Nasdaq (NDAQ) 10-Q 4 Nov 21 2021 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2021	Oct. 26, 2021
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 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		167,222,005
Entity Central Index Key	0001120193
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
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
0.900% senior unsecured notes due 2033
Entity Information [Line Items]
Title of 12(b) Security	0.900% Senior Notes due 2033
Trading Symbol	NDAQ33
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

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 303	$ 2,745
Restricted cash and cash equivalents	29	37
Financial investments	185	195
Receivables, net	552	566
Default funds and margin deposits	4,202	3,942
Other current assets	225	175
Total current assets	5,496	7,660
Property and equipment, net	495	475
Goodwill	8,510	6,850
Intangible assets, net	2,885	2,255
Operating lease assets	383	381
Other non-current assets	628	358
Total assets	18,397	17,979
Current liabilities:
Accounts payable and accrued expenses	166	175
Section 31 fees payable to SEC	14	224
Accrued personnel costs	221	227
Deferred revenue	380	235
Other current liabilities	132	121
Default funds and margin deposits	4,202	3,942
Short-term debt	480	0
Total current liabilities	5,595	4,924
Long-term debt	5,447	5,541
Deferred tax liabilities, net	395	502
Operating lease liabilities	398	389
Other non-current liabilities	207	187
Total liabilities	12,042	11,543
Commitments and contingencies
Nasdaq stockholders’ equity:
Common stock, $0.01 par value, 300,000,000 shares authorized, shares issued: 173,886,216 at September 30, 2021 and 171,278,761 at December 31, 2020; shares outstanding: 167,206,649 at September 30, 2021 and 164,933,678 at December 31, 2020	2	2
Additional paid-in capital	1,983	2,547
Common stock in treasury, at cost: 6,679,567 shares at September 30, 2021 and 6,345,083 shares at December 31, 2020	(425)	(376)
Accumulated other comprehensive loss	(1,511)	(1,368)
Retained earnings	6,296	5,628
Total Nasdaq stockholders’ equity	6,345	6,433
Noncontrolling interests	10	3
Total equity	6,355	6,436
Total liabilities and equity	$ 18,397	$ 17,979

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 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)	173,886,216	171,278,761
Common stock, shares outstanding (in shares)	167,206,649	164,933,678
Common stock in treasury (in shares)	6,679,567	6,345,083

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income (Unaudited) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Statement [Abstract]
Revenues less transaction-based expenses	$ 838	$ 715	$ 2,534	$ 2,115
Operating expenses:
Compensation and benefits	230	198	700	582
Professional and contract services	36	38	101	96
Computer operations and data communications	47	39	137	109
Occupancy	27	29	81	80
General, administrative and other	42	13	66	99
Marketing and advertising	12	7	32	20
Depreciation and amortization	67	51	197	149
Regulatory	8	2	22	16
Merger and strategic initiatives	13	1	70	12
Restructuring charges	0	11	31	36
Total operating expenses	482	389	1,437	1,199
Operating income	356	326	1,097	916
Interest income	0	0	1	4
Interest expense	(33)	(24)	(95)	(77)
Net gain on divestiture of business	0	0	84	0
Other income	42	1	43	5
Income (Loss) from Equity Method Investments	6	54	90	97
Income before income taxes	371	357	1,220	945
Income tax provision	83	93	292	237
Net income attributable to Nasdaq	$ 288	$ 264	$ 928	$ 708
Per share information:
Basic earnings per share (in dollars per share)	$ 1.72	$ 1.61	$ 5.61	$ 4.31
Diluted earnings per share (in dollars per share)	1.69	1.58	5.53	4.25
Cash dividends declared per common share (in dollars per share)	$ 0.54	$ 0.49	$ 1.57	$ 1.45
Revenues:
Total revenues	$ 1,357	$ 1,413	$ 4,419	$ 4,163
Transaction rebates
Transaction-based expenses:
Transaction-based expenses	(472)	(517)	(1,642)	(1,525)
Brokerage, clearance and exchange fees
Transaction-based expenses:
Transaction-based expenses	(47)	(181)	(243)	(523)
Operating Segments | Market Technology
Income Statement [Abstract]
Revenues less transaction-based expenses	114	86	332	251
Operating expenses:
Operating income	10	9	26	32
Revenues:
Total revenues	114	86	332	251
Operating Segments | Investment Intelligence
Income Statement [Abstract]
Revenues less transaction-based expenses	272	236	787	654
Operating expenses:
Operating income	177	153	509	414
Revenues:
Total revenues	272	236	787	654
Operating Segments | Corporate Platforms
Income Statement [Abstract]
Revenues less transaction-based expenses	155	131	451	382
Operating expenses:
Operating income	65	51	187	145
Revenues:
Total revenues	155	131	451	382
Operating Segments | Market Services
Income Statement [Abstract]
Revenues less transaction-based expenses	295	256	938	807
Operating expenses:
Operating income	187	154	614	507
Revenues:
Total revenues	814	954	2,823	2,855
Other revenues
Revenues:
Total revenues	$ 2	$ 6	$ 26	$ 21

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
		Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Statement of Comprehensive Income [Abstract]
Net income		$ 288	$ 264	$ 928	$ 708
Other comprehensive income (loss):
Foreign currency translation gains (losses)		(45)	60	(112)	29
Income tax benefit (expense)	[1]	(14)	23	(31)	25
Foreign currency translation, net		(59)	83	(143)	54
Comprehensive income attributable to Nasdaq		$ 229	$ 347	$ 785	$ 762
[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 ($) $ in Millions		Total	Share repurchase program	Total Nasdaq stockholders’ equity	Common stock	Additional paid-in capital	Additional paid-in capitalShare repurchase program	Additional paid-in capitalASR		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					165,000,000
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)							(2,000,000)
Share repurchase program							$ (186)
Share-based compensation (in shares)						1,000,000
Share-based compensation						$ 64
Stock option exercises, net						2
Other issuances of common stock, net	[1]					12
Other employee stock activity										(31)
Other comprehensive income (loss)											54
Net income		$ 708										708
Cash dividends declared per common share												(239)
Net activity related to noncontrolling interests														3
Ending balance (in shares) at Sep. 30, 2020		164,000,000
Ending balance at Sep. 30, 2020		$ 6,014		$ 6,011		2,524				(367)	(1,632)	5,484		3
Beginning balance (in shares) at Jun. 30, 2020					164,000,000
Beginning balance at Jun. 30, 2020					$ 2	2,533				(367)	(1,715)	5,301		3
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share repurchase program							$ (34)
Share-based compensation						24
Stock option exercises, net						1
Other comprehensive income (loss)											83
Net income		$ 264										264
Cash dividends declared per common share												(81)
Ending balance (in shares) at Sep. 30, 2020		164,000,000
Ending balance at Sep. 30, 2020		$ 6,014		6,011		2,524				(367)	(1,632)	5,484		3
Beginning balance (in shares) at Dec. 31, 2020					165,000,000
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)			(2,623,551)				(3,000,000)	(2,000,000)	[2]
Share repurchase program			$ (410)				$ (410)	$ (475)	[2]
Share-based compensation (in shares)						1,000,000
Share-based compensation						$ 66
Stock option exercises, net						$ 1
Other issuances of common stock, net (in shares)	[1]					6,000,000
Other issuances of common stock, net	[1]					$ 254
Other employee stock activity										(49)
Other comprehensive income (loss)											(143)
Net income		928										928
Cash dividends declared per common share		$ (260)										(260)
Net activity related to noncontrolling interests														7
Ending balance (in shares) at Sep. 30, 2021		167,000,000
Ending balance at Sep. 30, 2021		$ 6,355		6,345		1,983				(425)	(1,511)	6,296		10
Beginning balance (in shares) at Jun. 30, 2021					169,000,000
Beginning balance at Jun. 30, 2021					$ 2	2,435				(423)	(1,452)	6,098		11
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares repurchase program (in shares)	[2]							(2,000,000)
Share repurchase program	[2]							$ (475)
Share-based compensation						23
Other employee stock activity										(2)
Other comprehensive income (loss)											(59)
Net income		$ 288										288
Cash dividends declared per common share												(90)
Net activity related to noncontrolling interests														(1)
Ending balance (in shares) at Sep. 30, 2021		167,000,000
Ending balance at Sep. 30, 2021		$ 6,355		$ 6,345		$ 1,983				$ (425)	$ (1,511)	$ 6,296		$ 10
[1]	For the nine months ended September 30, 2021 primarily relates to the tax impact of shares accelerated and issued upon the sale of our U.S. Fixed Income business. See “2021 Divestiture,” of Note 4, “Acquisitions and Divestiture,” for further discussion.
[2]	See “ASR Agreement,” of Note 11, “Nasdaq Stockholders’ Equity,” for further discussion.

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions		9 Months Ended
		Sep. 30, 2021	Sep. 30, 2020
Cash flows from operating activities:
Net income		$ 928	$ 708
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		197	149
Share-based compensation		66	64
Deferred income taxes		94	19
Extinguishment of debt		33	36
Net gain on divestiture of business		(84)	0
Net income from unconsolidated investees		(90)	(97)
Other reconciling items included in net income		9	26
Net change in operating assets and liabilities, net of effects of acquisitions:
Receivables, net		32	(109)
Other assets		(142)	43
Accounts payable and accrued expenses		(4)	(18)
Section 31 fees payable to SEC		(210)	(69)
Accrued personnel costs		(5)	(6)
Deferred revenue		138	70
Other liabilities		(263)	1
Net cash provided by operating activities		699	817
Cash flows from investing activities:
Purchases of securities		(269)	(252)
Proceeds from sales and redemptions of securities		266	372
Proceeds from divestiture of business, net of cash divested		190	0
Acquisition of businesses, net of cash and cash equivalents acquired		(2,430)	(157)
Purchases of property and equipment		(113)	(128)
Other investing activities		(84)	8
Net cash used in investing activities		(2,440)	(157)
Cash flows from financing activities:
Proceeds from (repayments of) commercial paper, net		480	(391)
Repayments of borrowings under our credit commitment and debt obligations		(804)	(1,470)
Payment of debt extinguishment cost		(33)	(36)
Proceeds from issuances of long-term debt, net of issuance costs and utilization of credit commitment		826	1,928
Proceeds received from employee stock activity and other issuances		17	14
Payments related to employee shares withheld for taxes		(49)	(31)
Other financing activities		7	3
Net cash used in financing activities		(701)	(408)
Effect of exchange rate changes on cash and cash equivalents and restricted cash and cash equivalents		(8)	3
Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents		(2,450)	255
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		332	617
Cash paid for:
Interest		79	69
Income taxes, net of refund	[1]	425	218
ASR
Cash flows from financing activities:
Repurchases of common stock		(475)	0
Share repurchase program
Cash flows from financing activities:
Repurchases of common stock		(410)	(186)
Dividends paid		$ (260)	$ (239)
[1]	Includes payment of an acquired tax liability in the second quarter of 2021 related to the Verafin acquisition. See “2021 Acquisition,” of Note 4, “Acquisitions and Divestiture,” for further discussion.

Organization and Nature of Oper

Organization and Nature of Operations	9 Months Ended
	Sep. 30, 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 Technology, Investment Intelligence, Corporate Platforms, and Market Services. Market Technology 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 solutions are utilized by leading markets in the U.S., Europe and Asia as well as emerging markets in the Middle East, Latin America, and Africa. The Market Technology segment includes our Anti Financial Crime Technology business and our Marketplace Infrastructure Technology business. Our Anti Financial Crime Technology business includes Nasdaq Trade Surveillance, a technology solution designed for brokers and other market participants to assist them in complying with market rules, regulations and internal market surveillance policies. The Nasdaq Automated Investigator is our cloud-deployed anti-money laundering offering with an automated investigator tool for retail banks. Additionally, in February 2021 we completed the acquisition of Verafin, a SaaS technology provider of anti-financial crime management solutions that offers a cloud-based platform to help detect, investigate, and report money laundering and financial fraud. See “2021 Acquisition,” of Note 4, “Acquisitions and Divestiture,” for further discussion. Our Marketplace Infrastructure Technology business powers over 130 market infrastructure operators and new market clients in more than 55 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. Investment Intelligence Our Investment Intelligence segment includes our Market Data, Index and Analytics businesses. Our Market Data business sells and distributes real-time and historical 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 provided on our Data Link data dissemination platform 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 September 30, 2021, 347 ETPs listed in over 30 countries and exchanges tracked a Nasdaq index and accounted for $361 billion in AUM. Our Analytics business provides asset managers, investment consultants and institutional asset owners with investment insights and workflow solutions. The eVestment platform provides asset owners and allocators with analytics to make data-driven investment decisions, enables asset managers to position institutional products worldwide and provides liquidity solutions for private funds. Together with Solovis, a cloud-based multi-asset portfolio management and risk solution, 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. Corporate Platforms Our Corporate Platforms segment includes our Listing Services and IR & ESG Services businesses. These businesses deliver critical capital market and ESG 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 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. In July 2021 we contributed our NPM business, which was included in our Listing Services business, to a standalone, independent company, of which we own the largest minority interest, together with a consortium of third party financial institutions. The NPM business provides liquidity solutions for private companies to enable employees, investors, and companies to execute transactions. We continue 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 September 30, 2021, 105 corporate bonds were listed on the Corporate Bond exchange. We also continue to develop the Nasdaq Sustainable Bond Network, a platform for increased transparency in the global sustainable bond markets. As of September 30, 2021, there were 3,990 total listings on The Nasdaq Stock Market, including 430 ETPs. The combined market capitalization was approximately $25.9 trillion. In Europe, the Nasdaq Nordic and Nasdaq Baltic exchanges, together with Nasdaq First North, were home to 1,172 listed companies with a combined market capitalization of approximately $2.4 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. Our private company clients include a diverse group of organizations ranging from family owned companies, government organizations, law firms, privately held entities, various non-profit organizations to hospitals and health care systems. 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. 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 the second quarter of 2022. Also, in June 2021, we sold our U.S. Fixed Income business which included an electronic platform for trading of U.S. Treasuries. See “2021 Divestiture,” of Note 4, “Acquisitions and Divestiture,” 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. We also operate a Canadian exchange for the trading of certain Canadian-listed securities. In Europe, we operate exchanges in Stockholm (Sweden), Copenhagen (Denmark), Helsinki (Finland), and Reykjavik (Iceland), as well as the clearing operations of Nasdaq Clearing, as Nasdaq Nordic. We also operate exchanges in Tallinn (Estonia), Riga (Latvia) and Vilnius (Lithuania) as Nasdaq Baltic. Collectively, Nasdaq Nordic and Nasdaq Baltic offer trading in cash equities, depository receipts, warrants, convertibles, rights, fund units and ETFs, as well as trading and clearing of derivatives and clearing of resale and repurchase agreements. Additionally, in June 2021, we completed the acquisition of a majority stake in Puro.earth, a Finnish-based leading marketplace for carbon removal. 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.

