Nasdaq (NDAQ) 10-Q 5 May 21 2021 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2021	Apr. 27, 2021
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2021
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		164,093,333
Entity Central Index Key	0001120193
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
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, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 774	$ 2,745
Restricted cash and cash equivalents	38	37
Financial investments	215	195
Receivables, net	574	566
Default funds and margin deposits	3,737	3,942
Other current assets	316	175
Total current assets	5,654	7,660
Property and equipment, net	482	475
Goodwill	8,508	6,850
Intangible assets, net	2,967	2,255
Operating lease assets	396	381
Other non-current assets	483	358
Total assets	18,490	17,979
Current liabilities:
Accounts payable and accrued expenses	183	175
Section 31 fees payable to SEC	131	224
Accrued personnel costs	174	227
Deferred revenue	519	235
Other current liabilities	377	121
Default funds and margin deposits	3,737	3,942
Short-term debt	435	0
Total current liabilities	5,556	4,924
Long-term debt	5,455	5,541
Deferred tax liabilities, net	542	502
Operating lease liabilities	406	389
Other non-current liabilities	197	187
Total liabilities	12,156	11,543
Commitments and contingencies
Nasdaq stockholders’ equity:
Common stock, $0.01 par value, 300,000,000 shares authorized, shares issued: 170,860,750 at March 31, 2021 and 171,278,761 at December 31, 2020; shares outstanding: 164,242,471 at March 31, 2021 and 164,933,678 at December 31, 2020	2	2
Additional paid-in capital	2,405	2,547
Common stock in treasury, at cost: 6,618,279 shares at March 31, 2021 and 6,345,083 shares at December 31, 2020	(415)	(376)
Accumulated other comprehensive loss	(1,505)	(1,368)
Retained earnings	5,845	5,628
Total Nasdaq stockholders’ equity	6,332	6,433
Noncontrolling interests	2	3
Total equity	6,334	6,436
Total liabilities and equity	$ 18,490	$ 17,979

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2021	Dec. 31, 2020
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)	170,860,750	171,278,761
Common stock, shares outstanding (in shares)	164,242,471	164,933,678
Common stock in treasury (in shares)	6,618,279	6,345,083

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Revenues:
Total revenues	$ 1,652	$ 1,353
Transaction-based expenses:
Revenues less transaction-based expenses	851	701
Operating expenses:
Compensation and benefits	239	195
Professional and contract services	27	27
Computer operations and data communications	44	35
Occupancy	28	25
General, administrative and other	13	61
Marketing and advertising	10	9
Depreciation and amortization	63	48
Regulatory	7	7
Merger and strategic initiatives	45	7
Restructuring charges	10	12
Total operating expenses	486	426
Operating income	365	275
Interest income	1	2
Interest expense	(29)	(26)
Other income	1	5
Net income from unconsolidated investees	57	17
Income before income taxes	395	273
Income tax provision	97	70
Net income attributable to Nasdaq	$ 298	$ 203
Per share information:
Basic earnings per share (in dollars per share)	$ 1.81	$ 1.23
Diluted earnings per share (in dollars per share)	1.78	1.22
Cash dividends declared per common share (in dollars per share)	$ 0.49	$ 0.47
Transaction rebates
Transaction-based expenses:
Transaction-based expenses	$ (654)	$ (479)
Brokerage, clearance and exchange fees
Transaction-based expenses:
Transaction-based expenses	(147)	(173)
Operating Segments | Market Services
Revenues:
Total revenues	1,139	933
Transaction-based expenses:
Revenues less transaction-based expenses	338	281
Operating expenses:
Operating income	228	178
Operating Segments | Corporate Platforms
Revenues:
Total revenues	155	128
Transaction-based expenses:
Revenues less transaction-based expenses	155	128
Operating expenses:
Operating income	65	45
Operating Segments | Investment Intelligence
Revenues:
Total revenues	258	211
Transaction-based expenses:
Revenues less transaction-based expenses	258	211
Operating expenses:
Operating income	167	134
Operating Segments | Market Technology
Revenues:
Total revenues	100	81
Transaction-based expenses:
Revenues less transaction-based expenses	100	81
Operating expenses:
Operating income	$ (2)	$ 8

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2021	Mar. 31, 2020
Statement of Comprehensive Income [Abstract]
Net income		$ 298	$ 203
Other comprehensive loss:
Foreign currency translation losses		(114)	(215)
Income tax expense	[1]	(23)	(8)
Foreign currency translation, net		(137)	(223)
Comprehensive income (loss) attributable to Nasdaq		$ 161	$ (20)
[1]	Primarily relates to the tax effect of unrealized gains and losses on Euro denominated notes.

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) shares in Millions, $ in Millions	Total	Total Nasdaq stockholders’ equity	Common stock	Additional paid-in capital	Common stock in treasury, at cost	Accumulated other comprehensive loss	Retained earnings	Retained earningsCumulative effect, period of adoption	Noncontrolling interests
Beginning balance (in shares) at Dec. 31, 2019			165
Beginning balance at Dec. 31, 2019			$ 2	$ 2,632	$ (336)	$ (1,686)	$ 5,027	$ (12)	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares repurchase program (in shares)				(1)
Share repurchase program				$ (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)
Net activity related to noncontrolling interests									2
Ending balance (in shares) at Mar. 31, 2020	164
Ending balance at Mar. 31, 2020	$ 5,398	$ 5,396		2,527	(364)	(1,909)	5,140		2
Beginning balance (in shares) at Dec. 31, 2020			165
Beginning balance at Dec. 31, 2020	6,436		$ 2	$ 2,547	$ (376)	(1,368)	5,628		3
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares repurchase program (in shares)				(1)
Share repurchase program	(162)			$ (162)
Share-based compensation (in shares)				1
Share-based compensation				$ 19
Stock option exercises, net				1
Other employee stock activity (in shares)					(1)
Other employee stock activity					$ (39)
Other comprehensive loss						(137)
Net income	$ 298						298
Cash dividends declared per common share							(81)
Net activity related to noncontrolling interests									(1)
Ending balance (in shares) at Mar. 31, 2021	164
Ending balance at Mar. 31, 2021	$ 6,334	$ 6,332		$ 2,405	$ (415)	$ (1,505)	$ 5,845		$ 2

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash flows from operating activities:
Net income	$ 298	$ 203
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	63	48
Share-based compensation	19	17
Deferred income taxes	20	(1)
Extinguishment of debt	0	36
Net income from unconsolidated investees	(57)	(17)
Other reconciling items included in net income	3	(1)
Net change in operating assets and liabilities, net of effects of acquisitions:
Receivables, net	6	(174)
Other assets	(94)	69
Accounts payable and accrued expenses	12	28
Section 31 fees payable to SEC	(93)	29
Accrued personnel costs	(52)	(53)
Deferred revenue	255	204
Other liabilities	14	(8)
Net cash provided by operating activities	394	380
Cash flows from investing activities:
Purchases of securities	(60)	(92)
Proceeds from sales and redemptions of securities	28	114
Acquisition of businesses, net of cash and cash equivalents acquired	(2,430)	(157)
Purchases of property and equipment	(42)	(26)
Other investing activities	(1)	7
Net cash used in investing activities	(2,505)	(154)
Cash flows from financing activities:
Proceeds from (repayments of) commercial paper, net	435	(42)
Repayments of borrowings under our credit commitment and debt obligations	(100)	(671)
Payment of debt extinguishment cost	0	(36)
Proceeds from issuances of long-term debt, net of issuance costs and utilization of credit commitment	100	1,443
Repurchases of common stock	(162)	(122)
Dividends paid	(81)	(78)
Payments related to employee shares withheld for taxes	(39)	(28)
Other financing activities	(1)	2
Net cash provided by financing activities	152	468
Effect of exchange rate changes on cash and cash equivalents and restricted cash and cash equivalents	(11)	(12)
Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents	(1,970)	682
Cash and cash equivalents and restricted cash and cash equivalents at beginning of period	2,782	362
Cash and cash equivalents and restricted cash and cash equivalents at end of period	812	1,044
Cash paid for:
Interest	19	33
Income taxes, net of refund	$ 45	$ 41

Organization and Nature of Oper

Organization and Nature of Operations	3 Months Ended
	Mar. 31, 2021
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 Platforms, Investment Intelligence 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 certain countries where we operate exchanges, we also provide broker services, clearing, settlement and central depository services. In January 2020, we commenced an orderly wind-down of our Nordic broker services operations business. We expect this wind-down to continue through 2021. Also, in February 2021, we announced that we entered into a purchase and sale agreement, or the Purchase Agreement, to sell our U.S. Fixed Income business and as a result, this business has been classified as held for sale as of March 31, 2021. See Note 5, “Assets and Liabilities Held for Sale,” for further discussion. 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 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. The U.S. portion of Nasdaq Fixed Income includes an electronic platform for trading of U.S. Treasuries and we also operate a Canadian exchange for the trading of certain Canadian-listed securities. As noted above, in February 2021, we announced that we entered into a Purchase Agreement to sell our U.S. Fixed Income business. 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. The European portion of Nasdaq Fixed Income provides a wide range of products and services, such as trading and clearing, for fixed income products in Sweden, Denmark, Finland, Iceland, Estonia, Lithuania and Latvia. 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. Our marketplaces may be accessed via a number of different protocols used for quoting, order entry, trade reporting, and connectivity to various data feeds. We also offer the Nasdaq Workstation, a browser-based, front-end interface that allows market participants to view data and enter orders, quotes and trade reports. In addition, we offer a variety of add-on compliance tools to help firms comply with regulatory requirements. We provide colocation 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 offerings 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. As noted above, we have commenced an orderly wind-down of our Nordic broker services operations business that will continue through 2021. Corporate Platforms Our Corporate Platforms segment includes our Listing Services and IR & ESG Services 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 to enable employees, investors, and companies to execute transactions. We are continuing to grow our U.S. Corporate Bond exchange for the listing of corporate bonds. This exchange operates pursuant to The Nasdaq Stock Market exchange license and is powered by the NFF. As of March 31, 2021, 92 corporate bonds were listed on the Corporate Bond exchange. 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, 2021, there were 3,667 total listings on The Nasdaq Stock Market, including 410 ETPs. The combined market capitalization was approximately $23.0 trillion. In Europe, the Nasdaq Nordic and Nasdaq Baltic exchanges, together with Nasdaq First North, were home to 1,090 listed companies with a combined market capitalization of approximately $2.2 trillion. Our IR & ESG Services 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, improve corporate governance, and navigate the evolving ESG landscape through our suite of advanced technology, analytics, reporting and consultative services. We provide clients with counsel on a range of governance and sustainability-related issues. Our offerings also include our ESG Advisory service and our board assessment and collaboration technology. Investment Intelligence Our Investment Intelligence segment includes our Market Data, Index and Analytics businesses. Our Market Data business sells and distributes historical and real-time market data to the sell-side, the institutional investing community, 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. Additionally, our Nasdaq Cloud Data Service provides a flexible and efficient method of delivery for real-time exchange data and other financial information. Our Index business develops and licenses Nasdaq-branded indexes and financial products. We also license cash-settled options, futures and options on futures on our indexes. As of March 31, 2021, 349 ETPs listed in 30 countries and exchanges tracked a Nasdaq index and accounted for $385 billion in AUM. Our Analytics business provides asset managers, investment consultants and institutional asset owners with information and analytics to make data-driven investment decisions, deploy their resources more productively, and provide liquidity solutions for private funds. Through eVestment and Solovis, we provide a suite of cloud-based solutions that help institutional investors and consultants conduct pre-investment due diligence, and monitor their portfolios post-investment. The eVestment platform also enables asset managers to market their institutional products worldwide. Market Technology Our Market Technology segment includes our Marketplace Infrastructure Technology business, which includes our solutions for the full trade life cycle to market infrastructure operators, banks and brokers, and non-financial market operators and our Anti Financial Crime Technology business, which includes our SaaS offering providing surveillance, risk management, and Verafin's anti-money laundering and fraud technology solutions. 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 marketplace infrastructure technology solutions power over 130 market infrastructure operators and new market clients in more than 50 countries and handles 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. We also continue to extend our anti-financial crime strategy. Our Nasdaq Trade Surveillance solution is a managed service designed for brokers and other market participants to assist them in complying with market rules, regulations and internal market surveillance policies. We have added a cloud-deployed anti-money laundering offering with an automated investigator tool for retail banks, the Nasdaq Automated Investigator. Additionally, in February 2021, we completed the acquisition of Verafin, a SaaS technology provider of anti-financial crime management solutions that provides a cloud-based platform to help detect, investigate, and report money laundering and financial fraud. See “2021 Acquisition,” of Note 4, “Acquisitions,” for further discussion. 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. 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, 2021
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 7, “Investments,” for further discussion of our equity method investments. The accompanying condensed consolidated financial statements reflect all adjustments which are, in the opinion of management, necessary for a fair statement of the results. 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. 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 has 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 results of operations and financial position for the three months ended March 31, 2021. In addition, there were no material impairment charges recorded for the three months ended March 31, 2021. 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 There have been no subsequent events through the issuance date of this Quarterly Report on Form 10-Q that would require disclosure in, or adjustment to, the condensed consolidated financial statements.

Revenue From Contracts With Cus

Revenue From Contracts With Customers	3 Months Ended
	Mar. 31, 2021
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, 2021 and 2020: Three Months Ended March 31, 2021 Market Services Corporate Platforms Investment Intelligence Market Technology Consolidated (in millions) Transaction-based trading and clearing, net $ 258 $ — $ — $ — $ 258 Trade management services 80 — — — 80 Listing services — 98 — — 98 IR & ESG Services — 57 — — 57 Market data — — 108 — 108 Index — — 102 — 102 Analytics — — 48 — 48 Marketplace Infrastructure Technology — — — 54 54 Anti Financial Crime Technology — — — 46 46 Revenues less transaction-based expenses $ 338 $ 155 $ 258 $ 100 $ 851 Three Months Ended March 31, 2020 Market Services Corporate Platforms Investment Intelligence Market Technology Consolidated (in millions) Transaction-based trading and clearing, net $ 209 $ — $ — $ — $ 209 Trade management services 72 — — — 72 Listing services — 75 — — 75 IR & ESG Services — 53 — — 53 Market data — — 97 — 97 Index — — 73 — 73 Analytics — — 41 — 41 Marketplace Infrastructure Technology — — — 52 52 Anti Financial Crime Technology — — — 29 29 Revenues less transaction-based expenses $ 281 $ 128 $ 211 $ 81 $ 701 For the three months ended March 31, 2021, approximately 73% of Market Services revenues were recognized at a point in time and 27% were recognized over time. For the three months ended March 31, 2020, approximately 72% of Market Services revenues were recognized at a point in time and 28% were recognized over time. Substantially all revenues from the Corporate Platforms, Investment Intelligence and Market Technology segments were recognized over time for the three months ended March 31, 2021 and 2020. * * * * * * 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 doubtful accounts of $19 million as of March 31, 2021 and $21 million as of December 31, 2020. 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, IR & ESG services and investment intelligence contracts. Deferred revenue is the only significant contract asset or liability as of March 31, 2021 . See Note 8, “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, 2021: (in millions) 2021 (1) $ 218 2022 213 2023 97 2024 71 2025 54 2026 and thereafter 115 Total $ 768 ____________ (1) Represents the estimated revenue to be recognized for the remaining nine months of 2021. 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, 2021 are reflected in the following table: Initial Listing Revenues Annual Listings Revenues IR & ESG Services Investment Intelligence Revenues Market Technology Revenues Other (1) Total (in millions) Balance at December 31, 2020 $ 91 $ 2 $ 46 $ 97 $ 53 $ 17 $ 306 Deferred revenue billed in the current period, net of recognition (2) 37 221 28 50 57 10 403 Revenue recognized that was included in the beginning of the period (17) (1) (22) (33) (23) (6) (102) Foreign currency translation adjustment (1) (1) — — (3) (1) (6) Balance at March 31, 2021 $ 110 $ 221 $ 52 $ 114 $ 84 $ 20 $ 601 ____________ (1) Balance at March 31, 2021 primarily includes deferred revenue from non-U.S. listing of additional shares fees. Listing of additional shares fees are included in our Listing Services business. (2) Includes deferred revenue acquired as part of the acquisition of Verafin. As of March 31, 2021, we estimate that our deferred revenue will be recognized in the following years: Initial Listing Revenues Annual Listings Revenues IR & ESG Services Revenues Investment Intelligence Revenues Market Technology Revenues Other (1) Total (in millions) Fiscal year ended: 2021 (2) $ 31 $ 221 $ 49 $ 103 $ 76 $ 12 $ 492 2022 31 — 3 11 8 4 57 2023 18 — — — — 3 21 2024 13 — — — — 1 14 2025 10 — — — — — 10 2026 and thereafter 7 — — — — — 7 Total $ 110 $ 221 $ 52 $ 114 $ 84 $ 20 $ 601 ____________ (1) For composition of “Other” see footnote (1) above. (2) Represents the estimated amortization to be recognized for the remaining nine months of 2021. 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

