			2011			2010
	(in millions)
Components of net periodic benefit cost
Interest cost	$	2		$	1		$	3		$	3
Expected return on plan assets		(1	)		(1	)		(2	)		(2	)
Recognized net actuarial loss		—			1			1			2

Net periodic benefit cost	$	1		$	1		$	2		$	3

Non-U.S. Benefit Plans

Most employees outside the U.S. are covered by local retirement plans or by applicable social laws. Benefits under social laws are generally expensed in the periods in which the costs are incurred. These costs are included in compensation and benefits expense in the Condensed Consolidated Statements of Income and were $4 million for the three months ended June 30, 2011, $3 million for the three months ended June 30, 2010 and $7 million for both the six months ended June 30, 2011 and 2010.

As part of the acquisition of Nord Pool's derivatives, clearing and consulting subsidiaries, we assumed the obligation for several pension plans providing benefits for these employees. The benefit cost for these plans was immaterial for both the three months ended June 30, 2011 and 2010 and was $1 million for both the six months ended June 30, 2011 and 2010.

U.S. Defined Contribution Savings Plan

We sponsor a voluntary defined contribution savings plan, or 401(k) Plan, for U.S. employees. Employees are immediately eligible to make contributions to the plan and are also eligible for an employer contribution match at an amount equal to 100.0% of the first 4.0% of eligible employee contributions. Savings plan expense included in compensation and benefits expense in the Condensed Consolidated Statements of Income was $1 million for both the three months ended June 30, 2011 and 2010 and $2 million for both the six months ended June 30, 2011 and 2010.

We have a profit-sharing contribution feature to our 401(k) Plan which allows eligible U.S. employees to receive employer retirement contributions, or ERCs, when we meet our annual corporate goals. In addition, we have a supplemental ERC for select highly compensated employees whose ERCs are limited by the annual Internal Revenue Service compensation limit. ERC expense recorded in compensation and benefits expense in the Condensed Consolidated Statements of Income was $1 million for both the three months ended June 30, 2011 and 2010 and $2 million for both the six months ended June 30, 2011 and 2010.

Employee Stock Purchase Plan

We have an employee stock purchase plan, or ESPP, under which approximately 3.7 million shares of our common stock have been reserved for future issuance as of June 30, 2011.

Our ESPP allows eligible U.S. and non-U.S. employees to purchase a limited number of shares of our common stock at six-month intervals, called offering periods, at 85.0% of the lower of the fair market value on the first or the last day of each offering period. The 15.0% discount given to our employees is included in compensation and benefits expense in the Condensed Consolidated Statements of Income.

Earnings Per Common Share

Description containing the entire pension and other postretirement benefits disclosure as a single block of text.

+ References

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

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 158

-Paragraph 7, 21, 22

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

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 132R

-Paragraph 5, 6, 7, 8

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 132R

-Paragraph 8

-Subparagraph m

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 106

-Paragraph 518

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 87

-Paragraph 264

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 132R

-Paragraph 5

-Subparagraph b

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 132R

-Paragraph 5

-Subparagraph a

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 132R

-Paragraph 5

-Subparagraph h

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 132R

-Paragraph 5

-Subparagraph q

Reference 10: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name FASB Staff Position (FSP)

-Number FAS106-2

-Paragraph 20, 21, 22

Reference 11: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Emerging Issues Task Force (EITF)

-Number 03-2

-Paragraph 8

Reference 12: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Principles Board Opinion (APB)

-Number 30

-Paragraph 26

Reference 13: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Implementation Guide (Q and A)

-Number FAS88

-Paragraph 63

+ Details

Share-Based Compensation

6 Months Ended

Jun. 30, 2011

Share-Based Compensation

Share-Based Compensation

10. Share-Based Compensation

We have a share-based compensation program that provides our board of directors broad discretion in creating employee equity incentives. Share-based awards, or equity awards, include employee stock options, restricted stock (which includes awards and units) and performance share units, or PSUs. Grants of equity awards are designed to reward employees for their long-term contributions and provide incentives for them to remain with us. For accounting purposes, we consider PSUs to be a form of restricted stock. Restricted stock is generally time-based and vests over two to five-year periods beginning on the date of the grant. Stock options are also generally time-based and expire ten years from the grant date. Stock option and restricted stock awards generally include performance-based accelerated vesting features based on achievement of specific levels of corporate performance. If NASDAQ OMX exceeds the applicable performance parameters, the grants vest on the third anniversary of the grant date, if NASDAQ OMX meets the applicable performance parameters, the grants vest on the fourth anniversary of the grant date, and if NASDAQ OMX does not meet the applicable performance parameters, the grants vest on the fifth anniversary of the grant date.

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

Summary of 2011 Equity Awards

In March 2011, we granted non-qualified stock options and/or restricted stock to most active employees. Both the stock options and restricted stock granted included a performance-based accelerated vesting feature based on achievement of specific levels of corporate performance, as described above.

During the first six months of 2011, certain executive officers received grants of 617,940 PSUs. Of these PSUs granted, 100,000 units are subject to a three year performance period and vest at the end of the performance period. The remaining 517,940 units are subject to a one year performance period and generally will vest ratably on an annual basis on December 31, 2012 through December 31, 2014.

During 2010, certain executive officers received grants of PSUs which were subject to a one year performance period. These grants exceeded the applicable performance parameters. As a result, an additional 19,142 units were considered granted in February 2011.

See "Summary of Stock Option Activity" and "Summary of Restricted Stock and PSU Activity" below for further discussion.

Common Shares Available Under Our Equity Incentive Plan

As of June 30, 2011, we had approximately 6.0 million shares of common stock authorized for future issuance under our equity incentive plan.

Summary of Share-Based Compensation Expense

The following table shows the total share-based compensation expense resulting from equity awards and the 15.0% discount for the ESPP for the three and six months ended June 30, 2011 and 2010 in the Condensed Consolidated Statements of Income:


	Three Months Ended June 30,						Six Months Ended June 30,
	2011			2010			2011			2010
	(in millions)
Share-based compensation expense before income taxes	$	10		$	10		$	17		$	17
Income tax benefit		(4	)		(4	)		(7	)		(7	)

Share-based compensation expense after income taxes	$	6		$	6		$	10		$	10

We estimated the fair value of stock option awards using the Black-Scholes valuation model with the following assumptions:


	Three Months Ended June 30,						Six Months Ended June 30,
	2011			2010			2011			2010
Expected life (in years)		5			5			5			5
Weighted-average risk free interest rate		1.85	%		2.53	%		2.16	%		2.28	%
Expected volatility		27.0	%		32.0	%		27.0	%		32.0	%
Dividend yield		—			—			—			—
Weighted-average fair value at grant date	$	6.95		$	6.81		$	7.06		$	6.36

Our computation of expected life is based on historical exercise patterns. The 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. Our computation of expected volatility is based on a market-based implied volatility. Our credit facilities limit our ability to pay dividends. Before our credit facilities were in place, it was not our policy to declare or pay cash dividends on our common stock.

Summary of Stock Option Activity

A summary of stock option activity for the six months ended June 30, 2011 is as follows:


	Number of Stock Options			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term		Aggregate Intrinsic Value
						(in years)		(in millions)
Outstanding at January 1, 2011		10,112,842		$	16.92		5.7	$	89

Granted ⁽¹⁾		1,267,430			25.28
Exercises		(867,712	)		9.34
Forfeitures or expirations		(313,607	)		27.10

Outstanding at June 30, 2011		10,198,953		$	18.29		6.0	$	87

Exercisable at June 30, 2011		5,185,438		$	13.60		3.4	$	73

⁽¹⁾	Primarily reflects our company-wide equity grant issued in March 2011, which includes a performance-based accelerated vesting feature based on achievement of specific levels of corporate performance, as described above.

We received net cash proceeds of $3 million from the exercise of 404,355 stock options for the three months ended June 30, 2011 and received net cash proceeds of $8 million from the exercise of 867,712 stock options for the six months ended June 30, 2011. We received net cash proceeds of $1 million from the exercise of 101,406 stock options for the three months ended June 30, 2010 and received net cash proceeds of $2 million from the exercise of 252,689 stock options for the six months ended June 30, 2010. We present excess tax benefits from the exercise of stock options, if any, as financing cash flows.

The aggregate intrinsic value in the above table represents the total pre-tax intrinsic value (i.e., the difference between our closing stock price on June 30, 2011 of $25.30 and the exercise price, times the number of shares) based on stock options with an exercise price less than NASDAQ OMX's closing price of $25.30 as of June 30, 2011, which would have been received by the option holders had the option holders exercised their stock options on that date. This amount can change based on the fair market value of our common stock. The total number of in-the-money stock options exercisable as of June 30, 2011 was 4.1 million.

As of June 30, 2010, 6.5 million outstanding stock options were exercisable and the weighted-average exercise price was $12.65.

Total fair value of stock options vested was immaterial for both the three months ended June 30, 2011 and 2010 and was $1 million for both the six months ended June 30, 2011 and 2010. The total pre-tax intrinsic value of stock options exercised was $8 million for the three months ended June 30, 2011, $1 million for the three months ended June 30, 2010, $14 million for the six months ended June 30, 2011 and $3 million for the six months ended June 30, 2010.

At June 30, 2011, $17 million of total unrecognized compensation cost related to stock options is expected to be recognized over a weighted-average period of 1.8 years.

Summary of Restricted Stock and PSU Activity

The following table summarizes our restricted stock and PSU activity for the six months ended June 30, 2011:


	Number of Restricted Stock			Weighted-Average Grant Date Fair Value		Number of PSUs			Weighted-Average Grant Date Fair Value
Unvested balances at January 1, 2011		2,759,091		$	22.00		1,098,629		$	24.25
Granted		1,348,425	⁽ ¹ ⁾		25.36		637,082	⁽² ⁾		25.18
Vested		(300,426	)		24.35		(67,057	)		35.94
Forfeited		(319,654	)		21.97		(135,693	)		28.22

Unvested balances at June 30, 2011		3,487,436		$	23.17		1,532,961		$	23.77

⁽¹⁾	Restricted stock granted in 2011 primarily reflects our company-wide grant issued in March 2011, which included a performance-based accelerated vesting feature based on achievement of specific levels of corporate performance, as described above.

⁽²⁾	PSUs granted in 2011 primarily reflect awards issued to certain executive officers, as described above.

At June 30, 2011, $63 million of total unrecognized compensation cost related to restricted stock and PSUs is expected to be recognized over a weighted-average period of 2.0 years.

Earnings Per Common Share

6 Months Ended

Jun. 30, 2011

Earnings Per Common Share

11. Earnings Per Common Share

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2011		2010		2011		2010
	(in millions, except share and per share amounts)
Numerator:
Net income attributable to NASDAQ OMX	$	92	$	96	$	196	$	157
Accretion of series A convertible preferred stock		—		—		—		(1	)

Net income attributable to common shareholders	$	92	$	96	$	196	$	156

Denominator:
Weighted-average common shares outstanding for basic earnings per share⁽¹⁾		176,648,140		205,516,508		176,372,002		208,325,318

Weighted-average effect of dilutive securities:
Employee equity awards		3,835,658		3,863,988		3,755,620		3,640,021
3.75% convertible notes assumed converted into common stock		34,482		34,482		34,482		34,482

Weighted-average common shares outstanding for diluted earnings per share⁽¹⁾		180,518,280		209,414,978		180,162,104		211,999,821

Basic and diluted earnings per share:
Basic earnings per share	$	0.52	$	0.46	$	1.11	$	0.75

Diluted earnings per share	$	0.51	$	0.46	$	1.09	$	0.74

⁽¹⁾

The decrease in the weighted-average common shares outstanding for basic and diluted earnings per share primarily reflects the weighted-average impact of the share repurchase from Borse Dubai and other purchases related to our share repurchase program completed in 2010. See "Share Repurchase Program and Share Repurchase from Borse Dubai," of Note 12, "NASDAQ OMX Stockholders' Equity," for further discussion.

Stock options to purchase 10,198,953 shares of common stock, 5,020,397 shares of restricted stock and PSUs, and convertible notes convertible into 34,482 shares of common stock were outstanding at June 30, 2011. For the three months ended June 30, 2011, we included 6,703,343 of the outstanding stock options and 4,538,137 shares of restricted stock and PSUs in the computation of diluted earnings per share, on a weighted-average basis, as their inclusion was dilutive. For the six months ended June 30, 2011, we included 6,709,093 of the outstanding stock options and 3,073,607 shares of restricted stock and PSUs in the computation of diluted earnings per share, on a weighted-average basis, as their inclusion was dilutive. The remaining stock options and shares of restricted stock and PSUs are antidilutive, and as such, they were properly excluded.

