Nasdaq (NDAQ) 10-Q 4 Nov 15 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2015	Oct. 27, 2015
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3
Trading Symbol	ndaq
Entity Registrant Name	NASDAQ, INC.
Entity Central Index Key	1,120,193
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		164,236,534

Condensed Consolidated Balance

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

Condensed Consolidated Balance3

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

Condensed Consolidated Statemen

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

Condensed Consolidated Stateme5

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

Condensed Consolidated Stateme6

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

Organization and Nature of Oper

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

Basis of Presentation and Princ

Basis of Presentation and Principles of Consolidation	9 Months Ended
	Sep. 30, 2015
Basis of Presentation and Principles of Consolidation [Abstract]
Basis of Presentation and Principles of Consolidation	2. Basis of Presentation and Principles of Consolidation The condensed consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles, or U.S. GAAP. The condensed consolidated financial statements include the accounts of Nasdaq, its wholly-owned subsidiaries and other entities in which Nasdaq has a controlling financial interest. When we do not have a controlling interest in an entity but exercise significant influence over the entity’s operating and financial policies, such investment is accounted for under the equity method of accounting. We recognize our share of earnings or losses of an equity method investee based on our ownership percentage. As permitted under U.S. GAAP, for certain equity method investments for which financial information is not sufficiently timely for us to apply the equity method of accounting currently, we record our share of the earnings or losses of the investee from the most recently available financial statements on a lag. See “Equity Method Investments,” of Note 6, “Investments,” for further discussion of our equity method investments. The accompanying condensed consolidated financial statements reflect all adjustments which are, in the opinion of management, necessary for a fair statement of the results for the interim periods presented. These adjustments are of a normal recurring nature. All significant intercompany accounts and transactions have been eliminated in consolidation. As permitted under U.S. GAAP, certain footnotes or other financial information can be condensed or omitted in the interim condensed consolidated financial statements. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with the consolidated financial statements and accompanying notes included in Nasdaq’s Annual Report on Form 10-K for the fiscal year ended December 31, 2014 . Certain p rior period amounts have been reclassified to conform to the current period presentation. The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts and the disclosure of contingent amounts in the condensed consolidated financial statements and accompanying notes. Actual results could differ from those estimates. We have evaluated subsequent events through the issuance date of this Quarterly Report on Form 10-Q. See Note 17, “Subsequent Event,” for further discussion. Income Tax Matters We use the asset and liability method to determine income taxes on all transactions recorded in the condensed consolidated financial statements. Deferred tax assets and liabilities are determined based on differences between the financial statement carrying amounts and the tax basis of existing assets and liabilities (i.e., temporary differences) and are measured at the enacted rates that will be in effect when these differences are realized. If necessary, a valuation allowance is established to reduce deferred tax assets to the amount that is more likely than not to be realized. In order to recognize and measure our unrecognized tax benefits, management determines whether a tax position is more likely than not to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. Once it is determined that a position meets the recognition thresholds, the position is measured to determine the amount of benefit to be recognized in the condensed consolidated financial statements. Interest and/or penalties related to income tax matters are recognized in income tax expense. Nasdaq’s income tax provision was $68 million in the third quarter of 2015 and $132 million in the first nine months of 2015 compared with $56 million in the third quarter of 2014 and $170 million in the first nine months of 2014. The overall effective tax rate was 33% in the third quarter of 2015 and 32% in the first nine months of 2015 compared with 31% in the third quarter of 2014 and 34% in the first nine months of 2014. The higher effective tax rate in the third quarter of 2015 when compared with the same period in 2014 is primarily due to adjustments related to prior year tax return liabilities which resulted in an increase to the tax provision. In addition, in the third quarter of 2014, we recorded adjustments related to prior year tax return liabilities which resulted in a decrease to the tax provision. The lower effective tax rate in the first nine months of 2015 when compared with the same period in 2014 is primarily due to a change in the geographic mix of earnings and losses. The effective tax rate may vary from period to period depending on, among other factors, the geographic and business mix of earnings and losses. These same and other factors, including history of pre-tax earnings and losses, are taken into account in assessing the ability to realize deferred tax assets. Nasdaq and its eligible subsidiaries file a consolidated U.S. federal income tax return and applicable state and local income tax returns and non-U.S. income tax returns. Federal income tax returns for the years 2011 through 2013 are currently under audit by the Internal Revenue Service and we are subject to examination for the year 20 14 . Several state tax returns are currently under examination by the respective tax authorities for the years 2005 through 2013 and we are subject to examination for the year 2014 . Non-U.S. tax returns are subject to examination by the respective tax authorities for the years 2008 through 2014. In the third quarter of 2015, we received an assessment of $6 million from the Swedish Tax Agency for the year 2013. We will appeal this assessment to the Swedish Courts. Due to the uncertainty of the outcome of this matter, in the third quarter of 2015 we recorded a reserve of $6 million. This reserve is mostly offset by the recognition of $5 million of previously unrecognized tax benefits, in the third quarter of 2015, due to the lapse of the statute of limitations related to tax examinations in various jurisdictions in the U.S. We anticipate that the amount of unrecognized tax benefits at September 30, 2015 will significantly decrease in the next twelve months as we expect to settle certain tax audits. The final outcome of such audits cannot yet be determined. We anticipate that such adjustments will not have a material impact on our consolidated financial position or results of operations. In the fourth quarter of 2010, we received an appeal from the Finnish Tax Authority challenging certain interest expense deductions claimed by Nasdaq in Finland for the year 2008. The appeal also demanded certain penalties be paid with regard to the company’s tax return filing position. In October 2012, the Finnish Appeals Board disagreed with the company’s tax return filing position for years 2009 through 2011, even though the tax return position with respect to this deduction was previously reviewed and approved by the Finnish Tax Authority. In June 2014, the Finnish Administrative Court also disagreed with the company’s tax return filing position for these years. We have appealed this ruling to the Finnish Supreme Administrative Court and expect to receive a favorable decision. Through September 30, 2015, we have recorded tax benefits of $27 million associated with this filing position. We have paid $37 million to the Finnish tax authorities, which includes $11 million in interest and penalties. We expect the Finnish Supreme Administrative Court to agree with our position, which would result in an expected refund to Nasdaq of $34 million , which reflects the impact of foreign currency translation. If the Finnish Supreme Administrative Court disagrees with our position, we would record tax expense of $34 million, or $0.20 per diluted share. From 2009 through 2012, we recorded tax benefits associated with certain interest expense incurred in Sweden. Our position is supported by a 2011 ruling we received from the Swedish Supreme Administrative Court. However, under new legislation effective January 1, 2013, limitations are imposed on certain forms of interest expense. Because this legislation is unclear with regard to our ability to continue to claim such interest deductions, Nasdaq filed an application for an advance tax ruling with the Swedish Tax Council for Advance Tax Rulings. In June 2014, we received an unfavorable ruling from the Swedish Tax Council for Advance Tax Rulings. We appealed this ruling to the Swedish Supreme Administrative Court; however the Swedish Supreme Administrative Court denied our request for a ruling based on procedural requirements. In the third quarter of 2015, we received a notice from the Swedish Tax Agency that interest deductions for the year 2013 have been disallowed. W e will appeal to the Swedish Lower Administrative Court. We continue to expect a favorable decision. Since January 1, 2013, we have recorded tax benefits of $41 million associated with this matter . We will pay all assessments from the Swedish Tax Agency while this matter is pending. If the Swedish Courts agree with our position we will receive a refund of all paid assessments; if the Swedish Courts disagree with our position , we w ill record tax expense of $33 million, or $0.19 per diluted share, which reflects the impact of foreign currency translation . We expect to record recurring quarterly tax benefits of $2 million to $3 million with respect to this matter for the foreseeable future. Other Tax Matter In December 2012, the Swedish Tax Agency approved our 2010 amended value added tax, or VAT, tax return and we received a cash refund for the amount claimed. In 2013, we filed amended VAT tax returns for 2011 and 2012, utilizing the same approach which was approved for the 2010 filing. We also utilized this approach in our 2013 and 2014 filings. However, even though the VAT return position was previously reviewed and approved by the Swedish Tax Agency, the Swedish Tax Agency challenged our approach. The revised position of the Swedish Tax Agency was upheld by the Lower Administrative Court during the first quarter of 2015. As a result, in the first quarter of 2015, we reversed the previously recorded benefit of $12 million, based on the court decision. We have appealed the ruling of the Lower Administrative Court to the Court of Appeals. Recently Announced Accounting Pronouncements ASU 2015-16 In Septem b er 2015 , the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update, or ASU, 2015-16, “Simplifying the Accounting for Measurement-Period Adjustments,” which eliminates the requirement that an acquirer in a business combination account for measurement-period adjustments retrospectively. This guidance requires that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. In addition, the amendments in this guidance require an entity to present separately on the face of the income statement or disclose in the notes the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. Th is new standard is effective prospectively for us on January 1, 2016 . Early adoption is permitted. We do not expect the adoption of this guidance to have a significant impact on our consolidated financial statements. ASU 2015-03 In April 2015, the FASB issued ASU 2015-03, “Simplifying the Presentation of Debt Issuance Costs,” which requires debt issuance costs to be presented in the balance sheet as a direct deduction from the carrying amount of the related debt liability rather than as an asset. This guidance does not change the recognition and measurement of debt issuance costs. In the second quarter of 2015, we elected to early adopt this guidance retrospectively for all periods presented in the Condensed Consolidated Balance Sheets. The reclassification of debt issuance costs resulted in reductions in other non-current assets and debt obligations of $16 million for the year ended December 31, 2014. Other than this reclassification, the adoption of this guidance did not have an impact on our consolidated financial statements. ASU 2014-09 In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers (Topic 606),” which supersedes the revenue recognition guidance in Accounting Standards Codification, or ASC, 605, “Revenue Recognition.” The new revenue recognition standard sets forth a five-step revenue recognition model to determine when and how revenue is recognized. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration it expects to receive in exchange for those goods or services. The standard also requires more detailed disclosures. The standard provides alternative methods of initial adoption. On July 9, 2015, the FASB approved the deferral of the effective date of the new revenue recognition standard by one year. As a result, this new standard will now be effective for us on January 1, 2018. Early adoption as of the original effective date is permitted. We are currently assessing the impact that this standard will have on our consolidated financial statements .

Restructuring Charges

Restructuring Charges	9 Months Ended
	Sep. 30, 2015
Restructuring Charges [Abstract]
Restructuring Charges	3. Restructuring Charges During the first quarter of 2015, we performed a comprehensive review of our processes, businesses and systems in a company-wide effort to improve performance, cut costs, and reduce spending. In the first quarter of 2015, we also decided to change our company name from The NASDAQ OMX Group, Inc. to Nasdaq, Inc., which became effective in the third quarter of 2015 . We currently estimate that we will recognize net pre-tax restructuring charges of $188 million, consisting of the rebranding of our trade name, severance, asset impairments, facility-related and other costs. We recognized net restructuring charges of $8 million for the three months ended September 30, 2015 and $160 million for the n i ne months ended September 30, 2015, with the remaining amount to be recognized through June 2016. The restructuring charge for the nine months ended September 30, 2015 includes the reversal of a sublease loss reserve of $10 million . See “Facilities-related” below for further discussion. Through this initiative, we expect to generate pre-tax savings in 2015 of approximately $ 20 million and annualized savings of $23 million . Restructuring charges are recorded on restructuring plans that have been committed to by management and are, in part, based upon management's best estimates of future events. Changes to the estimates may require future adjustments to the restructuring liabilities. There were no restructuring charges in the comparable periods of 2014. The following table presents a summary of restructuring charges in the Condensed Consolidated Statements of Income : Three Months Ended September 30, 2015 Nine Months Ended September 30, 2015 (in millions) Rebranding of trade name $ - $ Severance Facilities-related Asset impairments - Other Total restructuring charges $ $ Rebranding of Trade Name As noted above, i n connection with our global rebranding initiative, we decided to change our company name from The NASDAQ OMX Group, Inc. to Nasdaq, Inc., which became effective in the third quarter of 2015 . In connection with this action, we decided to discontinue the use of the OMX trade name and recorded a pre-tax, non-cash impairment charge of $119 million in March 2015 because we no longer attribute any material value to the trade name. The impairment charge did not impact the company's consolidated cash flows, liquidity, or capital resources. Severance S everance, other termination benefits and other associated costs of $2 million for the three months ended September 30, 2015 and $23 million for the nine months ended September 30, 2015 , related to workforce reductions of 224 po sitions across our organization. In addition to reduc ing our workforce , we have relocated certain functions to lower cost locations and will continue hiring in these lower cost locations to support the business. Facilities-related The f acilit ies -related costs of $4 million for the three months ended September 30, 2015 pertained to the consolidation of leased facilities and the credit of $3 million for the nine months ended September 30, 2015 primarily pertain ed to the release of a previously recorded sublease loss reserve for part of the space we lease in New York, New York located at 1500 Broadway. In June 2015, a s part of our real estate reorganization plans, management decided to occupy this space. Based on management’s decision, we released the sublease loss reserve recorded for this space which totaled $10 million . This credit was partially offset by costs related to the consolidation of leased facilities. Asset Impairments A sset impairment charges of $15 million for the nine months ended September 30, 2015 primarily related to fixed assets and capitalized software that were retired during the respective period. Restructuring Reserve The following table presents the changes in the restructuring reserve during the nine months ended September 3 0 , 2015: Balance at January 1, 2015 Expense Incurred Cash Payments Balance at September 30, 2015 (in millions) Severance $ - $ $ $ Facilities-related - Total $ - $ $ $ As of September 30, 2015, the majority of the restructuring reserve i s included in other current liabilities in the Condensed Consolidated Balance Sheets and will be paid during the fourth quarter of 2015.