Acquisitions	3 Months Ended
	Mar. 31, 2021
Business Combinations [Abstract]
Acquisitions	Acquisitions We completed the following acquisitions in 2021 and 2020. Financial results of each transaction are included in our condensed consolidated financial statements from the date of each acquisition. 2021 Acquisition Purchase Consideration Total Net Liabilities Acquired Acquired Goodwill (in millions) Verafin $ 2,651 $ (37) $ 815 $ 1,873 Acquisition of Verafin In February 2021, we completed the acquisition of Verafin, a SaaS technology provider of anti-financial crime management solutions that provides a cloud-based platform to help detect, investigate, and report money laundering and financial fraud, for an aggregate purchase price of $2.75 billion, subject to certain adjustments. The $2.75 billion purchase price includes a cash payment of $102 million, the release of which is subject to certain employment-related conditions over three years following the closing of the transaction. This payment was recorded as a prepaid expense and is recorded in other current and non-current assets in our Condensed Consolidated Balance Sheets and will be amortized to merger and strategic initiatives expense on a straight-line basis over a three-year period. Verafin is part of our Market Technology segment. Nasdaq used the net proceeds from our offering of senior notes in December 2020, commercial paper issuances, and cash on hand to fund this acquisition. See “Commercial Paper Program,” and “Senior Unsecured Notes Due 2022, 2031 and 2040,” of Note 9, “Debt Obligations,” for further discussion. The amounts in the table above represent the preliminary allocation of purchase price as of March 31, 2021 and are subject to revision during the remainder of the measurement period, a period not to exceed 12 months from the acquisition date. Adjustments to the provisional values, which may include tax and other estimates, during the measurement period will be recorded in the reporting period in which the adjustment amounts are determined. Changes to amounts recorded as assets and liabilities may result in a corresponding adjustment to goodwill. Intangible Assets The following table presents the details of acquired intangible assets for Verafin at the date of acquisition. Acquired intangible assets with finite lives are amortized using the straight-line method. Customer Relationships Technology Trade Name Total Acquired Intangible Assets Intangible asset value (in millions) $ 532 $ 246 $ 37 $ 815 Discount rate used 7.5 % 7.5 % 7.5 % Estimated average useful life 22 years 7 years 20 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 Verafin, 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 20 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. Technology As part of our acquisition of Verafin, we acquired developed technology. Methodology The developed technology was valued using the income approach, specifically the relief-from-royalty method, or RFRM. The RFRM is used to estimate the cost savings that accrue to the owner of an intangible asset who would otherwise have to pay royalties or license fees on revenues earned through the use of the asset. The royalty rate is applied to the projected revenue over the expected remaining life of the intangible asset to estimate royalty savings. The net after-tax royalty savings are calculated for each year in the remaining economic life of the technology and discounted to present value. Discount Rate The discount rates used reflect the amount of risk associated with the hypothetical cash flows for the developed technology relative to the overall business as discussed above in “Customer Relationships.” Estimated Useful Life We have estimated the useful life of the Verafin technology to be 7 years. Trade Name As part of our acquisition of Verafin, we acquired a trade name. The trade name is recognized in the industry and carries a reputation for quality. As such, the reputation and positive recognition embodied in the trade name is a valuable asset to Nasdaq. Methodology The Verafin trade name was valued using the income approach, specifically the RFRM as discussed above in “Technology.” Discount Rate The discount rate used reflects the amount of risk associated with the hypothetical cash flows for the trade name relative to the overall business as discussed above in “Customer Relationships.” Estimated Useful Life We have estimated the useful life of the Verafin trade name to be 20 years and our intention is to continue to use it in the branding of products. 2020 Acquisition Acquisition of Solovis In March 2020, we acquired Solovis, a provider of multi-asset class portfolio management, analytics and reporting tools across public and private markets. Solovis is part of our Investment Intelligence segment. Pro Forma Results and Acquisition-Related Costs The condensed consolidated financial statements for the three months ended March 31, 2021 and 2020 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.

Assets and Liabilities Held For

Assets and Liabilities Held For Sale	3 Months Ended
	Mar. 31, 2021
Discontinued Operations and Disposal Groups [Abstract]
Assets and Liabilities Held For Sale	Assets and Liabilities Held For Sale In February 2021, we announced that we entered into a Purchase Agreement to sell our U.S. Fixed Income business, which is part of our FICC business within our Market Services segment, to an affiliate of Tradeweb Markets Inc., or Tradeweb. Pursuant to the Purchase Agreement, an affiliate of Tradeweb will acquire all of the outstanding equity interests in certain subsidiaries of Nasdaq and certain assets and liabilities related to the business. The closing is subject to regulatory approvals and the satisfaction of other customary conditions, and is expected to occur later in 2021. We determined that we met all of the criteria to classify the assets and liabilities of this business as held for sale as of March 31, 2021. The disposal of this business did not represent a strategic shift that would have a major effect on our operations and financial results and was, therefore, not classified as discontinued operations. No impairment charge was recorded for the three months ended March 31, 2021 as the carrying amount of the net assets was less than the fair value less costs to sell. Fair value was determined based on the sales price in the agreement. Major Classes of Assets and Liabilities Held For Sale The carrying amounts of the major classes of assets and liabilities that were classified as held for sale at March 31, 2021 were as follows: March 31, 2021 (in millions) Goodwill (1) $ 60 Intangible assets, net (2) 33 Other current and non-current assets 10 Total assets held for sale (3) $ 103 Other current liabilities $ 2 Total liabilities held for sale (4) $ 2 __________ (1) The assignment of goodwill was based on the relative fair value of the disposal group and the portion of the remaining reporting unit. (2) Primarily represents customer relationships. (3) Included in other current assets in the Condensed Consolidated Balance Sheets as of March 31, 2021. (4) Included in other current liabilities in the Condensed Consolidated Balance Sheets as of March 31, 2021.

Goodwill and Acquired Intangibl

Goodwill and Acquired Intangible Assets	3 Months Ended
	Mar. 31, 2021
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, 2021: Market Corporate Platforms Investment Intelligence Market Technology Total (in millions) Balance at December 31, 2020 $ 3,519 $ 481 $ 2,541 $ 309 $ 6,850 Goodwill acquired — — — 1,873 1,873 Goodwill reclassified to held for sale (1) (37) — (23) — (60) Foreign currency translation adjustment (82) (7) (57) (9) (155) Balance at March 31, 2021 $ 3,400 $ 474 $ 2,461 $ 2,173 $ 8,508 __________ (1) In addition to revenues earned through Market Services, our U.S. Fixed Income business also earns fees from market data, which are included in our Investment Intelligence segment. Therefore, a portion of the goodwill was allocated to this segment. See Note 5, “Assets and Liabilities Held for Sale,” for further discussion. * * * * * * The goodwill acquired for Market Technology shown above relates to our acquisition of Verafin. See “2021 Acquisition,” of Note 4, “Acquisitions,” for further discussion of this acquisition. As of March 31, 2021, the amount of goodwill that is expected to be deductible for tax purposes in future periods is $1.9 billion. 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, 2021 and 2020; however, events such as prolonged 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, 2021 December 31, 2020 Gross Amount Accumulated Amortization Net Amount Gross Amount Accumulated Amortization Net Amount (in millions) (in millions) Finite-Lived Intangible Assets Technology $ 322 $ (33) $ 289 $ 76 $ (24) $ 52 Customer relationships 2,049 (626) 1,423 1,599 (648) 951 Trade names and other 57 (7) 50 18 (6) 12 Foreign currency translation adjustment (125) 69 (56) (104) 58 (46) Total finite-lived intangible assets $ 2,303 $ (597) $ 1,706 $ 1,589 $ (620) $ 969 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 (169) — (169) (144) — (144) Total indefinite-lived intangible assets $ 1,261 $ — $ 1,261 $ 1,286 $ — $ 1,286 Total intangible assets $ 3,564 $ (597) $ 2,967 $ 2,875 $ (620) $ 2,255 The change in the gross and net amounts, for technology, customer relationships, and trade names and other finite-lived intangible assets as of March 31, 2021 compared with December 31, 2020 is primarily related to our acquisition of Verafin. See “2021 Acquisition,” of Note 4, “Acquisitions,” for further discussion of this acquisition. In addition, as discussed in Note 5, “Assets and Liabilities Held for Sale,” we decided to sell our U.S. Fixed Income business, and as a result, we reclassified the customer relationships intangible asset to held for sale. The following table presents the details of the reclassification as of March 31, 2021: Gross Amount Accumulated Amortization Net Amount (in millions) Customer relationships intangible asset 83 (50) 33 Amortization expense for acquired finite-lived intangible assets was $36 million for the three months ended March 31, 2021 and $25 million for the three months ended March 31, 2020. The increase in amortization expense for the three months ended March 31, 2021 compared with the same period in 2020 was primarily due to additional amortization expense for acquired intangible assets related to our acquisition of Verafin. 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 $56 million as of March 31, 2021) of acquired finite-lived intangible assets as of March 31, 2021 is as follows: (in millions) 2021 (1) $ 124 2022 162 2023 158 2024 153 2025 151 2026 and thereafter 1,014 Total $ 1,762 ____________ (1) Represents the estimated amortization to be recognized for the remaining nine months of 2021.

Investments

Investments	3 Months Ended
	Mar. 31, 2021
Investments, Debt and Equity Securities [Abstract]
Investments	Investments The following table presents the details of our investments: March 31, 2021 December 31, 2020 (in millions) Financial investments $ 215 $ 195 Equity method investments $ 272 $ 216 Equity securities $ 60 $ 60 Financial Investments As of March 31, 2021, financial investments are comprised of trading securities, and are primarily comprised of highly rated European government debt securities, of which $164 million are assets primarily utilized to meet regulatory capital requirements, mainly for our clearing operations at Nasdaq Clearing. As of December 31, 2020 , financial investments are comprised of trading securities, and are primarily comprised of highly rated European government debt securities, of which $175 million are assets primarily utilized to meet regulatory capital requirements, mainly for our clearing operations at Nasdaq Clearing. Equity Method Investments We record our estimated pro-rata share of earnings or losses each reporting period and record any dividends as a reduction in the investment balance. As of March 31, 2021 and 2020, our equity method investments primarily included our 40.0% equity interest in the 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 for the three months end March 31, 2021 and 2020. Net income recognized from our equity interest in the earnings and losses of these equity method investments, primarily the OCC, was $57 million for the three months ended March 31, 2021 and $17 million for the three months ended March 31, 2020. For the three months ended March 31, 2021, higher equity earnings in the OCC were primarily driven by elevated U.S. industry trading volumes. 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, 2021 and 2020. As of March 31, 2021 and December 31, 2020 , 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, 2021
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, 2021 and 2020: Three Months Ended March 31, 2021 Market Services Corporate Platforms Investment Intelligence Market Technology Consolidated (in millions) Transaction-based trading and clearing, net $ 258 $ — $ — $ — $ 258 Trade management services 80 — — — 80 Listing services — 98 — — 98 IR & ESG Services — 57 — — 57 Market data — — 108 — 108 Index — — 102 — 102 Analytics — — 48 — 48 Marketplace Infrastructure Technology — — — 54 54 Anti Financial Crime Technology — — — 46 46 Revenues less transaction-based expenses $ 338 $ 155 $ 258 $ 100 $ 851 Three Months Ended March 31, 2020 Market Services Corporate Platforms Investment Intelligence Market Technology Consolidated (in millions) Transaction-based trading and clearing, net $ 209 $ — $ — $ — $ 209 Trade management services 72 — — — 72 Listing services — 75 — — 75 IR & ESG Services — 53 — — 53 Market data — — 97 — 97 Index — — 73 — 73 Analytics — — 41 — 41 Marketplace Infrastructure Technology — — — 52 52 Anti Financial Crime Technology — — — 29 29 Revenues less transaction-based expenses $ 281 $ 128 $ 211 $ 81 $ 701 For the three months ended March 31, 2021, approximately 73% of Market Services revenues were recognized at a point in time and 27% were recognized over time. For the three months ended March 31, 2020, approximately 72% of Market Services revenues were recognized at a point in time and 28% were recognized over time. Substantially all revenues from the Corporate Platforms, Investment Intelligence and Market Technology segments were recognized over time for the three months ended March 31, 2021 and 2020. * * * * * * 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 doubtful accounts of $19 million as of March 31, 2021 and $21 million as of December 31, 2020. 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, IR & ESG services and investment intelligence contracts. Deferred revenue is the only significant contract asset or liability as of March 31, 2021 . See Note 8, “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, 2021: (in millions) 2021 (1) $ 218 2022 213 2023 97 2024 71 2025 54 2026 and thereafter 115 Total $ 768 ____________ (1) Represents the estimated revenue to be recognized for the remaining nine months of 2021. 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, 2021 are reflected in the following table: Initial Listing Revenues Annual Listings Revenues IR & ESG Services Investment Intelligence Revenues Market Technology Revenues Other (1) Total (in millions) Balance at December 31, 2020 $ 91 $ 2 $ 46 $ 97 $ 53 $ 17 $ 306 Deferred revenue billed in the current period, net of recognition (2) 37 221 28 50 57 10 403 Revenue recognized that was included in the beginning of the period (17) (1) (22) (33) (23) (6) (102) Foreign currency translation adjustment (1) (1) — — (3) (1) (6) Balance at March 31, 2021 $ 110 $ 221 $ 52 $ 114 $ 84 $ 20 $ 601 ____________ (1) Balance at March 31, 2021 primarily includes deferred revenue from non-U.S. listing of additional shares fees. Listing of additional shares fees are included in our Listing Services business. (2) Includes deferred revenue acquired as part of the acquisition of Verafin. As of March 31, 2021, we estimate that our deferred revenue will be recognized in the following years: Initial Listing Revenues Annual Listings Revenues IR & ESG Services Revenues Investment Intelligence Revenues Market Technology Revenues Other (1) Total (in millions) Fiscal year ended: 2021 (2) $ 31 $ 221 $ 49 $ 103 $ 76 $ 12 $ 492 2022 31 — 3 11 8 4 57 2023 18 — — — — 3 21 2024 13 — — — — 1 14 2025 10 — — — — — 10 2026 and thereafter 7 — — — — — 7 Total $ 110 $ 221 $ 52 $ 114 $ 84 $ 20 $ 601 ____________ (1) For composition of “Other” see footnote (1) above. (2) Represents the estimated amortization to be recognized for the remaining nine months of 2021. 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, 2021
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, 2021: December 31, 2020 Additions Payments, Foreign Currency Translation and Accretion March 31, 2021 (in millions) Short-term debt - commercial paper $ — $ 685 $ (250) $ 435 Long-term debt: 4.25% senior unsecured notes due June 1, 2024 498 — — 498 1.75% senior unsecured notes due May 19, 2023 730 — (29) 701 3.85% senior unsecured notes due June 30, 2026 497 — — 497 1.75% senior unsecured notes due March 28, 2029 726 — (29) 697 0.875% senior unsecured notes due February 13, 2030 726 — (29) 697 3.25% senior unsecured notes due April 28, 2050 485 — 1 486 0.445% senior unsecured notes due December 21, 2022 597 — — 597 1.650% senior unsecured notes due January 15, 2031 643 — — 643 2.500% senior unsecured notes due December 21, 2040 643 — — 643 $1.25 billion senior unsecured revolving credit facility due December 22, 2025 (4) 100 (100) (4) Total long-term debt 5,541 100 (186) 5,455 Total debt obligations $ 5,541 $ 785 $ (436) $ 5,890 Commercial Paper Program Our U.S. dollar commercial paper program is supported by our 2020 Credit Facility which provides liquidity support for the repayment of commercial paper issued through this program. See “2020 Credit Facility” below for further discussion of our 2020 Credit Facility. 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. In February 2021, we issued $475 million of commercial paper to partially fund the acquisition of Verafin. For further discussion of the acquisition of Verafin, see “2021 Acquisition,” of Note 4, “Acquisitions.” As of March 31, 2021, 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 30 days to 121 days and the weighted-average maturity is 34 days. The weighted-average effective interest rate is 0.28% per annum. Senior Unsecured Notes Our 2022 and 2040 Notes were issued at par. The remaining senior unsecured notes were 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, 2021, 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, Foreign Currency Translation and Accretion” 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. 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 $29 million noted in the “Payments, Foreign Currency Translation and Accretion” 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, 2021. 3.85% Senior Unsecured Notes Due 2026 In June 2016, Nasdaq issued the 2026 Notes. The 2026 Notes pay interest semi-annually 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 $29 million noted in the “Payments, Foreign Currency Translation and Accretion” 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, 2021. 0.875% Senior Unsecured Notes Due 2030 In February 2020, Nasdaq issued the 2030 Notes. The 2030 Notes pay interest annually in arrears, which began on February 13, 2021 and may be redeemed by Nasdaq at any time, subject to a make-whole amount. The interest rate of 0.875% may vary with Nasdaq's debt rating, to the extent Nasdaq is downgraded below investment grade, up to a rate not to exceed 1.875%. 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 decrease in the carrying amount of $29 million noted in the “Payments, Foreign Currency Translation and Accretion” 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, 2021. 3.25% Senior Unsecured Notes Due 2050 In April 2020, Nasdaq issued the 2050 Notes. The 2050 Notes pay interest semi-annually in arrears, which began 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%. Senior Unsecured Notes Due 2022, 2031 and 2040 In December 2020, Nasdaq issued the 2022, 2031 and 2040 Notes. The net proceeds were used to partially finance the acquisition of Verafin. For further discussion of the acquisition of Verafin, see “2021 Acquisition,” of Note 4, “Acquisitions.” 0.445% Senior Unsecured Notes Due 2022 The 2022 Notes pay interest semi-annually in arrears, beginning on June 21, 2021 and may be redeemed by Nasdaq at any time, subject to a make-whole amount. The interest rate of 0.445% may vary with Nasdaq's debt rating, to the extent Nasdaq is downgraded below investment grade, up to a rate not to exceed 1.445%. 1.650% Senior Unsecured Notes Due 2031 The 2031 Notes pay interest semi-annually in arrears, which began on January 15, 2021 and may be redeemed by Nasdaq at any time, subject to a make-whole amount. The interest rate of 1.650% may vary with Nasdaq's debt rating, to the extent Nasdaq is downgraded below investment grade, up to a rate not to exceed 2.65%. 2.500% Senior Unsecured Notes Due 2040 The 2040 Notes pay interest semi-annually in arrears, beginning on June 21, 2021 and may be redeemed by Nasdaq at any time, subject to a make-whole amount. The interest rate of 2.500% may vary with Nasdaq's debt rating, to the extent Nasdaq is downgraded below investment grade, up to a rate not to exceed 3.50%. Credit Facilities 2020 Credit Facility In December 2020, Nasdaq entered into the 2020 Credit Facility. The 2020 Credit Facility consists of a $1.25 billion five-year revolving credit facility (with sublimits for non-dollar borrowings, swingline borrowings and letters of credit), which replaced a former credit facility. Nasdaq intends to use funds available under the 2020 Credit Facility for general corporate purposes and to provide liquidity support for the repayment of commercial paper issued through the commercial paper program. Nasdaq is permitted to repay borrowings under our 2020 Credit Facility at any time in whole or in part, without penalty. As of March 31, 2021, no amounts were outstanding on the 2020 Credit Facility. The $(4) million balance represents unamortized debt issuance costs which are being accreted through interest expense over the life of the credit facility. Of the $1.25 billion that is available for borrowing, $435 million provides liquidity support for the commercial paper program. As such, as of March 31, 2021, the total remaining amount available under the 2020 Credit Facility was $815 million, excluding the amounts that support the commercial paper program. See “Commercial Paper Program” above for further discussion of our commercial paper program. Under our 2020 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 0.350%, 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, 2021. The 2020 Credit Facility contains financial and operating covenants. Financial covenants include 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 customary events of default, including cross-defaults to our material indebtedness. The 2020 Credit Facility includes an option for Nasdaq to increase the available aggregate amount by up to $625 million, subject to the consent of the lenders funding the increase and certain other conditions. Other Credit Facilities Certain of our European subsidiaries have several other credit facilities, which are available in multiple currencies, primarily to support our Nasdaq Clearing operations in Europe, as well as to provide a cash pool credit line for one subsidiary. These credit facilities, in aggregate, totaled $219 million as of March 31, 2021 and $232 million as of December 31, 2020 in available liquidity, none of which was utilized. Generally, these facilities each have a one year term. The amounts borrowed under these various credit facilities bear interest on the principal amount outstanding at a variable interest rate based on a base rate (as defined in the applicable credit agreement), plus an applicable margin. We are charged commitment fees (as defined in the applicable credit agreement), 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, 2021 and 2020. These facilities include customary affirmative and negative operating covenants and events of default. Debt Covenants As of March 31, 2021, we were in compliance with the covenants of all of our debt obligations.