Basis of Presentation and Princ

Basis of Presentation and Principles of Consolidation	9 Months Ended
	Sep. 30, 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 6, “Investments,” for further discussion of our equity method investments. The accompanying condensed consolidated financial statements reflect all adjustments which are, in the opinion of management, necessary for a fair statement of the results. These adjustments are of a normal recurring nature. All significant intercompany accounts and transactions have been eliminated in consolidation. As permitted under U.S. GAAP, certain footnotes or other financial information can be condensed or omitted in the interim condensed consolidated financial statements. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with the consolidated financial statements and accompanying notes included in Nasdaq’s Form 10-K. The year-end condensed balance sheet data was derived from the audited financial statements, but does not include all disclosures required by U.S. GAAP. Certain prior year amounts have been reclassified to conform to the current year presentation. Accounting Estimates In preparing our condensed consolidated financial statements, we make assumptions, judgments and estimates that can have a significant impact on our revenue, operating income and net income, as well as on the value of certain assets and liabilities in our condensed consolidated balance sheets. At least quarterly, we evaluate our assumptions, judgments and estimates, and make changes as deemed necessary. Nasdaq 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 financial position and results of operations as of or for the three and nine months ended September 30, 2021 and 2020. In addition, there were no material impairment charges recorded for the three and nine months ended September 30, 2021 and 2020. These estimates may change as new events occur and additional information is obtained. Actual results could differ from these estimates under different assumptions or conditions. Subsequent Events 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	9 Months Ended
	Sep. 30, 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 September 30, 2021 and 2020: Three Months Ended September 30, 2021 2020 (in millions) Market Technology Anti Financial Crime Technology $ 66 $ 32 Marketplace Infrastructure Technology 48 54 Investment Intelligence Market data 102 105 Index 119 86 Analytics 51 45 Corporate Platforms Listing services 99 78 IR & ESG Services 56 53 Market Services Transaction-based trading and clearing, net 214 181 Trade management services 81 75 Other revenues 2 6 Revenues less transaction-based expenses $ 838 $ 715 Substantially all revenues from the Market Technology, Investment Intelligence and Corporate Platforms segments were recognized over time for the three months ended September 30, 2021 and 2020. For the three months ended September 30, 2021, approximately 69.3% of Market Services revenues were recognized at a point in time and 30.7% were recognized over time. For the three months ended September 30, 2020, approximately 67.2% of Market Services revenues were recognized at a point in time and 32.8% were recognized over time. Nine Months Ended September 30, 2021 2020 (in millions) Market Technology Anti Financial Crime Technology $ 175 $ 94 Marketplace Infrastructure Technology 157 157 Investment Intelligence Market data 310 298 Index 328 227 Analytics 149 129 Corporate Platforms Listing services 282 224 IR & ESG Services 169 158 Market Services Transaction-based trading and clearing, net 696 589 Trade management services 242 218 Other revenues 26 21 Revenues less transaction-based expenses $ 2,534 $ 2,115 Substantially all revenues from the Market Technology, Investment Intelligence and Corporate Platforms segments were recognized over time for the nine months ended September 30, 2021 and 2020. For the nine months ended September 30, 2021, approximately 71.2% of Market Services revenues were recognized at a point in time and 28.8% were recognized over time. For the nine months ended September 30, 2020, approximately 69.8% of Market Services revenues were recognized at a point in time and 30.2% were recognized over time. 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 $18 million as of September 30, 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 presented in the table below. Deferred revenue primarily represents our contract liabilities related to our fees for Market Technology, Investment Intelligence, annual and initial listings, and IR & ESG Services contracts. Deferred revenue is the only significant contract asset or liability as of September 30, 2021 . See Note 7, “Deferred Revenue,” for our discussion on deferred revenue balances, activity, and expected timing of recognition. Transaction Price Allocated to Remaining Performance Obligations As stated above, for contract durations that are one-year or greater, we do not have a material portion of transaction price allocated to unsatisfied performance obligations that are not included in deferred revenue other than for our market technology contracts. For our market technology contracts, t he following table summarizes the amount of the transaction price allocated to performance obligations that are unsatisfied as of September 30, 2021: (in millions) Remainder of 2021 $ 95 2022 415 2023 253 2024 131 2025 78 2026+ 135 Total $ 1,107 Market technology deferred revenue, as discussed in Note 7, “Deferred Revenue,” represents consideration received that is yet to be recognized as revenue for unsatisfied performance obligations. Deferred revenue represents consideration received that is yet to be recognized as revenue. The changes in our deferred revenue during the nine months ended September 30, 2021 are reflected in the following table: Balance at December 31, 2020 Additions Revenue Recognized Adjustments Balance at September 30, 2021 (in millions) Market Technology $ 53 $ 82 $ (45) $ (2) $ 88 Investment Intelligence 97 71 (64) — 104 Corporate Platforms: Initial Listing 91 80 (33) (2) 136 Annual Listings 2 83 (2) (1) 82 IR & ESG Services 46 48 (40) — 54 Other 17 12 (7) (2) 20 Total $ 306 $ 376 $ (191) $ (7) $ 484 In the table above: • Additions reflect deferred revenue billed in the current period, net of recognition. Market Technology additions include deferred revenue acquired as part of the acquisition of Verafin. • Revenue recognized includes revenue recognized during the current period that was included in the beginning balance. • Adjustments reflect foreign currency translation adjustments. • Other revenue 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. As of September 30, 2021, we estimate that our deferred revenue will be recognized in the following years: Fiscal year ended: 2021 2022 2023 2024 2025 2026+ Total (in millions) Market Technology $ 41 $ 46 $ 1 $ — $ — $ — $ 88 Investment Intelligence 47 57 — — — — 104 Corporate Platforms: Initial Listings 14 44 30 21 14 13 136 Annual Listings 82 — — — — — 82 IR & ESG Services 29 25 — — — — 54 Other 5 6 5 3 1 — 20 Total $ 218 $ 178 $ 36 $ 24 $ 15 $ 13 $ 484 In the above table, 2021 represents the remaining three 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 and Divestiture

Acquisitions and Divestiture	9 Months Ended
	Sep. 30, 2021
Business Combination and Asset Acquisition [Abstract]
Acquisitions and Divestiture	ACQUISITIONS AND DIVESTITURE We completed the following divestiture and 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 Divestiture In June 2021, we sold our U.S. Fixed Income business, which was part of our FICC business within our Market Services segment, to Tradeweb Markets Inc., or Tradeweb. We recognized a pre-tax gain on the sale of $84 million, net of disposal costs. The pre-tax gain is included in net gain on divestiture of business in the Condensed Consolidated Statements of Income. As part of the purchase price consideration related to this business when it was acquired in 2013, we 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 were to be issued annually through 2027 if Nasdaq’s total gross revenues equaled or exceeded $25 million in each such year. The contingent future issuances of Nasdaq common stock were subject to anti-dilution protections and acceleration upon certain events. Upon the consummation of the sale of our U.S. Fixed Income business, the aggregate number of Nasdaq shares remaining under the contingent obligation described above were reduced (pursuant to the discounting adjustment provisions set forth in the original purchase agreement for Nasdaq's acquisition of the business) and accelerated, resulting in an issuance of approximately 6.2 million shares of Nasdaq common stock to an assignee of the entity that sold this business to us in 2013. Nasdaq intends to use the proceeds from the sale, available tax benefits and working and clearing capital of this business, as well as other sources of cash, to repurchase shares of Nasdaq common stock in order to offset the earnings per share dilution from the sale. To facilitate these repurchases, the board of directors has authorized an increase to the share repurchase program. See “Share Repurchase Program,” of Note 11, “Nasdaq Stockholders' Equity,” for further discussion. 2021 Acquisition 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, reflected in cash from operating activities in our Condensed Consolidated Statements of Cash Flows, 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 8, “Debt Obligations,” for further discussion. As of September 30, 2021, the allocation of purchase price includes the effect of a $9 million measurement period adjustment recorded during the second quarter. This adjustment resulted in an increase to both total net liabilities acquired and goodwill. Additional adjustments to the provisional values may result before the end of the measurement period, a period not to exceed 12 months from the acquisition date. These adjustments, which may include tax and other estimates 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. (in millions) Goodwill $ 1,882 Acquired Intangible Assets 815 Total Net Liabilities Acquired (46) Purchase Consideration $ 2,651 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 utilized this rate as an input 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 and nine months ended September 30, 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.

Goodwill and Acquired Intangibl

Goodwill and Acquired Intangible Assets	9 Months Ended
	Sep. 30, 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 nine months ended September 30, 2021: (in millions) Market Technology Balance at December 31, 2020 $ 309 Goodwill acquired 1,873 Other adjustments (6) Balance at September 30, 2021 $ 2,176 Investment Intelligence Balance at December 31, 2020 $ 2,541 Divestiture of business (23) Other adjustments (61) Balance at September 30, 2021 $ 2,457 Corporate Platforms Balance at December 31, 2020 $ 481 Other adjustments (11) Balance at September 30, 2021 $ 470 Market Services Balance at December 31, 2020 $ 3,519 Goodwill acquired 15 Divestiture of business (37) Other adjustments (90) Balance at September 30, 2021 $ 3,407 Total Balance at December 31, 2020 $ 6,850 Goodwill acquired 1,888 Divestiture of business (60) Other adjustments (168) Balance at September 30, 2021 $ 8,510 In the preceding table: • Divestiture of business relates to the sale of our U.S. Fixed Income business. See “2021 Divestiture,” of Note 4, “Acquisitions and Divestiture,” for further discussion. In addition to revenues earned through Market Services, our U.S. Fixed Income business also earned fees from market data, which are included in our Investment Intelligence segment. Therefore, a portion of the goodwill was allocated to this segment. • Other adjustments includes foreign currency translation adjustment. For Market Technology, it also includes a measurement period adjustment related to our acquisition of Verafin. See “2021 Acquisition,” of Note 4, “Acquisitions and Divestiture,” for further discussion. As of September 30, 2021, the amount of goodwill, primarily relating to our acquisition of Verafin, that is expected to be deductible for tax purposes in future periods is $1.8 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 and nine months ended September 30, 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: September 30, 2021 December 31, 2020 Finite-Lived Intangible Assets (in millions) Gross Amount Technology $ 316 $ 76 Customer relationships 2,049 1,599 Trade names and other 60 18 Foreign currency translation adjustment (131) (104) Total gross amount $ 2,294 $ 1,589 Accumulated Amortization Technology $ (50) $ (24) Customer relationships (683) (648) Trade names and other (10) (6) Foreign currency translation adjustment 74 58 Total accumulated amortization $ (669) $ (620) Net Amount Technology $ 266 $ 52 Customer relationships 1,366 951 Trade names and other 50 12 Foreign currency translation adjustment (57) (46) Total definite-lived intangible assets $ 1,625 $ 969 Indefinite-Lived Intangible Assets Exchange and clearing registrations $ 1,257 $ 1,257 Trade names 121 121 Licenses 52 52 Foreign currency translation adjustment (170) (144) Total indefinite-lived intangible assets $ 1,260 $ 1,286 Total intangible assets $ 2,885 $ 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 September 30, 2021 compared with December 31, 2020 is primarily related to our acquisition of Verafin. The change in the gross and net amounts for customer relationships as of September 30, 2021 compared with December 31, 2020 is also related to the divestiture of our U.S. Fixed Income business. See “2021 Acquisition,” and “2021 Divestiture,” of Note 4, “Acquisitions and Divestiture,” for further discussion of these transactions. The following table presents our amortization expense for acquired finite-lived intangible assets: Three Months Ended September 30, 2021 2020 (in millions) Amortization expense $ 40 $ 26 Nine Months Ended September 30, 2021 2020 (in millions) Amortization expense $ 116 $ 76 The increase in amortization expense for the three and nine months ended September 30, 2021 compared with the same periods 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 table below presents the estimated future amortization expense (excluding the impact of foreign currency translation adjustments of $57 million as of September 30, 2021) of acquired finite-lived intangible assets as of September 30, 2021: (in millions) Remainder of 2021 $ 41 2022 162 2023 159 2024 153 2025 151 2026+ 1,016 Total $ 1,682