The 3.75% convertible notes are accounted for under the if-converted method, as we previously have settled the convertible notes in shares of our common stock. For the three and six months ended June 30, 2011 and 2010, all of the shares underlying the outstanding 3.75% convertible notes were included in the computation of diluted earnings per share, as their inclusion was dilutive.

The 2.50% convertible senior notes are accounted for under the treasury stock method as it is our intent and policy to settle the principal amount of the notes in cash. Based on the settlement structure of the 2.50% convertible senior notes, which permits the principal amount to be settled in cash and the conversion premium to be settled in shares of our common stock or cash, we will reflect the impact of the convertible spread portion of the convertible notes in the diluted calculation using the treasury stock method. For the three and six months ended June 30, 2011 and 2010, the conversion spread of our 2.50% convertible senior notes was out of the money, and as such, they were properly excluded from the computation of diluted earnings per share.

Stock options to purchase 10,889,062 shares of common stock, 4,246,954 shares of restricted stock and PSUs, and convertible notes convertible into 34,482 shares of common stock were outstanding at June 30, 2010. For the three months ended June 30, 2010, we included 5,329,285 of the outstanding stock options and 3,189,143 shares of restricted stock and PSUs in the computation of diluted earnings per share, on a weighted-average basis, as their inclusion was dilutive. For the six months ended June 30, 2010, we included 5,327,685 of the outstanding stock options and 2,795,276 shares of restricted stock and PSUs in the computation of diluted earnings per share, on a weighted-average basis, as their inclusion was dilutive. The remaining stock options and shares of restricted stock and PSUs are antidilutive, and as such, they were properly excluded.

NASDAQ OMX Stockholders' Equity	6 Months Ended
NASDAQ OMX Stockholders' Equity	Jun. 30, 2011
NASDAQ OMX Stockholders' Equity
NASDAQ OMX Stockholders' Equity	12. NASDAQ OMX Stockholders' Equity Common Stock At June 30, 2011, 300,000,000 shares of our common stock were authorized, 213,379,758 shares were issued and 177,064,158 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 OMX common stock. This limitation does not apply to persons exempted from this limitation by our board of directors prior to the time such person owns more than 5.0% of the then-outstanding shares of NASDAQ OMX common stock. In 2008, we issued 60,561,515 shares of common stock to Borse Dubai and a trust for Borse Dubai's economic benefit in connection with the OMX AB business combination. In December 2010, we purchased 22,781,000 shares of our common stock from Borse Dubai. See "Share Repurchase Program and Share Repurchase from Borse Dubai" below for further discussion. In addition, Borse Dubai agreed to sell in a private transaction 8,000,000 shares of our stock to Nomura International plc. Nomura International plc agreed, under a forward sale agreement, to sell these 8,000,000 shares to Investor AB. As a result of the settlement of this forward sale agreement, Investor AB's ownership in NASDAQ OMX increased to 17,004,142 shares. During the second quarter of 2011, all shares held by the trust for Borse Dubai's economic benefit were transferred to Borse Dubai. As of June 30, 2011, Borse Dubai held 29,780,515 shares of our common stock. In addition, as of December 31, 2010, SLP held 10,539,614 shares of our common stock, and subsequently sold these shares in February 2011. Investor AB purchased 1,000,000 of the shares sold by SLP and owns 18,004,142 shares of our common stock as of June 30, 2011. 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 OMX stockholders' equity and included in common stock in treasury, at cost in the Condensed Consolidated Balance Sheets. When treasury shares are reissued, they are recorded at the average cost of the treasury shares acquired. We held 36,315,600 shares of common stock in treasury as of June 30, 2011 and 37,587,403 shares as of December 31, 2010. *Share Repurchase Program and Share Repurchase from Borse Dubai* Under the share repurchase program authorized by our board of directors during 2010, we were authorized to repurchase up to $550 million of our outstanding common stock. During 2010, we repurchased 15,050,647 shares of our common stock at an average price of $19.95, for an aggregate purchase price of $300 million. In December 2010, our board of directors also approved the repurchase of 22,781,000 shares of our common stock from Borse Dubai for $21.82 per share for an aggregate purchase price of approximately $497 million. The share repurchase from Borse Dubai expanded, accelerated and completed our share repurchase program. The shares repurchased under the share repurchase program and from Borse Dubai are available for general corporate purposes. *Other Repurchases of Common Stock* For the six months ended June 30, 2011, we repurchased 97,598 shares of our common stock in settlement of employee tax withholding obligations due upon the vesting of restricted stock. Preferred Stock Our certificate of incorporation authorizes the issuance of 30,000,000 shares of preferred stock, par value $0.01 per share, issuable from time to time in one or more series. At June 30, 2011 and December 31, 2010, 1,600,000 shares of series A convertible preferred stock were issued and none were outstanding.

Fair Value Of Financial Instruments

Disclosures related to accounts comprising shareholders' equity, including other comprehensive income. Includes: (1) balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings; (2) accumulated balance for each classification of other comprehensive income and total amount of comprehensive income; (3) amount and nature of changes in separate accounts, including the number of shares authorized and outstanding, number of shares issued upon exercise and conversion, and for other comprehensive income, the adjustments for reclassifications to net income; (4) rights and privileges of each class of stock authorized; (5) basis of treasury stock, if other than cost, and amounts paid and accounting treatment for treasury stock purchased significantly in excess of market; (6) dividends paid or payable per share and in the aggregate for each class of stock for each period presented; (7) dividend restrictions and accumulated preferred dividends in arrears (in aggregate and per share amount); (8) retained earnings appropriations or restrictions, such as dividend restrictions; (9) impact of change in accounting principle, initial adoption of new accounting principle and correction of an error in previously issued financial statements; (10) shares held in trust for Employee Stock Ownership Plan (ESOP); (11) deferred compensation related to issuance of capital stock; (12) note received for issuance of stock; (13) unamortized discount on shares; (14) description, terms and number of warrants or rights outstanding; (15) shares under subscription and subscription receivables; effective date of new retained earnings after quasi-reorganization and deficit eliminated by quasi-reorganization and, for a period of at least ten years after the effective date, the point in time from which the new retained dates; and (16) retroactive effective of subsequent change in capital structure.

+ References+ Details

Fair Value Of Financial Instruments

6 Months Ended

Jun. 30, 2011

Fair Value Of Financial Instruments

13. Fair Value of Financial Instruments

Fair Value Measurement—Definition and Hierarchy

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

•

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

•

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

•

Level 3—Instruments whose significant value drivers are unobservable.

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

The following table presents for each of the above hierarchy levels, our financial assets and liabilities that are measured at fair value on a recurring basis at June 30, 2011.


	Balance as of June 30, 2011		Fair Value Measurements
			(Level 1)		(Level 2)		(Level 3)
			(in millions)
Financial Assets Measured at Fair Value on a Recurring Basis
Derivative positions, at fair value⁽¹⁾	$	1,417	$	—	$	1,417	$	—
Financial investments, at fair value⁽²⁾		320		320		—		—

Total	$	1,737	$	320	$	1,417	$	—

Financial Liabilities Measured at Fair Value on a Recurring Basis
Derivative positions, at fair value⁽¹⁾	$	1,417	$	—	$	1,417	$	—

Total	$	1,417	$	—	$	1,417	$	—

⁽¹⁾

Represents net amounts associated with our clearing operations in the derivative markets of NASDAQ OMX Commodities and NASDAQ OMX Stockholm. Receivables and payables attributable to outstanding derivative positions have been netted to the extent that such a legal offset right exists and, at the same time, if it is our intention to settle these items. See "Derivative Positions, at Fair Value" below for further discussion.

⁽²⁾

The following table presents for each of the above hierarchy levels, our financial assets and liabilities that are measured at fair value on a recurring basis at December 31, 2010:


	Balance as of December 31, 2010		Fair Value Measurements
			(Level 1)		(Level 2)		(Level 3)
			(in millions)
Financial Assets Measured at Fair Value on a Recurring Basis
Derivative positions, at fair value⁽¹⁾	$	4,037	$	—	$	4,037	$	—
Financial investments, at fair value⁽²⁾		253		253		—		—

Total	$	4,290	$	253	$	4,037	$	—

Financial Liabilities Measured at Fair Value on a Recurring Basis
Derivative positions, at fair value⁽¹⁾	$	4,037	$	—	$	4,037	$	—

Total	$	4,037	$	—	$	4,037	$	—

⁽¹⁾

⁽²⁾

Primarily comprised of Swedish government debt securities of $220 million. These securities are classified as trading securities and $190 million are restricted assets to meet regulatory capital requirements primarily for NASDAQ OMX Stockholm's clearing operations. Also includes our 1% available-for-sale investment security in DFM of $33 million. See Note 6, "Investments," for further discussion of our trading investment securities and available-for-sale investment security.

Open Clearing Contracts at NASDAQ OMX Commodities and NASDAQ OMX Stockholm

Derivative Positions, at Fair Value

Through our clearing operations in the derivative markets with NASDAQ OMX Commodities and NASDAQ OMX Stockholm, we are the legal counterparty for each derivative position traded and thereby guarantee the fulfillment of each contract. We also act as the counterparty for certain trades on OTC derivative contracts. The derivatives are not used by NASDAQ OMX Commodities or NASDAQ OMX Stockholm for the purpose of trading on their own behalf. As the legal counterparty of each transaction, NASDAQ OMX Commodities and NASDAQ OMX Stockholm bear the counterparty risk between the purchaser and seller in the contract. The counterparty risks are measured using models that are agreed to with the Financial Supervisory Authority of the applicable country, which requires us to provide minimum guarantees and maintain certain levels of regulatory capital.

The structure and operations of NASDAQ OMX Commodities and NASDAQ OMX Stockholm differ from most other clearinghouses. NASDAQ OMX Commodities and NASDAQ OMX Stockholm are not member-owned organizations, do not maintain a guarantee fund to which members contribute and do not enforce loss sharing assessments amongst members. In addition, unlike most other clearinghouses, they do not record any margin deposits and guarantee funds in the Condensed Consolidated Balance Sheets, as all risks and rewards of collateral ownership, including interest, belongs to the counterparty. Market participants must provide collateral to cover the daily margin call as needed, which is in addition to the initial collateral placed when entering into the transaction. Acceptable collateral is cash and eligible securities in a pledged bank account and/or an on-demand guarantee. All collateral is maintained at a third-party custodian bank for the benefit of the clearing members and is accessible by NASDAQ OMX in the event of default. In addition, market participants must meet certain minimum financial standards to mitigate the risk if they become unable to satisfy their obligations. For NASDAQ OMX Commodities, trading on the contracts can take place up until the delivery period which can occur over a period of several years. For NASDAQ OMX Stockholm, following the completion of a transaction, settlement primarily takes place between parties by net cash settlement or with the exchange of securities and funds. For those transactions where there is an exchange of securities and funds, the transfer of ownership is registered and the securities are stored on the owner's behalf.

The fair value of these derivative contracts with NASDAQ OMX Commodities and NASDAQ OMX Stockholm is reported gross in the Condensed Consolidated Balance Sheets as a receivable pertaining to the purchasing party and a payable pertaining to the selling party. Such receivables and payables attributable to outstanding derivative positions have been netted to the extent that such a legal offset right exists and, at the same time, that it is our intention to settle these items. Our derivative positions, at fair value in the Condensed Consolidated Balance Sheets were $1,417 million at June 30, 2011 and $4,037 million at December 31, 2010. See "Collateral Received for Clearing Operations, Guarantees Issued and Credit Facilities Available," of Note 15, "Commitments, Contingencies and Guarantees," for further discussion of our guarantees on the fulfillment of these contracts and collateral received.

The following table presents the fair value of our outstanding derivative positions at June 30, 2011 and December 31, 2010 prior to netting:


	June 30, 2011				December 31, 2010
	Asset		Liability		Asset		Liability
	(in millions)
Commodity forwards and options^{(1) (2)}	$	969	$	969	$	3,437	$	3,437
Fixed-income options and futures^{(2) (3)}		276		276		578		578
Stock options and futures^{(2) (3)}		220		220		237		237
Index options and futures^{(2) (3)}		112		112		208		208

Total	$	1,577	$	1,577	$	4,460	$	4,460

⁽¹⁾	We determine the fair value of our forward contracts using standard valuation models that are based on market-based observable inputs including LIBOR rates and the spot price of the underlying instrument.