Retirement Plans

Retirement Plans	3 Months Ended
	Mar. 31, 2021
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 both the three months ended March 31, 2021 and 2020. 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. 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 $6 million for the three months ended March 31, 2021 and $5 million for the three months ended March 31, 2020.

Share-Based Compensation

Share-Based Compensation	3 Months Ended
	Mar. 31, 2021
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 restricted stock (consisting of restricted stock units), PSUs and stock options. 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, 2021 and 2020, which is included in compensation and benefits expense in the Condensed Consolidated Statements of Income: Three Months Ended March 31, 2021 2020 (in millions) Share-based compensation expense before income taxes $ 19 $ 17 Income tax benefit (5) (5) Share-based compensation expense after income taxes $ 14 $ 12 Common Shares Available Under Our Equity Plan As of March 31, 2021, we had approximately 10.0 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 generally vest 33.3% on the first anniversary of the grant date, 33.3% on the second anniversary of the grant date, and 33.3% on the third anniversary of the grant date. Restricted stock awards granted to employees at or above the manager level generally 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, 2021: Restricted Stock Number of Awards Weighted-Average Grant Date Fair Value Unvested at January 1, 2021 1,639,051 $ 84.21 Granted 378 128.44 Vested (271,010) 71.50 Forfeited (18,081) 84.22 Unvested at March 31, 2021 1,350,338 $ 86.77 As of March 31, 2021, $59 million of total unrecognized compensation cost related to restricted stock is expected to be recognized over a weighted-average period of 1.7 years. PSUs PSUs are based on performance measures that impact the amount of shares that each recipient will receive upon vesting. Prior to April 1, 2020, we had two performance-based PSU programs for certain officers, a one-year performance-based program and a three-year cumulative performance-based program that focuses on TSR. Effective April 1, 2020, to better align the equity programs for eligible officers, the one-year performance-based program was eliminated and all eligible officers now participate in the three-year cumulative performance-based program. While the performance periods are complete for all PSUs granted under the one-year performance-based program, some shares underlying these PSUs have not vested. One-Year PSU Program The grant date fair value of PSUs under the one-year performance-based program was based on the closing stock price at the date of grant less the present value of future cash dividends. Under this program, an eligible employee received a target grant of PSUs, but could have received from 0.0% to 150.0% of the target amount granted, depending on the achievement of performance measures. These awards vest ratably on an annual basis over a three-year period commencing with the end of the one-year performance period. Compensation cost is recognized over the performance period and the three-year vesting period based on the probability that such performance measures will be achieved, taking into account an estimated forfeiture rate. Three-Year PSU Program Under the three-year performance-based program, each eligible individual receives PSUs, subject to market conditions, with a three-year cumulative performance period that vest at the end of the performance period. Compensation cost is recognized over the three-year performance period, taking into account an estimated forfeiture rate, regardless of whether the market condition is satisfied, provided that the requisite service period has been completed. Performance will be determined by comparing Nasdaq’s TSR to two peer groups, each weighted 50.0%. The first peer group consists of exchange companies, and the second peer group consists of all companies in the S&P 500. Nasdaq’s relative performance ranking against each of these groups will determine the final number of shares delivered to each individual under the program. The award issuance under this program will be between 0.0% and 200.0% of the number of PSUs granted and will be determined by Nasdaq’s overall performance against both peer groups. However, if Nasdaq’s TSR is negative for the three-year performance period, regardless of TSR ranking, the award issuance will not exceed 100.0% of the number of PSUs granted. We estimate the fair value of PSUs granted under the three-year PSU program using the Monte Carlo simulation model, as these awards contain a market condition. Grants of PSUs that were issued in 2018 with a three-year performance period exceeded the applicable performance parameters. As a result, an additional 150,290 units above the original target were granted in the first quarter of 2021 and were fully vested upon issuance. Summary of PSU Activity The following table summarizes our PSU activity for the three months ended March 31, 2021: 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 at January 1, 2021 169,548 $ 83.33 809,989 $ 108.12 Granted (1) — — 150,290 116.86 Vested (15,452) 82.22 (392,727) 116.86 Forfeited (12,316) 82.86 (605) 111.43 Unvested at March 31, 2021 141,780 $ 83.49 566,947 $ 104.39 ____________ (1) Reflects additional awards granted based on overachievement of performance parameters. As of March 31, 2021, $3 million of total unrecognized compensation cost related to the one-year PSU program is expected to be recognized over a weighted-average period of 1.2 years. For the three-year PSU program, $24 million of total unrecognized compensation cost is expected to be recognized over a weighted-average period of 1.3 years. Stock Options There were no stock option awards granted during the three months ended March 31, 2021. Summary of Stock Option Activity A summary of stock option activity for the three months ended March 31, 2021 is as follows: Number of Stock Options Weighted-Average Exercise Price Outstanding at January 1, 2021 293,353 $ 63.22 Exercised (24,409) 25.28 Forfeited (127) 25.28 Outstanding and exercisable at March 31, 2021 268,817 $ 66.68 We received net cash proceeds of $1 million from the exercise of 24,409 stock options for the three months ended March 31, 2021 and received net cash proceeds of $1 million from the exercise of 27,196 stock options for the three months ended March 31, 2020. As of March 31, 2021, the aggregate pre-tax intrinsic value of the outstanding and exercisable stock options in the above table was $22 million and represents the difference between our closing stock price on March 31, 2021 of $147.46 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. As of March 31, 2021, the weighted-average remaining contractual term of the outstanding and exercisable stock options included in the above table was 0.5 years. As of March 31, 2020, 0.4 million outstanding stock options were exercisable and the weighted-average exercise price was $56.94. The total pre-tax intrinsic value of stock options exercised was $3 million for the three months ended March 31, 2021 and $2 million for the three months ended March 31, 2020. ESPP We have an ESPP under which approximately 4.4 million shares of our common stock were available for future issuance as of March 31, 2021. 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 $2 million for both the three months ended March 31, 2021 and 2020.

Nasdaq Stockholders_ Equity

Nasdaq Stockholders’ Equity	3 Months Ended
	Mar. 31, 2021
Equity [Abstract]
Nasdaq Stockholders' Equity	Nasdaq Stockholders’ Equity Common Stock As of March 31, 2021, 300,000,000 shares of our common stock were authorized, 170,860,750 shares were issued and 164,242,471 shares were outstanding. As of December 31, 2020, 300,000,000 shares of our common stock were authorized, 171,278,761 shares were issued and 164,933,678 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. If treasury shares are reissued, they are recorded at the average cost of the treasury shares acquired. We held 6,618,279 shares of common stock in treasury as of March 31, 2021 and 6,345,083 shares as of December 31, 2020, 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, 2021, the remaining aggregate authorized amount under the existing share repurchase program was $248 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, 2021: Three Months Ended March 31, 2021 Number of shares of common stock repurchased (1) 1,121,620 Average price paid per share $ 144.22 Total purchase price (in millions) $ 162 ____________ (1) Excludes shares withheld upon vesting of restricted stock and PSUs of 273,196 for the three months ended March 31, 2021. As discussed above in “Common Stock in Treasury, at Cost,” shares repurchased under our share repurchase program are currently retired and cancelled. In January 2021, the board of directors authorized an increase to the share repurchase program of an additional $1 billion, subject to the closing of the sale of our U.S. Fixed Income business and acceleration of the issuance of Nasdaq common stock related to the sale. See Note 5, “Assets and Liabilities Held for Sale,” for further discussion of our announcement to sell our U.S. Fixed Income business and “Non-Cash Contingent Consideration,” of Note 18, “Commitment, Contingencies and Guarantees,” for further discussion of acceleration of the issuance of Nasdaq common stock related to the sale. 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, 2021 and December 31, 2020, no shares of preferred stock were issued or outstanding. * * * * * * Cash Dividends on Common Stock During the first three months of 2021, our board of directors declared the following cash dividends: Declaration Date Dividend Per Record Date Total Amount Paid Payment Date (in millions) January 27, 2021 $ 0.49 March 12, 2021 $ 81 March 26, 2021 The total amount paid of $81 million was recorded in retained earnings in the Condensed Consolidated Balance Sheets at March 31, 2021. In April 2021, the board of directors approved a regular quarterly cash dividend of $0.54 per share on our outstanding common stock, which reflects a 10% increase from our most recent quarterly cash dividend of $0.49 per share. The dividend is payable on June 25, 2021 to shareholders of record at the close of business on June 11, 2021. The estimated amount of this dividend is $89 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, 2021
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, 2021 2020 Numerator: (in millions, except share and per share amounts) Net income attributable to common shareholders $ 298 $ 203 Denominator: Weighted-average common shares outstanding for basic earnings per share 164,709,609 164,864,077 Weighted-average effect of dilutive securities: Employee equity awards (1) 2,382,473 1,912,439 Weighted-average common shares outstanding for diluted earnings per share 167,092,082 166,776,516 Basic and diluted earnings per share: Basic earnings per share $ 1.81 $ 1.23 Diluted earnings per share $ 1.78 $ 1.22 ____________ (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.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2021
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 were measured at fair value on a recurring basis as of March 31, 2021 and December 31, 2020. March 31, 2021 December 31, 2020 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 (in millions) (in millions) Assets at Fair Value European government debt securities $ 146 $ 146 $ — $ — $ 156 $ 156 $ — $ — Corporate debt securities 15 — 15 — 2 — 2 — State owned enterprises and municipal securities 9 — 9 — 15 — 15 — Swedish mortgage bonds 21 — 21 — 22 — 22 — Time deposits 24 — 24 — — — — — Total assets at fair value $ 215 $ 146 $ 69 $ — $ 195 $ 156 $ 39 $ — 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 and cash equivalents, 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 7, “Investments,” for further discussion. We also consider our debt obligations to be financial instruments. As of March 31, 2021, the majority of our debt obligations were fixed-rate obligations. We are exposed to changes in interest rates as a result of borrowings under our 2020 Credit Facility, as the interest rates on this facility has a variable interest rate. As of March 31, 2021, we had no outstanding borrowings under our 2020 Credit Facility. We are also exposed to changes in interest rates as a result of the amounts outstanding from the sale of commercial paper under our commercial paper program. 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 $6.0 billion as of March 31, 2021 and the fair value of our debt obligations utilizing prevailing market rates for our fixed rate debt was $5.9 billion as of December 31, 2020. 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 as of March 31, 2021 approximated the carrying value since the rates of interest on this short-term debt approximated market rates. Our commercial paper and our fixed rate and floating rate debt are categorized as Level 2 in the fair value hierarchy. For further discussion of our debt obligations, see Note 9, “Debt Obligations.” Non-Financial Assets Measured at Fair Value on a Non-Recurring Basis Our non-financial assets, which include goodwill, intangible assets, and other long-lived assets, are not required to be carried at fair value on a recurring basis. Fair value measures of non-financial assets are primarily used in the impairment analysis of these assets. Any resulting asset impairment would require that the non-financial asset be recorded at its fair value. Nasdaq uses Level 3 inputs to measure the fair value of the above assets on a non-recurring basis. As of March 31, 2021 and December 31, 2020, there were no non-financial assets measured at fair value on a non-recurring basis.

