Default funds and margin deposits

196

^[1]

279

^[1]

Receivables, net

341

308

Deferred tax assets

204

Open clearing contracts:

Resale agreements, at contract value

1,566

3,745

Other current assets

126

110

Total current assets

1,410

6,581

Non-current restricted cash

105

Property and equipment, net

198

193

Non-current deferred tax assets

392

Goodwill

5,103

5,061

Intangible assets, net

1,625

1,648

Other non-current assets

119

Total assets

8,927

14,091

Current liabilities:

Accounts payable and accrued expenses

160

164

Section 31 fees payable to SEC

156

106

Accrued personnel costs

132

Deferred revenue

201

124

Other current liabilities

120

112

Deferred tax liabilities

Default funds and margin deposits

204

Open clearing contracts:

Repurchase agreements, at contract value

1,566

3,745

Current portion of debt obligations

Total current liabilities

987

6,038

Debt obligations

1,951

2,072

Non-current deferred tax liabilities

661

670

Non-current deferred revenue

160

154

Other non-current liabilities

198

171

Total liabilities

3,957

9,105

Commitments and contingencies

NASDAQ OMX stockholders' equity:

Common stock, $0.01 par value, 300,000,000 shares authorized, shares issued: 213,425,286 at June 30, 2012 and 213,398,111 at December 31, 2011; shares outstanding: 167,178,252 at June 30, 2012 and 173,552,939 at December 31, 2011

Preferred stock, 30,000,000 shares authorized, series A convertible preferred stock: shares issued: 1,600,000 at June 30, 2012 and December 31, 2011; shares outstanding: none at June 30, 2012 and December 31, 2011

Additional paid-in capital

3,797

3,793

Common stock in treasury, at cost: 46,247,034 shares at June 30, 2012 and 39,845,172 shares at December 31, 2011

(1,017)

(860)

Accumulated other comprehensive loss

(368)

(350)

Retained earnings

2,547

2,391

Total NASDAQ OMX stockholders' equity

4,961

4,976

Noncontrolling interests

Total equity

4,970

4,986

Total liabilities and equity

$ 8,927

$ 14,091

[1]

Primarily comprised of trading securities, mainly Swedish government debt securities, of $176 million as of June 30, 2012 and $261 million as of December 31, 2011. Of these securities, $90 million as of June 30, 2012 and $212 million as of December 31, 2011 are restricted assets to meet regulatory capital requirements primarily for clearing operations at NASDAQ OMX Nordic Clearing. This balance also includes our available-for-sale investment security in DFM of $20 million as of June 30, 2012 and $18 million as of December 31, 2011. See Note 6, "Investments," for further discussion of our trading investment securities and available-for-sale investment security.

Condensed Consolidated Balance Sheets (Parenthetical) (USD $)	Jun. 30, 2012	Dec. 31, 2011
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	300,000,000	300,000,000
Common stock, shares issued	213,425,286	213,398,111
Common stock, shares outstanding	167,178,252	173,552,939
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	46,247,034	39,845,172

Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation.

+ References+ Details

Condensed Consolidated Statements of Income (USD $)
In Millions, except Per Share data, unless otherwise specified

3 Months Ended

6 Months Ended

Jun. 30, 2012

Jun. 30, 2011

Jun. 30, 2012

Jun. 30, 2011

Revenues:

Market Services

$ 688

$ 699

$ 1,354

$ 1,382

Issuer Services

181

180

Market Technology

Brokerage, clearance and exchange fees

823

837

1,624

1,651

Cost of revenues:

Transaction rebates

(299)

(322)

(604)

(631)

(100)

(185)

(193)

Total cost of revenues

(399)

(422)

(789)

(824)

Revenues less transaction rebates, brokerage, clearance and exchange fees

424

415

835

827

Operating expenses:

Compensation and benefits

113

115

224

226

Marketing and advertising

Depreciation and amortization

Professional and contract services

Computer operations and data communications

Occupancy

Regulatory

Merger and strategic initiatives

Restructuring charges

General, administrative and other

Total operating expenses

249

257

489

486

Operating income

175

158

346

341

Interest income

Interest expense

(24)

(31)

(48)

(63)

Dividend and investment income

(1)

Asset impairment charges

(28)

(40)

Income from unconsolidated investees, net

Income before income taxes

125

^[1]

131

^[2]

262

^[3]

283

^[2]

Income tax provision

Net income

176

194

Net loss attributable to noncontrolling interests

Net income attributable to NASDAQ OMX

$ 93

$ 92

$ 178

$ 196

Per share information:

Basic earnings per share

$ 0.55

$ 0.52

$ 1.04

$ 1.11

Diluted earnings per share

$ 0.53

$ 0.51

$ 1.02

$ 1.09

Cash dividends declared per common share

$ 0.13

[1]	Corporate items and eliminations for the three months ended June 30, 2012 primarily include costs associated with impairment charges related to finite-lived intangible assets, restructuring charges and merger and strategic initiatives expense.
[2]	Corporate items and eliminations for the three and six months ended June 30, 2011 primarily include merger and strategic initiatives expense.
[3]	Corporate items and eliminations for the six months ended June 30, 2012 primarily include costs associated with impairment charges related to finite-lived intangible assets, restructuring charges, an other-than-temporary impairment charge related to our equity method investment in EMCF and merger and strategic initiatives expense.

Condensed Consolidated Statements of Comprehensive Income (USD $) In Millions, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011
Net income	$ 92	$ 91	$ 176	$ 194
Net unrealized holding gains (losses) on available-for-sale investment securities:
Unrealized holding gains (losses) arising during the period	(5)	(3)	2	(7)
Income tax benefit		1		3
Total	(5)	(2)	2	(4)
Foreign currency translation gains (losses):
Net foreign currency translation gains (losses)	(209)	23	(24)	299
Income tax benefit (expense)	64	(1)	4	(85)
Total	(145)	22	(20)	214
Total other comprehensive income (loss), net of tax	(150)	20	(18)	210
Comprehensive income (loss)	(58)	111	158	404
Comprehensive loss attributable to noncontrolling interests	1	1	2	2
Comprehensive income (loss) attributable to NASDAQ OMX	$ (57)	$ 112	$ 160	$ 406

Condensed Consolidated Statements of Cash Flows (USD $) In Millions, unless otherwise specified	6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011
Cash flows from operating activities:
Net income	$ 176	$ 194
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	51	53
Share-based compensation	22	17
Excess tax benefits related to share-based compensation	(1)	(6)
Provision for bad debts	4	1
Deferred income taxes	(36)	(21)
Non-cash restructuring charges	12
Asset impairment charges	40
Loss on asset retirements		1
Net income from unconsolidated investees		(1)
Accretion of debt discounts	1	8
Amortization of debt issuance costs	1	4
Other non-cash items included in net income	5
Net change in operating assets and liabilities, net of effects of acquisitions:
Receivables, net	(35)	(43)
Other assets	(18)	65
Accounts payable and accrued expenses	(8)	46
Section 31 fees payable to SEC	50	65
Accrued personnel costs	(65)	(37)
Deferred revenue	80	70
Other liabilities	39	14
Net cash provided by operating activities	318	430
Cash flows from investing activities:
Purchases of trading securities	(164)	(348)
Proceeds from sales and redemptions of trading securities	248	298
Acquisitions of businesses, net of cash and cash equivalents acquired	(57)	(2)
Purchases of property and equipment	(41)	(24)
Net cash used in investing activities	(14)	(76)
Cash flows from financing activities:
Payments of debt obligations	(122)	(120)
Cash paid for repurchase of common stock	(175)
Cash dividends	(22)
Issuances of common stock, net of treasury stock purchases	2	8
Excess tax benefits related to share-based compensation	1	6
Other financing activities	(1)	10
Net cash used in financing activities	(317)	(96)
Effect of exchange rate changes on cash and cash equivalents	(2)	5
Net increase (decrease) in cash and cash equivalents	(15)	263
Cash and cash equivalents at the beginning of period	506	315
Cash and cash equivalents at the end of period	491	578
Cash paid for:
Interest	40	36
Income taxes, net of refund	$ 79	$ 37

Organization and Nature of Operations

6 Months Ended

Jun. 30, 2012

Organization and Nature of Operations

1. Organization and Nature of Operations

We are a leading global exchange group that delivers trading, clearing, exchange technology, regulatory, 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, 2012, The NASDAQ Stock Market was home to 2,636 listed companies with a combined market capitalization of approximately $5.1 trillion. Also, in the U.S. we operate two additional cash equities trading markets, three 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, 2012, the exchanges that comprise NASDAQ OMX Nordic and NASDAQ OMX Baltic, together with NASDAQ OMX First North, were home to 759 listed companies with a combined market capitalization of approximately $0.9 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, together with Nord Pool Spot, 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

Jun. 30, 2012

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 condensed consolidated 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, 2011.

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. See Note 17, “Subsequent Events,” for further discussion.

Income Taxes

We use the asset and liability method to determine income taxes on all transactions recorded in the condensed consolidated financial statements. Deferred tax assets and liabilities are determined based on differences between the financial statement carrying amounts and the tax basis of existing assets and liabilities (i.e., temporary differences) and are measured at the enacted rates that will be in effect when these differences are realized. If necessary, a valuation allowance is established to reduce deferred tax assets to the amount that is more likely than not to be realized.

In order to recognize and measure our unrecognized tax benefits, management determines whether a tax position is more likely than not to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. Once it is determined that a position meets the recognition thresholds, the position is measured to determine the amount of benefit to be recognized in the condensed consolidated financial statements. Interest and/or penalties related to income tax matters are recognized in income tax expense.

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 year 2008. 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 2008-2011 and for the six months ended June 30, 2012, would total approximately $25 million. We expect the Finnish Appeals Board 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, 2012, we have recorded the tax benefits associated with the filing position.

Recently Adopted Accounting Pronouncements

In May 2011, 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,” which requires the categorization by level of the fair value hierarchy for items not measured at fair value on our Condensed Consolidated Balance Sheets, but for which the fair value is disclosed. This accounting guidance was effective for us on January 1, 2012. Since this guidance only required additional disclosure, it did not affect our financial position or results of operations.

In July 2012, the FASB issued amended guidance relating to FASB ASC Topic 350, “Intangibles–Goodwill and Other,” which permits an entity to first assess qualitative factors to determine whether it is more likely than not that an indefinite-lived intangible asset is impaired as a basis for determining whether it is necessary to perform the quantitative impairment test in accordance with ASC Topic 350. The more-likely-than-not threshold is defined as having a likelihood of more than 50 percent. If, after assessing the totality of events and circumstances, an entity concludes that it is not more likely than not that the indefinite-lived intangible asset is impaired, then no further action is required. This accounting guidance is effective for us on January 1, 2013 with early adoption permitted. Since this guidance only changes the manner in which we assess indefinite-lived intangible assets for impairment, it will not affect our financial position or results of operations. We are currently evaluating the timing of the adoption of this guidance.

The entire disclosure for all significant accounting policies of the reporting entity.

+ References+ Details

Restructuring Charges

6 Months Ended

Jun. 30, 2012

Restructuring Charges

3. Restructuring Charges

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


	Three Months Ended June 30, 2012		Six Months Ended June 30, 2012
	(in millions)
Severance	$	9	$	14
Facilities-related		5		5
Asset impairments		2		6
Other		1		1

Total restructuring charges	$	17	$	26

During the first quarter of 2012, we performed a comprehensive review of our processes, organizations and systems in a company-wide effort to improve performance, cut costs, and reduce spending. Through this initiative, we expect to generate substantial pre-tax savings through 2012 of approximately $25 million and annualized savings of $50 million.

During the second quarter of 2012, we recognized restructuring charges totaling $17 million, including severance costs of $9 million related to workforce reductions of 124 positions across our organization, $5 million of facility-related charges, discussed below, $2 million of asset impairments, primarily consisting of fixed assets and capitalized software which have been retired, and $1 million of other charges. During the first six months of 2012, we recognized restructuring charges totaling $26 million, including severance costs of $14 million related to workforce reductions of 162 positions across our organization, $5 million of facility-related charges, discussed below, $6 million of asset impairments, primarily consisting of fixed assets and capitalized software which have been retired, and $1 million of other charges. In connection with our restructuring activity we expect to incur approximately $9 million of additional restructuring charges through 2012, primarily relating to severance and facilities-related expenses.

Restructuring Reserve

Severance

The majority of severance relating to our restructuring will be paid during the second half of 2012. During the six months ended June 30, 2012, $8 million of severance was paid. The severance reserve balance, which totaled $6 million at June 30, 2012, is included in current liabilities in the Condensed Consolidated Balance Sheets.

Facilities-related

The facilities-related charge of $5 million relates to lease rent accruals for facilities we no longer occupy due to consolidating facilities as well as the write-off and the disposal of leasehold improvements and other assets. The lease rent costs included in the facilities-related charge are equal to the future costs associated with the facility, net of estimated proceeds from any future sublease agreements that could be reasonably obtained, based on management’s estimate. We will continue to evaluate these estimates in future periods, and thus, there may be additional charges or reversals relating to these facilities. The facilities-related restructuring reserve will be paid over several years until the leases expire. The facilities-related reserve balance, which totaled $2 million at June 30, 2012, is included in other current liabilities and other non-current liabilities in the Condensed Consolidated Balance Sheets.

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

+ References+ Details

Acquisitions

6 Months Ended

Jun. 30, 2012

Acquisitions

4. Acquisitions

2012 Acquisition

Acquisition of BWise Beheer B.V.


	Purchase Consideration		Total Net Liabilities Acquired			Purchased Intangible Assets		Goodwill
	(in millions)
BWise Beheer B.V.	$	77	$	(11	)	$	35	$	53

In May 2012, we acquired a 72% ownership interest in BWise Beheer B.V. and its subsidiaries, or BWise, a Netherlands-based service provider that offers enterprise governance, risk management and compliance software and services to help companies track, measure and manage key organizational risks for approximately $57 million in cash (47 million Euro). We have agreed to purchase the remaining 28% ownership interest in BWise in two separate transactions, resulting in 100% ownership by the first half of 2015 for a total purchase price of approximately $77 million (62 million Euro). We acquired net liabilities of $2 million and recorded a current deferred tax liability of $1 million and a non-current deferred tax liability of $8 million related to purchased intangible assets, resulting in total net liabilities acquired of $11 million. The purchased intangible assets totaling $35 million consisted of $23 million in customer relationships, $7 million in technology and $5 million in trade name. BWise is part of our Corporate Solutions business within our Issuer Services segment.

2011 Acquisitions

Acquisition of Glide Technologies


	Purchase Consideration		Total Net Liabilities Acquired			Purchased Intangible Assets		Goodwill
	(in millions)
Glide Technologies	$	22	$	(2	)	$	4	$	20

In October 2011, we acquired Glide Technologies Limited, or Glide Technologies, a London-based service provider specializing in corporate communications and reputation management solutions, for $22 million. We acquired net liabilities, at fair value, totaling $1 million and recorded a non-current deferred tax liability of $1 million related to purchased intangible assets, resulting in total net liabilities acquired of $2 million. The purchased intangible assets totaling $4 million consisted of technology and customer relationships. Glide Technologies is part of our Corporate Solutions business within our Issuer Services segment.

The amounts in the tables above for BWise and Glide 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 for Glide Technologies during the six months ended June 30, 2012.

Acquisition of the Business of RapiData

In December 2011, we acquired the business of RapiData LLC, a leading provider of machine-readable economic news to trading firms and financial institutions, for an immaterial amount. This acquisition allows us to deliver U.S. government and other economic news directly from the source to customers interested in receiving information in an electronic feed. This service is part of our Market Data business within our Market Services segment.

Pro Forma Results and Acquisition-related Costs

Pro forma results of operations for the acquisitions completed during 2012 and 2011 have not been presented since these acquisitions both individually and in the aggregate were not material to our financial results.

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

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

Goodwill and Purchased Intangible Assets

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+ Details

Goodwill and Purchased Intangible Assets

6 Months Ended

Jun. 30, 2012

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, 2012:


	Market Services			Issuer Services			Market Technology			Total
	(in millions)
Balance at December 31, 2011	$	4,602		$	306		$	153		$	5,061
Goodwill acquired		—			53			—			53
Foreign currency translation adjustment		(9	)		(1	)		(1	)		(11	)

Balance at June 30, 2012	$	4,593		$	358		$	152		$	5,103

As of June 30, 2012, the amount of goodwill that is expected to be deductible for tax purposes in future periods is $90 million.

The goodwill acquired for Issuer Services shown above relates to our acquisition of BWise in May 2012. See Note 4, “Acquisitions,” for further discussion.

Goodwill represents the excess of the purchase price over the value assigned to the net tangible and identifiable intangible assets of a business acquired. Goodwill is allocated to our reporting units based on the assignment of the fair values of each reporting unit of the acquired company. We 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 amount may be impaired. We test for impairment during the fourth quarter of our fiscal year using carrying amounts as of October 1. We considered the need to update our most recent annual goodwill impairment test as of June 30, 2012 and did not identify any impairment indicators that triggered a revised impairment analysis. As such, we concluded the assumptions used during the most recent annual assessment remained appropriate. There was no impairment of goodwill for the three and six months ended June 30, 2012 and 2011, however, events such as economic weakness or unexpected significant declines in operating results of a reporting unit may result in goodwill impairment charges in the future.