⁽²⁾	We determine the fair value of our option contracts using standard valuation models that are based on market-based observable inputs including implied volatility, interest rates and the spot price of the underlying instrument.

⁽³⁾	We determine the fair value of our futures contracts based upon quoted market prices and average quoted market yields.

Resale and Repurchase Agreements, at Contract Value

Through our clearing operations in the resale and repurchase markets with NASDAQ OMX Stockholm, we are the legal counterparty for each resale and repurchase contract traded and thereby guarantee the fulfillment of each contract. We only clear these transactions once a bilateral contract between members has been entered into whereby the two members have agreed on all terms in the transaction. The resale and repurchase agreements are not used for financing purposes by NASDAQ OMX Stockholm. As the legal counterparty of each transaction, NASDAQ OMX Stockholm bears the counterparty risk between the purchaser and seller in the resale and repurchase agreement.

The structure and operations for the resale and repurchase market are similar to the derivative markets for NASDAQ OMX Commodities and NASDAQ OMX Stockholm. As discussed above in "Derivative Positions, at Fair Value," NASDAQ OMX Commodities and NASDAQ OMX Stockholm are not member-owned organizations, do not maintain a guarantee fund to which members contribute and do not enforce loss sharing assessments amongst members. In addition, unlike most other clearinghouses, they do not record any margin deposits and guarantee funds in the Condensed Consolidated Balance Sheets, as all risks and rewards of collateral ownership, including interest, belongs to the counterparty. For resale and repurchase agreements, collateral is not held by NASDAQ OMX Stockholm. All resale and repurchase clearing activities are transacted under our clearing member agreements that give us the right, in the event of default, to liquidate collateral pledged between the clearing members and to offset receivables and payables with the same counterparty.

Pledged collateral, which is transferred through NASDAQ OMX Stockholm at initiation of the bilateral contract between the two clearing member counterparties, primarily consists of Swedish government debt securities. Market participants must meet certain minimum financial standards to mitigate the risk if they become unable to satisfy their obligations. In the event that one of the participants cannot fulfill its obligation to deliver or receive the underlying security at the agreed upon price, NASDAQ OMX Stockholm is required to buy or sell the security in the open market to fulfill its obligation. In order to protect itself against a price movement in the value of the underlying security, or price risk, NASDAQ OMX Stockholm requires all participants to provide additional margin as needed, which is valued on a daily basis and is maintained at a third-party custodian bank for the benefit of the clearing members and is accessible by NASDAQ OMX Stockholm in the event of default.

We record resale and repurchase agreements at contract value plus interest gross in the Condensed Consolidated Balance Sheets as a receivable pertaining to the purchasing party and a payable pertaining to the selling party. Such receivables and payables attributable to outstanding resale and repurchase agreements have been netted to the extent that such a legal offset right exists and, at the same time, that it is our intention to settle these items. Our resale and repurchase agreements, at contract value in the Condensed Consolidated Balance Sheets were $3,560 million at June 30, 2011 and $3,441 million at December 31, 2010. The resale and repurchase agreements are recorded at their contractual amounts plus interest which approximates fair value, as the fair value of these items is not materially sensitive to shifts in market interest rates because of the short-term nature of these instruments and/or variable interest rates or to credit risk because the resale and repurchase agreements are fully collateralized. The resale and repurchase agreements generally mature in less than 30 days. See "Collateral Received for Clearing Operations, Guarantees Issued and Credit Facilities Available," of Note 15, "Commitments, Contingencies and Guarantees," for further discussion of our guarantees on the fulfillment of these contracts and collateral received.

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, non-current restricted cash, accounts payable and accrued expenses, Section 31 fees payable to SEC, accrued personnel costs, and certain other current liabilities.

We also consider our debt obligations to be financial instruments. The fair value of our debt obligations was estimated using discounted cash flow analyses based on our assumed incremental borrowing rates for similar types of borrowing arrangements and a Black-Scholes valuation technique that is utilized to calculate the convertible option value for the 3.75% convertible notes and the 2.50% convertible senior notes. At June 30, 2011, the carrying value of our debt obligations, before the $33 million unamortized debt discount on the 2.50% convertible senior notes, was approximately $20 million less than fair value. The difference primarily relates to an increase in the fair value of the 2.50% convertible senior notes and our Term Loans as a result of changes in current market interest rates during the period, partially offset by a decrease in fair value on the 2.50% convertible senior notes due to the convertible option feature which is equivalent to a conversion price of approximately $55.13 as compared to the closing price of our common stock of $25.30 at June 30, 2011. At December 31, 2010, the carrying value of our debt obligations, before the $40 million unamortized debt discount on the 2.50% convertible senior notes, was approximately $17 million less than fair value, primarily due to an increase in the fair value of the 2.50% convertible senior notes as a result of changes in current market interest rates during the period, partially offset by a decrease in fair value on the 2.50% convertible senior notes due to the convertible option feature which is equivalent to a conversion price of approximately $55.13 as compared to the closing price of our common stock of $23.73 at December 31, 2010. For further discussion of our debt obligations, see Note 8, "Debt Obligations."

Derivative Financial Instruments And Hedging Activities

This item represents the complete disclosure regarding the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments, 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 Company 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 risk is 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.

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Derivative Financial Instruments And Hedging Activities

6 Months Ended

Jun. 30, 2011

Derivative Financial Instruments And Hedging Activities

14. Derivative Financial Instruments and Hedging Activities

In the ordinary course of business, we may enter into various types of derivative contracts. These derivative contracts include:

•

Futures and foreign currency forward contracts which are commitments to buy or sell at a future date a financial instrument, commodity or currency at a contracted price and may be settled in cash or through delivery.

•

Interest rate swap contracts which are agreements between two parties to exchange one stream of future interest payments for another based on a specified principal amount over a set period of time.

•

Foreign currency option contracts which give the purchaser, for a fee, the right, but not the obligation, to buy or sell within a limited time a financial instrument or currency at a contracted price that may also be settled in cash, based on differentials between specified indices or prices.

NASDAQ OMX may use these derivative financial instruments to manage exposure to various market risks, primarily foreign currency exchange rate fluctuations and changes in interest rates on our variable rate debt. Such instruments are an integral component of our market risk and related asset/liability management strategy and processes.

Fair Value Hedges

Depending on market conditions, we may use foreign currency futures, forward and option contracts to limit our exposure to foreign currency exchange rate fluctuations on contracted revenue streams (hedged item) relating to our Market Technology sales. When the contracted revenue streams meet the definition of a firm commitment, these derivative contracts may be designated as fair value hedges if the applicable hedge criteria are met. Changes in fair value on the derivatives and the related hedged items are recognized in the Condensed Consolidated Statements of Income. As of June 30, 2011 and December 31, 2010, there were no outstanding fair value hedges.

Cash Flow Hedges

In the third quarter of 2008, we entered into interest rate swap agreements that effectively converted $200 million of our senior secured credit facilities in place as of December 31, 2009, which was floating rate debt, to a fixed rate basis through August 2011, thus reducing the impact of interest rate changes on future interest expense. As of December 31, 2009, these interest rate swaps were in a net liability position of $9 million and were recorded in other non-current liabilities in the Condensed Consolidated Balance Sheets. In the first quarter of 2010, in connection with the repayment of our senior secured credit facilities in place as of December 31, 2009, we terminated our interest rate swaps and reclassified into earnings the unrealized loss of $9 million which was included in accumulated other comprehensive loss in the Condensed Consolidated Balance Sheets at December 31, 2009. This loss is included in general, administrative and other expense in the Condensed Consolidated Statements of Income for the six months ended June 30, 2010. See "Senior Unsecured Notes and Credit Facility," of Note 8, "Debt Obligations," for further discussion.

All derivative contracts used to manage interest rate risk are measured at fair value and are recorded in assets or liabilities as appropriate with the offset in accumulated other comprehensive loss within NASDAQ OMX stockholders' equity in the Condensed Consolidated Balance Sheets. Any hedge ineffectiveness would impact earnings through interest expense. There was no material hedge ineffectiveness recorded in earnings for both the three and six months ended June 30, 2011 and 2010. As of June 30, 2011 and December 31, 2010, there were no outstanding cash flow hedges.

Net Investment Hedges

Net assets of our foreign subsidiaries are exposed to volatility in foreign currency exchange rates. We may utilize net investment hedges to offset the translation adjustment arising from remeasuring our investment in foreign subsidiaries. As of June 30, 2011 and December 31, 2010, there were no outstanding net investment hedges.

Derivatives Not Designated as Hedges

NASDAQ OMX may also enter into economic hedges that either do not qualify or are not designated for hedge accounting treatment. This type of hedge is undertaken when hedge accounting requirements cannot be achieved or management decides not to apply hedge accounting.

We use foreign exchange forward contracts to manage foreign currency exposure of intercompany loans. These contracts are not designated as hedges for financial reporting purposes. The change in fair value of these contracts is recognized in general, administrative and other expense in the Condensed Consolidated Statements of Income and offsets the foreign currency impact recognized on the intercompany loans.

We did not enter into any material economic hedges that did not qualify or were not designated for hedge accounting during the three and six months ended June 30, 2011 and 2010.

Commitments, Contingencies And Guarantees	6 Months Ended
Commitments, Contingencies And Guarantees	Jun. 30, 2011
Commitments, Contingencies And Guarantees
Commitments, Contingencies And Guarantees	15. Commitments, Contingencies and Guarantees Collateral Received for Clearing Operations, Guarantees Issued and Credit Facilities Available *Collateral Received for Clearing Operations* Through our clearing operations in the derivative markets with NASDAQ OMX Commodities, NASDAQ OMX Stockholm and our majority-owned subsidiary International Derivatives Clearing Group, or IDCG, (through International Derivatives Clearinghouse, LLC), as well as riskless principal trading at NOCC and the resale and repurchase market with NASDAQ OMX Stockholm, we are the legal counterparty for each position traded and thereby guarantee the fulfillment of each contract. The derivatives are not used by the above entities for the purpose of trading on their own behalf and the resale and repurchase agreements are not used for financing purposes by NASDAQ OMX Stockholm. The structure and operations of NASDAQ OMX Commodities and NASDAQ OMX Stockholm differ from most other clearinghouses. See "Derivative Positions, at Fair Value," and "Resale and Repurchase Agreements, at Contract Value," of Note 13, "Fair Value of Financial Instruments," for further discussion. We require market participants at NASDAQ OMX Commodities and NASDAQ OMX Stockholm to provide collateral and meet certain minimum financial standards to mitigate the risk if they become unable to satisfy their obligations. Total customer pledged collateral with NASDAQ OMX Commodities and NASDAQ OMX Stockholm was $6.9 billion at June 30, 2011 and $8.7 billion at December 31, 2010. This pledged collateral is held by a third-party custodian bank for the benefit of the clearing members and is accessible by NASDAQ OMX in the event of default. NASDAQ OMX Commodities and NASDAQ OMX Stockholm do not receive any interest on these funds as the risks and rewards of collateral ownership, including interest, belong to the counterparty. We also require market participants at IDCG and NOCC to meet certain minimum financial standards to mitigate the risk if they become unable to satisfy their obligations and to provide collateral to cover the daily margin call as needed. Customer pledged cash collateral held by IDCG and NOCC, which was $20 million at June 30, 2011 and $15 million at December 31, 2010, is included in restricted cash with an offsetting liability included in other current liabilities in the Condensed Consolidated Balance Sheets, as the risks and rewards of collateral ownership, including interest income, belong to IDCG and NOCC. Clearing member pledged cash collateral, included in IDCG's guaranty fund, was $8 million at both June 30, 2011 and December 31, 2010. This cash is included in non-current restricted cash with an offsetting liability included in other non-current liabilities in the Condensed Consolidated Balance Sheets, as the risks and rewards of collateral ownership, including interest income, belong to IDCG. *Guarantees Issued and Credit Facilities Available* In addition to the collateral pledged by market participants discussed above, we have obtained financial guarantees and credit facilities which are guaranteed by us through counter indemnities, to provide further liquidity and default protection related to our clearing businesses. At June 30, 2011, financial guarantees issued to us totaled $5 million. Credit facilities, which are available in multiple currencies, primarily Swedish Krona and U.S. dollar, totaled $460 million ($208 million in available liquidity and $252 million to satisfy regulatory requirements), of which $10 million was utilized at June 30, 2011. At December 31, 2010, these facilities totaled $440 million ($196 million in available liquidity and $244 million to satisfy regulatory requirements), none of which was utilized. We believe that the potential for us to be required to make payments under these arrangements is mitigated through the pledged collateral and our risk management policies. Accordingly, no contingent liability is recorded in the Condensed Consolidated Balance Sheets for these arrangements. Lease Commitments We lease some of our office space and equipment under non-cancelable operating leases with third parties and sublease office space to third parties. Some of our lease agreements contain renewal options and escalation clauses based on increases in property taxes and building operating costs. Other Guarantees We have provided other guarantees as of June 30, 2011 of $20 million, primarily related to obligations for our rental and leasing contracts. In addition, for certain Market Technology contracts, we have provided performance guarantees of $6 million related to the delivery of software technology and support services. We have received financial guarantees from various financial institutions to support the above guarantees. At December 31, 2010, the total of these guarantees was $24 million. We have also provided a $25 million guarantee to our wholly-owned subsidiary, NOCC, to cover potential losses in the event of customer defaults, net of any collateral posted against such losses. 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. Escrow Agreements In connection with our acquisitions of FTEN and SMARTS, we entered into escrow agreements to secure the payments of post-closing adjustments and other closing conditions. At June 30, 2011, these escrow agreements provide for future payments of $23 million in 2012 and are included in other current liabilities in the Condensed Consolidated Balance Sheets. Brokerage Activities Our broker-dealer subsidiaries, Nasdaq Execution Services and NASDAQ Options Services, provide guarantees to securities clearinghouses and exchanges under their 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' and NASDAQ Options Services' maximum potential liability under these arrangements cannot be quantified. However, we believe that the potential for Nasdaq Execution Services and NASDAQ Options Services to be required to make payments under these arrangements is unlikely. Accordingly, no contingent liability is recorded in the Condensed Consolidated Balance Sheets for these arrangements. Litigation We may be subject to legal claims arising out of the conduct of our business. We are not currently a party to any litigation that we believe could have a material adverse effect on our business, 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.