Investments

Investments	9 Months Ended
	Sep. 30, 2021
Investments, Debt and Equity Securities [Abstract]
Investments	INVESTMENTS The following table presents the details of our investments: September 30, 2021 December 31, 2020 (in millions) Financial investments $ 185 $ 195 Equity method investments $ 401 $ 216 Equity securities $ 74 $ 60 Financial Investments As of September 30, 2021, financial investments are comprised of trading securities, primarily highly rated European government debt securities, of which $166 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, primarily 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 September 30, 2021 and 2020, our equity method investments primarily included our 40.0% equity interest in OCC. The carrying amounts of our equity method investments are included in other non-current assets in the Condensed Consolidated Balance Sheets. No material impairments were recorded for the three and nine months end September 30, 2021 and 2020. Net income recognized from our equity interest in the earnings and losses of these equity method investments, primarily OCC, was $6 million for the three months ended September 30, 2021, $54 million for the three months ended September 30, 2020, $90 million for the nine months ended September 30, 2021 and $97 million for the nine months ended September 30, 2020. For the three and nine months ended September 30, 2021, lower equity interest in the earnings of OCC is primarily driven by a reduction in clearing fee rates that OCC charges its customers, partially offset by increased 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 and nine months ended September 30, 2021 and 2020. As of September 30, 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	9 Months Ended
	Sep. 30, 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 September 30, 2021 and 2020: Three Months Ended September 30, 2021 2020 (in millions) Market Technology Anti Financial Crime Technology $ 66 $ 32 Marketplace Infrastructure Technology 48 54 Investment Intelligence Market data 102 105 Index 119 86 Analytics 51 45 Corporate Platforms Listing services 99 78 IR & ESG Services 56 53 Market Services Transaction-based trading and clearing, net 214 181 Trade management services 81 75 Other revenues 2 6 Revenues less transaction-based expenses $ 838 $ 715 Substantially all revenues from the Market Technology, Investment Intelligence and Corporate Platforms segments were recognized over time for the three months ended September 30, 2021 and 2020. For the three months ended September 30, 2021, approximately 69.3% of Market Services revenues were recognized at a point in time and 30.7% were recognized over time. For the three months ended September 30, 2020, approximately 67.2% of Market Services revenues were recognized at a point in time and 32.8% were recognized over time. Nine Months Ended September 30, 2021 2020 (in millions) Market Technology Anti Financial Crime Technology $ 175 $ 94 Marketplace Infrastructure Technology 157 157 Investment Intelligence Market data 310 298 Index 328 227 Analytics 149 129 Corporate Platforms Listing services 282 224 IR & ESG Services 169 158 Market Services Transaction-based trading and clearing, net 696 589 Trade management services 242 218 Other revenues 26 21 Revenues less transaction-based expenses $ 2,534 $ 2,115 Substantially all revenues from the Market Technology, Investment Intelligence and Corporate Platforms segments were recognized over time for the nine months ended September 30, 2021 and 2020. For the nine months ended September 30, 2021, approximately 71.2% of Market Services revenues were recognized at a point in time and 28.8% were recognized over time. For the nine months ended September 30, 2020, approximately 69.8% of Market Services revenues were recognized at a point in time and 30.2% were recognized over time. 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 $18 million as of September 30, 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 presented in the table below. Deferred revenue primarily represents our contract liabilities related to our fees for Market Technology, Investment Intelligence, annual and initial listings, and IR & ESG Services contracts. Deferred revenue is the only significant contract asset or liability as of September 30, 2021 . See Note 7, “Deferred Revenue,” for our discussion on deferred revenue balances, activity, and expected timing of recognition. Transaction Price Allocated to Remaining Performance Obligations As stated above, for contract durations that are one-year or greater, we do not have a material portion of transaction price allocated to unsatisfied performance obligations that are not included in deferred revenue other than for our market technology contracts. For our market technology contracts, t he following table summarizes the amount of the transaction price allocated to performance obligations that are unsatisfied as of September 30, 2021: (in millions) Remainder of 2021 $ 95 2022 415 2023 253 2024 131 2025 78 2026+ 135 Total $ 1,107 Market technology deferred revenue, as discussed in Note 7, “Deferred Revenue,” represents consideration received that is yet to be recognized as revenue for unsatisfied performance obligations. Deferred revenue represents consideration received that is yet to be recognized as revenue. The changes in our deferred revenue during the nine months ended September 30, 2021 are reflected in the following table: Balance at December 31, 2020 Additions Revenue Recognized Adjustments Balance at September 30, 2021 (in millions) Market Technology $ 53 $ 82 $ (45) $ (2) $ 88 Investment Intelligence 97 71 (64) — 104 Corporate Platforms: Initial Listing 91 80 (33) (2) 136 Annual Listings 2 83 (2) (1) 82 IR & ESG Services 46 48 (40) — 54 Other 17 12 (7) (2) 20 Total $ 306 $ 376 $ (191) $ (7) $ 484 In the table above: • Additions reflect deferred revenue billed in the current period, net of recognition. Market Technology additions include deferred revenue acquired as part of the acquisition of Verafin. • Revenue recognized includes revenue recognized during the current period that was included in the beginning balance. • Adjustments reflect foreign currency translation adjustments. • Other revenue 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. As of September 30, 2021, we estimate that our deferred revenue will be recognized in the following years: Fiscal year ended: 2021 2022 2023 2024 2025 2026+ Total (in millions) Market Technology $ 41 $ 46 $ 1 $ — $ — $ — $ 88 Investment Intelligence 47 57 — — — — 104 Corporate Platforms: Initial Listings 14 44 30 21 14 13 136 Annual Listings 82 — — — — — 82 IR & ESG Services 29 25 — — — — 54 Other 5 6 5 3 1 — 20 Total $ 218 $ 178 $ 36 $ 24 $ 15 $ 13 $ 484 In the above table, 2021 represents the remaining three 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	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Debt Obligations	DEBT OBLIGATIONS The following table presents the changes in the carrying amount of our debt obligations during the nine months ended September 30, 2021: December 31, 2020 Additions Payments, Foreign Currency Translation and Accretion September 30, 2021 (in millions) Short-term debt - commercial paper $ — $ 3,409 $ (2,929) $ 480 Long-term debt - senior unsecured notes: 2024 Notes 498 — — 498 2023 Notes 730 — (730) — 2026 Notes 497 — 1 498 2029 Notes 726 — (37) 689 2030 Notes 726 — (37) 689 2050 Notes 485 — 1 486 2022 Notes 597 — 1 598 2031 Notes 643 — — 643 2040 Notes 643 — — 643 2033 Notes — 726 (19) 707 2020 Credit Facility (4) 100 (100) (4) Total long-term debt 5,541 826 (920) 5,447 Total debt obligations $ 5,541 $ 4,235 $ (3,849) $ 5,927 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. The effective interest rate of commercial paper issuances fluctuates as short term interest rates and demand fluctuate. The fluctuation of these rates 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 and Divestiture.” In July 2021, we issued commercial paper to partially fund our ASR agreement. See “ASR Agreement,” of Note 11, “Nasdaq Stockholders' Equity." As of September 30, 2021, commercial paper notes in the table above reflect the aggregate principal amount outstanding, 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 13 days to 101 days and the weighted-average maturity is 35 days. The weighted-average effective interest rate is 0.23% per annum. Senior Unsecured Notes Our 2022 and 2040 Notes were issued at par. All of our other outstanding 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 September 30, 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 which rank equally with all of our existing and future unsubordinated obligations and 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. The senior unsecured notes may be redeemed by Nasdaq at any time, subject to a make-whole amount. Upon a change of control triggering event (as defined in the various supplemental indentures governing the applicable notes), 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. 2024 Notes In May 2014, Nasdaq issued the 2024 Notes, which 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%. Early Extinguishment of 2023 Notes Nasdaq issued the 2023 Notes in May 2016, which paid interest annually at a rate of 1.75% per annum. In August 2021, we primarily used the net proceeds from the 2033 Notes to repay in full and terminate our 2023 Notes. For further discussion see “2033 Notes” below. In connection with the early extinguishment of the 2023 Notes, we recorded a pre-tax charge of $33 million, which primarily includes a make-whole redemption price premium. This charge is included in general, administrative and other expense in the Condensed Consolidated Statements of Income for the three and nine months ended September 30, 2021. 2026 Notes In June 2016, Nasdaq issued the 2026 Notes, which 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%. 2029 Notes In April 2019, Nasdaq issued the 2029 Notes, which 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 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 $37 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 September 30, 2021. 2030 Notes In February 2020, Nasdaq issued the 2030 Notes. The 2030 Notes pay interest annually in arrears, which began on February 13, 2021. 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 $37 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 September 30, 2021. 2050 Notes In April 2020, Nasdaq issued the 2050 Notes. The 2050 Notes pay interest semi-annually in arrears, which began on October 28, 2020. 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 fund the acquisition of Verafin. For further discussion of the acquisition of Verafin, see “2021 Acquisition,” of Note 4, “Acquisitions and Divestiture.” 2022 Notes The 2022 Notes pay interest semi-annually in arrears, which began on June 21, 2021. 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 2.445%. 2031 Notes The 2031 Notes pay interest semi-annually in arrears, which began on January 15, 2021. 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 3.65%. 2040 Notes The 2040 Notes pay interest semi-annually in arrears, which began on June 21, 2021. 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 4.50%. 2033 Notes In July 2021, Nasdaq issued €615 million aggregate principal amount of 0.900% senior notes due in 2033, which pay interest annually in arrears, beginning on July 30, 2022. The net proceeds from the 2033 Notes were approximately $726 million after deducting the underwriting discount and expenses of the offering. We primarily used the net proceeds from the 2033 Notes to redeem all of the 2023 Notes. For further discussion of the 2023 Notes, see “Early Extinguishment of 2023 Notes” above. The 2033 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 $19 million noted in the “Payments, Foreign Currency Translation and Accretion” column in the table above primarily reflects the translation of the 2033 Notes into U.S. dollars and is recorded in accumulated other comprehensive loss within stockholders’ equity in the Condensed Consolidated Balance Sheets as of September 30, 2021. Credit Facilities 2020 Credit Facility In December 2020, Nasdaq entered into the 2020 Credit Facility, which replaced a former credit facility and consists of a $1.25 billion five-year revolving credit facility (with sublimits for non-dollar borrowings, swingline borrowings and letters of credit). 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 September 30, 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, $480 million provides liquidity support for the commercial paper program. As such, as of September 30, 2021, the total remaining amount available under the 2020 Credit Facility was $770 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, 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 and nine months ended September 30, 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 $218 million as of September 30, 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 and nine months ended September 30, 2021 and 2020. These facilities include customary affirmative and negative operating covenants and events of default. Debt Covenants As of September 30, 2021, we were in compliance with the covenants of all of our debt obligations.

Retirement Plans

Retirement Plans	9 Months Ended
	Sep. 30, 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 $3 million for the three months ended September 30, 2021, $4 million for the three months ended September 30, 2020 and $11 million for both the nine months ended September 30, 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 $7 million for the three months ended September 30, 2021, $6 million for the three months ended September 30, 2020, $20 million for the nine months ended September 30, 2021 and $17 million for the nine months ended September 30, 2020.

Share-Based Compensation

Share-Based Compensation	9 Months Ended
	Sep. 30, 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 presents the total share-based compensation expense resulting from equity awards and the 15.0% discount for the ESPP for the three and nine months ended September 30, 2021 and 2020, which is included in compensation and benefits expense in the Condensed Consolidated Statements of Income: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 (in millions) Share-based compensation expense before income taxes $ 23 $ 24 $ 66 $ 64 Income tax benefit (6) (7) (18) (17) Share-based compensation expense after income taxes $ 17 $ 17 $ 48 $ 47 Common Shares Available Under Our Equity Plan As of September 30, 2021, we had approximately 9.5 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 nine months ended September 30, 2021: Restricted Stock Number of Awards Weighted-Average Grant Date Fair Value Unvested at January 1, 2021 1,639,051 $ 84.21 Granted 469,442 147.68 Vested (477,127) 79.30 Forfeited (97,951) 100.17 Unvested at September 30, 2021 1,533,415 $ 104.15 As of September 30, 2021, $87 million of total unrecognized compensation cost related to restricted stock is expected to be recognized over a weighted-average period of 1.9 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. The following weighted-average assumptions were used to determine the weighted-average fair values of the PSU awards granted under the three-year PSU program for the nine months ended September 30, 2021 and 2020: Nine Months Ended September 30, 2021 2020 Weighted-average risk free interest rate 0.31 % 0.27 % Expected volatility 30.11 % 27.40 % Weighted-average grant date share price $ 150.85 $ 92.34 Weighted-average fair value at grant date $ 206.17 $ 111.50 In the table above: • The risk-free interest rate for periods within the expected life of the award is based on the U.S. Treasury yield curve in effect at the time of grant; and • We use historic volatility for PSU awards issued under the three-year PSU program, as implied volatility data could not be obtained for all the companies in the peer groups used for relative performance measurement within the program. In addition, the annual dividend assumption utilized in the Monte Carlo simulation model is based on Nasdaq’s dividend yield at the date of grant. Summary of PSU Activity The following table summarizes our PSU activity for the nine months ended September 30, 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 — — 340,718 166.77 Vested (17,532) 82.45 (392,727) 116.86 Forfeited (18,829) 83.31 (12,736) 139.59 Unvested at September 30, 2021 133,187 $ 83.45 745,244 $ 129.80 In the table above, the granted amount includes additional awards granted based on overachievement of performance parameters as well as target awards. As of September 30, 2021, $1 million of total unrecognized compensation cost related to the one-year PSU program is expected to be recognized over a weighted-average period of 1.1 years. For the three-year PSU program, $45 million of total unrecognized compensation cost is expected to be recognized over a weighted-average period of 1.5 years. Stock Options A summary of stock option activity for the nine months ended September 30, 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 September 30, 2021 268,817 $ 66.68 There were no stock options granted, exercised or forfeited for the three months ended September 30, 2021. The net cash proceeds from the exercise of 24,409 stock options for the nine months ended September 30, 2021 was $1 million. The net cash proceeds from the exercise of 25,113 stock options for the three months ended September 30, 2020 was $1 million. The net cash proceeds from the exercise of 80,378 stock options for the nine months ended September 30, 2020 was $2 million. As of September 30, 2021, the aggregate pre-tax intrinsic value of the outstanding and exercisable stock options in the above table was $34 million and represents the difference between our closing stock price on September 30, 2021 of $193.02 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 September 30, 2021, the weighted-average remaining contractual term of the outstanding and exercisable stock options included in the above table was 5.3 years. As of September 30, 2020, 0.3 million outstanding stock options were exercisable and the weighted-average exercise price was $62.59. The total pre-tax intrinsic value of stock options exercised was $2 million for the three months ended September 30, 2020, $3 million for the nine months ended September 30, 2021 and $8 million for the nine months ended September 30, 2020. ESPP We have an ESPP under which approximately 4.3 million shares of our common stock were available for future issuance as of September 30, 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 $1 million for both the three months ended September 30, 2021 and 2020, $6 million for the nine months ended September 30, 2021 and $4 million for the nine months ended September 30, 2020.

Nasdaq Stockholders_ Equity

Nasdaq Stockholders’ Equity	9 Months Ended
	Sep. 30, 2021
Equity [Abstract]
Nasdaq Stockholders' Equity	NASDAQ STOCKHOLDERS' EQUITY Common Stock As of September 30, 2021, 300,000,000 shares of our common stock were authorized, 173,886,216 shares were issued and 167,206,649 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 6,679,567 shares of common stock in treasury as of September 30, 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 discussed in “2021 Divestiture,” of Note 4, “Acquisitions and Divestiture,” on June 16, 2021, our board of directors authorized an increase to our share repurchase program to an aggregate authorized amount of $1.5 billion. As of September 30, 2021, the remaining aggregate authorized amount under the existing share repurchase program was $984 million. These purchases may be made from time to time at prevailing market prices in open market purchases, privately-negotiated transactions, block purchase techniques, an accelerated share repurchase program 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, and has no defined expiration date. The following is a summary of our share repurchase activity, excluding the repurchases done through our ASR agreement described below, reported based on settlement date, for the nine months ended September 30, 2021: Nine Months Ended September 30, 2021 Number of shares of common stock repurchased 2,623,551 Average price paid per share $ 156.11 Total purchase price (in millions) $ 410 In the table above, the number of shares of common stock repurchased excludes an aggregate of 334,484 shares withheld upon the vesting of restricted stock and PSUs for the nine months ended September 30, 2021. As discussed above in “Common Stock in Treasury, at Cost,” shares repurchased under our share repurchase program are currently retired and cancelled. ASR Agreement In July 2021 we entered into an ASR agreement to repurchase $475 million of common stock and received an initial delivery of 2,039,940 shares of common stock. The ASR agreement was entered into pursuant to our $1.5 billion share repurchase authorization as discussed in "Share Repurchase Program," above. We expect to receive the remaining shares in the fourth quarter of 2021. 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 September 30, 2021 and December 31, 2020, no shares of preferred stock were issued or outstanding. Cash Dividends on Common Stock During the first nine months of 2021, our board of directors declared and paid 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 April 21, 2021 0.54 June 11, 2021 89 June 25, 2021 July 21, 2021 0.54 September 10, 2021 90 September 24, 2021 $ 260 The total amount paid of $260 million was recorded in retained earnings in the Condensed Consolidated Balance Sheets at September 30, 2021. In October 2021, the board of directors approved a regular quarterly cash dividend of $0.54 per share on our outstanding common stock. The dividend is payable on December 17, 2021 to shareholders of record at the close of business on December 3, 2021. The estimated amount of this dividend is $90 million. Future declarations of quarterly dividends and the establishment of future record and payment dates are subject to approval by the board of directors. The board of directors maintains a dividend policy with the intention to provide stockholders with regular and increasing dividends as earnings and cash flows increase.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 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 September 30, 2021 2020 Numerator: (in millions, except share and per share amounts) Net income attributable to common shareholders $ 288 $ 264 Denominator: Weighted-average common shares outstanding for basic earnings per share 167,692,369 164,171,067 Weighted-average effect of dilutive securities: Employee equity awards 2,487,642 2,328,540 Contingent issuance of common stock — 992,247 Weighted-average common shares outstanding for diluted earnings per share 170,180,011 167,491,854 Basic and diluted earnings per share: Basic earnings per share $ 1.72 $ 1.61 Diluted earnings per share $ 1.69 $ 1.58 Nine Months Ended September 30, 2021 2020 Numerator: (in millions, except share and per share amounts) Net income attributable to common shareholders $ 928 $ 708 Denominator: Weighted-average common shares outstanding for basic earnings per share 165,506,859 164,377,053 Weighted-average effect of dilutive securities: Employee equity awards 2,407,484 2,071,848 Contingent issuance of common stock — 330,749 Weighted-average common shares outstanding for diluted earnings per share 167,914,343 166,779,650 Basic and diluted earnings per share: Basic earnings per share $ 5.61 $ 4.31 Diluted earnings per share $ 5.53 $ 4.25 In the preceding tables: • Employee equity awards from our PSU program, 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. • For the three and nine months ended September 30, 2020, the contingent issuance of common stock was related to a contingent obligation associated with a business we sold in June 2021. See “2021 Divestiture,” of Note 4, “Acquisitions and Divestiture,” for further discussion. 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 September 30, 2021 and for both the nine months ended September 30, 2021 and 2020. There were no securities excluded for the three months ended September 30, 2020.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	9 Months Ended
	Sep. 30, 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 September 30, 2021 and December 31, 2020. September 30, 2021 Total Level 1 Level 2 Level 3 (in millions) European government debt securities $ 147 $ 147 $ — $ — Corporate debt securities 6 — 6 — State owned enterprises and municipal securities 11 — 11 — Swedish mortgage bonds 21 — 21 — Total assets at fair value $ 185 $ 147 $ 38 $ — December 31, 2020 Total Level 1 Level 2 Level 3 (in millions) European government debt securities $ 156 $ 156 $ — $ — Corporate debt securities 2 — 2 — State owned enterprises and municipal securities 15 — 15 — Swedish mortgage bonds 22 — 22 — Total assets at fair value $ 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 6, “Investments,” for further discussion. We also consider our debt obligations to be financial instruments. As of September 30, 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 have a variable rate depending on the maturity of the borrowing and the implied underlying reference rate. As of September 30, 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 $6.1 billion as of September 30, 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 September 30, 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 8, “Debt Obligations.” Non-Financial Assets Measured at Fair Value on a Non-Recurring Basis Our non-financial assets, which include goodwill, intangible assets, and other long-lived assets, are not required to be carried at fair value on a recurring basis. Fair value measures of non-financial assets are primarily used in the impairment analysis of these assets. Any resulting asset impairment would require that the non-financial asset be recorded at its fair value. Nasdaq uses Level 3 inputs to measure the fair value of the above assets on a non-recurring basis. As of September 30, 2021 and December 31, 2020, there were no non-financial assets measured at fair value on a non-recurring basis.