Purchased Intangible Assets

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


	June 30, 2012											December 31, 2011
	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	$	25		$	(6	)	$	19			6	$	42		$	(10	)	$	32			8
Customer relationships		865			(216	)		649			21		854			(196	)		658			21
Other		6			(2	)		4			9		6			(2	)		4			8
Foreign currency translation adjustment		(26	)		5			(21	)				(25	)		4			(21	)

Total finite-lived intangible assets	$	870		$	(219	)	$	651				$	877		$	(204	)	$	673

*Indefinite-Lived Intangible Assets*
Exchange and clearing registrations	$	790		$	—		$	790				$	790		$	—		$	790
Trade names		184			—			184					181			—			181
Licenses		78			—			78					78			—			78
Foreign currency translation adjustment		(78	)		—			(78	)				(74	)		—			(74	)

Total indefinite-lived intangible assets	$	974		$	—		$	974				$	975		$	—		$	975

Total intangible assets	$	1,844		$	(219	)	$	1,625				$	1,852		$	(204	)	$	1,648

Amortization expense for purchased finite-lived intangible assets was $13 million for the three months ended June 30, 2012 and $26 million for the six months ended June 30, 2012 compared to $13 million for the three months ended June 30, 2011 and $28 million for the six months ended June 30, 2011.

The estimated future amortization expense (excluding the impact of foreign currency translation adjustments of $21 million as of June 30, 2012) of purchased finite-lived intangible assets as of June 30, 2012 is as follows:


	(in millions)
2012⁽¹⁾	$	27
2013		50
2014		49
2015		47
2016		45
2017 and thereafter		454

Total	$	672

⁽¹⁾	Represents the estimated amortization to be recognized for the remaining six months of 2012.

Intangible Asset Impairment Charges

In the second quarter of 2012, we recorded non-cash intangible asset impairment charges totaling $28 million related to certain acquired finite-lived intangible assets associated with technology ($19 million), customer relationships ($6 million), and certain trade names ($3 million). These impairments resulted primarily from the replacement of certain acquired technology, as well as changes in the forecasted revenues associated with the acquired customer list of certain businesses. The fair value of technology and trademarks was determined using the income approach, specifically the relief from royalty method. The fair value of customer relationships was determined using the income approach, specifically the multi-period excess earnings method. These charges are recorded in asset impairment charges in the Condensed Consolidated Statements of Income. Of the total impairment charge recorded during the second quarter of 2012, $17 million related to our Market Services segment and $11 million related to our Market Technology segment. However, for segment reporting purposes, these charges were allocated to corporate items based on the decision that these charges should not be used to evaluate the segment’s operating performance.

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

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Investments

6 Months Ended

Jun. 30, 2012

Investments

6. Investments

Trading Securities

Trading securities, which are included in financial investments, at fair value in the Condensed Consolidated Balance Sheets, were $176 million as of June 30, 2012 and $261 million as of December 31, 2011. These securities are primarily comprised of Swedish government debt securities, of which $90 million as of June 30, 2012 and $212 million as of December 31, 2011 are restricted assets to meet regulatory capital requirements primarily for clearing operations at NASDAQ OMX Stockholm, or NASDAQ OMX Nordic Clearing.

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. The adjusted cost basis of this security was $18 million as of June 30, 2012 and December 31, 2011. The fair value of this investment as of June 30, 2012 was $20 million. The gross change of $2 million between the adjusted cost basis and fair value as of June 30, 2012 is reflected as an unrealized holding gain in accumulated other comprehensive loss in the Condensed Consolidated Balance Sheets, net of taxes.

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 $13 million as of June 30, 2012 and $27 million as of December 31, 2011, which consisted primarily of our equity interest in European Multilateral Clearing Facility N.V., or EMCF. 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 immaterial for both the three and six months ended June 30, 2012 and $1 million for both the three and six months ended June 30, 2011.

In the first quarter of 2012, we recorded a non-cash, other-than-temporary impairment charge on our equity investment in EMCF of $12 million due to a decline in operations at EMCF during the three months ended March 31, 2012. This loss is included in asset impairment charges in the Condensed Consolidated Statements of Income for the six months ended June 30, 2012.

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

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+ Details

Deferred Revenue

6 Months Ended

Jun. 30, 2012

Deferred Revenue

7. Deferred Revenue

Deferred revenue represents cash payments received that are yet to be recognized as revenue. At June 30, 2012, we estimate 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:
2012⁽¹⁾	$	7	$	18	$	103	$	29	$	157
2013		10		31		2		39		82
2014		8		20		—		28		56
2015		6		9		—		20		35
2016		4		1		—		15		20
2017 and thereafter		2		—		—		9		11

	$	37	$	79	$	105	$	140	$	361

⁽¹⁾	Represents deferred revenue that is anticipated to be recognized over the remaining six months of 2012.

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

The changes in our deferred revenue during the six months ended June 30, 2012 and 2011 are 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, 2012	$	39		$	86		$	25		$	128		$	278
Additions⁽¹⁾		5			12			182			57			256
Amortization⁽¹⁾		(7	)		(19	)		(102	)		(43	)		(171	)
Translation adjustment		—			—			—			(2	)		(2	)

Balance at June 30, 2012	$	37		$	79		$	105		$	140		$	361


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

⁽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 revenue includes 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.

The entire disclosure for deferred revenues at the end of the reporting period, and description and amounts of significant changes that occurred during the reporting period. Deferred revenue is a liability as of the balance sheet date related to a revenue producing activity for which revenue has not yet been recognized. Generally, an entity records deferred revenue when it receives consideration from a customer before achieving certain criteria that must be met for revenue to be recognized in conformity with GAAP.

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Debt Obligations

6 Months Ended

Jun. 30, 2012

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, 2012:


	December 31, 2011			Additions		Payments, Conversions, Accretion and Other			June 30, 2012
	(in millions)
3.75% convertible notes due October 22, 2012 (net of discount)⁽¹⁾	$	—		$	—	$	—		$	—
2.50% convertible senior notes due August 15, 2013⁽²⁾		88			—		1			89
4.00% senior unsecured notes due January 15, 2015 (net of discount)⁽³⁾		399			—		—			399
5.55% senior unsecured notes due January 15, 2020 (net of discount)⁽³⁾		598			—		—			598
5.25% senior unsecured notes due January 16, 2018 (net of discount)⁽³⁾		367			—		—			367
$1.2 billion senior unsecured five-year credit facility:
$450 million senior unsecured term loan facility credit agreement due September 19, 2016 (average interest rate of 1.63% for the period January 1, 2012 through June 30, 2012)⁽⁴⁾		439			—		(22	)		417
$750 million revolving credit commitment due September 19, 2016 (average interest rate of 1.43% for the period January 1, 2012 through June 30, 2012)⁽⁴⁾		226			—		(100	)		126

Total debt obligations		2,117			—		(121	)		1,996
Less current portion		(45	)		—		—			(45	)

Total long-term debt obligations	$	2,072		$	—	$	(121	)	$	1,951

⁽¹⁾

As of December 31, 2011, approximately $0.5 million aggregate principal amount of the 3.75% convertible notes remained outstanding. In June 2012, all of the remaining aggregate principal amount of the 3.75% convertible notes outstanding were converted into 34,482 shares of common stock in accordance with the terms of the notes.

⁽²⁾	See “2.50% Convertible Senior Notes” below for further discussion.

⁽³⁾	See “Senior Unsecured Notes” below for further discussion.

⁽⁴⁾	See “2011 Credit Facility” 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 August 15, 2013, or the 2013 Convertible Notes. The interest rate on the notes is 2.50% per annum payable semi-annually in arrears on February 15 and August 15.

The 2013 Convertible 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 as of June 30, 2012, subject to adjustment in certain events including cash dividends, is 18.2478 shares of common stock per $1,000 principal amount of notes, which is equivalent to a conversion price of approximately $54.80 per share of common stock. As of June 30, 2012, the remaining aggregate principal amount outstanding of the 2013 Convertible Notes is convertible into 1,696,734 shares of our common stock. The conversion rate as of December 31, 2011, subject to adjustment in certain events, was 18.1386 shares of common stock per $1,000 principal amount of notes, which was equivalent to a conversion price of approximately $55.13 per share of common stock. As of December 31, 2011, the remaining aggregate principal amount outstanding of the 2013 Convertible Notes was convertible into 1,686,577 shares of our common stock. 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.

Liability and Equity Components

Since the settlement structure of the 2013 Convertible 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 the 2013 Convertible Notes during the six months ended June 30, 2012 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, 2011	$	93	$	5		$	88	$	71	$	32	$	39
Accretion of debt discount		—		(1	)		1		—		—		—

June 30, 2012	$	93	$	4		$	89	$	71	$	32	$	39

The unamortized debt discount on the 2013 Convertible Notes was $4 million as of June 30, 2012 and $5 million as of December 31, 2011 and is included in debt obligations in the Condensed Consolidated Balance Sheets. The remaining amount of $4 million will be accreted as part of interest expense through August 15, 2013, the maturity date of the convertible debt. The effective annual interest rate on the 2013 Convertible Notes was 6.53% for both the three and six months ended June 30, 2012 and 2011, which includes the accretion of the debt discount in addition to the annual contractual interest rate of 2.50%.

The equity component of the convertible debt is included in additional paid-in capital in the Condensed Consolidated Balance Sheets and was $39 million at June 30, 2012 and December 31, 2011.

Interest Expense

Interest expense recognized on the 2013 Convertible Notes in the Condensed Consolidated Statements of Income for the three and six months ended June 30, 2012 and 2011 is as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2012		2011		2012		2011
	(in millions)
Components of interest expense recognized on the 2013 Convertible Notes
Accretion of debt discount	$	—	$	3	$	1	$	7
Contractual interest		1		3		2		5

Total interest expense recognized on the 2013 Convertible Notes	$	1	$	6	$	3	$	12

Senior Unsecured Notes

4.00% and 5.55% Senior Unsecured Notes

In January 2010, NASDAQ OMX issued $1 billion of senior unsecured notes, or 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, 2012, 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 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.

Debt Issuance Costs

We incurred debt issuance and other costs of $8 million in connection with the issuance of the 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 obligations. Amortization expense, which is recorded as additional interest expense for these costs, was immaterial for both the three months ended June 30, 2012 and 2011 and $1 million for both the six months ended June 30, 2012 and 2011.

5.25% Senior Unsecured Notes

In December 2010, NASDAQ OMX issued $370 million of 5.25% senior unsecured notes due January 16, 2018, or the 2018 Notes. The 2018 Notes were issued at a discount. As a result of the discount, the proceeds received from the issuance were less than the aggregate principal amount. As of June 30, 2012, 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 such rate 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 indentures), the terms require us to repurchase all or part of each holder’s notes for cash equal to 101% of the aggregate principal amount purchased plus accrued and unpaid interest, if any.

Credit Facilities

2011 Credit Facility

In September 2011, NASDAQ OMX entered into a $1.2 billion senior unsecured five-year credit facility which matures on September 19, 2016, or the 2011 Credit Facility. The 2011 Credit Facility consists of a $450 million funded term loan, or the 2016 Term Loan, and a $750 million revolving credit commitment (including a swingline facility and letter of credit facility). NASDAQ OMX applied the $450 million in proceeds from the 2016 Term Loan to repay in full and terminate the remaining $450 million principal amount outstanding on our former credit facility.

In March 2012, we made an optional prepayment of $100 million on the revolving credit commitment portion of the 2011 Credit Facility. As a result, availability under the revolving credit commitment was $624 million as of June 30, 2012.

The loans under the 2011 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 the 2011 Credit Facility, we are required to pay quarterly principal payments equal to 2.50% of the aggregate original principal amounts borrowed under the 2016 Term Loan. In the first six months of 2012, we made required quarterly principal payments totaling $22 million on our 2016 Term Loan.

The 2011 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. Our credit facilities allow us to pay cash dividends on our common stock as long as certain leverage ratios are maintained. The 2011 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 2011 Credit Facility at any time, in whole or in part, without penalty. We are also required to repay loans outstanding under the 2011 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 Costs

We incurred debt issuance and other costs of $5 million in connection with the entry into the 2011 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 2011 Credit Facility. Amortization expense, which is recorded as additional interest expense for these costs, was immaterial for the three and six months ended June 30, 2012.

Other Credit Facilities

In addition to the revolving credit commitment under our 2011 Credit Facility discussed above, we have credit facilities related to our clearinghouses in order to meet liquidity and regulatory requirements. At June 30, 2012, these credit facilities, which are available in multiple currencies, primarily Swedish Krona and U.S. dollars, totaled $262 million ($204 million in available liquidity and $58 million to satisfy regulatory requirements), none of which was utilized. At December 31, 2011, these facilities totaled $447 million ($206 million in available liquidity and $241 million to satisfy regulatory requirements), none of which was utilized.

Debt Covenants

At June 30, 2012, we were in compliance with the covenants of all of our debt obligations.

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

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Employee Benefits

6 Months Ended

Jun. 30, 2012

Employee Benefits

9. Employee Benefits

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

We maintain non-contributory, defined-benefit pension plans, non-qualified supplemental executive retirement plans, or SERPs, for certain senior executives and post-retirement benefit plans for eligible employees in the U.S., collectively referred to as the NASDAQ 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 benefits 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,
	2012			2011			2012			2011
	(in millions)
Components of net periodic benefit cost
Interest cost	$	2		$	2		$	3		$	3
Expected return on plan assets		(2	)		(1	)		(3	)		(2	)
Recognized net actuarial loss		1			—			2			1

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

Non-U.S. Benefit Plans

Most employees outside the U.S. are covered by local retirement plans or by applicable social laws. Benefits under social laws are generally expensed in the periods in which the costs are incurred. These costs are included in compensation and benefits expense in the Condensed Consolidated Statements of Income and were $4 million for both the three months ended June 30, 2012 and 2011, $8 million for the six months ended June 30, 2012 and $7 million for the six months ended June 30, 2011.

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, 2012 and 2011, $3 million for the six months ended June 30, 2012, and $2 million for the six months ended June 30, 2011.

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, if we meet 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, 2012 and 2011, $1 million for the six months ended June 30, 2012, and $2 million for the six months ended June 30, 2011.

Employee Stock Purchase Plan

We have an employee stock purchase plan, or ESPP, under which approximately 3.4 million shares of our common stock have been reserved for future issuance as of June 30, 2012.

Our ESPP allows eligible U.S. and non-U.S. employees to purchase a limited number of shares of our common stock at six-month intervals, called offering periods, at 85.0% of the lower of the fair market value on the first or the last day of each offering period. The 15.0% discount given to our employees is included in compensation and benefits expense in the Condensed Consolidated Statements of Income and was immaterial for both the three months ended June 30, 2012 and 2011 and $1 million for both the six months ended June 30, 2012 and 2011.

Share-Based Compensation

6 Months Ended

Jun. 30, 2012

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 three- 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.

In March 2012, our board of directors approved a new performance-based long-term incentive program for our chief executive officer, executive vice presidents and senior vice presidents that will focus on total shareholder return, or TSR. This program will represent 100% of our chief executive officer’s and executive vice presidents’ long-term stock-based compensation and 50% of our senior vice presidents’ long-term stock-based compensation. Under the program, each individual will receive PSUs with a three-year cumulative performance period beginning in 2012. Performance will be determined by comparing NASDAQ OMX’s TSR to two peer groups, each weighted 50%. The first peer group consists of 13 exchange companies, and the second peer group consists of all companies in the Standard & Poor 500 Index. NASDAQ OMX’s relative performance ranking against each of these groups will determine the final number of shares delivered to each individual under the program. The maximum payout will be 200% of the number of PSUs granted if NASDAQ OMX ranks at the 85th percentile of both peer groups. However, if NASDAQ OMX’s TSR is negative for the three-year performance period, regardless of TSR ranking, the payout will not exceed 100% of the number of PSUs granted. We estimate the fair value of PSU’s granted under the TSR program using the Monte Carlo simulation model, as these awards contain a market condition.

Summary of 2012 Equity Awards

In May 2012, we granted restricted stock to most active employees. The restricted stock granted included a performance-based accelerated vesting feature based on achievement of specific levels of corporate performance, as described above.

Also in May 2012, certain executive officers received grants of 1,062,943 PSUs. Of these PSUs granted, 696,719 units are subject to the performance and vesting under the TSR program discussed above and the remaining 366,224 units are subject to a one year performance period and generally vest ratably on an annual basis on December 31, 2013 through December 31, 2015.

During 2011, certain grants of PSUs with a one-year performance period exceeded the applicable performance parameters. As a result, an additional 251,224 units were considered granted during the first six months of 2012. In addition, certain grants of PSUs issued in 2009 with a three-year performance period exceeded the applicable performance parameters. As a result, an additional 40,000 units were considered granted in February 2012.

Common Shares Available Under Our Equity Incentive Plan

As of June 30, 2012, we had approximately 3.9 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, 2012 and 2011 in the Condensed Consolidated Statements of Income:


	Three Months Ended June 30,						Six Months Ended June 30,
	2012			2011			2012			2011
	(in millions)
Share-based compensation expense before income taxes	$	12		$	10		$	22		$	17
Income tax benefit		(5	)		(4	)		(9	)		(7	)

Share-based compensation expense after income taxes	$	7		$	6		$	13		$	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,
	2012⁽¹⁾		2011			2012⁽¹⁾		2011
Expected life (in years)		—		5			—		5
Weighted-average risk free interest rate		—		1.85	%		—		2.16	%
Expected volatility		—		27.0	%		—		27.0	%
Dividend yield		—		—			—		—
Weighted-average fair value at grant date	$	—	$	6.95		$	—	$	7.06

⁽¹⁾	No stock option awards were granted during the three and six months ended June 30, 2012.

Our computation of expected life was 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 was based on a market-based implied volatility. In June 2012, we paid an initial quarterly cash dividend of $0.13 per share on our outstanding common stock. Prior to this dividend, 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, 2012 is as follows:


	Number of Stock Options⁽¹⁾			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term		Aggregate Intrinsic Value
						(in years)		(in millions)
Outstanding at January 1, 2012		9,924,035		$	18.33		5.3	$	78

Exercised		(159,117	)		10.04
Forfeited or expired		(254,296	)		22.84

Outstanding at June 30, 2012		9,510,622		$	18.35		4.7	$	64

Exercisable at June 30, 2012		5,656,582		$	15.15		2.8	$	60

⁽¹⁾	No stock option awards were granted during the six months ended June 30, 2012.

