Nasdaq (NDAQ) 10-Q 6 May 20 2020 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2020	Apr. 28, 2020
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2020
Document Transition Report	false
Entity File Number	001-38855
Entity Registrant Name	Nasdaq, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	52-1165937
Entity Address, Address Line One	151 W. 42nd Street,
Entity Address, City or Town	New York,
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10036
City Area Code	212
Local Phone Number	401 8700
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		164,070,840
Entity Central Index Key	0001120193
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Amendment Flag	false
Common Stock, $.01 par value per share
Entity Information [Line Items]
Title of 12(b) Security	Common Stock, $0.01 par value per share
Trading Symbol	NDAQ
Security Exchange Name	NASDAQ
0.875% Senior Notes due 2030
Entity Information [Line Items]
Title of 12(b) Security	0.875% Senior Notes due 2030
Trading Symbol	NDAQ30
Security Exchange Name	NASDAQ
1.75% Senior Notes Due 2029
Entity Information [Line Items]
Title of 12(b) Security	1.75% Senior Notes due 2029
Trading Symbol	NDAQ29
Security Exchange Name	NASDAQ
1.75% Senior Note Due 2023
Entity Information [Line Items]
Title of 12(b) Security	1.75% Senior Notes due 2023
Trading Symbol	NDAQ23
Security Exchange Name	NASDAQ

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 1,015	$ 332
Restricted cash	29	30
Financial investments	254	291
Receivables, net	568	422
Default funds and margin deposits	3,241	2,996
Other current assets	163	219
Total current assets	5,270	4,290
Property and equipment, net	375	384
Goodwill	6,326	6,366
Intangible assets, net	2,200	2,249
Operating lease assets	324	346
Other non-current assets	303	289
Total assets	14,798	13,924
Current liabilities:
Accounts payable and accrued expenses	183	148
Section 31 fees payable to SEC	161	132
Accrued personnel costs	132	188
Deferred revenue	416	211
Other current liabilities	171	161
Default funds and margin deposits	3,241	2,996
Short-term debt	1,146	391
Total current liabilities	5,450	4,227
Long-term debt	2,962	2,996
Deferred tax liabilities, net	507	552
Operating lease liabilities	310	331
Other non-current liabilities	171	179
Total liabilities	9,400	8,285
Commitments and contingencies
Nasdaq stockholders’ equity:
Common stock, $0.01 par value, 300,000,000 shares authorized, shares issued: 170,589,846 at March 31, 2020 and 171,075,011 at December 31, 2019; shares outstanding: 164,337,766 at March 31, 2020 and 165,094,440 at December 31, 2019	2	2
Additional paid-in capital	2,527	2,632
Common stock in treasury, at cost: 6,252,080 shares at March 31, 2020 and 5,980,571 shares at December 31, 2019	(364)	(336)
Accumulated other comprehensive loss	(1,909)	(1,686)
Retained earnings	5,140	5,027
Total Nasdaq stockholders’ equity	5,396	5,639
Noncontrolling interests	2	0
Total equity	5,398	5,639
Total liabilities and equity	$ 14,798	$ 13,924

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	300,000,000	300,000,000
Common stock, shares issued (in shares)	170,589,846	171,075,011
Common stock, shares outstanding (in shares)	164,337,766	165,094,440
Common stock in treasury (in shares)	6,252,080	5,980,571

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Revenues:
Total revenues	$ 1,353	$ 1,039
Transaction-based expenses:
Revenues less transaction-based expenses	701	634
Operating expenses:
Compensation and benefits	195	175
Professional and contract services	27	37
Computer operations and data communications	35	33
Occupancy	25	24
General, administrative and other	61	16
Marketing and advertising	9	10
Depreciation and amortization	48	48
Regulatory	7	7
Merger and strategic initiatives	7	9
Restructuring charges	12	0
Total operating expenses	426	359
Operating income	275	275
Interest income	2	3
Interest expense	(26)	(37)
Net gain on divestiture of business	0	27
Other income	5	0
Net income from unconsolidated investees	17	45
Income before income taxes	273	313
Income tax provision	70	66
Net income attributable to Nasdaq	$ 203	$ 247
Per share information:
Basic earnings per share (in dollars per share)	$ 1.23	$ 1.49
Diluted earnings per share (in dollars per share)	1.22	1.48
Cash dividends declared per common share (in dollars per share)	$ 0.47	$ 0.44
Transaction rebates
Transaction-based expenses:
Transaction-based expenses	$ (479)	$ (331)
Brokerage, clearance and exchange fees
Transaction-based expenses:
Transaction-based expenses	(173)	(74)
Operating Segments | Market Services
Revenues:
Total revenues	933	638
Transaction-based expenses:
Revenues less transaction-based expenses	281	233
Operating expenses:
Operating income	178	135
Operating Segments | Corporate Services
Revenues:
Total revenues	128	121
Transaction-based expenses:
Revenues less transaction-based expenses	128	121
Operating expenses:
Operating income	45	44
Operating Segments | Information Services
Revenues:
Total revenues	211	193
Operating Segments | Market Technology
Revenues:
Total revenues	81	77
Other Revenues
Revenues:
Total revenues	$ 0	10
Transaction-based expenses:
Revenues less transaction-based expenses		$ 10

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2020	Mar. 31, 2019
Statement of Comprehensive Income [Abstract]
Net income		$ 203	$ 247
Other comprehensive loss:
Foreign currency translation losses		(215)	(106)
Income tax expense	[1]	(8)	(9)
Foreign currency translation, net		(223)	(115)
Comprehensive income (loss) attributable to Nasdaq		$ (20)	$ 132
[1]	Primarily relates to the tax effect of unrealized gains on Euro denominated notes.

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($) shares in Millions, $ in Millions	Total	Common stock	Additional paid-in capital	Common stock in treasury, at cost	Accumulated other comprehensive loss	Retained earnings	Total Nasdaq stockholders’ equity	Noncontrolling interests
Beginning balance (in shares) at Dec. 31, 2018	165
Beginning balance, stockholders' equity at Dec. 31, 2018		$ 2	$ 2,716	$ (297)	$ (1,530)	$ 4,558
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation (in shares)			1
Share-based compensation			$ 16
Other employee stock activity				(30)
Other comprehensive loss					(115)
Net income	$ 247					247
Cash dividends declared per common share						(73)
Ending balance (in shares) at Mar. 31, 2019	166
Ending balance, stockholders' equity at Mar. 31, 2019	$ 5,494	2	2,732	(327)	(1,645)	4,732	$ 5,494
Beginning balance (in shares) at Dec. 31, 2019	165
Beginning balance, stockholders' equity at Dec. 31, 2019	$ 5,639	2	$ 2,632	$ (336)	(1,686)	5,027
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares repurchase program (in shares)			(1)
Share repurchase program	(122)		$ (122)
Share-based compensation (in shares)			1
Share-based compensation			$ 17
Other employee stock activity (in shares)				(1)
Other employee stock activity				$ (28)
Other comprehensive loss					(223)
Net income	$ 203					203
Cash dividends declared per common share						(78)
Ending balance (in shares) at Mar. 31, 2020	164
Ending balance, stockholders' equity at Mar. 31, 2020	$ 5,398	$ 2	$ 2,527	$ (364)	$ (1,909)	$ 5,140	$ 5,396	$ 2

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Cash flows from operating activities:
Net income	$ 203	$ 247
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	48	48
Share-based compensation	17	16
Deferred income taxes	(1)	(16)
Extinguishment of debt	36	0
Net gain on divestiture of business	0	(27)
Net income from unconsolidated investees	(17)	(45)
Other reconciling items included in net income	(1)	0
Net change in operating assets and liabilities, net of effects of divestiture and acquisitions:
Receivables, net	(174)	(50)
Other assets	69	(288)
Accounts payable and accrued expenses	28	34
Section 31 fees payable to SEC	29	(40)
Accrued personnel costs	(53)	(79)
Deferred revenue	204	186
Other liabilities	(8)	351
Net cash provided by operating activities	380	337
Cash flows from investing activities:
Purchases of securities	(92)	(101)
Proceeds from sales and redemptions of securities	114	138
Proceeds from divestiture of business	0	108
Acquisition of businesses, net of cash and cash equivalents acquired	(157)	(193)
Purchases of property and equipment	(26)	(20)
Other investing activities	7	(6)
Net cash used in investing activities	(154)	(74)
Cash flows from financing activities:
Proceeds from (repayments of) commercial paper, net	(42)	265
Repayments of debt obligations	(671)	(515)
Payment of debt extinguishment cost	(36)	0
Proceeds from utilization of credit commitment	799	15
Proceeds from issuances of long-term debt, net of issuance costs	644	0
Repurchases of common stock	(122)	0
Dividends paid	(78)	(73)
Payments related to employee shares withheld for taxes	(28)	(30)
Proceeds of customer funds	0	36
Other financing activities	2	0
Net cash provided by (used in) financing activities	468	(302)
Effect of exchange rate changes on cash and cash equivalents and restricted cash	(12)	(8)
Net increase (decrease) in cash and cash equivalents and restricted cash	682	(47)
Cash and cash equivalents and restricted cash at beginning of period	362	586
Cash and cash equivalents and restricted cash at end of period	1,044	539
Cash paid for:
Interest	33	23
Income taxes, net of refund	$ 41	$ 22

Organization and Nature of Oper

Organization and Nature of Operations	3 Months Ended
	Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Nature of Operations	Organization and Nature of Operations Nasdaq is a global technology company serving the capital markets and other industries. Our diverse offerings of data, analytics, software and services enables clients to optimize and execute their business vision with confidence. We manage, operate and provide our products and services in four business segments: Market Services, Corporate Services, Information Services and Market Technology. Market Services Our Market Services segment includes our Equity Derivative Trading and Clearing, Cash Equity Trading, FICC and Trade Management Services businesses. We operate multiple exchanges and other marketplace facilities across several asset classes, including derivatives, commodities, cash equity, debt, structured products and ETPs. In addition, in some countries where we operate exchanges, we also provide broker services, clearing, settlement and central depository services. In November 2019, we sold NFX’s futures exchange business to a third party which acquired the core assets of NFX, including the portfolio of open interest in NFX contracts. Customers on the platform are migrating their open interest to other exchanges. Also, in January 2020, management commenced an orderly wind-down of our Nordic broker services operations business. We expect this wind-down to continue through the second quarter of 2021. Our transaction-based platforms provide market participants with the ability to access, process, display and integrate orders and quotes. The platforms allow the routing and execution of buy and sell orders as well as the reporting of transactions, providing fee-based revenues. In the U.S., we operate six electronic options exchanges and three cash equity exchanges. The Nasdaq Stock Market, the largest of our cash equities exchanges, is the largest single venue of liquidity for trading U.S.-listed cash equities. We also operate an electronic platform for trading of U.S. Treasuries and a Canadian exchange for the trading of certain Canadian-listed securities. In Europe, we operate exchanges in Stockholm (Sweden), Copenhagen (Denmark), Helsinki (Finland), and Reykjavik (Iceland), as well as the clearing operations of Nasdaq Clearing, as Nasdaq Nordic. 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, depository receipts, warrants, convertibles, rights, fund units and ETFs, as well as trading and clearing of derivatives and clearing of resale and repurchase agreements. Nasdaq Commodities is the brand name for Nasdaq’s European commodity-related products and services. Nasdaq Commodities’ offerings include derivatives in power, natural gas and carbon emission markets, seafood, electricity certificates and clearing services. These products are listed on Nasdaq Oslo ASA, except for seafood, which is listed on Fishpool, a third party platform. Through our Trade Management Services business, we provide market participants with a wide variety of alternatives for connecting to and accessing our markets via a number of different protocols used for quoting, order entry, trade reporting, and connectivity to various data feeds. We also provide co-location services to market participants, whereby we offer firms cabinet space and power to house their own equipment and servers within our data centers. Additionally, we offer a number of wireless connectivity routes between select data centers using millimeter wave and microwave technology. Our broker services operations business primarily offers technology and customized securities administration solutions to financial participants in the Nordic market. Corporate Services Our Corporate Services segment includes our Listing Services and Corporate Solutions businesses. These businesses deliver critical capital market and governance solutions across the lifecycle of public and private companies. Our Listing Services business includes our U.S. and European Listing Services businesses. We operate a variety of listing platforms around the world to provide multiple global capital raising solutions for private and public companies. Our main listing markets are The Nasdaq Stock Market and the Nasdaq Nordic and Nasdaq Baltic exchanges. Through Nasdaq First North, our Nordic and Baltic operations also offer alternative marketplaces for smaller companies and growth companies. Our Listing Services business also includes NPM, which provides liquidity solutions for private companies and private funds. We continue to grow our U.S. Corporate Bond exchange for the listing and trading of corporate bonds. This exchange operates pursuant to The Nasdaq Stock Market exchange license and is powered by NFF. We also continue to grow the Nasdaq Sustainable Bond Network, a platform for increased transparency in the global sustainable bond markets. As of March 31, 2020, there were 3,146 total listings on The Nasdaq Stock Market, including 412 ETPs. The combined market capitalization was approximately $12.9 trillion. In Europe, the Nasdaq Nordic and Nasdaq Baltic exchanges, together with Nasdaq First North, were home to 1,039 listed companies with a combined market capitalization of approximately $1.3 trillion. Our Corporate Solutions business includes our Investor Relations Intelligence and Governance Solutions businesses, which serve both public and private companies and organizations. Our public company clients can be companies listed on our exchanges or other U.S. and global exchanges. We help organizations enhance their ability to understand and expand their global shareholder base and improve corporate governance through our suite of advanced technology, analytics, and consultative services. We provide clients with counsel on a range of governance and sustainability-related issues. Our acquisition of OneReport in February 2020 broadens our environmental, social and governance, or ESG, offerings, which also include our ESG Advisory service and our board assessment and collaboration technology. Information Services Our Information Services segment includes our Market Data, Index and Investment Data & Analytics businesses. Our Market Data business sells and distributes historical and real-time market data to the sell-side, the buy-side, retail online brokers, proprietary trading shops, other venues, internet portals and data distributors. Our market data products enhance transparency of market activity within our exchanges and provide critical information to professional and non-professional investors globally. Our Index business develops and licenses Nasdaq-branded indexes, associated derivatives, and financial products and sells and distributes historical and real-time index data. As of March 31, 2020, we had 325 ETPs licensed to Nasdaq’s indexes which had $206 billion in AUM. Our Investment Data & Analytics business is a leading content and analytics cloud-based solutions provider used by asset managers, investment consultants and asset owners to help facilitate better investment decisions. In March 2020, we acquired Solovis, which offers multi-asset class, public and private market portfolio management, analytics, and reporting tools used by institutional investors and consultants. Market Technology Powering over 100 market infrastructure operators in more than 50 countries, our Market Technology segment is a leading global technology solutions provider and partner to exchanges, clearing organizations, central securities depositories, regulators, banks, brokers, buy-side firms and corporate businesses. Our Market Technology business is the sales channel for our complete global offering to other marketplaces. Our solutions can handle a wide array of assets, including but not limited to cash equities, equity derivatives, currencies, various interest-bearing securities, commodities, energy products and digital currencies. Our solutions can also be used in the creation of new asset classes, and non-capital markets customers, including those in insurance liabilities securitization, cryptocurrencies and sports wagering. Nasdaq’s market technology is utilized by leading markets in the U.S., Europe and Asia as well as emerging markets in the Middle East, Latin America, and Africa. Additionally, more than 160 market participants leverage our surveillance technology globally to manage their integrity obligations and assist them in complying with market rules, regulations and internal market surveillance policies.

Basis of Presentation and Princ

Basis of Presentation and Principles of Consolidation	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation The condensed consolidated financial statements are prepared in accordance with U.S. GAAP and include the accounts of Nasdaq, its wholly-owned subsidiaries and other entities in which Nasdaq has a controlling financial interest. When we do not have a controlling interest in an entity but exercise significant influence over the entity’s operating and financial policies, such investment is accounted for under the equity method of accounting. We recognize our share of earnings or losses of an equity method investee based on our ownership percentage. See “Equity Method Investments,” of Note 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. 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 Form 10-K. The year-end condensed balance sheet data was derived from the audited financial statements, but does not include all disclosures required by U.S. GAAP. Certain prior year amounts have been reclassified to conform to the current year presentation. Accounting Estimates In preparing our condensed consolidated financial statements, we make assumptions, judgments and estimates that can have a significant impact on our revenue, operating income and net income, as well as on the value of certain assets and liabilities in our condensed consolidated balance sheets. At least quarterly, we evaluate our assumptions, judgments and estimates, and make changes as deemed necessary. Nasdaq considered the impact of COVID-19 on the assumptions and estimates used in evaluating our assets and liabilities, including but not limited to our goodwill, intangible assets, equity method investments, equity securities and allowance for losses on accounts receivable. We determined that there were no material adverse impacts on our first quarter 2020 results of operations. In addition, there were no material impairment charges recorded for the three months ended March 31, 2020. These estimates may change as new events occur and additional information is obtained. Actual results could differ from these estimates under different assumptions or conditions. Recently Adopted Accounting Standard In June 2016, the FASB issued ASU 2016-13, “Measurement of Credit Losses on Financial Instruments.” This standard changes the impairment model for certain financial instruments. The new model is a forward looking expected loss model and applies to financial assets subject to credit losses and measured at amortized cost and certain off-balance sheet credit exposures. This includes loans, held-to-maturity debt securities, loan commitments, financial guarantees and trade receivables. For available-for-sale debt securities with unrealized losses, credit losses are measured in a manner similar to previous accounting, except that the losses are recognized as allowances rather than reductions in the amortized cost of the securities. We adopted this standard on January 1, 2020 using the modified retrospective transition method. We recorded a $12 million non-cash cumulative effect adjustment to retained earnings on our opening Condensed Consolidated Balance Sheets as of January 1, 2020. The comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods. We expect the impact of the adoption of the new standard to be immaterial to our net income on an on-going basis. At the date of adoption, the adjustment impacted by the standard related primarily to an adjustment to trade receivables. We took into consideration all financial instruments held at the date of adoption which were impacted by the standard, including reverse repurchase agreements and commercial paper, and estimated the risk of loss to be immaterial. Therefore, no adjustment was recorded for these instruments. In accordance with the new standard, Nasdaq must recognize an allowance when a receivable or contract asset is established, regardless of whether there has been an incurred loss. Our receivables are concentrated with our member firms, market data distributors, listed companies and corporate solutions and market technology customers. In order to assess the appropriate allowance as of January 1, 2020, we disaggregated our trade receivables by business unit and the aging of receivables. We concluded that historical loss information is a reasonable starting point on which to determine expected credit losses for trade receivables held at the date of adoption as the composition of our trade receivables at adoption of the standard is materially consistent with that used in developing the historical loss percentages for each business unit. In order to incorporate our expectation of credit losses over the life of our receivables, we considered corporate default rate averages over an extended period as compared to the period covered by our historical loss data and included an adjustment to historical loss percentages for current conditions and expected future conditions at the date of adoption. The allowance for losses is reviewed monthly and adjustments may be required if economic conditions at the measurement date reflect stronger or weaker economic performance than the historical data implies. If circumstances change (i.e., higher than expected defaults or an unexpected material adverse change in a major customer’s ability to pay), our estimates of recoverability could be reduced by a material amount. When we deem all or a portion of a receivable uncollectible the allowance for losses is reduced by the amount being written off. Any change in the allowance is included in general, administrative and other expense in the Condensed Consolidated Statements of Income. Receivables are shown net of the allowance for losses. The total allowance netted against receivables in the Condensed Consolidated Balance Sheets was $21 million as of March 31, 2020 and $9 million as of December 31, 2019. Subsequent Events We have evaluated subsequent events through the issuance date of this Quarterly Report on Form 10-Q. For discussion of financing actions subsequent to March 31, 2020, see “3.25% Senior Unsecured Notes Due 2050,” and “2017 Credit Facility,” of Note 8, “Debt Obligations.”