Clearing Operations

Clearing Operations	3 Months Ended
	Mar. 31, 2021
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. Immediately following the event, Nasdaq Clearing launched a comprehensive enhancement program to strengthen the resilience and robustness of the clearinghouse. 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. In 2018, we recorded a charge of $23 million related to this program. Since the member default in 2018, Nasdaq Clearing has been working to maximize the recovery from the defaulted member. All funds recovered are applied towards the default fund participants on a pro rata basis. As of March 31, 2021, the expected recovery together with the capital relief program amounts to approximately 80% of the initial loss, of which the majority has been paid and the remainder is expected to be paid during 2021. In December 2018, the SFSA initiated a review of Nasdaq Clearing. In January 2021, the SFSA issued a warning combined with an administrative fine of approximately $34 million (SEK 300 million) to Nasdaq Clearing based on their review. Nasdaq Clearing has assessed the SFSA´s decision and has appealed the decision to the Administrative Court. As of March 31, 2021, no accrual has been recorded related to this matter as the outcome cannot be reasonably estimated. Default Fund Contributions and Margin Deposits As of March 31, 2021, clearing member default fund contributions and margin deposits were as follows: March 31, 2021 Cash Contributions Non-Cash Contributions Total Contributions (in millions) Default fund contributions $ 495 $ 101 $ 596 Margin deposits 3,242 6,445 9,687 Total $ 3,737 $ 6,546 $ 10,283 Of the total default fund contributions of $596 million, Nasdaq Clearing can utilize $528 million as capital resources in the event of a counterparty default. The remaining balance of $68 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 highly rated European government debt securities with original maturities primarily 1 year or less, reverse repurchase agreements and multilateral development bank debt securities. Investments in reverse repurchase agreements are secured with highly rated government securities with maturity dates that range from 1 day to 15 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 $3,737 million as of March 31, 2021 and $3,942 million as of December 31, 2020, in accordance with its investment policy as follows: March 31, 2021 December 31, 2020 (in millions) Demand deposits $ 2,000 $ 2,086 Central bank certificates 848 1,111 European government debt securities 371 470 Reverse repurchase agreements 383 180 Multilateral development bank debt securities 135 95 Total $ 3,737 $ 3,942 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 maintained in demand deposits held at central banks and large, highly rated financial institutions or invested by Nasdaq Clearing, in accordance with its investment policy, either in central bank certificates, highly rated government debt securities, reverse repurchase agreements with highly rated government debt securities as collateral, or multilateral development bank debt securities. 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, 2021, Nasdaq Clearing committed capital totaling $139 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 and default fund 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, 2021. 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 230.0% 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 $37 million as of March 31, 2021; • 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 $23 million as of March 31, 2021; 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, or if part of the waterfall has been utilized and needs to be replenished, 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 $79 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, 2021 (in millions) Commodity and seafood options, futures and forwards (1)(2)(3) $ 83 Fixed-income options and futures (1)(2) 502 Stock options and futures (1)(2) 202 Index options and futures (1)(2) 109 Total $ 896 ____________ (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 benchmark 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, 2021 and 2020: March 31, 2021 March 31, 2020 Commodity and seafood options, futures and forwards (1) 155,662 198,870 Fixed-income options and futures 6,404,204 5,842,771 Stock options and futures 6,306,308 6,089,250 Index options and futures 9,076,033 18,995,403 Total 21,942,207 31,126,294 ____________ (1) The total volume in cleared power related to commodity contracts was 250 Terawatt hours (TWh) for the three months ended March 31, 2021 and 292 TWh for the three months ended March 31, 2020. The outstanding contract value of resale and repurchase agreements was $2.2 billion as of March 31, 2021 and $1.0 billion as of March 31, 2020. The total number of resale and repurchase agreements contracts cleared was 1,434,256 for the three months ended March 31, 2021 and was 1,410,884 for the three months ended March 31, 2020.

Leases

Leases	3 Months Ended
	Mar. 31, 2021
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, 2021 December 31, 2020 (in millions) Assets: Operating lease assets Operating lease assets $ 396 $ 381 Liabilities: Current lease liabilities Other current liabilities $ 45 $ 46 Non-current lease liabilities Operating lease liabilities 406 389 Total lease liabilities $ 451 $ 435 The following table summarizes Nasdaq's lease cost: Three Months Ended March 31, 2021 2020 (in millions) Operating lease cost (1) $ 22 $ 20 Variable lease cost 7 6 Sublease income (1) (1) Total lease cost $ 28 $ 25 ____________ (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 Sheets. March 31, 2021 (in millions) 2021 $ 46 2022 60 2023 56 2024 49 2025 36 2026 and thereafter 326 Total lease payments 573 Less: interest (1) (122) Present value of lease liabilities (2) $ 451 ____________ (1) Calculated using the interest rate for each lease. (2) Includes the current portion of $45 million. The following table provides information related to Nasdaq's lease term and discount rate: March 31, 2021 Weighted-average remaining lease term (in years) 11.5 Weighted-average discount rate 4.0 % The following table provides supplemental cash flow information related to Nasdaq's operating leases: Three Months End March 31, 2021 2020 (in millions) Cash paid for amounts included in the measurement of operating lease liabilities $ 19 $ 20 Lease assets obtained in exchange for new operating lease liabilities $ 33 $ —

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2021
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 2021 2020 (in millions) Income tax provision $ 97 $ 70 38.6 % Effective tax rate 24.6 % 25.6 % The lower effective tax rate in the first quarter of 2021 was primarily due to a lower tax on foreign earnings mainly due to a decrease in the Swedish corporate tax rate and a higher tax benefit from vested share-based awards in the U.S. 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 2012 through 2016 are currently under examination by the Internal Revenue Service and we are subject to examination by the Internal Revenue Service for 2017 through 2019. Several state tax returns are currently under examination by the respective tax authorities for the years 2008 through 2018, while 2019 is subject to examination. Non-U.S. tax returns are subject to examination by the respective tax authorities for the years 2014 through 2019. 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 condensed 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, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments, Contingencies and Guarantees	Commitments, Contingencies and Guarantees Guarantees Issued and Credit Facilities Available In addition to the default fund contributions and margin collateral pledged by clearing members discussed in Note 15, “Clearing Operations,” we have obtained financial guarantees and credit facilities which are guaranteed by us through counter indemnities, to provide further liquidity related to our clearing businesses. Financial guarantees issued to us totaled $5 million as of March 31, 2021 and December 31, 2020. As discussed in “Other Credit Facilities,” of Note 9, “Debt Obligations,” we also have credit facilities primarily related to our Nasdaq Clearing operations, which are available in multiple currencies, and totaled $219 million as of March 31, 2021 and $232 million as of December 31, 2020 in available liquidity, none of which was utilized. Execution Access is our 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, 2021, 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 15, “Clearing Operations,” for further discussion of Nasdaq Clearing performance guarantees. We have provided a guarantee related to lease obligations for The Nasdaq Entrepreneurial Center, Inc., which is a not-for- profit organization designed to convene, connect and engage aspiring and current entrepreneurs. This entity is not included in the condensed consolidated financial statements of Nasdaq. We believe that the potential for us to be required to make payments under these arrangements is unlikely. Accordingly, no contingent liability is recorded in the Condensed Consolidated Balance Sheets for the above guarantees. Non-Cash Contingent Consideration As part of the purchase price consideration of a prior acquisition, we have agreed to future annual issuances of 992,247 shares of Nasdaq common stock which approximated certain tax benefits associated with the transaction. Such contingent future issuances of Nasdaq common stock will be 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. As discussed in Note 5, “Assets and Liabilities Held For Sale,” in February 2021, we announced that we entered into a Purchase Agreement to sell our U.S. Fixed Income business. Upon the consummation of this transaction, the aggregate number of Nasdaq shares that remain subject to this contingent obligation is expected to be reduced (pursuant to the discounting adjustment provisions set forth in the original purchase agreement for Nasdaq's acquisition of the business) and accelerated, which would result in an issuance of an aggregate of approximately 6.2 million shares of Nasdaq common stock. Nasdaq intends to use the proceeds from the sale, available tax benefits and working and clearing capital of our U.S. Fixed Income business, as well as other sources of cash to repurchase shares in order to offset dilution. The proceeds from the sale, the remaining tax benefits related to the 2013 purchase, and the working and clearing capital to be released upon closing of the transaction are estimated to total approximately $700 million. To facilitate these repurchases, the board of directors has authorized an increase to the share repurchase program of an additional $1 billion, subject to the closing of the sale of this business and the acceleration of the share issuance. 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, leading the parties to commence the discovery process. Discovery, focused on issues of whether the case can be certified as a class action and whether the plaintiffs’ claims are precluded by federal securities regulation, ended on April 26, 2021, and potentially dispositive motions regarding these issues are scheduled to be filed by May 28, 2021. 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. Armenian Stock Exchange Investigation As disclosed in our prior filings with the SEC, a former non-U.S. subsidiary of Nasdaq, NASDAQ OMX Armenia OJSC, operated the Armenian Stock Exchange and the Central Depository of Armenia, which are regulated by the Central Bank of Armenia under Armenian law. In accordance with the requirements of Armenian law, Mellat Bank SB CJSC, an Armenian entity that is designated under Executive Order 13382, was a market participant on the Armenian Stock Exchange and, as a result, paid participation and transaction fees to the Armenian Stock Exchange during the period from 2012-2014. In 2014, we voluntarily self-disclosed this matter to the U.S. Department of Treasury’s Office of Foreign Assets Control, or OFAC, and received authorization from OFAC to continue, if necessary, certain activities pertaining to Mellat Bank SB CJSC in Armenia in a limited manner. In 2015, Nasdaq sold a majority of its ownership of Nasdaq OMX Armenia OJSC, with the remaining minority interest sold in 2018. OFAC has been conducting an inquiry into the Armenian Stock Exchange matter described above and in our prior filings since 2016, and during the first quarter of 2021, we were advised that OFAC is considering a civil monetary penalty in connection with that matter. We are currently in discussions with OFAC. While we believe our decision to voluntarily self-report this issue and our continued cooperation with OFAC, along with the permit we received from OFAC in connection with our transactions involving the Armenian Stock Exchange, will be mitigating factors with respect to the matter, any monetary fines or restrictions may nonetheless be material to our financial results in the period in which they are imposed. We cannot currently predict when our discussions with OFAC will conclude or the amount of any potential penalties imposed. Accordingly, we are unable to reasonably estimate any potential loss or range of loss and we have not accrued for a loss contingency. Nasdaq Commodities Clearing Default During September 2018, a clearing member of Nasdaq Clearing's commodities market was declared in default. In December 2018, the SFSA initiated a review of Nasdaq Clearing. We have been cooperating fully with the SFSA in their review. In January 2021, the SFSA issued a warning combined with an administrative fine of approximately $34 million (SEK 300 million) to Nasdaq Clearing relating to its review. Nasdaq Clearing has assessed the SFSA's decision and has appealed the decision to the Administrative Court. See “Nasdaq Commodities Clearing Default,” of Note 15, “Clearing Operations,” for further information. 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, condensed consolidated financial condition, or operating results. However, from time to time, we have been threatened with, or named as a defendant in, lawsuits or involved in regulatory proceedings. 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 condensed 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

Business Segments

Business Segments	3 Months Ended
	Mar. 31, 2021
Segment Reporting [Abstract]
Business Segments	Business Segments We manage, operate and provide our products and services in four business segments: Market Services, Corporate Platforms, Investment Intelligence 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, 2021 and 2020: Market Services Corporate Platforms Investment Intelligence Market Technology Corporate Items Consolidated (in millions) Three Months Ended March 31, 2021 Total revenues $ 1,139 $ 155 $ 258 $ 100 $ — $ 1,652 Transaction-based expenses (801) — — — — (801) Revenues less transaction-based expenses 338 155 258 100 — 851 Operating income (loss) 228 65 167 (2) (93) 365 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 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 20, “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. 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 included a loss on extinguishment of debt and charitable donations made to 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, 2021 2020 (in millions) Expenses: Amortization expense of acquired intangible assets $ 36 $ 25 Merger and strategic initiatives expense 45 7 Restructuring charges 10 12 Extinguishment of debt — 36 Charitable donations — 5 Other 2 5 Total expenses 93 90 Operating loss $ (93) $ (90) For further discussion of our segments’ results, see “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations-Segment Operating Results.”

Restructuring Charges

Restructuring Charges	3 Months Ended
	Mar. 31, 2021
Restructuring and Related Activities [Abstract]
Restructuring Charges	Restructuring ChargesIn 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 approximately $100 million in pre-tax charges over a two year period related primarily to third-party consulting costs and non-cash items such as asset impairments and accelerated depreciation. Severance and employee-related charges also will be incurred. Restructuring charges are recorded on restructuring plans that have been committed to by management and are, in part, based upon management’s best estimates of future events. 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, 2021 and 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 End March 31, 2021 2020 (in millions) Asset impairment charges and accelerated depreciation expense $ 1 $ 3 Consulting services 5 3 Contract terminations — 2 Severance and employee-related costs — 1 Other 4 3 Total restructuring charges $ 10 $ 12

Basis of Presentation and Pri_2

Basis of Presentation and Principles of Consolidation (Policies)	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
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 7, “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.
Accounting Estimates	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 has 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 results of operations and financial position for the three months ended March 31, 2021. In addition, there were no material impairment charges recorded for the three months ended March 31, 2021. 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	Subsequent Events There have been no subsequent events through the issuance date of this Quarterly Report on Form 10-Q that would require disclosure in, or adjustment to, the condensed consolidated financial statements.

Revenue From Contracts With C_2

Revenue From Contracts With Customers (Tables)	3 Months Ended
	Mar. 31, 2021
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, 2021 and 2020: Three Months Ended March 31, 2021 Market Services Corporate Platforms Investment Intelligence Market Technology Consolidated (in millions) Transaction-based trading and clearing, net $ 258 $ — $ — $ — $ 258 Trade management services 80 — — — 80 Listing services — 98 — — 98 IR & ESG Services — 57 — — 57 Market data — — 108 — 108 Index — — 102 — 102 Analytics — — 48 — 48 Marketplace Infrastructure Technology — — — 54 54 Anti Financial Crime Technology — — — 46 46 Revenues less transaction-based expenses $ 338 $ 155 $ 258 $ 100 $ 851 Three Months Ended March 31, 2020 Market Services Corporate Platforms Investment Intelligence Market Technology Consolidated (in millions) Transaction-based trading and clearing, net $ 209 $ — $ — $ — $ 209 Trade management services 72 — — — 72 Listing services — 75 — — 75 IR & ESG Services — 53 — — 53 Market data — — 97 — 97 Index — — 73 — 73 Analytics — — 41 — 41 Marketplace Infrastructure Technology — — — 52 52 Anti Financial Crime Technology — — — 29 29 Revenues less transaction-based expenses $ 281 $ 128 $ 211 $ 81 $ 701
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, 2021: (in millions) 2021 (1) $ 218 2022 213 2023 97 2024 71 2025 54 2026 and thereafter 115 Total $ 768 ____________ (1) Represents the estimated revenue to be recognized for the remaining nine months of 2021.

Acquisitions (Tables)

Acquisitions (Tables)	3 Months Ended
	Mar. 31, 2021
Business Combinations [Abstract]
Schedule of Business Acquisitions by Acquisition	Purchase Consideration Total Net Liabilities Acquired Acquired Goodwill (in millions) Verafin $ 2,651 $ (37) $ 815 $ 1,873
Acquired Finite Lived Intangible Assets in Acquisition	The following table presents the details of acquired intangible assets for Verafin at the date of acquisition. Acquired intangible assets with finite lives are amortized using the straight-line method. Customer Relationships Technology Trade Name Total Acquired Intangible Assets Intangible asset value (in millions) $ 532 $ 246 $ 37 $ 815 Discount rate used 7.5 % 7.5 % 7.5 % Estimated average useful life 22 years 7 years 20 years

Assets and Liabilities Held F_2

Assets and Liabilities Held For Sale (Tables)	3 Months Ended
	Mar. 31, 2021
Discontinued Operations and Disposal Groups [Abstract]
Schedule of Carrying Amounts of Assets and Liabilities Classified as Held for Sale	The carrying amounts of the major classes of assets and liabilities that were classified as held for sale at March 31, 2021 were as follows: March 31, 2021 (in millions) Goodwill (1) $ 60 Intangible assets, net (2) 33 Other current and non-current assets 10 Total assets held for sale (3) $ 103 Other current liabilities $ 2 Total liabilities held for sale (4) $ 2 __________ (1) The assignment of goodwill was based on the relative fair value of the disposal group and the portion of the remaining reporting unit. (2) Primarily represents customer relationships. (3) Included in other current assets in the Condensed Consolidated Balance Sheets as of March 31, 2021.