Acquisitions

Acquisitions	9 Months Ended
	Sep. 30, 2015
Acquisitions [Abstract]
Acquisitions and Divestitures	4. Acquisition We completed the following acquisition in 2015. Financial results are included in our Condensed Consolidated Statements of Income from the date of the acquisition. Purchase Consideration Total Net Assets (Liabilities) Acquired Purchased Intangible Assets Goodwill (in millions) Dorsey, Wright & Associates, LLC $ $ $ $ Acquisition of Dorsey, Wright & Associates, LLC On January 30, 2015 , we completed the acquisition of Dorsey, Wright & Associates, LLC, or DWA, for $226 million ( $225 million cash paid plus $1 million in working capital adjustments). DWA is a market leader in data analytics, passive indexing and smart beta strategies. We acquired net assets, at fair value, totaling $8 million and recorded a current deferred tax liability of $1 million and a non-current deferred tax liability of $33 million related to differences in the U.S. GAAP and tax basis of our investment in DWA, resulting in total net liabilities acquired of $26 million. DWA is part of our Information Services segment . Nasdaq used cash on hand and borrowed $100 million under the revolving credit commitment of our current credit facility to fund this acquisition. Intangible Assets The following table presents the details of the purchased intangible assets acquired in the acquisition of DWA. All purchased intangible assets with finite lives are amortized using the straight-line method. Estimated Average Remaining Value Useful Life Intangible assets: (in millions) (in years) Trade name $ Indefinite Customer relationships 15 years Technology 5 years Total intangible assets $ Trade Name The DWA trade name is recognized in the industry and carries a reputation for quality. As such, DWA’s reputation and positive recognition embodied in the trade name is a valuable asset to Nasdaq. The trade name was considered the primary asset acquired in this transaction. In valuing the acquired trade name, we used the income approach, specifically the excess earnings method. The excess earnings method examines the economic returns contributed by the identified tangible and intangible assets of a company, and then isolates the excess return that is attributable to the intangible asset being valued. A discount rate of 17% was utilized, which reflects the amount of risk associated with the hypothetical cash flows generated by the DWA trade name in the future. In developing a discount rate for the trade name, we estimated a weighted average cost of capital for the overall business and we employed this rate when discounting the cash flows. The resulting discounted cash flows were then tax-effected at a rate of 36.5% , and a discounted tax amortization benefit was added to the fair value of the asset under the assumption that the trade name would be amortized for tax purposes over a period of 15 years. We estimated the useful life of the trade name to be indefinite. The useful life was based on several factors including the number of years the name has been in service, its popularity within the industry, and our intention to continue its use in the branding of products . Customer Relationships Customer relationships represent the non-contractual and contractual relationships that DWA has with its customers. The DWA customer relationships were valued individually for each of DWA’s businesses using the income approach, specifically the with-and-without method. The with-and-without method is commonly used when the cash flows of a business can be estimated with and without the asset in place. The premise associated with this valuation technique is that the value of an asset is represented by the differences in the subject business’ cash flows under scenarios where (a) the asset is present and is used in operations (with); and (b) the asset is absent and not used in operations (without). Cash flow differentials are then discounted to present value to arrive at an estimate of fair value for the asset. We estimated that without current customer relationships, it would take approximately 3 - 6 years, depending on the business, for the customer base to grow to 100% of current projected revenues. We also made estimates related to compensation levels and other expenses such as sales and marketing that would be incurred as the business was ramped up through the year in which the customer base would be expected to reach the level that currently exists. A discount rate of 17.5% , which reflects the estimated weighted average cost of capital for the overall business plus a premium of 0.5% reflecting the risk and uncertainty of the cash flows for the customer relationships relative to the overall business, was utilized when discounting the cash flows. The resulting discounted cash flows were then tax-effected at a rate of 36.5% , and a discounted tax amortization benefit was added to the fair value of the asset under the assumption that the customer relationships would be amortized for tax purposes over a period of 15 years. Based on the historical behavior of the customers and a parallel analysis of the customers using the excess earnings method, we estimated the remaining useful life for the acquired customer relationships to be 15 years. Technology The fair value of the acquired DWA developed technology was valued using the income approach, specifically the relief from royalty method, or RFRM. The RFRM is used to estimate the cost savings that accrue to the owner of an intangible asset who would otherwise have to pay royalties or license fees on revenues earned through the use of the asset. The royalty rate is applied to the projected revenue over the expected remaining life of the intangible asset to estimate royalty savings. The net after-tax royalty savings are calculated for each year in the remaining economic life of the intangible asset and discounted to present value. To determine the royalty rate we searched for and identified market transactions and royalty rates for comparable technology. In addition, we performed a profit split analysis that produced a range of royalty rates that were then compared for reasonableness to the royalty rates identified in the market transactions and royalty rates for comparable technology. Profit split theory states that a reasonable market participant would be willing and able to make revenue - based royalty payments of 25 to 30 percent of their operating profit to receive the rights to certain licensable intellectual property necessary for conducting business. Conversely, the owner of such intellectual property would save that amount or be relieved from making those royalty payments. We estimated supportable royalty rates for the technology and selected a pre-tax royalty rate of 15% . A discount rate of 17% was utilized, which reflects the estimated weighted average cost of capital for the overall business and we employed this rate when discounting the cash flows. The resulting discounted cash flows were then tax-effected at a rate of 36.5% , and a discounted tax amortization benefit was added to the fair value of the asset under the assumption that the technology would be amortized for tax purposes over a period of 15 years. We have estimated the remaining useful life for the acquired developed technology to be 5 years. Pro Forma Results and Acquisition-related Costs Pro forma financial results for the acquisition of DWA completed in January 2015 have not been presented since the acquisition was not material to our financial results. Acquisition-related costs for the acquisition of DWA were immaterial.

Goodwill and Purchased Intangib

Goodwill and Purchased Intangible Assets	9 Months Ended
	Sep. 30, 2015
Goodwill and Purchased Intangible Assets [Abstract]
Goodwill and Purchased Intangible Assets	5. Goodwill and Purchased Intangible Assets Goodwill The following table presents the changes in goodwill by business segment during the nine months ended September 30, 201 5: Market Services Listing Services Information Services Technology Solutions Total (in millions) Balance at December 31, 2014 $ $ $ $ $ Goodwill acquired - - - Foreign currency translation adjustment Balance at September 30, 2015 $ $ $ $ $ The goodwill acquired for Information Services shown above relates to our acquisition of DWA in January 2015. See Note 4, “Acquisition,” for further discussion. As of September 30, 201 5, the amount of goodwill that is expected to be deductible for tax purposes in future periods is $876 million, of which $521 million is related to our acquisition of certain assets and assum ption of certain liabilities of the eSpeed business, or eSpeed, $263 million is related to our acquisition of the Investor Relations, Public Relations and Multimedia Solutions businesses of Thomson Reuters, or the TR Corporate businesses , and $92 million is related t o other acquisition s . Goodwill represents the excess of the purchase price over the value assigned to the net tangible and identifiable intangible assets of a business acquired. Goodwill is allocated to our reporting units based on the assignment of the fair values of each reporting unit of the acquired company. We test goodwill for impairment at the reporting unit level annually, or in interim periods if certain events occur indicating that the carrying amount may be impaired, such as changes in the business climate, poor indicators of operating performance or the sale or disposition of a significant portion of a reporting unit. There was no impairment of goodwill for the nine months ended September 3 0 , 2015 and 2014 ; however, events such as economic weakness or unexpected significant declines in operating results of a reporting unit may result in goodwill impairment charges in the future. Purchased Intangible Assets The following table presents details of our total purchased intangible assets, both finite- and indefinite-lived: September 30, 2015 December 31, 2014 Gross Amount Accumulated Amortization Net Amount Weighted-Average Useful Life (in Years) Gross Amount Accumulated Amortization Net Amount Weighted-Average Useful Life (in Years) (in millions) (in millions) Finite-Lived Intangible Assets Technology $ $ $ $ $ $ Customer relationships Other Foreign currency translation adjustment Total finite-lived intangible assets $ $ $ $ $ $ Indefinite-Lived Intangible Assets Exchange and clearing registrations $ $ - $ $ $ - $ Trade names - - Licenses - - Foreign currency translation adjustment - - Total indefinite-lived intangible assets $ $ - $ $ $ - $ Total intangible assets $ $ $ $ $ $ Amortization expense for purchased finite-lived intangible assets was $15 million for the three months ended September 30, 2015, $17 million for the three months ended September 3 0 , 201 4, $46 million for the nine months ended September 30, 2015, and $ 53 million for the nine months ended September 3 0 , 2014. The estimated future amortization expense (excluding the impact of foreign currency translation adjustment) of purchased finite-lived intangible assets as of September 30, 201 5 is as follows: (in millions) 2015 (1) $ 2016 2017 2018 2019 2020 and thereafter Total $ (1) Represents the estimated amortization to be recognized for the remaining three months of 201 5. Intangible Asset Impairment Charge In connection with our global rebranding initiative, we decided to change our company name from The NASDAQ OMX Group, Inc. to Nasdaq, Inc., which became effective in the third quarter of 2015 . In connection with this action, we decided to discontinue the use of the OMX trade name and recorded a pre-tax, non-cash impairment charge of $119 million in March 2015 because we no longer attribute any material value to the trade name . The impairment charge did not impact the company's consolidated cash flows, liquidity, or capital resources. Th i s charge is included in restructuring charges in the Condensed Consolidated Statements of Income for the nine months ended September 3 0 , 2015.

Investments

Investments	9 Months Ended
	Sep. 30, 2015
Investments [Abstract]
Investments	6. Investments Trading Securities Trading securities, which are included in financial investments, at fair value in the Condensed Consolidated Balance Sheets, were $ 193 million as of September 30, 2015 and $171 million as of December 31, 2014 . These securities are primarily comprised of highly rated European government debt securities, of which $ 173 million as of September 30, 2015 and $159 million as of December 31, 2014 , are assets utilized to meet regulatory capital requirements primarily for our clearing operations at Nasdaq Nordic Clearing. Available-for-Sale Investment Securities Available-for-sale investment securities, which are included in financial investments, at fair value in the Condensed Consolidated Balance Sheets, were immaterial as of September 30, 2015 and $3 million as of December 31, 2014. These securities are primarily comprised of short-term commercial paper. As of September 30, 2015 and December 31, 2014, the cumulative unrealized gains and losses on these securities were immaterial. Equity Method Investments The carrying amounts of our equity method investments totaled $71 million as of September 30, 2015 and $25 million as of December 31, 2014 and are included in other non-current assets in the Condensed Consolidated Balance Sheets. The increase in the first nine months of 2015 was primarily due to our capital contribution of $30 million to The Options Clearing Corporation, or OCC. See below for further discussion. As of September 3 0 , 2015, our equity method investments primarily included equity interests in OCC, EuroCCP N.V. and The Order Machine, or TOM. As of December 31, 2014, our equity method investments consisted primarily of our equity interests in EuroCCP N.V. and TOM. Net i ncome recognized from our equity interest in the earnings and losses of these equity method investments was $2 m illion for the three months ended September 30, 2015 , $16 m illion for the nine months ended September 30, 2015 and was immaterial for both the three and nine months ended September 30, 2014 . The increase in the third quarter and the first nine months of 2015 compared with the same periods in 2014 is primarily due to income recognized from our equity method investment in OCC. W e were not able to determine what our share of OCC’s income was for the year ended December 31, 2014 until the first quarter of 2015, when OCC ’s financial statements were made available to us. As a result, we recorded other income of $13 million in March 2015 relating to our share of OCC’s income for the year ended December 31, 2014. This income is included in net income from unconsolidated investees in the Condensed Consolidated Statements of Income . Capital Contribution to The Options Clearing Corporation In March 2015, in connection with being designated systemically important by the Financial Stability Oversight Council, OCC implemented a capital plan under which the options exchanges that are OCC’s stockholders made new capital contributions to OCC, committed to make further capital contributions in the future under certain specified circumstances, and received certain commitments from OCC with respect to future dividend payments and related matters. Certain aspects of the OCC capital plan require approval by the SEC. Under the OCC capital plan, OCC's existing exchange stockholders, including Nasdaq, each contributed a pro-rata share of $150 million in new equity capital. Nasdaq’s capital contribution was $30 million. OCC’s exchange stockholders also committed to provide, as may become necessary from time to time, additional replenishment capital on a pro-rata basis if certain capital thresholds are triggered. For its part, OCC adopted specific policies with respect to fees, customer refunds and stockholder dividends, which envision an annual dividend payment to its stockholders equal to the portion of OCC’s after-tax income that exceeds OCC’s capital requirements after payment of refunds to OCC’s clearing members (with such customer refunds generally to constitute 50% of the portion of OCC’s pre-tax income that exceeds OCC’s capital requirements). After the SEC staff approved the OCC capital plan and the stockholders made their capital contributions, the plan’s further effectiveness was suspended under the applicable SEC rules because certain unrelated parties petitioned the full Commission to recon sider the capital plan’s approval. If the SEC staff’s approval is reversed or the suspension of the capital plan’s effectiveness is not lifted in a timely manner, then the transaction may be reversed and the 2015 capital contributions returned to stockholders. Cost Method Investments The carrying amounts of our cost method investments totaled $133 million as of September 3 0 , 2015 and $138 million as of December 31, 2014 and are included in other non-current assets in the Condensed Consolidated Balance Sheets. As of September 3 0 , 2015, our cost method investments primarily represent our 5% ownership interest in Borsa Istanbul and our 5% ownership interest in LCH.Clearnet Group Limited, or LCH. As of December 31, 2014, our cost method investments represent ed our 5% ownership interest in Borsa Istanbul and our 5% ownership interest in LCH. The Borsa Istanbul shares, which were issued to us in the first quarter of 2014, are part of the consideration to be received under a market technology agreement. This investment has a cost basis of $75 million which is guaranteed to us via a put option negotiated as part of the market technology agreement.

Deferred Revenue

Deferred Revenue	9 Months Ended
	Sep. 30, 2015
Deferred Revenue [Abstract]
Deferred Revenue	7. Deferred Revenue Deferred revenue represents consideration received that is yet to be recognized as revenue. At September 30, 201 5, we estimate that our deferred revenue, which is primarily Listing Services and Technology Solutions revenues, will be recognized in the following years: Initial Listing Revenues Listing of Additional Shares Revenues Annual Renewal and Other Revenues Technology Solutions Revenues (2) Total (in millions) Fiscal year ended: 2015 (1) $ $ $ $ $ 2016 2017 2018 - 2019 - 2020 and thereafter - - $ $ $ $ $ (1) Represents deferred revenue that is anticipated to be recognized over the remaining three months of 201 5. (2) The timing of recognition of our deferred Technology Solutions revenues is primarily dependent upon the completion of customization and any significant modifications made pursuant to existing Market Technology contracts and the timing of Corporate Solutions subscription-based contracts. As such, as it relates to Market Technology revenues, the timing represents our best estimate. The changes in our deferred revenue during the nine months ended September 30, 201 5 and 201 4 are reflected in the following table. Initial Listing Revenues Listing of Additional Shares Revenues Annual Renewal and Other Revenues Technology Solutions Revenues (2) Total (in millions) Balance at January 1, 2015 $ $ $ $ $ Additions (1) Amortization (1) Translation adjustment - - Balance at September 30, 2015 $ $ $ $ $ Balance at January 1, 2014 $ $ $ $ $ Additions (1) Amortization (1) Translation adjustment - - Balance at September 30, 2014 $ $ $ $ $ (1) The additions and amortization for initial listing revenues, listing of additional shares revenues and annual renewal and other revenues primarily reflect revenues from our U.S. Listing Services business. The additions to Technology Solutions revenues during the nine months ended September 30 , 2014 include $75 million related to the Borsa Istanbul market technology agreement. See “Cost Method Investments,” of Note 6, “Investments,” for further discussion. (2) Technology Solutions deferred revenues primarily include revenues from our Market Technology delivered client contracts in the support phase charged during the period and our Corporate Solutions subscription based contracts, which are primarily billed quarterly in advance. For our Market Technology contracts, where customization and significant modifications to the software are made to meet the needs of our customers, total revenues, as well as costs incurred, are deferred until significant modifications are completed and delivered. Once delivered, deferred revenue and the related deferred costs are recognized over the post contract support period. For these Market Technology contracts, we have included the deferral of costs in other current assets and other non-current assets in the Condensed Consolidated Balance Sheets. The amortization of Technology Solutions deferred revenue primarily includes revenues earned from Market Technology client contracts and Corporate Solutions subscription based contracts recognized during the period.