Business Segments

6 Months Ended

Jun. 30, 2011

Business Segments

Business Segments

16. Business Segments

We manage, operate and provide our products and services in three business segments: Market Services, Issuer Services and Market Technology.

Our Market Services segment includes our U.S. and European Transaction Services businesses and our Market Data business, which are interrelated because the Transaction Services businesses generate the quote and trade information that we sell to market participants and data distributors. Market Services also includes our Broker Services business, which offers technology and customized securities administration solutions to financial participants in the Nordic markets.

Our Issuer Services segment includes our Global Listing Services and Global Index Group businesses. The companies listed on The NASDAQ Stock Market, our Nordic and Baltic exchanges and NASDAQ OMX First North represent a diverse array of industries. This diversity of companies listed on NASDAQ OMX markets allows us to develop and license NASDAQ OMX branded indexes, associated derivatives and financial products as part of our Global Index Group. The Global Listing Services business also includes our Corporate Solutions business, which generates revenues through our shareholder, directors, newswire and other services.

Our Market Technology segment delivers technology and services to marketplaces, brokers and regulators throughout the world. Market Technology provides technology solutions for trading, clearing, settlement and information dissemination, and also offers facility management integration, surveillance solutions and advisory services.

Our management allocates resources, assesses performance and manages these businesses as three separate segments. We evaluate the performance of our segments based on several factors, of which the primary financial measure is income before income taxes. Results of individual businesses are presented based on our management accounting practices and our management structure. Certain amounts are allocated to corporate items in our management reports based on the decision that those activities should not be used to evaluate the segment's operating performance. These amounts include, but are not limited to, amounts related to mergers, strategic initiatives and financing activities. See below for further discussion.

The following table presents certain information regarding these operating segments for the three and six months ended June 30, 2011 and 2010.


	Market Services			Issuer Services		Market Technology		Corporate Items and Eliminations			Consolidated
	(in millions)
Three months ended June 30, 2011
Total revenues	$	699		$	93	$	46	$	—		$	838
Cost of revenues		(422	)		—		—		—			(422	)

Revenues less transaction rebates, brokerage, clearance and exchange fees		277			93		46		—			416

Income (loss) before income taxes ⁽¹⁾	$	123		$	32	$	4	$	(28	)	$	131


Three months ended June 30, 2010
Total revenues	$	766		$	86	$	34	$	—		$	886
Cost of revenues		(496	)		—		—		—			(496	)

Revenues less transaction rebates, brokerage, clearance and exchange fees		270			86		34		—			390

Income (loss) before income taxes ⁽²⁾	$	122		$	30	$	3	$	(9	)	$	146


Six months ended June 30, 2011
Total revenues	$	1,382		$	184	$	89	$	—		$	1,655
Cost of revenues		(824	)		—		—		—			(824	)

Revenues less transaction rebates, brokerage, clearance and exchange fees		558			184		89		—			831

Income (loss) before income taxes ⁽ ¹ ⁾	$	247		$	63	$	6	$	(33	)	$	283


Six months ended June 30, 2010
Total revenues	$	1,418		$	170	$	68	$	1		$	1,657
Cost of revenues		(907	)		—		—		—			(907	)

Revenues less transaction rebates, brokerage, clearance and exchange fees		511			170		68		1			750

Income (loss) before income taxes ⁽ ³ ⁾	$	223		$	60	$	5	$	(53	)	$	235

⁽¹⁾	The corporate items and eliminations for the three and six months ended June 30, 2011 primarily include merger and strategic initiatives expense.

⁽²⁾

The corporate items and eliminations for the three months ended June 30, 2010 primarily include charges of $11 million related to loss on divestiture of businesses as a result of our decision to close the businesses of our pan-European multilateral trading facility NASDAQ OMX Europe, or NEURO ($6 million) and Agora-X ($5 million).

⁽³⁾

For the six months ended June 30, 2010, corporate items and eliminations primarily include charges of $40 million related to the repayment of our senior secured credit facilities in place as of December 31, 2009 and $11 million related to loss on divestiture of businesses as a result of our decision to close the businesses of both NEURO ($6 million) and Agora-X ($5 million). See "Senior Unsecured Notes and Credit Facility," of Note 8, "Debt Obligations," for further discussion of the charges related to the repayment of our senior secured credit facilities.

For further discussion of our segments' results, see "Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations—Segment Operating Results."

Acquisitions (Tables)

6 Months Ended

Jun. 30, 2011

Acquisitions

Schedule Of Business Acquisitions, By Acquisition


	Purchase Consideration		Total Net (Liabilities) Assets Acquired			Purchased Intangible Assets		Goodwill
	(in millions)
FTEN⁽¹⁾	$	110	$	(1	)	$	46	$	65
SMARTS⁽²⁾		77		(5	)		28		54
Nord Pool ⁽³⁾		17		7			2		8

Total for 2010	$	204	$	1		$	76	$	127

⁽¹⁾

⁽²⁾

⁽³⁾

Goodwill And Purchased Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2011

Goodwill And Purchased Intangible Assets

Schedule Of Changes In Goodwill


	Market Services		Issuer Services		Market Technology		Total
	(in millions)
Balance at December 31, 2010	$	4,679	$	292	$	156	$	5,127
Foreign currency translation adjustment		193		14		11		218

Balance at June 30, 2011	$	4,872	$	306	$	167	$	5,345

Finite-Lived And Indefinite-Lived Intangible Assets


	June 30, 2011											December 31, 2010
	Gross Amount			Accumulated Amortization			Net Amount			Weighted- Average Useful Life (in Years)		Gross Amount			Accumulated Amortization			Net Amount			Weighted- Average Useful Life (in Years)
	(in millions)											(in millions)
*Finite-Lived Intangible Assets*
Technology	$	38		$	(8	)	$	30			9	$	72		$	(41	)	$	31			6
Customer relationships		853			(175	)		678			21		853			(152	)		701			21
Other		6			(1	)		5			8		6			(1	)		5			8
Foreign currency translation adjustment		20			(2	)		18					(15	)		4			(11	)

Total finite-lived intangible assets	$	917		$	(186	)	$	731				$	916		$	(190	)	$	726

*Indefinite-Lived Intangible Assets*
Exchange and clearing registrations	$	790		$	—		$	790				$	790		$	—		$	790
Trade names		181			—			181					181			—			181
Licenses		78			—			78					78			—			78
Foreign currency translation adjustment		(13	)		—			(13	)				(56	)		—			(56	)

Total indefinite-lived intangible assets	$	1,036		$	—		$	1,036				$	993		$	—		$	993

Total intangible assets	$	1,953		$	(186	)	$	1,767				$	1,909		$	(190	)	$	1,719

Estimated Future Amortization Expense

(in millions)
2011⁽¹⁾	$	25
2012		51
2013		50
2014		48
2015		46
2016 and thereafter		493

Total	$	713

⁽¹⁾	Represents the estimated amortization to be recognized for the remaining six months of 2011.

Deferred Revenue (Tables)

6 Months Ended

Jun. 30, 2011

Deferred Revenue

Estimated Deferred Revenue


	Initial Listing Revenues		Listing of Additional Shares Revenues		Annual Renewal and Other Revenues		Market Technology Revenues⁽²⁾		Total
	(in millions)
Fiscal year ended:
2011⁽¹⁾	$	8	$	19	$	96	$	30	$	153
2012		12		30		2		43		87
2013		8		23		—		34		65
2014		6		11		—		21		38
2015		4		2		—		12		18
2016 and thereafter		3		—		—		8		11

	$	41	$	85	$	98	$	148	$	372

⁽¹⁾	Represents deferred revenue that is anticipated to be recognized over the remaining six months of 2011.

⁽²⁾	The timing of recognition of our deferred Market Technology revenues is dependent upon when significant modifications are made pursuant to existing contracts. As such, as it relates to these revenues, the timing represents our best estimate.

Deferred Revenue


	Initial Listing Revenues			Listing of Additional Shares Revenues			Annual Renewal and Other Revenues			Market Technology Revenues ⁽²⁾			Total
							(in millions)
Balance at January 1, 2011	$	42		$	83		$	21		$	146		$	292
Additions ⁽¹⁾		7			22			189			25			243
Amortization ⁽¹⁾		(8	)		(20	)		(113	)		(30	)		(171	)
Translation adjustment		—			—			1			7			8

Balance at June 30, 2011	$	41		$	85		$	98		$	148		$	372


Balance at January 1, 2010	$	46		$	76		$	18		$	125		$	265
Additions ⁽¹⁾		6			25			185			14			230
Amortization ⁽¹⁾		(9	)		(19	)		(104	)		(8	)		(140	)
Translation adjustment		—			—			—			(10	)		(10	)

Balance at June 30, 2010	$	43		$	82		$	99		$	121		$	345

⁽¹⁾	The additions and amortization for initial listing revenues, listing of additional shares revenues and annual renewal and other revenues primarily reflect Issuer Services revenues from U.S. listing revenues.

⁽²⁾

Debt Obligations (Tables)

6 Months Ended

Jun. 30, 2011

Debt Obligations

Changes In Debt Obligations


	December 31, 2010			Additions		Payments, Conversions, Accretion and Other			June 30, 2011
	(in millions)
3.75% convertible notes due October 22, 2012 (net of discount)⁽¹⁾	$	—		$	—	$	—		$	—
2.50% convertible senior notes due August 15, 2013		388			—		7			395
4.00% senior unsecured notes due January 15, 2015 (net of discount)⁽²⁾		398			—		1			399
5.55% senior unsecured notes due January 15, 2020 (net of discount)⁽²⁾		598			—		—			598
$700 million senior unsecured term loan facility credit agreement due January 15, 2013 (average interest rate of 2.26%for the six months ended June 30, 2011)⁽²⁾		570			—		(120	)		450
5.25% senior unsecured notes due January 16, 2018 (net of discount)⁽³⁾		367			—		—			367

Total debt obligations		2,321			—		(112	)		2,209
Less current portion		(140	)		—		—			(140	)

Total long-term debt obligations	$	2,181		$	—	$	(112	)	$	2,069

⁽¹⁾	As of June 30, 2011 and December 31, 2010, approximately $0.5 million aggregate principal amount of the 3.75% convertible notes remained outstanding.

⁽²⁾	See "Senior Unsecured Notes and Credit Facility" below for further discussion.

⁽³⁾	See "5.25% Senior Unsecured Notes" below for further discussion.