Revenue From Contracts With Cus

Revenue From Contracts With Customers	3 Months Ended
	Mar. 31, 2020
Revenue from Contract with Customer [Abstract]
Revenue From Contracts With Customers	Revenue From Contracts With Customers Disaggregation of Revenue The following tables summarize the disaggregation of revenue by major product and service and by segment for the three months ended March 31, 2020 and 2019: Three Months Ended March 31, 2020 Market Services Corporate Services Information Services Market Technology Consolidated (in millions) Transaction-based trading and clearing, net $ 209 $ — $ — $ — $ 209 Trade management services 72 — — — 72 Listing services — 75 — — 75 Corporate solutions — 53 — — 53 Market data — — 97 — 97 Index — — 73 — 73 Investment data & analytics — — 41 — 41 Market technology — — — 81 81 Revenues less transaction-based expenses $ 281 $ 128 $ 211 $ 81 $ 701 Three Months Ended March 31, 2019 Market Services Corporate Services Information Services Market Technology Other Revenues Consolidated (in millions) Transaction-based trading and clearing, net $ 160 $ — $ — $ — $ — $ 160 Trade management services 73 — — — — 73 Listing services — 71 — — — 71 Corporate solutions — 50 — — — 50 Market data — — 100 — — 100 Index — — 54 — — 54 Investment data & analytics — — 39 — — 39 Market technology — — — 77 — 77 Other revenues — — — — 10 10 Revenues less transaction-based expenses $ 233 $ 121 $ 193 $ 77 $ 10 $ 634 For the three months ended March 31, 2020, approximately 72.0% of Market Services revenues were recognized at a point in time and 28.0% were recognized over time. For the three months ended March 31, 2019, approximately 65.0% of Market Services revenues were recognized at a point in time and 35.0% were recognized over time. The increase in Market Services revenues recognized at a point in time for the three months ended 2020 compared with the same period in 2019 was primarily due to higher U.S. industry trading volumes in our equity derivative trading and clearing business and higher U.S. and European industry trading volumes in our cash equity trading business. Substantially all revenues from the Corporate Services, Information Services and Market Technology segments were recognized over time for the three months ended March 31, 2020 and 2019. * * * * * * Contract Balances Substantially all of our revenues are considered to be revenues from contracts with customers. The related accounts receivable balances are recorded in our Condensed Consolidated Balance Sheets as receivables which are net of allowance for losses of $21 million as of March 31, 2020 and $9 million as of December 31, 2019. The changes in the balance between periods were immaterial. We do not have obligations for warranties, returns or refunds to customers. For the majority of our contracts with customers, except for our market technology and listings services contracts, our performance obligations are short-term in nature and there is no significant variable consideration. We do not have a material amount of revenue recognized from performance obligations that were satisfied in prior periods. We do not provide disclosures about transaction price allocated to unsatisfied performance obligations if contract durations are less than one year. Excluding our market technology contracts, for contract durations that are one-year or greater, materially all of the transaction price allocated to unsatisfied performance obligations is included in deferred revenue. For our market technology contracts, the portion of transaction price allocated to unsatisfied performance obligations is shown in the table below. Deferred revenue primarily represents our contract liabilities related to our fees for annual and initial listings, market technology, corporate solutions and information services contracts. Deferred revenue is the only significant contract asset or liability as of March 31, 2020. See Note 7, “Deferred Revenue,” for our discussion on deferred revenue balances, activity, and expected timing of recognition. Transaction Price Allocated to Remaining Performance Obligations As stated above, for contract durations that are one-year or greater, we do not have a material portion of transaction price allocated to unsatisfied performance obligations that are not included in deferred revenue other than for our market technology contracts. * * * * * * For our market technology contracts, t he following table summarizes the amount of the transaction price allocated to performance obligations that are unsatisfied as of March 31, 2020: (in millions) 2020 (1) $ 245 2021 259 2022 114 2023 82 2024 59 2025 and thereafter 95 Total $ 854 ____________ (1) Represents performance obligations to be recognized over the remaining nine months of 2020. Market technology deferred revenue, as discussed in Note 7, “Deferred Revenue,” represents consideration received that is yet to be recognized as revenue for unsatisfied performance obligations. Deferred revenue represents consideration received that is yet to be recognized as revenue. The changes in our deferred revenue during the three months ended March 31, 2020 are reflected in the following table: Initial Listing Revenues Annual Listings Revenues Corporate Solutions Information Services Revenues Market Technology Revenues Other (1) Total (in millions) Balance at December 31, 2019 $ 69 $ 2 $ 41 $ 82 $ 66 $ 14 $ 274 Deferred revenue billed in the current period, net of recognition 7 181 21 48 16 6 279 Revenue recognized that was included in the beginning of the period (10) (1) (18) (26) (18) (5) (78) Translation adjustment — — — — (4) 1 (3) Balance at March 31, 2020 $ 66 $ 182 $ 44 $ 104 $ 60 $ 16 $ 472 ____________ (1) Primarily includes deferred revenue from listing of additional shares fees. In the U.S., these fees will continue to run-off as a result of the implementation of our all-inclusive annual fee. Listing of additional shares fees are included in our Listing Services business. As of March 31, 2020, we estimate that our deferred revenue will be recognized in the following years: Initial Listing Revenues Annual Listings Revenues Corporate Solutions Revenues Information Services Revenues Market Technology Revenues Other (1) Total (in millions) Fiscal year ended: 2020 (2) $ 21 $ 182 $ 40 $ 94 $ 47 $ 10 $ 394 2021 19 — 4 10 13 4 50 2022 11 — — — — 1 12 2023 8 — — — — 1 9 2024 5 — — — — — 5 2025 and thereafter 2 — — — — — 2 Total $ 66 $ 182 $ 44 $ 104 $ 60 $ 16 $ 472 ____________ (1) Other primarily includes revenues from U.S. listing of additional shares fees which are included in our Listing Services business. (2) Represents the estimated amortization to be recognized for the remaining nine months of 2020. The timing of recognition of our deferred market technology revenues is primarily dependent upon the completion of customization and any significant modifications made pursuant to existing market technology contracts. As such, as it relates to market technology revenues, the timing represents our best estimate.

Acquisitions and Divestiture

Acquisitions and Divestiture	3 Months Ended
	Dec. 31, 2019
Business Combinations [Abstract]
Acquisitions and Divestiture	Acquisitions and Divestiture The financial results of the below transactions are included in our condensed consolidated financial statements from the date of each acquisition or divestiture. 2020 Acquisition Acquisition of Solovis In March 2020, we acquired Solovis, Inc., which offers multi-asset class, public and private market portfolio management, analytics, and reporting tools used by institutional investors and consultants. Solovis is part of our Information Services segment. 2019 Acquisition and Divestiture 2019 Divestiture Divestiture of BWise In March 2019, we sold our BWise enterprise governance, risk and compliance software platform, which was part of our Corporate Solutions business within our Corporate Services segment, to SAI Global and recognized a pre-tax gain on the sale of $27 million, net of disposal costs ($20 million after tax). The pre-tax gain is included in net gain on divestiture of business in the Condensed Consolidated Statements of Income for the three months ended March 31, 2019. 2019 Acquisition Acquisition of Cinnober Purchase Consideration Total Net Assets Acquired Total Net Deferred Tax Liability Acquired Goodwill (in millions) Cinnober $ 219 $ 18 $ (19) $ 74 $ 146 In January 2019, we acquired Cinnober, a Swedish financial technology provider to brokers, exchanges and clearinghouses worldwide for $219 million. Cinnober is part of our Market Technology segment. Nasdaq used cash on hand to fund this acquisition. The amounts in the table above represent the final allocation of the purchase price. The allocation of the purchase price was subject to revision during the measurement period, a period not to exceed 12 months from the acquisition date. Adjustments to the provisional values, which may include tax and other estimates, during the measurement period are recorded in the reporting period in which the adjustment amounts are determined. In 2019, we recorded a measurement period adjustment of $4 million which resulted in a decrease to net assets acquired and an increase in goodwill and a measurement period adjustment of $5 million which resulted in a decrease to acquired intangible assets and an increase in goodwill. These adjustments relate to new information obtained during the period regarding the acquisition date fair values of an acquired equity investment and an acquired customer relationship intangible asset. These adjustments did not result in an impact to our Condensed Consolidated Statements of Income. The allocation of the purchase price for Cinnober was finalized in December 2019. See “Intangible Assets” below for further discussion of intangible assets acquired in the Cinnober acquisition. Intangible Assets The following table presents the details of the customer relationships intangible asset at the date of acquisition for Cinnober which was the significant acquired intangible asset for this acquisition. All acquired intangible assets with finite lives are amortized using the straight-line method. Customer relationships (in millions) $ 67 Discount rate used 9.5 % Estimated average useful life 13 years Customer Relationships Customer relationships represent the non-contractual and contractual relationships with customers. Methodology Customer relationships were valued using the income approach, specifically an excess earnings method. The excess earnings method examines the economic returns contributed by the identified tangible and intangible assets of a company, and then isolates the excess return that is attributable to the intangible asset being valued. Discount Rate The discount rate used reflects the amount of risk associated with the hypothetical cash flows for the customer relationships relative to the overall business. In developing a discount rate for the customer relationships, we estimated a weighted-average cost of capital for the overall business and we employed this rate when discounting the cash flows. The resulting discounted cash flows were then tax-effected at the applicable statutory rate. For our acquisition of Cinnober, a discounted tax amortization benefit was added to the fair value of the assets under the assumption that the customer relationships would be amortized for tax purposes over a period of 5 years. Estimated Useful Life We estimate the useful life based on the historical behavior of the customers and a parallel analysis of the customers using the excess earnings method. Pro Forma Results and Acquisition-Related Costs The condensed consolidated financial statements for the three months ended March 31, 2020 and 2019 include the financial results of the above acquisitions from the dates of these acquisitions. Pro forma financial results have not been presented since these acquisitions both individually and in the aggregate were not material to our financial results. Acquisition-related costs for the transactions described above were expensed as incurred and are included in merger and strategic initiatives expense in the Condensed Consolidated Statements of Income.

Goodwill and Acquired Intangibl

Goodwill and Acquired Intangible Assets	3 Months Ended
	Mar. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Acquired Intangible Assets	Goodwill and Acquired Intangible Assets Goodwill The following table presents the changes in goodwill by business segment during the three months ended March 31, 2020: Market Corporate Services Information Services Market Technology Total (in millions) Balance at December 31, 2019 $ 3,342 $ 460 $ 2,283 $ 281 $ 6,366 Goodwill acquired — — 133 — 133 Foreign currency translation adjustment (91) (10) (51) (21) (173) Balance at March 31, 2020 $ 3,251 $ 450 $ 2,365 $ 260 $ 6,326 The goodwill acquired for Information Services shown above relates to our acquisition of Solovis. See “2020 Acquisition,” of Note 4, “Acquisitions and Divestiture,” for further discussion of this acquisition. Goodwill represents the excess of purchase price over the value assigned to the net assets, including identifiable intangible assets, of a business acquired. Goodwill is allocated to our reporting units based on the assignment of the fair values of each reporting unit of the acquired company. We test goodwill for impairment at the reporting unit level annually, or in interim periods if certain events occur indicating that the carrying amount may be impaired, such as changes in the business climate, poor indicators of operating performance or the sale or disposition of a significant portion of a reporting unit. There was no impairment of goodwill for the three months ended March 31, 2020 and 2019; however, events such as extended economic weakness or unexpected significant declines in operating results of any of our reporting units or businesses may result in goodwill impairment charges in the future. * * * * * * Acquired Intangible Assets The following table presents details of our total acquired intangible assets, both finite- and indefinite-lived: March 31, 2020 December 31, 2019 Gross Amount Accumulated Amortization Net Amount Gross Amount Accumulated Amortization Net Amount (in millions) (in millions) Finite-Lived Intangible Assets Technology $ 77 $ (16) $ 61 $ 63 $ (19) $ 44 Customer relationships 1,599 (576) 1,023 1,596 (532) 1,064 Other 19 (5) 14 18 (5) 13 Foreign currency translation adjustment (202) 94 (108) (159) 55 (104) Total finite-lived intangible assets $ 1,493 $ (503) $ 990 $ 1,518 $ (501) $ 1,017 Indefinite-Lived Intangible Assets Exchange and clearing registrations $ 1,257 $ — $ 1,257 $ 1,257 $ — $ 1,257 Trade names 121 — 121 121 — 121 Licenses 52 — 52 52 — 52 Foreign currency translation adjustment (220) — (220) (198) — (198) Total indefinite-lived intangible assets $ 1,210 $ — $ 1,210 $ 1,232 $ — $ 1,232 Total intangible assets $ 2,703 $ (503) $ 2,200 $ 2,750 $ (501) $ 2,249 Amortization expense for acquired finite-lived intangible assets was $25 million for the three months ended March 31, 2020 and $26 million for the three months ended March 31, 2019. These amounts are included in depreciation and amortization expense in the Condensed Consolidated Statements of Income. The estimated future amortization expense (excluding the impact of foreign currency translation adjustments of $108 million as of March 31, 2020) of acquired finite-lived intangible assets as of March 31, 2020 is as follows: (in millions) 2020 (1) $ 83 2021 109 2022 106 2023 100 2024 97 2025 and thereafter 603 Total $ 1,098

Investments

Investments	3 Months Ended
	Mar. 31, 2020
Investments, Debt and Equity Securities [Abstract]
Investments	Investments The following table presents the details of our investments: March 31, December 31, 2019 (in millions) Financial investments $ 254 $ 291 Equity method investments $ 172 $ 156 Equity securities $ 44 $ 49 Financial Investments As of March 31, 2020, financial investments are comprised of trading securities, and are primarily comprised of highly rated European government debt securities and highly rated corporate debt, of which $160 million are assets primarily utilized to meet regulatory capital requirements, mainly for our clearing operations at Nasdaq Clearing. As of December 31, 2019, financial investments are comprised of trading securities, and are primarily comprised of highly rated European government debt securities, time deposits and highly rated corporate debt, of which $169 million are assets primarily utilized to meet regulatory capital requirements, mainly for our clearing operations at Nasdaq Clearing. Equity Method Investments As of March 31, 2020 and 2019, our equity method investments primarily included our equity interest in OCC. The carrying amounts of our equity method investments are included in other non-current assets in the Condensed Consolidated Balance Sheets. No material impairments were recorded to reduce the carrying value of our equity method investments for both the three months ended March 31, 2020 and 2019. Net income recognized from our equity interest in the earnings and losses of these equity method investments was $17 million for the three months ended March 31, 2020 and $45 million for the three months ended March 31, 2019. The change for the three months ended March 31, 2020 compared with the same period in 2019 is primarily due to an increase in income recognized from our investment in OCC in March 2019. Following the disapproval of the OCC capital plan in February 2019, described below, OCC suspended customer rebates and dividends to owners, including the unpaid dividend on 2018 results which Nasdaq expected to receive in March 2019. We were not able to determine the impact of the disapproval of the OCC capital plan on OCC's 2018 net income until March 2019, when OCC's 2018 financial statements were made available to us. As a result, in March 2019, we recognized $36 million of income relating to our share of OCC's net income for the year ended December 31, 2018. In March 2019, we also recognized our share of OCC's first quarter 2019 net income of $9 million. OCC Capital Plan In March 2015, OCC implemented a capital plan under which the options exchanges that are OCC’s stockholders contributed $150 million of new equity capital to OCC, committed to make future replenishment capital contributions under certain circumstances, and received commitments regarding future dividend payments and related matters. Nasdaq PHLX and ISE each contributed $30 million of new equity capital under the OCC capital plan. OCC adopted specific policies with respect to fees, customer refunds and stockholder dividends, which envisioned an annual dividend equal to the portion of OCC’s after-tax income that exceeded OCC’s capital requirements after payment of refunds to OCC’s clearing members (such refunds were generally 50% of the portion of OCC’s pre-tax income that exceeded OCC’s capital requirements). In 2018, 2017 and 2016, OCC disbursed annual dividends under the capital plan and Nasdaq, as the beneficial owner of shares held by Nasdaq PHLX and ISE, received $13 million in 2018 and $10 million in 2017. In February 2016, after the SEC approved the rule change establishing the OCC capital plan, certain industry participants appealed that approval in the U.S. Court of Appeals. In February 2019, on remand from the Court of Appeals, the SEC disapproved the OCC rule change that established the capital plan. OCC began a phased return of capital contributed under the capital plan, and we received $44 million in February 2019, and the remaining $16 million in November 2019. As a result of the SEC's disapproval of the rule change, we are also released from any future capital replenishment obligations under the 2015 capital plan. Equity Securities The carrying amounts of our equity securities are included in other non-current assets in the Condensed Consolidated Balance Sheets. We elected the measurement alternative for primarily all of our equity securities as they do not have a readily determinable fair value. No material adjustments were made to the carrying value of our equity securities for the three months ended March 31, 2020 and 2019. As of March 31, 2020 and December 31, 2019, our equity securities represent various strategic investments made through our corporate venture program as well as investments acquired through various acquisitions.

Deferred Revenue

Deferred Revenue	3 Months Ended
	Mar. 31, 2020
Revenue from Contract with Customer [Abstract]
Deferred Revenue	Revenue From Contracts With Customers Disaggregation of Revenue The following tables summarize the disaggregation of revenue by major product and service and by segment for the three months ended March 31, 2020 and 2019: Three Months Ended March 31, 2020 Market Services Corporate Services Information Services Market Technology Consolidated (in millions) Transaction-based trading and clearing, net $ 209 $ — $ — $ — $ 209 Trade management services 72 — — — 72 Listing services — 75 — — 75 Corporate solutions — 53 — — 53 Market data — — 97 — 97 Index — — 73 — 73 Investment data & analytics — — 41 — 41 Market technology — — — 81 81 Revenues less transaction-based expenses $ 281 $ 128 $ 211 $ 81 $ 701 Three Months Ended March 31, 2019 Market Services Corporate Services Information Services Market Technology Other Revenues Consolidated (in millions) Transaction-based trading and clearing, net $ 160 $ — $ — $ — $ — $ 160 Trade management services 73 — — — — 73 Listing services — 71 — — — 71 Corporate solutions — 50 — — — 50 Market data — — 100 — — 100 Index — — 54 — — 54 Investment data & analytics — — 39 — — 39 Market technology — — — 77 — 77 Other revenues — — — — 10 10 Revenues less transaction-based expenses $ 233 $ 121 $ 193 $ 77 $ 10 $ 634 For the three months ended March 31, 2020, approximately 72.0% of Market Services revenues were recognized at a point in time and 28.0% were recognized over time. For the three months ended March 31, 2019, approximately 65.0% of Market Services revenues were recognized at a point in time and 35.0% were recognized over time. The increase in Market Services revenues recognized at a point in time for the three months ended 2020 compared with the same period in 2019 was primarily due to higher U.S. industry trading volumes in our equity derivative trading and clearing business and higher U.S. and European industry trading volumes in our cash equity trading business. Substantially all revenues from the Corporate Services, Information Services and Market Technology segments were recognized over time for the three months ended March 31, 2020 and 2019. * * * * * * Contract Balances Substantially all of our revenues are considered to be revenues from contracts with customers. The related accounts receivable balances are recorded in our Condensed Consolidated Balance Sheets as receivables which are net of allowance for losses of $21 million as of March 31, 2020 and $9 million as of December 31, 2019. The changes in the balance between periods were immaterial. We do not have obligations for warranties, returns or refunds to customers. For the majority of our contracts with customers, except for our market technology and listings services contracts, our performance obligations are short-term in nature and there is no significant variable consideration. We do not have a material amount of revenue recognized from performance obligations that were satisfied in prior periods. We do not provide disclosures about transaction price allocated to unsatisfied performance obligations if contract durations are less than one year. Excluding our market technology contracts, for contract durations that are one-year or greater, materially all of the transaction price allocated to unsatisfied performance obligations is included in deferred revenue. For our market technology contracts, the portion of transaction price allocated to unsatisfied performance obligations is shown in the table below. Deferred revenue primarily represents our contract liabilities related to our fees for annual and initial listings, market technology, corporate solutions and information services contracts. Deferred revenue is the only significant contract asset or liability as of March 31, 2020. See Note 7, “Deferred Revenue,” for our discussion on deferred revenue balances, activity, and expected timing of recognition. Transaction Price Allocated to Remaining Performance Obligations As stated above, for contract durations that are one-year or greater, we do not have a material portion of transaction price allocated to unsatisfied performance obligations that are not included in deferred revenue other than for our market technology contracts. * * * * * * For our market technology contracts, t he following table summarizes the amount of the transaction price allocated to performance obligations that are unsatisfied as of March 31, 2020: (in millions) 2020 (1) $ 245 2021 259 2022 114 2023 82 2024 59 2025 and thereafter 95 Total $ 854 ____________ (1) Represents performance obligations to be recognized over the remaining nine months of 2020. Market technology deferred revenue, as discussed in Note 7, “Deferred Revenue,” represents consideration received that is yet to be recognized as revenue for unsatisfied performance obligations. Deferred revenue represents consideration received that is yet to be recognized as revenue. The changes in our deferred revenue during the three months ended March 31, 2020 are reflected in the following table: Initial Listing Revenues Annual Listings Revenues Corporate Solutions Information Services Revenues Market Technology Revenues Other (1) Total (in millions) Balance at December 31, 2019 $ 69 $ 2 $ 41 $ 82 $ 66 $ 14 $ 274 Deferred revenue billed in the current period, net of recognition 7 181 21 48 16 6 279 Revenue recognized that was included in the beginning of the period (10) (1) (18) (26) (18) (5) (78) Translation adjustment — — — — (4) 1 (3) Balance at March 31, 2020 $ 66 $ 182 $ 44 $ 104 $ 60 $ 16 $ 472 ____________ (1) Primarily includes deferred revenue from listing of additional shares fees. In the U.S., these fees will continue to run-off as a result of the implementation of our all-inclusive annual fee. Listing of additional shares fees are included in our Listing Services business. As of March 31, 2020, we estimate that our deferred revenue will be recognized in the following years: Initial Listing Revenues Annual Listings Revenues Corporate Solutions Revenues Information Services Revenues Market Technology Revenues Other (1) Total (in millions) Fiscal year ended: 2020 (2) $ 21 $ 182 $ 40 $ 94 $ 47 $ 10 $ 394 2021 19 — 4 10 13 4 50 2022 11 — — — — 1 12 2023 8 — — — — 1 9 2024 5 — — — — — 5 2025 and thereafter 2 — — — — — 2 Total $ 66 $ 182 $ 44 $ 104 $ 60 $ 16 $ 472 ____________ (1) Other primarily includes revenues from U.S. listing of additional shares fees which are included in our Listing Services business. (2) Represents the estimated amortization to be recognized for the remaining nine months of 2020. The timing of recognition of our deferred market technology revenues is primarily dependent upon the completion of customization and any significant modifications made pursuant to existing market technology contracts. As such, as it relates to market technology revenues, the timing represents our best estimate.