Goodwill and Acquired Intangi_2

Goodwill and Acquired Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2021
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, 2021: Market Corporate Platforms Investment Intelligence Market Technology Total (in millions) Balance at December 31, 2020 $ 3,519 $ 481 $ 2,541 $ 309 $ 6,850 Goodwill acquired — — — 1,873 1,873 Goodwill reclassified to held for sale (1) (37) — (23) — (60) Foreign currency translation adjustment (82) (7) (57) (9) (155) Balance at March 31, 2021 $ 3,400 $ 474 $ 2,461 $ 2,173 $ 8,508 __________ (1) In addition to revenues earned through Market Services, our U.S. Fixed Income business also earns fees from market data, which are included in our Investment Intelligence segment. Therefore, a portion of the goodwill was allocated to this segment. See Note 5, “Assets and Liabilities Held for Sale,” for further discussion. * * * * * *
Schedule of Acquired Finite-Lived Intangible Assets	The following table presents details of our total acquired intangible assets, both finite- and indefinite-lived: March 31, 2021 December 31, 2020 Gross Amount Accumulated Amortization Net Amount Gross Amount Accumulated Amortization Net Amount (in millions) (in millions) Finite-Lived Intangible Assets Technology $ 322 $ (33) $ 289 $ 76 $ (24) $ 52 Customer relationships 2,049 (626) 1,423 1,599 (648) 951 Trade names and other 57 (7) 50 18 (6) 12 Foreign currency translation adjustment (125) 69 (56) (104) 58 (46) Total finite-lived intangible assets $ 2,303 $ (597) $ 1,706 $ 1,589 $ (620) $ 969 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 (169) — (169) (144) — (144) Total indefinite-lived intangible assets $ 1,261 $ — $ 1,261 $ 1,286 $ — $ 1,286 Total intangible assets $ 3,564 $ (597) $ 2,967 $ 2,875 $ (620) $ 2,255
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, 2021 December 31, 2020 Gross Amount Accumulated Amortization Net Amount Gross Amount Accumulated Amortization Net Amount (in millions) (in millions) Finite-Lived Intangible Assets Technology $ 322 $ (33) $ 289 $ 76 $ (24) $ 52 Customer relationships 2,049 (626) 1,423 1,599 (648) 951 Trade names and other 57 (7) 50 18 (6) 12 Foreign currency translation adjustment (125) 69 (56) (104) 58 (46) Total finite-lived intangible assets $ 2,303 $ (597) $ 1,706 $ 1,589 $ (620) $ 969 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 (169) — (169) (144) — (144) Total indefinite-lived intangible assets $ 1,261 $ — $ 1,261 $ 1,286 $ — $ 1,286 Total intangible assets $ 3,564 $ (597) $ 2,967 $ 2,875 $ (620) $ 2,255
Schedule of Estimated Future Amortization Expense	The estimated future amortization expense (excluding the impact of foreign currency translation adjustments of $56 million as of March 31, 2021) of acquired finite-lived intangible assets as of March 31, 2021 is as follows: (in millions) 2021 (1) $ 124 2022 162 2023 158 2024 153 2025 151 2026 and thereafter 1,014 Total $ 1,762 ____________ (1) Represents the estimated amortization to be recognized for the remaining nine months of 2021.
Reclassification to Assets Held-for-Sale	The following table presents the details of the reclassification as of March 31, 2021: Gross Amount Accumulated Amortization Net Amount (in millions) Customer relationships intangible asset 83 (50) 33

Investments (Tables)

Investments (Tables)	3 Months Ended
	Mar. 31, 2021
Investments, Debt and Equity Securities [Abstract]
Schedule of Investments	The following table presents the details of our investments: March 31, 2021 December 31, 2020 (in millions) Financial investments $ 215 $ 195 Equity method investments $ 272 $ 216 Equity securities $ 60 $ 60

Deferred Revenue (Tables)

Deferred Revenue (Tables)	3 Months Ended
	Mar. 31, 2021
Revenue from Contract with Customer [Abstract]
Changes in Deferred Revenue	The changes in our deferred revenue during the three months ended March 31, 2021 are reflected in the following table: Initial Listing Revenues Annual Listings Revenues IR & ESG Services Investment Intelligence Revenues Market Technology Revenues Other (1) Total (in millions) Balance at December 31, 2020 $ 91 $ 2 $ 46 $ 97 $ 53 $ 17 $ 306 Deferred revenue billed in the current period, net of recognition (2) 37 221 28 50 57 10 403 Revenue recognized that was included in the beginning of the period (17) (1) (22) (33) (23) (6) (102) Foreign currency translation adjustment (1) (1) — — (3) (1) (6) Balance at March 31, 2021 $ 110 $ 221 $ 52 $ 114 $ 84 $ 20 $ 601 ____________ (1) Balance at March 31, 2021 primarily includes deferred revenue from non-U.S. listing of additional shares fees. Listing of additional shares fees are included in our Listing Services business. (2) Includes deferred revenue acquired as part of the acquisition of Verafin.
Estimated Deferred Revenue	As of March 31, 2021, we estimate that our deferred revenue will be recognized in the following years: Initial Listing Revenues Annual Listings Revenues IR & ESG Services Revenues Investment Intelligence Revenues Market Technology Revenues Other (1) Total (in millions) Fiscal year ended: 2021 (2) $ 31 $ 221 $ 49 $ 103 $ 76 $ 12 $ 492 2022 31 — 3 11 8 4 57 2023 18 — — — — 3 21 2024 13 — — — — 1 14 2025 10 — — — — — 10 2026 and thereafter 7 — — — — — 7 Total $ 110 $ 221 $ 52 $ 114 $ 84 $ 20 $ 601 ____________ (1) For composition of “Other” see footnote (1) above. (2) Represents the estimated amortization to be recognized for the remaining nine months of 2021.

Debt Obligations (Tables)

Debt Obligations (Tables)	3 Months Ended
	Mar. 31, 2021
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, 2021: December 31, 2020 Additions Payments, Foreign Currency Translation and Accretion March 31, 2021 (in millions) Short-term debt - commercial paper $ — $ 685 $ (250) $ 435 Long-term debt: 4.25% senior unsecured notes due June 1, 2024 498 — — 498 1.75% senior unsecured notes due May 19, 2023 730 — (29) 701 3.85% senior unsecured notes due June 30, 2026 497 — — 497 1.75% senior unsecured notes due March 28, 2029 726 — (29) 697 0.875% senior unsecured notes due February 13, 2030 726 — (29) 697 3.25% senior unsecured notes due April 28, 2050 485 — 1 486 0.445% senior unsecured notes due December 21, 2022 597 — — 597 1.650% senior unsecured notes due January 15, 2031 643 — — 643 2.500% senior unsecured notes due December 21, 2040 643 — — 643 $1.25 billion senior unsecured revolving credit facility due December 22, 2025 (4) 100 (100) (4) Total long-term debt 5,541 100 (186) 5,455 Total debt obligations $ 5,541 $ 785 $ (436) $ 5,890

Share-Based Compensation (Table

Share-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2021
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, 2021 and 2020, which is included in compensation and benefits expense in the Condensed Consolidated Statements of Income: Three Months Ended March 31, 2021 2020 (in millions) Share-based compensation expense before income taxes $ 19 $ 17 Income tax benefit (5) (5) Share-based compensation expense after income taxes $ 14 $ 12
Summary of Restricted Stock Activity	The following table summarizes our restricted stock activity for the three months ended March 31, 2021: Restricted Stock Number of Awards Weighted-Average Grant Date Fair Value Unvested at January 1, 2021 1,639,051 $ 84.21 Granted 378 128.44 Vested (271,010) 71.50 Forfeited (18,081) 84.22 Unvested at March 31, 2021 1,350,338 $ 86.77
Summary of PSU Activity	The following table summarizes our PSU activity for the three months ended March 31, 2021: 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 at January 1, 2021 169,548 $ 83.33 809,989 $ 108.12 Granted (1) — — 150,290 116.86 Vested (15,452) 82.22 (392,727) 116.86 Forfeited (12,316) 82.86 (605) 111.43 Unvested at March 31, 2021 141,780 $ 83.49 566,947 $ 104.39 ____________
Summary of Stock Option Activity	A summary of stock option activity for the three months ended March 31, 2021 is as follows: Number of Stock Options Weighted-Average Exercise Price Outstanding at January 1, 2021 293,353 $ 63.22 Exercised (24,409) 25.28 Forfeited (127) 25.28 Outstanding and exercisable at March 31, 2021 268,817 $ 66.68

Nasdaq Stockholders_ Equity (Ta

Nasdaq Stockholders’ Equity (Tables)	3 Months Ended
	Mar. 31, 2021
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, 2021: Three Months Ended March 31, 2021 Number of shares of common stock repurchased (1) 1,121,620 Average price paid per share $ 144.22 Total purchase price (in millions) $ 162 ____________ (1) Excludes shares withheld upon vesting of restricted stock and PSUs of 273,196 for the three months ended March 31, 2021.
Schedule of Dividends Declared	During the first three months of 2021, our board of directors declared the following cash dividends: Declaration Date Dividend Per Record Date Total Amount Paid Payment Date (in millions) January 27, 2021 $ 0.49 March 12, 2021 $ 81 March 26, 2021

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2021
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, 2021 2020 Numerator: (in millions, except share and per share amounts) Net income attributable to common shareholders $ 298 $ 203 Denominator: Weighted-average common shares outstanding for basic earnings per share 164,709,609 164,864,077 Weighted-average effect of dilutive securities: Employee equity awards (1) 2,382,473 1,912,439 Weighted-average common shares outstanding for diluted earnings per share 167,092,082 166,776,516 Basic and diluted earnings per share: Basic earnings per share $ 1.81 $ 1.23 Diluted earnings per share $ 1.78 $ 1.22 ____________ (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, 2021
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 were measured at fair value on a recurring basis as of March 31, 2021 and December 31, 2020. March 31, 2021 December 31, 2020 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 (in millions) (in millions) Assets at Fair Value European government debt securities $ 146 $ 146 $ — $ — $ 156 $ 156 $ — $ — Corporate debt securities 15 — 15 — 2 — 2 — State owned enterprises and municipal securities 9 — 9 — 15 — 15 — Swedish mortgage bonds 21 — 21 — 22 — 22 — Time deposits 24 — 24 — — — — — Total assets at fair value $ 215 $ 146 $ 69 $ — $ 195 $ 156 $ 39 $ —

Clearing Operations (Tables)

Clearing Operations (Tables)	3 Months Ended
	Mar. 31, 2021
Due to and from Broker-Dealers and Clearing Organizations [Abstract]
Schedule of Clearing Member Default Fund Contributions	As of March 31, 2021, clearing member default fund contributions and margin deposits were as follows: March 31, 2021 Cash Contributions Non-Cash Contributions Total Contributions (in millions) Default fund contributions $ 495 $ 101 $ 596 Margin deposits 3,242 6,445 9,687 Total $ 3,737 $ 6,546 $ 10,283 March 31, 2021 December 31, 2020 (in millions) Demand deposits $ 2,000 $ 2,086 Central bank certificates 848 1,111 European government debt securities 371 470 Reverse repurchase agreements 383 180 Multilateral development bank debt securities 135 95 Total $ 3,737 $ 3,942
Schedule of Derivative Contracts Outstanding	The following table includes the market value of derivative contracts outstanding prior to netting: March 31, 2021 (in millions) Commodity and seafood options, futures and forwards (1)(2)(3) $ 83 Fixed-income options and futures (1)(2) 502 Stock options and futures (1)(2) 202 Index options and futures (1)(2) 109 Total $ 896 ____________ (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 benchmark 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, 2021 and 2020: March 31, 2021 March 31, 2020 Commodity and seafood options, futures and forwards (1) 155,662 198,870 Fixed-income options and futures 6,404,204 5,842,771 Stock options and futures 6,306,308 6,089,250 Index options and futures 9,076,033 18,995,403 Total 21,942,207 31,126,294 ____________ (1) The total volume in cleared power related to commodity contracts was 250 Terawatt hours (TWh) for the three months ended March 31, 2021 and 292 TWh for the three months ended March 31, 2020.

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2021
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, 2021 December 31, 2020 (in millions) Assets: Operating lease assets Operating lease assets $ 396 $ 381 Liabilities: Current lease liabilities Other current liabilities $ 45 $ 46 Non-current lease liabilities Operating lease liabilities 406 389 Total lease liabilities $ 451 $ 435
Lease Cost, Lease Term and Discount Rate	The following table summarizes Nasdaq's lease cost: Three Months Ended March 31, 2021 2020 (in millions) Operating lease cost (1) $ 22 $ 20 Variable lease cost 7 6 Sublease income (1) (1) Total lease cost $ 28 $ 25 ____________ (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, 2021 Weighted-average remaining lease term (in years) 11.5 Weighted-average discount rate 4.0 % The following table provides supplemental cash flow information related to Nasdaq's operating leases: Three Months End March 31, 2021 2020 (in millions) Cash paid for amounts included in the measurement of operating lease liabilities $ 19 $ 20 Lease assets obtained in exchange for new operating lease liabilities $ 33 $ —
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 Sheets. March 31, 2021 (in millions) 2021 $ 46 2022 60 2023 56 2024 49 2025 36 2026 and thereafter 326 Total lease payments 573 Less: interest (1) (122) Present value of lease liabilities (2) $ 451 ____________ (1) Calculated using the interest rate for each lease. (2) Includes the current portion of $45 million.

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
	Mar. 31, 2021
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 2021 2020 (in millions) Income tax provision $ 97 $ 70 38.6 % Effective tax rate 24.6 % 25.6 %

Business Segments (Tables)

Business Segments (Tables)	3 Months Ended
	Mar. 31, 2021
Segment Reporting [Abstract]
Schedule of Operating Segments	The following table presents certain information regarding our business segments for the three months ended March 31, 2021 and 2020: Market Services Corporate Platforms Investment Intelligence Market Technology Corporate Items Consolidated (in millions) Three Months Ended March 31, 2021 Total revenues $ 1,139 $ 155 $ 258 $ 100 $ — $ 1,652 Transaction-based expenses (801) — — — — (801) Revenues less transaction-based expenses 338 155 258 100 — 851 Operating income (loss) 228 65 167 (2) (93) 365 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
Schedule of Corporate Items	A summary of our Corporate Items is as follows: Three Months Ended March 31, 2021 2020 (in millions) Expenses: Amortization expense of acquired intangible assets $ 36 $ 25 Merger and strategic initiatives expense 45 7 Restructuring charges 10 12 Extinguishment of debt — 36 Charitable donations — 5 Other 2 5 Total expenses 93 90 Operating loss $ (93) $ (90)

Restructuring Charges (Tables)

Restructuring Charges (Tables)	3 Months Ended
	Mar. 31, 2021
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, 2021 and 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 End March 31, 2021 2020 (in millions) Asset impairment charges and accelerated depreciation expense $ 1 $ 3 Consulting services 5 3 Contract terminations — 2 Severance and employee-related costs — 1 Other 4 3 Total restructuring charges $ 10 $ 12

Organization and Nature of Op_2

Organization and Nature of Operations - Narrative (Details) $ in Billions	3 Months Ended
	Mar. 31, 2021USD ($)marketplacesegmentexchangeTradedProductcompanyexchangecorporateBondcountry
Organization And Basis Of Presentation [Line Items]
Number of operating segments (in segments) | segment	4
Number of option exchanges (in exchanges) | exchange	6
Number of equity exchanges (in exchanges) | exchange	3
Number of corporate bonds listed (in corporate bonds) | corporateBond	92
Corporate Platforms | UNITED STATES
Organization And Basis Of Presentation [Line Items]
Total number of listings on The Nasdaq Stock Market (in companies) | company	3,667
ETPs and other listings listed on Nasdaq Stock Market (in companies) | company	410
Approximate combined market capitalization | $	$ 23,000
Corporate Platforms | Europe
Organization And Basis Of Presentation [Line Items]
Approximate combined market capitalization | $	$ 2,200
Total number of listed companies within Nordic and Baltic exchanges (in companies) | company	1,090
Market Technology
Organization And Basis Of Presentation [Line Items]
Number of countries services are provided (in countries) | country	50
Number of exchanges (in marketplaces) | marketplace	130
Investment Intelligence
Organization And Basis Of Presentation [Line Items]
Number of exchange traded products licensed to Nasdaq's Indexes (in exchange traded products) | exchangeTradedProduct	349
Number of countries services are provided (in countries) | country	30
Assets management value | $	$ 385