Debt Obligations

Debt Obligations	9 Months Ended
	Sep. 30, 2015
Debt Obligations [Abstract]
Debt Obligations	8. Debt Obligations As discussed in “ASU 2015-03,” of Note 2, “Basis of Presentation and Principles of Consolidation,” we elected to early adopt ASU 2015-03 which requires debt issuance costs to be presented in the balance sheet as a direct deduction from the carrying amount of the related debt liability rather than an asset. As of September 30, 2015, we have reclassified debt issuance costs associated with our debt obligations from other non-current assets to debt obligations. In accordance with ASU 2015-03, prior year amounts have been reclassified to conform to the current year classification, resulting in an adjustment to debt obligations of $16 million for the year ended December 31, 2014. The following table presents the changes in the carrying amount of our debt obligations during the nine months ended September 30, 2015 : December 31, 2014 Additions Payments, Conversions, Accretion and Other September 30, 2015 (in millions) 5.55% senior unsecured notes due January 15, 2020 (1) (2) $ $ - $ $ 5.25% senior unsecured notes due January 16, 2018 (1) (2) - - 3.875% senior unsecured notes due June 7, 2021 (1) (2) - 4.25% senior unsecured notes due June 1, 2024 (1) (2) - $750 million revolving credit commitment due November 25, 2019 (average interest rate of 1.50% for the period January 1, 2015 through June 30, 2015) (3) Total debt obligations Less current portion - - Total long-term debt obligations $ $ $ $ (1) See “Senior Unsecured Notes” below for further discussion. (2) Net of unamortized debt discount and debt issuance costs. (3) Net of unamortized debt issuance costs. See “2014 Credit Facility” below for further discussion. Senior Unsecured Notes 5.55% Senior Unsecured Notes In January 2010, Nasdaq issued $600 million aggregate principal amount of 5.55 % senior notes due January 15, 2020, or the 2020 Notes , at a discount. As a result of the discount, the proceeds received from the issuance were less than the aggregate principal amount. As of September 30, 2015 , the balance of $597 million reflects the aggregate principal amount, less the unamortized debt discount and the unamortized debt issuance costs . The unamortized debt discount and the unamortized debt issuance costs are be ing accreted through interest expense over the life of the 2020 Notes . The 2020 Notes pay interest semiannually at a rate of 5.55 % per annum until January 15, 2020 . The 2020 Notes are general unsecured obligations of ours and rank equally with all of our existing and future unsubordinated obligations. The 2020 Notes are not guaranteed by any of our subsidiaries. The 2020 Notes were issued under indentures that, among other things, limit our ability to consolidate, merge or sell all or substantially all of our assets, create liens, and enter into sale and leaseback transactions. 5.25% Senior Unsecured Notes In December 2010, Nasdaq issued $370 million of 5.25% senior unsecured notes due January 16, 2018 , or the 2018 Notes. The 2018 Notes were issued at a discount. As a result of the discount, the proceeds received from the issuance were less than the aggregate principal amount. As of September 30, 2015 , the balance of $ 368 million reflects the aggregate principal amount, less the unamortized debt discount and the unamortized debt issuance costs . The unamortized debt discount and the unamortized debt issuance costs are be ing accreted through interest expense over the life of the 2018 Notes. The 2018 Notes pay interest semiannually at a rate of 5.25 % per annum until January 16, 2018 and such rate may vary with Nasdaq’s debt rating up to a rate not to exceed 7.25 %. The 2018 Notes are general unsecured obligations of ours and rank equally with all of our existing and future unsubordinated obligations. They are not guaranteed by any of our subsidiaries. The 2018 Notes were issued under indentures that among other things, limit our ability to consolidate, merge or sell all or substantially all of our assets, create liens, and enter into sale and leaseback transactions. In addition, upon a change of control triggering event (as defined in the indenture), the terms require us to repurchase all or part of each holder’s notes for cash equal to 101 % of the aggregate principal amount purchased plus accrued and unpaid interest, if any. 3.875% Senior Unsecured Notes In June 2013, Nasdaq issued €600 million aggregate principal amount of 3.875% senior unsecured notes due June 7, 2021, or the 2021 Notes, at a discount. As a result of the discount, the proceeds received from the issuance were less than the aggregate principal amount. As of September 30 , 2015, the balance of $ 665 million reflects the aggregate principal amount, less the unamortized debt discount and the unamortized debt issuance costs . The unamortized debt discount and the unamortized debt issuance costs are be ing accreted through interest expense over the life of the 2021 Notes. The 2021 Notes pay interest annually at a rate of 3.875% per annum until June 7, 2021 and such rate may vary with Nasdaq’s debt rating up to a rate not to exceed 5.875% . The 2021 Notes are general unsecured obligations of ours and rank equally with all of our existing and future unsubordinated obligations. They are not guaranteed by any of our subsidiaries. The 2021 Notes were issued under indentures that among other things, limit our ability to consolidate, merge or sell all or substantially all of our assets, create liens, and enter into sale and leaseback transactions. In addition, upon a change of control triggering event (as defined in the indenture), the terms require us to repurchase all or part of each holder’s notes for cash equal to 101% of the aggregate principal amount purchased plus accrued and unpaid interest, if any. The 2021 Notes have been designated as a hedge of our net investment in certain foreign subsidiaries to mitigate the foreign exchange risk associated with certain investments in these subsidiaries. The decrease in the carrying amount of $55 million noted in the “Payments, Conversions, Accretion and Other” column in the table above reflects the translation of the 2021 Notes into U.S. dollars and is recorded in accumulated other comprehensive loss in the Condensed Consolidated Balance Sheets for the nine months ended September 30 , 2015. 4.25% Senior Unsecured Notes In May 2014, Nasdaq issued $500 million of 4.25% senior unsecured notes due June 1, 2024, or the 2024 Notes. The 2024 Notes were issued at a discount. As a result of the discount, the proceeds received from the issuance were less than the aggregate principal amount. As of September 30 , 2015, the balance of $495 million reflects the aggregate principal amount, less the unamortized debt discount and the unamortized debt issuance costs . The unamortized debt discount and the unamortized debt issuance costs are be ing accreted through interest expense over the life of the 2024 Notes. The 2024 Notes pay interest semiannually at a rate of 4.25% per annum until June 1, 2024 and such rate may vary with Nasdaq’s debt rating up to a rate not to exceed 6.25% . The 2024 Notes are general unsecured obligations of ours and rank equally with all of our existing and future unsubordinated obligations. They are not guaranteed by any of our subsidiaries. The 2024 Notes were issued under indentures that among other things, limit our ability to consolidate, merge or sell all or substantially all of our assets, create liens, and enter into sale and leaseback transactions. In addition, upon a change of control triggering event (as defined in the indenture), the terms require us to repurchase all or part of each holder’s notes for cash equal to 101% of the aggregate principal amount purchased plus accrued and unpaid interest, if any. Credit Facilities 2014 Credit Facility In November 2014, Nasdaq entered into a $750 million senior unsecured five-year credit facility which matures on November 25, 2019, or the 2014 Credit Facility. The 2014 Credit Facility consists of a $750 million revolving credit commitment (with sublimits for non-dollar borrowings, swingline borrowings and letters of credit). In January 2015, we used cash on hand and borrowed $100 million under the revolving credit commitment of the 2014 Credit Facility to fund our acquisition of DWA . During the first nine months of 2015, we borrowed $ 366 million for general corporate purposes. See Note 4, “Acquisition ,” for further discussion of the DWA acquisition. During the nine months ended September 30, 2015, we repaid $176 million under the revolving credit commitment of the 2014 Cr edit Facility. As of September 30 , 2015, the balance of $310 million reflects the outstanding amount under the 2014 Credit Facility , less the unamortized debt issuance costs . The unamortized debt issuance costs are be ing accreted through interest expense over the life of the 20 14 Credit Facility . The loans under the 2014 Credit Facility have a variable interest rate based on either the London Interbank Offered Rate, or LIBOR, or the b ase r ate (as defined in the credit agreement) (or other applicable rate with respect to non-dollar borrowings), plus an applicable margin that varies with Nasdaq’s debt rating. The Credit Agreement includes an option for Nasdaq to propose an increase in the available aggregate amount by up to $500 million, subject to the consent of the lenders funding the increase and certain other conditions. The 2014 Credit Facility contains financial and operating covenants. Financial covenants include an interest expense coverage ratio and a maximum leverage ratio. Operating covenants include limitations on Nasdaq’s ability to incur additional indebtedness, grant liens on assets, enter into affiliate transactions and pay dividends. Our 2014 Credit Facility allows us to pay cash dividends on our common stock. The 2014 Credit Facility also contains customary affirmative covenants, including access to financial statements, notice of defaults and certain other material events, maintenance of business and insurance, and events of default, including cross-defaults to our material indebtedness. Nasdaq is permitted to repay borrowings under the 2014 Credit Facility at any time in whole or in part, without penalty. We are also required to repay loans outstanding under the 2014 Credit Facility with net cash proceeds from sales of property and assets of Nasdaq and its subsidiaries (excluding inventory sales and other sales in the ordinary course of business) and casualty and condemnation proceeds, in each case subject to specified exceptions and thresholds. Other Credit Facilities In addition to the revolving credit commitment under our 2014 Credit Facility discussed above, we have credit facilities related to our Nordic clearing operations in order to provide further liquidity and default protection. At September 30, 2015 , credit facilities, which are available in multiple currencies, primarily Swedish Krona, totaled $204 million in available liquidity, none of which was utilized. At December 31, 2014 , credit facilities, which are available in multiple currencies, primarily Swedish Krona, totaled $236 million ( $197 million in available liquidity and $39 million for default protection), of which $7 million was utilized. Debt Covenants At September 30, 2015 , we were in compliance with the covenants of all of our debt obligations.

Employee Benefits

Employee Benefits	9 Months Ended
	Sep. 30, 2015
Employee Benefits [Abstract]
Employee Benefits	9. Employee Benefits U.S. Defined-Benefit Pension and Supplemental Executive Retirement Plans We maintain non-contributory, defined-benefit pension plans, non-qualified supplemental executive retirement plans, or SERPs, for certain senior executives and post-retirement benefit plans for eligible employees in the U.S., collectively referred to as the Nasdaq Benefit Plans. Our pension plans and SERPs are frozen. Future service and salary for all participants do not count toward an accrual of benefits under the pension plans and SERPs. As such, net periodic benefit cost was immaterial for both the three and nine months ended September 30, 2015 and 2014. Non-U.S. Benefit Plans Most employees outside the U.S. are covered by local retirement plans or by applicable social laws. Benefits under social laws are generally expensed in the periods in which the costs are incurred. These costs are included in compensation and benefits expense in the Condensed Consolidated Statements of Income and wer e $4 million for the three months ended September 30, 2015, $5 million for the three months ended September 30, 2014 , $13 million for the nine months ended September 30, 2015 , and $15 million for the nine months ended September 30, 2014. U.S. Defined Contribution Savings Plan We sponsor a voluntary defined contribution savings plan, or 401(k) Plan, for U.S. employees. Employees are immediately eligible to make contributions to the plan and are also eligible for an employer contribution match at an amount equal to 100.0 % of the first 6.0 % of eligible employee contributions. Savings plan expense included in compensation and benefits expense in the Condensed Consolidated Statements of Income was $3 million for the three months ended September 3 0 , 2015 , $2 million for the three months ended September 30, 2014, $8 million for the nine months ended September 30 , 2015 , and $7 million for the nine months ended September 30, 2014. Prior to 2015, we had a profit-sharing contribution feature to our 401(k) Plan which allowed eligible U.S. employees to receive employer retirement contributions, or ERCs, when we met our annual corporate goals. In addition, we had a supplemental ERC for select highly compensated employees whose ERCs were limited by the annual Internal Revenue Service compensation limit. In December 2013, we announced changes to the ERC program. In 2014, we reduced the basic ERC contribution for all plan participants and, effective January 1, 2015, the ERC plan was discontinued and no future contributions will be made . Employee Stock Purchase Plan We have an employee stock purchase plan, or ESPP, under which approximately 2.7 million shares of our common stock have been reserved for future issuance as of September 30 , 201 5. Our ESPP allows eligible U.S. and non-U.S. employees to purchase a limited number of shares of our common stock at six -month intervals, called offering periods, at 85.0 % of the lower of the fair market value on the first or the last day of each offering period. The 15.0 % discount given to our employees is included in compensation and benefits expense in the Condensed Consolidated Statements of Income and was $1 million for both the three months ended September 30, 2015 and 2014 and $3 million for both the nine months ended September 30, 2015 and 2014 .

Share-Based Compensation

Share-Based Compensation	9 Months Ended
	Sep. 30, 2015
Share-Based Compensation [Abstract]
Share-Based Compensation	10. Share-Based Compensation We have a share-based compensation program that provides our board of directors broad discretion in creating employee equity incentives. Share-based awards, or equity awards, granted under this program include stock options, restricted stock (consisting of restricted stock units), and performance share units, or PSUs. Grants of equity awards are designed to reward employees for their long-term contributions and provide incentives for them to remain with us. For accounting purposes, we consider PSUs to be a form of restricted stock. Restricted stock is generally time-based and vests over two - to five -year periods beginning on the date of the grant. Stock options are also generally time-based and expire ten years from the grant date. Stock option and restricted stock awards granted prior to 2014 generally included performance-based accelerated vesting features based on achievement of specific levels of corporate performance. If Nasdaq exceeded the applicable performance parameters, the grants vest on the third anniversary of the grant date, if Nasdaq met the applicable performance parameters, the grants vest on the fourth anniversary of the grant date, and if Nasdaq did not meet the applicable performance parameters, the grants vest on the fifth anniversary of the grant date. Beginning in 2014, restricted stock awards granted vest 25% on the second anniversary of the grant date, 25% on the third anniversary of the grant date, and 50% on the fourth anniversary of the grant date. The grant date fair value of restricted stock awards is based on the closing price at the date of grant less the present value of future cash dividends. PSUs are based on performance measures that impact the amount of shares that each recipient will receive upon vesting. PSUs are granted at the fair market value of our stock on the grant date and compensation cost is recognized over the performance period and, in certain cases, an additional vesting period. For each grant of PSUs, an employee may receive from 0 % to 150 % of the target amount granted, depending on the achievement of performance measures. We report the target number of PSUs granted, unless we have determined that it is more likely than not, based on the actual achievement of performance measures, that an employee will receive a different amount of shares underlying the PSUs, in which case we report the amount of shares the employee is likely to receive. We also have a performance-based long-term incentive program for our chief executive officer, presidents, executive vice presidents and senior vice presidents that focuses on total shareholder return, or TSR. This program represents 100 % of our chief executive officer’s, presidents’ and executive vice presidents’ long-term stock-based compensation and 50 % of our senior vice presidents’ long-term stock-based compensation. Under the program, each individual receives PSUs with a three -year cumulative performance period that vest at the end of the performance period. Performance will be determined by comparing Nasdaq’s TSR to two peer groups, each weighted 50 %. The first peer group consists of exchange companies, and the second peer group consists of all companies in the Standard & Poor’s 500 Index. Nasdaq’s relative performance ranking against each of these groups will determine the final number of shares delivered to each individual under the program. The payout under this program will be between 0 % and 200 % of the number of PSUs granted and will be determined by Nasdaq’s overall performance against both peer groups. However, if Nasdaq’s TSR is negative for the three-year performance period, regardless of TSR ranking, the payout will not exceed 100% of the number of PSUs granted. We estimate the fair value of PSU’s granted under the TSR program using the Monte Carlo simulation model, as these awards contain a market condition. The following weighted-average assumptions were used to determine the weighted-average fair values of the PSU awards granted under the TSR program during the nine months ended September 30, 2015 and 2014: Nine Months Ended September 30, 2015 2014 Weighted-average risk free interest rate Expected volatility (1) Grant date share price $ $ Weighted-average fair value at grant date $ $ (1) We use historic volatility for PSU awards issued under the TSR program, as implied volatility data could not be obtained for all the companies in the peer groups used for relative performance measurement within the TSR program. In addition, the annual dividend assumption utilized in the Monte Carlo simulation model is based on Nasdaq’s dividend yield at the date of the grant. Summary of 2015 Equity Awards In March 2015, we granted restricted stock to most active employees. During the first nine months of 2015, certain officers received grants of 605,504 PSUs. Of these PSUs granted, 420,734 units are subject to the performance measures and vesting schedules of the TSR program as discussed above, and the remaining 184,770 units are subject to a one-year performance period and generally vest ratably on an annual basis from December 31, 2016 through December 31, 2018. See “Summary of Restricted Stock and PSU Activity” below for further discussion. During 2014, certain grants of PSUs with a one-year performance period exceeded the applicable performance parameters. As a result, an additional 21,429 units were considered granted in the first quarter of 2015. Certain grants of PSUs that were issued in 2012 under the TSR program with a three-year performance period exceeded the applicable performance parameters. As a result, an additional 224,805 units were considered granted in the first quarter of 2015. Common Shares Available Under Our Equity Plan As of September 30, 2015, we had approximately 6.8 million shares of common stock authorized for future issuance under Nasdaq’s Equity Incentive Plan. Summary of Share-Based Compensation Expense The following table shows the total share-based compensation expense resulting from equity awards and the 15.0 % discount for the ESPP for the three and nine months ended September 30, 201 5 and 201 4 in the Condensed Consolidated Statements of Income: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 (in millions) Share-based compensation expense before income taxes $ $ $ $ Income tax benefit Share-based compensation expense after income taxes $ $ $ $ Summary of Stock Option Activity A summary of stock option activity for the nine months ended September 30, 2015 is as follows: Number of Stock Options (1) Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term Aggregate Intrinsic Value (in years) (in millions) Outstanding at January 1, 2015 $ $ Exercised Forfeited or expired Outstanding at September 30, 2015 $ $ Exercisable at September 30, 2015 $ $ (1) No stock option awards were granted during the nine months ended September 30, 201 5. We received net cash proceeds of $2 million from the exercise of 59,141 stock options during the three months ended September 30, 201 5 and received net cash proceeds of $13 million from the exercise of 492,345 stock options during the nine months ended September 30, 2015. We received net cash proceeds of $ 11 million from the exercise of 527,225 stock options during the three months ended September 30, 2014 and received net cash proceeds of $24 million from the exercise of 1,222,139 stock options during the nine months ended September 30, 2014. We present excess tax benefits from the exercise of stock options, if any, as financing cash flows. The aggregate intrinsic value in the above table represents the total pre-tax intrinsic value (i.e., the difference between our closing stock price on September 30, 201 5 of $ 53 . 33 and the exercise price, times the number of shares) based on stock options with an exercise price less than Nasdaq’s closing price of $53.33 as o f September 30, 2015, which would have been received by the option holders had the option holders exercised their stock options on that date. This amount can change based on the fair market value of our common stock. The total number of in-the-money stock options exercisable as of September 30, 201 5 was 2 . 8 millio n . As of September 30, 201 4, 3.7 million outstanding stock options were exercisable and the weighted-average exercise price was $27.00 . The total pre-tax intrinsic value of stock options exercised was $1 million for the three months ended September 30, 2015, $11 million for the three months ended September 30, 2014, $12 million for the nine months ended September 30, 2015 and $24 million for the nine months ended September 30, 2014. Total fair value of stock options vested was $11 million for the nine months ended September 30, 2014. Summary of Restricted Stock and PSU Activity The following table summarizes our restricted stock and PSU activity for the nine months ended September 30, 2015: Restricted Stock PSUs Number of Awards Weighted-Average Grant Date Fair Value Number of Awards Weighted-Average Grant Date Fair Value Unvested balances at January 1, 2015 $ $ Granted (1) (2) Vested Forfeited Unvested balances at September 30, 2015 $ $ (1) Primarily reflects our company-wide equity grant issued in March 2015, as discussed above. (2) PSUs granted in 2015 reflect awards issued to certain officers, as described above. At September 30, 201 5 , $ 101 million of total unrecognized compensation cost related to restricted stock and PSUs is expected to be recognized over a weighted-average period of 1.7 years.