We received net cash proceeds of $1 million from the exercise of 58,818 stock options for the three months ended June 30, 2012 and received net cash proceeds of $2 million from the exercise of 159,117 stock options for the six months ended June 30, 2012. 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 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 29, 2012 of $22.67 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 $22.67 as of June 29, 2012, 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, 2012 was 4.4 million.

As of June 30, 2011, 5.2 million outstanding stock options were exercisable and the weighted-average exercise price was $13.60.

Total fair value of stock options vested was immaterial for both the three and six months ended June 30, 2012 and 2011. The total pre-tax intrinsic value of stock options exercised was $1 million for the three months ended June 30, 2012, $8 million for the three months ended June 30, 2011, $2 million for the six months ended June 30, 2012, and $14 million for the six months ended June 30, 2011.

At June 30, 2012, $9 million of total unrecognized compensation cost related to stock options is expected to be recognized over a weighted-average period of 1.3 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, 2012:


	Restricted Stock					PSUs
	Number of Awards			Weighted- Average Grant Date Fair Value		Number of Awards			Weighted- Average Grant Date Fair Value
Unvested balances at January 1, 2012		3,371,333		$	23.10		1,315,180		$	23.33
Granted		1,410,705	⁽¹⁾		23.63		1,354,167	⁽²⁾		23.77
Vested		(697,863	)		21.93		(120,000	)		23.82
Forfeited		(222,815	)		23.13		(71,347	)		23.16

Unvested balances at June 30, 2012		3,861,360		$	23.44		2,478,000		$	23.55

⁽¹⁾	Primarily reflects our company-wide equity grant issued in May 2012, as discussed above.

⁽²⁾	PSUs granted in 2012 reflect awards issued to certain officers, as described above.

At June 30, 2012, $80 million of total unrecognized compensation cost related to restricted stock and PSUs is expected to be recognized over a weighted-average period of 1.9 years.

Earnings Per Common Share

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

+ References+ Details

Earnings Per Common Share

6 Months Ended

Jun. 30, 2012

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,
	2012		2011		2012		2011
	(in millions, except share and per share amounts)
Numerator:
Net income attributable to common shareholders	$	93	$	92	$	178	$	196

Denominator:
Weighted-average common shares outstanding for basic earnings per share		169,352,207		176,648,140		171,157,501		176,372,002

Weighted-average effect of dilutive securities:
Employee equity awards		4,076,682		3,835,658		3,952,180		3,755,620
3.75% convertible notes⁽¹⁾		28,419		34,482		31,451		34,482

Weighted-average common shares outstanding for diluted earnings per share		173,457,308		180,518,280		175,141,132		180,162,104

Basic and diluted earnings per share:
Basic earnings per share	$	0.55	$	0.52	$	1.04	$	1.11

Diluted earnings per share	$	0.53	$	0.51	$	1.02	$	1.09

⁽¹⁾	In June 2012, the remaining $0.5 million of our 3.75% convertible notes outstanding was converted into 34,482 shares of common stock in accordance with the terms of the notes.

Stock options to purchase 9,510,622 shares of common stock and 6,339,360 shares of restricted stock and PSUs were outstanding at June 30, 2012. For the three months ended June 30, 2012, we included 6,213,454 of the outstanding stock options and 5,389,031 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, 2012, we included 6,214,754 of the outstanding stock options and 4,646,221 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.

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 were 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, 2012 and 2011, all of the shares underlying the outstanding 3.75% convertible notes were included in the computation of diluted earnings per share on a weighted-average basis, 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, 2012 and 2011, 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.

NASDAQ OMX Stockholders' Equity

The entire disclosure for earnings per share.

+ References+ Details

NASDAQ OMX Stockholders' Equity

6 Months Ended

Jun. 30, 2012

12. NASDAQ OMX Stockholders’ Equity

Common Stock

At June 30, 2012, 300,000,000 shares of our common stock were authorized, 213,425,286 shares were issued, and 167,178,252 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.

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 46,247,034 shares of common stock in treasury as of June 30, 2012 and 39,845,172 shares as of December 31, 2011.

Share Repurchase Program

In the fourth quarter of 2011, our board of directors approved a share repurchase program authorizing NASDAQ OMX to repurchase in the aggregate up to $300 million of our outstanding common stock. In the third quarter of 2012, our board of directors authorized the repurchase of up to an additional $300 million of our outstanding common stock. These purchases may be made from time to time at prevailing market prices in open market purchases, privately-negotiated transactions, block purchase techniques or otherwise, as determined by our management. The purchases are funded from existing cash balances. The share repurchase program may be suspended, modified or discontinued at any time. During the first half of 2012, we repurchased 7,270,058 shares of our common stock at an average price of $24.07, for an aggregate purchase price of $175 million. The shares repurchased under the share repurchase program are available for general corporate purposes. The remaining authorized amount for share repurchases under this program was $25 million as of June 30, 2012.

Other Repurchases of Common Stock

For the six months ended June 30, 2012, we repurchased 290,261 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, 2012 and December 31, 2011, 1,600,000 shares of series A convertible preferred stock were issued and none were outstanding.

Cash Dividends on Common Stock

During the six months ended June 30, 2012, our board of directors declared the following cash dividends:

Declaration Date

Dividend
Per Common
Share

Record Date

Total Amount⁽¹⁾

Payment Date

(in millions)

April 23, 2012

0.13

June 15, 2012

June 29, 2012

⁽¹⁾	This amount was recorded in retained earnings in the Condensed Consolidated Balance Sheets at June 30, 2012.

In July 2012, pursuant to delegated authority, the finance committee of the board of directors declared a regular quarterly cash dividend of $0.13 per share on our outstanding common stock. The dividend is payable on September 28, 2012 to shareholders of record at the close of business on September 14, 2012. Future declarations of quarterly dividends and the establishment of future record and payment dates are subject to approval by the board of directors.

The entire disclosure for shareholders' equity, comprised of portions attributable to the parent entity and noncontrolling interest, if any, including other comprehensive income (as applicable). Including, but not limited to: (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.

Fair Value of Financial Instruments

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+ Details

Fair Value of Financial Instruments

6 Months Ended

Jun. 30, 2012

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 as of June 30, 2012 and December 31, 2011.


	June 30, 2012
	Total		Level 1		Level 2		Level 3
	(in millions)
Financial Assets Measured at Fair Value on a Recurring Basis
Financial investments, at fair value⁽¹⁾	$	196	$	196	$	—	$	—
Default fund investments⁽²⁾		159		159		—		—

Total	$	355	$	355	$	—	$	—


	December 31, 2011
	Total		Level 1		Level 2		Level 3
	(in millions)
Financial Assets Measured at Fair Value on a Recurring Basis
Derivative positions, at fair value⁽³⁾	$	1,566	$	—	$	1,566	$	—
Financial investments, at fair value⁽¹⁾		279		279		—		—

Total	$	1,845	$	279	$	1,566	$	—


Financial Liabilities Measured at Fair Value on a Recurring Basis
Derivative positions, at fair value⁽³⁾	$	1,566	$	—	$	1,566	$	—

Total	$	1,566	$	—	$	1,566	$	—

⁽¹⁾

Primarily comprised of trading securities, mainly Swedish government debt securities, of $176 million as of June 30, 2012 and $261 million as of December 31, 2011. Of these securities, $90 million as of June 30, 2012 and $212 million as of December 31, 2011 are restricted assets to meet regulatory capital requirements primarily for clearing operations at NASDAQ OMX Nordic Clearing. This balance also includes our available-for-sale investment security in DFM of $20 million as of June 30, 2012 and $18 million as of December 31, 2011. See Note 6, “Investments,” for further discussion of our trading investment securities and available-for-sale investment security.

⁽²⁾

In March 2012, NASDAQ OMX Nordic Clearing implemented member sponsored default funds. Default fund contributions may include cash contributions which can be invested by NASDAQ OMX Nordic Clearing, in accordance with its investment policy, either in highly rated government debt securities or reverse repurchase agreements with highly rated government debt securities as collateral. As of June 30, 2012, $159 million of cash contributions have been invested in highly rated government debt securities. See Note 14, “Clearing Operations,” for further discussion of default fund contributions.

⁽³⁾

Prior to the new clearing structure, discussed in Note 14, “Clearing Operations,” these amounts represented net amounts associated with our clearing operations in the derivative markets with NASDAQ OMX Nordic Clearing. Receivables and payables attributable to outstanding derivative positions were netted to the extent that such a legal offset right existed and, at the same time, that it was NASDAQ OMX Nordic Clearing’s intention to settle these items. See “Derivative Positions, at Fair Value and Resale and Repurchase Agreements, at Contract Value Prior to March 2012,” of Note 14, “Clearing Operations,” for further discussion. The new clearing structure significantly changed the nature and extent of the risk of loss to NASDAQ OMX Nordic Clearing in the event of a member default. Since the risk of loss will now be shared amongst clearing members, beginning in March 2012, we no longer record these derivative positions in the Condensed Consolidated Balance Sheets.

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. Based on borrowing rates currently available to us for debt with similar terms and maturities, the fair value of our debt utilizing discounted cash flow analyses was $2.2 billion at June 30, 2012 and $2.3 billion at December 31, 2011, and is categorized as level 2 in the fair value hierarchy. For further discussion of our debt obligations, see Note 8, “Debt Obligations.”

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

Commitments, Contingencies and Guarantees

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+ Details

Clearing Operations

6 Months Ended

Jun. 30, 2012

Clearing Operations

14. Clearing Operations

Nordic Clearing

NASDAQ OMX Nordic Clearing is authorized and supervised as a European multi-asset clearinghouse by the Swedish Financial Supervisory Authority, or SFSA, and is authorized to conduct clearing operations in Norway by the Norwegian Ministry of Finance. The clearinghouse acts as the central counterparty for exchange and OTC trades in equity derivatives, fixed income derivatives, physical power, power derivatives, carbon derivatives, and resale and repurchase contracts.

Through our clearing operations in the financial markets, which include the resale and repurchase market, and the commodities markets, NASDAQ OMX Nordic Clearing is the legal counterparty for, and guarantees the fulfillment of, each contract cleared. These contracts are not used by NASDAQ OMX Nordic Clearing for the purpose of trading on its own behalf. As the legal counterparty of each transaction, NASDAQ OMX Nordic Clearing bears the counterparty risk between the purchaser and seller in the contract. In its guarantor role, NASDAQ OMX Nordic Clearing has precisely equal and offsetting claims to and from clearing members on opposite sides of each contract, standing as an intermediary on every contract cleared. In accordance with the rules and regulations of NASDAQ OMX Nordic Clearing, clearing members’ open positions are aggregated to create a single portfolio for which default fund and margin collateral requirements are calculated. See “Default Fund Contributions” and “Margin Collateral” below for further discussion of NASDAQ OMX Nordic Clearing’s default fund and margin requirements.

In anticipation of new regulations proposed by the European Market Infrastructure Regulation, NASDAQ OMX Nordic Clearing implemented three member sponsored default funds in March 2012: one related to financial markets, one related to commodities markets, and a mutualized fund. Under this new regulatory structure, NASDAQ OMX Nordic Clearing and its clearing members must contribute to the total regulatory capital related to the clearing operations of NASDAQ OMX Nordic Clearing. This structure applies an initial separation of default fund contributions for the financial and commodities markets in order to create a buffer for each market’s counterparty risks. Simultaneously, a mutualized default fund provides capital efficiencies to NASDAQ OMX Nordic Clearing with regard to total regulatory capital required. See “Default Fund Contributions” below for further discussion of NASDAQ OMX Nordic Clearing’s default fund. A power of assessment and liability waterfall have also been implemented in anticipation of the new regulations. See “Power of Assessment” and “Liability Waterfall” below for further discussion. These new requirements ensure the alignment of risk between NASDAQ OMX Nordic Clearing and its clearing members.

Prior to March 2012, NASDAQ OMX Nordic Clearing did not maintain a default fund to which clearing members contributed capital and did not enforce loss sharing assessments amongst members. Therefore, in a default situation where the capital provided by the defaulting member was insufficient to cover its losses, only NASDAQ OMX Nordic Clearing’s own risk-bearing capital was at risk and not that of the non-defaulting members. See “Derivative Positions, at Fair Value and Resale and Repurchase Agreements, at Contract Value Prior to March 2012” below for further discussion.

Default Fund Contributions

Contributions made to the default funds are proportional to the exposures of each clearing member. When a clearing member is active in both the financial and commodities markets, contributions must be made to both markets’ default funds. Clearing members’ eligible contributions may include cash and non-cash contributions. Cash contributions received are invested by NASDAQ OMX Nordic Clearing, in accordance with its investment policy, either in highly rated government debt securities or reverse repurchase agreements with highly rated government debt securities as collateral. Clearing members’ cash contributions are included in default funds and margin deposits in the Condensed Consolidated Balance Sheets as both a current asset and a current liability. Non-cash contributions include highly rated government debt securities that must meet specific criteria approved by NASDAQ OMX Nordic Clearing. Non-cash contributions are pledged assets that are not recorded in the Condensed Consolidated Balance Sheets as NASDAQ OMX does not take legal ownership of these assets and the risks and rewards remain with the clearing members. These balances may fluctuate over time due to changes in the amount of deposits required and whether members choose to provide cash or non-cash contributions. Pursuant to clearing member agreements, we pay interest on cash deposits to clearing members. Assets pledged are held at a nominee account in NASDAQ OMX Nordic Clearing’s name for the benefit of the clearing members and are immediately accessible by NASDAQ OMX Nordic Clearing in the event of a default.

As of June 30, 2012, clearing member default fund contributions were as follows:


	June 30, 2012
	Cash Contributions⁽¹⁾		Non-Cash Contributions		Total Contributions
	(in millions)

Default fund contributions	$	162	$	18	$	180

⁽¹⁾	As of June 30, 2012, in accordance with its investment policy, NASDAQ OMX Nordic Clearing has invested $159 million of cash contributions in highly rated government debt securities. The remaining balance of $3 million is held in cash.

In addition to clearing members’ required contributions to the default funds, NASDAQ OMX Nordic Clearing is also required to contribute capital to the default funds as specified under its clearinghouse rules. As of June 30, 2012, NASDAQ OMX Nordic Clearing committed capital totaling $54 million to the member sponsored default funds, in the form of government debt securities, which are recorded as financial investments, at fair value in the Condensed Consolidated Balance Sheets. The combined regulatory capital of the clearing members and NASDAQ OMX Nordic Clearing will serve to secure the obligations of a clearing member and may be used to cover losses sustained by a clearing member in the event of a default.

Other Capital Contributions by NASDAQ OMX Nordic Clearing

NASDAQ OMX Nordic Clearing maintains a $58 million credit facility which may be utilized in certain situations to satisfy regulatory requirements. As of June 30, 2012, NASDAQ OMX Nordic Clearing committed $8 million of this credit facility to satisfy its regulatory requirements under its default fund structure.

Margin Collateral

NASDAQ OMX Nordic Clearing requires all clearing members to provide collateral, which may consist of cash and eligible securities, in a pledged bank account and/or an on-demand guarantee, to guarantee performance on the clearing members’ open positions, or initial margin. In addition, clearing members must also provide collateral to cover the daily margin call as needed, which is in addition to the initial margin. All collateral is maintained at a third-party custodian bank for the benefit of the clearing members and is immediately accessible by NASDAQ OMX Nordic Clearing in the event of a default. The pledged margin collateral is not recorded in our Condensed Consolidated Balance Sheets as all risks and rewards of collateral ownership, including interest, belong to the counterparty. Clearing members pledged margin collateral was $5.5 billion as of June 30, 2012 and $5.0 billion as of December 31, 2011.

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

In the first half of 2013, NASDAQ OMX Nordic Clearing will implement a new collateral process. NASDAQ OMX Nordic Clearing will maintain all cash deposits related to margin collateral and these cash deposits in default funds and margin deposits will be included in the Condensed Consolidated Balance Sheets as both a current asset and a current liability, as NASDAQ OMX Nordic Clearing will assume the risks and rewards of collateral ownership. In addition to cash, clearing members may also contribute eligible pledged assets consisting of highly rated government debt securities that must meet the specific criteria approved by NASDAQ OMX Nordic Clearing and/or an on-demand guarantee. These pledged assets will not be recorded in our Condensed Consolidated Balance Sheets as NASDAQ OMX Nordic Clearing will not take legal ownership of these assets as the risks and rewards will remain with the clearing members. Assets pledged will be held at a nominee account in NASDAQ OMX Nordic Clearing’s name for the benefit of the clearing members and will be immediately accessible by NASDAQ OMX Nordic Clearing in the event of a default.

Regulatory Capital and Risk Management Calculations

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

As mentioned above, NASDAQ OMX Nordic Clearing is the legal counterparty for each contract traded and thereby guarantees the fulfillment of each contract. NASDAQ OMX Nordic Clearing accounts for this guarantee as a performance guarantee. We determine the fair value of the performance guarantee by considering daily settlement of contracts and other margining and default fund requirements, the risk management program, historical evidence of default payments, and the estimated probability of potential default payouts. The calculation is determined using proprietary risk management software that simulates gains and losses based on historical market prices, extreme but plausible market scenarios, volatility and other factors present at that point in time for those particular unsettled contracts. Based on this analysis, the estimated liability was nominal and no liability was recorded as of June 30, 2012.