Clearing Operations

Clearing Operations	9 Months Ended
	Sep. 30, 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 three member sponsored default funds: one related to financial markets, one related to commodities markets and one related to the seafood market. 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. As of September 1, 2021, the mutualized default fund has been eliminated and the default fund structure is fully segregated. See “Default Fund Contributions” below for further discussion of Nasdaq Clearing’s default fund. A power of assessment and a liability waterfall have also been implemented to further align risk between Nasdaq Clearing and its clearing members. See “Power of Assessment” and “Liability Waterfall” below for further discussion. Nasdaq Commodities Clearing Default In September 2018, a member of the Nasdaq Clearing commodities market defaulted due to the 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. 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. 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 September 30, 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 September 30, 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 September 30, 2021, clearing member default fund contributions and margin deposits were as follows: September 30, 2021 Cash Contributions Non-Cash Contributions Total Contributions (in millions) Default fund contributions $ 614 $ 207 $ 821 Margin deposits 3,588 7,327 10,915 Total $ 4,202 $ 7,534 $ 11,736 Of the total default fund contributions of $821 million, Nasdaq Clearing can utilize $739 million as capital resources in the event of a counterparty default. The remaining balance of $82 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 range in maturity from 1 day to 13 days and are secured with highly rated government securities. 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 $4,202 million as of September 30, 2021 and $3,942 million as of December 31, 2020, in accordance with its investment policy as follows: September 30, 2021 December 31, 2020 (in millions) Demand deposits $ 2,731 $ 2,086 Central bank certificates 685 1,111 European government debt securities 353 470 Reverse repurchase agreements 188 180 Multilateral development bank debt securities 245 95 Total $ 4,202 $ 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 September 30, 2021, Nasdaq Clearing committed capital totaling $137 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 September 30, 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 $44 million as of September 30, 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; and • fully segregated senior capital for each specific market contributed by Nasdaq Clearing, calculated in accordance with clearinghouse rules, which totaled $24 million as of September 30, 2021. 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 $69 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 presents the market value of derivative contracts outstanding prior to netting: September 30, 2021 (in millions) Commodity and seafood options, futures and forwards $ 217 Fixed-income options and futures 291 Stock options and futures 223 Index options and futures 100 Total $ 831 In the table above: • 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. • We determined the fair value of our futures contracts based upon quoted market prices and average quoted market yields. • 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 presents the total number of derivative contracts cleared through Nasdaq Clearing for the nine months ended September 30, 2021 and 2020: September 30, 2021 September 30, 2020 Commodity and seafood options, futures and forwards 432,188 476,480 Fixed-income options and futures 17,010,664 16,456,583 Stock options and futures 15,217,832 14,322,903 Index options and futures 27,311,122 41,202,460 Total 59,971,806 72,458,426 In the table above, the total volume in cleared power related to commodity contracts was 632 Terawatt hours (TWh) for the nine months ended September 30, 2021 and 670 TWh for the nine months ended September 30, 2020. Resale and Repurchase Agreements Contracts Outstanding and Cleared The outstanding contract value of resale and repurchase agreements was $3.1 billion as of September 30, 2021 and $2.4 billion as of September 30, 2020. The total number of resale and repurchase agreements contracts cleared was 4,494,952 for the nine months ended September 30, 2021 and was 3,639,384 for the nine months ended September 30, 2020.

Leases

Leases	9 Months Ended
	Sep. 30, 2021
Leases [Abstract]
Leases	LEASES We have operating leases which are primarily real estate leases predominantly 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 September 30, 2021 December 31, 2020 (in millions) Assets: Operating lease assets Operating lease assets $ 383 $ 381 Liabilities: Current lease liabilities Other current liabilities $ 42 $ 46 Non-current lease liabilities Operating lease liabilities 398 389 Total lease liabilities $ 440 $ 435 The following table summarizes Nasdaq's lease cost: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 (in millions) Operating lease cost $ 21 $ 22 $ 63 $ 63 Variable lease cost 7 8 21 20 Sublease income (1) (1) (3) (3) Total lease cost $ 27 $ 29 $ 81 $ 80 In the table above, operating lease costs include short-term lease cost, which was immaterial. The following table reconciles the undiscounted cash flows for ea ch of the first five years and total of the remaining years to the operating lease liabilities recorded in our Condensed Consolidated Balance Sheets. September 30, 2021 (in millions) Remainder of 2021 $ 10 2022 62 2023 57 2024 52 2025 39 2026+ 330 Total lease payments 550 Less: interest (110) Present value of lease liabilities $ 440 In the table above, interest is calculated using the interest rate for each lease. Present value of lease liabilities include the current portion of $42 million. The following table provides information related to Nasdaq's lease term and discount rate: September 30, 2021 Weighted-average remaining lease term (in years) 11.4 Weighted-average discount rate 3.8 % The following table provides supplemental cash flow information related to Nasdaq's operating leases: Nine Months End September 30, 2021 2020 (in millions) Cash paid for amounts included in the measurement of operating lease liabilities $ 57 $ 57 Lease assets obtained in exchange for new operating lease liabilities $ 47 $ 94

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXES Income Tax Provision The following table presents our income tax provision and effective tax rate: Three Months Ended September 30, 2021 2020 (in millions) Income tax provision $ 83 $ 93 Effective tax rate 22.4 % 26.1 % Nine Months Ended September 30, 2021 2020 (in millions) Income tax provision $ 292 $ 237 Effective tax rate 23.9 % 25.1 % The lower effective tax rate for the three and nine months ended September 30, 2021 was primarily due to return-to-provision adjustments and prior period tax benefits. The lower effective tax rate for the nine months ended September 30, 2021 was also due to 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, 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 2012 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 2015 through 2020. 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, but may be material to our operating results for a particular period and the effective tax rate for that period. We do not expect the settlement of any tax audits to be material in the next twelve months.

Commitments, Contingencies and

Commitments, Contingencies and Guarantees	9 Months Ended
	Sep. 30, 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 14, “Clearing Operations,” we have obtained financial guarantees and credit facilities, which are guaranteed by us through counter indemnities, to provide further liquidity related to our clearing businesses. Financial guarantees issued to us totaled $5 million as of September 30, 2021 and December 31, 2020. As discussed in “Other Credit Facilities,” of Note 8, “Debt Obligations,” we also have credit facilities primarily related to our Nasdaq Clearing operations, which are available in multiple currencies, and totaled $218 million as of September 30, 2021 and $232 million as of December 31, 2020 in available liquidity, none of which was utilized. Other Guarantees Through our clearing operations in the financial markets, Nasdaq Clearing is the legal counterparty for, and guarantees the performance of, its clearing members. See Note 14, “Clearing Operations,” for further discussion of Nasdaq Clearing performance guarantees. We have provided a guarantee related to lease obligations for The Nasdaq Entrepreneurial Center, Inc., which is a not-for-profit organization designed to convene, connect and engage aspiring and current entrepreneurs. This entity is not included in the 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. 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 were filed on 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 14, “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 which are uncertain. Currently, there are matters that may lead to assessments, some of which may not be resolved for several years. Based on currently available information, we believe we have adequately provided for any assessments that could result from those proceedings where it is more likely than not that we will be assessed. We review our positions on these matters as they progress. See “Tax Audits,” of Note 16, “Income Taxes,” for further discussion.

Business Segments

Business Segments	9 Months Ended
	Sep. 30, 2021
Segment Reporting [Abstract]
Business Segments	BUSINESS SEGMENTSWe manage, operate and provide our products and services in four business segments: Market Technology, Investment Intelligence, Corporate Platforms and Market Services. 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 September 30, 2021 and 2020: Three Months Ended September 30, 2021 2020 (in millions) Market Technology Total revenues $ 114 $ 86 Operating income 10 9 Investment Intelligence Total revenues 272 236 Operating income 177 153 Corporate Platforms Total revenues 155 131 Operating income 65 51 Market Services Total revenues 814 954 Transaction-based expenses (519) (698) Revenues less transaction-based expenses 295 256 Operating income 187 154 Corporate Items Total revenues 2 6 Operating income (loss) (83) (41) Total Total revenues $ 1,357 $ 1,413 Transaction-based expenses (519) (698) Revenues less transaction-based expenses $ 838 $ 715 Operating income $ 356 $ 326 The following table presents certain information regarding our business segments for the nine months ended September 30, 2021 and 2020: Nine Months Ended September 30, 2021 2020 (in millions) Market Technology Total revenues $ 332 $ 251 Operating income 26 32 Investment Intelligence Total revenues 787 654 Operating income 509 414 Corporate Platforms Total revenues 451 382 Operating income 187 145 Market Services Total revenues 2,823 2,855 Transaction-based expenses (1,885) (2,048) Revenues less transaction-based expenses 938 807 Operating income 614 507 Corporate Items Total revenues 26 21 Operating income (loss) (239) (182) Consolidated Total revenues $ 4,419 $ 4,163 Transaction-based expenses (1,885) (2,048) Revenues less transaction-based expenses $ 2,534 $ 2,115 Operating income $ 1,097 $ 916 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 presented in the table below, include the following: • Amortization expense of acquired intangible assets: We amortize intangible assets acquired in connection with various acquisitions. Intangible asset amortization expense can vary from period to period due to episodic acquisitions completed, rather than from our ongoing business operations. As such, if intangible asset amortization is included in performance measures, it is more difficult to assess the day-to-day operating performance of the segments, and the relative operating performance of the segments between periods. Management does not consider intangible asset amortization expense for the purpose of evaluating the performance of our segments or their managers or when making decisions to allocate resources. Therefore, we believe performance measures excluding intangible asset amortization expense provide management with a useful representation of our segments' ongoing activity in each period. • Merger and strategic initiatives expense: We have pursued various strategic initiatives and completed acquisitions and divestitures in recent years that have resulted in expenses which would not have otherwise been incurred. These expenses generally include integration costs, as well as legal, due diligence and other third party transaction costs. The frequency and the amount of such expenses vary significantly based on the size, timing and complexity of the transaction. Management does not consider merger and strategic initiatives expense for the purpose of evaluating the performance of our segments or their managers or when making decisions to allocate resources. Therefore, we believe performance measures excluding merger and strategic initiatives expense provide management with a useful representation of our segments' ongoing activity in each period. • Restructuring charges: We initiated the transition of certain technology platforms to advance our strategic opportunities as a technology and analytics provider and continue the re-alignment of certain business areas. See Note 19, “Restructuring Charges,” for further discussion of our 2019 restructuring plan. We believe performance measures excluding restructuring charges provide management with a useful representation of our segments' ongoing activity in each period. • Revenues and expenses - divested/contributed businesses: We have included in corporate items the revenues and expenses of our U.S. Fixed Income business, which was previously included in our Market Services and Investment Intelligence results. See “2021 Divestiture,” of Note 4,“Acquisitions and Divestiture,” for further discussion of this divestiture. Also included are the revenues and expenses associated with the NPM business which we contributed to a standalone, independent company, of which we own the largest minority interest, together with a consortium of third party financial institutions in July 2021. Prior to July these revenues were previously included in our Corporate Platforms results. • 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. Other significant items include: ◦ for the three and nine months ended September 30, 2021 and for the nine months ended September 30, 2020, a charge on extinguishment of debt; ◦ for the three and nine months ended September 30, 2020, a provision for notes receivable associated with the funding of technology development for the consolidated audit trail; and ◦ for the nine months ended September 30 2020, charitable donations made to the Nasdaq Foundation, COVID-19 response and relief efforts, and social justice charities. The above charges are recorded in general, administrative and other expense in our Condensed Consolidated Statements of Income. The following table summarizes our Corporate Items: Three Months Ended September 30, 2021 2020 (in millions) Revenues - divested/contributed businesses $ 2 $ 6 Expenses: Amortization expense of acquired intangible assets $ 40 $ 26 Merger and strategic initiatives expense 13 1 Restructuring charges — 11 Provision for notes receivable — 6 Extinguishment of debt 33 — Expenses - divested/contributed businesses — 4 Other (1) (1) Total expenses 85 47 Operating loss $ (83) $ (41) Nine Months Ended September 30, 2021 2020 (in millions) Revenues - divested/contributed businesses $ 26 $ 21 Expenses: Amortization expense of acquired intangible assets $ 116 $ 76 Merger and strategic initiatives expense 70 12 Restructuring charges 31 36 Provision for notes receivable — 6 Extinguishment of debt 33 36 Charitable donations — 17 Expenses - divested/contributed businesses 10 13 Other 5 7 Total expenses 265 203 Operating loss $ (239) $ (182) For further discussion of our segments’ results, see "Segment Operating Results," of “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.”

Restructuring Charges

Restructuring Charges	9 Months Ended
	Sep. 30, 2021
Restructuring and Related Activities [Abstract]
Restructuring Charges	RESTRUCTURING CHARGES In September 2019, we initiated the transition of certain technology platforms to advance the company's strategic opportunities as a technology and analytics provider and continue the re-alignment of certain business areas. In connection with these restructuring efforts, we retired certain elements of our marketplace infrastructure and technology product offerings as we implement NFF and other technologies internally and externally. This represented a fundamental shift in our strategy and technology as well as executive re-alignment. In June 2021, we completed our 2019 restructuring plan and recognized total pre-tax charges of $118 million over a two-year period. Total pre-tax charges related primarily to non-cash items such as asset impairments and accelerated depreciation, and third-party consulting costs. Severance and employee-related charges were also incurred. The following tables present a summary of the 2019 restructuring plan charges in the Condensed Consolidated Statements of Income for the three months ended September 30, 2020 and for the nine months ended September 30, 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 Ended September 30, 2020 (in millions) Asset impairment charges and accelerated depreciation expense $ 2 Consulting services 6 Severance and employee-related costs 2 Other 1 Total restructuring charges $ 11 Nine Months Ended September 30, 2021 2020 (in millions) Asset impairment charges and accelerated depreciation expense $ 4 $ 10 Consulting services 19 15 Contract terminations — 3 Severance and employee-related costs 1 3 Other 7 5 Total restructuring charges $ 31 $ 36

Basis of Presentation and Pri_2

Basis of Presentation and Principles of Consolidation (Policies)	9 Months Ended
	Sep. 30, 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 6, “Investments,” for further discussion of our equity method investments.
Principles of Consolidation	The accompanying condensed consolidated financial statements reflect all adjustments which are, in the opinion of management, necessary for a fair statement of the results. These adjustments are of a normal recurring nature. All significant intercompany accounts and transactions have been eliminated in consolidation.
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 financial position and results of operations as of or for the three and nine months ended September 30, 2021 and 2020. In addition, there were no material impairment charges recorded for the three and nine months ended September 30, 2021 and 2020. These estimates may change as new events occur and additional information is obtained. Actual results could differ from these estimates under different assumptions or conditions.
Subsequent Events	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)	9 Months Ended
	Sep. 30, 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 September 30, 2021 and 2020: Three Months Ended September 30, 2021 2020 (in millions) Market Technology Anti Financial Crime Technology $ 66 $ 32 Marketplace Infrastructure Technology 48 54 Investment Intelligence Market data 102 105 Index 119 86 Analytics 51 45 Corporate Platforms Listing services 99 78 IR & ESG Services 56 53 Market Services Transaction-based trading and clearing, net 214 181 Trade management services 81 75 Other revenues 2 6 Revenues less transaction-based expenses $ 838 $ 715 Nine Months Ended September 30, 2021 2020 (in millions) Market Technology Anti Financial Crime Technology $ 175 $ 94 Marketplace Infrastructure Technology 157 157 Investment Intelligence Market data 310 298 Index 328 227 Analytics 149 129 Corporate Platforms Listing services 282 224 IR & ESG Services 169 158 Market Services Transaction-based trading and clearing, net 696 589 Trade management services 242 218 Other revenues 26 21 Revenues less transaction-based expenses $ 2,534 $ 2,115
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 September 30, 2021: (in millions) Remainder of 2021 $ 95 2022 415 2023 253 2024 131 2025 78 2026+ 135 Total $ 1,107

Acquisitions and Divestiture (T

Acquisitions and Divestiture (Tables)	9 Months Ended
	Sep. 30, 2021
Business Combination and Asset Acquisition [Abstract]
Schedule of Business Acquisitions by Acquisition	(in millions) Goodwill $ 1,882 Acquired Intangible Assets 815 Total Net Liabilities Acquired (46) Purchase Consideration $ 2,651
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