Changes In The Liability And Equity Components Of Convertible Senior Notes


	Liability Component							Equity Component
	(in millions)							(in millions)
	Principal Balance		Unamortized Debt Discount			Net Carrying Amount		Gross Equity Component		Deferred Taxes		Net Equity Component
December 31, 2010	$	428	$	40		$	388	$	80	$	32	$	48
Accretion of debt discount		—		(7	)		7		—		—		—

June 30, 2011	$	428	$	33		$	395	$	80	$	32	$	48

Interest Expense Recognized On 2.25% Convertible Senior Notes In The Condensed Consolidated Statements Of Income


	Three Months Ended June 30,				Six Months Ended June 30,
	2011		2010		2011		2010
	(in millions)
Components of interest expense recognized on our 2.50% convertible senior notes
Accretion of debt discount	$	3	$	3	$	7	$	7
Contractual interest		3		3		5		5

Total interest expense recognized on our 2.50% convertible senior notes	$	6	$	6	$	12	$	12

Pension And Other Benefit Programs (Tables)

6 Months Ended

Jun. 30, 2011

Pension And Other Benefit Programs

Components Of Net Periodic Benefit Cost


	Three Months Ended June 30,						Six Months Ended June 30,
	2011			2010			2011			2010
	(in millions)
Components of net periodic benefit cost
Interest cost	$	2		$	1		$	3		$	3
Expected return on plan assets		(1	)		(1	)		(2	)		(2	)
Recognized net actuarial loss		—			1			1			2

Net periodic benefit cost	$	1		$	1		$	2		$	3

Share-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2011

Share-Based Compensation

Total Share-Based Compensation Expense Resulting From Equity Awards


	Three Months Ended June 30,						Six Months Ended June 30,
	2011			2010			2011			2010
	(in millions)
Share-based compensation expense before income taxes	$	10		$	10		$	17		$	17
Income tax benefit		(4	)		(4	)		(7	)		(7	)

Share-based compensation expense after income taxes	$	6		$	6		$	10		$	10

Schedule Of Weighted-Average Assumptions Stock Option Awards


	Three Months Ended June 30,						Six Months Ended June 30,
	2011			2010			2011			2010
Expected life (in years)		5			5			5			5
Weighted-average risk free interest rate		1.85	%		2.53	%		2.16	%		2.28	%
Expected volatility		27.0	%		32.0	%		27.0	%		32.0	%
Dividend yield		—			—			—			—
Weighted-average fair value at grant date	$	6.95		$	6.81		$	7.06		$	6.36

Summary Of Stock Option


	Number of Stock Options			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term		Aggregate Intrinsic Value
						(in years)		(in millions)
Outstanding at January 1, 2011		10,112,842		$	16.92		5.7	$	89

Granted ⁽¹⁾		1,267,430			25.28
Exercises		(867,712	)		9.34
Forfeitures or expirations		(313,607	)		27.10

Outstanding at June 30, 2011		10,198,953		$	18.29		6.0	$	87

Exercisable at June 30, 2011		5,185,438		$	13.60		3.4	$	73

⁽¹⁾	Primarily reflects our company-wide equity grant issued in March 2011, which includes a performance-based accelerated vesting feature based on achievement of specific levels of corporate performance, as described above.

Summary Of Restricted Stock


	Number of Restricted Stock			Weighted-Average Grant Date Fair Value		Number of PSUs			Weighted-Average Grant Date Fair Value
Unvested balances at January 1, 2011		2,759,091		$	22.00		1,098,629		$	24.25
Granted		1,348,425	⁽ ¹ ⁾		25.36		637,082	⁽² ⁾		25.18
Vested		(300,426	)		24.35		(67,057	)		35.94
Forfeited		(319,654	)		21.97		(135,693	)		28.22

Unvested balances at June 30, 2011		3,487,436		$	23.17		1,532,961		$	23.77

⁽¹⁾	Restricted stock granted in 2011 primarily reflects our company-wide grant issued in March 2011, which included a performance-based accelerated vesting feature based on achievement of specific levels of corporate performance, as described above.

⁽²⁾	PSUs granted in 2011 primarily reflect awards issued to certain executive officers, as described above.

Earnings Per Common Share (Tables)

6 Months Ended

Jun. 30, 2011

Earnings Per Common Share

Schedule Of The Computation Of Basic And Diluted Earnings Per Share


	Three Months Ended June 30,				Six Months Ended June 30,
	2011		2010		2011		2010
	(in millions, except share and per share amounts)
Numerator:
Net income attributable to NASDAQ OMX	$	92	$	96	$	196	$	157
Accretion of series A convertible preferred stock		—		—		—		(1	)

Net income attributable to common shareholders	$	92	$	96	$	196	$	156

Denominator:
Weighted-average common shares outstanding for basic earnings per share⁽¹⁾		176,648,140		205,516,508		176,372,002		208,325,318

Weighted-average effect of dilutive securities:
Employee equity awards		3,835,658		3,863,988		3,755,620		3,640,021
3.75% convertible notes assumed converted into common stock		34,482		34,482		34,482		34,482

Weighted-average common shares outstanding for diluted earnings per share⁽¹⁾		180,518,280		209,414,978		180,162,104		211,999,821

Basic and diluted earnings per share:
Basic earnings per share	$	0.52	$	0.46	$	1.11	$	0.75

Diluted earnings per share	$	0.51	$	0.46	$	1.09	$	0.74

⁽¹⁾

Fair Value Of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2011

Fair Value Of Financial Instruments

Schedule Of Financial Assets And Liabilities Measured At Fair Value On A Recurring Basis


	Balance as of June 30, 2011		Fair Value Measurements
			(Level 1)		(Level 2)		(Level 3)
			(in millions)
Financial Assets Measured at Fair Value on a Recurring Basis
Derivative positions, at fair value⁽¹⁾	$	1,417	$	—	$	1,417	$	—
Financial investments, at fair value⁽²⁾		320		320		—		—

Total	$	1,737	$	320	$	1,417	$	—

Financial Liabilities Measured at Fair Value on a Recurring Basis
Derivative positions, at fair value⁽¹⁾	$	1,417	$	—	$	1,417	$	—

Total	$	1,417	$	—	$	1,417	$	—

⁽¹⁾

⁽²⁾

The following table presents for each of the above hierarchy levels, our financial assets and liabilities that are measured at fair value on a recurring basis at December 31, 2010:


	Balance as of December 31, 2010		Fair Value Measurements
			(Level 1)		(Level 2)		(Level 3)
			(in millions)
Financial Assets Measured at Fair Value on a Recurring Basis
Derivative positions, at fair value⁽¹⁾	$	4,037	$	—	$	4,037	$	—
Financial investments, at fair value⁽²⁾		253		253		—		—

Total	$	4,290	$	253	$	4,037	$	—

Financial Liabilities Measured at Fair Value on a Recurring Basis
Derivative positions, at fair value⁽¹⁾	$	4,037	$	—	$	4,037	$	—

Total	$	4,037	$	—	$	4,037	$	—

⁽¹⁾

⁽²⁾

Schedule Of Fair Value Of Outstanding Derivative Positions


	June 30, 2011				December 31, 2010
	Asset		Liability		Asset		Liability
	(in millions)
Commodity forwards and options^{(1) (2)}	$	969	$	969	$	3,437	$	3,437
Fixed-income options and futures^{(2) (3)}		276		276		578		578
Stock options and futures^{(2) (3)}		220		220		237		237
Index options and futures^{(2) (3)}		112		112		208		208

Total	$	1,577	$	1,577	$	4,460	$	4,460

⁽¹⁾	We determine the fair value of our forward contracts using standard valuation models that are based on market-based observable inputs including LIBOR rates and the spot price of the underlying instrument.

⁽²⁾	We determine the fair value of our option contracts using standard valuation models that are based on market-based observable inputs including implied volatility, interest rates and the spot price of the underlying instrument.

⁽³⁾	We determine the fair value of our futures contracts based upon quoted market prices and average quoted market yields.

Organization And Nature Of Operations (Narrative) (Details) (USD $) In Billions, unless otherwise specified	6 Months Ended
	Jun. 30, 2011
Operations in number of continents	6
Total number of U.S. listed companies	2,724
Home to listed companies with a combined market capitalization	$ 4,700
Total number of listed companies within Nordic and Baltic exchanges	780
Approximate combined market capitalization	$ 1,100
NASDAQ Execution Services [Member]
Broker dealer orders from number of users	1

Basis Of Presentation And Principles Of Consolidation (Narrative) (Details) (USD $) In Millions, except Per Share data, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010	Jun. 30, 2011	Jun. 30, 2010
Current foreign tax benefit	$ 5	$ 4	$ 10	$ 9
Tax benefit per diluted share	$ 0.03	$ 0.02	$ 0.06	$ 0.04
Additional tax and penalties			18
Swedish Tax Council [Member]
Current foreign tax benefit			$ 47
Tax benefit per diluted share			$ 0.23

Acquisitions (Schedule Of Business Acquisitions, By Acquisition) (Details) In Millions, unless otherwise specified			1 Months Ended
	Dec. 31, 2010 USD ($)	Dec. 31, 2010 FTEN [Member] USD ($)	Aug. 31, 2010 SMARTS [Member] USD ($)	Mar. 31, 2011 SMARTS [Member] USD ($)	Dec. 31, 2010 SMARTS [Member] USD ($)	Dec. 31, 2010 Nord Pool ASA [Member] USD ($)	May 31, 2010 Nord Pool ASA [Member] USD ($)	May 31, 2010 Nord Pool ASA [Member] NOK
Purchase Consideration	$ 204	$ 110	$ 77		$ 77	$ 17	$ 17	101
Total Net (Liabilities) Assets Acquired	1	(1)	(5)		(5)	7	7
Purchased Intangible Assets	76	46			28	2
Goodwill	127	65			54	8
SMARTS acquisition initial purchase price			75
Purchase consideration held in escrow		11
Purchase consideration paid out of escrow				2
Purchase consideration to be paid out of escrow in 2012			12
SMARTS acquisition working capital adjustment			2
Total acquired net assets at fair value		3	3				8
Acquisition recorded as current deferred tax liability		2	1
Acquisition recorded as non-current deferred tax liability		16	7
Acquisition recorded as non-current deferred tax asset		14
Deferred taxes, business combination, valuation allowance, available to reduce intangible assets		18	8				1
Purchased Intangible Assets			28
Tax basis of intangible asset acquired		0	0
Acquisition effective tax rate		39.55%	30.00%
Acquired intangible asset in technology		12	11
Acquired intangible asset in trade name		9
Acquired intangible asset in non-compete agreements		2
Acquired intangible asset in customer relationships		$ 23	$ 17

Goodwill And Purchased Intangible Assets (Narrative) (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010	Jun. 30, 2011	Jun. 30, 2010	Jun. 30, 2011 Foreign Currency Translation Adjustment [Member]	Dec. 31, 2010 Foreign Currency Translation Adjustment [Member]
Goodwill expected to be deductible in future periods	$ 101		$ 101
Goodwill, impairment loss	0	0	0	0
Finite-lived intangible assets, amortization expense	13	13	28	27
Net Intangible Assets					$ 18	$ (11)

Goodwill And Purchased Intangible Assets (Schedule Of Changes In Goodwill) (Details) (USD $) In Millions, unless otherwise specified	6 Months Ended
	Jun. 30, 2011
Balance at December 31, 2010	$ 5,127
Foreign currency translation adjustment	218
Balance at June 30, 2011	5,345
Market Services [Member]
Balance at December 31, 2010	4,679
Foreign currency translation adjustment	193
Balance at June 30, 2011	4,872
Issuer Services [Member]
Balance at December 31, 2010	292
Foreign currency translation adjustment	14
Balance at June 30, 2011	306
Market Technology [Member]
Balance at December 31, 2010	156
Foreign currency translation adjustment	11
Balance at June 30, 2011	$ 167