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


	June 30, 2012
	(in millions)
Commodity forwards and options^(1) (2)	$	1,378
Fixed-income options and futures^(2) (3)		435
Stock options and futures^(2) (3)		167
Index options and futures^(2) (3)		91

Total	$	2,071

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

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

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

The total number of derivative contracts cleared through NASDAQ OMX Nordic Clearing for the six months ended June 30, 2012 was as follows:


	Number of Cleared Contracts

Commodity forwards and options⁽¹⁾		468,040
Fixed-income options and futures		19,602,663
Stock options and futures		14,910,191
Index options and futures		22,565,321

Total		57,546,215

⁽¹⁾	The total volume in cleared power related to commodity contracts was 867 Terawatt hours (TWh).

The contract value of resale and repurchase agreements as of June 30, 2012 was $5.0 billion and the total number of contracts cleared for the six months ended June 30, 2012 was 1,864,474.

Power of Assessment

To further strengthen the contingent financial resources of the clearinghouse, NASDAQ OMX Nordic Clearing has power of assessment that provides the ability to collect additional funds from its clearing members to cover a defaulting member’s remaining obligations up to the limits established under the terms of the clearinghouse rules. The power of assessment corresponds to 100% of the clearing member’s contribution to the financial markets and commodities markets default funds.

Liability Waterfall

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

•

junior capital contributed by NASDAQ OMX Nordic Clearing, which totaled $14 million at June 30, 2012;

•

specific market default fund where the loss occurred, either financial or commodities market, which includes capital contributions of both the clearing members and NASDAQ OMX Nordic Clearing on a pro-rata basis;

•

senior capital contributed by NASDAQ OMX Nordic Clearing, calculated in accordance with clearinghouse rules to be $22 million at June 30, 2012; and

•

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

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

Derivative Positions, at Fair Value and Resale and Repurchase Agreements, at Contract Value Prior to March 2012

The new clearing structure, discussed above, significantly changed the nature and extent of the risk of loss to NASDAQ OMX Nordic Clearing in the event of a member default. Since the full risk of loss to NASDAQ OMX Nordic Clearing will now be shared amongst clearing members, we no longer record derivative positions or resale and repurchase agreements in the Condensed Consolidated Balance Sheets.

Prior to the implementation of member sponsored default funds, NASDAQ OMX Nordic Clearing placed its own funds at risk and was the primary obligor that would bear the ultimate risk of counterparty default. As a result, the fair value of derivative contracts and the contract value of resale and repurchase agreements were 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 and resale and repurchase agreements were netted to the extent that such a legal offset right existed and, at the same time, that it was our intention to settle these items.

Our derivative positions, at fair value in the Condensed Consolidated Balance Sheets were $1,566 million at December 31, 2011. The following table presents the fair value of our outstanding derivative positions at December 31, 2011 prior to netting:


	December 31, 2011
	Asset		Liability
	(in millions)
Commodity forwards and options^(1) (2)	$	1,152	$	1,152
Fixed-income options and futures^(2) (3)		272		272
Stock options and futures^(2) (3)		197		197
Index options and futures^(2) (3)		137		137

Total	$	1,758	$	1,758

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

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

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

Our resale and repurchase agreements, at contract value in the Condensed Consolidated Balance Sheets were $3,745 million at December 31, 2011. The resale and repurchase agreements were recorded at their contractual amounts plus interest which approximated fair value, as the fair value of these items was 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 were fully collateralized. The resale and repurchase agreements generally mature in less than 30 days. For the margin collateral process, see “Margin Collateral” above.

U.S. Clearing

Similar to our clearing operations at NASDAQ OMX Nordic Clearing, through our clearing operations in the derivative markets with our majority-owned subsidiary International Derivatives Clearing Group, or IDCG (through International Derivatives Clearinghouse, LLC), as well as riskless principal trading at NASDAQ OMX Commodities Clearing Company, or NOCC, both IDCG and NOCC are the legal counterparties for each of their customer’s positions traded or cleared and thereby guarantee the fulfillment of each of their customer’s contracts. The derivatives are not used by the above entities for the purpose of trading on their own behalf.

We require market participants at IDCG and NOCC to meet certain minimum financial standards to mitigate the risk that 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 NOCC and IDCG, which was $42 million at June 30, 2012 and $9 million at December 31, 2011, is included in default funds and margin deposits as both a current asset and current liability in the Condensed Consolidated Balance Sheets, as the risks and rewards of collateral ownership, including interest income, belong to NOCC and IDCG. Additionally, NOCC is the beneficiary of letters of credit from banks meeting certain rating standards, which are posted on behalf of market participants in lieu of posting cash collateral. The aggregate amount of letters of credit in which NOCC is the beneficiary was $96 million at June 30, 2012 and $81 million at December 31, 2011. Clearing member cash contributed to IDCG’s guaranty fund was $8 million at December 31, 2011 and is included in default funds and margin deposits as both a current asset and current liability in the Condensed Consolidated Balance Sheets, as the risks and rewards of collateral ownership, including interest income, belong to IDCG.

As of June 30, 2012, NASDAQ OMX has contributed $80 million to the IDCG guarantee fund and $25 million to the NOCC guarantee fund. As of December 31, 2011, NASDAQ OMX contributed $72 million to the IDCG guarantee fund and $25 million to the NOCC guarantee fund. These amounts are recorded in non-current restricted cash in the Condensed Consolidated Balance Sheets.

In April 2012, we signed a non-binding agreement with LCH.Clearnet Group Limited regarding LCH.Clearnet Group’s proposed acquisition of IDCG. If the transaction proceeds, LCH.Clearnet Group would become the sole owner of IDCG and NASDAQ OMX would become a shareholder of LCH.Clearnet Group.

Commitments, Contingencies and Guarantees

6 Months Ended

Jun. 30, 2012

15. Commitments, Contingencies and Guarantees

Guarantees Issued and Credit Facilities Available

In addition to the default fund contributions and margin collateral pledged by clearing members discussed in Note 14, “Clearing Operations,” we have obtained financial guarantees and credit facilities which are guaranteed by us through counter indemnities, to provide further liquidity and default protection related to our clearing businesses. Financial guarantees issued to us totaled $4 million at both June 30, 2012 and December 31, 2011. At June 30, 2012, credit facilities, which are available in multiple currencies, primarily Swedish Krona and U.S. dollars, totaled $262 million ($204 million in available liquidity and $58 million to satisfy regulatory requirements), none of which was utilized. At December 31, 2011, these facilities totaled $447 million ($206 million in available liquidity and $241 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 of $18 million as of June 30, 2012 and $17 million as of December 31, 2011. These guarantees are primarily related to obligations for our rental and leasing contracts. In addition, for certain Market Technology contracts, we have provided performance guarantees of $5 million as of June 30, 2012 and $6 million at December 31, 2011 related to the delivery of software technology and support services. We have received financial guarantees from various financial institutions to support the above guarantees.

We have 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, Inc., or FTEN, SMARTS Group Holdings Pty Ltd, or SMARTS, and Glide Technologies, we entered into escrow agreements to secure the payments of post-closing adjustments and other closing conditions. At June 30, 2012, these escrow agreements provide for future payments of $27 million and are included in other current liabilities and other non-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

In the second quarter of 2012, we became a party to several legal and regulatory proceedings relating to the Facebook, Inc. IPO that occurred on May 18, 2012. We are defendants in the following putative class actions in the United States District Court for the Southern District of New York: Goldberg, et al. v. The NASDAQ OMX Group, Inc. and The NASDAQ Stock Market LLC, Yan v. The NASDAQ OMX Group, Inc. and The NASDAQ Stock Market LLC, Alfonso, et al. v. The NASDAQ OMX Group, Inc. and The NASDAQ Stock Market LLC, Levy v. The NASDAQ OMX Group, Inc. and The NASDAQ Stock Market LLC, Amin v. The NASDAQ OMX Group, Inc. and The NASDAQ Stock Market LLC, Steinman v. The NASDAQ OMX Group, Inc. and The NASDAQ Stock Market LLC, Roderick v. The NASDAQ OMX Group, Inc. and The NASDAQ Stock Market LLC, McGinty v. NASDAQ OMX Group, Inc. and The NASDAQ Stock Market LLC, and First New York Securities LLC, et al. v. NASDAQ OMX Group, Inc. and The NASDAQ Stock Market LLC. Eight of these lawsuits have been brought by retail investors seeking damages for alleged negligence by us in connection with the Facebook IPO. The ninth lawsuit was brought by professional proprietary trading firms for alleged violations of Rule 10b-5, promulgated under the Securities Exchange Act of 1934, in connection with the Facebook IPO.

We are a defendant in several other lawsuits brought by individual investors, seeking damages for alleged negligence and fraud by us in connection with the Facebook IPO.

We believe that these lawsuits are without merit and intend to defend them vigorously. As such, we have not recorded a reserve as it is not probable that a liability has been incurred and the amount of loss cannot be reasonably estimated as of the date of these condensed consolidated financial statements.

Except as disclosed above, we are not currently a party to any litigation or proceeding that we believe could have a material adverse effect on our business, condensed consolidated financial condition, or operating results. However, from time to time, we have been threatened with, or named as a defendant in, lawsuits or involved in regulatory proceedings.

Business Segments

6 Months Ended

Jun. 30, 2012

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 consists of our U.S. and European Transaction Services businesses, including Access Services, as well as our Market Data business. These businesses are interrelated because our Market Data business sells and distributes the quote and trade information generated by our Transaction Services businesses 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 and our Nordic and Baltic exchanges 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 the sale of our shareholder, directors, newswire, and other services.

Our Market Technology segment is the world’s leading technology solutions provider and partner to exchanges, clearing organizations and central securities depositories. Our technology business is also the sales channel for our complete global offering to other marketplaces. 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 restructuring actions, mergers, strategic initiatives, long-term asset impairment, 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, 2012 and 2011.


	Market Services			Issuer Services		Market Technology		Corporate Items and Eliminations			Consolidated
	(in millions)
Three months ended June 30, 2012
Total revenues	$	688		$	91	$	44	$	—		$	823
Cost of revenues		(399	)		—		—		—			(399	)

Revenues less transaction rebates, brokerage, clearance and exchange fees		289			91		44		—			424

Income (loss) before income taxes⁽¹⁾	$	133		$	27	$	3	$	(38	)	$	125


Three months ended June 30, 2011
Total revenues	$	699		$	92	$	46	$	—		$	837
Cost of revenues		(422	)		—		—		—			(422	)

Revenues less transaction rebates, brokerage, clearance and exchange fees		277			92		46		—			415

Income (loss) before income taxes⁽²⁾	$	123		$	32	$	4	$	(28	)	$	131


Six months ended June 30, 2012
Total revenues	$	1,354		$	181	$	89	$	—		$	1,624
Cost of revenues		(789	)		—		—		—			(789	)

Revenues less transaction rebates, brokerage, clearance and exchange fees		565			181		89		—			835

Income (loss) before income taxes⁽³⁾	$	263		$	54	$	6	$	(61	)	$	262


Six months ended June 30, 2011
Total revenues	$	1,382		$	180	$	89	$	—		$	1,651
Cost of revenues		(824	)		—		—		—			(824	)

Revenues less transaction rebates, brokerage, clearance and exchange fees		558			180		89		—			827

Income (loss) before income taxes⁽²⁾	$	247		$	63	$	6	$	(33	)	$	283

⁽¹⁾	Corporate items and eliminations for the three months ended June 30, 2012 primarily include costs associated with impairment charges related to finite-lived intangible assets, restructuring charges and merger and strategic initiatives expense.

⁽²⁾	Corporate items and eliminations for the three and six months ended June 30, 2011 primarily include merger and strategic initiatives expense.

⁽³⁾

Corporate items and eliminations for the six months ended June 30, 2012 primarily include costs associated with impairment charges related to finite-lived intangible assets, restructuring charges, an other-than-temporary impairment charge related to our equity method investment in EMCF and merger and strategic initiatives expense.

Total assets decreased $5.2 billion at June 30, 2012 compared with December 31, 2011 primarily due to the implementation of our member sponsored default fund in March 2012. See Note 14, “Clearing Operations,” for further discussion.

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.”

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

Summary Of Restructuring Actions

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Subsequent Events

6 Months Ended

Jun. 30, 2012

Subsequent Events

17. Subsequent Events

Proposed Voluntary Accommodation Program

In connection with the initial public offering by Facebook on May 18, 2012, systems issues were experienced at the opening of trading of Facebook shares. Certain of our members may have been disadvantaged by such systems issues, which have subsequently been remedied. In July 2012, we announced a program for voluntary accommodations to qualifying members of up to $62 million, subject to review by the SEC. As such, no amounts have been accrued as this program is pending SEC approval. Furthermore, as a result of the systems issues, we have been sued by retail investors in certain putative class actions asserting negligence claims, as well as several other lawsuits by individual investors in certain state and local courts. As discussed in “Litigation,” of Note 15, “Commitments, Contingencies and Guarantees,” we believe these lawsuits are without merit and no amounts have been accrued to date. In addition, the SEC is conducting an investigation into the Facebook matter, in which we are fully cooperating. Pending the resolution of these matters, we expect to incur significant additional expenses in defending the lawsuits, in connection with the SEC investigation and in implementing technical changes and remedial measures which may be necessary or advisable.

The filing of the proposed accommodation plan begins a comment period with the SEC. Under the proposed program, members will have seven days to make an accommodation request following approval of the program by the SEC. Details of how members may file will be posted on our website. It is anticipated that all compensation under the accommodation plan will be provided within six months.

Acquisition of NOS Clearing ASA

In July 2012, we acquired NOS Clearing ASA for approximately $40 million (240 million Norwegian Krone). NOS Clearing is a leading Norway-based clearinghouse primarily for the freight market and seafood derivative market. NOS Clearing is a part of our European derivative trading and clearing business within our Market Services segment.

Restructuring Charges (Tables)

6 Months Ended

Jun. 30, 2012

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


	Three Months Ended June 30, 2012		Six Months Ended June 30, 2012
	(in millions)
Severance	$	9	$	14
Facilities-related		5		5
Asset impairments		2		6
Other		1		1

Total restructuring charges	$	17	$	26

Acquisition Of The Businesses

Tabular disclosure of restructuring and related costs by type of restructuring including the description of the restructuring costs, such as the expected cost; the costs incurred during the period; the cumulative costs incurred as of the balance sheet date; the income statement caption within which the restructuring charges recognized for the period are included; and changes to an entity's restructuring reserve that occurred during the period associated with the exit from or disposal of business activities or restructurings for each major type of cost.

+ References+ Details

Acquisitions (Tables)

6 Months Ended

Jun. 30, 2012

BWise Beheer B.V.[Member]

Acquisition of BWise Beheer B.V.


	Purchase Consideration		Total Net Liabilities Acquired			Purchased Intangible Assets		Goodwill
	(in millions)
BWise Beheer B.V.	$	77	$	(11	)	$	35	$	53

Glide Technologies [Member]

Acquisition Of The Businesses

Acquisition of Glide Technologies


	Purchase Consideration		Total Net Liabilities Acquired			Purchased Intangible Assets		Goodwill
	(in millions)
Glide Technologies	$	22	$	(2	)	$	4	$	20

Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts.

Schedule Of Changes In Goodwill

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+ Details

Goodwill and Purchased Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2012

The following table presents the changes in goodwill by business segment during the six months ended June 30, 2012:


	Market Services			Issuer Services			Market Technology			Total
	(in millions)
Balance at December 31, 2011	$	4,602		$	306		$	153		$	5,061
Goodwill acquired		—			53			—			53
Foreign currency translation adjustment		(9	)		(1	)		(1	)		(11	)

Balance at June 30, 2012	$	4,593		$	358		$	152		$	5,103

Finite-Lived And Indefinite-Lived Intangible Assets

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


	June 30, 2012											December 31, 2011
	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	$	25		$	(6	)	$	19			6	$	42		$	(10	)	$	32			8
Customer relationships		865			(216	)		649			21		854			(196	)		658			21
Other		6			(2	)		4			9		6			(2	)		4			8
Foreign currency translation adjustment		(26	)		5			(21	)				(25	)		4			(21	)

Total finite-lived intangible assets	$	870		$	(219	)	$	651				$	877		$	(204	)	$	673

*Indefinite-Lived Intangible Assets*
Exchange and clearing registrations	$	790		$	—		$	790				$	790		$	—		$	790
Trade names		184			—			184					181			—			181
Licenses		78			—			78					78			—			78
Foreign currency translation adjustment		(78	)		—			(78	)				(74	)		—			(74	)

Total indefinite-lived intangible assets	$	974		$	—		$	974				$	975		$	—		$	975

Total intangible assets	$	1,844		$	(219	)	$	1,625				$	1,852		$	(204	)	$	1,648

Estimated Future Amortization Expense


	(in millions)
2012⁽¹⁾	$	27
2013		50
2014		49
2015		47
2016		45
2017 and thereafter		454

Total	$	672

⁽¹⁾	Represents the estimated amortization to be recognized for the remaining six months of 2012.

The entire disclosure for all or part of the information related to intangible assets.

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Estimated Deferred Revenue

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References+ Details

Deferred Revenue (Tables)

6 Months Ended

Jun. 30, 2012

At June 30, 2012, we estimate 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:
2012⁽¹⁾	$	7	$	18	$	103	$	29	$	157
2013		10		31		2		39		82
2014		8		20		—		28		56
2015		6		9		—		20		35
2016		4		1		—		15		20
2017 and thereafter		2		—		—		9		11

	$	37	$	79	$	105	$	140	$	361

⁽¹⁾	Represents deferred revenue that is anticipated to be recognized over the remaining six months of 2012.