Goodwill and Acquired Intangi_2

Goodwill and Acquired Intangible Assets (Tables)	9 Months Ended
	Sep. 30, 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 nine months ended September 30, 2021: (in millions) Market Technology Balance at December 31, 2020 $ 309 Goodwill acquired 1,873 Other adjustments (6) Balance at September 30, 2021 $ 2,176 Investment Intelligence Balance at December 31, 2020 $ 2,541 Divestiture of business (23) Other adjustments (61) Balance at September 30, 2021 $ 2,457 Corporate Platforms Balance at December 31, 2020 $ 481 Other adjustments (11) Balance at September 30, 2021 $ 470 Market Services Balance at December 31, 2020 $ 3,519 Goodwill acquired 15 Divestiture of business (37) Other adjustments (90) Balance at September 30, 2021 $ 3,407 Total Balance at December 31, 2020 $ 6,850 Goodwill acquired 1,888 Divestiture of business (60) Other adjustments (168) Balance at September 30, 2021 $ 8,510 In the preceding table: • Divestiture of business relates to the sale of our U.S. Fixed Income business. See “2021 Divestiture,” of Note 4, “Acquisitions and Divestiture,” for further discussion. In addition to revenues earned through Market Services, our U.S. Fixed Income business also earned fees from market data, which are included in our Investment Intelligence segment. Therefore, a portion of the goodwill was allocated to this segment. • Other adjustments includes foreign currency translation adjustment. For Market Technology, it also includes a measurement period adjustment related to our acquisition of Verafin. See “2021 Acquisition,” of Note 4, “Acquisitions and Divestiture,” 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: September 30, 2021 December 31, 2020 Finite-Lived Intangible Assets (in millions) Gross Amount Technology $ 316 $ 76 Customer relationships 2,049 1,599 Trade names and other 60 18 Foreign currency translation adjustment (131) (104) Total gross amount $ 2,294 $ 1,589 Accumulated Amortization Technology $ (50) $ (24) Customer relationships (683) (648) Trade names and other (10) (6) Foreign currency translation adjustment 74 58 Total accumulated amortization $ (669) $ (620) Net Amount Technology $ 266 $ 52 Customer relationships 1,366 951 Trade names and other 50 12 Foreign currency translation adjustment (57) (46) Total definite-lived intangible assets $ 1,625 $ 969 Indefinite-Lived Intangible Assets Exchange and clearing registrations $ 1,257 $ 1,257 Trade names 121 121 Licenses 52 52 Foreign currency translation adjustment (170) (144) Total indefinite-lived intangible assets $ 1,260 $ 1,286 Total intangible assets $ 2,885 $ 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: September 30, 2021 December 31, 2020 Finite-Lived Intangible Assets (in millions) Gross Amount Technology $ 316 $ 76 Customer relationships 2,049 1,599 Trade names and other 60 18 Foreign currency translation adjustment (131) (104) Total gross amount $ 2,294 $ 1,589 Accumulated Amortization Technology $ (50) $ (24) Customer relationships (683) (648) Trade names and other (10) (6) Foreign currency translation adjustment 74 58 Total accumulated amortization $ (669) $ (620) Net Amount Technology $ 266 $ 52 Customer relationships 1,366 951 Trade names and other 50 12 Foreign currency translation adjustment (57) (46) Total definite-lived intangible assets $ 1,625 $ 969 Indefinite-Lived Intangible Assets Exchange and clearing registrations $ 1,257 $ 1,257 Trade names 121 121 Licenses 52 52 Foreign currency translation adjustment (170) (144) Total indefinite-lived intangible assets $ 1,260 $ 1,286 Total intangible assets $ 2,885 $ 2,255
Finite-lived Intangible Assets Amortization Expense	The following table presents our amortization expense for acquired finite-lived intangible assets: Three Months Ended September 30, 2021 2020 (in millions) Amortization expense $ 40 $ 26 Nine Months Ended September 30, 2021 2020 (in millions) Amortization expense $ 116 $ 76
Schedule of Estimated Future Amortization Expense	The table below presents the estimated future amortization expense (excluding the impact of foreign currency translation adjustments of $57 million as of September 30, 2021) of acquired finite-lived intangible assets as of September 30, 2021: (in millions) Remainder of 2021 $ 41 2022 162 2023 159 2024 153 2025 151 2026+ 1,016 Total $ 1,682

Investments (Tables)

Investments (Tables)	9 Months Ended
	Sep. 30, 2021
Investments, Debt and Equity Securities [Abstract]
Schedule of Investments	The following table presents the details of our investments: September 30, 2021 December 31, 2020 (in millions) Financial investments $ 185 $ 195 Equity method investments $ 401 $ 216 Equity securities $ 74 $ 60

Deferred Revenue (Tables)

Deferred Revenue (Tables)	9 Months Ended
	Sep. 30, 2021
Revenue from Contract with Customer [Abstract]
Changes in Deferred Revenue	The changes in our deferred revenue during the nine months ended September 30, 2021 are reflected in the following table: Balance at December 31, 2020 Additions Revenue Recognized Adjustments Balance at September 30, 2021 (in millions) Market Technology $ 53 $ 82 $ (45) $ (2) $ 88 Investment Intelligence 97 71 (64) — 104 Corporate Platforms: Initial Listing 91 80 (33) (2) 136 Annual Listings 2 83 (2) (1) 82 IR & ESG Services 46 48 (40) — 54 Other 17 12 (7) (2) 20 Total $ 306 $ 376 $ (191) $ (7) $ 484 In the table above: • Additions reflect deferred revenue billed in the current period, net of recognition. Market Technology additions include deferred revenue acquired as part of the acquisition of Verafin. • Revenue recognized includes revenue recognized during the current period that was included in the beginning balance. • Adjustments reflect foreign currency translation adjustments.
Estimated Deferred Revenue	As of September 30, 2021, we estimate that our deferred revenue will be recognized in the following years: Fiscal year ended: 2021 2022 2023 2024 2025 2026+ Total (in millions) Market Technology $ 41 $ 46 $ 1 $ — $ — $ — $ 88 Investment Intelligence 47 57 — — — — 104 Corporate Platforms: Initial Listings 14 44 30 21 14 13 136 Annual Listings 82 — — — — — 82 IR & ESG Services 29 25 — — — — 54 Other 5 6 5 3 1 — 20 Total $ 218 $ 178 $ 36 $ 24 $ 15 $ 13 $ 484

Debt Obligations (Tables)

Debt Obligations (Tables)	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Changes in Debt Obligations	The following table presents the changes in the carrying amount of our debt obligations during the nine months ended September 30, 2021: December 31, 2020 Additions Payments, Foreign Currency Translation and Accretion September 30, 2021 (in millions) Short-term debt - commercial paper $ — $ 3,409 $ (2,929) $ 480 Long-term debt - senior unsecured notes: 2024 Notes 498 — — 498 2023 Notes 730 — (730) — 2026 Notes 497 — 1 498 2029 Notes 726 — (37) 689 2030 Notes 726 — (37) 689 2050 Notes 485 — 1 486 2022 Notes 597 — 1 598 2031 Notes 643 — — 643 2040 Notes 643 — — 643 2033 Notes — 726 (19) 707 2020 Credit Facility (4) 100 (100) (4) Total long-term debt 5,541 826 (920) 5,447 Total debt obligations $ 5,541 $ 4,235 $ (3,849) $ 5,927

Share-Based Compensation (Table

Share-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2021
Share-based Payment Arrangement [Abstract]
Summary of Share-Based Compensation Expense	The following table presents the total share-based compensation expense resulting from equity awards and the 15.0% discount for the ESPP for the three and nine months ended September 30, 2021 and 2020, which is included in compensation and benefits expense in the Condensed Consolidated Statements of Income: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 (in millions) Share-based compensation expense before income taxes $ 23 $ 24 $ 66 $ 64 Income tax benefit (6) (7) (18) (17) Share-based compensation expense after income taxes $ 17 $ 17 $ 48 $ 47
Summary of Restricted Stock Activity	The following table summarizes our restricted stock activity for the nine months ended September 30, 2021: Restricted Stock Number of Awards Weighted-Average Grant Date Fair Value Unvested at January 1, 2021 1,639,051 $ 84.21 Granted 469,442 147.68 Vested (477,127) 79.30 Forfeited (97,951) 100.17 Unvested at September 30, 2021 1,533,415 $ 104.15
Summary of Valuation Assumptions	The following weighted-average assumptions were used to determine the weighted-average fair values of the PSU awards granted under the three-year PSU program for the nine months ended September 30, 2021 and 2020: Nine Months Ended September 30, 2021 2020 Weighted-average risk free interest rate 0.31 % 0.27 % Expected volatility 30.11 % 27.40 % Weighted-average grant date share price $ 150.85 $ 92.34 Weighted-average fair value at grant date $ 206.17 $ 111.50 In the table above: • The risk-free interest rate for periods within the expected life of the award is based on the U.S. Treasury yield curve in effect at the time of grant; and • We use historic volatility for PSU awards issued under the three-year PSU program, as implied volatility data could not be obtained for all the companies in the peer groups used for relative performance measurement within the program.
Summary of PSU Activity	The following table summarizes our PSU activity for the nine months ended September 30, 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 — — 340,718 166.77 Vested (17,532) 82.45 (392,727) 116.86 Forfeited (18,829) 83.31 (12,736) 139.59 Unvested at September 30, 2021 133,187 $ 83.45 745,244 $ 129.80 In the table above, the granted amount includes additional awards granted based on overachievement of performance parameters as well as target awards.
Summary of Stock Option Activity	A summary of stock option activity for the nine months ended September 30, 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 September 30, 2021 268,817 $ 66.68

Nasdaq Stockholders_ Equity (Ta

Nasdaq Stockholders’ Equity (Tables)	9 Months Ended
	Sep. 30, 2021
Equity [Abstract]
Schedule of Common Stock in Treasury	The following is a summary of our share repurchase activity, excluding the repurchases done through our ASR agreement described below, reported based on settlement date, for the nine months ended September 30, 2021: Nine Months Ended September 30, 2021 Number of shares of common stock repurchased 2,623,551 Average price paid per share $ 156.11 Total purchase price (in millions) $ 410 In the table above, the number of shares of common stock repurchased excludes an aggregate of 334,484 shares withheld upon the vesting of restricted stock and PSUs for the nine months ended September 30, 2021.
Schedule of Dividends Declared	During the first nine months of 2021, our board of directors declared and paid 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 April 21, 2021 0.54 June 11, 2021 89 June 25, 2021 July 21, 2021 0.54 September 10, 2021 90 September 24, 2021 $ 260

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2021 2020 Numerator: (in millions, except share and per share amounts) Net income attributable to common shareholders $ 288 $ 264 Denominator: Weighted-average common shares outstanding for basic earnings per share 167,692,369 164,171,067 Weighted-average effect of dilutive securities: Employee equity awards 2,487,642 2,328,540 Contingent issuance of common stock — 992,247 Weighted-average common shares outstanding for diluted earnings per share 170,180,011 167,491,854 Basic and diluted earnings per share: Basic earnings per share $ 1.72 $ 1.61 Diluted earnings per share $ 1.69 $ 1.58 Nine Months Ended September 30, 2021 2020 Numerator: (in millions, except share and per share amounts) Net income attributable to common shareholders $ 928 $ 708 Denominator: Weighted-average common shares outstanding for basic earnings per share 165,506,859 164,377,053 Weighted-average effect of dilutive securities: Employee equity awards 2,407,484 2,071,848 Contingent issuance of common stock — 330,749 Weighted-average common shares outstanding for diluted earnings per share 167,914,343 166,779,650 Basic and diluted earnings per share: Basic earnings per share $ 5.61 $ 4.31 Diluted earnings per share $ 5.53 $ 4.25 In the preceding tables: • Employee equity awards from our PSU program, 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. • For the three and nine months ended September 30, 2020, the contingent issuance of common stock was related to a contingent obligation associated with a business we sold in June 2021. See “2021 Divestiture,” of Note 4, “Acquisitions and Divestiture,” for further discussion.

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2021 and December 31, 2020. September 30, 2021 Total Level 1 Level 2 Level 3 (in millions) European government debt securities $ 147 $ 147 $ — $ — Corporate debt securities 6 — 6 — State owned enterprises and municipal securities 11 — 11 — Swedish mortgage bonds 21 — 21 — Total assets at fair value $ 185 $ 147 $ 38 $ — December 31, 2020 Total Level 1 Level 2 Level 3 (in millions) European government debt securities $ 156 $ 156 $ — $ — Corporate debt securities 2 — 2 — State owned enterprises and municipal securities 15 — 15 — Swedish mortgage bonds 22 — 22 — Total assets at fair value $ 195 $ 156 $ 39 $ —

Clearing Operations (Tables)

Clearing Operations (Tables)	9 Months Ended
	Sep. 30, 2021
Due to and from Broker-Dealers and Clearing Organizations [Abstract]
Schedule of Clearing Member Default Fund Contributions	As of September 30, 2021, clearing member default fund contributions and margin deposits were as follows: September 30, 2021 Cash Contributions Non-Cash Contributions Total Contributions (in millions) Default fund contributions $ 614 $ 207 $ 821 Margin deposits 3,588 7,327 10,915 Total $ 4,202 $ 7,534 $ 11,736 Nasdaq Clearing has invested the total cash contributions of $4,202 million as of September 30, 2021 and $3,942 million as of December 31, 2020, in accordance with its investment policy as follows: September 30, 2021 December 31, 2020 (in millions) Demand deposits $ 2,731 $ 2,086 Central bank certificates 685 1,111 European government debt securities 353 470 Reverse repurchase agreements 188 180 Multilateral development bank debt securities 245 95 Total $ 4,202 $ 3,942
Schedule of Derivative Contracts Outstanding	The following table presents the market value of derivative contracts outstanding prior to netting: September 30, 2021 (in millions) Commodity and seafood options, futures and forwards $ 217 Fixed-income options and futures 291 Stock options and futures 223 Index options and futures 100 Total $ 831 In the table above: • 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. • We determined the fair value of our futures contracts based upon quoted market prices and average quoted market yields. • 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 presents the total number of derivative contracts cleared through Nasdaq Clearing for the nine months ended September 30, 2021 and 2020: September 30, 2021 September 30, 2020 Commodity and seafood options, futures and forwards 432,188 476,480 Fixed-income options and futures 17,010,664 16,456,583 Stock options and futures 15,217,832 14,322,903 Index options and futures 27,311,122 41,202,460 Total 59,971,806 72,458,426 In the table above, the total volume in cleared power related to commodity contracts was 632 Terawatt hours (TWh) for the nine months ended September 30, 2021 and 670 TWh for the nine months ended September 30, 2020.

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2021 December 31, 2020 (in millions) Assets: Operating lease assets Operating lease assets $ 383 $ 381 Liabilities: Current lease liabilities Other current liabilities $ 42 $ 46 Non-current lease liabilities Operating lease liabilities 398 389 Total lease liabilities $ 440 $ 435
Lease Cost, Lease Term and Discount Rate	The following table summarizes Nasdaq's lease cost: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 (in millions) Operating lease cost $ 21 $ 22 $ 63 $ 63 Variable lease cost 7 8 21 20 Sublease income (1) (1) (3) (3) Total lease cost $ 27 $ 29 $ 81 $ 80 In the table above, operating lease costs include short-term lease cost, which was immaterial. The following table provides information related to Nasdaq's lease term and discount rate: September 30, 2021 Weighted-average remaining lease term (in years) 11.4 Weighted-average discount rate 3.8 % The following table provides supplemental cash flow information related to Nasdaq's operating leases: Nine Months End September 30, 2021 2020 (in millions) Cash paid for amounts included in the measurement of operating lease liabilities $ 57 $ 57 Lease assets obtained in exchange for new operating lease liabilities $ 47 $ 94
Schedule of Operating Lease Liabilities	The following table reconciles the undiscounted cash flows for ea ch of the first five years and total of the remaining years to the operating lease liabilities recorded in our Condensed Consolidated Balance Sheets. September 30, 2021 (in millions) Remainder of 2021 $ 10 2022 62 2023 57 2024 52 2025 39 2026+ 330 Total lease payments 550 Less: interest (110) Present value of lease liabilities $ 440 In the table above, interest is calculated using the interest rate for each lease. Present value of lease liabilities include the current portion of $42 million.