Goodwill And Purchased Intangible Assets (Finite-Lived And Indefinite-Lived Intangible Assets) (Details) (USD $) In Millions, unless otherwise specified	6 Months Ended	12 Months Ended
	Jun. 30, 2011	Dec. 31, 2010
Accumulated Amortization	$ (186)	$ (190)
Total intangible assets, Gross Amount	1,953	1,909
Total intangible assets, Net Assets	1,767	1,719
Exchange And Clearing Registrations [Member]
Total indefinite-lived intangible assets, Gross Amount	790	790
Total indefinite-lived intangible assets, Net Assets	790	790
Trade Names [Member]
Total indefinite-lived intangible assets, Gross Amount	181	181
Total indefinite-lived intangible assets, Net Assets	181	181
Licenses [Member]
Total indefinite-lived intangible assets, Gross Amount	78	78
Total indefinite-lived intangible assets, Net Assets	78	78
Foreign Currency Translation Adjustment [Member]
Total indefinite-lived intangible assets, Gross Amount	(13)	(56)
Total indefinite-lived intangible assets, Net Assets	(13)	(56)
Indefinite-Lived Intangible Assets [Member]
Total indefinite-lived intangible assets, Gross Amount	1,036	993
Total indefinite-lived intangible assets, Net Assets	1,036	993
Technology [Member]
Total finite-lived intangible assets, Gross Amount	38	72
Accumulated Amortization	(8)	(41)
Total finite-lived intangible assets, Net Assets	30	31
Total finite-lived intangible assets, Weighted Average Useful Life (in Years)	9	6
Customer Relationships [Member]
Total finite-lived intangible assets, Gross Amount	853	853
Accumulated Amortization	(175)	(152)
Total finite-lived intangible assets, Net Assets	678	701
Total finite-lived intangible assets, Weighted Average Useful Life (in Years)	21	21
Other [Member]
Total finite-lived intangible assets, Gross Amount	6	6
Accumulated Amortization	(1)	(1)
Total finite-lived intangible assets, Net Assets	5	5
Total finite-lived intangible assets, Weighted Average Useful Life (in Years)	8	8
Foreign Currency Translation Adjustment [Member]
Total finite-lived intangible assets, Gross Amount	20	(15)
Accumulated Amortization	(2)	4
Total finite-lived intangible assets, Net Assets	18	(11)
Finite-Lived Intangible Assets [Member]
Total finite-lived intangible assets, Gross Amount	917	916
Accumulated Amortization	(186)	(190)
Total finite-lived intangible assets, Net Assets	$ 731	$ 726

Investments (Details) (USD $)
In Millions, unless otherwise specified

3 Months Ended

6 Months Ended

Jun. 30, 2011

Jun. 30, 2010

Jun. 30, 2011

Jun. 30, 2010

Dec. 31, 2010

Jun. 30, 2011

Trading Securities [Member]

Dec. 31, 2010

Trading Securities [Member]

Jun. 30, 2011

Restricted Assets [Member]

Dec. 31, 2010

Restricted Assets [Member]

Jun. 30, 2011

Investment In Dubai Financial Market PJSC [Member]

Dec. 31, 2010

Investment In Dubai Financial Market PJSC [Member]

Jun. 30, 2011

Investment In Dubai Financial Market PJSC [Member]

NASDAQ Dubai [Member]

Dec. 31, 2010

Investment In Dubai Financial Market PJSC [Member]

NASDAQ Dubai [Member]

May 31, 2010

Investment In Dubai Financial Market PJSC [Member]

NASDAQ Dubai [Member]

Jun. 30, 2011

Maximum [Member]

Jun. 30, 2011

Minimum [Member]

Jun. 30, 2011

EMCF [Member]

Dec. 31, 2010

EMCF [Member]

NASDAQ Dubai [Member]

Investment owned, percent of net assets

$ 320

^[1]

$ 320

^[1]

$ 253

^[1]

$ 295

$ 220

$ 233

$ 190

$ 25

$ 33

1.00%

Trading securities cost

Unrealized holding loss in accumulated other comprehensive loss

(3)

(5)

(7)

(5)

(11)

Equity method investment, ownership percentage

22.00%

50.00%

20.00%

Equity interest equity method investments

Equity method investment, income (loss)

$ 1

[1]

This item represents the disclosure of summarized financial information for unconsolidated subsidiaries and 50 percent-or-less owned entities accounted for using the equity method of accounting. If investments in common stock of corporate joint ventures or other investments accounted for under the equity method are, in the aggregate, material in relation to the financial position or results of operations of an investor, it may be necessary to present summarized information as to assets of the investee, or group of investments for which combined disclosure is appropriate, either by individual financial statement caption or in groups, as appropriate. Such summarized financial information may, at a minimum, include gross profit or loss.

+ References+ Details

Deferred Revenue (Estimated Deferred Revenue) (Details) (USD $) In Millions, unless otherwise specified	Jun. 30, 2011
2011	$ 153
2012	87
2013	65
2014	38
2015	18
2016 and thereafter	11
Deferred revenue estimated revenue to be recognized	372
Initial Listing Fees [Member]
2011	8
2012	12
2013	8
2014	6
2015	4
2016 and thereafter	3
Deferred revenue estimated revenue to be recognized	41
Listing Of Additional Shares Fees [Member]
2011	19
2012	30
2013	23
2014	11
2015	2
Deferred revenue estimated revenue to be recognized	85
Annual Renewal Fees And Other [Member]
2011	96
2012	2
Deferred revenue estimated revenue to be recognized	98
Market Technology [Member]
2011	30
2012	43
2013	34
2014	21
2015	12
2016 and thereafter	8
Deferred revenue estimated revenue to be recognized	$ 148

Deferred Revenue (Deferred Revenue) (Details) (USD $) In Millions, unless otherwise specified	6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010
Balance at January 1	$ 292	$ 265
Additions	243	230
Amortization	(171)	(140)
Translation adjustment	8	(10)
Balance at June 30	372	345
Initial Listing Fees [Member]
Balance at January 1	42	46
Additions	7	6
Amortization	(8)	(9)
Balance at June 30	41	43
Listing Of Additional Shares Fees [Member]
Balance at January 1	83	76
Additions	22	25
Amortization	(20)	(19)
Balance at June 30	85	82
Annual Renewal Fees And Other [Member]
Balance at January 1	21	18
Additions	189	185
Amortization	(113)	(104)
Translation adjustment	1
Balance at June 30	98	99
Market Technology [Member]
Balance at January 1	146	125
Additions	25	14
Amortization	(30)	(8)
Translation adjustment	7	(10)
Balance at June 30	$ 148	$ 121

Debt Obligations (2.50% Convertible Senior Notes) (Narrative) (Details) (USD $)	3 Months Ended		6 Months Ended		9 Months Ended	12 Months Ended
	Jun. 30, 2011	Jun. 30, 2010	Jun. 30, 2011	Jun. 30, 2010	Sep. 30, 2010	Dec. 31, 2010	Dec. 31, 2009	Feb. 28, 2010	Dec. 31, 2008	Mar. 31, 2008
Equity component in convertible debt						$ 0
Repayment of senior secured credit facilities				40,000,000
Capitalized debt issuance costs	21,000,000		21,000,000
2.50% Convertible Senior Notes Due August 15, 2013 [Member]
Conversion of stock issued, conversion rate										18.1386
Convertible notes, principal amount			1,000
Convertible notes, conversion price per share of common stock			$ 55.13
Debt instrument, interest rate, stated percentage	2.50%		2.50%					2.50%		2.50%
Debt instrument convertible, Number of equity instruments			7,757,283			7,757,283
Debt instrument, maturity date			Aug. 15, 2013
Debt instrument, unamortized discount	33,000,000		33,000,000			40,000,000
Debt instrument, convertible, effective interest rate	6.53%	6.53%	6.53%	6.53%
Contractual interest rate					2.50%
Equity component in convertible debt			48,000,000			48,000,000
Debt Instrument, Convertible, If-converted Value in Excess of Principal			80,000,000		80,000,000
Deferred income tax liabilities	32,000,000		32,000,000			32,000,000
U.S. marginal tax rate			39.55%
Capitalized debt issuance costs									10,000,000
Amortization of financing costs and discounts			1,000,000	1,000,000
Debt Instrument, principal outstanding	428,000,000		428,000,000			428,000,000				475,000,000
Extinguishment of debt, amount							47,000,000
5.25% Senior Unsecured Notes [Member]
Debt instrument, interest rate, stated percentage	5.25%		5.25%
Debt instrument, maturity date			Jan. 16, 2018
Capitalized debt issuance costs	3,000,000		3,000,000
Debt Instrument, principal outstanding	367,000,000		367,000,000
3.75% Convertible Notes Due October 22, 2012 [Member]
Debt instrument, interest rate, stated percentage	3.75%		3.75%			3.75%
Debt instrument, maturity date			Oct. 22, 2012
Debt Instrument, principal outstanding	$ 500,000		$ 500,000			$ 500,000

Debt Obligations (5.25% Senior Unsecured Notes) (Narrative) (Details) (USD $) In Millions, unless otherwise specified	1 Months Ended	6 Months Ended
	Dec. 31, 2010	Jun. 30, 2011
Debt issuance costs		$ 21
5.25% Senior Unsecured Notes [Member]
Senior unsecured notes issued	370
Debt instrument, interest rate, stated percentage		5.25%
Proceeds from Unsecured Notes Payable		367
Cash on hand from unsecured notes payable		3
Debt Instrument, principal outstanding		367.0
Maximum interest rate on debt instrument		7.25%
Debt issuance costs		3
Senior Unsecured Bridge Facility [Member]
Bridge Facility	400
Debt instrument, interest rate, effective percentage	1.76%
Other borrowings	$ 370

Debt Obligations (Senior Unsecured Notes, Credit Facility And Repayment Of Senior Secured Credit Facilities) (Narrative) (Details) (USD $)	3 Months Ended		6 Months Ended					6 Months Ended		1 Months Ended	6 Months Ended		12 Months Ended	1 Months Ended	6 Months Ended		1 Months Ended			3 Months Ended	6 Months Ended
	Jun. 30, 2010	Mar. 31, 2010	Jun. 30, 2011	Jun. 30, 2010	Jan. 31, 2010	Jun. 30, 2011 4.00% Senior Notes Due 2015 [Member]	Jun. 30, 2011 5.55% Senior Notes Due 2020 [Member]	Jun. 30, 2011 Other Credit Facilities [Member]	Jun. 30, 2010 Other Credit Facilities [Member]	Jan. 31, 2010 $700 Million Senior Unsecured Term Loan Facility Credit Agreement Due January 15, 2013 [Member]	Jun. 30, 2011 $700 Million Senior Unsecured Term Loan Facility Credit Agreement Due January 15, 2013 [Member]	Jun. 30, 2011 Clearinghouse Credit Facilities [Member]	Dec. 31, 2010 Clearinghouse Credit Facilities [Member]	Dec. 31, 2010 5.25% Senior Unsecured Notes [Member]	Jun. 30, 2011 5.25% Senior Unsecured Notes [Member]	Jan. 31, 2010 Line of Credit [Member]	Jan. 31, 2010 Senior Unsecured Notes [Member]	Jan. 31, 2010 Tranche A Term Loan [Member]	Jan. 31, 2010 Tranche X Term Loan [Member]	Jun. 30, 2011 Quarterly Payments [Member] $700 Million Senior Unsecured Term Loan Facility Credit Agreement Due January 15, 2013 [Member]	Jun. 30, 2011 Quarterly Payments [Member] $700 Million Senior Unsecured Term Loan Facility Credit Agreement Due January 15, 2013 [Member]	Jun. 30, 2011 Optional Payments [Member] $700 Million Senior Unsecured Term Loan Facility Credit Agreement Due January 15, 2013 [Member]
Term loans quarterly payment																				$ 35,000,000	$ 70,000,000
Term loans, optional payment																						50,000,000
Senior unsecured notes issued														370,000,000			1,000,000,000
Debt instrument, interest rate, stated percentage						4.00%	5.55%								5.25%
Debt instrument, maturity date											Jan. 15, 2013				Jan. 16, 2018
Outstanding term loans under the revolving credit agreement																		350,000,000	350,000,000
Outstanding term loans under the revolving credit agreement					950,000,000							460,000,000	440,000,000			250,000,000
Net proceeds from unsecured notes										700,000,000
Debt instrument, face amount						399,000,000	598,000,000
Aggregate principal amount						400,000,000	600,000,000
Debt Instrument, principal outstanding											700,000,000				367,000,000
Debt issuance costs			21,000,000												3,000,000
Amortization expenses recorded as additional interest expense	1,000,000		3,000,000	2,000,000
Charges related to debt refinancing				40,000,000
Unamortized Debt Issuance Costs Write Off				28,000,000
Reclassification adjustment for loss realized in net income on cash flow hedges		9,000,000		9,000,000
Other finance cost associated with repayment of senior secured credit facilities				3,000,000
Line of credit facility, collateral amount												208,000,000	196,000,000
Credit facility satisfy regulatory requirements												252,000,000	244,000,000
Credit facility utilized								$ 10,000,000	$ 0