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

Changes In Deferred Revenue

The changes in our deferred revenue during the six months ended June 30, 2012 and 2011 are 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, 2012	$	39		$	86		$	25		$	128		$	278
Additions⁽¹⁾		5			12			182			57			256
Amortization⁽¹⁾		(7	)		(19	)		(102	)		(43	)		(171	)
Translation adjustment		—			—			—			(2	)		(2	)

Balance at June 30, 2012	$	37		$	79		$	105		$	140		$	361


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

⁽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, 2012

Changes In Debt Obligations

The following table presents the changes in the carrying value of our debt obligations during the six months ended June 30, 2012:


	December 31, 2011			Additions		Payments, Conversions, Accretion and Other			June 30, 2012
	(in millions)
3.75% convertible notes due October 22, 2012 (net of discount)⁽¹⁾	$	—		$	—	$	—		$	—
2.50% convertible senior notes due August 15, 2013⁽²⁾		88			—		1			89
4.00% senior unsecured notes due January 15, 2015 (net of discount)⁽³⁾		399			—		—			399
5.55% senior unsecured notes due January 15, 2020 (net of discount)⁽³⁾		598			—		—			598
5.25% senior unsecured notes due January 16, 2018 (net of discount)⁽³⁾		367			—		—			367
$1.2 billion senior unsecured five-year credit facility:
$450 million senior unsecured term loan facility credit agreement due September 19, 2016 (average interest rate of 1.63% for the period January 1, 2012 through June 30, 2012)⁽⁴⁾		439			—		(22	)		417
$750 million revolving credit commitment due September 19, 2016 (average interest rate of 1.43% for the period January 1, 2012 through June 30, 2012)⁽⁴⁾		226			—		(100	)		126

Total debt obligations		2,117			—		(121	)		1,996
Less current portion		(45	)		—		—			(45	)

Total long-term debt obligations	$	2,072		$	—	$	(121	)	$	1,951

⁽¹⁾

⁽²⁾	See “2.50% Convertible Senior Notes” below for further discussion.

⁽³⁾	See “Senior Unsecured Notes” below for further discussion.

⁽⁴⁾	See “2011 Credit Facility” below for further discussion.

Changes In The Liability And Equity Components Of Convertible Senior Notes

The changes in the liability and equity components of the 2013 Convertible Notes during the six months ended June 30, 2012 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, 2011	$	93	$	5		$	88	$	71	$	32	$	39
Accretion of debt discount		—		(1	)		1		—		—		—

June 30, 2012	$	93	$	4		$	89	$	71	$	32	$	39

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

Interest expense recognized on the 2013 Convertible Notes in the Condensed Consolidated Statements of Income for the three and six months ended June 30, 2012 and 2011 is as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2012		2011		2012		2011
	(in millions)
Components of interest expense recognized on the 2013 Convertible Notes
Accretion of debt discount	$	—	$	3	$	1	$	7
Contractual interest		1		3		2		5

Total interest expense recognized on the 2013 Convertible Notes	$	1	$	6	$	3	$	12

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

Components Of Net Periodic Benefit Cost

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-Publisher FASB

-Name Accounting Standards Codification

-Topic 235

-SubTopic 10

-Section S99

-Paragraph 1

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

-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

+ Details

Employee Benefits (Tables)

6 Months Ended

Jun. 30, 2012


	Three Months Ended June 30,						Six Months Ended June 30,
	2012			2011			2012			2011
	(in millions)
Components of net periodic benefit cost
Interest cost	$	2		$	2		$	3		$	3
Expected return on plan assets		(2	)		(1	)		(3	)		(2	)
Recognized net actuarial loss		1			—			2			1

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

Share-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2012

Summary Of Share-Based Compensation Expense


	Three Months Ended June 30,						Six Months Ended June 30,
	2012			2011			2012			2011
	(in millions)
Share-based compensation expense before income taxes	$	12		$	10		$	22		$	17
Income tax benefit		(5	)		(4	)		(9	)		(7	)

Share-based compensation expense after income taxes	$	7		$	6		$	13		$	10

Summary Of Weighted-Average Assumptions Stock Option Awards

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,
	2012⁽¹⁾		2011			2012⁽¹⁾		2011
Expected life (in years)		—		5			—		5
Weighted-average risk free interest rate		—		1.85	%		—		2.16	%
Expected volatility		—		27.0	%		—		27.0	%
Dividend yield		—		—			—		—
Weighted-average fair value at grant date	$	—	$	6.95		$	—	$	7.06

⁽¹⁾	No stock option awards were granted during the three and six months ended June 30, 2012.

Summary Of Stock Option

A summary of stock option activity for the six months ended June 30, 2012 is as follows:


	Number of Stock Options⁽¹⁾			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term		Aggregate Intrinsic Value
						(in years)		(in millions)
Outstanding at January 1, 2012		9,924,035		$	18.33		5.3	$	78

Exercised		(159,117	)		10.04
Forfeited or expired		(254,296	)		22.84

Outstanding at June 30, 2012		9,510,622		$	18.35		4.7	$	64

Exercisable at June 30, 2012		5,656,582		$	15.15		2.8	$	60

⁽¹⁾	No stock option awards were granted during the six months ended June 30, 2012.

Summary Of Restricted Stock

The following table summarizes our restricted stock and PSU activity for the six months ended June 30, 2012:


	Restricted Stock					PSUs
	Number of Awards			Weighted- Average Grant Date Fair Value		Number of Awards			Weighted- Average Grant Date Fair Value
Unvested balances at January 1, 2012		3,371,333		$	23.10		1,315,180		$	23.33
Granted		1,410,705	⁽¹⁾		23.63		1,354,167	⁽²⁾		23.77
Vested		(697,863	)		21.93		(120,000	)		23.82
Forfeited		(222,815	)		23.13		(71,347	)		23.16

Unvested balances at June 30, 2012		3,861,360		$	23.44		2,478,000		$	23.55

⁽¹⁾	Primarily reflects our company-wide equity grant issued in May 2012, as discussed above.

⁽²⁾	PSUs granted in 2012 reflect awards issued to certain officers, as described above.

Earnings Per Common Share (Tables)

6 Months Ended

Jun. 30, 2012

Summary Of Computation Of Basic And Diluted Earnings Per Share

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2012		2011		2012		2011
	(in millions, except share and per share amounts)
Numerator:
Net income attributable to common shareholders	$	93	$	92	$	178	$	196

Denominator:
Weighted-average common shares outstanding for basic earnings per share		169,352,207		176,648,140		171,157,501		176,372,002

Weighted-average effect of dilutive securities:
Employee equity awards		4,076,682		3,835,658		3,952,180		3,755,620
3.75% convertible notes⁽¹⁾		28,419		34,482		31,451		34,482

Weighted-average common shares outstanding for diluted earnings per share		173,457,308		180,518,280		175,141,132		180,162,104

Basic and diluted earnings per share:
Basic earnings per share	$	0.55	$	0.52	$	1.04	$	1.11

Diluted earnings per share	$	0.53	$	0.51	$	1.02	$	1.09

⁽¹⁾	In June 2012, the remaining $0.5 million of our 3.75% convertible notes outstanding was converted into 34,482 shares of common stock in accordance with the terms of the notes.

NASDAQ OMX Stockholders' Equity (Tables)

6 Months Ended

Jun. 30, 2012

Schedule Of Dividends Declared

During the six months ended June 30, 2012, our board of directors declared the following cash dividends:

Declaration Date

Dividend
Per Common
Share

Record Date

Total Amount⁽¹⁾

Payment Date

(in millions)

April 23, 2012

0.13

June 15, 2012

June 29, 2012

⁽¹⁾	This amount was recorded in retained earnings in the Condensed Consolidated Balance Sheets at June 30, 2012.

Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2012

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


	June 30, 2012
	Total		Level 1		Level 2		Level 3
	(in millions)
Financial Assets Measured at Fair Value on a Recurring Basis
Financial investments, at fair value⁽¹⁾	$	196	$	196	$	—	$	—
Default fund investments⁽²⁾		159		159		—		—

Total	$	355	$	355	$	—	$	—


	December 31, 2011
	Total		Level 1		Level 2		Level 3
	(in millions)
Financial Assets Measured at Fair Value on a Recurring Basis
Derivative positions, at fair value⁽³⁾	$	1,566	$	—	$	1,566	$	—
Financial investments, at fair value⁽¹⁾		279		279		—		—

Total	$	1,845	$	279	$	1,566	$	—


Financial Liabilities Measured at Fair Value on a Recurring Basis
Derivative positions, at fair value⁽³⁾	$	1,566	$	—	$	1,566	$	—

Total	$	1,566	$	—	$	1,566	$	—

⁽¹⁾

Primarily comprised of trading securities, mainly Swedish government debt securities, of $176 million as of June 30, 2012 and $261 million as of December 31, 2011. Of these securities, $90 million as of June 30, 2012 and $212 million as of December 31, 2011 are restricted assets to meet regulatory capital requirements primarily for clearing operations at NASDAQ OMX Nordic Clearing. This balance also includes our available-for-sale investment security in DFM of $20 million as of June 30, 2012 and $18 million as of December 31, 2011. See Note 6, “Investments,” for further discussion of our trading investment securities and available-for-sale investment security.

⁽²⁾

⁽³⁾

Schedule Of Clearing Member Default Fund Contributions

Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References+ Details

Clearing Operations (Tables)

6 Months Ended

Jun. 30, 2012

As of June 30, 2012, clearing member default fund contributions were as follows:


	June 30, 2012
	Cash Contributions⁽¹⁾		Non-Cash Contributions		Total Contributions
	(in millions)

Default fund contributions	$	162	$	18	$	180

⁽¹⁾	As of June 30, 2012, in accordance with its investment policy, NASDAQ OMX Nordic Clearing has invested $159 million of cash contributions in highly rated government debt securities. The remaining balance of $3 million is held in cash.

Market Value [Member]

Schedule Of Derivative Contracts Outstanding

The total number of derivative contracts cleared through NASDAQ OMX Nordic Clearing for the six months ended June 30, 2012 was as follows:


	Number of Cleared Contracts

Commodity forwards and options⁽¹⁾		468,040
Fixed-income options and futures		19,602,663
Stock options and futures		14,910,191
Index options and futures		22,565,321

Total		57,546,215

⁽¹⁾	The total volume in cleared power related to commodity contracts was 867 Terawatt hours (TWh).

Number Of Derivative Contracts [Member]

Schedule Of Derivative Contracts Outstanding

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


	June 30, 2012
	(in millions)
Commodity forwards and options^(1) (2)	$	1,378
Fixed-income options and futures^(2) (3)		435
Stock options and futures^(2) (3)		167
Index options and futures^(2) (3)		91

Total	$	2,071

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

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

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

Fair Value [Member]

Schedule Of Derivative Contracts Outstanding

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


	December 31, 2011
	Asset		Liability
	(in millions)
Commodity forwards and options^(1) (2)	$	1,152	$	1,152
Fixed-income options and futures^(2) (3)		272		272
Stock options and futures^(2) (3)		197		197
Index options and futures^(2) (3)		137		137

Total	$	1,758	$	1,758

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

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

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

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

Schedule Of Operating Segments

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-Name Accounting Standards Codification

-Topic 235

-SubTopic 10

-Section S99

-Paragraph 1

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

-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

+ Details

Business Segments (Tables)

6 Months Ended

Jun. 30, 2012

The following table presents certain information regarding these operating segments for the three and six months ended June 30, 2012 and 2011.


	Market Services			Issuer Services		Market Technology		Corporate Items and Eliminations			Consolidated
	(in millions)
Three months ended June 30, 2012
Total revenues	$	688		$	91	$	44	$	—		$	823
Cost of revenues		(399	)		—		—		—			(399	)

Revenues less transaction rebates, brokerage, clearance and exchange fees		289			91		44		—			424

Income (loss) before income taxes⁽¹⁾	$	133		$	27	$	3	$	(38	)	$	125


Three months ended June 30, 2011
Total revenues	$	699		$	92	$	46	$	—		$	837
Cost of revenues		(422	)		—		—		—			(422	)

Revenues less transaction rebates, brokerage, clearance and exchange fees		277			92		46		—			415

Income (loss) before income taxes⁽²⁾	$	123		$	32	$	4	$	(28	)	$	131


Six months ended June 30, 2012
Total revenues	$	1,354		$	181	$	89	$	—		$	1,624
Cost of revenues		(789	)		—		—		—			(789	)

Revenues less transaction rebates, brokerage, clearance and exchange fees		565			181		89		—			835

Income (loss) before income taxes⁽³⁾	$	263		$	54	$	6	$	(61	)	$	262


Six months ended June 30, 2011
Total revenues	$	1,382		$	180	$	89	$	—		$	1,651
Cost of revenues		(824	)		—		—		—			(824	)

Revenues less transaction rebates, brokerage, clearance and exchange fees		558			180		89		—			827

Income (loss) before income taxes⁽²⁾	$	247		$	63	$	6	$	(33	)	$	283

⁽¹⁾	Corporate items and eliminations for the three months ended June 30, 2012 primarily include costs associated with impairment charges related to finite-lived intangible assets, restructuring charges and merger and strategic initiatives expense.

⁽²⁾	Corporate items and eliminations for the three and six months ended June 30, 2011 primarily include merger and strategic initiatives expense.

⁽³⁾

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

+ References+ Details

Organization And Nature Of Operations (Detail) (USD $) In Trillions, unless otherwise specified	6 Months Ended
	Jun. 30, 2012 Company Segment
Partnership Organization And Basis Of Presentation [Line Items]
Operations in number of continents	6
Total number of U.S. listed companies	2,636
Approximate combined market capitalization, U.S.	$ 5.1
Total number of listed companies within Nordic and Baltic exchanges	759
Approximate combined market capitalization	$ 0.9

Basis Of Presentation And Principles Of Consolidation (Detail) (USD $) In Millions, unless otherwise specified	6 Months Ended
	Jun. 30, 2012
Basis Of Presentation [Line Items]
More-likely-than-not threshold, defined in percentage	50.00%
Finnish Tax Authority [Member]
Basis Of Presentation [Line Items]
Additional tax and penalties	$ 25

Restructuring Charges (Summary Of Restructuring Actions) (Detail) (USD $) In Millions, unless otherwise specified	3 Months Ended	6 Months Ended
	Jun. 30, 2012	Jun. 30, 2012
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	$ 17	$ 26
Severance [Member]
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	9	14
Facilities Related [Member]
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	5	5
Asset Impairments [Member]
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	2	6
Other [Member]
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	1	1
Other	$ 1	$ 1

Amount charged against earnings in the period for incurred and estimated costs associated with exit from or disposal of business activities or restructurings pursuant to a duly authorized plan, excluding asset retirement obligations.

+ References+ Details

Restructuring Charges (Narrative) (Detail) (USD $) In Millions, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Mar. 31, 2012	Jun. 30, 2012
Restructuring Cost and Reserve [Line Items]
Expected pre-tax savings		$ 25
Expected annualized savings		50
Restructuring and other charges	17		26
Severance [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and other charges	9		14
Severance payments			8
Facilities-related reserve	6		6
Workforce Reductions [Member]
Restructuring Cost and Reserve [Line Items]
Number of positions eliminated	124		162
Facilities Related [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and other charges	5		5
Expected to incurred restructuring charges			9
Facilities-related reserve	2		2
Lease rent accruals			5
Asset Impairments [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and other charges	2		6
Other [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and other charges	$ 1		$ 1

The increases or decreases in lease payments that result from changes occurring after the inception of the lease in the factors (other than the passage of time) on which lease payments are based, except that any escalation of minimum lease payments relating to increases in construction or acquisition cost of the leased property or for increases in some measure of cost or value during the construction or preconstruction period, are excluded from contingent rentals. Contingent rentals also may include amounts for which the triggering events have not yet occurred or the specified targets for which have not yet been achieved (such as sales based percentage rent), but which events are considered probable of occurring or which specified targets are considered probable of being achieved.

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

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-Glossary Contingent Rentals

-URI http://asc.fasb.org/extlink&oid=6508509

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-Number 13

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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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-Number 13

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+ Details

Amount expected to be charged against earnings in the current and future periods for the specified restructuring cost.

+ References+ Details

+ References+ Details

Acquisitions (Acquisition Of The Businesses) (Detail) In Millions, unless otherwise specified	Dec. 31, 2011 Glide Technologies [Member] USD ($)	Oct. 31, 2011 Glide Technologies [Member] USD ($)	Jun. 30, 2012 BWise Beheer B.V.[Member] USD ($)	May 31, 2012 BWise Beheer B.V.[Member] USD ($)	May 31, 2012 BWise Beheer B.V.[Member] EUR (€)
Business Acquisition [Line Items]
Purchase Consideration	$ 22	$ 22	$ 77	$ 77	€ 62
Total Net Liabilities Acquired	(2)	(2)	(11)	11
Purchased Intangible Assets	4	4	35	35
Goodwill	$ 20		$ 53

The total purchase price of the acquired entity. This includes cash paid to equity interest holders of the acquired entity, fair value of debt and equity securities issued to equity holders of the acquired entity, and transaction costs paid to third parties to consummate the acquisition.

+ References+ Details

The amount of identifiable intangible assets recognized as of the acquisition date.