Debt Obligations

Debt Obligations	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Debt Obligations	Debt Obligations The following table presents the changes in the carrying amount of our debt obligations during the three months ended March 31, 2020: December 31, 2019 Additions Payments, Accretion March 31, 2020 Short-term debt: (in millions) Commercial paper $ 391 $ 989 $ (1,031) $ 349 $1 billion senior unsecured revolving credit facility due April 25, 2022 (average interest rate of 2.35% for the period January 1, 2020 through March 31, 2020) (1)(2) (2) 799 — 797 Total short-term debt 389 1,788 (1,031) 1,146 Long-term debt: 3.875% senior unsecured notes repaid on March 16, 2020 671 — (671) — 4.25% senior unsecured notes due June 1, 2024 497 — — 497 1.75% senior unsecured notes due May 19, 2023 668 — (10) 658 3.85% senior unsecured notes due June 30, 2026 497 — — 497 1.75% senior unsecured notes due March 28, 2029 665 — (10) 655 0.875% senior unsecured notes due February 13, 2030 — 644 11 655 Total long-term debt 2,998 644 (680) 2,962 Total debt obligations $ 3,387 $ 2,432 $ (1,711) $ 4,108 ____________ (1) Opening balance was reclassified to short-term debt as of March 31, 2020. (2) For further discussion, see “2017 Credit Facility” below. Commercial Paper Program Our U.S. dollar commercial paper program is supported by our 2017 Credit Facility which provides liquidity support for the repayment of commercial paper issued through this program. In March 2020, as a result of the uncertainties posed by COVID-19 and related economic impacts, we observed that conditions for Tier 2 commercial paper issuers were deteriorating, impacting both costs and actionable duration of commercial paper issues. To mitigate funding uncertainties and as a precautionary measure to maximize our liquidity and increase our available cash on hand, Nasdaq borrowed $799 million under the revolving credit commitment of the 2017 Credit Facility. See “2017 Credit Facility” below for further discussion of our 2017 Credit Facility. Of the amount borrowed, $350 million is being used to provide liquidity support for the commercial paper program. This amount is recorded in cash and cash equivalents in the Condensed Consolidated Balance Sheets. The effective interest rate of commercial paper issuances fluctuates as short term interest rates and demand fluctuate. The fluctuation of these rates due to market conditions may impact our interest expense. As of March 31, 2020, commercial paper notes in the table above reflect the aggregate principal amount, less the unamortized discount which is being accreted through interest expense over the life of the applicable notes. The original maturities of these notes range from 20 days to 100 days and as of March 31, 2020, the weighted-average maturity is 51 days with the weighted-average effective interest rate being 1.67% per annum. Senior Unsecured Notes Our senior unsecured notes were all issued at a discount. As a result of the discount, the proceeds received from each issuance were less than the aggregate principal amount. As of March 31, 2020, the amounts in the table above reflect the aggregate principal amount, less the unamortized debt discount and the unamortized debt issuance costs which are being accreted through interest expense over the life of the applicable notes. For our Euro denominated notes, the “Payments, Accretion and Other” column also includes the impact of foreign currency translation. Our senior unsecured notes are general unsecured obligations of ours and rank equally with all of our existing and future unsubordinated obligations and they are not guaranteed by any of our subsidiaries. The senior unsecured notes were issued under indentures that, among other things, limit our ability to consolidate, merge or sell all or substantially all of our assets, create liens, and enter into sale and leaseback transactions. Upon a change of control triggering event (as defined in the various note indentures), the terms require us to repurchase all or part of each holder’s notes for cash equal to 101% of the aggregate principal amount purchased plus accrued and unpaid interest, if any. Early Extinguishment of 3.875% Senior Unsecured Notes Due 2021 Nasdaq issued the 2021 Notes in June 2013. The 2021 Notes paid interest annually at a rate of 3.875% per annum. In March 2020, we primarily used the net proceeds from the 2030 Notes to repay in full and terminate our 2021 Notes. For further discussion of the 2030 Notes, see “0.875% Senior Unsecured Notes Due 2030” below. In connection with the early extinguishment of the 2021 Notes, we recorded a charge of $36 million, which primarily included a make-whole redemption price premium. This charge is included in general, administrative and other expense in the Condensed Consolidated Statements of Income for the three months ended March 31, 2020. 4.25% Senior Unsecured Notes Due 2024 In May 2014, Nasdaq issued the 2024 Notes. The 2024 Notes pay interest semiannually at a rate of 4.25% per annum until June 1, 2024. Such interest rate may vary with Nasdaq’s debt rating, to the extent Nasdaq is downgraded below investment grade, up to a rate not to exceed 6.25%. 1.75% Senior Unsecured Notes Due 2023 In May 2016, Nasdaq issued the 2023 Notes. The 2023 Notes pay interest annually at a rate of 1.75% per annum until May 19, 2023. Such interest rate may vary with Nasdaq’s debt rating, to the extent Nasdaq is downgraded below investment grade, up to a rate not to exceed 3.75%. The 2023 Notes have been designated as a hedge of our net investment in certain foreign subsidiaries to mitigate the foreign exchange rate risk associated with certain investments in these subsidiaries. The decrease in the carrying amount of $10 million noted in the “Payments, Accretion and Other” column in the table above primarily reflects the translation of the 2023 Notes into U.S. dollars and is recorded in accumulated other comprehensive loss within stockholders’ equity in the Condensed Consolidated Balance Sheets as of March 31, 2020. 3.85% Senior Unsecured Notes Due 2026 In June 2016, Nasdaq issued the 2026 Notes. The 2026 Notes pay interest semiannually at a rate of 3.85% per annum until June 30, 2026. Such interest rate may vary with Nasdaq’s debt rating, to the extent Nasdaq is downgraded below investment grade, up to a rate not to exceed 5.85%. 1.75% Senior Unsecured Notes Due 2029 In April 2019, Nasdaq issued the 2029 Notes. The 2029 Notes pay interest annually at a rate of 1.75% per annum until March 28, 2029, Such interest rate may vary with Nasdaq’s debt rating, to the extent Nasdaq is downgraded below investment grade, up to a rate not to exceed 3.75%. The 2029 Notes may be redeemed by Nasdaq at any time, subject to a make-whole amount. The 2029 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 $10 million noted in the “Payments, Accretion and Other” column in the table above primarily reflects the translation of the 2029 Notes into U.S. dollars and is recorded in accumulated other comprehensive loss within stockholders’ equity in the Condensed Consolidated Balance Sheets as of March 31, 2020. 0.875% Senior Unsecured Notes Due 2030 In February 2020, Nasdaq issued the 2030 Notes. The 2030 Notes pay interest annually in arrears, beginning on February 13, 2021 and may be redeemed by Nasdaq at any time, subject to a make-whole amount. The proceeds from the 2030 Notes, approximately $644 million after deducting the underwriting discount and expenses of the offering, were primarily used to redeem the 2021 Notes and for other general corporate purposes. For further discussion of the 2021 Notes, see “Early Extinguishment of 3.875% Senior Unsecured Notes Due 2021” above. The 2030 Notes were designated as a hedge of our net investment in certain foreign subsidiaries to mitigate the foreign exchange risk associated with certain investments in these subsidiaries. The increase in the carrying amount of $11 million noted in the “Payments, Accretion and Other” column in the table above primarily reflects the translation of the 2030 Notes into U.S. dollars and is recorded in accumulated other comprehensive loss within stockholders’ equity in the Condensed Consolidated Balance Sheets as of March 31, 2020. 3.25% Senior Unsecured Notes Due 2050 In April 2020, Nasdaq issued the 2050 Notes. The 2050 Notes pay interest semi-annually in arrears, beginning on October 28, 2020 and may be redeemed by Nasdaq at any time, subject to a make-whole amount. The interest rate of 3.25% may vary with Nasdaq's debt rating, to the extent Nasdaq is downgraded below investment grade, up to a rate not to exceed 5.25% The net proceeds from the 2050 Notes were approximately $485 million after deducting the underwriting discount and expenses of the offering. In April 2020, we used the net proceeds from the 2050 Notes to repay a portion of amounts previously borrowed under the 2017 Credit Facility. See “2017 Credit Facility” below for further discussion of our 2017 Credit Facility. 2017 Credit Facility In April 2017, Nasdaq entered into the 2017 Credit Facility. The 2017 Credit Facility consists of a $1 billion five As discussed under “Commercial Paper Program” above, in March 2020, Nasdaq borrowed $799 million under the revolving credit commitment of the 2017 Credit Facility. As of March 31, 2020, the total remaining amount available under the 2017 Credit Facility was $200 million which excludes the amount that supports a letter of credit. As of March 31, 2020, given we have the ability and intent to repay the amount drawn under the 2017 Credit Facility within the next 12 months, this amount was recorded as short-term debt in the above table. In April 2020, we used the net proceeds from the 2050 Notes to repay a portion of amounts previously borrowed under the 2017 Credit Facility. As a result, availability under the revolving credit commitment was approximately $700 million as of April 30, 2020, which excludes the amount that supports a letter of credit. For further discussion of the 2050 Notes, see “3.25% Senior Unsecured Notes Due 2050” above. As of December 31, 2019, no amounts were outstanding on the 2017 Credit Facility. The $(2) million balance represents unamortized debt issuance costs which are being accreted through interest expense over the life of the credit facility. Under our 2017 Credit Facility, borrowings under the revolving credit facility and swingline borrowings bear interest on the principal amount outstanding at a variable interest rate based on either the LIBOR or the base rate (as defined in the credit agreement) (or other applicable rate with respect to non-dollar borrowings), plus an applicable margin that varies with Nasdaq’s debt rating. We are charged commitment fees of 0.125% to 0.4%, depending on our credit rating, whether or not amounts have been borrowed. These commitment fees are included in interest expense and were not material for the three months ended March 31, 2020 and 2019. The 2017 Credit Facility contains financial and operating covenants. Financial covenants include a minimum interest expense coverage ratio and a maximum leverage ratio. Operating covenants include, among other things, limitations on Nasdaq’s ability to incur additional indebtedness, grant liens on assets, dispose of assets and make certain restricted payments. The facility also contains customary affirmative covenants, including access to financial statements, notice of defaults and certain other material events, maintenance of properties and insurance, and events of default, including cross-defaults to our material indebtedness. The 2017 Credit Facility includes an option for Nasdaq to increase the available aggregate amount by up to $500 million, subject to the consent of the lenders funding the increase and certain other conditions. Other Credit Facilities We also have credit facilities primarily related to our Nasdaq Clearing operations in order to provide further liquidity. These credit facilities, which are available in multiple currencies, totaled $193 million as of March 31, 2020 and $203 million as of December 31, 2019 in available liquidity, none of which was utilized as of March 31, 2020, and of which $15 million was utilized as of December 31, 2019. Debt Covenants As of March 31, 2020, we were in compliance with the covenants of all of our debt obligations. Transition from LIBOR Nasdaq is currently evaluating the impact of the transition from LIBOR as an interest rate benchmark to other potential alternative reference rates. Currently, Nasdaq has debt instruments in place that reference LIBOR-based rates. As of March 31, 2020, we do not have material risk exposure to LIBOR through our outstanding debt instruments. The transition from LIBOR is estimated to take place in 2021 and Nasdaq will continue to actively assess the related opportunities and risks involved in this transition.

Retirement Plans

Retirement Plans	3 Months Ended
	Mar. 31, 2020
Retirement Benefits [Abstract]
Retirement Plans	Retirement Plans Defined Contribution Savings Plan We sponsor a 401(k) Plan for U.S. employees. Employees are immediately eligible to make contributions to the plan and are also eligible for an employer contribution match at an amount equal to 100.0% of the first 6.0% of eligible employee contributions. Savings plan expense included in compensation and benefits expense in the Condensed Consolidated Statements of Income was $4 million for the three months ended March 31, 2020 and $3 million for the three months ended March 31, 2019. Pension and Supplemental Executive Retirement Plans We maintain non-contributory, defined-benefit pension plans, non-qualified SERPs for certain senior executives and other post-retirement benefit plans for eligible employees in the U.S., collectively referred to as the Nasdaq Benefit Plans. Our pension plans and SERPs are frozen. Future service and salary for all participants do not count toward an accrual of benefits under the pension plans and SERPs. Most employees outside the U.S. are covered by local retirement plans or by applicable social laws. Benefits under social laws are generally expensed in the periods in which the costs are incurred. The total expense for these plans is included in compensation and benefits expense in the Condensed Consolidated Statements of Income and was $5 million for both the three months ended March 31, 2020 and 2019.

Share-Based Compensation

Share-Based Compensation	3 Months Ended
	Mar. 31, 2020
Share-based Payment Arrangement [Abstract]
Share-Based Compensation	Share-Based Compensation We have a share-based compensation program for employees and non-employee directors. Share-based awards granted under this program include stock options, restricted stock (consisting of restricted stock units), and PSUs. For accounting purposes, we consider PSUs to be a form of restricted stock. Summary of Share-Based Compensation Expense The following table shows the total share-based compensation expense resulting from equity awards and the 15.0% discount for the ESPP for the three months ended March 31, 2020 and 2019 in the Condensed Consolidated Statements of Income: Three Months Ended March 31, 2020 2019 (in millions) Share-based compensation expense before income taxes $ 17 $ 16 Income tax benefit (5) (4) Share-based compensation expense after income taxes $ 12 $ 12 Common Shares Available Under Our Equity Plan As of March 31, 2020, we had approximately 10.7 million shares of common stock authorized for future issuance under our Equity Plan. Restricted Stock We grant restricted stock to most active employees. The grant date fair value of restricted stock awards is based on the closing stock price at the date of grant less the present value of future cash dividends. Restricted stock awards granted to employees below the manager level vest 25.0% on the second anniversary of the grant date, 25.0% on the third anniversary of the grant date, and 50.0% on the fourth anniversary of the grant date. Restricted stock awards granted to employees at or above the manager level vest 33.3% on the second anniversary of the grant date, 33.3% on the third anniversary of the grant date, and 33.3% on the fourth anniversary of the grant date. Summary of Restricted Stock Activity The following table summarizes our restricted stock activity for the three months ended March 31, 2020: Restricted Stock Number of Awards Weighted-Average Grant Date Fair Value Unvested balances at January 1, 2020 1,486,756 $ 77.38 Granted 24,373 $ 102.24 Vested (365,385) $ 68.48 Forfeited (32,205) $ 79.09 Unvested balances at March 31, 2020 1,113,539 $ 80.79 The awards granted in the above table do not include the all employee grant which occurred on April 1, 2020. As of March 31, 2020, $51 million of total unrecognized compensation cost related to restricted stock is expected to be recognized over a weighted-average period of 1.6 years. PSUs PSUs are based on performance measures that impact the amount of shares that each recipient will receive upon vesting. As of March 31, 2020, we had two performance-based PSU programs for certain officers, a one three align the equity programs for eligible officers, the one three one One-Year PSU Program The grant date fair value of PSUs under the one three one three During 2019, grants of PSUs with a one Three-Year PSU Program Under the three three three three three Grants of PSUs that were issued in 2017 with a three Summary of PSU Activity The following table summarizes our PSU activity for the three months ended March 31, 2020: PSUs One-Year Program Three-Year Program Number of Awards Weighted-Average Grant Date Fair Value Number of Awards Weighted-Average Grant Date Fair Value Unvested balances at January 1, 2020 317,251 $ 80.87 797,451 $ 98.31 Granted (1) 26,780 $ 84.17 45,091 $ 82.91 Vested (3,668) $ 66.12 (300,767) $ 81.57 Forfeited (12,833) $ 82.40 (6,079) $ 96.22 Unvested balances at March 31, 2020 327,530 $ 81.24 535,696 $ 106.43 ____________ (1) Excludes the all employee grant which occurred on April 1, 2020. As of March 31, 2020, $10 million of total unrecognized compensation cost related to the one three Stock Options There were no stock option awards granted during the three months ended March 31, 2020. Summary of Stock Option Activity A summary of stock option activity for the three months ended March 31, 2020 is as follows: Number of Stock Options Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term (in years) Aggregate Intrinsic Value (in millions) Outstanding at January 1, 2020 379,102 $ 54.32 5.27 $ 20 Exercised (27,196) 20.98 Forfeited (435) 19.75 Outstanding and Exercisable at March 31, 2020 351,471 $ 56.94 5.40 $ 13 We received net cash proceeds of $1 million from the exercise of 27,196 stock options for the three months ended March 31, 2020. The net cash proceeds from the exercise of 8,666 stock options for the three months ended March 31, 2019 were immaterial. 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 March 31, 2020 of $94.95 and the exercise price, times the number of shares), 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 March 31, 2020 was 0.4 million and the weighted-average exercise price was $56.94. As of March 31, 2019, 0.4 million outstanding stock options were exercisable and the weighted-average exercise price was $45.25. The total pre-tax intrinsic value of stock options exercised was $2 million for the three months ended March 31, 2020 and $1 million for the three months ended March 31, 2019. ESPP We have an ESPP under which approximately 1.7 million shares of our common stock have been reserved for future issuance as of March 31, 2020. Under our ESPP, employees may purchase shares having a value not exceeding 10.0% of their annual compensation, subject to applicable annual Internal Revenue Service limitations. We record compensation expense related to the 15.0% discount that is given to our employees which totaled to $1 million for both the three months ended March 31, 2020 and 2019.

Nasdaq Stockholders_ Equity

Nasdaq Stockholders’ Equity	3 Months Ended
	Mar. 31, 2020
Equity [Abstract]
Nasdaq Stockholders' Equity	Nasdaq Stockholders’ Equity Common Stock As of March 31, 2020, 300,000,000 shares of our common stock were authorized, 170,589,846 shares were issued and 164,337,766 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 shareholder to vote in excess of 5.0% of the then-outstanding shares of Nasdaq common stock. Common Stock in Treasury, at Cost We account for the purchase of treasury stock under the cost method with the shares of stock repurchased reflected as a reduction to Nasdaq stockholders’ equity and included in common stock in treasury, at cost in the Condensed Consolidated Balance Sheets. Shares repurchased under our share repurchase program are currently retired and canceled and are therefore not included in the common stock in treasury balance. When treasury shares are reissued, they are recorded at the average cost of the treasury shares acquired. We held 6,252,080 shares of common stock in treasury as of March 31, 2020 and 5,980,571 shares as of December 31, 2019, most of which are related to shares of our common stock withheld for the settlement of employee tax withholding obligations arising from the vesting of restricted stock and PSUs. Share Repurchase Program As of March 31, 2020, the aggregate authorized amount under the existing share repurchase program is $510 million. These purchases may be made from time to time at prevailing market prices in open market purchases, privately-negotiated transactions, block purchase techniques or otherwise, as determined by our management. The purchases are primarily funded from existing cash balances. The share repurchase program may be suspended, modified or discontinued at any time. The share repurchase program has no defined expiration date. The following is a summary of our share repurchase activity, reported based on settlement date, for the three months ended March 31, 2020: Three Month Ended March 31, 2020 Number of shares of common stock repurchased (1) 1,182,114 Average price paid per share $ 103.17 Total purchase price (in millions) $ 122 ____________ (1) Excludes shares withheld upon vesting of restricted stock and PSUs of 271,509. As discussed above in “Common Stock in Treasury, at Cost,” shares repurchased under our share repurchase program are currently retired and cancelled. Preferred Stock Our certificate of incorporation authorizes the issuance of 30,000,000 shares of preferred stock, par value $0.01 per share, issuable from time to time in one or more series. As of March 31, 2020 and 2019, no shares of preferred stock were issued or outstanding. * * * * * * Cash Dividends on Common Stock During the first three months of 2020, our board of directors declared the following cash dividends: Declaration Date Dividend Per Record Date Total Amount Paid Payment Date (in millions) January 28, 2020 $ 0.47 March 13, 2020 $ 78 March 27, 2020 The total amount paid of $78 million was recorded in retained earnings in the Condensed Consolidated Balance Sheets at March 31, 2020. In April 2020, the board of directors approved a regular quarterly cash dividend of $0.49 per share on our outstanding common stock which reflects a 4.0% increase from our prior quarterly cash dividend of $0.47. The dividend is payable on June 26, 2020 to shareholders of record at the close of business on June 12, 2020. The estimated amount of this dividend is $81 million. Future declarations of quarterly dividends and the establishment of future record and payment dates are subject to approval by the board of directors. Our board of directors maintains a dividend policy with the intention to provide stockholders with regular and growing dividends over the long term as earnings and cash flow grow.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2020
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share The following table sets forth the computation of basic and diluted earnings per share: Three Months Ended March 31, 2020 2019 Numerator: (in millions, except share and per share amounts) Net income attributable to common shareholders $ 203 $ 247 Denominator: Weighted-average common shares outstanding for basic earnings per share 164,864,077 165,343,968 Weighted-average effect of dilutive securities: Employee equity awards (1) 1,912,439 1,682,787 Weighted-average common shares outstanding for diluted earnings per share 166,776,516 167,026,755 Basic and diluted earnings per share: Basic earnings per share $ 1.23 $ 1.49 Diluted earnings per share $ 1.22 $ 1.48 ____________ (1) PSUs, which are considered contingently issuable, are included in the computation of dilutive earnings per share on a weighted average basis when management determines that the applicable performance criteria would have been met if the performance period ended as of the date of the relevant computation. Securities that were not included in the computation of diluted earnings per share because their effect was antidilutive were immaterial for the three months ended March 31, 2020 and 2019.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments The following tables present our financial assets and financial liabilities that are measured at fair value on a recurring basis as of March 31, 2020 and December 31, 2019. March 31, 2020 December 31, 2019 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 (in millions) (in millions) Assets at Fair Value Debt securities: European government $ 149 $ 149 $ — $ — $ 157 $ 157 $ — $ — Corporate 52 — 52 — 34 — 34 — State owned enterprises and municipalities 35 — 35 — 24 — 24 — Swedish mortgage bonds 18 — 18 — 19 — 19 — Time deposits — — — — 57 — 57 — Total assets at fair value $ 254 $ 149 $ 105 $ — $ 291 $ 157 $ 134 $ — Financial Instruments Not Measured at Fair Value on a Recurring Basis Some of our financial instruments are not measured at fair value on a recurring basis but are recorded at amounts that approximate fair value due to their liquid or short-term nature. Such financial assets and financial liabilities include: cash and cash equivalents, restricted cash, receivables, net, certain other current assets, accounts payable and accrued expenses, Section 31 fees payable to SEC, accrued personnel costs, commercial paper and certain other current liabilities. Our investment in OCC is accounted for under the equity method of accounting. We have elected the measurement alternative for the majority of our equity securities, which primarily represent various strategic investments made through our corporate venture program. See “Equity Method Investments,” and “Equity Securities,” of Note 6, “Investments,” for further discussion. We also consider our debt obligations to be financial instruments. The fair value of our debt obligations, utilizing discounted cash flow analyses for our floating rate debt and prevailing market rates for our fixed rate debt, was $4.1 billion as of March 31, 2020 and $3.6 billion as of December 31, 2019. The discounted cash flow analyses are based on borrowing rates currently available to us for debt with similar terms and maturities. The fair value of our commercial paper approximates the carrying value since the rates of interest on this short-term debt approximate market rates as of March 31, 2020. Our commercial paper and our fixed rate and floating rate debt are categorized as Level 2 in the fair value hierarchy. For further discussion of our debt obligations, see Note 8, “Debt Obligations.” Non-Financial Assets Measured at Fair Value on a Non-Recurring Basis Our non-financial assets, which include goodwill, intangible assets, and other long-lived assets, are not required to be carried at fair value on a recurring basis. Fair value measures of non-financial assets are primarily used in the impairment analysis of these assets. Any resulting asset impairment would require that the non-financial asset be recorded at its fair value. Nasdaq uses Level 3 inputs to measure the fair value of the above assets on a non-recurring basis. As of March 31, 2020 and 2019, there were no non-financial assets measured at fair value on a non-recurring basis.