Debt Obligations (Changes In Debt Obligation) (Details) (USD $) In Millions, unless otherwise specified	6 Months Ended
	Jun. 30, 2011	Dec. 31, 2010	Feb. 28, 2010	Mar. 31, 2008
Total debt obligations	$ 2,209	$ 2,321
Less current portion	(140)	(140)
Debt obligations	2,069	2,181
Total debt obligations, payments, conversions, accretion and other	(112)
Total debt obligations ending balance	2,209	2,321
Total long-term debt obligations, payments, conversions, accretion and other	(112)
3.75% Convertible Notes Due October 22, 2012 [Member]
Debt instrument, interest rate	3.75%	3.75%
Debt instrument, maturity date	Oct. 22, 2012
Debt Instrument, principal outstanding	0.5	0.5
2.50% Convertible Senior Notes Due August 15, 2013 [Member]
Total debt obligations	395	388
Payments, conversions, accretion and other	7
Total debt obligations ending balance	395	388
Debt instrument, interest rate	2.50%		2.50%	2.50%
Debt instrument, maturity date	Aug. 15, 2013
Debt Instrument, principal outstanding	428.0	428.0		475.0
4.00% Senior Unsecured Notes Due January 15, 2015 [Member]
Total debt obligations	399	398
Payments, conversions, accretion and other	1
Total debt obligations ending balance	399	398
Debt instrument, interest rate	4.00%
Debt instrument, maturity date	Jan. 15, 2015
5.55% Senior Unsecured Notes Due January 15, 2020 [Member]
Total debt obligations	598	598
Total debt obligations ending balance	598	598
Debt instrument, interest rate	5.55%
Debt instrument, maturity date	Jan. 15, 2020
$700 Million Senior Unsecured Term Loan Facility Credit Agreement Due January 15, 2013 [Member]
Total debt obligations	450	570
Payments, conversions, accretion and other	(120)
Total debt obligations ending balance	450	570
Debt Instrument, Interest Rate During Period	2.26%
Debt instrument, maturity date	Jan. 15, 2013
Debt Instrument, principal outstanding	700.0
5.25% senior unsecured notes due January 16, 2018 [Member]
Total debt obligations	367	367
Total debt obligations ending balance	$ 367	$ 367

Debt Obligations (Interest Expense Recognized On Convertible Senior Notes In The Condensed Consolidated Statements Of Income) (Details) (2.50% Convertible Senior Notes Due August 15, 2013 [Member], USD $) In Millions, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010	Jun. 30, 2011	Jun. 30, 2010
2.50% Convertible Senior Notes Due August 15, 2013 [Member]
Accretion of debt discount	$ 3	$ 3	$ 7	$ 7
Contractual interest	3	3	5	5
Total interest expense recognized on our 2.50% convertible senior notes	$ 6	$ 6	$ 12	$ 12

Debt Obligations (Changes In The Liability And Equity Components Of Convertible Senior Notes) (Details) (USD $) In Millions, unless otherwise specified	6 Months Ended	12 Months Ended
	Jun. 30, 2011	Dec. 31, 2010	Mar. 31, 2008
Net Carrying Amount	$ 2,209	$ 2,321
Net Equity Component		0
2.50% Convertible Senior Notes Due August 15, 2013 [Member]
Principal Balance	428.0	428.0	475.0
Unamortized Debt Discount	33	40
Net Carrying Amount	395	388
Net Equity Component	48.0	48.0
Liability Component [Member] \| 2.50% Convertible Senior Notes Due August 15, 2013 [Member]
Principal Balance	428.0	428.0
Unamortized Debt Discount	33	40
Accretion of Debt Discount, Unamortized Debt Discount	(7)
Accretion of Debt Discount, Net Carrying Amount	7
Net Carrying Amount	395	388
Equity Component [Member] \| 2.50% Convertible Senior Notes Due August 15, 2013 [Member]
Gross Equity Component	80	80
Deferred Taxes	32	32
Net Equity Component	$ 48.0	$ 48.0

Pension And Other Benefit Programs (Narrative) (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010	Jun. 30, 2011	Jun. 30, 2010
Benefit cost	$ 1	$ 1	$ 2	$ 3
Common stock shares reserved for future issuance	6.0		6.0
Non-U.S. Benefit Plans [Member]
Cost or expenses included in compensation and benefit expense	4	3	7	7
Benefit cost			1	1
Defined Contribution Savings Plan [Member]
Cost or expenses included in compensation and benefit expense	1	1	2	2
Percentage of employer contributions			100.00%
Percentage of eligible employee contributions receiving employer contributions			4.00%
Employee Stock Purchase Plan [Member]
Cost or expenses included in compensation and benefit expense			2	2
Common stock shares reserved for future issuance	3.7		3.7
Percentage of fair market value of common stock			85.00%
Percentage of discount to employees on purchase of common stock under ESPP			15.00%
Offering periods for ESPP shares, months			6
Employer Retirement Contributions [Member]
Cost or expenses included in compensation and benefit expense	$ 1	$ 1

Stock Options Outstanding, Beginning of Period

The amount of pension and other (such as medical, dental and life insurance) postretirement benefit costs recognized during the period for (1) defined benefit plans (periodic benefit costs include the following components: service cost, interest cost, expected return on plan assets, gain or loss on assets, prior service cost or credit, transition asset or obligation, and gain or loss due to settlements or curtailments) and for (2) defined contribution plans (to the extent that a plan's defined contributions to an individual's account are to be made for periods in which that individual renders services, the net cost for a period shall be the contribution called for in that period; if a plan calls for contributions for periods after an individual retires or terminates, the estimated cost shall be accrued during the employee's service period).

+ References+ Details

Pension And Other Benefit Programs (Components Of Net Periodic Benefit Cost) (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010	Jun. 30, 2011	Jun. 30, 2010
Pension And Other Benefit Programs
Interest cost	$ 2	$ 1	$ 3	$ 3
Expected return on plan assets	(1)	(1)	(2)	(2)
Recognized net actuarial loss		1	1	2
Benefit cost	$ 1	$ 1	$ 2	$ 3

Share-Based Compensation (Narrative) (Details) (USD $) In Millions, except Share data, unless otherwise specified	3 Months Ended			6 Months Ended
	Jun. 30, 2011	Mar. 31, 2011	Jun. 30, 2010	Jun. 30, 2011	Jun. 30, 2010
Restricted stock vesting range, minimum				2
Restricted stock vesting range, maximum				5
Stock options generally expire, period in years				10
Grants vest on anniversary if performance met, year				fourth
Grants vest on anniversary if performance not met, year				fifth
Grants of psus received by certain executive officer under terms of employment agreement.		100,000
Grants of psus received by certain executive officer under terms of employment agreement performance period				517,940
Discount for the ESPP	15.00%		15.00%	15.00%	15.00%
Net cash proceeds from the exercise of stock options	$ 3		$ 1	$ 8	$ 2
Exercise of stock options	404,355		101,406	867,712	252,689
Closing stock price	$ 25.30			$ 25.30
Total number of in-the-money stock options exercisable	4,100,000			4,100,000
Weighted-average exercise price	$ 13.60		$ 12.65	$ 13.60	$ 12.65
Total fair value of stock options vested				1	1
Total pre-tax intrinsic value of stock options exercised	8		1	14	3
Common stock shares reserved for future issuance	6,000,000			6,000,000
Stock Options [Member]
Total unrecognized compensation cost related to stock options	17			17
Weighted-average period unrecognized compensation cost is expected to be recognized, in years				1.8
Employee service share-based compensation, unrecognized compensation costs on nonvested awards	17			17
Chief Executive Officer [Member]
Grants of PSUs received by chief executive officer under the terms of employment agreement performance period				3
Deferred Compensation, Share-Based Payments [Member]
Total unrecognized compensation cost related to stock options	63			63
Weighted-average period unrecognized compensation cost is expected to be recognized, in years				2.0
Employee service share-based compensation, unrecognized compensation costs on nonvested awards	$ 63			$ 63
PSUs [Member]
Percentage of target amount granted, Minimum				0.00%
Percentage of target amount granted, Maximum				150.00%
Grants received by certain executive officers and a select group of non-officer employees		617,940
Performance period of grants received				1
Additional PSUs		19,142

Share-Based Compensation (Total Share-Based Compensation Expense Resulting From Equity Awards) (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010	Jun. 30, 2011	Jun. 30, 2010
Share-Based Compensation
Share-based compensation expense before income taxes	$ 10	$ 10	$ 17	$ 17
Income tax benefit	(4)	(4)	(7)	(7)
Share-based compensation expense after income taxes	$ 6	$ 6	$ 10	$ 10

Share-Based Compensation (Schedule Of Weighted-Average Assumptions Stock Option Awards) (Details) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010	Jun. 30, 2011	Jun. 30, 2010
Share-Based Compensation
Expected life (in years)	5	5	5	5
Weighted-average risk free interest rate	1.85%	2.53%	2.16%	2.28%
Expected volatility	27.00%	32.00%	27.00%	32.00%
Dividend yield
Weighted-average fair value at grant date	$ 6.95	$ 6.81	$ 7.06	$ 6.36

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

6 Months Ended

12 Months Ended

Jun. 30, 2011

Dec. 31, 2010

Jun. 30, 2010

Share-Based Compensation

10,112,842

Stock Options, Grants

1,267,430

^[1]

Stock Options, Exercises

(867,712)

Stock Options, Forfeitures or Expiration

(313,607)

Stock Options Outstanding, End of Period

10,198,953

10,112,842

Stock Options, Exercisable

5,185,438

6,500,000

Weighted Average Exercise Price, Beginning of Period

$ 16.92

Weighted Average Exercise Price, Grants

$ 25.28

^[1]

Weighted Average Exercise Price, Exercises

$ 9.34

Weighted Average Exercise Price, Forfeitures or Expirations

$ 27.10

Weighted Average Exercise Price, End of Period

$ 18.29

$ 16.92

Weighted Average Exercise Price Exercisable

$ 13.60

$ 12.65

Weighted Average Remaining Contractual Term, Outstanding, Beginning of Period

6.0

5.7

Weighted Average Remaining Contractual Term, Outstanding, End of Period

6.0

5.7

Weighted Average Remaining Contractual Term Exercisable

3.4

Aggregate Intrinsic Value, Outstanding, Beginning of Period

$ 89

Aggregate Intrinsic Value, Outstanding, End of Period

Aggregate Intrinsic Value, Exercisable

$ 73

[1]	Primarily reflects our company-wide equity grant issued in March 2011, which includes a performance-based accelerated vesting feature based on achievement of specific levels of corporate performance, as described above.

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

6 Months Ended

Jun. 30, 2011

PSUs [Member]

Unvested, beginning balance

1,098,629

Stock, granted

637,082

^[1]

Stock, vested

(67,057)

Stock, forfeited

(135,693)

Unvested, ending balance

1,532,961

Unvested, fair value, beginning of period

$ 24.25

Weighted-Average Grant Date Fair Value, Granted

$ 25.18

Weighted-Average Grant Date Fair Value, Vested

$ 35.94

Weighted-Average Grant Date Fair Value, Forfeited

$ 28.22

Unvested, fair value, end of period

$ 23.77

Restricted Stock [Member]

Unvested, beginning balance

2,759,091

Stock, granted

1,348,425

^[2]

Stock, vested

(300,426)

Stock, forfeited

(319,654)

Unvested, ending balance

3,487,436

Unvested, fair value, beginning of period

$ 22.00

Weighted-Average Grant Date Fair Value, Granted

$ 25.36

Weighted-Average Grant Date Fair Value, Vested

$ 24.35

Weighted-Average Grant Date Fair Value, Forfeited

$ 21.97

Unvested, fair value, end of period

$ 23.17

[1]	PSUs granted in 2011 primarily reflect awards issued to certain executive officers, as described above.
[2]	Restricted stock granted in 2011 primarily reflects our company-wide grant issued in March 2011, which included a performance-based accelerated vesting feature based on achievement of specific levels of corporate performance, as described above.