+ References+ Details

Acquisitions (Narrative) (Detail) In Millions, unless otherwise specified	6 Months Ended					1 Months Ended
	Jun. 30, 2012 Glide Technologies [Member] USD ($)	Dec. 31, 2011 Glide Technologies [Member] USD ($)	Oct. 31, 2011 Glide Technologies [Member] USD ($)	Oct. 31, 2011 Glide Technologies [Member] Acquired Net Liabilities At Fair Value [Member] USD ($)	Oct. 31, 2011 Glide Technologies [Member] Acquired Non-Current Deferred Tax Liability [Member] USD ($)	May 31, 2012 BWise Beheer B.V.[Member] USD ($)	May 31, 2012 BWise Beheer B.V.[Member] EUR (€)	Jun. 30, 2012 BWise Beheer B.V.[Member] USD ($)	May 31, 2012 BWise Beheer B.V.[Member] Acquired Net Liabilities At Fair Value [Member] USD ($)
Business Acquisition [Line Items]
Percentage of acquired ownership interest						72.00%	72.00%
Percentage of remaining ownership interest						28.00%	28.00%
Percentage of total ownership interest						100.00%	100.00%
Purchase Consideration		$ 22	$ 22			$ 77	€ 62	$ 77
Purchase Consideration						57	47
Total Net Liabilities Acquired		(2)	(2)	1	1	11		(11)	2
Acquisition recorded as current deferred tax liability						1
Acquisition recorded as non-current deferred tax liability						8
Purchased intangible Assets		4	4			35		35
Acquired intangible asset in customer relationships						23
Acquired intangible asset in technology						7
Acquired intangible asset in trade name						5
Adjustments to provisional values	$ 0

Goodwill And Purchased Intangible Assets (Schedule Of Changes In Goodwill) (Detail) (USD $) In Millions, unless otherwise specified	6 Months Ended
	Jun. 30, 2012
Goodwill [Line Items]
Balance	$ 5,061
Goodwill acquired	53
Foreign currency translation adjustment	(11)
Balance	5,103
Market Services [Member]
Goodwill [Line Items]
Balance	4,602
Foreign currency translation adjustment	(9)
Balance	4,593
Issuer Services [Member]
Goodwill [Line Items]
Balance	306
Goodwill acquired	53
Foreign currency translation adjustment	(1)
Balance	358
Market Technology [Member]
Goodwill [Line Items]
Balance	153
Foreign currency translation adjustment	(1)
Balance	$ 152

Carrying amount as of the balance sheet date, which is the cumulative amount paid and (if applicable) the fair value of any noncontrolling interest in the acquiree, adjusted for any amortization recognized prior to the adoption of any changes in generally accepted accounting principles (as applicable) and for any impairment charges, in excess of the fair value of net assets acquired in one or more business combination transactions.

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

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 141R

-Paragraph 68

-Subparagraph l

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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

-Publisher FASB

-Name Accounting Standards Codification

-Topic 350

-SubTopic 20

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=14024403&loc=d3e13816-109267

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

-Publisher FASB

-Name Accounting Standards Codification

-Topic 350

-SubTopic 20

-Section 45

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6388280&loc=d3e13770-109266

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

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 142

-Paragraph 45

-Subparagraph e

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-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 142

-Paragraph 43

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-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 141R

-Paragraph 72

-Subparagraph d

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 142

-Paragraph 45

-Subparagraph e

-Clause 1

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 141R

-Paragraph 34

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

The aggregate amount of goodwill acquired in the period and allocated to the reportable segment. The value is stated at fair value based on the purchase price allocation.

+ References+ Details

Goodwill And Purchased Intangible Assets (Narrative) (Detail) (USD $) In Millions, unless otherwise specified	3 Months Ended		6 Months Ended				3 Months Ended		3 Months Ended		3 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012 Foreign Currency Translation Adjustment [Member]	Dec. 31, 2011 Foreign Currency Translation Adjustment [Member]	Jun. 30, 2012 Technology [Member]	Dec. 31, 2011 Technology [Member]	Jun. 30, 2012 Customer Relationships [Member]	Dec. 31, 2011 Customer Relationships [Member]	Jun. 30, 2012 Certain Trade Names [Member]	Jun. 30, 2012 Market Services [Member]	Jun. 30, 2012 Market Technology [Member]
Goodwill [Line Items]
Goodwill expected to be deductible in future periods	$ 90		$ 90
Goodwill, impairment loss	0	0	0	0
Amortization expense for purchased finite-lived intangible assets	13	13	26	28
Estimated future amortization expense	672		672		(21)	(21)	19	32	649	658
Non-cash intangible asset impairment charges	$ 28						$ 19		$ 6		$ 3	$ 17	$ 11

The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets. As a noncash expense, this element is added back to net income when calculating cash provided by or used in operations using the indirect method.

+ References+ Details

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

+ References+ Details

Loss recognized during the period that results from the write-down of goodwill after comparing the implied fair value of reporting unit goodwill with the carrying amount of that goodwill. Goodwill is assessed at least annually for impairment.

Schedule of Investments [Line Items]

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

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 28

-Subparagraph (b)

-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3602-108585

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

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 142

-Paragraph 43

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 141R

-Paragraph 72

-Subparagraph d

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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

-Publisher FASB

-Name Accounting Standards Codification

-Topic 350

-SubTopic 20

-Section 50

-Paragraph 2

-Subparagraph (b)

-URI http://asc.fasb.org/extlink&oid=14024403&loc=d3e13854-109267

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

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 142

-Paragraph 47

-Subparagraph b

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

-Publisher FASB

-Name Accounting Standards Codification

-Topic 350

-SubTopic 20

-Section 45

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6388280&loc=d3e13777-109266

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

-Publisher FASB

-Name Accounting Standards Codification

-Topic 350

-SubTopic 20

-Section 50

-Paragraph 1

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-URI http://asc.fasb.org/extlink&oid=14024403&loc=d3e13816-109267

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

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 142

-Paragraph 20

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 142

-Paragraph 45

-Subparagraph e

-Clause 5

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Goodwill And Purchased Intangible Assets (Finite-Lived And Indefinite-Lived Intangible Assets) (Detail) (USD $) In Millions, unless otherwise specified	6 Months Ended	12 Months Ended
	Jun. 30, 2012	Dec. 31, 2011
Finite Lived And Indefinite Lived Intangible Assets [Line Items]
Total Intangible Assets, Gross	$ 1,844	$ 1,852
Accumulated Amortization	(219)	(204)
Total Intangible Assets, Net	1,625	1,648
Total	672
Total indefinite-lived intangible assets, Accumulated Amortization
Exchange And Clearing Registrations [Member]
Finite Lived And Indefinite Lived Intangible Assets [Line Items]
Total indefinite-lived intangible assets, Gross Amount	790	790
Total indefinite-lived intangible assets, Accumulated Amortization
Total indefinite-lived intangible assets, Net Amount	790	790
Trade Names [Member]
Finite Lived And Indefinite Lived Intangible Assets [Line Items]
Total indefinite-lived intangible assets, Gross Amount	184	181
Total indefinite-lived intangible assets, Accumulated Amortization
Total indefinite-lived intangible assets, Net Amount	184	181
Licenses [Member]
Finite Lived And Indefinite Lived Intangible Assets [Line Items]
Total indefinite-lived intangible assets, Gross Amount	78	78
Total indefinite-lived intangible assets, Accumulated Amortization
Total indefinite-lived intangible assets, Net Amount	78	78
Indefinite-Lived Intangible Assets [Member]
Finite Lived And Indefinite Lived Intangible Assets [Line Items]
Total indefinite-lived intangible assets, Gross Amount	974	975
Total indefinite-lived intangible assets, Accumulated Amortization
Total indefinite-lived intangible assets, Net Amount	974	975
Technology [Member]
Finite Lived And Indefinite Lived Intangible Assets [Line Items]
Total finite-lived intangible assets, Gross Amount	25	42
Accumulated Amortization	(6)	(10)
Total	19	32
Total finite-lived intangible assets, Weighted-Average Useful Life (in Years)	6 years	8 years
Customer Relationships [Member]
Finite Lived And Indefinite Lived Intangible Assets [Line Items]
Total finite-lived intangible assets, Gross Amount	865	854
Accumulated Amortization	(216)	(196)
Total	649	658
Total finite-lived intangible assets, Weighted-Average Useful Life (in Years)	21 years	21 years
Other [Member]
Finite Lived And Indefinite Lived Intangible Assets [Line Items]
Total finite-lived intangible assets, Gross Amount	6	6
Accumulated Amortization	(2)	(2)
Total	4	4
Total finite-lived intangible assets, Weighted-Average Useful Life (in Years)	9 years	8 years
Foreign Currency Translation Adjustment [Member]
Finite Lived And Indefinite Lived Intangible Assets [Line Items]
Total finite-lived intangible assets, Gross Amount	(26)	(25)
Accumulated Amortization	5	4
Total	(21)	(21)
Total indefinite-lived intangible assets, Gross Amount	(78)	(74)
Total indefinite-lived intangible assets, Accumulated Amortization
Total indefinite-lived intangible assets, Net Amount	(78)	(74)
Finite-Lived Intangible Assets [Member]
Finite Lived And Indefinite Lived Intangible Assets [Line Items]
Total finite-lived intangible assets, Gross Amount	870	877
Accumulated Amortization	(219)	(204)
Total	$ 651	$ 673

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

Jun. 30, 2012

2012

$ 27

^[1]

454

$ 672

[1]	Represents the estimated amortization to be recognized for the remaining six months of 2012.

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

3 Months Ended

6 Months Ended

3 Months Ended

6 Months Ended

Jun. 30, 2012

Jun. 30, 2011

Jun. 30, 2012

Jun. 30, 2011

Dec. 31, 2011

Jun. 30, 2012

Minimum [Member]

Jun. 30, 2012

Maximum [Member]

Mar. 31, 2012

EMCF [Member]

Jun. 30, 2012

EMCF [Member]

Jun. 30, 2012

Restricted Assets [Member]

Dec. 31, 2011

Restricted Assets [Member]

Jun. 30, 2012

Investment In Dubai Financial Market PJSC [Member]

Dec. 31, 2011

Investment In Dubai Financial Market PJSC [Member]

Jun. 30, 2012

Investment In Dubai Financial Market PJSC [Member]

NASDAQ Dubai [Member]

Adjusted cost basis of the security

$ 196

^[1]

$ 196

^[1]

$ 279

^[1]

$ 90

$ 212

$ 20

$ 18

Unrealized holding gain in accumulated other comprehensive loss

(5)

(3)

(7)

Investment owned, percent of net assets

1.00%

Equity method investment, ownership percentage

20.00%

50.00%

Equity interest equity method investments

Income recognized from our equity interest

Asset impairment charge

$ 28

$ 40

$ 12

[1]

The charge against earnings resulting from the aggregate write down of all assets from their carrying value to their fair value.

+ References+ Details

The percentage of ownership of common stock or equity participation in the investee accounted for under the equity method of accounting.

+ References+ Details

Amount of equity, excluding noncontrolling interest, attributable to the equity method investment of the entity.

+ References+ Details

The amount of gross profit (loss) reported by an equity method investment of the entity.

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

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

-Paragraph 28

-Subparagraph (f)

-URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14064-108612

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

-Publisher FASB

-Name Accounting Standards Codification

-Topic 323

-SubTopic 10

-Section 50

-Paragraph 3

-Subparagraph (c)

-URI http://asc.fasb.org/extlink&oid=6382943&loc=d3e33918-111571

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

-Publisher FASB

-Name Accounting Standards Codification

-Topic 235

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.4-08.(g))

-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

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

-Publisher FASB

-Name Accounting Standards Codification

-Topic 323

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6382943&loc=d3e33912-111571

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

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 08

-Paragraph g

-Subparagraph 1, 2

-Article 4

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

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph w

-Article 1

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

-Publisher AICPA

-Name Accounting Principles Board Opinion (APB)

-Number 18

-Paragraph 20

-Subparagraph d

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 159

-Paragraph 18

-Subparagraph f

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

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph bb

-Article 1

+ Details

Before tax and reclassification adjustments amount of unrealized holding gain (loss) and transfers on available-for-sale securities.

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

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 115

-Paragraph 13

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

-Publisher FASB

-Name Accounting Standards Codification

-Topic 220

-SubTopic 10

-Section 45

-Paragraph 11

-URI http://asc.fasb.org/extlink&oid=20435746&loc=d3e637-108580

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

-Publisher FASB

-Name Accounting Standards Codification

-Topic 220

-SubTopic 10

-Section 45

-Paragraph 10A

-Subparagraph (e)

-URI http://asc.fasb.org/extlink&oid=20435746&loc=SL7669646-108580

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

-Publisher AICPA

-Name Accounting Research Bulletin (ARB)

-Number 51

-Paragraph 38

-Subparagraph c(3)

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 130

-Paragraph 17

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 130

-Paragraph 24

-Subparagraph b

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

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

Jun. 30, 2012

Deferred revenue estimated revenue to be recognized

2012

$ 157

^[1]

361

Initial Listing Revenues [Member]

Deferred revenue estimated revenue to be recognized

^[1]

Listing Of Additional Shares Revenues [Member]

Deferred revenue estimated revenue to be recognized

^[1]

Annual Renewal And Other Revenues [Member]

Deferred revenue estimated revenue to be recognized

2012

103

^[1]

2013

105

Market Technology [Member]

Deferred revenue estimated revenue to be recognized

^[1],[2]

^[2]

^[2]

^[2]

^[2]

^[2]

$ 140

^[2]

[1]	Represents deferred revenue that is anticipated to be recognized over the remaining six months of 2012.
[2]	The timing of recognition of our deferred Market Technology revenues is dependent upon the completion of customization and any significant modifications made pursuant to existing contracts. As such, as it relates to these revenues, the timing represents our best estimate.

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

6 Months Ended

Jun. 30, 2012

Jun. 30, 2011

$ 278

$ 292

256

^[1]

243

^[1]

(171)

^[1]

(171)

^[1]

Translation adjustment

(2)

361

372

Initial Listing Revenues [Member]

^[1]

(7)

^[1]

(8)

^[1]

Listing Of Additional Shares Revenues [Member]

^[1]

(19)

^[1]

(20)

^[1]

Annual Renewal And Other Revenues [Member]

182

^[1]

189

^[1]

(102)

^[1]

(113)

^[1]

Translation adjustment

105

Market Technology [Member]

128

^[2]

146

^[2]

^[1],[2]

(43)

^[1],[2]

(30)

^[1],[2]

Translation adjustment

(2)

^[2]

Debt instrument, interest rate

$ 140

^[2]

$ 148

^[2]

[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 (Changes In Debt Obligations) (Detail) (USD $)

3 Months Ended

6 Months Ended

12 Months Ended

6 Months Ended

1 Months Ended

Jun. 30, 2012

Jun. 30, 2011

Jun. 30, 2012

Jun. 30, 2011

Dec. 31, 2011

Jun. 30, 2011

Convertible Common Stock [Member]

Jun. 30, 2012

3.75% Convertible Notes Due October 22, 2012 [Member]

Dec. 31, 2011

3.75% Convertible Notes Due October 22, 2012 [Member]

Jun. 30, 2012

3.75% Convertible Notes Due October 22, 2012 [Member]

Convertible Common Stock [Member]

Jun. 30, 2012

2.50% Convertible Senior Notes Due August 15, 2013 [Member]

Dec. 31, 2011

2.50% Convertible Senior Notes Due August 15, 2013 [Member]

Jun. 30, 2011

2.50% Convertible Senior Notes Due August 15, 2013 [Member]

Mar. 31, 2008

2.50% Convertible Senior Notes Due August 15, 2013 [Member]

Jun. 30, 2012

4.00% Senior Unsecured Notes Due January 15, 2015 [Member]

Dec. 31, 2011

4.00% Senior Unsecured Notes Due January 15, 2015 [Member]

Jun. 30, 2012

5.55% Senior Unsecured Notes Due January 15, 2020 [Member]

Dec. 31, 2011

5.55% Senior Unsecured Notes Due January 15, 2020 [Member]

Jun. 30, 2012

5.25% Senior Unsecured Notes Due January 16, 2018 [Member]

Dec. 31, 2011

5.25% Senior Unsecured Notes Due January 16, 2018 [Member]

Jun. 30, 2012

$450 Million Senior Unsecured Term Loan Facility Credit Agreement Due September 19, 2016 [Member]

Dec. 31, 2011

$450 Million Senior Unsecured Term Loan Facility Credit Agreement Due September 19, 2016 [Member]

Jun. 30, 2012

$750 Million Revolving Credit Commitment Due September 19, 2016 [Member]

Dec. 31, 2011

$750 Million Revolving Credit Commitment Due September 19, 2016 [Member]

Sep. 30, 2011

2011 Credit Facility [Member]

Jun. 30, 2012

2011 Credit Facility [Member]

Debt Conversion [Line Items]

2.50%

3.75%

2.50%

4.00%

5.55%

5.25%

Debt instrument, maturity date

Oct. 22, 2012

Aug. 15, 2013

Jan. 15, 2015

Jan. 15, 2020

Jan. 16, 2018

Sep. 19, 2016

Debt instrument, principal outstanding

$ 500,000

$ 475,000,000

$ 450,000,000

Debt instrument convertible, number of equity instruments

34,482,000,000

1,696,734

1,686,577

Debt Instrument, Interest Rate During Period

1.63%

1.43%

Credit facility, borrowing capacity

750,000,000

1,200,000,000

Senior unsecured

1,200,000,000

Total debt obligations beginning balance

1,996,000,000

2,117,000,000

89,000,000

^[1]

88,000,000

^[1]

399,000,000

^[2]

399,000,000

^[2]

598,000,000

^[2]

598,000,000

^[2]

367,000,000

^[2]

367,000,000

^[2]

417,000,000

^[3]

439,000,000

^[3]

126,000,000

^[3]

226,000,000

^[3]

Less current portion

(45,000,000)

Total long-term debt obligations

1,951,000,000

2,072,000,000

Payments, conversions, accretion and other

(121,000,000)

1,000,000

^[1]

(22,000,000)

^[3]

(100,000,000)

^[3]

Total debt obligations, payments, conversions, accretion and other

(121,000,000)

5.25% senior unsecured notes due January 16, 2018 (net of discount)(3)

^[4]

^[1]

^[2]

^[3]

Less current portion

Total long-term debt obligations

Remaining convertible notes

$ 500,000

Incremental common shares attributable to conversion of debt securities

28,419

^[5]

34,482

^[5]

31,451

^[5]

34,482

^[5]

34,482

[1]	See "2.50% Convertible Senior Notes" below for further discussion.
[2]	See "Senior Unsecured Notes" below for further discussion.
[3]	See "2011 Credit Facility" below for further discussion.
[4]	As of December 31, 2011, approximately $0.5 million aggregate principal amount of the 3.75% convertible notes remained outstanding. In June 2012, all of the remaining aggregate principal amount of the 3.75% convertible notes outstanding were converted into 34,482 shares of common stock in accordance with the terms of the notes.
[5]	In June 2012, the remaining $0.5 million of our 3.75% convertible notes outstanding was converted into 34,482 shares of common stock in accordance with the terms of the notes.