Nasdaq Stockholders_ Equity

Nasdaq Stockholders’ Equity	9 Months Ended
	Sep. 30, 2015
Nasdaq Stockholders’ Equity [Abstract]
Nasdaq Stockholders' Equity	11. Nasdaq Stockholders’ Equity Common Stock At September 30, 201 5, 300,000,000 shares of our common stock were authorized, 166,893,305 shares were issued and 164,077,244 shares were outstanding. The holders of common stock are entitled to one vote per share, except that our certificate of incorporation limits the ability of any person to vote in excess of 5.0 % of the then-outstanding shares of Nasdaq common stock. Common Stock in Treasury, at Cost We account for the purchase of treasury stock under the cost method with the shares of stock repurchased reflected as a reduction to Nasdaq stockholders’ equity and included in common stock in treasury, at cost in the Condensed Consolidated Balance Sheets. When treasury shares are reissued, they are recorded at the average cost of the treasury shares acquired. We held 2,816,061 shares of common stock in treasury as of September 30, 201 5 and 1,530,041 shares as of December 31, 2014 . Share Repurchase Program In the third quarter of 2012, our board of directors authorized the repurchase of up to $300 million of our outstanding common stock and in the fourth quarter 2014, our board of directors authorized the repurchase of up to an additional $500 million of our outstanding common stock under our share repurchase program. These purchases may be made from time to time at prevailing market prices in open market purchases, privately-negotiated transactions, block purchase techniques or otherwise, as determined by our management. The purchases are funded from existing cash balances. The share repurchase program may be suspended, modified or discontinued at any time. During the first nine months of 2015, we repurchased 6,009,334 shares of our common stock at an average price of $51.63 , for an aggregate purchase price of $310 million , completing the share repurchase program authorized in the third quarter of 2012. Most shares repurchased under the share repurchase program are retired and cancelled, and the remaining shares are available for general corporate purposes. As of September 30, 201 5, the remaining amount authorized for share repurchases under the program was $226 million. Other Repurchases of Common Stock During the nine months ended September 30, 2015 , we repurchased 555,300 shares of our common stock in settlement of employee tax withholding obligations due upon the vesting of restricted stock. Cash Dividends on Common Stock During the nine months ended September 30, 201 5, our board of directors declared the following cash dividends: Declaration Date Dividend Per Common Share Record Date Total Amount (1) Payment Date (in millions) January 26, 2015 $ March 13, 2015 $ March 27, 2015 April 21, 2015 $ June 12, 2015 $ June 26, 2015 July 23, 2015 $ September 11, 2015 $ September 25, 2015 (1) These amounts were recorded in retained earnings in the Condensed Consolidated Balance Sheets at September 30, 201 5. In October 2015, the board of directors declared a regular quarterly cash dividend of $0.25 per share on our outstanding common stock. The dividend is payable on December 28, 2015 to shareholders of record at the close of business on December 14, 2015 . Future declarations of quarterly dividends and the establishment of future record and payment dates are subject to approval by the board of directors.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2015
Earnings Per Share [Abstract]
Earnings Per Share	12. Earnings Per Share The following table sets forth the computation of basic and diluted earnings per share: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 (in millions, except share and per share amounts) Numerator: Net income attributable to common shareholders $ $ $ $ Denominator: Weighted-average common shares outstanding for basic earnings per share Weighted-average effect of dilutive securities: Employee equity awards Contingent issuance of common stock (1) - Weighted-average common shares outstanding for diluted earnings per share Basic and diluted earnings per share: Basic earnings per share $ $ $ $ Diluted earnings per share $ $ $ $ (1) See “Non-Cash Contingent Consideration,” of Note 15, “Commitments, Contingencies and Guarantees,” for further discussion. Stock options to purchase 2,821,712 shares of common stock and 5,507,394 shares of restricted stock and PSUs were outstanding at September 30, 201 5. For the three months ended September 30, 201 5, we included all of the outstanding stock options and 5,496,526 shares of restricted stock and PSUs in the computation of diluted earnings per share, on a weighted-average basis, as their inclusion was dilutive. For the nine months ended September 30 , 2015, we included all of the outstanding stock options and 5,086,010 shares of restricted stock and PSUs in the computation of diluted earnings per share, on a weighted-average basis, as their inclusion was dilutive. The remaining shares of restricted stock and PSUs are antidilutive, and as such, they were properly excluded. Stock options to purchase 3,672,919 shares of common stock and 5,880,307 shares of restricted stock and PSUs were outstanding at September 30, 201 4. For the three months ended September 30, 201 4, we included 3,570,750 of the outstanding stock options and 5,879,265 shares of restricted stock and PSUs in the computation of diluted earnings per share, on a weighted-average basis, as their inclusion was dilutive. For the nine months ended September 30 , 2014, we included 3,541,567 of the outstanding stock options and 5,061,458 shares of restricted stock and PSUs in the computation of diluted earnings per share, on a weighted-average basis, as their inclusion was dilutive. The remaining stock options and shares of restricted stock and PSUs are antidilutive, and as such, they were properly excluded.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	9 Months Ended
	Sep. 30, 2015
Fair Value of Financial Instruments [Abstract]
Fair Value of Financial Instruments	13. Fair Value of Financial Instruments Fair Value Measurement—Definition and Hierarchy Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability, or the exit price, in an orderly transaction between market participants at the measurement date. Fair value measurement establishes a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect Nasdaq’s market assumptions. These two types of inputs create the following fair value hierarchy: · Level 1—Quoted prices for identical instruments in active markets. · Level 2—Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable. · Level 3—Instruments whose significant value drivers are unobservable. This hierarchy requires the use of observable market data when available. There were no transfers between Level 1 and Level 2 of the fair value hierarchy during the nine months ended September 30 , 2015 and the year ended December 31, 2014. The following table presents for each of the above hierarchy levels, our financial assets and liabilities that are measured at fair value on a recurring basis as of September 30, 201 5 and December 31, 201 4. September 30, 2015 Total Level 1 Level 2 Level 3 (in millions) Financial Assets Measured at Fair Value on a Recurring Basis Financial investments, at fair value (1) $ $ $ - $ - Default fund and margin deposit investments (2) - Total $ $ $ $ - December 31, 2014 Total Level 1 Level 2 Level 3 (in millions) Financial Assets Measured at Fair Value on a Recurring Basis Financial investments, at fair value (1) $ $ $ $ - Default fund and margin deposit investments (2) - Total $ $ $ $ - (1) As of September 30 , 2015 and December 31, 2014, Level 1 financial investments, at fair value were primarily comprised of trading securities, mainly highly rated European government debt securities . Of these securities, $173 million as of September 30, 201 5 and $159 million as of December 31, 201 4 are assets utilized to meet regulatory capital requirements, primarily for the clearing operations of Nasdaq Nordic Clearing. As of December 31, 2014, Level 2 financial investments, at fair value were primarily comprised of available-for-sale investment securities in short-term commercial paper . (2) Default fund and margin deposit investments include cash contributions invested by Nasdaq Nordic Clearing, in accordance with its investment policy, either in highly rated European, and to a lesser extent, U.S. government d ebt securities , time deposits or reverse repurchase agreements with highly rated government debt securities as collateral. Of the total balance of $2,175 million recorded in the Condensed Consolidated Balance Sheets as of September 30 , 2015, $1,009 million of cash contributions have been invested in reverse repurchase agreements and $600 million of cash contributions have been invested in highly rated European, and to a lesser extent, U.S. government debt securities . The remainder of this balance is held in cash. Of the total balance of $2,194 million recorded in the Condensed Consolidated Balance Sheets as of December 31, 2014, $1,484 million of cash contributions have been invested in reverse repurchase agreements and $664 million of cash contributions have been invested in highly rated European, and to a lesser extent, U.S. government debt securities and t ime deposits. The remainder of this balance was held in cash. Financial Instruments Not Measured at Fair Value on a Recurring Basis Some of our financial instruments are not measured at fair value on a recurring basis but are recorded at amounts that approximate fair value due to their liquid or short-term nature. Such financial assets and financial liabilities include: cash and cash equivalents, restricted cash, receivables, net, certain other current assets, accounts payable and accrued expenses, Section 31 fees payable to SEC, accrued personnel costs, and certain other current liabilities. In addition, our investment s in OCC , EuroCCP N.V. and TOM are accounted for under the equity method of accounting and our investments in Borsa Istanbul and LCH are carried at cost. See “Equity Method Investments , ” and “Cost Method Investments , ” of Note 6, “Investments,” for further discussion. We also consider our debt obligations to be financial instruments. The fair value of our debt, utilizing discounted cash flow analyses for our floating rate debt and prevailing market rates for our fixed rate debt, was $2.6 billion at September 30, 2015 and $2.5 billion at December 31, 2014. The discounted cash flow analyses are based on borrowing rates currently available to us for debt with similar terms and maturities. Our fixed rate and our floating rate debt is categorized as Level 2 in the fair value hierarchy. For further discussion of our debt obligations, see Note 8, “Debt Obligations.”