Basis of Presentation and Pri_3

Basis of Presentation and Principles of Consolidation (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Impact of adoption of ASU 2016-13	$ 6,334	$ 6,436	$ 5,398
Allowance for doubtful accounts	19	21
Retained earnings
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Impact of adoption of ASU 2016-13	$ 5,845	$ 5,628	$ 5,140	$ 5,027
Retained earnings | Cumulative effect, period of adoption
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, 2021	Mar. 31, 2020
Disaggregation of Revenue [Line Items]
Revenues less transaction-based expenses	$ 851	$ 701
Transaction-based trading and clearing, net
Disaggregation of Revenue [Line Items]
Revenues less transaction-based expenses	258	209
Trade management services
Disaggregation of Revenue [Line Items]
Revenues less transaction-based expenses	80	72
Listing services
Disaggregation of Revenue [Line Items]
Revenues less transaction-based expenses	98	75
IR & ESG Services
Disaggregation of Revenue [Line Items]
Revenues less transaction-based expenses	57	53
Market data
Disaggregation of Revenue [Line Items]
Revenues less transaction-based expenses	108	97
Index
Disaggregation of Revenue [Line Items]
Revenues less transaction-based expenses	102	73
Analytics
Disaggregation of Revenue [Line Items]
Revenues less transaction-based expenses	48	41
Marketplace Infrastructure Technology
Disaggregation of Revenue [Line Items]
Revenues less transaction-based expenses	54	52
Anti Financial Crime Technology
Disaggregation of Revenue [Line Items]
Revenues less transaction-based expenses	46	29
Operating Segments | Market Services
Disaggregation of Revenue [Line Items]
Revenues less transaction-based expenses	338	281
Operating Segments | Corporate Platforms
Disaggregation of Revenue [Line Items]
Revenues less transaction-based expenses	155	128
Operating Segments | Investment Intelligence
Disaggregation of Revenue [Line Items]
Revenues less transaction-based expenses	258	211
Operating Segments | Market Technology
Disaggregation of Revenue [Line Items]
Revenues less transaction-based expenses	100	81
Operating Segments | Transaction-based trading and clearing, net | Market Services
Disaggregation of Revenue [Line Items]
Revenues less transaction-based expenses	258	209
Operating Segments | Transaction-based trading and clearing, net | Corporate Platforms
Disaggregation of Revenue [Line Items]
Revenues less transaction-based expenses	0	0
Operating Segments | Transaction-based trading and clearing, net | Investment Intelligence
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	80	72
Operating Segments | Trade management services | Corporate Platforms
Disaggregation of Revenue [Line Items]
Revenues less transaction-based expenses	0	0
Operating Segments | Trade management services | Investment Intelligence
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 Platforms
Disaggregation of Revenue [Line Items]
Revenues less transaction-based expenses	98	75
Operating Segments | Listing services | Investment Intelligence
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 | IR & ESG Services | Market Services
Disaggregation of Revenue [Line Items]
Revenues less transaction-based expenses	0	0
Operating Segments | IR & ESG Services | Corporate Platforms
Disaggregation of Revenue [Line Items]
Revenues less transaction-based expenses	57	53
Operating Segments | IR & ESG Services | Investment Intelligence
Disaggregation of Revenue [Line Items]
Revenues less transaction-based expenses	0	0
Operating Segments | IR & ESG Services | 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 Platforms
Disaggregation of Revenue [Line Items]
Revenues less transaction-based expenses	0	0
Operating Segments | Market data | Investment Intelligence
Disaggregation of Revenue [Line Items]
Revenues less transaction-based expenses	108	97
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 Platforms
Disaggregation of Revenue [Line Items]
Revenues less transaction-based expenses	0	0
Operating Segments | Index | Investment Intelligence
Disaggregation of Revenue [Line Items]
Revenues less transaction-based expenses	102	73
Operating Segments | Index | Market Technology
Disaggregation of Revenue [Line Items]
Revenues less transaction-based expenses	0	0
Operating Segments | Analytics | Market Services
Disaggregation of Revenue [Line Items]
Revenues less transaction-based expenses	0	0
Operating Segments | Analytics | Corporate Platforms
Disaggregation of Revenue [Line Items]
Revenues less transaction-based expenses	0	0
Operating Segments | Analytics | Investment Intelligence
Disaggregation of Revenue [Line Items]
Revenues less transaction-based expenses	48	41
Operating Segments | Analytics | Market Technology
Disaggregation of Revenue [Line Items]
Revenues less transaction-based expenses	0	0
Operating Segments | Marketplace Infrastructure Technology | Market Services
Disaggregation of Revenue [Line Items]
Revenues less transaction-based expenses	0	0
Operating Segments | Marketplace Infrastructure Technology | Corporate Platforms
Disaggregation of Revenue [Line Items]
Revenues less transaction-based expenses	0	0
Operating Segments | Marketplace Infrastructure Technology | Investment Intelligence
Disaggregation of Revenue [Line Items]
Revenues less transaction-based expenses	0	0
Operating Segments | Marketplace Infrastructure Technology | Market Technology
Disaggregation of Revenue [Line Items]
Revenues less transaction-based expenses	54	52
Operating Segments | Anti Financial Crime Technology | Market Services
Disaggregation of Revenue [Line Items]
Revenues less transaction-based expenses	0	0
Operating Segments | Anti Financial Crime Technology | Corporate Platforms
Disaggregation of Revenue [Line Items]
Revenues less transaction-based expenses	0	0
Operating Segments | Anti Financial Crime Technology | Investment Intelligence
Disaggregation of Revenue [Line Items]
Revenues less transaction-based expenses	0	0
Operating Segments | Anti Financial Crime Technology | Market Technology
Disaggregation of Revenue [Line Items]
Revenues less transaction-based expenses	$ 46	$ 29

Revenue From Contracts With C_4

Revenue From Contracts With Customers (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Allowance for doubtful accounts	$ 19		$ 21
Market Services | Services transferred at a point in time
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue recognized (percentage)	73.00%	72.00%
Market Services | Services transferred over time
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue recognized (percentage)	27.00%	28.00%

Revenue From Contracts With C_5

Revenue From Contracts With Customers (Remaining Performance Obligation) (Details) - Market Technology $ in Millions	Mar. 31, 2021USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation	$ 768
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation	$ 218
Revenue, remaining performance obligation, period	9 months
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	$ 213
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	$ 97
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	$ 71
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	$ 54
Revenue, remaining performance obligation, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation	$ 115
Revenue, remaining performance obligation, period

Acquisitions (2021 Acquisition)

Acquisitions (2021 Acquisition) (Details) - USD ($) $ in Millions	Mar. 31, 2021	Feb. 28, 2021	Dec. 31, 2020
Business Acquisition [Line Items]
Goodwill	$ 8,508		$ 6,850
Verafin
Business Acquisition [Line Items]
Purchase Consideration		$ 2,651
Total Net Liabilities Acquired		(37)
Acquired Intangible Assets		815
Goodwill		$ 1,873

Acquisitions (Acquisition of Ve

Acquisitions (Acquisition of Verafin) (Details) - Verafin - USD ($) $ in Millions	1 Months Ended
	Feb. 28, 2021	Jan. 31, 2019
Business Acquisition [Line Items]
Purchase consideration	$ 2,750
Pre-paid employment expense	$ 102
Pre-paid employment expense, vesting period	3 years
Customer Relationships
Business Acquisition [Line Items]
Amortization period of intangible assets for tax purposes		20 years
Estimated average useful life	22 years
Trade Name
Business Acquisition [Line Items]
Estimated average useful life	20 years

Acquisitions (Intangible Assets

Acquisitions (Intangible Assets) (Details) - Verafin $ in Millions	1 Months Ended
	Feb. 28, 2021USD ($)
Finite Lived And Indefinite Lived Intangible Assets [Line Items]
Intangible asset value (in millions)	$ 815
Customer Relationships
Finite Lived And Indefinite Lived Intangible Assets [Line Items]
Intangible asset value (in millions)	$ 532
Estimated average useful life	22 years
Customer Relationships | Discount rate used
Finite Lived And Indefinite Lived Intangible Assets [Line Items]
Discount rate used	0.075
Technology
Finite Lived And Indefinite Lived Intangible Assets [Line Items]
Intangible asset value (in millions)	$ 246
Estimated average useful life	7 years
Technology | Discount rate used
Finite Lived And Indefinite Lived Intangible Assets [Line Items]
Discount rate used	0.075
Trade Name
Finite Lived And Indefinite Lived Intangible Assets [Line Items]
Intangible asset value (in millions)	$ 37
Estimated average useful life	20 years
Trade Name | Discount rate used
Finite Lived And Indefinite Lived Intangible Assets [Line Items]
Discount rate used	0.075

Assets and Liabilities Held F_3

Assets and Liabilities Held For Sale (Details) - U.S. Fixed Income business - Disposal group, held-for-sale $ in Millions	Mar. 31, 2021USD ($)
Carrying Amount of Assets and Liabilities Held for Sale [Abstract]
Goodwill	$ 60
Intangible assets, net	33
Other current and non-current assets	10
Total assets held for sale	103
Other current liabilities	2
Total liabilities held for sale	$ 2

Goodwill and Acquired Intangi_3

Goodwill and Acquired Intangible Assets (Schedule of Changes in Goodwill) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)
Goodwill [Roll Forward]
Balance at beginning of period	$ 6,850
Goodwill acquired	1,873
Goodwill reclassified to held for sale	(60)
Foreign currency translation adjustment	(155)
Balance at end of period	8,508
Market Services
Goodwill [Roll Forward]
Balance at beginning of period	3,519
Goodwill acquired	0
Goodwill reclassified to held for sale	(37)
Foreign currency translation adjustment	(82)
Balance at end of period	3,400
Corporate Platforms
Goodwill [Roll Forward]
Balance at beginning of period	481
Goodwill acquired	0
Goodwill reclassified to held for sale	0
Foreign currency translation adjustment	(7)
Balance at end of period	474
Investment Intelligence
Goodwill [Roll Forward]
Balance at beginning of period	2,541
Goodwill acquired	0
Goodwill reclassified to held for sale	(23)
Foreign currency translation adjustment	(57)
Balance at end of period	2,461
Market Technology
Goodwill [Roll Forward]
Balance at beginning of period	309
Goodwill acquired	1,873
Goodwill reclassified to held for sale	0
Foreign currency translation adjustment	(9)
Balance at end of period	$ 2,173

Goodwill and Acquired Intangi_4

Goodwill and Acquired Intangible Assets (Narrative) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Indefinite-lived Intangible Assets [Line Items]
Goodwill, impairment loss	$ 0	$ 0
Amortization expense of acquired intangible assets	36,000,000	$ 25,000,000
Net Amount	1,706,000,000		$ 969,000,000
Verafin
Indefinite-lived Intangible Assets [Line Items]
Amount of goodwill expected to be deductible for tax purposes	1,900,000,000
Foreign currency translation adjustment
Indefinite-lived Intangible Assets [Line Items]
Net Amount	$ (56,000,000)		$ (46,000,000)

Goodwill and Acquired Intangi_5

Goodwill and Acquired Intangible Assets (Finite-Lived and Indefinite-Lived Intangible Assets) (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Gross Amount	$ 2,303	$ 1,589
Accumulated Amortization	(597)	(620)
Net Amount	1,706	969
Indefinite-lived Intangible Assets [Line Items]
Indefinite-Lived Intangible Assets	1,261	1,286
Total intangible assets	3,564	2,875
Intangible assets, net	2,967	2,255
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	(169)	(144)
Technology
Finite-Lived Intangible Assets [Line Items]
Gross Amount	322	76
Accumulated Amortization	(33)	(24)
Net Amount	289	52
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Amount	2,049	1,599
Accumulated Amortization	(626)	(648)
Net Amount	1,423	951
Trade names and other
Finite-Lived Intangible Assets [Line Items]
Gross Amount	57	18
Accumulated Amortization	(7)	(6)
Net Amount	50	12
Foreign currency translation adjustment
Finite-Lived Intangible Assets [Line Items]
Gross Amount	(125)	(104)
Accumulated Amortization	69	58
Net Amount	$ (56)	$ (46)

Goodwill and Acquired Intangi_6

Goodwill and Acquired Intangible Assets (Reclassification to Held-for-Sale) (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Gross Amount	$ 2,303	$ 1,589
Accumulated Amortization	(597)	(620)
Net Amount	1,706	969
Customer Relationships
Finite-Lived Intangible Assets [Line Items]
Gross Amount	2,049	1,599
Accumulated Amortization	(626)	(648)
Net Amount	1,423	$ 951
Customer Relationships | U.S. Fixed Income business | Disposal group, held-for-sale
Finite-Lived Intangible Assets [Line Items]
Gross Amount	83
Accumulated Amortization	(50)
Net Amount	$ 33

Goodwill and Acquired Intangi_7

Goodwill and Acquired Intangible Assets (Estimated Future Amortization Expense) (Details) $ in Millions	Mar. 31, 2021USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2021	$ 124
2022	162
2023	158
2024	153
2025	151
2026 and thereafter	1,014
Total	$ 1,762

Investments (Schedule of Invest

Investments (Schedule of Investments) (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Investments, Debt and Equity Securities [Abstract]
Financial investments	$ 215	$ 195
Equity method investments	272	216
Equity securities	$ 60	$ 60

Investments (Narrative) (Detail

Investments (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Investments, Debt and Securities [Line Items]
Net income from unconsolidated investees	$ 57	$ 17
OCC
Investments, Debt and Securities [Line Items]
Equity method investment, ownership percentage	40.00%	40.00%
Foreign Government Debt Securities
Investments, Debt and Securities [Line Items]
Trading securities	$ 164		$ 175

Deferred Revenue (Changes in De

Deferred Revenue (Changes in Deferred Revenue) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)
Change in Contract with Customer Liability [Roll Forward]
Beginning balance	$ 306
Deferred revenue billed in the current period, net of recognition	403
Revenue recognized that was included in the beginning of the period	(102)
Foreign currency translation adjustment	(6)
Ending balance	601
Initial Listing Revenues
Change in Contract with Customer Liability [Roll Forward]
Beginning balance	91
Deferred revenue billed in the current period, net of recognition	37
Revenue recognized that was included in the beginning of the period	(17)
Foreign currency translation adjustment	(1)
Ending balance	110
Annual Listings Revenues
Change in Contract with Customer Liability [Roll Forward]
Beginning balance	2
Deferred revenue billed in the current period, net of recognition	221
Revenue recognized that was included in the beginning of the period	(1)
Foreign currency translation adjustment	(1)
Ending balance	221
IR & ESG Services Revenues
Change in Contract with Customer Liability [Roll Forward]
Beginning balance	46
Deferred revenue billed in the current period, net of recognition	28
Revenue recognized that was included in the beginning of the period	(22)
Foreign currency translation adjustment	0
Ending balance	52
Investment Intelligence Revenues
Change in Contract with Customer Liability [Roll Forward]
Beginning balance	97
Deferred revenue billed in the current period, net of recognition	50
Revenue recognized that was included in the beginning of the period	(33)
Foreign currency translation adjustment	0
Ending balance	114
Market Technology Revenues
Change in Contract with Customer Liability [Roll Forward]
Beginning balance	53
Deferred revenue billed in the current period, net of recognition	57
Revenue recognized that was included in the beginning of the period	(23)
Foreign currency translation adjustment	(3)
Ending balance	84
Other
Change in Contract with Customer Liability [Roll Forward]
Beginning balance	17
Deferred revenue billed in the current period, net of recognition	10
Revenue recognized that was included in the beginning of the period	(6)
Foreign currency translation adjustment	(1)
Ending balance	$ 20