Clearing Operations

Clearing Operations	3 Months Ended
	Mar. 31, 2020
Due to and from Broker-Dealers and Clearing Organizations [Abstract]
Clearing Operations	Clearing Operations Nasdaq Clearing Nasdaq Clearing is authorized and supervised under EMIR as a multi-asset clearinghouse by the SFSA. Such authorization is effective for all member states of the European Union and certain other non-member states that are part of the European Economic Area, including Norway. The clearinghouse acts as the CCP for exchange and OTC trades in equity derivatives, fixed income derivatives, resale and repurchase contracts, power derivatives, emission allowance derivatives, and seafood derivatives. Through our clearing operations in the financial markets, which include the resale and repurchase market, the commodities markets, and the seafood market, Nasdaq Clearing is the legal counterparty for, and guarantees the fulfillment of, each contract cleared. These contracts are not used by Nasdaq Clearing for the purpose of trading on its own behalf. As the legal counterparty of each transaction, Nasdaq Clearing bears the counterparty risk between the purchaser and seller in the contract. In its guarantor role, Nasdaq Clearing has precisely equal and offsetting claims to and from clearing members on opposite sides of each contract, standing as the CCP on every contract cleared. In accordance with the rules and regulations of Nasdaq Clearing, default fund and margin collateral requirements are calculated for each clearing member’s positions in accounts with the CCP. See “Default Fund Contributions and Margin Deposits” below for further discussion of Nasdaq Clearing’s default fund and margin requirements. Nasdaq Clearing maintains four member sponsored default funds: one related to financial markets, one related to commodities markets, one related to the seafood market, and a mutualized fund. Under this structure, Nasdaq Clearing and its clearing members must contribute to the total regulatory capital related to the clearing operations of Nasdaq Clearing. This structure applies an initial separation of default fund contributions for the financial, commodities and seafood markets in order to create a buffer for each market’s counterparty risks. Simultaneously, a mutualized default fund provides capital efficiencies to Nasdaq Clearing’s members with regard to total regulatory capital required. See “Default Fund Contributions” below for further discussion of Nasdaq Clearing’s default fund. Power of assessment and a liability waterfall also have been implemented. See “Power of Assessment” and “Liability Waterfall” below for further discussion. These requirements align risk between Nasdaq Clearing and its clearing members. Nasdaq Commodities Clearing Default In September 2018, a member of the Nasdaq Clearing commodities market defaulted due to inability to post sufficient collateral to cover increased margin requirements for the positions of the relevant member, which had experienced losses due to sharp adverse movements in the Nordic - German power market spread. Nasdaq Clearing followed default procedures and offset the future market risk on the defaulting member’s positions. The default resulted in an initial loss of $133 million. In accordance with the liability waterfall, the first $8 million of the loss was allocated to Nasdaq Clearing’s junior capital and the remainder was allocated on a pro-rata basis to the commodities clearing members’ default funds. In September 2018, these funds were replenished . In December 2018, we initiated a capital relief program. The capital relief program was a voluntary program open to each commodities default fund participant; each such participant who agreed to the capital relief program received a proportion of the funds made available under the capital relief program as reflected by their proportionate share of the aggregate of the clearing members' default fund replenishments. As of March 31, 2020, we have disbursed substantially all of the $23 million offered through the program. In addition to the capital relief program, we are pursuing recovery of assets from the defaulted member which will be allocated back to default fund participants. Default Fund Contributions and Margin Deposits As of March 31, 2020, clearing member default fund contributions and margin deposits were as follows: March 31, 2020 Cash Contributions Non-Cash Contributions Total Contributions (in millions) Default fund contributions $ 414 $ 91 $ 505 Margin deposits 2,827 3,967 6,794 Total $ 3,241 $ 4,058 $ 7,299 Of the total default fund contributions of $505 million, Nasdaq Clearing can utilize $400 million as capital resources in the event of a counterparty default. The remaining balance of $105 million pertains to member posted surplus balances. Our clearinghouse holds material amounts of clearing member cash deposits which are held or invested primarily to provide security of capital while minimizing credit, market and liquidity risks. While we seek to achieve a reasonable rate of return, we are primarily concerned with preservation of capital and managing the risks associated with these deposits. Clearing member cash contributions are maintained in demand deposits held at central banks and large, highly rated financial institutions or secured through direct investments, primarily central bank certificates and European government debt securities with original maturities of 90 days or less, reverse repurchase agreements, supranationals and state owned enterprise debt securities. Investments in reverse repurchase agreements are secured with highly rated government securities with maturity dates that range from 1 day to 14 days. The carrying value of these securities approximates their fair value due to the short-term nature of the instruments and reverse repurchase agreements. Nasdaq Clearing has invested the total cash contributions of $3,241 million as of March 31, 2020 and $2,996 million as of December 31, 2019, in accordance with its investment policy as follows: March 31, 2020 December 31, 2019 (in millions) Demand deposits $ 1,069 $ 1,328 Central bank certificates 1,024 896 European government debt securities 388 508 Reverse repurchase agreements 482 116 Supranationals and state owned enterprise debt securities 278 148 Total $ 3,241 $ 2,996 In the investment activity related to default fund and margin contributions, we are exposed to counterparty risk related to reverse repurchase agreement transactions, which reflect the risk that the counterparty might become insolvent and, thus, fail to meet its obligations to Nasdaq Clearing. We mitigate this risk by only engaging in transactions with high credit quality reverse repurchase agreement counterparties and by limiting the acceptable collateral under the reverse repurchase agreement to high quality issuers, primarily government securities and other securities explicitly guaranteed by a government. The value of the underlying security is monitored during the lifetime of the contract, and in the event the market value of the underlying security falls below the reverse repurchase amount, our clearinghouse may require additional collateral or a reset of the contract. Default Fund Contributions Required contributions to the default funds are proportional to the exposures of each clearing member. When a clearing member is active in more than one market, contributions must be made to all markets’ default funds in which the member is active. Clearing members’ eligible contributions may include cash and non-cash contributions. Cash contributions received are held in cash or invested by Nasdaq Clearing, in accordance with its investment policy, either in highly rated government debt securities, time deposits, central bank certificates or reverse repurchase agreements with highly rated government debt securities as collateral. Nasdaq Clearing maintains and manages all cash deposits related to margin collateral. All risks and rewards of collateral ownership, including interest, belong to Nasdaq Clearing. Clearing members’ cash contributions are included in default funds and margin deposits in the Condensed Consolidated Balance Sheets as both a current asset and a current liability. Non-cash contributions include highly rated government debt securities that must meet specific criteria approved by Nasdaq Clearing. Non-cash contributions are pledged assets that are not recorded in the Condensed Consolidated Balance Sheets as Nasdaq Clearing does not take legal ownership of these assets and the risks and rewards remain with the clearing members. These balances may fluctuate over time due to changes in the amount of deposits required and whether members choose to provide cash or non-cash contributions. Assets pledged are held at a nominee account in Nasdaq Clearing’s name for the benefit of the clearing members and are immediately accessible by Nasdaq Clearing in the event of a default. In addition to clearing members’ required contributions to the liability waterfall, Nasdaq Clearing is also required to contribute capital to the liability waterfall and overall regulatory capital as specified under its clearinghouse rules. As of March 31, 2020, Nasdaq Clearing committed capital totaling $141 million to the liability waterfall and overall regulatory capital, in the form of government debt securities, which are recorded as financial investments in the Condensed Consolidated Balance Sheets. The combined regulatory capital of the clearing members and Nasdaq Clearing is intended to secure the obligations of a clearing member exceeding such member’s own margin and default fund deposits and may be used to cover losses sustained by a clearing member in the event of a default. Margin Deposits Nasdaq Clearing requires all clearing members to provide collateral, which may consist of cash and non-cash contributions, to guarantee performance on the clearing members’ open positions, or initial margin. In addition, clearing members must also provide collateral to cover the daily margin call if needed. See “Default Fund Contributions” above for further discussion of cash and non-cash contributions. Similar to default fund contributions, Nasdaq Clearing maintains and manages all cash deposits related to margin collateral. All risks and rewards of collateral ownership, including interest, belong to Nasdaq Clearing and are recorded in revenues. These cash deposits are recorded in default funds and margin deposits in the Condensed Consolidated Balance Sheets as both a current asset and a current liability. Pledged margin collateral is not recorded in our Condensed Consolidated Balance Sheets as all risks and rewards of collateral ownership, including interest, belong to the counterparty. Assets pledged are held at a nominee account in Nasdaq Clearing’s name for the benefit of the clearing members and are immediately accessible by Nasdaq Clearing in the event of a default. Nasdaq Clearing marks to market all outstanding contracts and requires payment from clearing members whose positions have lost value. The mark-to-market process helps identify any clearing members that may not be able to satisfy their financial obligations in a timely manner allowing Nasdaq Clearing the ability to mitigate the risk of a clearing member defaulting due to exceptionally large losses. In the event of a default, Nasdaq Clearing can access the defaulting member’s margin and default fund deposits to cover the defaulting member’s losses. Regulatory Capital and Risk Management Calculations Nasdaq Clearing manages risk through a comprehensive counterparty risk management framework, which is comprised of policies, procedures, standards and financial resources. The level of regulatory capital is determined in accordance with Nasdaq Clearing’s regulatory capital policy, as approved by the SFSA. Regulatory capital calculations are continuously updated through a proprietary capital-at-risk calculation model that establishes the appropriate level of capital. As mentioned above, Nasdaq Clearing is the legal counterparty for each contract cleared and thereby guarantees the fulfillment of each contract. Nasdaq Clearing accounts for this guarantee as a performance guarantee. We determine the fair value of the performance guarantee by considering daily settlement of contracts and other margining and default fund requirements, the risk management program, historical evidence of default payments, and the estimated probability of potential default payouts. The calculation is determined using proprietary risk management software that simulates gains and losses based on historical market prices, extreme but plausible market scenarios, volatility and other factors present at that point in time for those particular unsettled contracts. Based on this analysis, excluding any liability related to the Nasdaq commodities clearing default (see discussion above), the estimated liability was nominal and no liability was recorded as of March 31, 2020. Power of Assessment To further strengthen the contingent financial resources of the clearinghouse, Nasdaq Clearing has power of assessment that provides the ability to collect additional funds from its clearing members to cover a defaulting member’s remaining obligations up to the limits established under the terms of the clearinghouse rules. The power of assessment corresponds to 100.0% of the clearing member’s aggregate contribution to the financial, commodities and seafood markets’ default funds. Liability Waterfall The liability waterfall is the priority order in which the capital resources would be utilized in the event of a default where the defaulting clearing member’s collateral would not be sufficient to cover the cost to settle its portfolio. If a default occurs and the defaulting clearing member’s collateral, including cash deposits and pledged assets, is depleted, then capital is utilized in the following amount and order: • junior capital contributed by Nasdaq Clearing, which totaled $33 million as of March 31, 2020; • a loss sharing pool related only to the financial market that is contributed to by clearing members and only applies if the defaulting member’s portfolio includes interest rate swap products; • specific market default fund where the loss occurred (i.e., the financial, commodities, or seafood market), which includes capital contributions of the clearing members on a pro-rata basis; • senior capital contributed to each specific market by Nasdaq Clearing, calculated in accordance with clearinghouse rules, which totaled $20 million as of March 31, 2020; and • mutualized default fund, which includes capital contributions of the clearing members on a pro-rata basis. If additional funds are needed after utilization of the liability waterfall, then Nasdaq Clearing will utilize its power of assessment and additional capital contributions will be required by non-defaulting members up to the limits established under the terms of the clearinghouse rules. In addition to the capital held to withstand counterparty defaults described above, Nasdaq Clearing also has committed capital of $88 million to ensure that it can handle an orderly wind-down of its operation, and that it is adequately protected against investment, operational, legal, and business risks. Market Value of Derivative Contracts Outstanding The following table includes the market value of derivative contracts outstanding prior to netting: March 31, 2020 (in millions) Commodity and seafood options, futures and forwards (1)(2)(3) $ 382 Fixed-income options and futures (1)(2) 711 Stock options and futures (1)(2) 312 Index options and futures (1)(2) 172 Total $ 1,577 ____________ (1) We determined the fair value of our option contracts using standard valuation models that were based on market-based observable inputs including implied volatility, interest rates and the spot price of the underlying instrument. (2) We determined the fair value of our futures contracts based upon quoted market prices and average quoted market yields. (3) We determined the fair value of our forward contracts using standard valuation models that were based on market-based observable inputs including LIBOR rates and the spot price of the underlying instrument. Derivative Contracts Cleared The following table includes the total number of derivative contracts cleared through Nasdaq Clearing for the three months ended March 31, 2020 and 2019: March 31, 2020 March 31, 2019 Commodity and seafood options, futures and forwards (1)(2) 198,870 146,249 Fixed-income options and futures 5,842,771 5,404,135 Stock options and futures 6,089,250 6,854,813 Index options and futures 18,995,403 11,743,268 Total 31,126,294 24,148,465 ____________ (1) The total volume in cleared power related to commodity contracts was 292 Terawatt hours (TWh) for the three months ended March 31, 2020 and 250 TWh for the three months ended March 31, 2019. (2) As discussed in our 2019 Form 10-K, in November 2019, Nasdaq sold the core assets of NFX to a third-party and the freight contracts with open interest are being migrated from NFX to other exchanges. The outstanding contract value of resale and repurchase agreements was $1.0 billion as of March 31, 2020 and $5.5 billion as of March 31, 2019. The total number of contracts cleared was 1,410,884 for the three months ended March 31, 2020 and was 1,885,698 for the three months ended March 31, 2019.

Leases

Leases	3 Months Ended
	Mar. 31, 2020
Leases [Abstract]
Leases	Leases We have operating leases which are primarily real estate leases for our U.S. and European headquarters and for general office space. The following table provides supplemental balance sheet information related to Nasdaq's operating leases: Leases Balance Sheet Classification March 31, 2020 December 31, 2019 (in millions) Assets: Operating lease assets Operating lease assets $ 324 $ 346 Liabilities: Current lease liabilities Other current liabilities $ 58 $ 61 Non-current lease liabilities Operating lease liabilities 310 331 Total lease liabilities $ 368 $ 392 The following table summarizes Nasdaq's lease cost: Three Months Ended March 31, 2020 Three Months Ended March 31, 2019 (in millions) Operating lease cost (1) $ 20 $ 20 Variable lease cost 6 5 Sublease income (1) (1) Total lease cost $ 25 $ 24 ____________ (1) Includes short-term lease cost, which was immaterial. The following table reconciles the undiscounted cash flows for each of the first five years and total of the remaining years to the operating lease liabilities recorded in our condensed consolidated balance sheet. March 31, 2020 (in millions) 2020 (1) $ 56 2021 65 2022 43 2023 40 2024 35 Thereafter 240 Total lease payments 479 Less: interest (2) (111) Present value of lease liabilities (3) $ 368 ____________ (1) Represents the estimated lease payments to be made for the remaining nine months of 2020. (2) Calculated using the interest rate for each lease. (3) Includes the current portion of $58 million. Total lease payments in the above table exclude $128 million of legally binding minimum lease payments for leases signed but not yet commenced primarily related to the expansion of our world headquarters. These leases will commence in 2020 with a lease term of 16 years. The following table provides information related to Nasdaq's lease term and discount rate: March 31, 2020 Weighted-average remaining lease term (in years) 10.5 Weighted-average discount rate 4.6 % The following table provides supplemental cash flow information related to Nasdaq's operating leases: Three Months Ended March 31, 2020 Three Months Ended March 31, 2019 (in millions) Cash paid for amounts included in the measurement of operating lease liabilities $ 20 $ 18 Lease assets obtained in exchange for new operating lease liabilities $ — $ 16

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Income Tax Provision The following table shows our income tax provision and effective tax rate: Three Months Ended March 31, Percentage Change 2020 2019 (in millions) Income tax provision $ 70 $ 66 6.1 % Effective tax rate 25.6 % 21.1 % The higher effective tax rate in the first quarter of 2020 is primarily due to a tax benefit recorded in 2019 from a dividends received deduction related to capital distributions from the OCC and the reversal of a previously accrued tax penalty in Finland. 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. Tax Audits 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. We are subject to examination by federal, state and local, and foreign tax authorities. Federal income tax returns for the years 2008 through 2016 are currently under examination by the Internal Revenue Service and we are subject to examination by the Internal Revenue Service for 2017 and 2018. Several state tax returns are currently under examination by the respective tax authorities for the years 2007 through 2018. Non-U.S. tax returns are subject to examination by the respective tax authorities for the years 2013 through 2018. We regularly assess the likelihood of additional assessments by each jurisdiction and have established tax reserves that we believe are adequate in relation to the potential for additional assessments. Examination outcomes and the timing of examination settlements are subject to uncertainty. Although the results of such examinations may have an impact on our unrecognized tax benefits, we do not anticipate that such impact will be material to our consolidated financial position or results of operations. We do not expect to settle any material tax audits in the next twelve months. We are subject to examination by federal, state and local, and foreign tax authorities. We regularly assess the likelihood of additional assessments by each jurisdiction and have established tax reserves that we believe are adequate in relation to the potential for additional assessments. We believe that the resolution of tax matters will not have a material effect on our financial condition but may be material to our operating results for a particular period and the effective tax rate for that period.

Commitments, Contingencies and

Commitments, Contingencies and Guarantees	3 Months Ended
	Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments, Contingencies and Guarantees	Commitments, Contingencies and Guarantees Guarantees Issued and Credit Facilities Available In addition to the default fund contributions and margin collateral pledged by clearing members discussed in Note 14, “Clearing Operations,” we have obtained financial guarantees and credit facilities which are guaranteed by us through counter indemnities, to provide further liquidity related to our clearing businesses. Financial guarantees issued to us totaled $10 million as of March 31, 2020 and $11 million as of December 31, 2019. As discussed in “Other Credit Facilities,” of Note 8, “Debt Obligations,” we also have credit facilities primarily related to our Nasdaq Clearing operations, which are available in multiple currencies, and totaled $193 million as of March 31, 2020 and $203 million as of December 31, 2019 in available liquidity, none of which was utilized as of March 31, 2020, and of which $15 million was utilized as of December 31, 2019. Execution Access is an introducing broker which operates the trading platform for our Fixed Income business to trade in U.S. Treasury securities. Execution Access has a clearing arrangement with Industrial and Commercial Bank of China Financial Services LLC, or ICBC. As of March 31, 2020, we have contributed $15 million of clearing deposits to ICBC 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 ICBC through the Fixed Income Clearing Corporation, with ICBC acting as agent. 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 at least one business day (or more, if specified by the U.S. Treasury issuance calendar). Counterparties that do not clear through the Fixed Income Clearing Corporation are subject to a credit due diligence process and may be required to post collateral, provide principal letters, or provide other forms of credit enhancement to Execution Access for the purpose of mitigating counterparty risk. Daily position trading limits are also enforced for such counterparties. 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. However, no guarantee can be provided that these arrangements will at all times be sufficient. Other Guarantees Through our clearing operations in the financial markets, Nasdaq Clearing is the legal counterparty for, and guarantees the performance of, its clearing members. See Note 14, “Clearing Operations,” for further discussion of Nasdaq Clearing performance guarantees. We have provided a guarantee related to lease obligations for The Nasdaq Entrepreneurial Center, Inc., which is a not-for-profit organization designed to convene, connect and engage aspiring and current entrepreneurs. This entity is not included in the consolidated financial statements of Nasdaq. We believe that the potential for us to be required to make payments under these arrangements is unlikely. Accordingly, no contingent liability is recorded in the Condensed Consolidated Balance Sheets for the above guarantees. Non-Cash Contingent Consideration As part of the purchase price consideration of a prior acquisition, we have agreed to future annual issuances of 992,247 shares of Nasdaq common stock which approximated certain tax benefits associated with the transaction. Such contingent future issuances of Nasdaq common stock will be issued annually through 2027 if Nasdaq’s total gross revenues equal or exceed $25 million in each such year. The contingent future issuances of Nasdaq common stock are subject to anti-dilution protections and acceleration upon certain events. Escrow Agreements In connection with prior acquisitions, we entered into escrow agreements to secure the payment of post-closing adjustments and to ensure other closing conditions. As of March 31, 2020, these escrow agreements provide for future payment by us of up to an aggregate of $5 million, which is included in other current liabilities in the Condensed Consolidated Balance Sheets. Routing Brokerage Activities One of our broker-dealer subsidiaries, Nasdaq Execution Services, provides a guarantee to securities clearinghouses and exchanges under its standard membership agreements, which require members to guarantee the performance of other members. If a member becomes unable to satisfy its obligations to a clearinghouse or exchange, other members would be required to meet its shortfalls. To mitigate these performance risks, the exchanges and clearinghouses often require members to post collateral, as well as meet certain minimum financial standards. Nasdaq Execution Services’ maximum potential liability under these arrangements cannot be quantified. However, we believe that the potential for Nasdaq Execution Services to be required to make payments under these arrangements is unlikely. Accordingly, no contingent liability is recorded in the Condensed Consolidated Balance Sheets for these arrangements. Legal and Regulatory Matters Litigation As previously disclosed, we are named as one of many defendants in City of Providence v. BATS Global Markets, Inc., et al., 14 Civ. 2811 (S.D.N.Y.), which was filed on April 18, 2014 in the United States District Court for the Southern District of New York. The district court appointed lead counsel, who filed an amended complaint on September 2, 2014. The amended complaint names as defendants seven national exchanges, as well as Barclays PLC, which operated a private alternative trading system. On behalf of a putative class of securities traders, the plaintiffs allege that the defendants engaged in a scheme to manipulate the markets through high-frequency trading; the amended complaint asserts claims against us under Section 10(b) of the Exchange Act and Rule 10b-5, as well as under Section 6(b) of the Exchange Act. The plaintiffs seek injunctive and monetary relief of an unspecified amount. We filed a motion to dismiss the amended complaint on November 3, 2014. In response, the plaintiffs filed a second amended complaint on November 24, 2014, which names the same defendants and alleges essentially the same violations. We then filed a motion to dismiss the second amended complaint on January 23, 2015. On August 26, 2015, the district court entered an order dismissing the second amended complaint in its entirety. The plaintiffs appealed the judgment of dismissal to the United States Court of Appeals for the Second Circuit (although opting not to appeal the dismissal with respect to Barclays PLC or the dismissal of claims under Section 6(b) of the Exchange Act). On December 19, 2017, the Second Circuit issued an opinion vacating the district court’s judgment of dismissal and remanding to the district court for further proceedings. On May 18, 2018, the exchanges filed a motion to dismiss the amended complaint, raising issues not addressed in the proceedings to date. On May 28, 2019, the district court denied the exchanges’ renewed motion to dismiss. On June 17, 2019, the exchanges filed a motion to certify the district court’s order for immediate review by the Second Circuit and on July 16, 2019, the district court denied the motion. Given the preliminary nature of the proceedings, we are unable to estimate what, if any, liability may result from this litigation. However, we believe that the claims are without merit and will continue to litigate vigorously. Nasdaq Commodities Clearing Default During September 2018, a clearing member of Nasdaq Clearing's commodities market was declared in default. We have been cooperating fully with the SFSA in the associated regulatory audits. While we are currently unable to predict the final outcome of this matter, it could include penalties, such as a fine. We do not expect this matter will have a material impact on our consolidated financial statements. See “Nasdaq Commodities Clearing Default,” of Note 14, “Clearing Operations,” for further information on this event. SEC Decisions In recent years, certain industry groups have challenged the level of fees that U.S. exchanges charge for market data and connectivity. We have defeated two challenges in federal appeals court pertaining to market data and an additional challenge at the administrative level within the SEC. However, in October 2018, the SEC reversed that administrative decision and found that Nasdaq had not met a burden of demonstrating that certain challenged fees were fair and reasonable; we estimate that this decision will reduce our annual revenues by approximately $1 million. Nasdaq has appealed this decision to the U.S. Court of Appeals for the District of Columbia Circuit. In addition, the SEC remanded a series of additional challenges to market data and connectivity fees back to Nasdaq for further consideration. Nasdaq has also appealed this decision to the U.S. Court of Appeals for the District of Columbia Circuit. We are unable to predict the outcome or the timing of the ultimate resolution of these matters. Other Matters Except as disclosed above and in prior reports filed under the Exchange Act, we are not currently a party to any litigation or proceeding that we believe could have a material adverse effect on our business, consolidated financial condition, or operating results. However, from time to time, we have been threatened with, or named as a defendant in, lawsuits or involved in regulatory proceedings. In the normal course of business, Nasdaq discusses matters with its regulators raised during regulatory examinations or otherwise subject to their inquiries. Management believes that censures, fines, penalties or other sanctions that could result from any ongoing examinations or inquiries will not have a material impact on its consolidated financial position or results of operations. However, we are unable to predict the outcome or the timing of the ultimate resolution of these matters, or the potential fines, penalties or injunctive or other equitable relief, if any, that may result from these matters. Tax Audits We are engaged in ongoing discussions and audits with taxing authorities on various tax matters, the resolutions of which are uncertain. Currently, there are matters that may lead to assessments, some of which may not be resolved for several years. Based on currently available information, we believe we have adequately provided for any assessments that could result from those proceedings where it is more likely than not that we will be assessed. We review our positions on these matters as they progress. See “Tax Audits,” of Note 16, “Income Taxes,” for further discussion.