Income Taxes (Tables)

Income Taxes (Tables)	9 Months Ended
	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Schedule of Income Tax Provision and Effective Tax Rate	The following table presents our income tax provision and effective tax rate: Three Months Ended September 30, 2021 2020 (in millions) Income tax provision $ 83 $ 93 Effective tax rate 22.4 % 26.1 % Nine Months Ended September 30, 2021 2020 (in millions) Income tax provision $ 292 $ 237 Effective tax rate 23.9 % 25.1 %

Business Segments (Tables)

Business Segments (Tables)	9 Months Ended
	Sep. 30, 2021
Segment Reporting [Abstract]
Schedule of Operating Segments	The following table presents certain information regarding our business segments for the three months ended September 30, 2021 and 2020: Three Months Ended September 30, 2021 2020 (in millions) Market Technology Total revenues $ 114 $ 86 Operating income 10 9 Investment Intelligence Total revenues 272 236 Operating income 177 153 Corporate Platforms Total revenues 155 131 Operating income 65 51 Market Services Total revenues 814 954 Transaction-based expenses (519) (698) Revenues less transaction-based expenses 295 256 Operating income 187 154 Corporate Items Total revenues 2 6 Operating income (loss) (83) (41) Total Total revenues $ 1,357 $ 1,413 Transaction-based expenses (519) (698) Revenues less transaction-based expenses $ 838 $ 715 Operating income $ 356 $ 326 The following table presents certain information regarding our business segments for the nine months ended September 30, 2021 and 2020: Nine Months Ended September 30, 2021 2020 (in millions) Market Technology Total revenues $ 332 $ 251 Operating income 26 32 Investment Intelligence Total revenues 787 654 Operating income 509 414 Corporate Platforms Total revenues 451 382 Operating income 187 145 Market Services Total revenues 2,823 2,855 Transaction-based expenses (1,885) (2,048) Revenues less transaction-based expenses 938 807 Operating income 614 507 Corporate Items Total revenues 26 21 Operating income (loss) (239) (182) Consolidated Total revenues $ 4,419 $ 4,163 Transaction-based expenses (1,885) (2,048) Revenues less transaction-based expenses $ 2,534 $ 2,115 Operating income $ 1,097 $ 916 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 presented in the table below, include the following: • Amortization expense of acquired intangible assets: We amortize intangible assets acquired in connection with various acquisitions. Intangible asset amortization expense can vary from period to period due to episodic acquisitions completed, rather than from our ongoing business operations. As such, if intangible asset amortization is included in performance measures, it is more difficult to assess the day-to-day operating performance of the segments, and the relative operating performance of the segments between periods. Management does not consider intangible asset amortization expense for the purpose of evaluating the performance of our segments or their managers or when making decisions to allocate resources. Therefore, we believe performance measures excluding intangible asset amortization expense provide management with a useful representation of our segments' ongoing activity in each period. • Merger and strategic initiatives expense: We have pursued various strategic initiatives and completed acquisitions and divestitures in recent years that have resulted in expenses which would not have otherwise been incurred. These expenses generally include integration costs, as well as legal, due diligence and other third party transaction costs. The frequency and the amount of such expenses vary significantly based on the size, timing and complexity of the transaction. Management does not consider merger and strategic initiatives expense for the purpose of evaluating the performance of our segments or their managers or when making decisions to allocate resources. Therefore, we believe performance measures excluding merger and strategic initiatives expense provide management with a useful representation of our segments' ongoing activity in each period. • Restructuring charges: We initiated the transition of certain technology platforms to advance our strategic opportunities as a technology and analytics provider and continue the re-alignment of certain business areas. See Note 19, “Restructuring Charges,” for further discussion of our 2019 restructuring plan. We believe performance measures excluding restructuring charges provide management with a useful representation of our segments' ongoing activity in each period. • Revenues and expenses - divested/contributed businesses: We have included in corporate items the revenues and expenses of our U.S. Fixed Income business, which was previously included in our Market Services and Investment Intelligence results. See “2021 Divestiture,” of Note 4,“Acquisitions and Divestiture,” for further discussion of this divestiture. Also included are the revenues and expenses associated with the NPM business which we contributed to a standalone, independent company, of which we own the largest minority interest, together with a consortium of third party financial institutions in July 2021. Prior to July these revenues were previously included in our Corporate Platforms results. • 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. Other significant items include: ◦ for the three and nine months ended September 30, 2021 and for the nine months ended September 30, 2020, a charge on extinguishment of debt; ◦ for the three and nine months ended September 30, 2020, a provision for notes receivable associated with the funding of technology development for the consolidated audit trail; and ◦ for the nine months ended September 30 2020, charitable donations made to the Nasdaq Foundation, COVID-19 response and relief efforts, and social justice charities.
Schedule of Corporate Items	The following table summarizes our Corporate Items: Three Months Ended September 30, 2021 2020 (in millions) Revenues - divested/contributed businesses $ 2 $ 6 Expenses: Amortization expense of acquired intangible assets $ 40 $ 26 Merger and strategic initiatives expense 13 1 Restructuring charges — 11 Provision for notes receivable — 6 Extinguishment of debt 33 — Expenses - divested/contributed businesses — 4 Other (1) (1) Total expenses 85 47 Operating loss $ (83) $ (41) Nine Months Ended September 30, 2021 2020 (in millions) Revenues - divested/contributed businesses $ 26 $ 21 Expenses: Amortization expense of acquired intangible assets $ 116 $ 76 Merger and strategic initiatives expense 70 12 Restructuring charges 31 36 Provision for notes receivable — 6 Extinguishment of debt 33 36 Charitable donations — 17 Expenses - divested/contributed businesses 10 13 Other 5 7 Total expenses 265 203 Operating loss $ (239) $ (182)

Restructuring Charges (Tables)

Restructuring Charges (Tables)	9 Months Ended
	Sep. 30, 2021
Restructuring and Related Activities [Abstract]
Summary of Restructuring Charges	The following tables present a summary of the 2019 restructuring plan charges in the Condensed Consolidated Statements of Income for the three months ended September 30, 2020 and for the nine months ended September 30, 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 Ended September 30, 2020 (in millions) Asset impairment charges and accelerated depreciation expense $ 2 Consulting services 6 Severance and employee-related costs 2 Other 1 Total restructuring charges $ 11 Nine Months Ended September 30, 2021 2020 (in millions) Asset impairment charges and accelerated depreciation expense $ 4 $ 10 Consulting services 19 15 Contract terminations — 3 Severance and employee-related costs 1 3 Other 7 5 Total restructuring charges $ 31 $ 36

Organization and Nature of Op_2

Organization and Nature of Operations - Narrative (Details) $ in Billions	9 Months Ended
	Sep. 30, 2021USD ($)exchangecompanycorporateBondmarketplacesegmentexchangeTradedProductcountry
Organization And Basis Of Presentation [Line Items]
Number of operating segments (in segments) | segment	4
Number of corporate bonds listed (in corporate bonds) | corporateBond	105
Number of option exchanges (in exchanges) | exchange	6
Number of equity exchanges (in exchanges) | exchange	3
Corporate Platforms | UNITED STATES
Organization And Basis Of Presentation [Line Items]
Total number of listings on The Nasdaq Stock Market (in companies) | company	3,990
ETPs and other listings listed on Nasdaq Stock Market (in companies) | company	430
Approximate combined market capitalization | $	$ 25,900
Corporate Platforms | Europe
Organization And Basis Of Presentation [Line Items]
Approximate combined market capitalization | $	$ 2,400
Total number of listed companies within Nordic and Baltic exchanges (in companies) | company	1,172
Market Technology
Organization And Basis Of Presentation [Line Items]
Number of exchanges (in marketplaces) | marketplace	130
Number of countries services are provided (in countries) | country	55
Investment Intelligence
Organization And Basis Of Presentation [Line Items]
Number of countries services are provided (in countries) | country	30
Number of exchange traded products licensed to Nasdaq's Indexes (in exchange traded products) | exchangeTradedProduct	347
Assets management value | $	$ 361

Revenue From Contracts With C_3

Revenue From Contracts With Customers (Revenue by Product, Service and Segment) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Disaggregation of Revenue [Line Items]
Revenues less transaction-based expenses	$ 838	$ 715	$ 2,534	$ 2,115
Operating Segments | Market Technology
Disaggregation of Revenue [Line Items]
Revenues less transaction-based expenses	114	86	332	251
Operating Segments | Investment Intelligence
Disaggregation of Revenue [Line Items]
Revenues less transaction-based expenses	272	236	787	654
Operating Segments | Corporate Platforms
Disaggregation of Revenue [Line Items]
Revenues less transaction-based expenses	155	131	451	382
Operating Segments | Market Services
Disaggregation of Revenue [Line Items]
Revenues less transaction-based expenses	295	256	938	807
Operating Segments | Anti Financial Crime Technology | Market Technology
Disaggregation of Revenue [Line Items]
Revenues less transaction-based expenses	66	32	175	94
Operating Segments | Marketplace Infrastructure Technology | Market Technology
Disaggregation of Revenue [Line Items]
Revenues less transaction-based expenses	48	54	157	157
Operating Segments | Market data | Investment Intelligence
Disaggregation of Revenue [Line Items]
Revenues less transaction-based expenses	102	105	310	298
Operating Segments | Index | Investment Intelligence
Disaggregation of Revenue [Line Items]
Revenues less transaction-based expenses	119	86	328	227
Operating Segments | Analytics | Investment Intelligence
Disaggregation of Revenue [Line Items]
Revenues less transaction-based expenses	51	45	149	129
Operating Segments | Listing services | Corporate Platforms
Disaggregation of Revenue [Line Items]
Revenues less transaction-based expenses	99	78	282	224
Operating Segments | IR & ESG Services | Corporate Platforms
Disaggregation of Revenue [Line Items]
Revenues less transaction-based expenses	56	53	169	158
Operating Segments | Transaction-based trading and clearing, net | Market Services
Disaggregation of Revenue [Line Items]
Revenues less transaction-based expenses	214	181	696	589
Operating Segments | Trade management services | Market Services
Disaggregation of Revenue [Line Items]
Revenues less transaction-based expenses	81	75	242	218
Other revenues | Other revenues
Disaggregation of Revenue [Line Items]
Revenues less transaction-based expenses	$ 2	$ 6	$ 26	$ 21

Revenue From Contracts With C_4

Revenue From Contracts With Customers (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Allowance for doubtful accounts	$ 18		$ 18		$ 21
Market Services | Services transferred at a point in time
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue recognized (percentage)	69.30%	67.20%	71.20%	69.80%
Market Services | Services transferred over time
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue recognized (percentage)	30.70%	32.80%	28.80%	30.20%

Revenue From Contracts With C_5

Revenue From Contracts With Customers (Remaining Performance Obligation) (Details) - Market Technology $ in Millions	Sep. 30, 2021USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation	$ 1,107
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation	$ 95
Revenue, remaining performance obligation, period	3 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	$ 415
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	$ 253
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	$ 131
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	$ 78
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	$ 135
Revenue, remaining performance obligation, period

Acquisitions and Divestiture (2

Acquisitions and Divestiture (2021 Divestiture) (Details) - USD ($)	1 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2013
eSpeed
Business Acquisition [Line Items]
Contingent future issuance of common stock (in shares)		992,247
Revenue required to trigger annual issuance of Nasdaq common stock		$ 25,000,000
eSpeed | Common stock
Business Acquisition [Line Items]
Contingent future issuance of common stock (in shares)	6,200,000
Discontinued Operations, Disposed of by Sale | U.S. Fixed Income business
Business Acquisition [Line Items]
Gain on disposition of business, before taxes	$ 84,000,000

Acquisitions and Divestiture _2

Acquisitions and Divestiture (2021 Acquisition) (Details) - Verafin - USD ($) $ in Millions	1 Months Ended	9 Months Ended
	Feb. 28, 2021	Sep. 30, 2021
Business Acquisition [Line Items]
Purchase consideration	$ 2,750
Pre-paid employment expense	$ 102
Pre-paid employment expense, vesting period	3 years
Measurement period adjustment		$ 9
Customer Relationships
Business Acquisition [Line Items]
Amortization period of intangible assets for tax purposes	20 years
Estimated average useful life	22 years
Technology
Business Acquisition [Line Items]
Estimated average useful life	7 years
Trade Name
Business Acquisition [Line Items]
Estimated average useful life	20 years

Acquisitions and Divestiture (A

Acquisitions and Divestiture (Acquisition of Verafin) (Details) - USD ($) $ in Millions	Sep. 30, 2021	Feb. 28, 2021	Dec. 31, 2020
Business Acquisition [Line Items]
Goodwill	$ 8,510		$ 6,850
Verafin
Business Acquisition [Line Items]
Goodwill		$ 1,882
Acquired Intangible Assets		815
Total Net Liabilities Acquired		(46)
Purchase Consideration		$ 2,651

Acquisitions and Divestiture (I

Acquisitions and Divestiture (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

Goodwill and Acquired Intangi_3

Goodwill and Acquired Intangible Assets (Schedule of Changes in Goodwill) (Details) $ in Millions	9 Months Ended
	Sep. 30, 2021USD ($)
Goodwill [Roll Forward]
Balance at beginning of period	$ 6,850
Goodwill acquired	1,888
Divestiture of business	(60)
Other adjustments	(168)
Balance at end of period	8,510
Market Technology
Goodwill [Roll Forward]
Balance at beginning of period	309
Goodwill acquired	1,873
Other adjustments	(6)
Balance at end of period	2,176
Investment Intelligence
Goodwill [Roll Forward]
Balance at beginning of period	2,541
Divestiture of business	(23)
Other adjustments	(61)
Balance at end of period	2,457
Corporate Platforms
Goodwill [Roll Forward]
Balance at beginning of period	481
Other adjustments	(11)
Balance at end of period	470
Market Services
Goodwill [Roll Forward]
Balance at beginning of period	3,519
Goodwill acquired	15
Divestiture of business	(37)
Other adjustments	(90)
Balance at end of period	$ 3,407

Goodwill and Acquired Intangi_4

Goodwill and Acquired Intangible Assets (Narrative) (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Indefinite-lived Intangible Assets [Line Items]
Goodwill, impairment loss	$ 0	$ 0	$ 0	$ 0
Finite-lived intangible assets, net	1,625,000,000		1,625,000,000		$ 969,000,000
Verafin
Indefinite-lived Intangible Assets [Line Items]
Amount of goodwill expected to be deductible for tax purposes	1,800,000,000		1,800,000,000
Foreign currency translation adjustment
Indefinite-lived Intangible Assets [Line Items]
Finite-lived intangible assets, net	$ (57,000,000)		$ (57,000,000)		$ (46,000,000)

Goodwill and Acquired Intangi_5

Goodwill and Acquired Intangible Assets (Finite-Lived and Indefinite-Lived Intangible Assets) (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Gross Amount	$ 2,294	$ 1,589
Accumulated Amortization	(669)	(620)
Net Amount	1,625	969
Indefinite-lived Intangible Assets [Line Items]
Indefinite-Lived Intangible Assets	1,260	1,286
Intangible assets, net	2,885	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	(170)	(144)
Technology
Finite-Lived Intangible Assets [Line Items]
Gross Amount	316	76
Accumulated Amortization	(50)	(24)
Net Amount	266	52
Customer Relationships
Finite-Lived Intangible Assets [Line Items]
Gross Amount	2,049	1,599
Accumulated Amortization	(683)	(648)
Net Amount	1,366	951
Trade names and other
Finite-Lived Intangible Assets [Line Items]
Gross Amount	60	18
Accumulated Amortization	(10)	(6)
Net Amount	50	12
Foreign currency translation adjustment
Finite-Lived Intangible Assets [Line Items]
Gross Amount	(131)	(104)
Accumulated Amortization	74	58
Net Amount	$ (57)	$ (46)

Goodwill and Acquired Intangi_6

Goodwill and Acquired Intangible Assets (Finite-Lived Intangible Assets Amortization Expense) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 40	$ 26	$ 116	$ 76