Deferred Revenue (Estimated Def

Deferred Revenue (Estimated Deferred Revenue) (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Fiscal year ended:
2021	$ 492
2022	57
2023	21
2024	14
2025	10
2026 and thereafter	7
Total	601	$ 306
Initial Listing Revenues
Fiscal year ended:
2021	31
2022	31
2023	18
2024	13
2025	10
2026 and thereafter	7
Total	110	91
Annual Listings Revenues
Fiscal year ended:
2021	221
2022	0
2023	0
2024	0
2025	0
2026 and thereafter	0
Total	221	2
IR & ESG Services Revenues
Fiscal year ended:
2021	49
2022	3
2023	0
2024	0
2025	0
2026 and thereafter	0
Total	52	46
Investment Intelligence Revenues
Fiscal year ended:
2021	103
2022	11
2023	0
2024	0
2025	0
2026 and thereafter	0
Total	114	97
Market Technology Revenues
Fiscal year ended:
2021	76
2022	8
2023	0
2024	0
2025	0
2026 and thereafter	0
Total	84	53
Other
Fiscal year ended:
2021	12
2022	4
2023	3
2024	1
2025	0
2026 and thereafter	0
Total	$ 20	$ 17

Debt Obligations (Changes in De

Debt Obligations (Changes in Debt Obligations) (Details) - USD ($)	1 Months Ended	3 Months Ended
	Feb. 28, 2021	Mar. 31, 2021	Dec. 31, 2020	Apr. 30, 2020	Apr. 30, 2019	Jun. 30, 2016	May 31, 2016	May 31, 2014
Changes in Long-Term Debt Obligations [Roll Forward]
Total long-term debt at beginning of period		$ 5,541,000,000
Additions		100,000,000
Payments, Foreign Currency Translation and Accretion		(186,000,000)
Total long-term debt at end of period		5,455,000,000
Changes In Debt Obligations [Roll Forward]
Total debt obligations at beginning of period		5,541,000,000
Additions		785,000,000
Payments, Foreign Currency Translation and Accretion		(436,000,000)
Total debt obligations at end of period		$ 5,890,000,000
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%
3.25% senior unsecured notes due April 28, 2050
Schedule of Debt [Line Items]
Stated rate		3.25%
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		$ 498,000,000
Additions		0
Payments, Foreign Currency Translation and Accretion		0
Long-term debt obligations at end of period		498,000,000
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		730,000,000
Additions		0
Payments, Foreign Currency Translation and Accretion		(29,000,000)
Long-term debt obligations at end of period		701,000,000
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
Additions		0
Payments, Foreign Currency Translation and Accretion		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		726,000,000
Additions		0
Payments, Foreign Currency Translation and Accretion		(29,000,000)
Long-term debt obligations at end of period		697,000,000
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		726,000,000
Additions		0
Payments, Foreign Currency Translation and Accretion		(29,000,000)
Long-term debt obligations at end of period		697,000,000
Senior Notes | 3.25% senior unsecured notes due April 28, 2050
Schedule of Debt [Line Items]
Stated rate				3.25%
Changes in Long-Term Debt Obligations [Roll Forward]
Long-term debt obligations at beginning of period		485,000,000
Additions		0
Payments, Foreign Currency Translation and Accretion		1,000,000
Long-term debt obligations at end of period		$ 486,000,000
Senior Notes | 0.445% senior unsecured notes due December 21, 2022
Schedule of Debt [Line Items]
Stated rate		0.445%
Changes in Long-Term Debt Obligations [Roll Forward]
Long-term debt obligations at beginning of period		$ 597,000,000
Additions		0
Payments, Foreign Currency Translation and Accretion		0
Long-term debt obligations at end of period		$ 597,000,000
Senior Notes | 1.650% senior unsecured notes due January 15, 2031
Schedule of Debt [Line Items]
Stated rate		1.65%
Changes in Long-Term Debt Obligations [Roll Forward]
Long-term debt obligations at beginning of period		$ 643,000,000
Additions		0
Payments, Foreign Currency Translation and Accretion		0
Long-term debt obligations at end of period		$ 643,000,000
Senior Notes | 2.500% senior unsecured notes due December 21, 2040
Schedule of Debt [Line Items]
Stated rate		2.50%
Changes in Long-Term Debt Obligations [Roll Forward]
Long-term debt obligations at beginning of period		$ 643,000,000
Additions		0
Payments, Foreign Currency Translation and Accretion		0
Long-term debt obligations at end of period		643,000,000
$1.25 billion revolving credit facility
Changes in Long-Term Debt Obligations [Roll Forward]
Long-term debt obligations at beginning of period		(4,000,000)
Additions		100,000,000
Payments, Foreign Currency Translation and Accretion		(100,000,000)
Long-term debt obligations at end of period		(4,000,000)
Revolving Credit Facility | $1.25 billion revolving credit facility
Schedule of Debt [Line Items]
Facility borrowing capacity		1,250,000,000	$ 1,250,000,000
Short-term debt - commercial paper
Changes In Short-Term Debt Obligations [Roll Forward]
Short-term debt - commercial paper beginning balance		0
Additions	$ 475,000,000	685,000,000
Payments, Foreign Currency Translation and Accretion		(250,000,000)
Short-term debt - commercial paper ending balance		$ 435,000,000

Debt Obligations (Commercial Pa

Debt Obligations (Commercial Paper) (Details) - Commercial paper - USD ($)	1 Months Ended	3 Months Ended
	Feb. 28, 2021	Mar. 31, 2021
Short-term Debt [Line Items]
Proceeds from short-term debt	$ 475,000,000	$ 685,000,000
Weighted average interest rate		0.28%
Minimum
Short-term Debt [Line Items]
Credit facility term		30 days
Maximum
Short-term Debt [Line Items]
Credit facility term		121 days
Weighted Average
Short-term Debt [Line Items]
Credit facility term		34 days

Debt Obligations (Senior Unsecu

Debt Obligations (Senior Unsecured Notes) (Details)	3 Months Ended
	Mar. 31, 2021
Senior Notes
Debt Instrument [Line Items]
Aggregate principal amount purchased plus accrued and unpaid interest	101.00%

Debt Obligations (4.25% Senior

Debt Obligations (4.25% Senior Unsecured Notes) (Details) - 4.25% senior unsecured notes due June 1, 2024	Mar. 31, 2021	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, 2021	May 31, 2016
Debt Instrument [Line Items]
Increase (decrease) in carrying amount	$ 186
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%
Increase (decrease) in carrying amount	$ 29
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, 2021	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, 2021	Apr. 30, 2019
Debt Instrument [Line Items]
Increase (decrease) in carrying amount	$ 186
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%
Increase (decrease) in carrying amount	$ 29
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, 2021	Feb. 29, 2020	May 31, 2016
Debt Instrument [Line Items]
Net proceeds from senior note	$ 100
Increase (decrease) in carrying amount	$ 186
0.875% senior unsecured notes due February 13, 2030
Debt Instrument [Line Items]
Stated rate	0.875%
Senior Notes | 0.875% Senior Unsecured Notes Due 2030
Debt Instrument [Line Items]
Stated rate		0.875%
Senior Notes | 0.875% Senior Unsecured Notes Due 2030 | Maximum
Debt Instrument [Line Items]
Maximum interest rate on debt instrument			1.875%
Senior Notes | 0.875% senior unsecured notes due February 13, 2030
Debt Instrument [Line Items]
Net proceeds from senior note	$ 0
Increase (decrease) in carrying amount	$ 29

Debt Obligations (3.25% Senior

Debt Obligations (3.25% Senior Unsecured Notes Due 2050) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Apr. 30, 2020
Debt Instrument [Line Items]
Net proceeds from senior note	$ 100
3.25% senior unsecured notes due April 28, 2050
Debt Instrument [Line Items]
Stated rate	3.25%
3.25% senior unsecured notes due April 28, 2050 | Senior Notes
Debt Instrument [Line Items]
Stated rate		3.25%
Net proceeds from senior note	$ 0
3.25% senior unsecured notes due April 28, 2050 | Senior Notes | Maximum
Debt Instrument [Line Items]
Stated rate		5.25%

Debt Obligations (Senior Unse_2

Debt Obligations (Senior Unsecured Notes Due 2022, 2031 and 2040) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Net proceeds from senior note	$ 100
0.445% senior unsecured notes due December 21, 2022 | Senior Notes
Debt Instrument [Line Items]
Stated rate	0.445%
Net proceeds from senior note	$ 0
0.445% senior unsecured notes due December 21, 2022 | Maximum | Senior Notes
Debt Instrument [Line Items]
Maximum interest rate on debt instrument		1.445%
1.650% senior unsecured notes due January 15, 2031 | Senior Notes
Debt Instrument [Line Items]
Stated rate	1.65%
Net proceeds from senior note	$ 0
1.650% senior unsecured notes due January 15, 2031 | Maximum | Senior Notes
Debt Instrument [Line Items]
Maximum interest rate on debt instrument	2.65%
2.500% senior unsecured notes due December 21, 2040 | Senior Notes
Debt Instrument [Line Items]
Stated rate	2.50%
Net proceeds from senior note	$ 0
2.500% senior unsecured notes due December 21, 2040 | Maximum | Senior Notes
Debt Instrument [Line Items]
Maximum interest rate on debt instrument	3.50%

Debt Obligations (Credit Facili

Debt Obligations (Credit Facilities) (Details) - USD ($)	1 Months Ended	3 Months Ended
	Dec. 31, 2020	Mar. 31, 2021
$1.25 billion revolving credit facility | Revolving Credit Facility
Debt Instrument [Line Items]
Utilized amount		$ 0
Unamortized debt issuance expense		(4,000,000)
Revolving Credit Facility | $1.25 billion revolving credit facility
Debt Instrument [Line Items]
Credit facility, borrowing capacity	$ 1,250,000,000	1,250,000,000
Credit facility term	5 years
Option to increase available aggregate amount		$ 625,000,000
Revolving Credit Facility | $1.25 billion revolving credit facility | Minimum
Debt Instrument [Line Items]
Line of credit facility, commitment fee percentage		0.125%
Revolving Credit Facility | $1.25 billion revolving credit facility | Maximum
Debt Instrument [Line Items]
Line of credit facility, commitment fee percentage		0.35%
Revolving Credit Facility | $1 billion, five-year senior unsecured revolving credit facility
Debt Instrument [Line Items]
Remaining amount available		$ 815,000,000
Revolving Credit Facility | $1 billion, five-year senior unsecured revolving credit facility | Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility used for liquidity support		$ 435,000,000

Debt Obligations (Other Credit

Debt Obligations (Other Credit Facilities) (Details) - Clearinghouse Credit Facilities - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Remaining amount available	$ 219,000,000	$ 232,000,000
Utilized amount	$ 0	$ 0

Retirement Plans (Narrative) (D

Retirement Plans (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Retirement Benefits [Abstract]
Employer contribution match, percent match	100.00%
Employer contribution match, percentage of employee contribution	6.00%
Defined contributions plan expense	$ 4	$ 4
Cost or expenses included in compensation and benefit expense	$ 6	$ 5

Share-Based Compensation (Narra

Share-Based Compensation (Narrative) (Details) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)program$ / sharespeerGroupshares	Mar. 31, 2020USD ($)$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock shares reserved for future issuance (in shares) | shares	10,000,000
Net cash proceeds from the exercise of stock options	$ 1	$ 1
Stock option exercises, net (in shares) | shares	24,409	27,196
Outstanding, aggregate intrinsic value	$ 22
Weighted-average remaining contractual term, Outstanding (in years)	6 months
Stock options, exercisable (in shares) | shares	268,817	400,000
Options exercisable, weighted average exercise price (in dollars per share) | $ / shares	$ 66.68	$ 56.94
Total pre-tax intrinsic value of stock options exercised	$ 3	$ 2
Share based compensation expense	$ 19	$ 17
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	$ 147.46
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	4,400,000
Maximum percentage of shares purchased from annual compensation	10.00%
Discount given to employees (as a percent)	15.00%
Share based compensation expense	$ 2	$ 2
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation cost	$ 59
Weighted-average period unrecognized compensation cost is expected to be recognized, in years	1 year 8 months 12 days
PSUs | One-Year Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation cost	$ 3
Weighted-average period unrecognized compensation cost is expected to be recognized, in years	1 year 2 months 12 days
Expiration period of PSU program	1 year
Percentage of target amount granted, minimum	0.00%
Percentage of target amount granted, maximum	150.00%
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
Expiration period of PSU program	3 years
Performance period	3 years
Number of peer groups (in peer groups) | peerGroup	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%
Additional units granted above target (in shares) | shares	150,290
PSUs | Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of performance-based programs (in programs) | program	2
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
First Anniversary | Restricted Stock | Below Manager Level
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage (as a percent)	33.30%
Second Anniversary | Restricted Stock | Below Manager Level
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage (as a percent)	33.30%
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)	33.30%
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 | 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, 2021	Mar. 31, 2020
Share-based Payment Arrangement [Abstract]
Share-based compensation expense before income taxes	$ 19	$ 17
Income tax benefit	(5)	(5)
Share-based compensation expense after income taxes	$ 14	$ 12

Share-Based Compensation (Sum_2

Share-Based Compensation (Summary of Restricted Stock Activity) (Details) - Restricted Stock	3 Months Ended
	Mar. 31, 2021$ / sharesshares
Number of Awards
Unvested balances at beginning of period (in shares) | shares	1,639,051
Granted (in shares) | shares	378
Vested (in shares) | shares	(271,010)
Forfeited (in shares) | shares	(18,081)
Unvested balances at end of period (in shares) | shares	1,350,338
Weighted-Average Grant Date Fair Value
Unvested balances at beginning of period (in dollars per share) | $ / shares	$ 84.21
Granted (in dollars per share) | $ / shares	128.44
Vested (in dollars per share) | $ / shares	71.50
Forfeited (in dollars per share) | $ / shares	84.22
Unvested balances at end of period (in dollars per share) | $ / shares	$ 86.77

Share-Based Compensation (Sum_3

Share-Based Compensation (Summary of PSU Activity) (Details) - PSUs	3 Months Ended
	Mar. 31, 2021$ / sharesshares
One-Year Program
Number of Awards
Unvested balances at beginning of period (in shares) | shares	169,548
Granted (in shares) | shares	0
Vested (in shares) | shares	(15,452)
Forfeited (in shares) | shares	(12,316)
Unvested balances at end of period (in shares) | shares	141,780
Weighted-Average Grant Date Fair Value
Unvested balances at beginning of period (in dollars per share) | $ / shares	$ 83.33
Granted (in dollars per share) | $ / shares	0
Vested (in dollars per share) | $ / shares	82.22
Forfeited (in dollars per share) | $ / shares	82.86
Unvested balances at end of period (in dollars per share) | $ / shares	$ 83.49
Three-Year Program
Number of Awards
Unvested balances at beginning of period (in shares) | shares	809,989
Granted (in shares) | shares	150,290
Vested (in shares) | shares	(392,727)
Forfeited (in shares) | shares	(605)
Unvested balances at end of period (in shares) | shares	566,947
Weighted-Average Grant Date Fair Value
Unvested balances at beginning of period (in dollars per share) | $ / shares	$ 108.12
Granted (in dollars per share) | $ / shares	116.86
Vested (in dollars per share) | $ / shares	116.86
Forfeited (in dollars per share) | $ / shares	111.43
Unvested balances at end of period (in dollars per share) | $ / shares	$ 104.39

Share-Based Compensation (Sum_4

Share-Based Compensation (Summary of Stock Option Activity) (Details) - $ / shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Number of Stock Options
Outstanding at Beginning of period (in shares)	293,353
Exercised (in shares)	(24,409)	(27,196)
Forfeited (in shares)	(127)
Outstanding at End of period (in shares)	268,817
Exercisable (in shares)	268,817	400,000
Weighted-Average Exercise Price
Weighted average exercise price, outstanding, beginning of period (in dollars per share)	$ 63.22
Exercised (in dollars per share)	25.28
Forfeited (in dollars per share)	25.28
Weighted average exercise price, outstanding, end of period (in dollars per share)	66.68
Options exercisable, weighted average exercise price (in dollars per share)	$ 66.68	$ 56.94