Clearing Operations

Clearing Operations	9 Months Ended
	Sep. 30, 2015
Clearing Operations [Abstract]
Clearing Operations	14. Clearing Operations Nordic Clearing Nasdaq Nordic Clearing is authorized and supervised as a European multi-asset clearinghouse by the Swedish Financial Supervisory Authority, or SFSA, and is authorized to conduct clearing operations in Norway by the Norwegian Ministry of Finance. The clearinghouse acts as the central counterparty, or CCP, for exchange and over-the-counter , or OTC, trades in equity derivatives, fixed income derivatives, power derivatives, carbon derivatives, resale and repurchase contracts, freight derivatives, and seafood derivatives. Through our clearing operations in the financial markets, which include the resale and repurchase market, the commodities markets, and the seafood market, Nasdaq Nordic Clearing is the legal counterparty for, and guarantees the fulfillment of, each contract cleared. These contracts are not used by Nasdaq Nordic Clearing for the purpose of trading on its own behalf. As the legal counterparty of each transaction, Nasdaq Nordic Clearing bears the counterparty risk between the purchaser and seller in the contract. In its guarantor role, Nasdaq Nordic Clearing has precisely equal and offsetting claims to and from clearing members on opposite sides of each contract, standing as an intermediary on every contract cleared. In accordance with the rules and regulations of Nasdaq Nordic Clearing, clearing members’ open positions are aggregated to create a single portfolio for which default fund and margin collateral requirements are calculated. See “Default Fund Contributions” and “Margin Deposits” below for further discussion of Nasdaq Nordic Clearing’s default fund and margin requirements. Nasdaq Nordic Clearing maintains four member sponsored default funds: one related to financial markets, one related to commodities markets, one related to the seafood market, and a mutualized fund. Under this structure, Nasdaq Nordic Clearing and its clearing members must contribute to the total regulatory capital related to the clearing operations of Nasdaq Nordic Clearing. This structure applies an initial separation of default fund contributions for the financial, commodities and seafood markets in order to create a buffer for each market’s counterparty risks. Simultaneously, a mutualized default fund provides capital efficiencies to Nasdaq Nordic Clearing members with regard to total regulatory capital required. See “Default Fund Contributions” below for further discussion of Nasdaq Nordic Clearing’s default fund. Power of assessment and a liability waterfall also have been implemented. See “Power of Assessment” and “Liability Waterfall” below for further discussion. These requirements ensure the alignment of risk between Nasdaq Nordic Clearing and its clearing members. Default Fund Contributions and Margin Deposits As of September 30 , 2015, clearing member default fund contributions and margin deposits were as follows: September 30, 2015 Cash Contributions (1) Non-Cash Contributions Total Contributions (in millions) Default fund contributions $ $ $ Margin deposits Total $ $ $ (1) As of September 30 , 2015, in accordance with its investment policy, Nasdaq Nordic Clearing has invested cash contributions of $ 1,009 m illion in reverse repurchase agreements and $600 million in highly rated European, and to a lesser extent , U.S. government debt securities . The remainder of this balance is held in cash. Default Fund Contributions Contributions made to the default funds are proportional to the exposures of each clearing member. When a clearing member is active in more than one market, contributions must be made to all markets’ default funds in which the member is active. Clearing members’ eligible contributions may include cash and non-cash contributions. Cash contributions received are held in cash or invested by Nasdaq Nordic Clearing, in accordance with its investment policy, either in highly rated government debt securities , time deposits or reverse repurchase agreements with highly rated government debt securities as collateral. Clearing members’ cash contributions are included in default funds and margin deposits in the Condensed Consolidated Balance Sheets as both a current asset and a current liability. Non-cash contributions include highly rated government debt securities that must meet specific criteria approved by Nasdaq Nordic Clearing. Non-cash contributions are pledged assets that are not recorded in the Condensed Consolidated Balance Sheets as Nasdaq Nordic Clearing does not take legal ownership of these assets and the risks and rewards remain with the clearing members. These balances may fluctuate over time due to changes in the amount of deposits required and whether members choose to provide cash or non-cash contributions. Assets pledged are held at a nominee account in Nasdaq Nordic Clearing’s name for the benefit of the clearing members and are immediately accessible by Nasdaq Nordic Clearing in the event of a default. In addition to clearing members’ required contributions to the default funds, Nasdaq Nordic Clearing is also required to contribute capital to the default funds and overall regulatory capital as specified under its clearinghouse rules. As of September 30, 201 5, Nasdaq Nordic Clearing committed capital totaling $131 million to the member sponsored default funds and overall regulatory capital, in the form of government debt securities, which are recorded as financial investments, at fair value in the Condensed Consolidated Balance Sheets. The combined regulatory capital of the clearing members and Nasdaq Nordic Clearing will serve to secure the obligations of a clearing member and may be used to cover losses sustained by a clearing member in the event of a default. Margin Deposits Nasdaq Nordic Clearing requires all clearing members to provide collateral, which may consist of cash and non-cash contributions, to guarantee performance on the clearing members’ open positions, or initial margin. In addition, clearing members must also provide collateral to cover the daily margin call as needed, which is in addition to the initial margin. See “Default Fund Contributions” above for further discussion of cash and non-cash contributions. Nasdaq Nordic Clearing maintains and manages all cash deposits related to margin collateral. All risks and rewards of collateral ownership, including interest, belong to Nasdaq Nordic Clearing. These cash deposits are recorded in default funds and margin deposits in the Condensed Consolidated Balance Sheets as both a current asset and current liability. Pledged margin collateral is not recorded in our Condensed Consolidated Balance Sheets as all risks and rewards of collateral ownership, including interest, belong to the counterparty. Assets pledged are held at a nominee account in Nasdaq Nordic Clearing’s name for the benefit of the clearing members and are immediately accessible by Nasdaq Nordic Clearing in the event of a default. Nasdaq Nordic Clearing marks to market all outstanding contracts and requires payment from clearing members whose positions have lost value. The mark-to-market process helps identify any clearing members that may not be able to satisfy their financial obligations in a timely manner allowing Nasdaq Nordic Clearing the ability to mitigate the risk of a clearing member defaulting due to exceptionally large losses. In the event of a default, Nasdaq Nordic Clearing can access the defaulting member’s margin deposits to cover the defaulting member’s losses. Regulatory Capital and Risk Management Calculations Nasdaq Nordic Clearing manages risk through a comprehensive counterparty risk management framework, which is comprised of policies, procedures, standards and resources. The level of regulatory capital is determined in accordance with Nasdaq Nordic Clearing’s regulatory capital policy, as approved by the SFSA. Regulatory capital calculations are continuously updated through a proprietary capital-at-risk calculation model that establishes the appropriate level of capital. As mentioned above, Nasdaq Nordic Clearing is the legal counterparty for each contract traded and thereby guarantees the fulfillment of each contract. Nasdaq Nordic Clearing accounts for this guarantee as a performance guarantee. We determine the fair value of the performance guarantee by considering daily settlement of contracts and other margining and default fund requirements, the risk management program, historical evidence of default payments, and the estimated probability of potential default payouts. The calculation is determined using proprietary risk management software that simulates gains and losses based on historical market prices, extreme but plausible market scenarios, volatility and other factors present at that point in time for those particular unsettled contracts. Based on this analysis, the estimated liability was nominal and no liability was recorded as of September 30 , 2015. The market value of derivative contracts outstanding prior to netting was as follows: September 30, 2015 (in millions) Commodity and seafood options, futures and forwards (1)(2)(3) $ Fixed-income options and futures (2)(3) Stock options and futures (2)(3) Index options and futures (2)(3) Total $ (1) We determined the fair value of our forward contracts using standard valuation models that were based on market-based observable inputs including LIBOR rates and the spot price of the underlying instrument. (2) We determined the fair value of our option contracts using standard valuation models that were based on market-based observable inputs including implied volatility, interest rates and the spot price of the underlying instrument. (3) We determined the fair value of our futures contracts based upon quoted market prices and average quoted market yields. The total number of derivative contracts cleared through Nasdaq Nordic Clearing for the nine months ended September 30, 2015 and 2014 was as follows: September 30, 2015 September 30, 2014 Commodity and seafood options, futures and forwards (1) Fixed-income options and futures Stock options and futures Index options and futures Total (1) The total volume in cleared power related to commodity contracts was 1,077 Terawatt hours (TWh) for the nine months ended September 30 , 2015 and 1,150 TWh for the nine months ended September 30 , 2014. The outstanding contract value of resale and repurchase agreements was $5.9 billion as of September 30 , 2015 and $2.6 billion as of September 30 , 2014. The total number of contracts cleared was 5,899,287 for the nine months ended September 30, 201 5 and was 3,157,685 for the nine months ended September 30 , 2014. Power of Assessment To further strengthen the contingent financial resources of the clearinghouse, Nasdaq Nordic Clearing has power of assessment that provides the ability to collect additional funds from its clearing members to cover a defaulting member’s remaining obligations up to the limits established under the terms of the clearinghouse rules. The power of assessment corresponds to 100% of the clearing member’s aggregate contribution to the financial, commodities, and seafood markets ’ default funds. Liability Waterfall The liability waterfall is the priority order in which the capital resources would be utilized in the event of a default where the defaulting clearing member’s collateral would not be sufficient to cover the cost to settle its portfolio. If a default occurs and the defaulting clearing member’s collateral, including cash deposits and pledged assets, is depleted, then capital is utilized in the following amount and order: · junior capital contributed by Nasdaq Nordic Clearing, which totaled $22 million at September 30, 2015 ; · a loss sharing pool related only to the financial market that is contributed to by clearing members and only applies if the defaulting member’s portfolio includes interest rate swap products; · specific market default fund for the market where the loss occurred (i.e., the financial, commodities, or seafood market ) , which includes capital contributions of both the clearing members and Nasdaq Nordic Clearing on a pro-rata basis; · senior capital contributed to each specific market by Nasdaq Nordic Clearing, calculated in accordance with clearinghouse rules , which totaled $ 24 million at September 30, 2015 ; and · mutualized default fund, which includes capital contributions of both the clearing members and Nasdaq Nordic Clearing on a pro-rata basis. If additional funds are needed after utilization of the mutualized default fund, then Nasdaq Nordic Clearing will utilize its power of assessment and additional capital contributions will be required by non-defaulting members up to the limits established under the terms of the clearinghouse rules.

Commitments, Contingencies and

Commitments, Contingencies and Guarantees	9 Months Ended
	Sep. 30, 2015
Commitments, Contingencies and Guarantees [Abstract]
Commitments, Contingencies and Guarantees	15. Commitments, Contingencies and Guarantees Guarantees Issued and Credit Facilities Available In addition to the default fund contributions and margin collateral pledged by clearing members discussed in Note 14, “Clearing Operations,” we have obtained financial guarantees and credit facilities which are guaranteed by us through counter indemnities, to provide further liquidity and default protection related to our clearing businesses. Financial guarantees issued to us totaled $14 million at September 30, 2015 and December 31, 2014. At September 30, 2015, credit facilities, which are available in multiple currencies, primarily Swedish Krona, totaled $204 million in available liquidity, none of which was utilized. At December 31, 2014, credit facilities, which are available in multiple currencies, primarily Swedish Krona, totaled $236 million ($197 million in available liquidity and $39 million for default protection), of which $7 million was utilized. Execution Access LLC is an introducing broker which operates the eSpeed trading platform for U.S. Treasury securities. Execution Access has a clearing arrangement with Cantor Fitzgerald & Co., or Cantor Fitzgerald. As of September 30, 2015, we have contributed $19 million of clearing deposits to Cantor Fitzgerald in connection with this clearing arrangement. These deposits are recorded in other current assets in our Condensed Consolidated Balance Sheets. Some of the trading activity in Execution Access is cleared by Cantor Fitzgerald through the Fixed Income Clearing Corporation. Execution Access assumes the counterparty risk of clients that do not clear through the Fixed Income Clearing Corporation. Counterparty risk of clients exists for Execution Access between the trade date and the settlement date of the individual transactions, which is one business day. All of Execution Access’ obligations under the clearing arrangement with Cantor Fitzgerald are guaranteed by Nasdaq. Counterparties that do not clear through the Fixed Income Clearing Corporation are required to post collateral, provide principal letters, or provide other forms of credit enhancement to Execution Access for the purpose of mitigating counterparty risk. We believe that the potential for us to be required to make payments under these arrangements is mitigated through the pledged collateral and our risk management policies. Accordingly, no contingent liability is recorded in the Condensed Consolidated Balance Sheets for these arrangements. Lease Commitments We lease some of our office space and equipment under non-cancelable operating leases with third parties and sublease office space to third parties. Some of our lease agreements contain renewal options and escalation clauses based on increases in property taxes and building operating costs. Other Guarantees We have provided other guarantees of $10 million as of September 30, 201 5 and $13 million at December 31, 201 4. These guarantees are primarily related to obligations for our rental and leasing contracts as well as performance guarantees on certain Market Technology contracts related to the delivery of software technology and support services. We have received financial guarantees from various financial institutions to support the above guarantees. In September 2014, we provided a guarantee related to lease obligations for The Nasdaq Entrepreneurial Center Inc., or the Entrepreneurial Center, which opened in the third quarter of 2015. The Entrepreneurial Center is a not-for-profit organization designed to convene, connect and engage aspiring and current entrepreneurs. This entity is not included in the condensed consolidated financial statements of Nasdaq. We believe that the potential for us to be required to make payments under these arrangements is unlikely. Accordingly, no contingent liability is recorded in the Condensed Consolidated Balance Sheets for the above guarantees. In connection with the launch of Nasdaq NLX, we entered into agreements with certain members which may have required us to make payments if certain financial goals were achieved. In July 2015, all agreements were settled for an immaterial amount. Non-Cash Contingent Consideration As part of the eSpeed purchase price consideration, we have agreed to future annual issuances of 992,247 shares of Nasdaq common stock which approximated certain tax benefits associated with the transaction. Such contingent future issuances of Nasdaq common stock will be paid ratably through 2027 if Nasdaq’s total gross revenues equal or exceed $25 million in each such year. The contingent future issuances of Nasdaq common stock are subject to anti-dilution protections and acceleration upon certain events. OCC In March 2015, in connection with being designated systemically important by the Financial Stability Oversight Council, OCC implemented a capital plan under which the options exchanges that are OCC’s stockholders made new capital contributions to OCC, committed to make further capital contributions in the future under certain specified circumstances, and received certain commitments from OCC with respect to future dividend payments and related matters. Certain aspects of the OCC capital plan require approval by the SEC. Under the OCC capital plan, OCC's existing exchange stockholders, including Nasdaq, each contributed a pro-rata share of $150 million in new equity capital. Nasdaq’s capital contribution was $30 million. OCC’s exchange stockholders also committed to provide, as may become necessary from time to time, additional replenishment capital on a pro-rata basis if certain capital thresholds are triggered. For its part, OCC adopted specific policies with respect to fees, customer refunds and stockholder dividends, which envision an annual dividend payment to its stockholders equal to the portion of OCC’s after-tax income that exceeds OCC’s capital requirements after payment of refunds to OCC’s clearing members (with such customer refunds generally to constitute 50% of the portion of OCC’s pre-tax income that exceeds OCC’s capital requirements). After the SEC staff approved the OCC capital plan and the stockholders made their capital contributions, the plan’s further effectiveness was suspended under the applicable SEC rules because certain unrelated parties petitioned the full Commission to reconsider the capital plan’s approval. If the SEC staff’s approval is reversed or the suspension of the capital plan’s effectiveness is not lifted in a timely manner, then the transaction may be reversed and the 2015 capital contributions returned to stockholders. Escrow Agreements In connection with a prior acquisition, we entered into an escrow agreement to secure the payment of post-closing adjustments and to ensure other closing conditions. At September 30, 2015 , this escrow agreement provides for a potential future payment of $9 million and is included in other current liabilities in the Condensed Consolidated Balance Sheets. Routing Brokerage Activities One of our broker-dealer subsidiaries, Nasdaq Execution Services, LLC provides a guarantee to securities clearinghouses and exchanges under its standard membership agreements, which require members to guarantee the performance of other members. If a member becomes unable to satisfy its obligations to a clearinghouse or exchange, other members would be required to meet its shortfalls. To mitigate these performance risks, the exchanges and clearinghouses often require members to post collateral, as well as meet certain minimum financial standards. Nasdaq Execution Services’ maximum potential liability under these arrangements cannot be quantified. However, we believe that the potential for Nasdaq Execution Services to be required to make payments under these arrangements is unlikely. Accordingly, no contingent liability is recorded in the Condensed Consolidated Balance Sheets for these arrangements. Litigation As previously disclosed, we became a party to several legal and regulatory proceedings in 2012, 2013, and 2014 relating to the Facebook IPO that occurred on May 18, 2012. As described in our Annual Report on Form 10-K for the year ended December 31, 2012, we are named as a defendant in a consolidated matter captioned In re Facebook, Inc., IPO Securities and Derivative Litigation, MDL No. 2389 (S.D.N.Y.). On May 22, 2015, the parties executed a stipulation of settlement, and on June 25, 2015, the court entered an order preliminarily approving the settlement, which remains subject to final court approval. In our Quarterly Report on Form 10-Q for the period ended March 31, 2013, we identified a demand for arbitration from a member organization seeking indemnification for alleged losses associated with the Facebook IPO. In April 2015, we reached an agreement to settle the claims asserted by the member organization. We have established a reserve of $26 million , which is net of a $5 million insurance recovery , to cover the costs of these settlements. We anticipate that some or all of the amounts paid from the loss reserve will be reimbursed by applicable insurance coverage. We also are named as one of many defendants in City of Providence v. BATS Global Markets, Inc., et al., 14 Civ. 2811 (S.D.N.Y.), which was filed on April 18, 2014 in the United States District Court for the Southern District of New York. The district court appointed lead counsel, who filed an amended complaint on September 2, 2014. The amended complaint names as defendants seven national exchanges, as well as Barclays PLC, which operated a private alternative trading system. On behalf of a putative class of securities traders, the plaintiffs allege that the defendants engaged in a scheme to manipulate the markets through high-frequency trading; the amended complaint asserts claims against us under Section 10(b) of the Securities Exchange Act of 1934, as amended, or the Exchange Act, and Rule 10b-5, as well as under Section 6(b) of the Exchange Act. We filed a motion to dismiss the amended complaint on November 3, 2014. In response, the plaintiffs filed a second amended complaint on November 24, 2014, which names the same defendants and alleges essentially the same violations. We then filed a motion to dismiss the second amended complaint on January 23, 2015. The plaintiffs filed an opposition to our motion to dismiss on March 24, 2015, and we filed a reply brief on May 8, 2015. The court heard oral argument on the motion on June 18, 2015. On August 26, 2015, the district court entered an order dismissing the second amended complaint in its entirety with prejudice, concluding that most of the plaintiffs’ theories were foreclosed by absolute immunity and in any event that the plaintiffs failed to state any claim. The plaintiffs have appealed the judgment of dismissal to the United States Court of Appeals for the Second Circuit. Given the preliminary nature of the proceedings, and particularly the fact that the complaints have been dismissed, we are unable to estimate what, if any, liability may result from this litigation. However, we believe (as the district court concluded) that the claims are without merit and intend to litigate the appeal vigorously. In addition, we are named as one of many exchange defendants in Lanier v. BATS Exchange Inc., et al., 14 Civ. 3745 (S.D.N.Y.), Lanier v. BATS Exchange Inc., et al., 14 Civ. 3865 (S.D.N.Y.), and Lanier v. Bats Exchange Inc., 14 Civ. 3866 (S.D.N.Y.), which were filed between May 23, 2014 and May 30, 2014 in the United States District Court for the Southern District of New York. The plaintiff is the same in each of these cases, and the three complaints contain substantially similar allegations. On behalf of a putative class of subscribers for market data provided by national exchanges, the plaintiff alleges that the exchanges provided data more quickly to certain market participants than to others, supposedly in breach of the exchanges’ plans for dissemination of market data and subscriber agreements executed under those plans. The complaint asserts contractual theories under state law based on these alleged breaches. On September 29, 2014, we filed a motion to dismiss the complaints. The court heard oral argument on the motion on January 16, 2015. On April 28, 2015, the district court entered an order dismissing the complaints in their entirety with prejudice, concluding that they are foreclosed by the Exchange Act and in any event do not state a claim under the contracts. The plaintiff has appealed the judgment of dismissal to the United States Court of Appeals for the Second Circuit. Given the preliminary nature of the proceedings, and particularly the fact that the complaints have been dismissed, we are unable to estimate what, if any, liability may result from this litigation. However, we believe (as the district court concluded) that the claims are without merit and intend to litigate the appeal vigorously. As reported in our Quarterly Report on Form 10-Q for the period ended March 31, 2015, we are a defendant in a putative class action, Rabin v. NASDAQ OMX PHLX LLC, et al., No. 15-551 (E.D. Pa.). We intend to file a motion to dismiss the complaint. We believe the claims to be without merit and intend to litigate them vigorously. Except as disclosed above and in prior reports filed under the Exchange Act, we are not currently a party to any litigation or proceeding that we believe could have a material adverse effect on our business, consolidated financial condition, or operating results. However, from time to time, we have been threatened with, or named as a defendant in, lawsuits or involved in regulatory proceedings. Tax Audits We are engaged in ongoing discussions and audits with taxing authorities on various tax matters, the resolutions of which are uncertain. Currently, there are matters that may lead to assessments, some of which may not be resolved for several years. Based on currently available information, we believe we have adequately provided for any assessments that could result from those proceedings where it is more likely than not that we will be assessed. We review our positions on these matters as they progress.