Goodwill and Acquired Intangi_7

Goodwill and Acquired Intangible Assets (Estimated Future Amortization Expense) (Details) $ in Millions	Sep. 30, 2021USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2021	$ 41
2022	162
2023	159
2024	153
2025	151
2026+	1,016
Total	$ 1,682

Investments (Schedule of Invest

Investments (Schedule of Investments) (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Investments, Debt and Equity Securities [Abstract]
Financial investments	$ 185	$ 195
Equity method investments	401	216
Equity securities	$ 74	$ 60

Investments (Narrative) (Detail

Investments (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Investments, Debt and Securities [Line Items]
Net income from unconsolidated investees	$ 6	$ 54	$ 90	$ 97
OCC
Investments, Debt and Securities [Line Items]
Equity method investment, ownership percentage	40.00%	40.00%	40.00%	40.00%
Foreign Government Debt Securities
Investments, Debt and Securities [Line Items]
Trading securities	$ 166		$ 166		$ 175

Deferred Revenue (Changes in De

Deferred Revenue (Changes in Deferred Revenue) (Details) $ in Millions	9 Months Ended
	Sep. 30, 2021USD ($)
Change in Contract with Customer Liability [Roll Forward]
Beginning balance	$ 306
Additions	376
Revenue Recognized	(191)
Adjustments	(7)
Ending balance	484
Market Technology
Change in Contract with Customer Liability [Roll Forward]
Beginning balance	53
Additions	82
Revenue Recognized	(45)
Adjustments	(2)
Ending balance	88
Investment Intelligence
Change in Contract with Customer Liability [Roll Forward]
Beginning balance	97
Additions	71
Revenue Recognized	(64)
Adjustments	0
Ending balance	104
Initial Listing
Change in Contract with Customer Liability [Roll Forward]
Beginning balance	91
Additions	80
Revenue Recognized	(33)
Adjustments	(2)
Ending balance	136
Annual Listings
Change in Contract with Customer Liability [Roll Forward]
Beginning balance	2
Additions	83
Revenue Recognized	(2)
Adjustments	(1)
Ending balance	82
IR & ESG Services
Change in Contract with Customer Liability [Roll Forward]
Beginning balance	46
Additions	48
Revenue Recognized	(40)
Adjustments	0
Ending balance	54
Other
Change in Contract with Customer Liability [Roll Forward]
Beginning balance	17
Additions	12
Revenue Recognized	(7)
Adjustments	(2)
Ending balance	$ 20

Deferred Revenue (Estimated Def

Deferred Revenue (Estimated Deferred Revenue) (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Fiscal Year Ended [Abstract]
2021	$ 218
2022	178
2023	36
2024	24
2025	15
2026+	13
Total	484	$ 306
Market Technology
Fiscal Year Ended [Abstract]
2021	41
2022	46
2023	1
2024	0
2025	0
2026+	0
Total	88	53
Investment Intelligence
Fiscal Year Ended [Abstract]
2021	47
2022	57
2023	0
2024	0
2025	0
2026+	0
Total	104	97
Initial Listings
Fiscal Year Ended [Abstract]
2021	14
2022	44
2023	30
2024	21
2025	14
2026+	13
Total	136	91
Annual Listings
Fiscal Year Ended [Abstract]
2021	82
2022	0
2023	0
2024	0
2025	0
2026+	0
Total	82	2
IR & ESG Services
Fiscal Year Ended [Abstract]
2021	29
2022	25
2023	0
2024	0
2025	0
2026+	0
Total	54	46
Other
Fiscal Year Ended [Abstract]
2021	5
2022	6
2023	5
2024	3
2025	1
2026+	0
Total	$ 20	$ 17

Debt Obligations (Changes in De

Debt Obligations (Changes in Debt Obligations) (Details) - USD ($)	1 Months Ended	9 Months Ended
	Feb. 28, 2021	Sep. 30, 2021
Changes in Long-Term Debt Obligations [Roll Forward]
Total long-term debt at beginning of period		$ 5,541,000,000
Additions		826,000,000
Payments, Foreign Currency Translation and Accretion		(920,000,000)
Total long-term debt at end of period		5,447,000,000
Changes In Debt Obligations [Roll Forward]
Total debt obligations at beginning of period		5,541,000,000
Additions		4,235,000,000
Payments, Foreign Currency Translation and Accretion		(3,849,000,000)
Total debt obligations at end of period		5,927,000,000
Senior Notes | 2024 Notes
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 | 2023 Notes
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		(730,000,000)
Long-term debt obligations at end of period		0
Senior Notes | 2026 Notes
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		1,000,000
Long-term debt obligations at end of period		498,000,000
Senior Notes | 2029 Notes
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		(37,000,000)
Long-term debt obligations at end of period		689,000,000
Senior Notes | 2030 Notes
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		(37,000,000)
Long-term debt obligations at end of period		689,000,000
Senior Notes | 2050 Notes
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 | 2022 Notes
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		1,000,000
Long-term debt obligations at end of period		598,000,000
Senior Notes | 2031 Notes
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 | 2033 Notes
Changes in Long-Term Debt Obligations [Roll Forward]
Long-term debt obligations at beginning of period		0
Additions		726,000,000
Payments, Foreign Currency Translation and Accretion		(19,000,000)
Long-term debt obligations at end of period		707,000,000
Senior Notes | 2040 Notes
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
2020 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)
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	3,409,000,000
Payments, Foreign Currency Translation and Accretion		(2,929,000,000)
Short-term debt - commercial paper ending balance		$ 480,000,000

Debt Obligations (Commercial Pa

Debt Obligations (Commercial Paper) (Details) - Commercial paper - USD ($)	1 Months Ended	9 Months Ended
	Feb. 28, 2021	Sep. 30, 2021
Short-term Debt [Line Items]
Proceeds from short-term debt	$ 475,000,000	$ 3,409,000,000
Weighted average interest rate		0.23%
Minimum
Short-term Debt [Line Items]
Credit facility term		13 days
Maximum
Short-term Debt [Line Items]
Credit facility term		101 days
Weighted Average
Short-term Debt [Line Items]
Credit facility term		35 days

Debt Obligations (Senior Unsecu

Debt Obligations (Senior Unsecured Notes) (Details)	9 Months Ended
	Sep. 30, 2021
Senior Notes
Debt Instrument [Line Items]
Aggregate principal amount purchased plus accrued and unpaid interest	101.00%

Debt Obligations (2024 Notes) (

Debt Obligations (2024 Notes) (Details) - Senior Notes - 2024 Notes	May 31, 2014
Debt Instrument [Line Items]
Stated rate	4.25%
Maximum
Debt Instrument [Line Items]
Maximum interest rate on debt instrument	6.25%

Debt Obligations (Early Extingu

Debt Obligations (Early Extinguishment of 2023 Notes) (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2021	Sep. 30, 2020	May 31, 2016
Debt Instrument [Line Items]
Loss on extinguishment of debt		$ (33)	$ (36)
Senior Notes | 2023 Notes
Debt Instrument [Line Items]
Stated rate				1.75%
Loss on extinguishment of debt	$ (33)	$ (33)

Debt Obligations (2026 Notes) (

Debt Obligations (2026 Notes) (Details) - Senior Notes - 2026 Notes	Jun. 30, 2016
Debt Instrument [Line Items]
Stated rate	3.85%
Maximum
Debt Instrument [Line Items]
Maximum interest rate on debt instrument	5.85%

Debt Obligations (2029 Notes) (

Debt Obligations (2029 Notes) (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2021	Apr. 30, 2019
Debt Instrument [Line Items]
Decrease (increase) in carrying amount	$ 920
Senior Notes | 2029 Notes
Debt Instrument [Line Items]
Stated rate		1.75%
Decrease (increase) in carrying amount	$ 37
Senior Notes | 2029 Notes | Maximum
Debt Instrument [Line Items]
Maximum interest rate on debt instrument		3.75%

Debt Obligations (2030 Notes) (

Debt Obligations (2030 Notes) (Details) $ in Millions	9 Months Ended
	Sep. 30, 2021USD ($)
Debt Instrument [Line Items]
Decrease (increase) in carrying amount	$ 920
Senior Notes | 2030 Notes
Debt Instrument [Line Items]
Decrease (increase) in carrying amount	$ 37

Debt Obligations (2050 Notes) (

Debt Obligations (2050 Notes) (Details) - 2050 Notes - Senior Notes	Apr. 30, 2020
Debt Instrument [Line Items]
Stated rate	3.25%
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) - Senior Notes	Sep. 30, 2021
2022 Notes
Debt Instrument [Line Items]
Stated rate	0.445%
2022 Notes | Maximum
Debt Instrument [Line Items]
Maximum interest rate on debt instrument	2.445%
2031 Notes
Debt Instrument [Line Items]
Stated rate	1.65%
2031 Notes | Maximum
Debt Instrument [Line Items]
Maximum interest rate on debt instrument	3.65%
2040 Notes
Debt Instrument [Line Items]
Stated rate	2.50%
2040 Notes | Maximum
Debt Instrument [Line Items]
Maximum interest rate on debt instrument	4.50%

Debt Obligations (2033 Notes) (

Debt Obligations (2033 Notes) (Details) $ in Millions	9 Months Ended
	Sep. 30, 2021USD ($)	Jul. 31, 2021EUR (€)
Debt Instrument [Line Items]
Net proceeds from senior note	$ 826
Increase (decrease) in carrying amount	(920)
2033 Notes | Senior Notes
Debt Instrument [Line Items]
Principal amount | €		€ 615,000,000
Stated rate		0.90%
Net proceeds from senior note	726
Increase (decrease) in carrying amount	$ (19)

Debt Obligations (Credit Facili

Debt Obligations (Credit Facilities) (Details) - USD ($)	1 Months Ended	9 Months Ended
	Dec. 31, 2020	Sep. 30, 2021
2020 Credit Facility | Revolving Credit Facility
Debt Instrument [Line Items]
Utilized amount		$ 0
Unamortized debt issuance expense		(4,000,000)
Revolving Credit Facility | 2020 Credit Facility
Debt Instrument [Line Items]
Credit facility, borrowing capacity	$ 1,250,000,000
Credit facility term	5 years
Option to increase available aggregate amount		$ 625,000,000
Revolving Credit Facility | 2020 Credit Facility | Minimum
Debt Instrument [Line Items]
Line of credit facility, commitment fee percentage		0.125%
Revolving Credit Facility | 2020 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		$ 770,000,000
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		$ 480,000,000

Debt Obligations (Other Credit

Debt Obligations (Other Credit Facilities) (Details) - Clearinghouse Credit Facilities - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Remaining amount available	$ 218,000,000	$ 232,000,000
Utilized amount	$ 0	$ 0

Retirement Plans (Narrative) (D

Retirement Plans (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Retirement Benefits [Abstract]
Employer contribution match, percent match			100.00%	100.00%
Employer contribution match, percentage of employee contribution			6.00%	6.00%
Defined contributions plan expense	$ 3	$ 4	$ 11	$ 11
Cost or expenses included in compensation and benefit expense	$ 7	$ 6	$ 20	$ 17

Share-Based Compensation (Narra

Share-Based Compensation (Narrative) (Details) $ / shares in Units, $ in Millions	3 Months Ended			9 Months Ended
	Sep. 30, 2021USD ($)$ / sharespeerGroupshares	Mar. 31, 2021shares	Sep. 30, 2020USD ($)$ / sharesshares	Sep. 30, 2021USD ($)program$ / sharespeerGroupshares	Sep. 30, 2020USD ($)$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock shares reserved for future issuance (in shares) | shares	9,500,000			9,500,000
Granted (in shares) | shares	0
Stock option exercises, net (in shares) | shares	0		25,113	24,409	80,378
Forfeited (in shares) | shares	0			127
Net cash proceeds from the exercise of stock options			$ 1	$ 1	$ 2
Outstanding, aggregate intrinsic value	$ 34			$ 34
Weighted-average remaining contractual term, Outstanding (in years)				5 years 3 months 18 days
Stock options, exercisable (in shares) | shares	268,817		300,000	268,817	300,000
Options exercisable, weighted average exercise price (in dollars per share) | $ / shares	$ 66.68		$ 62.59	$ 66.68	$ 62.59
Total pre-tax intrinsic value of stock options exercised			$ 2	$ 3	$ 8
Share based compensation expense	$ 23		$ 24	$ 66	$ 64
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	$ 193.02			$ 193.02
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%	15.00%	15.00%
Common stock shares reserved for future issuance (in shares) | shares	4,300,000			4,300,000
Maximum percentage of shares purchased from annual compensation				10.00%
Discount given to employees (as a percent)				15.00%
Share based compensation expense	$ 1		$ 1	$ 6	$ 4
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation cost	87			$ 87
Weighted-average period unrecognized compensation cost is expected to be recognized, in years				1 year 10 months 24 days
PSUs | One-Year Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation cost	1			$ 1
Weighted-average period unrecognized compensation cost is expected to be recognized, in years				1 year 1 month 6 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	$ 45			$ 45
Weighted-average period unrecognized compensation cost is expected to be recognized, in years				1 year 6 months
Expiration period of PSU program				3 years
Performance period				3 years
Number of peer groups (in peer groups) | peerGroup	2			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
Share price (in dollars per share) | $ / shares	$ 150.85		$ 92.34	$ 150.85	$ 92.34
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%
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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Share-based Payment Arrangement [Abstract]
Share-based compensation expense before income taxes	$ 23	$ 24	$ 66	$ 64
Income tax benefit	(6)	(7)	(18)	(17)
Share-based compensation expense after income taxes	$ 17	$ 17	$ 48	$ 47

Share-Based Compensation (Sum_2

Share-Based Compensation (Summary of Restricted Stock Activity) (Details) - Restricted Stock	9 Months Ended
	Sep. 30, 2021$ / sharesshares
Number of Awards
Unvested balances at beginning of period (in shares) | shares	1,639,051
Granted (in shares) | shares	469,442
Vested (in shares) | shares	(477,127)
Forfeited (in shares) | shares	(97,951)
Unvested balances at end of period (in shares) | shares	1,533,415
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	147.68
Vested (in dollars per share) | $ / shares	79.30
Forfeited (in dollars per share) | $ / shares	100.17
Unvested balances at end of period (in dollars per share) | $ / shares	$ 104.15

Share-Based Compensation (Sched

Share-Based Compensation (Schedule of Weighted- Average Assumptions Used to Determine Weighted-Average Fair Values) (Details) - PSUs - Three-Year Program - $ / shares	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average risk free interest rate	0.31%	0.27%
Expected volatility (as a percent)	30.11%	27.40%
Weighted-average grant date share price (in dollars per share)	$ 150.85	$ 92.34
Weighted-average fair value at grant date (in dollars per share)	$ 206.17	$ 111.50

Share-Based Compensation (Sum_3

Share-Based Compensation (Summary of PSU Activity) (Details) - PSUs	9 Months Ended
	Sep. 30, 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	(17,532)
Forfeited (in shares) | shares	(18,829)
Unvested balances at end of period (in shares) | shares	133,187
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	82.45
Forfeited (in dollars per share) | $ / shares	83.31
Unvested balances at end of period (in dollars per share) | $ / shares	$ 83.45
Three-Year Program
Number of Awards
Unvested balances at beginning of period (in shares) | shares	809,989
Granted (in shares) | shares	340,718
Vested (in shares) | shares	(392,727)
Forfeited (in shares) | shares	(12,736)
Unvested balances at end of period (in shares) | shares	745,244
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	166.77
Vested (in dollars per share) | $ / shares	116.86
Forfeited (in dollars per share) | $ / shares	139.59
Unvested balances at end of period (in dollars per share) | $ / shares	$ 129.80

Share-Based Compensation (Sum_4

Share-Based Compensation (Summary of Stock Option Activity) (Details) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Number of Stock Options
Outstanding at beginning of period (in shares)			293,353
Exercised (in shares)	0	(25,113)	(24,409)	(80,378)
Forfeited (in shares)	0		(127)
Outstanding at end of period (in shares)	268,817		268,817
Exercisable (in shares)	268,817	300,000	268,817	300,000
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		66.68
Options exercisable, weighted average exercise price (in dollars per share)	$ 66.68	$ 62.59	$ 66.68	$ 62.59