Nasdaq Stockholders' Equity (Na

Nasdaq Stockholders' Equity (Narrative) (Details)	1 Months Ended	3 Months Ended
	Apr. 30, 2021USD ($)$ / shares	Mar. 31, 2021USD ($)vote$ / sharesshares	Dec. 31, 2020vote$ / sharesshares	Mar. 31, 2020$ / sharesshares	Jan. 31, 2021USD ($)
Stockholders Equity [Line Items]
Common stock, shares authorized (in shares)		300,000,000	300,000,000
Common stock, shares issued (in shares)		170,860,750	171,278,761
Common stock, shares outstanding (in shares)		164,242,471	164,933,678
Common stock (in votes per share) | vote		1	1
Common stock holder voting rights, maximum percentage of the then-outstanding shares of Nasdaq common stock		5.00%	5.00%
Common stock in treasury (in shares)		6,618,279	6,345,083
Authorized amount under share repurchase program | $		$ 248,000,000
Additional amount under stock repurchase program | $					$ 1,000,000,000
Number of shares of common stock repurchased (in shares)		1,121,620
Preferred stock, shares authorized (in shares)		30,000,000	30,000,000
Preferred stock par value (in dollars per share) | $ / shares		$ 0.01	$ 0.01
Preferred stock, shares issued (in shares)		0		0
Preferred stock, shares outstanding (in shares)		0		0
Payments of dividends | $		$ 81,000,000
Cash dividends declared per common share (in dollars per share) | $ / shares		$ 0.49	$ 0.49	$ 0.47
Subsequent Event
Stockholders Equity [Line Items]
Cash dividends declared per common share (in dollars per share) | $ / shares	$ 0.54
Percentage increase in common stock dividend	0.10
Dividends declared | $	$ 89,000,000
Other Repurchases of Common Stock
Stockholders Equity [Line Items]
Number of shares of common stock repurchased (in shares)		273,196

Nasdaq Stockholders' Equity (Co

Nasdaq Stockholders' Equity (Common Stock in Treasury) (Details) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)$ / sharesshares
Equity [Abstract]
Number of shares of common stock repurchased (in shares) | shares	1,121,620
Average price paid per share (in dollars per share) | $ / shares	$ 144.22
Total purchase price (in millions) | $	$ 162

Nasdaq Stockholders' Equity (Sc

Nasdaq Stockholders' Equity (Schedule of Dividends Declared) (Details) - USD ($) $ / shares in Units, $ in Millions	Mar. 12, 2021	Jan. 27, 2021	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020
Dividends Payable [Line Items]
Dividend Per Common Share (in dollars per share)			$ 0.49	$ 0.49	$ 0.47
Dividend Declaration Date First Quarter
Dividends Payable [Line Items]
Dividend Per Common Share (in dollars per share)		$ 0.49
Total Amount Paid	$ 81

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Numerator:
Net income attributable to common shareholders	$ 298	$ 203
Denominator:
Weighted-average common shares outstanding for basic earnings per share (in shares)	164,709,609	164,864,077
Weighted-average effect of dilutive securities:
Employee equity awards (in shares)	2,382,473	1,912,439
Weighted-average common shares outstanding for diluted earnings per share (in shares)	167,092,082	166,776,516
Basic and diluted earnings per share:
Basic earnings per share (in dollars per share)	$ 1.81	$ 1.23
Diluted earnings per share (in dollars per share)	$ 1.78	$ 1.22

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) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Debt Securities [Abstract]
Financial investments	$ 215	$ 195
Fair Value, Measurements, Recurring
Debt Securities [Abstract]
Financial investments	215	195
Fair Value, Measurements, Recurring | European government debt securities
Debt Securities [Abstract]
Financial investments	146	156
Fair Value, Measurements, Recurring | Corporate debt securities
Debt Securities [Abstract]
Financial investments	15	2
Fair Value, Measurements, Recurring | State owned enterprises and municipal securities
Debt Securities [Abstract]
Financial investments	9	15
Fair Value, Measurements, Recurring | Swedish mortgage bonds
Debt Securities [Abstract]
Financial investments	21	22
Fair Value, Measurements, Recurring | Time deposits
Debt Securities [Abstract]
Financial investments	24	0
Fair Value, Measurements, Recurring | Level 1
Debt Securities [Abstract]
Financial investments	146	156
Fair Value, Measurements, Recurring | Level 1 | European government debt securities
Debt Securities [Abstract]
Financial investments	146	156
Fair Value, Measurements, Recurring | Level 1 | Corporate debt securities
Debt Securities [Abstract]
Financial investments	0	0
Fair Value, Measurements, Recurring | Level 1 | State owned enterprises and municipal securities
Debt Securities [Abstract]
Financial investments	0	0
Fair Value, Measurements, Recurring | Level 1 | Swedish mortgage bonds
Debt Securities [Abstract]
Financial investments	0	0
Fair Value, Measurements, Recurring | Level 1 | Time deposits
Debt Securities [Abstract]
Financial investments	0	0
Fair Value, Measurements, Recurring | Level 2
Debt Securities [Abstract]
Financial investments	69	39
Fair Value, Measurements, Recurring | Level 2 | European government debt securities
Debt Securities [Abstract]
Financial investments	0	0
Fair Value, Measurements, Recurring | Level 2 | Corporate debt securities
Debt Securities [Abstract]
Financial investments	15	2
Fair Value, Measurements, Recurring | Level 2 | State owned enterprises and municipal securities
Debt Securities [Abstract]
Financial investments	9	15
Fair Value, Measurements, Recurring | Level 2 | Swedish mortgage bonds
Debt Securities [Abstract]
Financial investments	21	22
Fair Value, Measurements, Recurring | Level 2 | Time deposits
Debt Securities [Abstract]
Financial investments	24	0
Fair Value, Measurements, Recurring | Level 3
Debt Securities [Abstract]
Financial investments	0	0
Fair Value, Measurements, Recurring | Level 3 | European government debt securities
Debt Securities [Abstract]
Financial investments	0	0
Fair Value, Measurements, Recurring | Level 3 | Corporate debt securities
Debt Securities [Abstract]
Financial investments	0	0
Fair Value, Measurements, Recurring | Level 3 | State owned enterprises and municipal securities
Debt Securities [Abstract]
Financial investments	0	0
Fair Value, Measurements, Recurring | Level 3 | Swedish mortgage bonds
Debt Securities [Abstract]
Financial investments	0	0
Fair Value, Measurements, Recurring | Level 3 | Time deposits
Debt Securities [Abstract]
Financial investments	$ 0	$ 0

Fair Value of Financial Instr_4

Fair Value of Financial Instruments (Narrative) (Details) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value assets	$ 0	$ 0
Revolving Credit Facility | $1.25 billion revolving credit facility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Utilized amount	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	$ 6,000,000,000	$ 5,900,000,000

Clearing Operations (Narrative)

Clearing Operations (Narrative) (Details) kr in Millions	Jan. 27, 2021USD ($)	Jan. 27, 2021SEK (kr)	Jan. 31, 2021USD ($)	Jan. 31, 2021SEK (kr)	Sep. 30, 2018USD ($)	Mar. 31, 2021USD ($)contractfund	Mar. 31, 2020USD ($)contract	Dec. 31, 2018USD ($)	Dec. 31, 2020USD ($)
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
Expected recovery of initial loss						0.80
Default fund contributions						$ 596,000,000
Default fund contributions and margin deposits						10,283,000,000
Liability due to market default						0
Liability Waterfall
Clearing Operations [Line Items]
Junior capital, cash deposits and pledged assets						37,000,000
Senior capital, cash deposits and pledged assets						23,000,000
Committed capital						79,000,000
Utilize as capital resources
Clearing Operations [Line Items]
Default fund contributions						528,000,000
Utilize as member posted surplus balance
Clearing Operations [Line Items]
Default fund contributions						68,000,000
Nasdaq clearing members cash contributions
Clearing Operations [Line Items]
Default fund contributions						495,000,000
Default fund contributions and margin deposits						$ 3,737,000,000			$ 3,942,000,000
Minimum
Clearing Operations [Line Items]
Reverse purchase agreements, maturity range						1 day
Maximum
Clearing Operations [Line Items]
Reverse purchase agreements, maturity range						15 days
Nasdaq Clearing
Clearing Operations [Line Items]
Administrative fine	$ 34,000,000	kr 300	$ 34,000,000	kr 300
Contingency, accrual						$ 0
Maturity period of time deposits						1 year
Committed capital						$ 139,000,000
Power of assessment of the clearing member's contribution to the financial markets and commodities markets default funds (as a percent)						230.00%
Contract value of resale and repurchase agreements						$ 2,200,000,000	$ 1,000,000,000
Total number of derivative contracts cleared | contract						1,434,256	1,410,884

Clearing Operations (Schedule o

Clearing Operations (Schedule of Clearing Member Default Fund Contributions And Margin Deposits) (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Clearing Operations [Line Items]
Default fund contributions	$ 596
Margin deposits	9,687
Total	10,283
Cash Contributions
Clearing Operations [Line Items]
Default fund contributions	495
Margin deposits	3,242
Total	3,737	$ 3,942
Non-Cash Contributions
Clearing Operations [Line Items]
Default fund contributions	101
Margin deposits	6,445
Total	$ 6,546

Clearing Operations (Investment

Clearing Operations (Investment Policy) (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Clearing Operations [Line Items]
Cash contributions	$ 10,283
Demand deposits
Clearing Operations [Line Items]
Cash contributions	2,000	$ 2,086
Central bank certificates
Clearing Operations [Line Items]
Cash contributions	848	1,111
European government debt securities
Clearing Operations [Line Items]
Cash contributions	371	470
Reverse repurchase agreements
Clearing Operations [Line Items]
Cash contributions	383	180
Multilateral development bank debt securities
Clearing Operations [Line Items]
Cash contributions	135	95
Nasdaq clearing members cash contributions
Clearing Operations [Line Items]
Cash contributions	$ 3,737	$ 3,942

Clearing Operations (Schedule_2

Clearing Operations (Schedule of Derivative Contracts) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)TWhcontract	Mar. 31, 2020TWhcontract
Clearing Operations [Line Items]
Market value of derivative contracts | $	$ 896
Total number of cleared contracts (in contracts) | contract	21,942,207	31,126,294
Total volume in cleared power, in Terawatt hours (TWh) | TWh	250	292
Commodity and seafood options, futures and forwards
Clearing Operations [Line Items]
Market value of derivative contracts | $	$ 83
Total number of cleared contracts (in contracts) | contract	155,662	198,870
Fixed-income options and futures
Clearing Operations [Line Items]
Market value of derivative contracts | $	$ 502
Total number of cleared contracts (in contracts) | contract	6,404,204	5,842,771
Stock options and futures
Clearing Operations [Line Items]
Market value of derivative contracts | $	$ 202
Total number of cleared contracts (in contracts) | contract	6,306,308	6,089,250
Index options and futures
Clearing Operations [Line Items]
Market value of derivative contracts | $	$ 109
Total number of cleared contracts (in contracts) | contract	9,076,033	18,995,403

Leases (Summary of Supplemental

Leases (Summary of Supplemental Balance Sheet Information Related to Operating Leases) (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Assets:
Operating lease assets	$ 396	$ 381
Liabilities:
Current lease liabilities	$ 45	$ 46
Current lease liability, statement of financial position [Extensible List]	Other current liabilities	Other current liabilities
Non-current lease liabilities	$ 406	$ 389
Total lease liabilities	$ 451	$ 435

Leases (Leases Cost) (Details)

Leases (Leases Cost) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Leases [Abstract]
Operating lease cost	$ 22	$ 20
Variable lease cost	7	6
Sublease income	(1)	(1)
Total lease cost	$ 28	$ 25

Leases (Operating Lease Maturit

Leases (Operating Lease Maturity) (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Leases [Abstract]
2021	$ 46
2022	60
2023	56
2024	49
2025	36
2026 and thereafter	326
Total lease payments	573
Less: interest	(122)
Present value of lease liabilities	451
Operating lease, current liabilities	$ 45	$ 46

Leases (Leases Terms and Discou

Leases (Leases Terms and Discount Rate) (Details)	Mar. 31, 2021
Leases [Abstract]
Weighted-average remaining lease term (in years)	11 years 6 months
Weighted-average discount rate	4.00%

Leases (Supplemental Cash Flow

Leases (Supplemental Cash Flow Information) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Leases [Abstract]
Cash paid for amounts included in the measurement of operating lease liabilities	$ 19	$ 20
Lease assets obtained in exchange for new operating lease liabilities	$ 33	$ 0

Income Taxes (Tax Provision and

Income Taxes (Tax Provision and Effective Tax Rate) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)	Mar. 31, 2020USD ($)
Income Tax Disclosure [Abstract]
Income tax provision	$ 97	$ 70
Percentage change in income tax provision	0.386
Effective tax rate	24.60%	25.60%

Commitments, Contingencies an_2

Commitments, Contingencies and Guarantees (Details) kr in Millions	Feb. 02, 2021USD ($)	Jan. 27, 2021USD ($)	Jan. 27, 2021SEK (kr)	Sep. 02, 2014exchange	Feb. 28, 2021shares	Jan. 31, 2021USD ($)	Jan. 31, 2021SEK (kr)	Mar. 31, 2021USD ($)shares	Dec. 31, 2020USD ($)
Commitments and Contingencies Disclosure [Line Items]
Financial guarantees obtained								$ 5,000,000	$ 5,000,000
National exchanges named as defendants (in exchanges) | exchange				7
U.S. Fixed Income business
Commitments and Contingencies Disclosure [Line Items]
Proceeds from sale, including working and clearing capital	$ 700,000,000
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
eSpeed | Common stock
Commitments and Contingencies Disclosure [Line Items]
Contingent future issuance of common stock (in shares) | shares					6,200,000
Nasdaq Clearing
Commitments and Contingencies Disclosure [Line Items]
Administrative fine		$ 34,000,000	kr 300			$ 34,000,000	kr 300
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								219,000,000	232,000,000
Utilized amount								0	0
Clearinghouse Credit Facilities | Commercial Paper and Letter Of Credit
Commitments and Contingencies Disclosure [Line Items]
Utilized amount								$ 0	$ 0

Business Segments (Narrative) (

Business Segments (Narrative) (Details)	3 Months Ended
	Mar. 31, 2021segment
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, 2021	Mar. 31, 2020
Segment Reporting Information [Line Items]
Total revenues	$ 1,652	$ 1,353
Transaction-based expenses	(801)	(652)
Revenues less transaction-based expenses	851	701
Operating income (loss)	365	275
Operating Segments | Market Services
Segment Reporting Information [Line Items]
Total revenues	1,139	933
Transaction-based expenses	(801)	(652)
Revenues less transaction-based expenses	338	281
Operating income (loss)	228	178
Operating Segments | Corporate Platforms
Segment Reporting Information [Line Items]
Total revenues	155	128
Transaction-based expenses	0	0
Revenues less transaction-based expenses	155	128
Operating income (loss)	65	45
Operating Segments | Investment Intelligence
Segment Reporting Information [Line Items]
Total revenues	258	211
Transaction-based expenses	0	0
Revenues less transaction-based expenses	258	211
Operating income (loss)	167	134
Operating Segments | Market Technology
Segment Reporting Information [Line Items]
Total revenues	100	81
Transaction-based expenses	0	0
Revenues less transaction-based expenses	100	81
Operating income (loss)	(2)	8
Corporate Items
Segment Reporting Information [Line Items]
Total revenues	0	0
Transaction-based expenses	0	0
Revenues less transaction-based expenses	0	0
Operating income (loss)	$ (93)	$ (90)

Business Segments (Corporate It

Business Segments (Corporate Items) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Expenses:
Amortization expense of acquired intangible assets	$ 36	$ 25
Merger and strategic initiatives expense	45	7
Restructuring charges	10	12
Extinguishment of debt	0	36
Operating income	365	275
Corporate Items
Expenses:
Amortization expense of acquired intangible assets	36	25
Merger and strategic initiatives expense	45	7
Restructuring charges	10	12
Extinguishment of debt	0	36
Charitable donations	0	5
Other	2	5
Total expenses	93	90
Operating income	$ (93)	$ (90)

Restructuring Charges (Narrativ

Restructuring Charges (Narrative) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)
Restructuring Cost and Reserve [Line Items]
Restructuring, period of recognition	2 years
Asset impairment charges and accelerated depreciation expense
Restructuring Cost and Reserve [Line Items]
Restructuring, expected cost	$ 100

Restructuring Charges (Summary

Restructuring Charges (Summary of Restructuring Plan) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	$ 10	$ 12
Asset impairment charges and accelerated depreciation expense
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	1	3
Consulting services
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	5	3
Contract terminations
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	0	2
Severance and employee-related costs
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	0	1
Other
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	$ 4	$ 3

Uncategorized Items - ndaq-2021

Label	Element	Value
Accounting Standards Update [Extensible List]	us-gaap_AccountingStandardsUpdateExtensibleList	us-gaap:AccountingStandardsUpdate201613Member