Business Segments

Business Segments	3 Months Ended
	Mar. 31, 2020
Segment Reporting [Abstract]
Business Segments	Business Segments We manage, operate and provide our products and services in four business segments: Market Services, Corporate Services, Information Services and Market Technology. See Note 1, “Organization and Nature of Operations,” for further discussion of our reportable segments. Our management allocates resources, assesses performance and manages these businesses as four separate segments. We evaluate the performance of our segments based on several factors, of which the primary financial measure is operating income. Results of individual businesses are presented based on our management accounting practices and structure. Our chief operating decision maker does not review total assets or statements of income below operating income by segments as key performance metrics; therefore, such information is not presented below. The following table presents certain information regarding our business segments for the three months ended March 31, 2020 and 2019: Market Services Corporate Services Information Services Market Technology Corporate Items Consolidated (in millions) Three Months Ended March 31, 2020 Total revenues $ 933 $ 128 $ 211 $ 81 $ — $ 1,353 Transaction-based expenses (652) — — — — (652) Revenues less transaction-based expenses 281 128 211 81 — 701 Operating income (loss) $ 178 $ 45 $ 134 $ 8 $ (90) $ 275 Three Months Ended March 31, 2019 Total revenues $ 638 $ 121 $ 193 $ 77 $ 10 $ 1,039 Transaction-based expenses (405) — — — — (405) Revenues less transaction-based expenses 233 121 193 77 10 634 Operating income (loss) $ 135 $ 44 $ 124 $ 7 $ (35) $ 275 Certain amounts are allocated to corporate items in our management reports as we believe they do not contribute to a meaningful evaluation of a particular segment's ongoing operating performance. These items, which are shown in the table below, include the following: Amortization expense of acquired intangible assets: We amortize intangible assets acquired in connection with various acquisitions. Intangible asset amortization expense can vary from period to period due to episodic acquisitions completed, rather than from our ongoing business operations. As such, if intangible asset amortization is included in performance measures, it is more difficult to assess the day-to-day operating performance of the segments, and the relative operating performance of the segments between periods. Management does not consider intangible asset amortization expense for the purpose of evaluating the performance of our segments or their managers or when making decisions to allocate resources. Therefore, we believe performance measures excluding intangible asset amortization expense provide management with a useful representation of our segments' ongoing activity in each period. Merger and strategic initiatives expense: We have pursued various strategic initiatives and completed acquisitions and divestitures in recent years that have resulted in expenses which would not have otherwise been incurred. These expenses generally include integration costs, as well as legal, due diligence and other third party transaction costs. The frequency and the amount of such expenses vary significantly based on the size, timing and complexity of the transaction. Management does not consider merger and strategic initiatives expense for the purpose of evaluating the performance of our segments or their managers or when making decisions to allocate resources. Therefore, we believe performance measures excluding merger and strategic initiatives expense provide management with a useful representation of our segments' ongoing activity in each period. Restructuring charges: We initiated the transition of certain technology platforms to advance our strategic opportunities as a technology and analytics provider and continue the re-alignment of certain business areas. See Note 19, “Restructuring Charges,” for further discussion of our 2019 restructuring plan. We believe performance measures excluding restructuring charges provide management with a useful representation of our segments' ongoing activity in each period. 2019 divestiture: We have included in corporate items the revenues and expenses of BWise which were part of the Corporate Solutions business within our Corporate Services segment as BWise was sold in March 2019. See “2019 Divestiture,” of Note 4, “Acquisitions and Divestiture,” for further discussion. Other significant items: We have included certain other charges or gains in corporate items, to the extent we believe they should be excluded when evaluating the ongoing operating performance of each individual segment. For the three months ended March 31, 2020, other significant items include a loss on extinguishment of debt and charitable contributions made to the COVID-19 response and relief efforts which are recorded in general, administrative and other expense in our Condensed Consolidated Statements of Income. Accordingly, we do not allocate these costs for purposes of disclosing segment results because they do not contribute to a meaningful evaluation of a particular segment’s ongoing operating performance. A summary of our corporate items is as follows: Three Months Ended March 31, 2020 2019 (in millions) Revenues - divested business $ — $ 10 Expenses: Amortization expense of acquired intangible assets 25 26 Merger and strategic initiatives expense 7 9 Restructuring charges 12 — Extinguishment of debt 36 — Expenses - divested business — 8 Other 10 2 Total expenses 90 45 Operating loss $ (90) $ (35) For further discussion of our segments’ results, see “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations-Segment Operating Results.”

Restructuring Charges

Restructuring Charges	3 Months Ended
	Mar. 31, 2020
Restructuring and Related Activities [Abstract]
Restructuring Charges	Restructuring Charges In September 2019, we initiated the transition of certain technology platforms to advance the company's strategic opportunities as a technology and analytics provider and continue the re-alignment of certain business areas. In connection with these restructuring efforts, we are retiring certain elements of our marketplace infrastructure and technology product offerings as we implement NFF and other technologies internally and externally. This represents a fundamental shift in our strategy and technology as well as executive re-alignment. As a result of these actions, we expect to incur $90 million to $100 million in pre-tax charges over a two The following table presents a summary of the 2019 restructuring plan charges in the Condensed Consolidated Statements of Income for the three months ended March 31, 2020 which primarily consisted of consulting services, asset impairment charges primarily related to capitalized software that was retired, and accelerated depreciation expense on certain assets as a result of a decrease in their useful life. Three Months Ended March 31, 2020 (in millions) Asset impairment charges and accelerated depreciation expense $ 3 Consulting services 3 Contract terminations 2 Severance and employee-related costs 1 Other 3 Total restructuring charges $ 12

Basis of Presentation and Pri_2

Basis of Presentation and Principles of Consolidation (Policies)	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Recently Adopted Accounting Standard	Recently Adopted Accounting Standard In June 2016, the FASB issued ASU 2016-13, “Measurement of Credit Losses on Financial Instruments.” This standard changes the impairment model for certain financial instruments. The new model is a forward looking expected loss model and applies to financial assets subject to credit losses and measured at amortized cost and certain off-balance sheet credit exposures. This includes loans, held-to-maturity debt securities, loan commitments, financial guarantees and trade receivables. For available-for-sale debt securities with unrealized losses, credit losses are measured in a manner similar to previous accounting, except that the losses are recognized as allowances rather than reductions in the amortized cost of the securities. We adopted this standard on January 1, 2020 using the modified retrospective transition method. We recorded a $12 million non-cash cumulative effect adjustment to retained earnings on our opening Condensed Consolidated Balance Sheets as of January 1, 2020. The comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods. We expect the impact of the adoption of the new standard to be immaterial to our net income on an on-going basis. At the date of adoption, the adjustment impacted by the standard related primarily to an adjustment to trade receivables. We took into consideration all financial instruments held at the date of adoption which were impacted by the standard, including reverse repurchase agreements and commercial paper, and estimated the risk of loss to be immaterial. Therefore, no adjustment was recorded for these instruments. In accordance with the new standard, Nasdaq must recognize an allowance when a receivable or contract asset is established, regardless of whether there has been an incurred loss. Our receivables are concentrated with our member firms, market data distributors, listed companies and corporate solutions and market technology customers. In order to assess the appropriate allowance as of January 1, 2020, we disaggregated our trade receivables by business unit and the aging of receivables. We concluded that historical loss information is a reasonable starting point on which to determine expected credit losses for trade receivables held at the date of adoption as the composition of our trade receivables at adoption of the standard is materially consistent with that used in developing the historical loss percentages for each business unit. In order to incorporate our expectation of credit losses over the life of our receivables, we considered corporate default rate averages over an extended period as compared to the period covered by our historical loss data and included an adjustment to historical loss percentages for current conditions and expected future conditions at the date of adoption. The allowance for losses is reviewed monthly and adjustments may be required if economic conditions at the measurement date reflect stronger or weaker economic performance than the historical data implies. If circumstances change (i.e., higher than expected defaults or an unexpected material adverse change in a major customer’s ability to pay), our estimates of recoverability could be reduced by a material amount. When we deem all or a portion of a receivable uncollectible the allowance for losses is reduced by the amount being written off. Any change in the allowance is included in general, administrative and other expense in the Condensed Consolidated Statements of Income. Receivables are shown net of the allowance for losses. The total allowance netted against receivables in the Condensed Consolidated Balance Sheets was $21 million as of March 31, 2020 and $9 million as of December 31, 2019.
Basis of Presentation	The condensed consolidated financial statements are prepared in accordance with U.S. GAAP and include the accounts of Nasdaq, its wholly-owned subsidiaries and other entities in which Nasdaq has a controlling financial interest. When we do not have a controlling interest in an entity but exercise significant influence over the entity’s operating and financial policies, such investment is accounted for under the equity method of accounting. We recognize our share of earnings or losses of an equity method investee based on our ownership percentage. See “Equity Method Investments,” of Note 6, “Investments,” for further discussion of our equity method investments.
Principles of Consolidation	The accompanying condensed consolidated financial statements reflect all adjustments which are, in the opinion of management, necessary for a fair statement of the results. These adjustments are of a normal recurring nature. All significant intercompany accounts and transactions have been eliminated in consolidation.
Reclassification	Certain prior year amounts have been reclassified to conform to the current year presentation.
Use of Estimates	In preparing our condensed consolidated financial statements, we make assumptions, judgments and estimates that can have a significant impact on our revenue, operating income and net income, as well as on the value of certain assets and liabilities in our condensed consolidated balance sheets. At least quarterly, we evaluate our assumptions, judgments and estimates, and make changes as deemed necessary. Nasdaq considered the impact of COVID-19 on the assumptions and estimates used in evaluating our assets and liabilities, including but not limited to our goodwill, intangible assets, equity method investments, equity securities and allowance for losses on accounts receivable. We determined that there were no material adverse impacts on our first quarter 2020 results of operations. In addition, there were no material impairment charges recorded for the three months ended March 31, 2020. These estimates may change as new events occur and additional information is obtained. Actual results could differ from these estimates under different assumptions or conditions.
Subsequent Events	We have evaluated subsequent events through the issuance date of this Quarterly Report on Form 10-Q. For discussion of financing actions subsequent to March 31, 2020, see “3.25% Senior Unsecured Notes Due 2050,” and “2017 Credit Facility,” of Note 8, “Debt Obligations.”

Revenue From Contracts With C_2

Revenue From Contracts With Customers (Tables)	3 Months Ended
	Mar. 31, 2020
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following tables summarize the disaggregation of revenue by major product and service and by segment for the three months ended March 31, 2020 and 2019: Three Months Ended March 31, 2020 Market Services Corporate Services Information Services Market Technology Consolidated (in millions) Transaction-based trading and clearing, net $ 209 $ — $ — $ — $ 209 Trade management services 72 — — — 72 Listing services — 75 — — 75 Corporate solutions — 53 — — 53 Market data — — 97 — 97 Index — — 73 — 73 Investment data & analytics — — 41 — 41 Market technology — — — 81 81 Revenues less transaction-based expenses $ 281 $ 128 $ 211 $ 81 $ 701 Three Months Ended March 31, 2019 Market Services Corporate Services Information Services Market Technology Other Revenues Consolidated (in millions) Transaction-based trading and clearing, net $ 160 $ — $ — $ — $ — $ 160 Trade management services 73 — — — — 73 Listing services — 71 — — — 71 Corporate solutions — 50 — — — 50 Market data — — 100 — — 100 Index — — 54 — — 54 Investment data & analytics — — 39 — — 39 Market technology — — — 77 — 77 Other revenues — — — — 10 10 Revenues less transaction-based expenses $ 233 $ 121 $ 193 $ 77 $ 10 $ 634
Remaining Performance Obligation	For our market technology contracts, t he following table summarizes the amount of the transaction price allocated to performance obligations that are unsatisfied as of March 31, 2020: (in millions) 2020 (1) $ 245 2021 259 2022 114 2023 82 2024 59 2025 and thereafter 95 Total $ 854 ____________

Acquisitions and Divestiture (T

Acquisitions and Divestiture (Tables)	3 Months Ended
	Mar. 31, 2020
Business Combinations [Abstract]
Schedule of Business Acquisitions, by Acquisition	Purchase Consideration Total Net Assets Acquired Total Net Deferred Tax Liability Acquired Goodwill (in millions) Cinnober $ 219 $ 18 $ (19) $ 74 $ 146
Acquired Finite Lived Intangible Assets in Acquisition	The following table presents the details of the customer relationships intangible asset at the date of acquisition for Cinnober which was the significant acquired intangible asset for this acquisition. All acquired intangible assets with finite lives are amortized using the straight-line method. Customer relationships (in millions) $ 67 Discount rate used 9.5 % Estimated average useful life 13 years

Goodwill and Acquired Intangi_2

Goodwill and Acquired Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Changes in Goodwill	The following table presents the changes in goodwill by business segment during the three months ended March 31, 2020: Market Corporate Services Information Services Market Technology Total (in millions) Balance at December 31, 2019 $ 3,342 $ 460 $ 2,283 $ 281 $ 6,366 Goodwill acquired — — 133 — 133 Foreign currency translation adjustment (91) (10) (51) (21) (173) Balance at March 31, 2020 $ 3,251 $ 450 $ 2,365 $ 260 $ 6,326
Schedule of Acquired Finite-Lived Intangible Assets	The following table presents details of our total acquired intangible assets, both finite- and indefinite-lived: March 31, 2020 December 31, 2019 Gross Amount Accumulated Amortization Net Amount Gross Amount Accumulated Amortization Net Amount (in millions) (in millions) Finite-Lived Intangible Assets Technology $ 77 $ (16) $ 61 $ 63 $ (19) $ 44 Customer relationships 1,599 (576) 1,023 1,596 (532) 1,064 Other 19 (5) 14 18 (5) 13 Foreign currency translation adjustment (202) 94 (108) (159) 55 (104) Total finite-lived intangible assets $ 1,493 $ (503) $ 990 $ 1,518 $ (501) $ 1,017 Indefinite-Lived Intangible Assets Exchange and clearing registrations $ 1,257 $ — $ 1,257 $ 1,257 $ — $ 1,257 Trade names 121 — 121 121 — 121 Licenses 52 — 52 52 — 52 Foreign currency translation adjustment (220) — (220) (198) — (198) Total indefinite-lived intangible assets $ 1,210 $ — $ 1,210 $ 1,232 $ — $ 1,232 Total intangible assets $ 2,703 $ (503) $ 2,200 $ 2,750 $ (501) $ 2,249
Schedule of Acquired Indefinite-lived Intangible Assets	The following table presents details of our total acquired intangible assets, both finite- and indefinite-lived: March 31, 2020 December 31, 2019 Gross Amount Accumulated Amortization Net Amount Gross Amount Accumulated Amortization Net Amount (in millions) (in millions) Finite-Lived Intangible Assets Technology $ 77 $ (16) $ 61 $ 63 $ (19) $ 44 Customer relationships 1,599 (576) 1,023 1,596 (532) 1,064 Other 19 (5) 14 18 (5) 13 Foreign currency translation adjustment (202) 94 (108) (159) 55 (104) Total finite-lived intangible assets $ 1,493 $ (503) $ 990 $ 1,518 $ (501) $ 1,017 Indefinite-Lived Intangible Assets Exchange and clearing registrations $ 1,257 $ — $ 1,257 $ 1,257 $ — $ 1,257 Trade names 121 — 121 121 — 121 Licenses 52 — 52 52 — 52 Foreign currency translation adjustment (220) — (220) (198) — (198) Total indefinite-lived intangible assets $ 1,210 $ — $ 1,210 $ 1,232 $ — $ 1,232 Total intangible assets $ 2,703 $ (503) $ 2,200 $ 2,750 $ (501) $ 2,249
Schedule of Estimated Future Amortization Expense	The estimated future amortization expense (excluding the impact of foreign currency translation adjustments of $108 million as of March 31, 2020) of acquired finite-lived intangible assets as of March 31, 2020 is as follows: (in millions) 2020 (1) $ 83 2021 109 2022 106 2023 100 2024 97 2025 and thereafter 603 Total $ 1,098 ____________

Investments (Tables)

Investments (Tables)	3 Months Ended
	Mar. 31, 2020
Investments, Debt and Equity Securities [Abstract]
Schedule of Investments	The following table presents the details of our investments: March 31, December 31, 2019 (in millions) Financial investments $ 254 $ 291 Equity method investments $ 172 $ 156 Equity securities $ 44 $ 49

Deferred Revenue (Tables)

Deferred Revenue (Tables)	3 Months Ended
	Mar. 31, 2020
Revenue from Contract with Customer [Abstract]
Changes in Deferred Revenue	The changes in our deferred revenue during the three months ended March 31, 2020 are reflected in the following table: Initial Listing Revenues Annual Listings Revenues Corporate Solutions Information Services Revenues Market Technology Revenues Other (1) Total (in millions) Balance at December 31, 2019 $ 69 $ 2 $ 41 $ 82 $ 66 $ 14 $ 274 Deferred revenue billed in the current period, net of recognition 7 181 21 48 16 6 279 Revenue recognized that was included in the beginning of the period (10) (1) (18) (26) (18) (5) (78) Translation adjustment — — — — (4) 1 (3) Balance at March 31, 2020 $ 66 $ 182 $ 44 $ 104 $ 60 $ 16 $ 472 ____________
Estimated Deferred Revenue	As of March 31, 2020, we estimate that our deferred revenue will be recognized in the following years: Initial Listing Revenues Annual Listings Revenues Corporate Solutions Revenues Information Services Revenues Market Technology Revenues Other (1) Total (in millions) Fiscal year ended: 2020 (2) $ 21 $ 182 $ 40 $ 94 $ 47 $ 10 $ 394 2021 19 — 4 10 13 4 50 2022 11 — — — — 1 12 2023 8 — — — — 1 9 2024 5 — — — — — 5 2025 and thereafter 2 — — — — — 2 Total $ 66 $ 182 $ 44 $ 104 $ 60 $ 16 $ 472 ____________ (1) Other primarily includes revenues from U.S. listing of additional shares fees which are included in our Listing Services business. (2) Represents the estimated amortization to be recognized for the remaining nine months of 2020.

Debt Obligations (Tables)

Debt Obligations (Tables)	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Changes in Debt Obligations	The following table presents the changes in the carrying amount of our debt obligations during the three months ended March 31, 2020: December 31, 2019 Additions Payments, Accretion March 31, 2020 Short-term debt: (in millions) Commercial paper $ 391 $ 989 $ (1,031) $ 349 $1 billion senior unsecured revolving credit facility due April 25, 2022 (average interest rate of 2.35% for the period January 1, 2020 through March 31, 2020) (1)(2) (2) 799 — 797 Total short-term debt 389 1,788 (1,031) 1,146 Long-term debt: 3.875% senior unsecured notes repaid on March 16, 2020 671 — (671) — 4.25% senior unsecured notes due June 1, 2024 497 — — 497 1.75% senior unsecured notes due May 19, 2023 668 — (10) 658 3.85% senior unsecured notes due June 30, 2026 497 — — 497 1.75% senior unsecured notes due March 28, 2029 665 — (10) 655 0.875% senior unsecured notes due February 13, 2030 — 644 11 655 Total long-term debt 2,998 644 (680) 2,962 Total debt obligations $ 3,387 $ 2,432 $ (1,711) $ 4,108 ____________ (1) Opening balance was reclassified to short-term debt as of March 31, 2020. (2) For further discussion, see “2017 Credit Facility” below.