Business Segments

Business Segments	9 Months Ended
	Sep. 30, 2015
Business Segments [Abstract]
Business Segments	16. Business Segments We manage, operate and provide our products and services in four business segments: Market Services, Listing Services, Information Services and Technology Solutions. See Note 1, “Organization and Nature of Operations,” to the condensed consolidated financial statements for further discussion of our reportable segments. Our management allocates resources, assesses performance and manages these businesses as four separate segments. We evaluate the performance of our segments based on several factors, of which the primary financial measure is operating income. Results of individual businesses are presented based on our management accounting practices and structure. Certain amounts are allocated to corporate items in our management reports based on the decision that those activities should not be used to evaluate the segment’s operating performance. Since management does not consider intangible asset amortization expense for the purpose of evaluating the performance of the business or its managers or when making decisions to allocate resources, such expenses are shown in corporate items in our management reports. See below for further discussion. The following table presents certain information regarding these operating segments for the three and nine months ended September 30, 2015 and 2014 . Market Services Listing Services Information Services Technology Solutions Corporate Items and Eliminations Consolidated (in millions) Three Months Ended September 30, 2015 Total revenues $ $ $ $ $ - $ Transaction-based expenses - - - - Revenues less transaction-based expenses - Operating income (loss) (1) $ $ $ $ $ $ Three Months Ended September 30, 2014 Total revenues $ $ $ $ $ - $ Transaction-based expenses - - - - Revenues less transaction-based expenses - Operating income (loss) (2) $ $ $ $ $ $ Nine Months Ended September 30, 2015 Total revenues $ $ $ $ $ - $ Transaction-based expenses - - - - Revenues less transaction-based expenses - Operating income (loss) (3) $ $ $ $ $ $ Nine Months Ended September 30, 2014 Total revenues $ $ $ $ $ - $ Transaction-based expenses - - - - Revenues less transaction-based expenses - Operating income (loss) (4) $ $ $ $ $ $ (1) Corporate items and eliminations for the three months ended September 30 , 2015 include: · amortization expense of acquired intangible assets of $15 million; · restructuring charges of $8 million. See Note 3, “Restructuring Charges,” for further discussion; · merger and other strategic initiatives costs of $4 million primarily related to certain strategic initiatives and our acquisition of DWA, partially offset by an; · insurance recovery of $5 million. See “Litigation,” of Note 15, “Commitments, Contingencies and Guarantees,” for further discussion. (2) Corporate items and eliminations for the three months ended September 30 , 2014 primarily include: · amortization expense of acquired intangible assets of $17 million ; and · merger and strategic initiatives expense of $5 million primarily related to the acquisition of the TR Corporate businesses and other strategic initiatives . (3) Corporate items and eliminations for the nine months ended September 30 , 2015 include: · restructuring charges of $160 million. See Note 3, “Restructuring Charges,” for further discussion ; · amortization expense of acquired intangible assets of $46 million; · special legal expense of $26 million , which is net of a $5 million insurance recovery. See “ Litigation,” of Note 1 5 , “C ommitments, Contingencies and Guarantees ,” for further discussion ; · reversal of previously recorded VAT receivables no longer deemed collectible of $12 million; and · merger and other strategic initiatives costs of $7 million primarily related to certain strategic initiatives and our acquisition of DWA. (4) Corporate items and eliminations for the nine months ended September 30, 2014 primarily include: · amortization expense of acquired intangible assets of $53 million; · merger and strategic initiatives expense of $46 million primarily related to the acquisition of the TR Corporate businesses and other strategic initiatives . · loss on debt extinguishment of $9 million ; and · special legal expense of $2 million . For further discussion of our segments’ results, see “Part I. Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Segment Operating Results.”

Subsequent Events

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

Basis of Presentation and Pri24

Basis of Presentation and Principles of Consolidation (Policy)	9 Months Ended
	Sep. 30, 2015
Basis of Presentation and Principles of Consolidation [Abstract]
Basis of Accounting	The condensed consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles, or U.S. GAAP. The condensed consolidated financial statements include the accounts of Nasdaq, its wholly-owned subsidiaries and other entities in which Nasdaq has a controlling financial interest. When we do not have a controlling interest in an entity but exercise significant influence over the entity’s operating and financial policies, such investment is accounted for under the equity method of accounting. We recognize our share of earnings or losses of an equity method investee based on our ownership percentage. As permitted under U.S. GAAP, for certain equity method investments for which financial information is not sufficiently timely for us to apply the equity method of accounting currently, we record our share of the earnings or losses of the investee from the most recently available financial statements on a lag. See “Equity Method Investments,” of Note 6, “Investments,” for further discussion of our equity method investments. The accompanying condensed consolidated financial statements reflect all adjustments which are, in the opinion of management, necessary for a fair statement of the results for the interim periods presented. These adjustments are of a normal recurring nature. All significant intercompany accounts and transactions have been eliminated in consolidation. As permitted under U.S. GAAP, certain footnotes or other financial information can be condensed or omitted in the interim condensed consolidated financial statements. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with the consolidated financial statements and accompanying notes included in Nasdaq’s Annual Report on Form 10-K for the fiscal year ended December 31, 2014 . Certain p rior period amounts have been reclassified to conform to the current period presentation. The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts and the disclosure of contingent amounts in the condensed consolidated financial statements and accompanying notes. Actual results could differ from those estimates. We have evaluated subsequent events through the issuance date of this Quarterly Report on Form 10-Q. See Note 17, “Subsequent Event,” for further discussion.
Consolidation Policy	Certain p rior period amounts have been reclassified to conform to the current period presentation. The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts and the disclosure of contingent amounts in the condensed consolidated financial statements and accompanying notes. Actual results could differ from those estimates.
Income Tax matters	Income Tax Matters We use the asset and liability method to determine income taxes on all transactions recorded in the condensed consolidated financial statements. Deferred tax assets and liabilities are determined based on differences between the financial statement carrying amounts and the tax basis of existing assets and liabilities (i.e., temporary differences) and are measured at the enacted rates that will be in effect when these differences are realized. If necessary, a valuation allowance is established to reduce deferred tax assets to the amount that is more likely than not to be realized. In order to recognize and measure our unrecognized tax benefits, management determines whether a tax position is more likely than not to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. Once it is determined that a position meets the recognition thresholds, the position is measured to determine the amount of benefit to be recognized in the condensed consolidated financial statements. Interest and/or penalties related to income tax matters are recognized in income tax expense. Nasdaq’s income tax provision was $68 million in the third quarter of 2015 and $132 million in the first nine months of 2015 compared with $56 million in the third quarter of 2014 and $170 million in the first nine months of 2014. The overall effective tax rate was 33% in the third quarter of 2015 and 32% in the first nine months of 2015 compared with 31% in the third quarter of 2014 and 34% in the first nine months of 2014. The higher effective tax rate in the third quarter of 2015 when compared with the same period in 2014 is primarily due to adjustments related to prior year tax return liabilities which resulted in an increase to the tax provision. In addition, in the third quarter of 2014, we recorded adjustments related to prior year tax return liabilities which resulted in a decrease to the tax provision. The lower effective tax rate in the first nine months of 2015 when compared with the same period in 2014 is primarily due to a change in the geographic mix of earnings and losses. The effective tax rate may vary from period to period depending on, among other factors, the geographic and business mix of earnings and losses. These same and other factors, including history of pre-tax earnings and losses, are taken into account in assessing the ability to realize deferred tax assets. Nasdaq and its eligible subsidiaries file a consolidated U.S. federal income tax return and applicable state and local income tax returns and non-U.S. income tax returns. Federal income tax returns for the years 2011 through 2013 are currently under audit by the Internal Revenue Service and we are subject to examination for the year 20 14 . Several state tax returns are currently under examination by the respective tax authorities for the years 2005 through 2013 and we are subject to examination for the year 2014 . Non-U.S. tax returns are subject to examination by the respective tax authorities for the years 2008 through 2014. In the third quarter of 2015, we received an assessment of $6 million from the Swedish Tax Agency for the year 2013. We will appeal this assessment to the Swedish Courts. Due to the uncertainty of the outcome of this matter, in the third quarter of 2015 we recorded a reserve of $6 million. This reserve is mostly offset by the recognition of $5 million of previously unrecognized tax benefits, in the third quarter of 2015, due to the lapse of the statute of limitations related to tax examinations in various jurisdictions in the U.S. We anticipate that the amount of unrecognized tax benefits at September 30, 2015 will significantly decrease in the next twelve months as we expect to settle certain tax audits. The final outcome of such audits cannot yet be determined. We anticipate that such adjustments will not have a material impact on our consolidated financial position or results of operations. In the fourth quarter of 2010, we received an appeal from the Finnish Tax Authority challenging certain interest expense deductions claimed by Nasdaq in Finland for the year 2008. The appeal also demanded certain penalties be paid with regard to the company’s tax return filing position. In October 2012, the Finnish Appeals Board disagreed with the company’s tax return filing position for years 2009 through 2011, even though the tax return position with respect to this deduction was previously reviewed and approved by the Finnish Tax Authority. In June 2014, the Finnish Administrative Court also disagreed with the company’s tax return filing position for these years. We have appealed this ruling to the Finnish Supreme Administrative Court and expect to receive a favorable decision. Through September 30, 2015, we have recorded tax benefits of $27 million associated with this filing position. We have paid $37 million to the Finnish tax authorities, which includes $11 million in interest and penalties. We expect the Finnish Supreme Administrative Court to agree with our position, which would result in an expected refund to Nasdaq of $34 million , which reflects the impact of foreign currency translation. If the Finnish Supreme Administrative Court disagrees with our position, we would record tax expense of $34 million, or $0.20 per diluted share. From 2009 through 2012, we recorded tax benefits associated with certain interest expense incurred in Sweden. Our position is supported by a 2011 ruling we received from the Swedish Supreme Administrative Court. However, under new legislation effective January 1, 2013, limitations are imposed on certain forms of interest expense. Because this legislation is unclear with regard to our ability to continue to claim such interest deductions, Nasdaq filed an application for an advance tax ruling with the Swedish Tax Council for Advance Tax Rulings. In June 2014, we received an unfavorable ruling from the Swedish Tax Council for Advance Tax Rulings. We appealed this ruling to the Swedish Supreme Administrative Court; however the Swedish Supreme Administrative Court denied our request for a ruling based on procedural requirements. In the third quarter of 2015, we received a notice from the Swedish Tax Agency that interest deductions for the year 2013 have been disallowed. W e will appeal to the Swedish Lower Administrative Court. We continue to expect a favorable decision. Since January 1, 2013, we have recorded tax benefits of $41 million associated with this matter . We will pay all assessments from the Swedish Tax Agency while this matter is pending. If the Swedish Courts agree with our position we will receive a refund of all paid assessments; if the Swedish Courts disagree with our position , we w ill record tax expense of $33 million, or $0.19 per diluted share, which reflects the impact of foreign currency translation . We expect to record recurring quarterly tax benefits of $2 million to $3 million with respect to this matter for the foreseeable future. Other Tax Matter In December 2012, the Swedish Tax Agency approved our 2010 amended value added tax, or VAT, tax return and we received a cash refund for the amount claimed. In 2013, we filed amended VAT tax returns for 2011 and 2012, utilizing the same approach which was approved for the 2010 filing. We also utilized this approach in our 2013 and 2014 filings. However, even though the VAT return position was previously reviewed and approved by the Swedish Tax Agency, the Swedish Tax Agency challenged our approach. The revised position of the Swedish Tax Agency was upheld by the Lower Administrative Court during the first quarter of 2015. As a result, in the first quarter of 2015, we reversed the previously recorded benefit of $12 million, based on the court decision. We have appealed the ruling of the Lower Administrative Court to the Court of Appeals.
Recently Announced Accounting Pronouncements	Recently Announced Accounting Pronouncements ASU 2015-16 In Septem b er 2015 , the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update, or ASU, 2015-16, “Simplifying the Accounting for Measurement-Period Adjustments,” which eliminates the requirement that an acquirer in a business combination account for measurement-period adjustments retrospectively. This guidance requires that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. In addition, the amendments in this guidance require an entity to present separately on the face of the income statement or disclose in the notes the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. Th is new standard is effective prospectively for us on January 1, 2016 . Early adoption is permitted. We do not expect the adoption of this guidance to have a significant impact on our consolidated financial statements. ASU 2015-03 In April 2015, the FASB issued ASU 2015-03, “Simplifying the Presentation of Debt Issuance Costs,” which requires debt issuance costs to be presented in the balance sheet as a direct deduction from the carrying amount of the related debt liability rather than as an asset. This guidance does not change the recognition and measurement of debt issuance costs. In the second quarter of 2015, we elected to early adopt this guidance retrospectively for all periods presented in the Condensed Consolidated Balance Sheets. The reclassification of debt issuance costs resulted in reductions in other non-current assets and debt obligations of $16 million for the year ended December 31, 2014. Other than this reclassification, the adoption of this guidance did not have an impact on our consolidated financial statements. ASU 2014-09 In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers (Topic 606),” which supersedes the revenue recognition guidance in Accounting Standards Codification, or ASC, 605, “Revenue Recognition.” The new revenue recognition standard sets forth a five-step revenue recognition model to determine when and how revenue is recognized. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration it expects to receive in exchange for those goods or services. The standard also requires more detailed disclosures. The standard provides alternative methods of initial adoption. On July 9, 2015, the FASB approved the deferral of the effective date of the new revenue recognition standard by one year. As a result, this new standard will now be effective for us on January 1, 2018. Early adoption as of the original effective date is permitted. We are currently assessing the impact that this standard will have on our consolidated financial statements

Restructuring Charges (Tables)

Restructuring Charges (Tables)	9 Months Ended
	Sep. 30, 2015
Restructuring Charges [Abstract]
Summary of Restructuring Charges	Three Months Ended September 30, 2015 Nine Months Ended September 30, 2015 (in millions) Rebranding of trade name $ - $ Severance Facilities-related Asset impairments - Other Total restructuring charges $ $
Restructuring Reserve	Balance at January 1, 2015 Expense Incurred Cash Payments Balance at September 30, 2015 (in millions) Severance $ - $ $ $ Facilities-related - Total $ - $ $ $

Acquisitions (Tables)

Acquisitions (Tables)	9 Months Ended
	Sep. 30, 2015
Acquisitions [Abstract]
Acquisition of Businesses	Purchase Consideration Total Net Assets (Liabilities) Acquired Purchased Intangible Assets Goodwill (in millions) Dorsey, Wright & Associates, LLC $ $ $ $
Purchased finite lived intangible assets acquired in the acquisition of DWA	Estimated Average Remaining Value Useful Life Intangible assets: (in millions) (in years) Trade name $ Indefinite Customer relationships 15 years Technology 5 years Total intangible assets $

Goodwill and Purchased Intang27

Goodwill and Purchased Intangible Assets (Tables)	9 Months Ended
	Sep. 30, 2015
Goodwill and Purchased Intangible Assets [Abstract]
Schedule of Changes in Goodwill	Market Services Listing Services Information Services Technology Solutions Total (in millions) Balance at December 31, 2014 $ $ $ $ $ Goodwill acquired - - - Foreign currency translation adjustment Balance at September 30, 2015 $ $ $ $ $
Finite-Lived and Indefinite-Lived Intangible Assets	September 30, 2015 December 31, 2014 Gross Amount Accumulated Amortization Net Amount Weighted-Average Useful Life (in Years) Gross Amount Accumulated Amortization Net Amount Weighted-Average Useful Life (in Years) (in millions) (in millions) Finite-Lived Intangible Assets Technology $ $ $ $ $ $ Customer relationships Other Foreign currency translation adjustment Total finite-lived intangible assets $ $ $ $ $ $ Indefinite-Lived Intangible Assets Exchange and clearing registrations $ $ - $ $ $ - $ Trade names - - Licenses - - Foreign currency translation adjustment - - Total indefinite-lived intangible assets $ $ - $ $ $ - $ Total intangible assets $ $ $ $ $ $
Estimated Future Amortization Expense	(in millions) 2015 (1) $ 2016 2017 2018 2019 2020 and thereafter Total $