Debt Obligations (2.50% Convertible Senior Notes) (Narrative) (Detail) (USD $)	3 Months Ended	6 Months Ended		12 Months Ended
	Jun. 30, 2012	Jun. 30, 2012	Jun. 30, 2011	Dec. 31, 2011	Mar. 31, 2008
Schedule of Capitalization, Long-term Debt [Line Items]
Debt instrument, interest rate	2.50%	2.50%
Percentage of principal amount of notes purchased if fundamental change is applied, maximum		100.00%
Equity component in convertible debt		$ 39,000,000		$ 39,000,000
2.50% Convertible Senior Notes Due August 15, 2013 [Member]
Schedule of Capitalization, Long-term Debt [Line Items]
Debt instrument, principal outstanding					475,000,000
Debt instrument, interest rate	2.50%	2.50%	2.50%		2.50%
Debt instrument, maturity date		Aug. 15, 2013
Conversion of stock issued, conversion rate		18.2478		18.1386
Convertible notes, principal amount		1,000		1,000
Convertible notes, conversion price per share of common stock		$ 54.80		$ 55.13
Debt instrument convertible, number of equity instruments		1,696,734		1,686,577
Debt instrument, unamortized discount	$ 4,000,000	$ 4,000,000		$ 5,000,000
Debt instrument, convertible, effective interest rate	6.53%		6.53%
Contractual interest rate	2.50%		2.50%

Debt Obligations (Changes In The Liability And Equity Components Of Convertible Senior Notes) (Detail) (USD $)
In Millions, unless otherwise specified

6 Months Ended

12 Months Ended

6 Months Ended

12 Months Ended

Jun. 30, 2012

Dec. 31, 2011

Jun. 30, 2012

2.50% Convertible Senior Notes Due August 15, 2013 [Member]

Dec. 31, 2011

2.50% Convertible Senior Notes Due August 15, 2013 [Member]

Mar. 31, 2008

2.50% Convertible Senior Notes Due August 15, 2013 [Member]

Jun. 30, 2012

Liability Component [Member]

2.50% Convertible Senior Notes Due August 15, 2013 [Member]

Dec. 31, 2011

Liability Component [Member]

2.50% Convertible Senior Notes Due August 15, 2013 [Member]

Jun. 30, 2012

Equity Component [Member]

2.50% Convertible Senior Notes Due August 15, 2013 [Member]

Dec. 31, 2011

Equity Component [Member]

2.50% Convertible Senior Notes Due August 15, 2013 [Member]

Debt Instrument [Line Items]

Principal Balance

$ 475.0

$ 93.0

Unamortized Debt Discount

Net Carrying Amount

1,996

2,117

^[1]

Gross Equity Component

Deferred Taxes

Net Equity Component

Accretion of debt discount, Unamortized Debt Discount

(1)

Accretion of debt discount, Net Carrying Amount

$ 1

[1]	See "2.50% Convertible Senior Notes" below for further discussion.

Adjustment to additional paid in capital resulting from the recognition of convertible debt instruments as two separate components - a debt component and an equity component. This bifurcation may result in a basis difference associated with the liability component that represents a temporary difference for purposes of applying accounting for income taxes. The initial recognition of deferred taxes for the tax effect of that temporary difference is as an adjustment to additional paid in capital.

+ References+ Details

Including current and noncurrent portions, aggregate carrying amount of long-term borrowings as of the balance sheet date before deducting unamortized discount or premiums (if any). May include notes payable, bonds payable, commercial loans, mortgage loans, convertible debt, subordinated debt and other types of debt, which had initial maturities beyond one year or beyond the normal operating cycle, if longer.

+ References+ Details

The amount of debt discount that was originally recognized at the issuance of the instrument that has yet to be amortized.

+ References+ Details

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

+ References+ Details

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

+ References+ Details

Debt Obligations (Interest Expense Recognized On Convertible Senior Notes In The Condensed Consolidated Statements Of Income) (Detail) (2.50% Convertible Senior Notes Due August 15, 2013 [Member], USD $) In Millions, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011
2.50% Convertible Senior Notes Due August 15, 2013 [Member]
Debt Instrument [Line Items]
Accretion of debt discount		$ 3	$ 1	$ 7
Contractual interest	1	3	2	5
Total interest expense recognized on the 2013 Convertible Notes	$ 1	$ 6	$ 3	$ 12

Amount of noncash expense included in interest expense to amortize debt discount and premium associated with the related debt instruments. Excludes amortization of financing costs. Alternate captions include noncash interest expense.

+ References+ Details

Debt Obligations (4.00% And 5.55% Senior Unsecured Notes, Credit Facility) (Narrative) (Detail) (USD $) In Millions, unless otherwise specified	6 Months Ended			1 Months Ended	3 Months Ended		6 Months Ended			1 Months Ended				1 Months Ended	6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jan. 31, 2010	Jan. 31, 2010 Senior Unsecured Notes [Member]	Jun. 30, 2012 Senior Unsecured Notes [Member]	Jun. 30, 2011 Senior Unsecured Notes [Member]	Jun. 30, 2012 Senior Unsecured Notes [Member]	Jun. 30, 2011 Senior Unsecured Notes [Member]	Jun. 30, 2012 2016 Term Loan [Member]	Mar. 31, 2012 Revolving Credit Facility [Member]	Jun. 30, 2012 Senior Unsecured Term Loan Facility [Member]	Jun. 30, 2012 4.00% Senior Notes Due 2015 [Member]	Jun. 30, 2012 5.55% Senior Notes Due 2020 [Member]	Sep. 30, 2011 2011 Credit Facility [Member]	Jun. 30, 2012 2011 Credit Facility [Member]	Jun. 30, 2012 2011 Credit Facility [Member] Revolving Credit Facility [Member]	Jun. 30, 2012 Clearinghouse Credit Facilities [Member]	Dec. 31, 2011 Clearinghouse Credit Facilities [Member]
Schedule of Capitalization, Long-term Debt [Line Items]
Senior unsecured notes issued				$ 1,000
Debt instrument, principal outstanding											450.0	400.0	600.0
Debt instrument, interest rate	2.50%											4.00%	5.55%
Debt instrument, face amount												598	399
Debt issuance costs			8											5
Amortization expenses recorded as additional interest expense	1	4			1	1	1	1
Credit facility, borrowing capacity														1,200.0		750.0	262.0	447.0
Debt instrument, maturity date														Sep. 19, 2016
Total credit facility									450
Proceeds from term loan									450
Term loans, optional payment										100
Credit facility, remaining capacity															624
Quarterly principal repayment percentage															2.50%
Term loans quarterly payment									22
Line of credit facility, available liquidity																	204	206
Credit facility satisfy regulatory requirements																	$ 58	$ 241

Debt Obligations (5.25% Senior Unsecured Notes) (Narrative) (Detail) (USD $) In Millions, unless otherwise specified	1 Months Ended	6 Months Ended
	Dec. 31, 2010	Jun. 30, 2012
Schedule of Capitalization, Long-term Debt [Line Items]
Debt instrument, interest rate, stated percentage		2.50%
Aggregate principal amount purchased plus accrued and unpaid interest		101.00%
5.25% Senior Unsecured Notes Due January 16, 2018 [Member]
Schedule of Capitalization, Long-term Debt [Line Items]
Senior unsecured notes issued	$ 370
Debt instrument, interest rate, stated percentage	5.25%
Debt instrument, principal outstanding		$ 367.0
Maximum interest rate on debt instrument		7.25%

+ References+ Details

Employee Benefits (Components Of Net Periodic Benefit Cost) (Detail) (USD $) In Millions, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011
Components of net periodic benefit cost
Interest cost	$ 2	$ 2	$ 3	$ 3
Expected return on plan assets	(2)	(1)	(3)	(2)
Recognized net actuarial loss	1		2	1
Net periodic benefit cost	$ 1	$ 1	$ 2	$ 2

An amount calculated as a basis for determining the extent of delayed recognition of the effects of changes in the fair value of assets. The expected return on plan assets is determined based on the expected long-term rate of return on plan assets and the market-related value of plan assets.

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

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 87

-Paragraph 264

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 106

-Paragraph 518

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 132R

-Paragraph 5

-Subparagraph h

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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

-Publisher FASB

-Name Accounting Standards Codification

-Topic 715

-SubTopic 30

-Glossary Expected Return on Plan Assets

-URI http://asc.fasb.org/extlink&oid=6512136

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

-Publisher FASB

-Name Accounting Standards Codification

-Topic 715

-SubTopic 60

-Glossary Expected Return on Plan Assets

-URI http://asc.fasb.org/extlink&oid=6512171

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

-Publisher FASB

-Name Accounting Standards Codification

-Topic 715

-SubTopic 20

-Section 50

-Paragraph 1

-Subparagraph (h)(3)

-URI http://asc.fasb.org/extlink&oid=21915506&loc=d3e1928-114920

+ Details

The increase in a defined benefit pension plan's projected benefit obligation or a defined benefit postretirement plan's accumulated postretirement benefit obligation due to the passage of time.

+ References+ Details

Employee Benefits (Narrative) (Detail) (USD $) In Millions, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011
Common stock shares reserved for future issuance	3.9		3.9
U.S. Defined Contribution Savings Plan [Member]
Compensation and benefits expense	$ 1	$ 1	$ 3	$ 2
Percentage of employer contributions	100.00%		100.00%
Percentage of eligible employee contributions receiving employer contributions	4.00%		4.00%
Employee Stock Purchase Plan [Member]
Compensation and benefits expense	1		1	1
Common stock shares reserved for future issuance	3.4		3.4
Offering periods for ESPP shares, months			6
Percentage of fair market value of common stock			85.00%
Percentage of discount to employees on purchase of common stock under ESPP			15.00%
Non-U.S. Benefit Plans [Member]
Compensation and benefits expense	4	4	8	7
Employer Retirement Contributions [Member]
Compensation and benefits expense	$ 1	$ 1	$ 1	$ 2

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 (loss) on assets, prior service cost or credit, transition asset or obligation, and gain (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 is the contribution called for in that period; if a plan calls for contributions for periods after an individual retires or terminates, the estimated cost is accrued during the employee's service period).

Restricted stock vesting range, minimum (in years)

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

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 28

-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3602-108585

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

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 95

-Paragraph 28

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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

-Publisher FASB

-Name Accounting Standards Codification

-Topic 225

-SubTopic 10

-Section S99

-Paragraph 2

-Subparagraph (SX 210.5-03.4)

-URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688

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

-Publisher FASB

-Name Accounting Standards Codification

-Topic 715

-SubTopic 70

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6414718&loc=d3e28014-114942

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

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 132R

-Paragraph 5

-Subparagraph h

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 132R

-Paragraph 5, 11

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

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

3 Months Ended

6 Months Ended

3 Months Ended

1 Months Ended

6 Months Ended

1 Months Ended

6 Months Ended

Jun. 30, 2012

Mar. 31, 2012

Year

Jun. 30, 2011

Jun. 30, 2012

Year

Jun. 30, 2011

Jun. 29, 2012

Mar. 31, 2012

Chief executive officer and executive vice president

Mar. 31, 2012

Senior vice president

Feb. 29, 2012

One-Year Performance Period [Member]

Feb. 29, 2012

Three-Year Performance Period [Member]

May 31, 2012

Two Thousand And Twelve Psu Plans [Member]

Jun. 30, 2012

PSUs [Member]

May 31, 2012

PSUs [Member]

One-Year Performance Period [Member]

May 31, 2012

PSUs [Member]

Three-Year Performance Period [Member]

Jun. 30, 2012

Stock Options [Member]

Jun. 30, 2012

Deferred Compensation, Share-based Payments [Member]

Restricted stock vesting range, maximum (in years)

General expiration period of stock options, period in years

Grants vest on anniversary if performance exceeds, years

Third

Grants vest on anniversary if performance met, years

Fourth

Grants vest on anniversary if performance not met, years

Fifth

Percentage of target amount granted, minimum

0.00%

Percentage of target amount granted, maximum

150.00%

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

100.00%

50.00%

maximum payout

200.00%

performance period (year)

minimum payout

100.00%

Grants received by certain executive officers and a select group of non officer employees

1,062,943

366,224

696,719

Additional PSUs

251,224

40,000

Common stock shares reserved for future issuance

3,900,000

Discount for the ESPP

15.00%

Cash dividend

$ 0.13

Net cash proceeds from the exercise of stock options

$ 1

$ 3

$ 2

$ 8

Exercise of stock options

58,818

404,355

159,117

867,712

Closing stock price

$ 22.67

Total number of in-the-money stock options exercisable

4,400,000

Stock options, exercisable

5,656,582

^[1]

5,200,000

5,656,582

^[1]

5,200,000

Weighted-average exercise price

$ 15.15

$ 13.60

$ 15.15

$ 13.60

Total fair value of stock option vested

Total pre-tax intrinsic value of stock options exercised

Total unrecognized compensation cost related to stock options

$ 9

$ 80

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

1 year 3 months 18 days

1 year 10 months 24 days

[1]	No stock option awards were granted during the six months ended June 30, 2012.

Share-Based Compensation (Summary Of Share-Based Compensation Expense) (Detail) (USD $) In Millions, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011
Share-based compensation expense before income taxes	$ 12	$ 10	$ 22	$ 17
Income tax benefit	(5)	(4)	(9)	(7)
Share-based compensation expense after income taxes	$ 7	$ 6	$ 13	$ 10

Represents the expense recognized during the period arising from equity-based compensation arrangements (for example, shares of stock, unit, stock options or other equity instruments) with employees, directors and certain consultants qualifying for treatment as employees.

+ References+ Details

Weighted-average risk free interest rate

The component of income tax expense representing amounts paid or payable (or refundable) which are classified as "income taxes" as determined by applying the provisions of enacted tax law to other than the taxable Income or Loss from continuing operations for the period. Items affecting income taxes and required to be disclosed, but not included elsewhere, would also be designated as "Other".

+ References+ Details

Share-Based Compensation (Summary Of Weighted-Average Assumptions Stock Option Awards) (Detail) (USD $)

3 Months Ended

6 Months Ended

Jun. 30, 2012

Jun. 30, 2011

Jun. 30, 2012

Jun. 30, 2011

Expected life (in years)

^[1]

5 years

^[1]

5 years

^[1]

1.85%

^[1]

2.16%

Expected volatility

^[1]

27.00%

^[1]

27.00%

Dividend yield

^[1]

Weighted-average fair value at grant date

^[1]

$ 6.95

^[1]

$ 7.06

[1]	No stock option awards were granted during the three and six months ended June 30, 2012.

Aggregate Intrinsic Value, Outstanding, Beginning of Period

The estimated measure of the percentage by which a share price is expected to fluctuate during a period. Volatility also may be defined as a probability-weighted measure of the dispersion of returns about the mean. The volatility of a share price is the standard deviation of the continuously compounded rates of return on the share over a specified period. That is the same as the standard deviation of the differences in the natural logarithms of the stock prices plus dividends, if any, over the period.

+ References+ Details

Share-Based Compensation (Summary Of Stock Option) (Detail) (USD $)
In Millions, except Share data, unless otherwise specified

6 Months Ended

Jun. 30, 2012

Year

Jun. 30, 2011

$ 78

Aggregate Intrinsic Value, Outstanding, End of Period

Aggregate Intrinsic Value, Outstanding, Exercisable

$ 60

Weighted-Average Remaining Contractual Term, Outstanding, Beginning of Period (in Years)

5.3

Weighted-Average Remaining Contractual Term, Outstanding,End of Period (in Years)

4.7

Weighted-Average Remaining Contractual Term, Exercisable(in Years)

2 years 9 months 18 days

Weighted-Average Exercise Price Outstanding, Beginning of Period

$ 18.33

Weighted-Average Exercise Price Outstanding, Exercise

$ 10.04

Weighted-Average Exercise Price Outstanding, Forfeited or expired

$ 22.84

Weighted-Average Exercise Price Outstanding, End of Period

$ 18.35

Weighted-Average Exercise Price Outstanding, Exercisable

$ 15.15

$ 13.60

Number of Stock Options Outstanding, beginning of Period

9,924,035

^[1]

Number of Stock Options, Exercised

(159,117)

^[1]

Number of Stock Options, Forfeited or expired

(254,296)

^[1]

Number of Stock Options Outstanding End of Period 2012

9,510,622

^[1]

Number of Stock Options,Exercisable

5,656,582

^[1]

5,200,000

[1]	No stock option awards were granted during the six months ended June 30, 2012.