Share-Based Compensation (Table

Share-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2020
Share-based Payment Arrangement [Abstract]
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 months ended March 31, 2020 and 2019 in the Condensed Consolidated Statements of Income: Three Months Ended March 31, 2020 2019 (in millions) Share-based compensation expense before income taxes $ 17 $ 16 Income tax benefit (5) (4) Share-based compensation expense after income taxes $ 12 $ 12
Summary of Restricted Stock Activity	The following table summarizes our restricted stock activity for the three months ended March 31, 2020: Restricted Stock Number of Awards Weighted-Average Grant Date Fair Value Unvested balances at January 1, 2020 1,486,756 $ 77.38 Granted 24,373 $ 102.24 Vested (365,385) $ 68.48 Forfeited (32,205) $ 79.09 Unvested balances at March 31, 2020 1,113,539 $ 80.79
Summary of PSU Activity	The following table summarizes our PSU activity for the three months ended March 31, 2020: PSUs One-Year Program Three-Year Program Number of Awards Weighted-Average Grant Date Fair Value Number of Awards Weighted-Average Grant Date Fair Value Unvested balances at January 1, 2020 317,251 $ 80.87 797,451 $ 98.31 Granted (1) 26,780 $ 84.17 45,091 $ 82.91 Vested (3,668) $ 66.12 (300,767) $ 81.57 Forfeited (12,833) $ 82.40 (6,079) $ 96.22 Unvested balances at March 31, 2020 327,530 $ 81.24 535,696 $ 106.43 ____________ (1) Excludes the all employee grant which occurred on April 1, 2020.
Summary of Stock Option Activity	A summary of stock option activity for the three months ended March 31, 2020 is as follows: Number of Stock Options Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term (in years) Aggregate Intrinsic Value (in millions) Outstanding at January 1, 2020 379,102 $ 54.32 5.27 $ 20 Exercised (27,196) 20.98 Forfeited (435) 19.75 Outstanding and Exercisable at March 31, 2020 351,471 $ 56.94 5.40 $ 13

Nasdaq Stockholders_ Equity (Ta

Nasdaq Stockholders’ Equity (Tables)	3 Months Ended
	Mar. 31, 2020
Equity [Abstract]
Schedule of Common Stock in Treasury	The following is a summary of our share repurchase activity, reported based on settlement date, for the three months ended March 31, 2020: Three Month Ended March 31, 2020 Number of shares of common stock repurchased (1) 1,182,114 Average price paid per share $ 103.17 Total purchase price (in millions) $ 122 ____________ (1) Excludes shares withheld upon vesting of restricted stock and PSUs of 271,509.
Schedule of Dividends Declared	During the first three months of 2020, our board of directors declared the following cash dividends: Declaration Date Dividend Per Record Date Total Amount Paid Payment Date (in millions) January 28, 2020 $ 0.47 March 13, 2020 $ 78 March 27, 2020

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2020
Earnings Per Share [Abstract]
Summary of Computation of Basic and Diluted Earnings Per Share	The following table sets forth the computation of basic and diluted earnings per share: Three Months Ended March 31, 2020 2019 Numerator: (in millions, except share and per share amounts) Net income attributable to common shareholders $ 203 $ 247 Denominator: Weighted-average common shares outstanding for basic earnings per share 164,864,077 165,343,968 Weighted-average effect of dilutive securities: Employee equity awards (1) 1,912,439 1,682,787 Weighted-average common shares outstanding for diluted earnings per share 166,776,516 167,026,755 Basic and diluted earnings per share: Basic earnings per share $ 1.23 $ 1.49 Diluted earnings per share $ 1.22 $ 1.48 ____________ (1) PSUs, which are considered contingently issuable, are included in the computation of dilutive earnings per share on a weighted average basis when management determines that the applicable performance criteria would have been met if the performance period ended as of the date of the relevant computation.

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Schedule of Financial Assets Measured at Fair Value on Recurring Basis	The following tables present our financial assets and financial liabilities that are measured at fair value on a recurring basis as of March 31, 2020 and December 31, 2019. March 31, 2020 December 31, 2019 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 (in millions) (in millions) Assets at Fair Value Debt securities: European government $ 149 $ 149 $ — $ — $ 157 $ 157 $ — $ — Corporate 52 — 52 — 34 — 34 — State owned enterprises and municipalities 35 — 35 — 24 — 24 — Swedish mortgage bonds 18 — 18 — 19 — 19 — Time deposits — — — — 57 — 57 — Total assets at fair value $ 254 $ 149 $ 105 $ — $ 291 $ 157 $ 134 $ —

Clearing Operations (Tables)

Clearing Operations (Tables)	3 Months Ended
	Mar. 31, 2020
Due to and from Broker-Dealers and Clearing Organizations [Abstract]
Schedule of Clearing Member Default Fund Contributions	As of March 31, 2020, clearing member default fund contributions and margin deposits were as follows: March 31, 2020 Cash Contributions Non-Cash Contributions Total Contributions (in millions) Default fund contributions $ 414 $ 91 $ 505 Margin deposits 2,827 3,967 6,794 Total $ 3,241 $ 4,058 $ 7,299 Nasdaq Clearing has invested the total cash contributions of $3,241 million as of March 31, 2020 and $2,996 million as of December 31, 2019, in accordance with its investment policy as follows: March 31, 2020 December 31, 2019 (in millions) Demand deposits $ 1,069 $ 1,328 Central bank certificates 1,024 896 European government debt securities 388 508 Reverse repurchase agreements 482 116 Supranationals and state owned enterprise debt securities 278 148 Total $ 3,241 $ 2,996
Schedule of Derivative Contracts Outstanding	The following table includes the market value of derivative contracts outstanding prior to netting: March 31, 2020 (in millions) Commodity and seafood options, futures and forwards (1)(2)(3) $ 382 Fixed-income options and futures (1)(2) 711 Stock options and futures (1)(2) 312 Index options and futures (1)(2) 172 Total $ 1,577 ____________ (1) We determined the fair value of our option contracts using standard valuation models that were based on market-based observable inputs including implied volatility, interest rates and the spot price of the underlying instrument. (2) We determined the fair value of our futures contracts based upon quoted market prices and average quoted market yields. (3) We determined the fair value of our forward contracts using standard valuation models that were based on market-based observable inputs including LIBOR rates and the spot price of the underlying instrument.
Schedule of Derivative Contracts Cleared	The following table includes the total number of derivative contracts cleared through Nasdaq Clearing for the three months ended March 31, 2020 and 2019: March 31, 2020 March 31, 2019 Commodity and seafood options, futures and forwards (1)(2) 198,870 146,249 Fixed-income options and futures 5,842,771 5,404,135 Stock options and futures 6,089,250 6,854,813 Index options and futures 18,995,403 11,743,268 Total 31,126,294 24,148,465 ____________ (1) The total volume in cleared power related to commodity contracts was 292 Terawatt hours (TWh) for the three months ended March 31, 2020 and 250 TWh for the three months ended March 31, 2019. (2) As discussed in our 2019 Form 10-K, in November 2019, Nasdaq sold the core assets of NFX to a third-party and the freight contracts with open interest are being migrated from NFX to other exchanges.

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2020
Leases [Abstract]
Schedule of Balance Sheet Information	The following table provides supplemental balance sheet information related to Nasdaq's operating leases: Leases Balance Sheet Classification March 31, 2020 December 31, 2019 (in millions) Assets: Operating lease assets Operating lease assets $ 324 $ 346 Liabilities: Current lease liabilities Other current liabilities $ 58 $ 61 Non-current lease liabilities Operating lease liabilities 310 331 Total lease liabilities $ 368 $ 392
Lease Cost, Lease Term and Discount Rate	The following table summarizes Nasdaq's lease cost: Three Months Ended March 31, 2020 Three Months Ended March 31, 2019 (in millions) Operating lease cost (1) $ 20 $ 20 Variable lease cost 6 5 Sublease income (1) (1) Total lease cost $ 25 $ 24 ____________ (1) Includes short-term lease cost, which was immaterial. The following table provides information related to Nasdaq's lease term and discount rate: March 31, 2020 Weighted-average remaining lease term (in years) 10.5 Weighted-average discount rate 4.6 % The following table provides supplemental cash flow information related to Nasdaq's operating leases: Three Months Ended March 31, 2020 Three Months Ended March 31, 2019 (in millions) Cash paid for amounts included in the measurement of operating lease liabilities $ 20 $ 18 Lease assets obtained in exchange for new operating lease liabilities $ — $ 16
Schedule of Operating Lease Liabilities	The following table reconciles the undiscounted cash flows for each of the first five years and total of the remaining years to the operating lease liabilities recorded in our condensed consolidated balance sheet. March 31, 2020 (in millions) 2020 (1) $ 56 2021 65 2022 43 2023 40 2024 35 Thereafter 240 Total lease payments 479 Less: interest (2) (111) Present value of lease liabilities (3) $ 368 ____________ (1) Represents the estimated lease payments to be made for the remaining nine months of 2020. (2) Calculated using the interest rate for each lease. (3) Includes the current portion of $58 million.

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
	Mar. 31, 2020
Income Tax Disclosure [Abstract]
Schedule of Income Tax Provision and Effective Tax Rate	The following table shows our income tax provision and effective tax rate: Three Months Ended March 31, Percentage Change 2020 2019 (in millions) Income tax provision $ 70 $ 66 6.1 % Effective tax rate 25.6 % 21.1 %

Business Segments (Tables)

Business Segments (Tables)	3 Months Ended
	Mar. 31, 2020
Segment Reporting [Abstract]
Schedule of Operating Segments	The following table presents certain information regarding our business segments for the three months ended March 31, 2020 and 2019: Market Services Corporate Services Information Services Market Technology Corporate Items Consolidated (in millions) Three Months Ended March 31, 2020 Total revenues $ 933 $ 128 $ 211 $ 81 $ — $ 1,353 Transaction-based expenses (652) — — — — (652) Revenues less transaction-based expenses 281 128 211 81 — 701 Operating income (loss) $ 178 $ 45 $ 134 $ 8 $ (90) $ 275 Three Months Ended March 31, 2019 Total revenues $ 638 $ 121 $ 193 $ 77 $ 10 $ 1,039 Transaction-based expenses (405) — — — — (405) Revenues less transaction-based expenses 233 121 193 77 10 634 Operating income (loss) $ 135 $ 44 $ 124 $ 7 $ (35) $ 275
Schedule of Corporate Items	A summary of our corporate items is as follows: Three Months Ended March 31, 2020 2019 (in millions) Revenues - divested business $ — $ 10 Expenses: Amortization expense of acquired intangible assets 25 26 Merger and strategic initiatives expense 7 9 Restructuring charges 12 — Extinguishment of debt 36 — Expenses - divested business — 8 Other 10 2 Total expenses 90 45 Operating loss $ (90) $ (35)

Restructuring Charges (Tables)

Restructuring Charges (Tables)	3 Months Ended
	Mar. 31, 2020
Restructuring and Related Activities [Abstract]
Summary of Restructuring Charges	The following table presents a summary of the 2019 restructuring plan charges in the Condensed Consolidated Statements of Income for the three months ended March 31, 2020 which primarily consisted of consulting services, asset impairment charges primarily related to capitalized software that was retired, and accelerated depreciation expense on certain assets as a result of a decrease in their useful life. Three Months Ended March 31, 2020 (in millions) Asset impairment charges and accelerated depreciation expense $ 3 Consulting services 3 Contract terminations 2 Severance and employee-related costs 1 Other 3 Total restructuring charges $ 12

Organization and Nature of Op_2

Organization and Nature of Operations (Details) $ in Billions	3 Months Ended
	Mar. 31, 2020USD ($)companyexchangemarketplaceexchange_traded_productsegmentcountry
Organization And Basis Of Presentation [Line Items]
Number of operating segments (in segments) | segment	4
Surveillance Technology
Organization And Basis Of Presentation [Line Items]
Number of exchanges (in marketplaces) | marketplace	160
Market Services | United States | Options Markets
Organization And Basis Of Presentation [Line Items]
Number of exchanges (in marketplaces) | exchange	6
Market Services | United States | Cash Equities Trading Markets
Organization And Basis Of Presentation [Line Items]
Number of exchanges (in marketplaces) | exchange	3
Corporate Services | United States
Organization And Basis Of Presentation [Line Items]
Total number of listings on The Nasdaq Stock Market | company	3,146
ETPs and other listings listed on Nasdaq Stock Market | company	412
Approximate combined market capitalization | $	$ 12,900
Corporate Services | Europe
Organization And Basis Of Presentation [Line Items]
Approximate combined market capitalization | $	$ 1,300
Total number of listed companies within Nordic and Baltic exchanges (in countries) | company	1,039
Information Services
Organization And Basis Of Presentation [Line Items]
Number of exchange traded products licensed to Nasdaq's Indexes (in exchange traded products) | exchange_traded_product	325
Assets management value | $	$ 206
Market Technology
Organization And Basis Of Presentation [Line Items]
Number of exchanges (in marketplaces) | marketplace	100
Number of countries services are provided (in countries) | country	50

Basis of Presentation and Pri_3

Basis of Presentation and Principles of Consolidation (Details) - USD ($) $ in Millions	Mar. 31, 2020	Jan. 01, 2020	Dec. 31, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Allowance for doubtful accounts	$ 21		$ 9
Retained earnings
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Impact of adoption of ASU 2016-13		$ (12)
Retained earnings | Accounting Standards Update 2016-13
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Impact of adoption of ASU 2016-13		$ (12)

Revenue From Contracts With C_3

Revenue From Contracts With Customers (Revenue by Product, Service and Segment) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Disaggregation of Revenue [Line Items]
Revenues less transaction-based expenses	$ 701	$ 634
Transaction-based trading and clearing, net
Disaggregation of Revenue [Line Items]
Revenues less transaction-based expenses	209	160
Trade management services
Disaggregation of Revenue [Line Items]
Revenues less transaction-based expenses	72	73
Listing services
Disaggregation of Revenue [Line Items]
Revenues less transaction-based expenses	75	71
Corporate solutions
Disaggregation of Revenue [Line Items]
Revenues less transaction-based expenses	53	50
Market data
Disaggregation of Revenue [Line Items]
Revenues less transaction-based expenses	97	100
Index
Disaggregation of Revenue [Line Items]
Revenues less transaction-based expenses	73	54
Investment data & analytics
Disaggregation of Revenue [Line Items]
Revenues less transaction-based expenses	41	39
Market technology
Disaggregation of Revenue [Line Items]
Revenues less transaction-based expenses	81	77
Other revenues
Disaggregation of Revenue [Line Items]
Revenues less transaction-based expenses		10
Operating Segments | Market Services
Disaggregation of Revenue [Line Items]
Revenues less transaction-based expenses	281	233
Operating Segments | Corporate Services
Disaggregation of Revenue [Line Items]
Revenues less transaction-based expenses	128	121
Operating Segments | Information Services
Disaggregation of Revenue [Line Items]
Revenues less transaction-based expenses	211	193
Operating Segments | Market Technology
Disaggregation of Revenue [Line Items]
Revenues less transaction-based expenses	81	77
Operating Segments | Transaction-based trading and clearing, net | Market Services
Disaggregation of Revenue [Line Items]
Revenues less transaction-based expenses	209	160
Operating Segments | Transaction-based trading and clearing, net | Corporate Services
Disaggregation of Revenue [Line Items]
Revenues less transaction-based expenses	0	0
Operating Segments | Transaction-based trading and clearing, net | Information Services
Disaggregation of Revenue [Line Items]
Revenues less transaction-based expenses	0	0
Operating Segments | Transaction-based trading and clearing, net | Market Technology
Disaggregation of Revenue [Line Items]
Revenues less transaction-based expenses	0	0
Operating Segments | Trade management services | Market Services
Disaggregation of Revenue [Line Items]
Revenues less transaction-based expenses	72	73
Operating Segments | Trade management services | Corporate Services
Disaggregation of Revenue [Line Items]
Revenues less transaction-based expenses	0	0
Operating Segments | Trade management services | Information Services
Disaggregation of Revenue [Line Items]
Revenues less transaction-based expenses	0	0
Operating Segments | Trade management services | Market Technology
Disaggregation of Revenue [Line Items]
Revenues less transaction-based expenses	0	0
Operating Segments | Listing services | Market Services
Disaggregation of Revenue [Line Items]
Revenues less transaction-based expenses	0	0
Operating Segments | Listing services | Corporate Services
Disaggregation of Revenue [Line Items]
Revenues less transaction-based expenses	75	71
Operating Segments | Listing services | Information Services
Disaggregation of Revenue [Line Items]
Revenues less transaction-based expenses	0	0
Operating Segments | Listing services | Market Technology
Disaggregation of Revenue [Line Items]
Revenues less transaction-based expenses	0	0
Operating Segments | Corporate solutions | Market Services
Disaggregation of Revenue [Line Items]
Revenues less transaction-based expenses	0	0
Operating Segments | Corporate solutions | Corporate Services
Disaggregation of Revenue [Line Items]
Revenues less transaction-based expenses	53	50
Operating Segments | Corporate solutions | Information Services
Disaggregation of Revenue [Line Items]
Revenues less transaction-based expenses	0	0
Operating Segments | Corporate solutions | Market Technology
Disaggregation of Revenue [Line Items]
Revenues less transaction-based expenses	0	0
Operating Segments | Market data | Market Services
Disaggregation of Revenue [Line Items]
Revenues less transaction-based expenses	0	0
Operating Segments | Market data | Corporate Services
Disaggregation of Revenue [Line Items]
Revenues less transaction-based expenses	0	0
Operating Segments | Market data | Information Services
Disaggregation of Revenue [Line Items]
Revenues less transaction-based expenses	97	100
Operating Segments | Market data | Market Technology
Disaggregation of Revenue [Line Items]
Revenues less transaction-based expenses	0	0
Operating Segments | Index | Market Services
Disaggregation of Revenue [Line Items]
Revenues less transaction-based expenses	0	0
Operating Segments | Index | Corporate Services
Disaggregation of Revenue [Line Items]
Revenues less transaction-based expenses	0	0
Operating Segments | Index | Information Services
Disaggregation of Revenue [Line Items]
Revenues less transaction-based expenses	73	54
Operating Segments | Index | Market Technology
Disaggregation of Revenue [Line Items]
Revenues less transaction-based expenses	0	0
Operating Segments | Investment data & analytics | Market Services
Disaggregation of Revenue [Line Items]
Revenues less transaction-based expenses	0	0
Operating Segments | Investment data & analytics | Corporate Services
Disaggregation of Revenue [Line Items]
Revenues less transaction-based expenses	0	0
Operating Segments | Investment data & analytics | Information Services
Disaggregation of Revenue [Line Items]
Revenues less transaction-based expenses	41	39
Operating Segments | Investment data & analytics | Market Technology
Disaggregation of Revenue [Line Items]
Revenues less transaction-based expenses	0	0
Operating Segments | Market technology | Market Services
Disaggregation of Revenue [Line Items]
Revenues less transaction-based expenses	0	0
Operating Segments | Market technology | Corporate Services
Disaggregation of Revenue [Line Items]
Revenues less transaction-based expenses	0	0
Operating Segments | Market technology | Information Services
Disaggregation of Revenue [Line Items]
Revenues less transaction-based expenses	0	0
Operating Segments | Market technology | Market Technology
Disaggregation of Revenue [Line Items]
Revenues less transaction-based expenses	$ 81	77
Operating Segments | Other revenues | Market Services
Disaggregation of Revenue [Line Items]
Revenues less transaction-based expenses		0
Operating Segments | Other revenues | Corporate Services
Disaggregation of Revenue [Line Items]
Revenues less transaction-based expenses		0
Operating Segments | Other revenues | Information Services
Disaggregation of Revenue [Line Items]
Revenues less transaction-based expenses		0
Operating Segments | Other revenues | Market Technology
Disaggregation of Revenue [Line Items]
Revenues less transaction-based expenses		0
Other Revenues
Disaggregation of Revenue [Line Items]
Revenues less transaction-based expenses		10
Other Revenues | Transaction-based trading and clearing, net
Disaggregation of Revenue [Line Items]
Revenues less transaction-based expenses		0
Other Revenues | Trade management services
Disaggregation of Revenue [Line Items]
Revenues less transaction-based expenses		0
Other Revenues | Listing services
Disaggregation of Revenue [Line Items]
Revenues less transaction-based expenses		0
Other Revenues | Corporate solutions
Disaggregation of Revenue [Line Items]
Revenues less transaction-based expenses		0
Other Revenues | Market data
Disaggregation of Revenue [Line Items]
Revenues less transaction-based expenses		0
Other Revenues | Index
Disaggregation of Revenue [Line Items]
Revenues less transaction-based expenses		0
Other Revenues | Investment data & analytics
Disaggregation of Revenue [Line Items]
Revenues less transaction-based expenses		0
Other Revenues | Market technology
Disaggregation of Revenue [Line Items]
Revenues less transaction-based expenses		0
Other Revenues | Other revenues
Disaggregation of Revenue [Line Items]
Revenues less transaction-based expenses		$ 10

Revenue From Contracts With C_4

Revenue From Contracts With Customers Revenue From Contracts With Customers (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Receivables net of allowance for doubtful accounts	$ 21		$ 9
Market Services | Services transferred at a point in time
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue recognized (percentage)	72.00%	65.00%
Market Services | Services transferred over time
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue recognized (percentage)	28.00%	35.00%

Revenue From Contracts With C_5

Revenue From Contracts With Customers (Remaining Performance Obligation) (Details) - Market Technology $ in Millions	Mar. 31, 2020USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation	$ 854
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation	245
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation	259
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation	114
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation	82
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation	59
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation	$ 95