Nasdaq Stockholders' Equity (Na

Nasdaq Stockholders' Equity (Narrative) (Details) $ / shares in Units, $ in Millions	Jul. 21, 2021shares	Oct. 31, 2021USD ($)$ / shares	Sep. 30, 2021USD ($)vote$ / sharesshares	Sep. 30, 2020$ / shares	Sep. 30, 2021USD ($)vote$ / sharesshares	Sep. 30, 2020$ / shares	Jul. 31, 2021USD ($)	Dec. 31, 2020vote$ / sharesshares
Stockholders Equity [Line Items]
Common stock, shares authorized (in shares)			300,000,000		300,000,000			300,000,000
Common stock, shares issued (in shares)			173,886,216		173,886,216			171,278,761
Common stock, shares outstanding (in shares)			167,206,649		167,206,649			164,933,678
Common stock (in votes per share) | vote			1		1			1
Common stock holder voting rights, maximum percentage of the then-outstanding shares of Nasdaq common stock			5.00%		5.00%			5.00%
Common stock in treasury (in shares)			6,679,567		6,679,567			6,345,083
Authorized amount under share repurchase program | $			$ 984		$ 984
Additional amount under stock repurchase program | $			$ 1,500		$ 1,500
Preferred stock, shares authorized (in shares)			30,000,000		30,000,000			30,000,000
Preferred stock par value (in dollars per share) | $ / shares			$ 0.01		$ 0.01			$ 0.01
Preferred stock, shares issued (in shares)			0		0			0
Preferred stock, shares outstanding (in shares)			0		0			0
Payments of dividends | $					$ 260
Cash dividends declared per common share (in dollars per share) | $ / shares			$ 0.54	$ 0.49	$ 1.57	$ 1.45
Dividends declared | $					$ 260
Subsequent Event
Stockholders Equity [Line Items]
Cash dividends declared per common share (in dollars per share) | $ / shares		$ 0.54
Dividends declared | $		$ 90
Common stock | ASR
Stockholders Equity [Line Items]
Authorized amount under share repurchase program | $							$ 475
Share repurchase program (in shares)	2,039,940

Nasdaq Stockholders' Equity (Co

Nasdaq Stockholders' Equity (Common Stock in Treasury) (Details) $ / shares in Units, $ in Millions	9 Months Ended
	Sep. 30, 2021USD ($)$ / sharesshares
Other Repurchases of Common Stock
Dividends Payable [Line Items]
Number of shares of common stock repurchased (in shares)	334,484
Share repurchase program
Dividends Payable [Line Items]
Share repurchase program (in shares)	2,623,551
Average price paid per share (in dollars per share) | $ / shares	$ 156.11
Total purchase price (in millions) | $	$ 410

Nasdaq Stockholders' Equity (Sc

Nasdaq Stockholders' Equity (Schedule of Dividends Declared) (Details) - USD ($) $ / shares in Units, $ in Millions	Sep. 24, 2021	Jul. 21, 2021	Jun. 25, 2021	Apr. 21, 2021	Mar. 26, 2021	Jan. 27, 2021	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Dividends Payable [Line Items]
Dividend Per Common Share (in dollars per share)							$ 0.54	$ 0.49	$ 1.57	$ 1.45
Total Amount Paid									$ 260
Dividend Declaration Date First Quarter
Dividends Payable [Line Items]
Dividend Per Common Share (in dollars per share)						$ 0.49
Total Amount Paid					$ 81
Dividend Declaration Date Second Quarter
Dividends Payable [Line Items]
Dividend Per Common Share (in dollars per share)				$ 0.54
Total Amount Paid			$ 89
Dividend Declaration Date Third Quarter
Dividends Payable [Line Items]
Dividend Per Common Share (in dollars per share)		$ 0.54
Total Amount Paid	$ 90

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Numerator:
Net income attributable to common shareholders	$ 288	$ 264	$ 928	$ 708
Denominator:
Weighted-average common shares outstanding for basic earnings per share (in shares)	167,692,369	164,171,067	165,506,859	164,377,053
Weighted-average effect of dilutive securities:
Employee equity awards (in shares)	2,487,642	2,328,540	2,407,484	2,071,848
Contingent issuance of stock (in shares)	0	992,247	0	330,749
Weighted-average common shares outstanding for diluted earnings per share (in shares)	170,180,011	167,491,854	167,914,343	166,779,650
Basic and diluted earnings per share:
Basic earnings per share (in dollars per share)	$ 1.72	$ 1.61	$ 5.61	$ 4.31
Diluted earnings per share (in dollars per share)	$ 1.69	$ 1.58	$ 5.53	$ 4.25
Securities excluded from the computation of diluted earnings per share (in shares)	0	0	0	0

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	Sep. 30, 2021	Dec. 31, 2020
Debt Securities [Abstract]
Financial investments	$ 185	$ 195
Fair Value, Measurements, Recurring
Debt Securities [Abstract]
Financial investments	185	195
Fair Value, Measurements, Recurring | European government debt securities
Debt Securities [Abstract]
Financial investments	147	156
Fair Value, Measurements, Recurring | Corporate debt securities
Debt Securities [Abstract]
Financial investments	6	2
Fair Value, Measurements, Recurring | State owned enterprises and municipal securities
Debt Securities [Abstract]
Financial investments	11	15
Fair Value, Measurements, Recurring | Swedish mortgage bonds
Debt Securities [Abstract]
Financial investments	21	22
Fair Value, Measurements, Recurring | Level 1
Debt Securities [Abstract]
Financial investments	147	156
Fair Value, Measurements, Recurring | Level 1 | European government debt securities
Debt Securities [Abstract]
Financial investments	147	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 2
Debt Securities [Abstract]
Financial investments	38	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	6	2
Fair Value, Measurements, Recurring | Level 2 | State owned enterprises and municipal securities
Debt Securities [Abstract]
Financial investments	11	15
Fair Value, Measurements, Recurring | Level 2 | Swedish mortgage bonds
Debt Securities [Abstract]
Financial investments	21	22
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 of Financial Instr_4

Fair Value of Financial Instruments (Narrative) (Details) - USD ($)	Sep. 30, 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 | 2020 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	$ 6,100,000,000	$ 5,900,000,000

Clearing Operations (Narrative)

Clearing Operations (Narrative) (Details) kr in Millions	1 Months Ended		9 Months Ended
	Jan. 31, 2021USD ($)	Jan. 31, 2021SEK (kr)	Sep. 30, 2021USD ($)fundcontract	Sep. 30, 2020USD ($)contract	Dec. 31, 2020USD ($)
Clearing Operations [Line Items]
Number of member sponsored default funds (in funds) | fund			3
Expected recovery of initial loss			0.80
Default fund contributions			$ 821,000,000
Default fund contributions and margin deposits			11,736,000,000
Liability due to market default			0
Liability Waterfall
Clearing Operations [Line Items]
Junior capital, cash deposits and pledged assets			44,000,000
Senior capital, cash deposits and pledged assets			24,000,000
Committed capital			69,000,000
Utilize as capital resources
Clearing Operations [Line Items]
Default fund contributions			739,000,000
Utilize as member posted surplus balance
Clearing Operations [Line Items]
Default fund contributions			82,000,000
Nasdaq clearing members cash contributions
Clearing Operations [Line Items]
Default fund contributions			614,000,000
Default fund contributions and margin deposits			$ 4,202,000,000		$ 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			13 days
Nasdaq Clearing
Clearing Operations [Line Items]
Administrative fine	$ 34,000,000	kr 300
Contingency, accrual			$ 0
Maturity period of time deposits			1 year
Committed capital			$ 137,000,000
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			$ 3,100,000,000	$ 2,400,000,000
Total number of derivative contracts cleared (in contracts) | contract			4,494,952	3,639,384

Clearing Operations (Schedule o

Clearing Operations (Schedule of Clearing Member Default Fund Contributions And Margin Deposits) (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Clearing Operations [Line Items]
Default fund contributions	$ 821
Margin deposits	10,915
Total	11,736
Cash Contributions
Clearing Operations [Line Items]
Default fund contributions	614
Margin deposits	3,588
Total	4,202	$ 3,942
Non-Cash Contributions
Clearing Operations [Line Items]
Default fund contributions	207
Margin deposits	7,327
Total	$ 7,534

Clearing Operations (Investment

Clearing Operations (Investment Policy) (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Clearing Operations [Line Items]
Cash contributions	$ 11,736
Demand deposits
Clearing Operations [Line Items]
Cash contributions	2,731	$ 2,086
Central bank certificates
Clearing Operations [Line Items]
Cash contributions	685	1,111
European government debt securities
Clearing Operations [Line Items]
Cash contributions	353	470
Reverse repurchase agreements
Clearing Operations [Line Items]
Cash contributions	188	180
Multilateral development bank debt securities
Clearing Operations [Line Items]
Cash contributions	245	95
Nasdaq clearing members cash contributions
Clearing Operations [Line Items]
Cash contributions	$ 4,202	$ 3,942

Clearing Operations (Schedule_2

Clearing Operations (Schedule of Derivative Contracts) (Details) $ in Millions	9 Months Ended
	Sep. 30, 2021USD ($)TWhcontract	Sep. 30, 2020TWhcontract
Clearing Operations [Line Items]
Market value of derivative contracts | $	$ 831
Total number of cleared contracts (in contracts) | contract	59,971,806	72,458,426
Total volume in cleared power, in Terawatt hours (TWh) | TWh	632	670
Commodity and seafood options, futures and forwards
Clearing Operations [Line Items]
Market value of derivative contracts | $	$ 217
Total number of cleared contracts (in contracts) | contract	432,188	476,480
Fixed-income options and futures
Clearing Operations [Line Items]
Market value of derivative contracts | $	$ 291
Total number of cleared contracts (in contracts) | contract	17,010,664	16,456,583
Stock options and futures
Clearing Operations [Line Items]
Market value of derivative contracts | $	$ 223
Total number of cleared contracts (in contracts) | contract	15,217,832	14,322,903
Index options and futures
Clearing Operations [Line Items]
Market value of derivative contracts | $	$ 100
Total number of cleared contracts (in contracts) | contract	27,311,122	41,202,460

Leases (Summary of Supplemental

Leases (Summary of Supplemental Balance Sheet Information Related to Operating Leases) (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Assets:
Operating lease assets	$ 383	$ 381
Liabilities:
Current lease liabilities	$ 42	$ 46
Current lease liability, statement of financial position [Extensible Enumeration]	Other current liabilities	Other current liabilities
Non-current lease liabilities	$ 398	$ 389
Total lease liabilities	$ 440	$ 435

Leases (Leases Cost) (Details)

Leases (Leases Cost) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Leases [Abstract]
Operating lease cost	$ 21	$ 22	$ 63	$ 63
Variable lease cost	7	8	21	20
Sublease income	(1)	(1)	(3)	(3)
Total lease cost	$ 27	$ 29	$ 81	$ 80

Leases (Operating Lease Maturit

Leases (Operating Lease Maturity) (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Leases [Abstract]
Remainder of 2021	$ 10
2022	62
2023	57
2024	52
2025	39
2026+	330
Total lease payments	550
Less: interest	(110)
Present value of lease liabilities	440	$ 435
Operating lease, current liabilities	$ 42	$ 46

Leases (Leases Terms and Discou

Leases (Leases Terms and Discount Rate) (Details)	Sep. 30, 2021
Leases [Abstract]
Weighted-average remaining lease term (in years)	11 years 4 months 24 days
Weighted-average discount rate	3.80%

Leases (Supplemental Cash Flow

Leases (Supplemental Cash Flow Information) (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Leases [Abstract]
Cash paid for amounts included in the measurement of operating lease liabilities	$ 57	$ 57
Lease assets obtained in exchange for new operating lease liabilities	$ 47	$ 94

Income Taxes (Tax Provision and

Income Taxes (Tax Provision and Effective Tax Rate) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Income tax provision	$ 83	$ 93	$ 292	$ 237
Effective tax rate	22.40%	26.10%	23.90%	25.10%

Commitments, Contingencies an_2

Commitments, Contingencies and Guarantees (Details) kr in Millions	Sep. 02, 2014exchange	Jan. 31, 2021USD ($)	Jan. 31, 2021SEK (kr)	Sep. 30, 2021USD ($)	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
Nasdaq Clearing
Commitments and Contingencies Disclosure [Line Items]
Administrative fine		$ 34,000,000	kr 300
Clearinghouse Credit Facilities
Commitments and Contingencies Disclosure [Line Items]
Credit facility, available liquidity				218,000,000	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)	9 Months Ended
	Sep. 30, 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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Segment Reporting Information [Line Items]
Revenues less transaction-based expenses	$ 838	$ 715	$ 2,534	$ 2,115
Operating income (loss)	356	326	1,097	916
Total revenues	1,357	1,413	4,419	4,163
Transaction-based expenses	(519)	(698)	(1,885)	(2,048)
Operating Segments | Market Technology
Segment Reporting Information [Line Items]
Revenues less transaction-based expenses	114	86	332	251
Operating income (loss)	10	9	26	32
Total revenues	114	86	332	251
Operating Segments | Investment Intelligence
Segment Reporting Information [Line Items]
Revenues less transaction-based expenses	272	236	787	654
Operating income (loss)	177	153	509	414
Total revenues	272	236	787	654
Operating Segments | Corporate Platforms
Segment Reporting Information [Line Items]
Revenues less transaction-based expenses	155	131	451	382
Operating income (loss)	65	51	187	145
Total revenues	155	131	451	382
Operating Segments | Market Services
Segment Reporting Information [Line Items]
Revenues less transaction-based expenses	295	256	938	807
Operating income (loss)	187	154	614	507
Total revenues	814	954	2,823	2,855
Transaction-based expenses	(519)	(698)	(1,885)	(2,048)
Corporate Items
Segment Reporting Information [Line Items]
Revenues less transaction-based expenses	2	6	26	21
Operating income (loss)	(83)	(41)	(239)	(182)
Total revenues	$ 2	$ 6	$ 26	$ 21

Business Segments (Corporate It

Business Segments (Corporate Items) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Expenses:
Total revenues	$ 1,357	$ 1,413	$ 4,419	$ 4,163
Amortization expense of acquired intangible assets	40	26	116	76
Merger and strategic initiatives expense	13	1	70	12
Restructuring charges	0	11	31	36
Extinguishment of debt			33	36
Operating income	356	326	1,097	916
Corporate Items
Expenses:
Total revenues	2	6	26	21
Amortization expense of acquired intangible assets	40	26	116	76
Merger and strategic initiatives expense	13	1	70	12
Restructuring charges	0	11	31	36
Provision for notes receivable	0	6	0	6
Extinguishment of debt	33	0	33	36
Charitable donations			0	17
Expenses - divested/contributed businesses	0	4	10	13
Other	(1)	(1)	5	7
Total expenses	85	47	265	203
Operating income	$ (83)	$ (41)	$ (239)	$ (182)

Restructuring Charges (Narrativ

Restructuring Charges (Narrative) (Details) $ in Millions	1 Months Ended
	Jun. 30, 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 and related cost	$ 118

Restructuring Charges (Summary

Restructuring Charges (Summary of Restructuring Plan) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	$ 0	$ 11	$ 31	$ 36
Asset impairment charges and accelerated depreciation expense
Restructuring Cost and Reserve [Line Items]
Total restructuring charges		2	4	10
Consulting services
Restructuring Cost and Reserve [Line Items]
Total restructuring charges		6	19	15
Contract terminations
Restructuring Cost and Reserve [Line Items]
Total restructuring charges			0	3
Severance and employee-related costs
Restructuring Cost and Reserve [Line Items]
Total restructuring charges		2	1	3
Other
Restructuring Cost and Reserve [Line Items]
Total restructuring charges		$ 1	$ 7	$ 5

Uncategorized Items - ndaq-2021

Label	Element	Value
Accounting Standards Update [Extensible Enumeration]	us-gaap_AccountingStandardsUpdateExtensibleList	Accounting Standards Update 2016-13 [Member]