Deferred Revenue (Tables)

Deferred Revenue (Tables)	9 Months Ended
	Sep. 30, 2015
Deferred Revenue [Abstract]
Estimated Deferred Revenue	Initial Listing Revenues Listing of Additional Shares Revenues Annual Renewal and Other Revenues Technology Solutions Revenues (2) Total (in millions) Fiscal year ended: 2015 (1) $ $ $ $ $ 2016 2017 2018 - 2019 - 2020 and thereafter - - $ $ $ $ $
Changes in Deferred Revenue	Initial Listing Revenues Listing of Additional Shares Revenues Annual Renewal and Other Revenues Technology Solutions Revenues (2) Total (in millions) Balance at January 1, 2015 $ $ $ $ $ Additions (1) Amortization (1) Translation adjustment - - Balance at September 30, 2015 $ $ $ $ $ Balance at January 1, 2014 $ $ $ $ $ Additions (1) Amortization (1) Translation adjustment - - Balance at September 30, 2014 $ $ $ $ $

Debt Obligations (Tables)

Debt Obligations (Tables)	9 Months Ended
	Sep. 30, 2015
Debt Obligations [Abstract]
Changes in Debt Obligations	December 31, 2014 Additions Payments, Conversions, Accretion and Other September 30, 2015 (in millions) 5.55% senior unsecured notes due January 15, 2020 (1) (2) $ $ - $ $ 5.25% senior unsecured notes due January 16, 2018 (1) (2) - - 3.875% senior unsecured notes due June 7, 2021 (1) (2) - 4.25% senior unsecured notes due June 1, 2024 (1) (2) - $750 million revolving credit commitment due November 25, 2019 (average interest rate of 1.50% for the period January 1, 2015 through June 30, 2015) (3) Total debt obligations Less current portion - - Total long-term debt obligations $ $ $ $

Share-Based Compensation (Table

Share-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2015
Share-Based Compensation [Abstract]
Schedule of Weighted-Average Assumptions Used to Determine the Weighted-Average Fair Values	Nine Months Ended September 30, 2015 2014 Weighted-average risk free interest rate Expected volatility (1) Grant date share price $ $ Weighted-average fair value at grant date $ $ (1) We use historic volatility for PSU awards issued under the TSR program, as implied volatility data could not be obtained for all the companies in the peer groups used for relative performance measurement within the TSR program. In addition, the annual dividend assumption utilized in the Monte Carlo simulation model is based on Nasdaq’s dividend yield at the date of the grant.
Summary of Share-Based Compensation Expense	Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 (in millions) Share-based compensation expense before income taxes $ $ $ $ Income tax benefit Share-based compensation expense after income taxes $ $ $ $
Summary of Stock Option Activity	Number of Stock Options (1) Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term Aggregate Intrinsic Value (in years) (in millions) Outstanding at January 1, 2015 $ $ Exercised Forfeited or expired Outstanding at September 30, 2015 $ $ Exercisable at September 30, 2015 $ $
Summary of Restricted Stock And PSU Activity	Restricted Stock PSUs Number of Awards Weighted-Average Grant Date Fair Value Number of Awards Weighted-Average Grant Date Fair Value Unvested balances at January 1, 2015 $ $ Granted (1) (2) Vested Forfeited Unvested balances at September 30, 2015 $ $

Nasdaq Stockholders_ Equity (Ta

Nasdaq Stockholders’ Equity (Tables)	9 Months Ended
	Sep. 30, 2015
Nasdaq Stockholders’ Equity [Abstract]
Schedule of Dividends Declared	Declaration Date Dividend Per Common Share Record Date Total Amount (1) Payment Date (in millions) January 26, 2015 $ March 13, 2015 $ March 27, 2015 April 21, 2015 $ June 12, 2015 $ June 26, 2015 July 23, 2015 $ September 11, 2015 $ September 25, 2015 (1) These amounts were recorded in retained earnings in the Condensed Consolidated Balance Sheets at September 30, 201 5.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2015
Earnings Per Share [Abstract]
Summary of Computation of Basic and Diluted Earnings Per Share	Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 (in millions, except share and per share amounts) Numerator: Net income attributable to common shareholders $ $ $ $ Denominator: Weighted-average common shares outstanding for basic earnings per share Weighted-average effect of dilutive securities: Employee equity awards Contingent issuance of common stock (1) - Weighted-average common shares outstanding for diluted earnings per share Basic and diluted earnings per share: Basic earnings per share $ $ $ $ Diluted earnings per share $ $ $ $

Fair Value of Financial Instr33

Fair Value of Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2015
Fair Value of Financial Instruments [Abstract]
Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis	September 30, 2015 Total Level 1 Level 2 Level 3 (in millions) Financial Assets Measured at Fair Value on a Recurring Basis Financial investments, at fair value (1) $ $ $ - $ - Default fund and margin deposit investments (2) - Total $ $ $ $ - December 31, 2014 Total Level 1 Level 2 Level 3 (in millions) Financial Assets Measured at Fair Value on a Recurring Basis Financial investments, at fair value (1) $ $ $ $ - Default fund and margin deposit investments (2) - Total $ $ $ $ -

Clearing Operations (Tables)

Clearing Operations (Tables)	9 Months Ended
	Sep. 30, 2015
Clearing Operations [Abstract]
Schedule of Clearing Member Default Fund Contributions	September 30, 2015 Cash Contributions (1) Non-Cash Contributions Total Contributions (in millions) Default fund contributions $ $ $ Margin deposits Total $ $ $
Schedule of Derivative Contracts Outstanding	September 30, 2015 (in millions) Commodity and seafood options, futures and forwards (1)(2)(3) $ Fixed-income options and futures (2)(3) Stock options and futures (2)(3) Index options and futures (2)(3) Total $
Schedule of Derivative Contracts Cleared	September 30, 2015 September 30, 2014 Commodity and seafood options, futures and forwards (1) Fixed-income options and futures Stock options and futures Index options and futures Total

Business Segments (Tables)

Business Segments (Tables)	9 Months Ended
	Sep. 30, 2015
Business Segments [Abstract]
Schedule of Operating Segments	Market Services Listing Services Information Services Technology Solutions Corporate Items and Eliminations Consolidated (in millions) Three Months Ended September 30, 2015 Total revenues $ $ $ $ $ - $ Transaction-based expenses - - - - Revenues less transaction-based expenses - Operating income (loss) (1) $ $ $ $ $ $ Three Months Ended September 30, 2014 Total revenues $ $ $ $ $ - $ Transaction-based expenses - - - - Revenues less transaction-based expenses - Operating income (loss) (2) $ $ $ $ $ $ Nine Months Ended September 30, 2015 Total revenues $ $ $ $ $ - $ Transaction-based expenses - - - - Revenues less transaction-based expenses - Operating income (loss) (3) $ $ $ $ $ $ Nine Months Ended September 30, 2014 Total revenues $ $ $ $ $ - $ Transaction-based expenses - - - - Revenues less transaction-based expenses - Operating income (loss) (4) $ $ $ $ $ $

Organization and Nature of Op36

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

Basis of Presentation and Pri37

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

Restructuring Charges (Narrativ

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

Restructuring Charges (Summary

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

Restructuring Charges (Restruct

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

Acquisitions (Narrative) (Detai

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

Acquisitions (Acquisition of Bu

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

Acquisitions (Purchased finite

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

Goodwill and Purchased Intang44

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

Goodwill and Purchased Intang45

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

Goodwill and Purchased Intang46

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

Goodwill and Purchased Intang47

Goodwill and Purchased Intangible Assets (Estimated Future Amortization Expense) (Details) $ in Millions	Sep. 30, 2015USD ($)
Goodwill and Purchased Intangible Assets [Abstract]
2,015	$ 17	[1]
2,016	66
2,017	64
2,018	60
2,019	47
2020 and thereafter	430
Total	$ 684
[1]	Represents the estimated amortization to be recognized for the remaining three months of 2015.

Investments (Details)

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

Deferred Revenue (Estimated Def

Deferred Revenue (Estimated Deferred Revenue) (Details) - USD ($) $ in Millions		Sep. 30, 2015		Dec. 31, 2014	Sep. 30, 2014	Dec. 31, 2013
Deferred Revenue Arrangement [Line Items]
2,015	[1]	$ 106
2,016		77
2,017		64
2,018		45
2,019		31
2020 and thereafter		52
Deferred revenue estimated revenue to be recognized		375		$ 392	$ 412	$ 294
Initial Listing Revenues [Member]
Deferred Revenue Arrangement [Line Items]
2,015	[1]	4
2,016		15
2,017		13
2,018		11
2,019		8
2020 and thereafter		6
Deferred revenue estimated revenue to be recognized		57		54	51	41
Listing of Additional Shares Revenues [Member]
Deferred Revenue Arrangement [Line Items]
2,015	[1]	8
2,016		26
2,017		17
2,018		7
2,019		1
Deferred revenue estimated revenue to be recognized		59		78	81	75
Annual Renewal and Other Revenues [Member]
Deferred Revenue Arrangement [Line Items]
2,015	[1]	61
2,016		3
2,017		1
Deferred revenue estimated revenue to be recognized		65		13	57	20
Technology Solutions [Member]
Deferred Revenue Arrangement [Line Items]
2,015	[1],[2]	33
2,016	[2]	33
2,017	[2]	33
2,018	[2]	27
2,019	[2]	22
2020 and thereafter	[2]	46
Deferred revenue estimated revenue to be recognized	[3]	$ 194	[2]	$ 247	$ 223	$ 158
[1]	Represents deferred revenue that is anticipated to be recognized over the remaining three months of 2015.
[2]	The timing of recognition of our deferred Technology Solutions revenues is primarily dependent upon the completion of customization and any significant modifications made pursuant to existing Market Technology contracts and the timing of Corporate Solutions subscription-based contracts. As such, as it relates to Market Technology revenues, the timing represents our best estimate.
[3]	Technology Solutions deferred revenues primarily include revenues from our Market Technology delivered client contracts in the support phase charged during the period and our Corporate Solutions subscription based contracts, which are primarily billed quarterly in advance. For our Market Technology contracts, where customization and significant modifications to the software are made to meet the needs of our customers, total revenues, as well as costs incurred, are deferred until significant modifications are completed and delivered. Once delivered, deferred revenue and the related deferred costs are recognized over the post contract support period. For these Market Technology contracts, we have included the deferral of costs in other current assets and other non-current assets in the Condensed Consolidated Balance Sheets. The amortization of Technology Solutions deferred revenue primarily includes revenues earned from Market Technology client contracts and Corporate Solutions subscription based contracts recognized during the period.

Deferred Revenue (Changes in De

Deferred Revenue (Changes in Deferred Revenue) (Details) - USD ($) $ in Millions		9 Months Ended
		Sep. 30, 2015		Sep. 30, 2014
Deferred Revenue Arrangement [Line Items]
Balance		$ 392		$ 294
Additions	[1]	591		733
Amortization	[1]	(593)		(596)
Translation adjustment		(15)		(19)
Balance		375		412
Initial Listing Revenues [Member]
Deferred Revenue Arrangement [Line Items]
Balance		54		41
Additions	[1]	15		20
Amortization	[1]	(12)		(10)
Balance		57		51
Listing of Additional Shares Revenues [Member]
Deferred Revenue Arrangement [Line Items]
Balance		78		75
Additions	[1]	8		36
Amortization	[1]	(27)		(30)
Balance		59		81
Annual Renewal and Other Revenues [Member]
Deferred Revenue Arrangement [Line Items]
Balance		13		20
Additions	[1]	244		214
Amortization	[1]	(190)		(175)
Translation adjustment		(2)		(2)
Balance		65		57
Technology Solutions [Member]
Deferred Revenue Arrangement [Line Items]
Balance	[2]	247		158
Additions	[1],[2]	324		463
Amortization	[1],[2]	(364)		(381)
Translation adjustment	[2]	(13)		(17)
Balance	[2]	$ 194	[3]	223
Borsa Istanbul Cost Method Investment[Member]
Deferred Revenue Arrangement [Line Items]
Additions				$ 75
[1]	The additions and amortization for initial listing revenues, listing of additional shares revenues and annual renewal and other revenues primarily reflect revenues from our U.S. Listing Services business. The additions to Technology Solutions revenues during the nine months ended September 30, 2014 include $75 million related to the Borsa Istanbul market technology agreement. See "Cost Method Investments," of Note 6, "Investments," for further discussion.
[2]	Technology Solutions deferred revenues primarily include revenues from our Market Technology delivered client contracts in the support phase charged during the period and our Corporate Solutions subscription based contracts, which are primarily billed quarterly in advance. For our Market Technology contracts, where customization and significant modifications to the software are made to meet the needs of our customers, total revenues, as well as costs incurred, are deferred until significant modifications are completed and delivered. Once delivered, deferred revenue and the related deferred costs are recognized over the post contract support period. For these Market Technology contracts, we have included the deferral of costs in other current assets and other non-current assets in the Condensed Consolidated Balance Sheets. The amortization of Technology Solutions deferred revenue primarily includes revenues earned from Market Technology client contracts and Corporate Solutions subscription based contracts recognized during the period.
[3]	The timing of recognition of our deferred Technology Solutions revenues is primarily dependent upon the completion of customization and any significant modifications made pursuant to existing Market Technology contracts and the timing of Corporate Solutions subscription-based contracts. As such, as it relates to Market Technology revenues, the timing represents our best estimate.

Debt Obligations (5.55% Senior

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

Debt Obligations (5.25% Senior

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

Debt Obligations (3.875% Senior

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

Debt Obligations (4.25% Senior

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

Debt Obligations (2014 Credit F

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

Debt Obligations (Other Credit

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

Debt Obligations (Changes in De

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

Debt Obligations (Changes in 58

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

Employee Benefits (Narrative) (

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

Share-Based Compensation (Narra

Share-Based Compensation (Narrative) (Details) $ / shares in Units, $ in Millions		3 Months Ended				9 Months Ended
		Sep. 30, 2015USD ($)$ / sharesitemshares		Mar. 31, 2015shares	Sep. 30, 2014USD ($)$ / sharesshares	Sep. 30, 2015USD ($)$ / sharesitemshares		Sep. 30, 2014USD ($)$ / sharesshares	Dec. 31, 2014shares	[1]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock shares reserved for future issuance		6,800,000				6,800,000
Discount from market price						15.00%
Net cash proceeds from the exercise of stock options | $		$ 2			$ 11	$ 13		$ 24
Stock options exercised in period		59,141			527,225	492,345	[1]	1,222,139
Stock options, exercisable		2,821,712	[1]		3,700,000	2,821,712	[1]	3,700,000
Weighted-average exercise price | $ / shares		$ 27.79			$ 27	$ 27.79		$ 27
Total fair value of stock option vested | $								$ 11
Total pre-tax intrinsic value of stock options exercised | $		$ 1			$ 11	$ 12		$ 24
Stock options, granted						0
Stock options to purchase shares		2,821,712	[1]		3,541,567	2,821,712	[1]	3,541,567	3,316,782
Closing stock price | $ / shares		$ 53.33				$ 53.33
PSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period						3 years
Number of Awards, Granted	[2]					851,738
Number of peer groups | item		2				2
Performance-based long-term incentive program weighted percentage						50.00%
Share Based Compensation Arrangement By Share Based Payment Award Award Vesting Period 1						3 years
Closing stock price | $ / shares		$ 50.93			$ 36.94	$ 50.93		$ 36.94
PSUs [Member] | Executive Officer [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Awards, Granted						605,504
Chief executive officer's and executive vice presidents' long-term stock-based compensation						100.00%
Share Based Compensation Arrangement By Share Based Payment Award Percentage of maximum shares earned for a negative three-year performanace period						100.00%
PSUs [Member] | Senior vice presidents' [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Chief executive officer's and executive vice presidents' long-term stock-based compensation						50.00%
Restricted stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Awards, Granted	[3]					798,795
General expiration period of stock options						10 years
Restricted stock [Member] | Fourth Anniversary [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage						50.00%
Restricted stock [Member] | Second Anniversary [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage						25.00%
Restricted stock [Member] | Third Anniversary [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage						25.00%
One-year performance period [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Additional PSU's Granted				21,429
One-year performance period [Member] | Executive Officer [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Awards, Granted						184,770
Three-year performance period [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Additional PSU's Granted				224,805
Three-year performance period [Member] | Executive Officer [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Awards, Granted						420,734
Restricted stock and PSU's [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation cost | $		$ 101				$ 101
Weighted-average period unrecognized compensation cost is expected to be recognized, in years						1 year 8 months 12 days
Common stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options to purchase shares		2,821,712			3,672,919	2,821,712		3,672,919
Minimum [Member] | PSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage						0.00%
Minimum [Member] | PSUs [Member] | Executive Officer [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage						0.00%
Minimum [Member] | Restricted stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period						2 years
Share Based Compensation Arrangement By Share Based Payment Award Award Vesting Period 1						2 years
Maximum [Member] | PSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage						150.00%
Maximum [Member] | PSUs [Member] | Executive Officer [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage						200.00%
Maximum [Member] | Restricted stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period						5 years
Share Based Compensation Arrangement By Share Based Payment Award Award Vesting Period 1						5 years
[1]	No stock option awards were granted during the nine months ended September 30, 2015.
[2]	PSUs granted in 2015 reflect awards issued to certain officers, as described above.
[3]	Primarily reflects our company-wide equity grant issued in March 2015, as discussed above.