Revenue From Contracts With C_6

Revenue From Contracts With Customers (Remaining Performance Obligation) (Performance Periods) (Details) - Market Technology	Mar. 31, 2020
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, period	9 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, period

Acquisitions and Divestiture (2

Acquisitions and Divestiture (2019 Divestiture and Acquisition) (Details) - USD ($) $ in Millions	1 Months Ended		3 Months Ended			12 Months Ended
	Mar. 31, 2019	Jan. 31, 2019	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019	Dec. 31, 2019
2019 Divestiture [Abstract]
Proceeds from divestiture of businesses			$ 0		$ 108
2019 Acquisition [Abstract]
Purchase Consideration			157		$ 193
Goodwill			$ 6,326	$ 6,366		$ 6,366
Cinnober
2019 Acquisition [Abstract]
Purchase Consideration		$ 219
Total Net Assets Acquired		18
Total Net Deferred Tax Liability		(19)
Acquired Intangible Assets		74
Goodwill		$ 146
Measurement period adjustment, net assets						$ 4
Measurement period adjustment, intangible assets				$ 5
Disposal group disposed of by sale | BWise
2019 Divestiture [Abstract]
Proceeds from divestiture of businesses	$ 27
Gain on divestiture of business, after tax	$ 20

Acquisitions and Divestiture (I

Acquisitions and Divestiture (Intangible Assets) (Details) - Cinnober $ in Millions	1 Months Ended
	Jan. 31, 2019USD ($)
Finite Lived And Indefinite Lived Intangible Assets [Line Items]
Intangible assets, finite-lived	$ 74
Customer relationships
Finite Lived And Indefinite Lived Intangible Assets [Line Items]
Intangible assets, finite-lived	$ 67
Estimated average useful life	13 years
Amortization period of intangible assets for tax purposes	5 years
Customer relationships | Discount rate used
Finite Lived And Indefinite Lived Intangible Assets [Line Items]
Discount rate used	0.095

Goodwill and Acquired Intangi_3

Goodwill and Acquired Intangible Assets (Schedule of Changes in Goodwill) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2020USD ($)
Goodwill [Roll Forward]
Balance at beginning of period	$ 6,366
Goodwill acquired	133
Foreign currency translation adjustment	(173)
Balance at end of period	6,326
Market Services
Goodwill [Roll Forward]
Balance at beginning of period	3,342
Goodwill acquired	0
Foreign currency translation adjustment	(91)
Balance at end of period	3,251
Corporate Services
Goodwill [Roll Forward]
Balance at beginning of period	460
Goodwill acquired	0
Foreign currency translation adjustment	(10)
Balance at end of period	450
Information Services
Goodwill [Roll Forward]
Balance at beginning of period	2,283
Goodwill acquired	133
Foreign currency translation adjustment	(51)
Balance at end of period	2,365
Market Technology
Goodwill [Roll Forward]
Balance at beginning of period	281
Goodwill acquired	0
Foreign currency translation adjustment	(21)
Balance at end of period	$ 260

Goodwill and Acquired Intangi_4

Goodwill and Acquired Intangible Assets (Narrative) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Indefinite-lived Intangible Assets [Line Items]
Goodwill, impairment loss	$ 0	$ 0
Amortization expense of acquired intangible assets	25,000,000	$ 26,000,000
Net future amortization expense	990,000,000		$ 1,017,000,000
Foreign currency translation adjustment
Indefinite-lived Intangible Assets [Line Items]
Net future amortization expense	$ (108,000,000)		$ (104,000,000)

Goodwill and Acquired Intangi_5

Goodwill and Acquired Intangible Assets (Finite-Lived and Indefinite-Lived Intangible Assets) (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Finite-Lived Intangible Assets [Line Items]
Gross Amount	$ 1,493	$ 1,518
Accumulated Amortization	(503)	(501)
Net Amount	990	1,017
Indefinite-lived Intangible Assets [Line Items]
Indefinite-Lived Intangible Assets	1,210	1,232
Total intangible assets	2,703	2,750
Intangible assets, net	2,200	2,249
Exchange and clearing registrations
Indefinite-lived Intangible Assets [Line Items]
Indefinite-Lived Intangible Assets	1,257	1,257
Trade names
Indefinite-lived Intangible Assets [Line Items]
Indefinite-Lived Intangible Assets	121	121
Licenses
Indefinite-lived Intangible Assets [Line Items]
Indefinite-Lived Intangible Assets	52	52
Foreign currency translation adjustment
Indefinite-lived Intangible Assets [Line Items]
Indefinite-Lived Intangible Assets	(220)	(198)
Technology
Finite-Lived Intangible Assets [Line Items]
Gross Amount	77	63
Accumulated Amortization	(16)	(19)
Net Amount	61	44
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Amount	1,599	1,596
Accumulated Amortization	(576)	(532)
Net Amount	1,023	1,064
Other
Finite-Lived Intangible Assets [Line Items]
Gross Amount	19	18
Accumulated Amortization	(5)	(5)
Net Amount	14	13
Foreign currency translation adjustment
Finite-Lived Intangible Assets [Line Items]
Gross Amount	(202)	(159)
Accumulated Amortization	94	55
Net Amount	$ (108)	$ (104)

Goodwill and Acquired Intangi_6

Goodwill and Acquired Intangible Assets (Estimated Future Amortization Expense) (Details) $ in Millions	Mar. 31, 2020USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2020	$ 83
2021	109
2022	106
2023	100
2024	97
2025 and thereafter	603
Total	$ 1,098

Investments (Schedule of Invest

Investments (Schedule of Investments) (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Investments, Debt and Equity Securities [Abstract]
Financial investments	$ 254	$ 291
Equity method investments	172	156
Equity securities	$ 44	$ 49

Investments (Narrative) (Detail

Investments (Narrative) (Details) - USD ($) $ in Millions	1 Months Ended				3 Months Ended		12 Months Ended
	Nov. 30, 2019	Mar. 31, 2019	Feb. 28, 2019	Mar. 31, 2015	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2019
Investments, Debt and Securities [Line Items]
Trading securities					$ 254				$ 291
Net income from unconsolidated investees					17	$ 45
OCC, Prior Period Results
Investments, Debt and Securities [Line Items]
Net income from unconsolidated investees		$ 36
OCC
Investments, Debt and Securities [Line Items]
Net income from unconsolidated investees		$ 9
Committed equity contribution				$ 150
Capital contribution				$ 30
Annual dividend from shareholders percentage				50.00%
Annual dividend received							$ 13	$ 10
Proceeds from contributed capital	$ 16		$ 44
Foreign Government Debt Securities
Investments, Debt and Securities [Line Items]
Trading securities					$ 160				$ 169

Deferred Revenue (Changes in De

Deferred Revenue (Changes in Deferred Revenue) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2020USD ($)
Change in Contract with Customer Liability [Roll Forward]
Beginning balance	$ 274
Deferred revenue billed in the current period, net of recognition	279
Revenue recognized that was included in the beginning of the period	(78)
Translation adjustment	(3)
Ending balance	472
Initial Listing Revenues
Change in Contract with Customer Liability [Roll Forward]
Beginning balance	69
Deferred revenue billed in the current period, net of recognition	7
Revenue recognized that was included in the beginning of the period	(10)
Translation adjustment	0
Ending balance	66
Annual Listings Revenues
Change in Contract with Customer Liability [Roll Forward]
Beginning balance	2
Deferred revenue billed in the current period, net of recognition	181
Revenue recognized that was included in the beginning of the period	(1)
Translation adjustment	0
Ending balance	182
Corporate Solutions Revenues
Change in Contract with Customer Liability [Roll Forward]
Beginning balance	41
Deferred revenue billed in the current period, net of recognition	21
Revenue recognized that was included in the beginning of the period	(18)
Translation adjustment	0
Ending balance	44
Information Services Revenues
Change in Contract with Customer Liability [Roll Forward]
Beginning balance	82
Deferred revenue billed in the current period, net of recognition	48
Revenue recognized that was included in the beginning of the period	(26)
Translation adjustment	0
Ending balance	104
Market Technology Revenues
Change in Contract with Customer Liability [Roll Forward]
Beginning balance	66
Deferred revenue billed in the current period, net of recognition	16
Revenue recognized that was included in the beginning of the period	(18)
Translation adjustment	(4)
Ending balance	60
Other
Change in Contract with Customer Liability [Roll Forward]
Beginning balance	14
Deferred revenue billed in the current period, net of recognition	6
Revenue recognized that was included in the beginning of the period	(5)
Translation adjustment	1
Ending balance	$ 16

Deferred Revenue (Estimated Def

Deferred Revenue (Estimated Deferred Revenue) (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Fiscal year ended:
2020	$ 394
2021	50
2022	12
2023	9
2024	5
2025 and thereafter	2
Total	472	$ 274
Initial Listing Revenues
Fiscal year ended:
2020	21
2021	19
2022	11
2023	8
2024	5
2025 and thereafter	2
Total	66	69
Annual Listings Revenues
Fiscal year ended:
2020	182
2021	0
2022	0
2023	0
2024	0
2025 and thereafter	0
Total	182	2
Corporate Solutions Revenues
Fiscal year ended:
2020	40
2021	4
2022	0
2023	0
2024	0
2025 and thereafter	0
Total	44	41
Information Services Revenues
Fiscal year ended:
2020	94
2021	10
2022	0
2023	0
2024	0
2025 and thereafter	0
Total	104	82
Market Technology Revenues
Fiscal year ended:
2020	47
2021	13
2022	0
2023	0
2024	0
2025 and thereafter	0
Total	60	66
Other
Fiscal year ended:
2020	10
2021	4
2022	1
2023	1
2024	0
2025 and thereafter	0
Total	$ 16	$ 14

Debt Obligations (Changes in De

Debt Obligations (Changes in Debt Obligations) (Details) - USD ($)	1 Months Ended	3 Months Ended
	Apr. 30, 2020	Mar. 31, 2020	Mar. 31, 2020	Apr. 30, 2019	Jun. 30, 2016	May 31, 2016	May 31, 2014
Changes In Short-Term Debt Obligations [Roll Forward]
Short-term debt - commercial paper beginning balance	$ 1,146,000,000	$ 389,000,000
Additions		1,788,000,000
Payments, Accretion and Other		(1,031,000,000)
Short-term debt - commercial paper ending balance		1,146,000,000
Changes in Long-Term Debt Obligations [Roll Forward]
Total long-term debt at beginning of period	2,962,000,000	2,998,000,000
Additions		644,000,000
Payments, Accretion and Other		(680,000,000)
Total long-term debt at end of period		2,962,000,000
Changes In Debt Obligations [Roll Forward]
Total debt obligations at beginning of period	4,108,000,000	3,387,000,000
Additions		2,432,000,000
Payments, Accretion and Other		(1,711,000,000)
Total Debt Obligations	4,108,000,000	3,387,000,000	$ 4,108,000,000
3.875% senior unsecured notes repaid on March 16, 2020
Schedule of Debt [Line Items]
Stated rate			3.875%
4.25% senior unsecured notes due June 1, 2024
Schedule of Debt [Line Items]
Stated rate			4.25%
1.75% senior unsecured notes due May 19, 2023
Schedule of Debt [Line Items]
Stated rate			1.75%
3.85% senior unsecured notes due June 30, 2026
Schedule of Debt [Line Items]
Stated rate			3.85%
1.75% senior unsecured notes due March 28, 2029
Schedule of Debt [Line Items]
Stated rate			1.75%
0.875% senior unsecured notes due February 13, 2030
Schedule of Debt [Line Items]
Stated rate			0.875%
Senior Notes | 3.875% senior unsecured notes repaid on March 16, 2020
Schedule of Debt [Line Items]
Stated rate			3.875%
Changes in Long-Term Debt Obligations [Roll Forward]
Long-term debt obligations at beginning of period	0	671,000,000
Additions		0
Payments, Accretion and Other		(671,000,000)
Long-term debt obligations at end of period		0
Senior Notes | 4.25% senior unsecured notes due June 1, 2024
Schedule of Debt [Line Items]
Stated rate							4.25%
Changes in Long-Term Debt Obligations [Roll Forward]
Long-term debt obligations at beginning of period	497,000,000	497,000,000
Additions		0
Payments, Accretion and Other		0
Long-term debt obligations at end of period		497,000,000
Senior Notes | 1.75% senior unsecured notes due May 19, 2023
Schedule of Debt [Line Items]
Stated rate						1.75%
Changes in Long-Term Debt Obligations [Roll Forward]
Long-term debt obligations at beginning of period	658,000,000	668,000,000
Additions		0
Payments, Accretion and Other		(10,000,000)
Long-term debt obligations at end of period		658,000,000
Senior Notes | 3.85% senior unsecured notes due June 30, 2026
Schedule of Debt [Line Items]
Stated rate					3.85%
Changes in Long-Term Debt Obligations [Roll Forward]
Long-term debt obligations at beginning of period	497,000,000	497,000,000
Additions		0
Payments, Accretion and Other		0
Long-term debt obligations at end of period		497,000,000
Senior Notes | 1.75% senior unsecured notes due March 28, 2029
Schedule of Debt [Line Items]
Stated rate				1.75%
Changes in Long-Term Debt Obligations [Roll Forward]
Long-term debt obligations at beginning of period	655,000,000	665,000,000
Additions		0
Payments, Accretion and Other		(10,000,000)
Long-term debt obligations at end of period		655,000,000
Senior Notes | 0.875% senior unsecured notes due February 13, 2030
Changes in Long-Term Debt Obligations [Roll Forward]
Long-term debt obligations at beginning of period	655,000,000	0
Additions		644,000,000
Payments, Accretion and Other		11,000,000
Long-term debt obligations at end of period		655,000,000
Commercial paper
Changes In Short-Term Debt Obligations [Roll Forward]
Short-term debt - commercial paper beginning balance	349,000,000	391,000,000
Additions		989,000,000
Payments, Accretion and Other		(1,031,000,000)
Short-term debt - commercial paper ending balance		$ 349,000,000
$1 billion senior unsecured revolving credit facility due April 25, 2022
Schedule of Debt [Line Items]
Facility borrowing capacity			$ 1,000,000,000
Interest rate		2.35%
Changes In Short-Term Debt Obligations [Roll Forward]
Short-term debt - commercial paper beginning balance	$ (797,000,000)	$ 2,000,000
Short-term debt - commercial paper ending balance		(797,000,000)
Changes in Long-Term Debt Obligations [Roll Forward]
Additions		799,000,000
Payments, Accretion and Other		$ 0

Debt Obligations (Commercial Pa

Debt Obligations (Commercial Paper) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2020USD ($)
Short-term Debt [Line Items]
Net proceeds from senior note	$ 644
Commercial paper
Short-term Debt [Line Items]
Weighted average interest rate	1.67%
Commercial paper | Minimum
Short-term Debt [Line Items]
Maturity period	20 days
Commercial paper | Maximum
Short-term Debt [Line Items]
Maturity period	100 days
Commercial paper | Weighted Average
Short-term Debt [Line Items]
Maturity period	51 days
$1 billion senior unsecured revolving credit facility due April 25, 2022
Short-term Debt [Line Items]
Net proceeds from senior note	$ 799
Outstanding credit facility	$ 350

Debt Obligations (Senior Unsecu

Debt Obligations (Senior Unsecured Notes) (Details)	3 Months Ended
	Mar. 31, 2020
Senior Notes | Senior Notes Excluding 2020 Notes
Debt Instrument [Line Items]
Aggregate principal amount purchased plus accrued and unpaid interest	101.00%

Debt Obligations (3.875% Senior

Debt Obligations (3.875% Senior Unsecured Notes) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Debt Instrument [Line Items]
Extinguishment of debt	$ 36	$ 0
3.875% senior unsecured notes repaid on March 16, 2020
Debt Instrument [Line Items]
Stated rate	3.875%
Senior Notes | 3.875% senior unsecured notes repaid on March 16, 2020
Debt Instrument [Line Items]
Stated rate	3.875%
Senior Notes | 0.875% Senior Unsecured Notes Due 2030
Debt Instrument [Line Items]
Stated rate	0.875%
Extinguishment of debt	$ 36

Debt Obligations (4.25% Senior

Debt Obligations (4.25% Senior Unsecured Notes) (Details) - 4.25% senior unsecured notes due June 1, 2024	Mar. 31, 2020	May 31, 2014
Debt Instrument [Line Items]
Stated rate	4.25%
Senior Notes
Debt Instrument [Line Items]
Stated rate		4.25%
Senior Notes | Maximum
Debt Instrument [Line Items]
Maximum interest rate on debt instrument		6.25%

Debt Obligations (1.75% Senior

Debt Obligations (1.75% Senior Unsecured Notes Due 2023) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	May 31, 2016
Debt Instrument [Line Items]
Decrease in carrying amount	$ 680
1.75% senior unsecured notes due May 19, 2023
Debt Instrument [Line Items]
Stated rate	1.75%
Senior Notes | 1.75% senior unsecured notes due May 19, 2023
Debt Instrument [Line Items]
Stated rate		1.75%
Decrease in carrying amount	$ 10
Senior Notes | 1.75% senior unsecured notes due May 19, 2023 | Maximum
Debt Instrument [Line Items]
Maximum interest rate on debt instrument		3.75%

Debt Obligations (3.85% Senior

Debt Obligations (3.85% Senior Unsecured Notes) (Details) - 3.85% senior unsecured notes due June 30, 2026	Mar. 31, 2020	Jun. 30, 2016
Debt Instrument [Line Items]
Stated rate	3.85%
Senior Notes
Debt Instrument [Line Items]
Stated rate		3.85%
Senior Notes | Maximum
Debt Instrument [Line Items]
Maximum interest rate on debt instrument		5.85%

Debt Obligations (1.75% Senio_2

Debt Obligations (1.75% Senior Unsecured Notes Due 2029) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Apr. 30, 2019
Debt Instrument [Line Items]
Decrease in carrying amount	$ 680
1.75% senior unsecured notes due March 28, 2029
Debt Instrument [Line Items]
Stated rate	1.75%
Senior Notes | 1.75% senior unsecured notes due March 28, 2029
Debt Instrument [Line Items]
Stated rate		1.75%
Decrease in carrying amount	$ 10
Senior Notes | 1.75% senior unsecured notes due March 28, 2029 | Maximum
Debt Instrument [Line Items]
Maximum interest rate on debt instrument		3.75%

Debt Obligations (0.875% Senior

Debt Obligations (0.875% Senior Unsecured Notes Due 2030) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Debt Instrument [Line Items]
Proceeds from issuances of long-term debt, net of issuance costs	$ 644	$ 0
Increase in carrying amount	$ (680)
3.875% senior unsecured notes repaid on March 16, 2020
Debt Instrument [Line Items]
Stated rate	3.875%
Senior Notes | 0.875% Senior Unsecured Notes Due 2030
Debt Instrument [Line Items]
Stated rate	0.875%
Senior Notes | 3.875% senior unsecured notes repaid on March 16, 2020
Debt Instrument [Line Items]
Stated rate	3.875%
Increase in carrying amount	$ (671)

Debt Obligations (3.25% Senior

Debt Obligations (3.25% Senior Unsecured Notes Due 2050) (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended
	Apr. 30, 2020	Mar. 31, 2020	Mar. 31, 2019	Apr. 30, 2019
Debt Instrument [Line Items]
Net proceeds from senior note		$ 644
Prepayment on revolving credit facility		$ 671	$ 515
3.25% Senior Unsecured Notes Due 2050 | Senior Notes
Debt Instrument [Line Items]
Stated rate				3.25%
3.25% Senior Unsecured Notes Due 2050 | Senior Notes | Subsequent Event
Debt Instrument [Line Items]
Stated rate	3.25%
Net proceeds from senior note	$ 485
3.25% Senior Unsecured Notes Due 2050 | Senior Notes | Subsequent Event | Maximum
Debt Instrument [Line Items]
Stated rate	5.25%

Debt Obligations (2017 Credit F

Debt Obligations (2017 Credit Facility) (Details) - USD ($)	1 Months Ended	3 Months Ended
	Apr. 30, 2017	Mar. 31, 2020	Mar. 31, 2019	Apr. 30, 2020	Dec. 31, 2019	Apr. 30, 2019
Debt Instrument [Line Items]
Prepayment on revolving credit facility		$ 671,000,000	$ 515,000,000
Revolving Credit Facility | Subsequent Event
Debt Instrument [Line Items]
Remaining amount available				$ 700,000,000
Revolving Credit Facility | $1 billion senior unsecured revolving credit facility due April 25, 2022
Debt Instrument [Line Items]
Credit facility, borrowing capacity	$ 1,000,000,000
Credit facility term	5 years
Unamortized debt issuance expense					$ (2,000,000)
Remaining amount available		200,000,000
Option to increase available aggregate amount		$ 500,000,000
Revolving Credit Facility | $1 billion senior unsecured revolving credit facility due April 25, 2022 | Minimum
Debt Instrument [Line Items]
Line of credit facility, commitment fee percentage		0.125%
Revolving Credit Facility | $1 billion senior unsecured revolving credit facility due April 25, 2022 | Maximum
Debt Instrument [Line Items]
Line of credit facility, commitment fee percentage		0.40%
Senior Notes | 3.25% Senior Unsecured Notes Due 2050
Debt Instrument [Line Items]
Stated rate						3.25%
Senior Notes | 3.25% Senior Unsecured Notes Due 2050 | Subsequent Event
Debt Instrument [Line Items]
Stated rate				3.25%
Senior Notes | 3.25% Senior Unsecured Notes Due 2050 | Maximum | Subsequent Event
Debt Instrument [Line Items]
Stated rate				5.25%

Debt Obligations (Other Credit

Debt Obligations (Other Credit Facilities) (Details) - Commercial Paper and Letter Of Credit - Clearinghouse Credit Facilities - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Remaining amount available	$ 193,000,000	$ 203,000,000
Utilized amount	$ 0	$ 15,000,000

Retirement Plans (Narrative) (D

Retirement Plans (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Retirement Benefits [Abstract]
Employer contribution match, percent match	100.00%
Employer contribution match, percentage of employee contribution	6.00%
Defined contributions plan expense	$ 4	$ 3
Cost or expenses included in compensation and benefit expense	$ 5	$ 5