Earnings Per Common Share (Narrative) (Details)	6 Months Ended		3 Months Ended		6 Months Ended		6 Months Ended		3 Months Ended	6 Months Ended			3 Months Ended
Earnings Per Common Share (Narrative) (Details)	Jun. 30, 2011	Dec. 31, 2010	Jun. 30, 2011 Common Stock [Member]	Jun. 30, 2010 Common Stock [Member]	Jun. 30, 2010 Common Stock [Member]	Dec. 31, 2010 Common Stock [Member]	Jun. 30, 2011 Convertible Common Stock [Member]	Jun. 30, 2010 Convertible Common Stock [Member]	Jun. 30, 2011 Restricted Stock and PSU [Member]	Jun. 30, 2011 Restricted Stock and PSU [Member]	Jun. 30, 2010 Restricted Stock and PSU [Member]	Dec. 31, 2010 Restricted Stock and PSU [Member]	Jun. 30, 2010 Restricted Stock and PSU [Member] Preferred Stock Unit [Member]	Jun. 30, 2011 3.75% Convertible Notes Due October 22, 2012 [Member]	Dec. 31, 2010 3.75% Convertible Notes Due October 22, 2012 [Member]	Jun. 30, 2011 3.75% Convertible Notes Due October 22, 2012 [Member] Convertible Debt Securities [Member]	Jun. 30, 2011 2.50% Convertible Senior Notes Due August 15, 2013 [Member]	Feb. 28, 2010 2.50% Convertible Senior Notes Due August 15, 2013 [Member]	Mar. 31, 2008 2.50% Convertible Senior Notes Due August 15, 2013 [Member]
Stock options to purchase common stock shares	10,198,953	10,112,842	10,198,953			10,889,062			5,020,397	5,020,397
Shares of restricted stock and PSUs												4,246,954
Incremental common shares attributable to conversion of debt securities							34,482	34,482
Weighted Average Number Diluted Shares Outstanding Adjustment	6,709,093		6,703,343	5,329,285	5,327,685				4,538,137	3,073,607	2,795,276		3,189,143
Debt instrument, interest rate, stated percentage														3.75%	3.75%	3.75%	2.50%	2.50%	2.50%

Earnings Per Common Share (Computation Of Basic And Diluted Earnings Per Share) (Details) (USD $)
In Millions, except Share data, unless otherwise specified

3 Months Ended

6 Months Ended

Jun. 30, 2011

Jun. 30, 2010

Jun. 30, 2011

Jun. 30, 2010

Net income attributable to NASDAQ OMX

$ 92

$ 96

$ 196

$ 157

Accretion of series A convertible preferred stock

(1)

Net income attributable to common shareholders

$ 92

$ 96

$ 196

$ 156

Basic earnings per share

$ 0.52

$ 0.46

$ 1.11

$ 0.75

Diluted earnings per share

$ 0.51

$ 0.46

$ 1.09

$ 0.74

Weighted-average common shares outstanding for basic earnings per share

176,648,140

^[1]

205,516,508

^[1]

176,372,002

^[1]

208,325,318

^[1]

Weighted-average common shares outstanding for diluted earnings per share

180,518,280

^[1]

209,414,978

^[1]

180,162,104

^[1]

211,999,821

^[1]

Convertible Common Stock [Member]

Weighted-average common shares outstanding for diluted earnings per share

34,482

Employee Equity Awards [Member]

Weighted-average common shares outstanding for diluted earnings per share

3,835,658

3,863,988

3,755,620

3,640,021

[1]

The portion of consolidated profit or loss for the period, net of income taxes, which is attributable to the parent. If the entity does not present consolidated financial statements, the amount of profit or loss for the period, net of income taxes.

+ References+ Details

NASDAQ OMX Stockholders' Equity (Narrative) (Details) (USD $)	6 Months Ended		12 Months Ended		6 Months Ended	12 Months Ended					6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010	Dec. 31, 2010	Jun. 30, 2011 Parent Company [Member]	Jun. 30, 2011 Borse Dubai [Member]	Dec. 31, 2010 Borse Dubai [Member]	Dec. 31, 2008 Borse Dubai [Member]	Jun. 30, 2011 Series A Preferred Stock [Member]	Dec. 31, 2010 Series A Preferred Stock [Member]	Dec. 31, 2010 Share Repurchase Program [Member]	Jun. 30, 2011 Other Repurchases of Common Stock [Member]	Jun. 30, 2011 Investor AB [Member]	Feb. 28, 2011 Investor AB [Member]	Dec. 31, 2010 S L P [Member]
Common stock, shares authorized	300,000,000		300,000,000
Common stock, shares issued	213,379,758		213,370,086				60,561,515						1,000,000
Common stock, shares outstanding	177,064,158		175,782,683		29,780,515							18,004,142
Common stock in treasury, shares	36,315,600		37,587,403	36,315,600
Common stock holder voting rights	5.00%
Board of Directors authorized share repurchase program			$ 22,781,000							$ 550,000,000
Cash paid for repurchase of common stock		200,000,000	300,000,000
Treasury shares acquired			22,781,000		8,000,000	15,050,647					97,598
Common stock outstanding												17,004,142		10,539,614
Average price of repurchased stock	$ 21.82		$ 19.95
Preferred stock, shares authorized	30,000,000		30,000,000
Preferred stock par value	$ 0.01
Preferred stock, series A convertible preferred stock: shares issued	1,600,000		1,600,000					1,600,000	1,600,000
Preferred stock, series A convertible preferred stock: shares outstanding	0		0					0	0
Series A convertible preferred stock
Aggregate purchase price	$ 770,000,000		$ 796,000,000							$ 497,000,000

Fair Value Of Financial Instruments (Narrative) (Details) (USD $)	6 Months Ended	12 Months Ended
	Jun. 30, 2011	Dec. 31, 2010
Derivative positions, at fair value	$ 1,417,000,000	$ 4,037,000,000
Financial instrument resale and repurchase agreement at contract value	3,560,000,000	3,441,000,000
3.75% Convertible Notes [Member]
Debt instrument, interest rate, stated percentage	3.75%
2.50% Convertible Senior Notes [Member]
Debt instrument, interest rate, stated percentage	2.50%
Unamortized debt discount	33,000,000	40,000,000
Debt instrument, difference in carrying value and fair value	20,000,000	17,000,000
Convertible option, conversion price	$ 55.13	$ 55.13
Closing stock price of Nasdaq OMX common stock	$ 25.30	$ 23.73

Fair Value Of Financial Instruments (Schedule Of Financial Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Details) (USD $)
In Millions, unless otherwise specified

Jun. 30, 2011

Dec. 31, 2010

May 31, 2010

$ 1,417

^[1]

$ 4,037

^[1]

Financial Assets Measured at Fair Value on a Recurring Basis

320

^[2]

253

^[2]

1,737

4,290

Financial Liabilities Measured at Fair Value on a Recurring Basis

1,417

^[1]

4,037

^[1]

1,417

4,037

Swedish government debt securities

295

Fair Value, Inputs, Level 1 [Member]

Financial Assets Measured at Fair Value on a Recurring Basis

320

^[2]

253

^[2]

320

253

Fair Value, Inputs, Level 2 [Member]

Financial Assets Measured at Fair Value on a Recurring Basis

1,417

^[1]

4,037

^[1]

1,417

4,037

Financial Liabilities Measured at Fair Value on a Recurring Basis

1,417

^[1]

4,037

^[1]

1,417

4,037

Fair Value, Inputs, Level 3 [Member]

^[1]

Financial Assets Measured at Fair Value on a Recurring Basis

^[2]

Financial Liabilities Measured at Fair Value on a Recurring Basis

^[1]

Trading Securities [Member]

295

220

Restricted Assets [Member]

233

190

Investment In Dubai Financial Market PJSC [Member]

Investment owned, percent of net assets

$ 25

$ 33

Investment In Dubai Financial Market PJSC [Member] | NASDAQ Dubai [Member]

1.00%

[1]

[2]

This item represents debt securities that are bought and held principally for the purpose of selling them in the near term (thus held for only a short period of time) or for debt securities formerly categorized as available-for-sale or held-to-maturity which the entity held as of the date it opted to account for such securities at fair value. An enterprise may also categorize such a security as trading without the intent to sell it in the near term assuming the decision to categorize the security as trading occurred at acquisition; this is the reason why the trading category of investments in debt securities are bought and sold "principally" for sale in the near term. Transfers into and out of the trading category should be rare. Such financial instruments that are held as of the reporting date are measured at fair value with unrealized holding gains and losses (the difference between fair value and the previously reported carrying amount) included in earnings.

+ References+ Details

Fair Value Of Financial Instruments (Schedule Of Fair Value Of Outstanding Derivative Positions) (Details) (USD $)
In Millions, unless otherwise specified

Jun. 30, 2011

Dec. 31, 2010

$ 1,577

$ 4,460

1,577

4,460

Commodity Forwards And Options [Member]

969

^[1],[2]

3,437

^[1],[2]

969

^[1],[2]

3,437

^[1],[2]

Fixed-Income Options And Futures [Member]

276

^[2],[3]

578

^[2],[3]

276

^[2],[3]

578

^[2],[3]

Stock Options And Futures [Member]

220

^[2],[3]

237

^[2],[3]

220

^[2],[3]

237

^[2],[3]

Index Options And Futures [Member]

112

^[2],[3]

208

^[2],[3]

$ 112

^[2],[3]

$ 208

^[2],[3]

[1]	We determine the fair value of our forward contracts using standard valuation models that are based on market-based observable inputs including LIBOR rates and the spot price of the underlying instrument.
[2]	We determine the fair value of our option contracts using standard valuation models that are based on market-based observable inputs including implied volatility, interest rates and the spot price of the underlying instrument.
[3]	We determine the fair value of our futures contracts based upon quoted market prices and average quoted market yields.

Derivative Financial Instruments And Hedging Activities (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended	6 Months Ended
	Mar. 31, 2010	Jun. 30, 2010	Dec. 31, 2009
Derivative Financial Instruments And Hedging Activities
Interest rate swap agreements that effectively converted senior credit facilities			$ 200
Interest rate swaps were in a net liability position			9
Reclassification adjustment for loss realized in net income on cash flow hedges	$ 9	$ 9

Commitments, Contingencies And Guarantees (Details) (USD $)	6 Months Ended	12 Months Ended
	Jun. 30, 2011	Dec. 31, 2010	Jan. 31, 2010
Credit facilities totaled			$ 950,000,000
Credit facility used	10,000,000
Other guarantees		24,000,000
Securities held as collateral, at fair value	8,000,000	8,000,000
Escrow agreements	23,000,000
NASDAQ OMX Commodities and NASDAQ OMX Stockholm [Member]
Customer collateral pledged to NASDAQ OMX in event of customer default	6,900,000,000	8,700,000,000
Other Guarantees [Member]
Contingent liability	0
Other guarantees	20,000,000
Performance Guarantee [Member]
Other guarantees	6,000,000
Wholly-Owned Subsidiary [Member]
Other guarantees	25,000,000
Cash collateral for borrowed securities	20,000,000	15,000,000
Brokerage Activities [Member]
Contingent liability	0
Clearinghouse Credit Facilities [Member]
Total credit facility	5,000,000
Credit facilities totaled	460,000,000	440,000,000
Line of credit facility, collateral amount	208,000,000	196,000,000
Credit facility satisfy regulatory requirements	$ 252,000,000	$ 244,000,000

Business Segments (Schedule Of Operating Segments) (Details) (USD $)

3 Months Ended

6 Months Ended

Jun. 30, 2011

Jun. 30, 2010

Jun. 30, 2011

Jun. 30, 2010

$ 838,000,000

$ 886,000,000

$ 1,655,000,000

$ 1,657,000,000

Revenues less transaction rebates, brokerage, clearance and exchange fees

(422,000,000)

(496,000,000)

(824,000,000)

(907,000,000)

416,000,000

390,000,000

831,000,000

750,000,000

Repayment of senior secured credit facilities

131,000,000

^[1]

146,000,000

^[2]

283,000,000

^[1]

235,000,000

^[3]

40,000,000

Repayments of Secured Debt

11,000,000

40,000,000

NEURO [Member]

(6,000,000)

Agora-X [Member]

(5,000,000)

Market Services [Member]

699,000,000

766,000,000

1,382,000,000

1,418,000,000

Revenues less transaction rebates, brokerage, clearance and exchange fees

(422,000,000)

(496,000,000)

(824,000,000)

(907,000,000)

277,000,000

270,000,000

558,000,000

511,000,000

123,000,000

^[1]

122,000,000

^[2]

247,000,000

^[1]

223,000,000

^[3]

Issuer Services [Member]

93,000,000

86,000,000

184,000,000

170,000,000

Revenues less transaction rebates, brokerage, clearance and exchange fees

93,000,000

86,000,000

184,000,000

170,000,000

32,000,000

^[1]

30,000,000

^[2]

63,000,000

^[1]

60,000,000

^[3]

Market Technology [Member]

46,000,000

34,000,000

89,000,000

68,000,000

Revenues less transaction rebates, brokerage, clearance and exchange fees

46,000,000

34,000,000

89,000,000

68,000,000

4,000,000

^[1]

3,000,000

^[2]

6,000,000

^[1]

5,000,000

^[3]

Corporate Items And Eliminations [Member]

1,000,000

Revenues less transaction rebates, brokerage, clearance and exchange fees

1,000,000