Shared-based Compensation (Sche

Shared-based Compensation (Schedule of Weighted- Average Assumptions Used to Determine Weighted-Average Fair Values) (Details) - $ / shares		9 Months Ended
		Sep. 30, 2015	Sep. 30, 2014
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted-average risk free interest rate		0.81%	0.78%
Expected volatility	[1]	21.50%	28.40%
Grant date share price		$ 53.33
Weighted-average fair value at grant date		63.99	$ 42.80
PSUs [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Grant date share price		$ 50.93	$ 36.94
[1]	We use historic volatility for PSU awards issued under the TSR program, as implied volatility data could not be obtained for all the companies in the peer groups used for relative performance measurement within the TSR program. In addition, the annual dividend assumption utilized in the Monte Carlo simulation model is based on Nasdaq's dividend yield at the date of the grant.

Share-Based Compensation (Summa

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

Share-Based Compensation (Sum63

Share-Based Compensation (Summary of Stock Option Activity) (Details) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended			9 Months Ended			12 Months Ended
		Sep. 30, 2015		Sep. 30, 2014	Sep. 30, 2015		Sep. 30, 2014	Dec. 31, 2014
Share-Based Compensation [Abstract]
Number of Stock Options Outstanding, Beginning of period	[1]				3,316,782
Stock options amortization and exercises, net (in shares)		(59,141)		(527,225)	(492,345)	[1]	(1,222,139)
Number of Stock Options, Forfeited or expired	[1]				(2,725)
Number of Stock Options Outstanding, End of period		2,821,712	[1]	3,541,567	2,821,712	[1]	3,541,567	3,316,782	[1]
Stock options, exercisable		2,821,712	[1]	3,700,000	2,821,712	[1]	3,700,000
Weighted-Average Exercise Price, Outstanding Beginning of period					$ 27.56
Weighted-Average Exercise Price, Exercised					26.20
Weighted-Average Exercise Price, Forfeited or expired					34.40
Weighted-Average Exercise Price, Outstanding End of period		$ 27.79			27.79			$ 27.56
Weighted-average exercise price		$ 27.79		$ 27	$ 27.79		$ 27
Options Outstanding, Weighted-Average Remaining Contractual Term, outstanding (in years)					2 years 10 months 24 days			3 years 9 months 7 days
Aggregate Intrinsic Value, Options Outstanding		$ 72			$ 72			$ 68
Aggregate Intrinsic Value, Exercisable		$ 72			$ 72
Stock options, granted					0
[1]	No stock option awards were granted during the nine months ended September 30, 2015.

Share-Based Compensation (Sum64

Share-Based Compensation (Summary of Restricted Stock and PSU Activity) (Details)	9 Months Ended
	Sep. 30, 2015$ / sharesshares
Restricted stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Awards, Unvested balances	3,193,230
Number of Awards, Granted	798,795	[1]
Number of Awards, Vested	(362,672)
Number of Awards, Forfeited	(238,386)
Number of Awards, Unvested balances	3,390,967
Weighted-Average Grant Date Fair Value, Unvested balances | $ / shares	$ 30.99
Weighted-Average Grant Date Fair Value, Granted | $ / shares	49.16
Weighted-Average Grant Date Fair Value, Vested | $ / shares	29.89
Weighted-Average Grant Date Fair Value, Forfeited | $ / shares	33.89
Weighted-Average Grant Date Fair Value, Unvested balances | $ / shares	$ 35.23
PSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Awards, Unvested balances	2,212,607
Number of Awards, Granted	851,738	[2]
Number of Awards, Vested	(837,109)
Number of Awards, Forfeited	(110,809)
Number of Awards, Unvested balances	2,116,427
Weighted-Average Grant Date Fair Value, Unvested balances | $ / shares	$ 32.69
Weighted-Average Grant Date Fair Value, Granted | $ / shares	49.21
Weighted-Average Grant Date Fair Value, Vested | $ / shares	22.50
Weighted-Average Grant Date Fair Value, Forfeited | $ / shares	36.66
Weighted-Average Grant Date Fair Value, Unvested balances | $ / shares	$ 45.49
[1]	Primarily reflects our company-wide equity grant issued in March 2015, as discussed above.
[2]	PSUs granted in 2015 reflect awards issued to certain officers, as described above.

Nasdaq Stockholders' Equity (Na

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

Nasdaq Stockholders' Equity (Sc

Nasdaq Stockholders' Equity (Schedule of Dividends Declared) (Details) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended				9 Months Ended
		Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Nasdaq Stockholders’ Equity [Abstract]
Declaration Date		Jul. 23, 2015	Apr. 21, 2015	Jan. 26, 2015
Dividend Per Common Share		$ 0.25	$ 0.25	$ 0.15	$ 0.15	$ 0.65	$ 0.43
Record Date		Sep. 11, 2015	Jun. 12, 2015	Mar. 13, 2015
Total Amount	[1]	$ 41	$ 42	$ 25
[1]	These amounts were recorded in retained earnings in the Condensed Consolidated Balance Sheets at September 30, 2015.

Earnings Per Share (Narrative)

Earnings Per Share (Narrative) (Details) - shares	3 Months Ended			9 Months Ended
	Sep. 30, 2015		Sep. 30, 2014	Sep. 30, 2015		Sep. 30, 2014	Dec. 31, 2014	[1]
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Stock options to purchase shares	2,821,712	[1]	3,541,567	2,821,712	[1]	3,541,567	3,316,782
Restricted stock and PSU's outstanding						5,061,458
Diluted shares outstanding	3,556,065		3,576,954	3,514,960		3,599,709
Common stock [Member]
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Stock options to purchase shares	2,821,712		3,672,919	2,821,712		3,672,919
Restricted stock and PSU's [Member]
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Restricted stock and PSU's outstanding				5,507,394		5,880,307
Diluted shares outstanding	5,496,526		5,879,265	5,086,010
Employee Stock Option [Member]
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Diluted shares outstanding			3,570,750
[1]	No stock option awards were granted during the nine months ended September 30, 2015.

Earnings Per Share (Summary of

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

Fair Value of Financial Instr69

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

Fair Value of Financial Instr70

Fair Value of Financial Instruments (Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis) (Details) - USD ($) $ in Millions		Sep. 30, 2015	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial investments, at fair value		$ 193	$ 174
Default fund and margin deposit investments	[1]	1,609	2,148
Total		1,802	2,322
Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial investments, at fair value		193	171
Default fund and margin deposit investments	[1]	600	664
Total		793	835
Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial investments, at fair value			3
Default fund and margin deposit investments	[1]	1,009	1,484
Total		$ 1,009	$ 1,487
[1]	Default fund and margin deposit investments include cash contributions invested by Nasdaq Nordic Clearing, in accordance with its investment policy, either in highly rated European, and to a lesser extent, U.S. government debt securities, time deposits or reverse repurchase agreements with highly rated government debt securities as collateral. Of the total balance of $2,175 million recorded in the Condensed Consolidated Balance Sheets as of September 30, 2015, $1,009 million of cash contributions have been invested in reverse repurchase agreements and $600 million of cash contributions have been invested in highly rated European, and to a lesser extent, U.S. government debt securities. The remainder of this balance is held in cash. Of the total balance of $2,194 million recorded in the Condensed Consolidated Balance Sheets as of December 31, 2014, $1,484 million of cash contributions have been invested in reverse repurchase agreements and $664 million of cash contributions have been invested in highly rated European, and to a lesser extent, U.S. government debt securities and time deposits. The remainder of this balance was held in cash.

Fair Value of Financial Instr71

Fair Value of Financial Instruments (Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Additional Information) (Details) - USD ($) $ in Millions		Sep. 30, 2015	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial investments, at fair value		$ 193	$ 174
Default funds and margin deposits		2,175	2,194
Default fund and margin deposit investments	[1]	1,609	2,148
Foreign Government Debt Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Default fund and margin deposit investments		600	664
Restricted assets [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial investments, at fair value		173	159
Reverse Repurchase Agreements [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Default fund and margin deposit investments		$ 1,009	$ 1,484
[1]	Default fund and margin deposit investments include cash contributions invested by Nasdaq Nordic Clearing, in accordance with its investment policy, either in highly rated European, and to a lesser extent, U.S. government debt securities, time deposits or reverse repurchase agreements with highly rated government debt securities as collateral. Of the total balance of $2,175 million recorded in the Condensed Consolidated Balance Sheets as of September 30, 2015, $1,009 million of cash contributions have been invested in reverse repurchase agreements and $600 million of cash contributions have been invested in highly rated European, and to a lesser extent, U.S. government debt securities. The remainder of this balance is held in cash. Of the total balance of $2,194 million recorded in the Condensed Consolidated Balance Sheets as of December 31, 2014, $1,484 million of cash contributions have been invested in reverse repurchase agreements and $664 million of cash contributions have been invested in highly rated European, and to a lesser extent, U.S. government debt securities and time deposits. The remainder of this balance was held in cash.

Clearing Operations (Narrative)

Clearing Operations (Narrative) (Details) $ in Millions		9 Months Ended
		Sep. 30, 2015USD ($)contract	Sep. 30, 2014USD ($)contract	Dec. 31, 2014USD ($)
Clearing Operations [Line Items]
Marketable Securities Current		$ 193		$ 174
Default fund and margin deposit investments	[1]	1,609		2,148
Reverse Repurchase Agreements [Member]
Clearing Operations [Line Items]
Default fund and margin deposit investments		1,009		$ 1,484
NASDAQ Nordic Clearing [Member]
Clearing Operations [Line Items]
Contract value of resale and repurchase agreements		$ 5,900	$ 2,600
Total number of derivative contracts cleared | contract		5,899,287	3,157,685
Power of assessment of the clearing member's contribution to the financial markets and commodities markets default funds		100.00%
Marketable Securities Current		$ 131
Liability Waterfall [Member]
Clearing Operations [Line Items]
Junior capital, cash deposits and pledged assets		22
Senior capital, cash deposits and pledged assets		24
NOS Clearing [Member] | Reverse Repurchase Agreements [Member]
Clearing Operations [Line Items]
Default fund and margin deposit investments		1,009
NOS Clearing [Member] | US Government Debt Securities [Member]
Clearing Operations [Line Items]
Default fund and margin deposit investments		$ 600
[1]	Default fund and margin deposit investments include cash contributions invested by Nasdaq Nordic Clearing, in accordance with its investment policy, either in highly rated European, and to a lesser extent, U.S. government debt securities, time deposits or reverse repurchase agreements with highly rated government debt securities as collateral. Of the total balance of $2,175 million recorded in the Condensed Consolidated Balance Sheets as of September 30, 2015, $1,009 million of cash contributions have been invested in reverse repurchase agreements and $600 million of cash contributions have been invested in highly rated European, and to a lesser extent, U.S. government debt securities. The remainder of this balance is held in cash. Of the total balance of $2,194 million recorded in the Condensed Consolidated Balance Sheets as of December 31, 2014, $1,484 million of cash contributions have been invested in reverse repurchase agreements and $664 million of cash contributions have been invested in highly rated European, and to a lesser extent, U.S. government debt securities and time deposits. The remainder of this balance was held in cash.

Clearing Operations (Schedule o

Clearing Operations (Schedule of Clearing Member Default Fund Contributions And Margin Deposits) (Details) $ in Millions	Sep. 30, 2015USD ($)
Clearing Operations [Line Items]
Default fund contributions	$ 451
Margin deposits	7,207
Default fund contributions and margin deposits	7,658
Cash Contributions [Member]
Clearing Operations [Line Items]
Default fund contributions	359	[1]
Margin deposits	1,816	[1]
Default fund contributions and margin deposits	2,175	[1]
Non-Cash Contributions [Member]
Clearing Operations [Line Items]
Default fund contributions	92
Margin deposits	5,391
Default fund contributions and margin deposits	$ 5,483
[1]	As of September 30, 2015, in accordance with its investment policy, Nasdaq Nordic Clearing has invested cash contributions of $1,009 million in reverse repurchase agreements and $600 million in highly rated European, and to a lesser extent, U.S. government debt securities

Clearing Operations (Schedule74

Clearing Operations (Schedule of Derivative Contracts Outstanding) (Details) $ in Millions		Sep. 30, 2015USD ($)contract	Sep. 30, 2014contract
Clearing Operations [Line Items]
Market value of derivative contracts	[1],[2]	$ 2,993
Total Number of Cleared Contracts | contract		79,558,524	71,078,566
Commodity forwards and options [Member]
Clearing Operations [Line Items]
Market value of derivative contracts	[1],[2],[3]	$ 1,785
Total Number of Cleared Contracts | contract	[4]	2,371,252	1,775,434
Fixed-income options and futures [Member]
Clearing Operations [Line Items]
Market value of derivative contracts	[1],[2]	$ 810
Total Number of Cleared Contracts | contract		14,739,280	15,171,646
Stock options and futures [Member]
Clearing Operations [Line Items]
Market value of derivative contracts	[1],[2]	$ 197
Total Number of Cleared Contracts | contract		25,166,412	24,426,440
Index options and futures [Member]
Clearing Operations [Line Items]
Market value of derivative contracts	[1],[2]	$ 201
Total Number of Cleared Contracts | contract		37,281,580	29,705,046
[1]	We determined the fair value of our futures contracts based upon quoted market prices and average quoted market yields.
[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 forward contracts using standard valuation models that were based on market-based observable inputs including LIBOR rates and the spot price of the underlying instrument.
[4]	The total volume in cleared power related to commodity contracts was 1,077 Terawatt hours (TWh) for the nine months ended September 30, 2015 and 1,150 TWh for the nine months ended September 30, 2014.

Clearing Operations (Schedule75

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

Commitments, Contingencies an76

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

Business Segments (Narrative) (

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

Business Segments (Schedule of

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

Subsequent Event (Details)

Subsequent Event (Details) - $ / shares	Oct. 22, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Subsequent Event [Line Items]
Common Stock Dividends Per Share Declared		$ 0.25	$ 0.25	$ 0.15	$ 0.15	$ 0.65	$ 0.43
Subsequent Event [Member]
Subsequent Event [Line Items]
Common Stock Dividends Per Share Declared	$ 0.25