Share-Based Compensation (Narra

Share-Based Compensation (Narrative) (Details) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2020USD ($)program$ / sharespeer_groupshares	Mar. 31, 2019USD ($)$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock shares reserved for future issuance (in shares) | shares	10,700,000
Net cash proceeds from the exercise of stock options | $	$ 1
Stock option exercises, net (in shares) | shares	27,196	8,666
Stock options, exercisable (in shares) | shares	351,471	400,000
Options exercisable, weighted average exercise price (in dollars per share) | $ / shares	$ 56.94	$ 45.25
Total pre-tax intrinsic value of stock options exercised | $	$ 2	$ 1
Compensation expenses | $	$ 17	$ 16
Commercial Paper and Letter Of Credit | Clearinghouse Credit Facilities
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share price (in dollars per share) | $ / shares	$ 94.95
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Discount from market price (as a percent)	15.00%	15.00%
Common stock shares reserved for future issuance (in shares) | shares	1,700,000
Maximum percentage of shares purchased from annual compensation	10.00%
Discount given to employees (as a percent)	15.00%
Compensation expenses | $	$ 1	$ 1
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation cost | $	$ 51
Weighted-average period unrecognized compensation cost is expected to be recognized, in years	1 year 7 months 6 days
PSUs | Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of performance-based programs | program	2
PSUs | One-Year Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation cost | $	$ 10
Weighted-average period unrecognized compensation cost is expected to be recognized, in years	1 year 4 months 24 days
Percentage of target amount granted, minimum	0.00%
Percentage of target amount granted, maximum	150.00%
Additional units granted above target (in shares) | shares	26,780
Expiration period of PSU program	1 year
PSUs | Three-Year Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation cost | $	$ 24
Weighted-average period unrecognized compensation cost is expected to be recognized, in years	1 year 3 months 18 days
Additional units granted above target (in shares) | shares	43,684
Number of peer groups | peer_group	2
Performance-based long-term incentive program weighted percentage	50.00%
Minimum payout (as a percent)	0.00%
Maximum payout (as a percent)	200.00%
Expiration period of PSU program	3 years
Performance period	3 years
PSUs, Negative TSR | Three-Year Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum payout (as a percent)	100.00%
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares) | shares		0
Second Anniversary | Restricted Stock | Below Manager Level
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage (as a percent)	25.00%
Second Anniversary | Restricted Stock | At or Above Manager Level
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage (as a percent)	33.30%
Third Anniversary | Restricted Stock | Below Manager Level
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage (as a percent)	25.00%
Third Anniversary | Restricted Stock | At or Above Manager Level
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage (as a percent)	33.30%
Fourth Anniversary | Restricted Stock | Below Manager Level
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage (as a percent)	50.00%
Fourth Anniversary | Restricted Stock | At or Above Manager Level
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage (as a percent)	33.30%

Share-Based Compensation (Summa

Share-Based Compensation (Summary of Share-Based Compensation Expense) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Share-based Payment Arrangement [Abstract]
Share-based compensation expense before income taxes	$ 17	$ 16
Income tax benefit	(5)	(4)
Share-based compensation expense after income taxes	$ 12	$ 12

Share-Based Compensation (Sum_2

Share-Based Compensation (Summary of Restricted Stock Activity) (Details) - Restricted Stock	3 Months Ended
	Mar. 31, 2020$ / sharesshares
Number of Awards
Unvested balances at beginning of period (in shares) | shares	1,486,756
Granted (in shares) | shares	24,373
Vested (in shares) | shares	(365,385)
Forfeited (in shares) | shares	(32,205)
Unvested balances at end of period (in shares) | shares	1,113,539
Weighted-Average Grant Date Fair Value
Unvested balances at beginning of period (in dollars per share) | $ / shares	$ 77.38
Granted (in dollars per share) | $ / shares	102.24
Vested (in dollars per share) | $ / shares	68.48
Forfeited (in dollars per share) | $ / shares	79.09
Unvested balances at end of period (in dollars per share) | $ / shares	$ 80.79

Share-Based Compensation (Sum_3

Share-Based Compensation (Summary of PSU Activity) (Details) - PSUs	3 Months Ended
	Mar. 31, 2020$ / sharesshares
One-Year Program
Number of Awards
Unvested balances at beginning of period (in shares) | shares	317,251
Granted (in shares) | shares	26,780
Vested (in shares) | shares	(3,668)
Forfeited (in shares) | shares	(12,833)
Unvested balances at end of period (in shares) | shares	327,530
Weighted-Average Grant Date Fair Value
Unvested balances at beginning of period (in dollars per share) | $ / shares	$ 80.87
Granted (in dollars per share) | $ / shares	84.17
Vested (in dollars per share) | $ / shares	66.12
Forfeited (in dollars per share) | $ / shares	82.40
Unvested balances at end of period (in dollars per share) | $ / shares	$ 81.24
Three-Year Program
Number of Awards
Unvested balances at beginning of period (in shares) | shares	797,451
Granted (in shares) | shares	45,091
Vested (in shares) | shares	(300,767)
Forfeited (in shares) | shares	(6,079)
Unvested balances at end of period (in shares) | shares	535,696
Weighted-Average Grant Date Fair Value
Unvested balances at beginning of period (in dollars per share) | $ / shares	$ 98.31
Granted (in dollars per share) | $ / shares	82.91
Vested (in dollars per share) | $ / shares	81.57
Forfeited (in dollars per share) | $ / shares	96.22
Unvested balances at end of period (in dollars per share) | $ / shares	$ 106.43

Share-Based Compensation (Sum_4

Share-Based Compensation (Summary of Stock Option Activity) (Details) - USD ($) $ / shares in Units, $ in Millions	Jan. 01, 2020	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Number of Stock Options
Outstanding at Beginning of period (in shares)	379,102	379,102
Exercised (in shares)		(27,196)	(8,666)
Forfeited (in shares)		(435)
Outstanding at End of period (in shares)		351,471
Weighted-Average Exercise Price
Outstanding at Beginning of period (in dollars per share)	$ 54.32	$ 54.32
Exercised (in dollars per share)		20.98
Forfeited (in dollars per share)		19.75
Outstanding at End of period (in dollars per share)		$ 56.94
Weighted-Average Remaining Contractual Term (In Years) [Abstract]
Weighted-Average Remaining Contractual Term (in years)	5 years 3 months 7 days	5 years 4 months 24 days
Aggregate Intrinsic Value (In Millions) [Abstract]
Aggregate Intrinsic Value (in millions)		$ 13		$ 20
Stock options, exercisable (in shares)		351,471	400,000
Options exercisable, weighted average exercise price (in dollars per share)		$ 56.94	$ 45.25

Nasdaq Stockholders' Equity (Na

Nasdaq Stockholders' Equity (Narrative) (Details) $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended
	Apr. 30, 2020USD ($)$ / shares	Mar. 31, 2020USD ($)vote$ / sharesshares	Mar. 31, 2019$ / sharesshares	Dec. 31, 2019shares
Stockholders Equity [Line Items]
Common stock, shares authorized (in shares)		300,000,000		300,000,000
Common stock, shares issued (in shares)		170,589,846		171,075,011
Common stock, shares outstanding (in shares)		164,337,766		165,094,440
Common stock (in votes per share) | vote		1
Common stock holder voting rights, maximum percentage of the then-outstanding shares of Nasdaq common stock		5.00%
Common stock in treasury (in shares)		6,252,080		5,980,571
Authorized amount under share repurchase program | $		$ 510
Number of shares of common stock repurchased (in shares)		1,182,114
Preferred stock, shares authorized (in shares)		30,000,000
Preferred stock par value (in dollars per share) | $ / shares		$ 0.01
Preferred stock, shares issued (in shares)		0	0
Preferred stock, shares outstanding (in shares)		0	0
Payments of dividends | $		$ 78
Cash dividends declared per common share (in dollars per share) | $ / shares		$ 0.47	$ 0.44
Cash dividends paid per common share (in dollars per share) | $ / shares			$ 0.47
Subsequent Event
Stockholders Equity [Line Items]
Cash dividends declared per common share (in dollars per share) | $ / shares	$ 0.49
Dividends declared | $	$ 81
Increase in common stock dividends	4.00%
Other Repurchases of Common Stock
Stockholders Equity [Line Items]
Number of shares of common stock repurchased (in shares)		271,509

Nasdaq Stockholders' Equity (Co

Nasdaq Stockholders' Equity (Common Stock in Treasury) (Details) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2020USD ($)$ / sharesshares
Equity [Abstract]
Number of shares of common stock repurchased (in shares) | shares	1,182,114
Average price paid per share (in dollars per share) | $ / shares	$ 103.17
Share repurchase program | $	$ 122

Nasdaq Stockholders' Equity (Sc

Nasdaq Stockholders' Equity (Schedule of Dividends Declared) (Details) - USD ($) $ / shares in Units, $ in Millions	Jan. 28, 2020	Mar. 31, 2020	Mar. 31, 2019
Dividends Payable [Line Items]
Dividend Per Common Share (in dollars per share)		$ 0.47	$ 0.44
Dividend Declaration Date First Quarter
Dividends Payable [Line Items]
Dividend Per Common Share (in dollars per share)	$ 0.47
Total Amount Paid	$ 78

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Numerator:
Net income attributable to common shareholders	$ 203	$ 247
Denominator:
Weighted-average common shares outstanding for basic earnings per share (in shares)	164,864,077	165,343,968
Weighted-average effect of dilutive securities:
Employee equity awards (in shares)	1,912,439	1,682,787
Weighted-average common shares outstanding for diluted earnings per share (in shares)	166,776,516	167,026,755
Basic and diluted earnings per share:
Basic earnings per share (in dollars per share)	$ 1.23	$ 1.49
Diluted earnings per share (in dollars per share)	$ 1.22	$ 1.48

Fair Value of Financial Instr_3

Fair Value of Financial Instruments (Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis) (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Debt securities:
Debt securities	$ 254	$ 291
European government
Debt securities:
Debt securities	149	157
Corporate
Debt securities:
Debt securities	52	34
State owned enterprises and municipalities
Debt securities:
Debt securities	35	24
Swedish mortgage bonds
Debt securities:
Debt securities	18	19
Time deposits
Debt securities:
Debt securities	0	57
Level 1
Debt securities:
Debt securities	149	157
Level 1 | European government
Debt securities:
Debt securities	149	157
Level 1 | Corporate
Debt securities:
Debt securities	0	0
Level 1 | State owned enterprises and municipalities
Debt securities:
Debt securities	0	0
Level 1 | Swedish mortgage bonds
Debt securities:
Debt securities	0	0
Level 1 | Time deposits
Debt securities:
Debt securities	0	0
Level 2
Debt securities:
Debt securities	105	134
Level 2 | European government
Debt securities:
Debt securities	0	0
Level 2 | Corporate
Debt securities:
Debt securities	52	34
Level 2 | State owned enterprises and municipalities
Debt securities:
Debt securities	35	24
Level 2 | Swedish mortgage bonds
Debt securities:
Debt securities	18	19
Level 2 | Time deposits
Debt securities:
Debt securities	0	57
Level 3
Debt securities:
Debt securities	0	0
Level 3 | European government
Debt securities:
Debt securities	0	0
Level 3 | Corporate
Debt securities:
Debt securities	0	0
Level 3 | State owned enterprises and municipalities
Debt securities:
Debt securities	0	0
Level 3 | Swedish mortgage bonds
Debt securities:
Debt securities	0	0
Level 3 | Time deposits
Debt securities:
Debt securities	$ 0	$ 0

Fair Value of Financial Instr_4

Fair Value of Financial Instruments (Narrative) (Details) - USD ($)	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value assets	$ 0		$ 0
Fair Value, Measurements, Nonrecurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of debt utilizing discounted cash flow analyses	$ 4,100,000,000	$ 3,600,000,000

Clearing Operations (Narrative)

Clearing Operations (Narrative) (Details)	1 Months Ended	3 Months Ended
	Sep. 30, 2018USD ($)	Mar. 31, 2020USD ($)fundcontract	Mar. 31, 2019USD ($)contract	Dec. 31, 2019USD ($)
Clearing Operations [Line Items]
Number of member sponsored default funds (in funds) | fund		4
Loss due to commodities market default	$ 133,000,000
Clearing default loss	$ 8,000,000
Capital relief program expense		$ 23,000,000
Default fund contributions		505,000,000
Default fund contributions and margin deposits		7,299,000,000
Committed capital		254,000,000		$ 291,000,000
Liability due to market default		0
Liability Waterfall
Clearing Operations [Line Items]
Junior capital, cash deposits and pledged assets		33,000,000
Senior capital, cash deposits and pledged assets		20,000,000
Committed capital		88,000,000
Utilize as capital resources
Clearing Operations [Line Items]
Default fund contributions		400,000,000
Utilize as member posted surplus balance
Clearing Operations [Line Items]
Default fund contributions		105,000,000
Cash Contributions
Clearing Operations [Line Items]
Default fund contributions		414,000,000
Default fund contributions and margin deposits		$ 3,241,000,000		$ 2,996,000,000
Minimum
Clearing Operations [Line Items]
Reverse purchase agreements, maturity range		1 day
Maximum
Clearing Operations [Line Items]
Reverse purchase agreements, maturity range		14 days
Nasdaq Clearing
Clearing Operations [Line Items]
Maturity period of time deposits		90 days
Committed capital		$ 141,000,000
Power of assessment of the clearing member's contribution to the financial markets and commodities markets default funds (as a percent)		100.00%
Contract value of resale and repurchase agreements		$ 1,000,000,000	$ 5,500,000,000
Total number of derivative contracts cleared | contract		1,410,884	1,885,698

Clearing Operations (Schedule o

Clearing Operations (Schedule of Clearing Member Default Fund Contributions And Margin Deposits) (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Clearing Operations [Line Items]
Default fund contributions	$ 505
Margin deposits	6,794
Total	7,299
Cash Contributions
Clearing Operations [Line Items]
Default fund contributions	414
Margin deposits	2,827
Total	3,241	$ 2,996
Non-Cash Contributions
Clearing Operations [Line Items]
Default fund contributions	91
Margin deposits	3,967
Total	$ 4,058

Clearing Operations (Investment

Clearing Operations (Investment Policy) (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Clearing Operations [Line Items]
Total	$ 7,299
Demand deposits
Clearing Operations [Line Items]
Total	1,069	$ 1,328
Central bank certificates
Clearing Operations [Line Items]
Total	1,024	896
European government debt securities
Clearing Operations [Line Items]
Total	388	508
Reverse repurchase agreements
Clearing Operations [Line Items]
Total	482	116
Supranationals and state owned enterprise debt securities
Clearing Operations [Line Items]
Total	278	148
Nordic Clearing Members Cash Contributions [Member]
Clearing Operations [Line Items]
Total	$ 3,241	$ 2,996

Clearing Operations (Schedule_2

Clearing Operations (Schedule of Derivative Contracts) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2020USD ($)TWhcontract	Mar. 31, 2019TWhcontract
Clearing Operations [Line Items]
Market value of derivative contracts | $	$ 1,577
Total number of cleared contracts (in contracts) | contract	31,126,294	24,148,465
Total volume in cleared power, in Terawatt hours (TWh) | TWh	292	250
Commodity and seafood options, futures and forwards
Clearing Operations [Line Items]
Market value of derivative contracts | $	$ 382
Total number of cleared contracts (in contracts) | contract	198,870	146,249
Fixed-income options and futures
Clearing Operations [Line Items]
Market value of derivative contracts | $	$ 711
Total number of cleared contracts (in contracts) | contract	5,842,771	5,404,135
Stock options and futures
Clearing Operations [Line Items]
Market value of derivative contracts | $	$ 312
Total number of cleared contracts (in contracts) | contract	6,089,250	6,854,813
Index options and futures
Clearing Operations [Line Items]
Market value of derivative contracts | $	$ 172
Total number of cleared contracts (in contracts) | contract	18,995,403	11,743,268

Leases (Narrative) (Details)

Leases (Narrative) (Details) $ in Millions	Mar. 31, 2020USD ($)
Leases [Abstract]
Future minimum payments on lease not yet commenced	$ 128
Terms of lease not yet commenced	16 years

Leases (Summary of Supplemental

Leases (Summary of Supplemental Balance Sheet Information Related to Operating Leases) (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Assets:
Operating lease assets	$ 324	$ 346
Liabilities:
Current lease liabilities	58	61
Non-current lease liabilities	310	331
Total lease liabilities	$ 368	$ 392

Leases (Leases Cost) (Details)

Leases (Leases Cost) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Leases [Abstract]
Operating lease cost	$ 20	$ 20
Variable lease cost	6	5
Sublease income	(1)	(1)
Total lease cost	$ 25	$ 24

Leases (Operating Lease Maturit

Leases (Operating Lease Maturity) (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Leases [Abstract]
2020	$ 56
2021	65
2022	43
2023	40
2024	35
Thereafter	240
Total lease payments	479
Less: interest	(111)
Present value of lease liabilities	368
Operating lease, current liabilities	$ 58	$ 61

Leases (Leases Terms and Discou

Leases (Leases Terms and Discount Rate) (Details)	Mar. 31, 2020
Leases [Abstract]
Weighted-average remaining lease term (in years)	10 years 6 months
Weighted-average discount rate	4.60%

Leases (Supplemental Cash Flow

Leases (Supplemental Cash Flow Information) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Leases [Abstract]
Cash paid for amounts included in the measurement of operating lease liabilities	$ 20	$ 18
Lease assets obtained in exchange for new operating lease liabilities	$ 0	$ 16

Income Taxes (Components of Inc

Income Taxes (Components of Income Tax Provision) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2020USD ($)	Mar. 31, 2019USD ($)
Income Tax Disclosure [Abstract]
Income tax provision	$ 70	$ 66
Percentage change in income tax provision	0.061
Effective tax rate	25.60%	21.10%

Commitments, Contingencies an_2

Commitments, Contingencies and Guarantees (Details)	Sep. 02, 2014exchange	Mar. 31, 2020USD ($)shares	Dec. 31, 2019USD ($)	Oct. 31, 2018USD ($)
Commitments and Contingencies Disclosure [Line Items]
Financial guarantees obtained		$ 10,000,000	$ 11,000,000
National exchanges named as defendants (in exchanges) | exchange	7
Estimate of possible loss of revenue				$ 1,000,000
eSpeed
Commitments and Contingencies Disclosure [Line Items]
Contingent future issuance of common stock (in shares) | shares		992,247
Revenue required to trigger annual issuance of Nasdaq common stock		$ 25,000,000
Escrow Agreement
Commitments and Contingencies Disclosure [Line Items]
Contingency, accrual		5,000,000
ICBC
Commitments and Contingencies Disclosure [Line Items]
Margin deposits contributed to brokers		15,000,000
Clearinghouse Credit Facilities
Commitments and Contingencies Disclosure [Line Items]
Credit facility, available liquidity		193,000,000	203,000,000
Commercial Paper and Letter Of Credit | Clearinghouse Credit Facilities
Commitments and Contingencies Disclosure [Line Items]
Utilized amount		$ 0	$ 15,000,000

Business Segments (Narrative) (

Business Segments (Narrative) (Details)	3 Months Ended
	Mar. 31, 2020segment
Segment Reporting [Abstract]
Number of operating segments (in segments)	4

Business Segments (Schedule of

Business Segments (Schedule of Operating Segments) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Segment Reporting Information [Line Items]
Total revenues	$ 1,353	$ 1,039
Transaction-based expenses	(652)	(405)
Revenues less transaction-based expenses	701	634
Depreciation and amortization	48	48
Operating income	275	275
Operating Segments | Market Services
Segment Reporting Information [Line Items]
Total revenues	933	638
Transaction-based expenses	(652)	(405)
Revenues less transaction-based expenses	281	233
Operating income	178	135
Operating Segments | Corporate Services
Segment Reporting Information [Line Items]
Total revenues	128	121
Transaction-based expenses	0	0
Revenues less transaction-based expenses	128	121
Operating income	45	44
Operating Segments | Information Services
Segment Reporting Information [Line Items]
Total revenues	211	193
Transaction-based expenses	0	0
Revenues less transaction-based expenses	211	193
Operating income	134	124
Operating Segments | Market Technology
Segment Reporting Information [Line Items]
Total revenues	81	77
Transaction-based expenses	0	0
Revenues less transaction-based expenses	81	77
Operating income	8	7
Corporate Items
Segment Reporting Information [Line Items]
Total revenues	0	10
Transaction-based expenses	0	0
Revenues less transaction-based expenses	0	10
Operating income	$ (90)	$ (35)

Business Segments (Corporate It

Business Segments (Corporate Items) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Segment Reporting Information [Line Items]
Revenues - divested business	$ 1,353	$ 1,039
Expenses:
Amortization expense of acquired intangible assets	25	26
Merger and strategic initiatives expense	7	9
Restructuring charges	12	0
Extinguishment of debt	36	0
Operating income	275	275
Corporate Items
Segment Reporting Information [Line Items]
Revenues - divested business	0	10
Expenses:
Amortization expense of acquired intangible assets	25	26
Merger and strategic initiatives expense	7	9
Restructuring charges	12	0
Extinguishment of debt	36	0
Expenses - divested business	0	8
Other	10	2
Total expenses	90	45
Operating income	$ (90)	$ (35)

Restructuring Charges (Narrativ

Restructuring Charges (Narrative) (Details)	3 Months Ended
	Mar. 31, 2020USD ($)
Restructuring Cost and Reserve [Line Items]
Restructuring, period of recognition	2 years
Asset impairment charges and accelerated depreciation expense | Minimum
Restructuring Cost and Reserve [Line Items]
Restructuring, expected cost	$ 90,000,000
Asset impairment charges and accelerated depreciation expense | Maximum
Restructuring Cost and Reserve [Line Items]
Restructuring, expected cost	$ 100,000,000

Restructuring Charges (Summary

Restructuring Charges (Summary of Restructuring Plan) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	$ 12	$ 0
Asset impairment charges and accelerated depreciation expense
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	3
Consulting services
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	3
Contract terminations
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	2
Severance and employee-related costs
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	1
Other
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	$ 3