Share-Based Compensation (Summary Of Restricted Stock) (Detail) (USD $)

6 Months Ended

Jun. 30, 2012

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

Weighted-Average Grant Date Fair Value, Unvested, Beginning of period

$ 23.10

Weighted-Average Grant Date Fair Value, Granted

$ 23.63

Weighted-Average Grant Date Fair Value, Vested

$ 21.93

Weighted-Average Grant Date Fair Value, Forfeited

$ 23.13

Weighted-Average Grant Date Fair Value, Unvested, End of period

$ 23.44

Restricted Stock [Member]

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

Number of Awards, Unvested Beginning balance

3,371,333

Number of Awards, Granted

1,410,705

^[1]

Number of Awards, Vested

(697,863)

Number of Awards, Forfeited

(222,815)

Number of Awards, Unvested Ending balance

3,861,360

PSUs [Member]

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

Weighted-Average Grant Date Fair Value, Unvested, Beginning of period

$ 23.33

Weighted-Average Grant Date Fair Value, Granted

$ 23.77

Weighted-Average Grant Date Fair Value, Vested

$ 23.82

Weighted-Average Grant Date Fair Value, Forfeited

$ 23.16

Weighted-Average Grant Date Fair Value, Unvested, End of period

$ 23.55

Number of Awards, Unvested Beginning balance

1,315,180

Number of Awards, Granted

1,354,167

^[2]

Number of Awards, Vested

(120,000)

Number of Awards, Forfeited

(71,347)

Number of Awards, Unvested Ending balance

2,478,000

[1]	We determined the fair value of our forward contracts using standard valuation models that were based on market-based observable inputs including LIBOR rates and the spot price of the underlying instrument.
[2]	We determined the fair value of our option contracts using standard valuation models that were based on market-based observable inputs including implied volatility, interest rates and the spot price of the underlying instrument.

The weighted average fair value at grant date for nonvested equity-based awards issued during the period on other than stock (or unit) option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, performance target plan).

+ References+ Details

The number of non-vested equity-based payment instruments, excluding stock (or unit) options, that validly exist and are outstanding as of the balance sheet date.

+ References+ Details

The weighted average fair value of nonvested awards on equity-based plans excluding option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, revenue or profit achievement stock award plan) for which the employer is contingently obligated to issue equity instruments or transfer assets to an employee who has not yet satisfied service or performance criteria necessary to gain title to proceeds from the sale of the award or underlying shares or units.

+ References+ Details

Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]

The weighted average fair value as of grant date pertaining to an equity-based award plan other than a stock (or unit) option plan for which the grantee gained the right during the reporting period, by satisfying service and performance requirements, to receive or retain shares or units, other instruments, or cash in accordance with the terms of the arrangement.

+ References+ Details

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

3 Months Ended

6 Months Ended

Jun. 30, 2012

Jun. 30, 2011

Jun. 30, 2012

Jun. 30, 2011

Net income attributable to common shareholders

$ 93

$ 92

$ 178

$ 196

Weighted-average common shares outstanding for basic earnings per share

169,352,207

176,648,140

171,157,501

176,372,002

Employee equity awards

4,076,682

3,835,658

3,952,180

3,755,620

3.75% convertible notes(1)

28,419

^[1]

34,482

^[1]

31,451

^[1]

34,482

^[1]

Weighted-average common shares outstanding for diluted earnings per share

173,457,308

180,518,280

175,141,132

180,162,104

Basic earnings per share

$ 0.55

$ 0.52

$ 1.04

$ 1.11

Diluted earnings per share

$ 0.53

$ 0.51

$ 1.02

$ 1.09

Debt instrument, interest rate, stated percentage

2.50%

Convertible Common Stock [Member]

Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]

3.75% convertible notes(1)

34,482

3.75% Convertible Notes Due October 22, 2012 [Member]

Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]

Remaining convertible notes

$ 0.5

Debt instrument, interest rate, stated percentage

3.75%

3.75% Convertible Notes Due October 22, 2012 [Member] | Convertible Common Stock [Member]

Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]

3.75% convertible notes(1)

34,482

[1]	In June 2012, the remaining $0.5 million of our 3.75% convertible notes outstanding was converted into 34,482 shares of common stock in accordance with the terms of the notes.

Earnings Per Common Share (Narrative) (Detail)

3 Months Ended

6 Months Ended

3 Months Ended

6 Months Ended

3 Months Ended

6 Months Ended

Jun. 30, 2012

Jun. 30, 2011

Jun. 30, 2012

Jun. 30, 2011

Dec. 31, 2011

Jun. 30, 2012

Restricted Stock And PSUs [Member]

Jun. 30, 2011

Restricted Stock And PSUs [Member]

Jun. 30, 2012

Restricted Stock And PSUs [Member]

Jun. 30, 2011

Restricted Stock And PSUs [Member]

Jun. 30, 2012

3.75% Convertible Notes Due October 22, 2012 [Member]

Jun. 30, 2012

2.50% Convertible Senior Notes Due August 15, 2013 [Member]

Jun. 30, 2011

2.50% Convertible Senior Notes Due August 15, 2013 [Member]

Mar. 31, 2008

2.50% Convertible Senior Notes Due August 15, 2013 [Member]

Jun. 30, 2012

Convertible Debt Securities [Member]

3.75% Convertible Notes Due October 22, 2012 [Member]

Jun. 30, 2011

Convertible Debt Securities [Member]

3.75% Convertible Notes Due October 22, 2012 [Member]

Jun. 30, 2012

Common Stock [Member]

Jun. 30, 2011

Common Stock [Member]

Jun. 30, 2012

Common Stock [Member]

Jun. 30, 2011

Common Stock [Member]

Jun. 30, 2011

Convertible Common Stock [Member]

Jun. 30, 2012

Convertible Common Stock [Member]

3.75% Convertible Notes Due October 22, 2012 [Member]

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

Stock options to purchase shares

9,510,622

^[1]

9,510,622

^[1]

9,924,035

^[1]

6,339,360

5,020,397

6,339,360

5,020,397

9,510,622

10,198,953

9,510,622

10,198,953

Weighted average number diluted shares outstanding

5,389,031

4,538,137

4,646,221

3,073,607

6,213,454

6,703,343

6,214,754

6,709,093

Incremental common shares attributable to conversion of debt securities

28,419

^[2]

34,482

^[2]

31,451

^[2]

34,482

^[2]

34,482

Debt instrument, interest rate

2.50%

3.75%

2.50%

3.75%

[1]	No stock option awards were granted during the six months ended June 30, 2012.
[2]	In June 2012, the remaining $0.5 million of our 3.75% convertible notes outstanding was converted into 34,482 shares of common stock in accordance with the terms of the notes.

The number of shares reserved for issuance under stock option agreements awarded under the plan that validly exist and are outstanding as of the balance sheet date, including vested options.

+ References+ Details

Dividend Per Common Share

The sum of dilutive potential common shares or units used in the calculation of the diluted per-share or per-unit computation.

+ References+ Details

NASDAQ OMX Stockholders' Equity (Narrative) (Detail) (USD $) In Millions, except Share data, unless otherwise specified	3 Months Ended		3 Months Ended	6 Months Ended			6 Months Ended
	Dec. 31, 2011	Jun. 30, 2012	Sep. 30, 2012 Additional Common Stock [Member]	Jun. 30, 2012 Other Repurchases Of Common Stock [Member]	Jun. 30, 2012 Series A Preferred Stock [Member]	Dec. 31, 2011 Series A Preferred Stock [Member]	Jun. 30, 2012 Share Repurchase Program [Member]
Stockholders Equity [Line Items]
Common stock, shares authorized	300,000,000	300,000,000
Common stock, shares issued	213,398,111	213,425,286
Common stock, shares outstanding	173,552,939	167,178,252
Common stock holder voting rights, maximum percentage of the then-outstanding shares of NASDAQ OMX common stock		5.00%
Common stock in treasury, shares	39,845,172	46,247,034
Share repurchase program, authorized amount	$ 300		$ 300
Treasury shares acquired				290,261			7,270,058
Average price of repurchased stock							$ 24.07
Aggregate purchase price	860	1,017					175
Remaining authorized share repurchase amounts under repurchase program							$ 25
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
Cash dividend per share		$ 0.13

NASDAQ OMX Stockholders' Equity (Summary Of Dividends Declared) (Detail) (USD $)

6 Months Ended

Jun. 30, 2012

Stockholders Equity [Line Items]

Declaration Date

Apr. 23, 2012

$ 0.13

Record Date

Jun. 15, 2012

Total Amount(1) (in millions)

$ 22

^[1]

Payment Date

Jun. 29, 2012

[1]	This amount was recorded in retained earnings in the Condensed Consolidated Balance Sheets at June 30, 2012.

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

Equity impact of paid-in-kind dividends declared by an entity during the period for all classes of stock (common, preferred, etc.). This element includes paid and unpaid dividends declared during the period.

+ References+ Details

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

Jun. 30, 2012

Dec. 31, 2011

$ 196

^[1]

$ 279

^[1]

Total

355

1,845

1,566

^[2]

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

1,566

^[2]

Nordic Clearing Members Cash Contributions [Member]

Default fund investments

159

^[3]

Level 1 [Member]

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

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

196

^[1]

279

^[1]

Total

355

279

Level 1 [Member] | Nordic Clearing Members Cash Contributions [Member]

Default fund investments

159

^[3]

Level 2 [Member]

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

Total

1,566

1,566

^[2]

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

1,566

^[2]

Trading Securities [Member]

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

176

261

Restricted Assets [Member]

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

212

Investment In Dubai Financial Market PJSC [Member]

$ 20

$ 18

[1]	Primarily comprised of trading securities, mainly Swedish government debt securities, of $176 million as of June 30, 2012 and $261 million as of December 31, 2011. Of these securities, $90 million as of June 30, 2012 and $212 million as of December 31, 2011 are restricted assets to meet regulatory capital requirements primarily for clearing operations at NASDAQ OMX Nordic Clearing. This balance also includes our available-for-sale investment security in DFM of $20 million as of June 30, 2012 and $18 million as of December 31, 2011. See Note 6, "Investments," for further discussion of our trading investment securities and available-for-sale investment security.
[2]	Prior to the new clearing structure, discussed in Note 14, "Clearing Operations," these amounts represented net amounts associated with our clearing operations in the derivative markets with NASDAQ OMX Nordic Clearing. Receivables and payables attributable to outstanding derivative positions were netted to the extent that such a legal offset right existed and, at the same time, that it was NASDAQ OMX Nordic Clearing's intention to settle these items. See "Derivative Positions, at Fair Value and Resale and Repurchase Agreements, at Contract Value Prior to March 2012," of Note 14, "Clearing Operations," for further discussion. The new clearing structure significantly changed the nature and extent of the risk of loss to NASDAQ OMX Nordic Clearing in the event of a member default. Since the risk of loss will now be shared amongst clearing members, beginning in March 2012, we no longer record these derivative positions in the Condensed Consolidated Balance Sheets.
[3]	In March 2012, NASDAQ OMX Nordic Clearing implemented member sponsored default funds. Default fund contributions may include cash contributions which can be invested by NASDAQ OMX Nordic Clearing, in accordance with its investment policy, either in highly rated government debt securities or reverse repurchase agreements with highly rated government debt securities as collateral. As of June 30, 2012, $159 million of cash contributions have been invested in highly rated government debt securities. See Note 14, "Clearing Operations," for further discussion of default fund contributions.

Fair values as of the balance sheet date of all assets resulting from contracts that meet the criteria of being accounted for as derivative instruments, net of the effects of master netting arrangements.

+ References+ Details

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

Derivative instrument obligations meeting the definition of a liability which the Company is a party to as of the balance sheet date.

+ References+ Details

Fair Value Of Financial Instruments (Schedule Of Financial Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Parenthetical) (Detail) (Nordic Clearing Members Cash Contributions [Member], USD $)
In Millions, unless otherwise specified

Jun. 30, 2012

Nordic Clearing Members Cash Contributions [Member]

Default fund investments

$ 159

^[1]

[1]

In March 2012, NASDAQ OMX Nordic Clearing implemented member sponsored default funds. Default fund contributions may include cash contributions which can be invested by NASDAQ OMX Nordic Clearing, in accordance with its investment policy, either in highly rated government debt securities or reverse repurchase agreements with highly rated government debt securities as collateral. As of June 30, 2012, $159 million of cash contributions have been invested in highly rated government debt securities. See Note 14, "Clearing Operations," for further discussion of default fund contributions.

Clearing Operations (Schedule Of Clearing Member Default Fund Contributions) (Detail) (USD $)
In Millions, unless otherwise specified

Jun. 30, 2012

Default fund contributions

$ 180

Remaining balance of default fund contributions in cash

Nordic Clearing Members Cash Contributions [Member]

Default fund contributions

162

^[1]

Nordic Clearing Members Non Cash Contributions [Member]

Default fund contributions

Cash Contribution [Member] | NASDAQ OMX Nordic [Member]

Investment of cash contribution in highly rated debt securities

$ 159

[1]	As of June 30, 2012, in accordance with its investment policy, NASDAQ OMX Nordic Clearing has invested $159 million of cash contributions in highly rated government debt securities. The remaining balance of $3 million is held in cash.

Clearing Operations (Narrative) (Detail) (USD $)

6 Months Ended

12 Months Ended

Jun. 30, 2012

Dec. 31, 2011

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

$ 196,000,000

^[1]

$ 279,000,000

^[1]

100.00%

Resale agreements, at contract value

1,566,000,000

3,745,000,000

Maximum [Member]

Resale and repurchase agreements maturity (in days)

NASDAQ OMX Nordic [Member]

Credit facility, borrowing capacity

54,000,000

58,000,000

Committed amount of credit facility toward regulatory requirements

8,000,000

Clearing members pledged margin collateral

5,500,000,000

5,000,000,000

Contract value of resale and repurchase agreements

5,000,000,000

Total number of derivative contracts cleared

1,864,474

Liability Waterfall [Member]

Junior capital, cash deposits and pledged assets

14,000,000

Senior capital, cash deposits and pledged assets

22,000,000

IDCG And NOCC [Member]

Cash collateral for borrowed securities

42,000,000

9,000,000

NOCC [Member]

Aggregate amount of letters of credit

96,000,000

81,000,000

IDCG Guarantee Fund [Member]

Cash contributed to IDCG's guaranty fund

8,000,000

Contribution to guarantee fund

80,000,000

72,000,000

NOCC Guarantee Fund [Member]

Contribution to guarantee fund

$ 25,000,000

[1]

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

6 Months Ended

Jun. 30, 2012

Contract

Dec. 31, 2011

$ 2,071

Total volume in cleared power, in Terawatt hours (TWh)

57,546,215

867

1,758

1,758

Commodity Forwards And Options [Member]

1,378

^[1],[2]

468,040

^[3]

1,152

^[1],[2]

1,152

^[1],[2]

Fixed-Income Options And Futures [Member]

435

^[2],[4]

19,602,663

272

^[2],[4]

272

^[2],[4]

Stock Options And Futures [Member]

167

^[2],[4]

14,910,191

197

^[2],[4]

197

^[2],[4]

Index Options And Futures [Member]

^[2],[4]

22,565,321

137

^[2],[4]

$ 137

^[2],[4]

[1]	We determined the fair value of our forward contracts using standard valuation models that were based on market-based observable inputs including LIBOR rates and the spot price of the underlying instrument.
[2]	We determined the fair value of our option contracts using standard valuation models that were based on market-based observable inputs including implied volatility, interest rates and the spot price of the underlying instrument.
[3]	The total volume in cleared power related to commodity contracts was 867 Terawatt hours (TWh).
[4]	We determined the fair value of our future contracts based upon quoted market prices and average quoted market yields.

Fair value of derivative asset, presented on a gross basis even when the derivative instrument is subject to master netting arrangements and qualifies for net presentation in the statement of financial position.

+ References+ Details

Fair value of derivative liability, presented on a gross basis even when the derivative instrument is subject to master netting arrangements and qualifies for net presentation in the statement of financial position.

+ References+ Details

Commitments, Contingencies And Guarantees (Detail) (USD $) In Millions, unless otherwise specified	6 Months Ended
	Jun. 30, 2012	Dec. 31, 2011
Loss Contingencies [Line Items]
Credit facility used	$ 0	$ 0
Other guarantees	18	17
Escrow agreements	27
Performance Guarantee [Member]
Loss Contingencies [Line Items]
Other guarantees	5	6
Wholly-Owned Subsidiary [Member]
Loss Contingencies [Line Items]
Other guarantees	25
Clearinghouse Credit Facilities [Member]
Loss Contingencies [Line Items]
Total credit facility	4	4
Credit facilities, total	262.0	447.0
Line of credit facility, available liquidity	204	206
Credit facility, regulatory requirements amount	58	241
Contingent liability	0	0
Brokerage Activities [Member]
Loss Contingencies [Line Items]
Contingent liability in balance sheet	$ 0

Business Segments (Schedule Of Operating Segments) (Detail) (USD $)
In Millions, unless otherwise specified

3 Months Ended

6 Months Ended

Jun. 30, 2012

Jun. 30, 2011

Jun. 30, 2012

Jun. 30, 2011

Revenues less transaction rebates, brokerage, clearance and exchange fees

$ 823

$ 837

$ 1,624

$ 1,651

Cost of revenues

(399)

(422)

(789)

(824)

424

415

835

827

125

^[1]

131

^[2]

262

^[3]

283

^[2]

Market Services [Member]

Revenues less transaction rebates, brokerage, clearance and exchange fees

688

699

1,354

1,382

Cost of revenues

(399)

(422)

(789)

(824)

289

277

565

558

133

^[1]

123

^[2]

263

^[3]

247

^[2]

Issuer Services [Member]

Revenues less transaction rebates, brokerage, clearance and exchange fees

181

180

181

180

^[1]

^[2]

^[3]

^[2]

Market Technology [Member]

Revenues less transaction rebates, brokerage, clearance and exchange fees

^[1]

^[2]

^[3]

^[2]

Corporate Items And Eliminations [Member]