Nasdaq (NDAQ) 10-Q 4 May 22 2022 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2022	Apr. 26, 2022
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
Document Transition Report	false
Entity File Number	001-38855
Entity Registrant Name	Nasdaq, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	52-1165937
Entity Address, Address Line One	151 W. 42nd Street,
Entity Address, City or Town	New York,
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10036
City Area Code	212
Local Phone Number	401 8700
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		164,677,774
Entity Central Index Key	0001120193
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Amendment Flag	false
Common Stock, $.01 par value per share
Entity Information [Line Items]
Title of 12(b) Security	Common Stock, $0.01 par value per share
Trading Symbol	NDAQ
Security Exchange Name	NASDAQ
0.900% 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	Mar. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 486	$ 393
Restricted cash and cash equivalents	31	29
Default funds and margin deposits (including restricted cash and cash equivalents of $5,398 and $5,074, respectively)	6,570	5,911
Financial investments	225	208
Receivables, net	621	588
Other current assets	245	294
Total current assets	8,178	7,423
Property and equipment, net	511	509
Goodwill	8,338	8,433
Intangible assets, net	2,751	2,813
Operating lease assets	470	366
Other non-current assets	575	571
Total assets	20,823	20,115
Current liabilities:
Accounts payable and accrued expenses	186	185
Section 31 fees payable to SEC	53	62
Accrued personnel costs	168	252
Deferred revenue	619	329
Other current liabilities	157	115
Default funds and margin deposits	6,570	5,911
Short-term debt	1,098	1,018
Total current liabilities	8,851	7,872
Long-term debt	4,800	4,812
Deferred tax liabilities, net	431	406
Operating lease liabilities	478	386
Other non-current liabilities	241	234
Total liabilities	14,801	13,710
Commitments and contingencies
Nasdaq stockholders’ equity:
Common stock, $0.01 par value, 300,000,000 shares authorized, shares issued: 171,535,457 at March 31, 2022 and 173,418,939 at December 31, 2021; shares outstanding: 164,488,485 at March 31, 2022 and 166,679,635 at December 31, 2021	2	2
Additional paid-in capital	1,510	1,952
Common stock in treasury, at cost: 7,046,972 shares at March 31, 2022 and 6,739,304 shares at December 31, 2021	(489)	(437)
Accumulated other comprehensive loss	(1,670)	(1,587)
Retained earnings	6,660	6,465
Total Nasdaq stockholders’ equity	6,013	6,395
Noncontrolling interests	9	10
Total equity	6,022	6,405
Total liabilities and equity	$ 20,823	$ 20,115

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Restricted cash and cash equivalents (default funds and margin deposits)	$ 5,398	$ 5,074
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)	171,535,457	173,418,939
Common stock, shares outstanding (in shares)	164,488,485	166,679,635
Common stock in treasury (in shares)	7,046,972	6,739,304

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Statement [Abstract]
Revenues less transaction-based expenses	$ 892	$ 851
Operating expenses:
Compensation and benefits	254	239
Professional and contract services	35	27
Computer operations and data communications	50	44
Occupancy	27	28
General, administrative and other	21	13
Marketing and advertising	10	10
Depreciation and amortization	67	63
Regulatory	8	7
Merger and strategic initiatives	15	45
Restructuring charges	0	10
Total operating expenses	487	486
Operating income	405	365
Interest income	0	1
Interest expense	(32)	(29)
Other (loss) income	(6)	1
Net income from unconsolidated investees	7	57
Income before income taxes	374	395
Income tax provision	91	97
Net income	283	298
Net loss attributable to noncontrolling interests	1	0
Net income attributable to Nasdaq	$ 284	$ 298
Per share information:
Basic earnings per share (in dollars per share)	$ 1.72	$ 1.81
Diluted earnings per share (in dollars per share)	1.70	1.78
Cash dividends declared per common share (in dollars per share)	$ 0.54	$ 0.49
Revenues:
Total revenues	$ 1,535	$ 1,651
Transaction rebates
Transaction-based expenses:
Transaction-based expenses	(581)	(654)
Brokerage, clearance and exchange fees
Transaction-based expenses:
Transaction-based expenses	(62)	(146)
Operating Segments | Market Technology
Income Statement [Abstract]
Revenues less transaction-based expenses	124	100
Operating expenses:
Operating income	4	(2)
Revenues:
Total revenues	124	100
Operating Segments | Investment Intelligence
Income Statement [Abstract]
Revenues less transaction-based expenses	284	256
Operating expenses:
Operating income	184	166
Revenues:
Total revenues	284	256
Operating Segments | Corporate Platforms
Income Statement [Abstract]
Revenues less transaction-based expenses	168	146
Operating expenses:
Operating income	75	58
Revenues:
Total revenues	168	146
Operating Segments | Market Services
Income Statement [Abstract]
Revenues less transaction-based expenses	315	334
Operating expenses:
Operating income	200	226
Revenues:
Total revenues	958	1,134
Segment Reconciling Items
Revenues:
Total revenues	$ 1	$ 15

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2022	Mar. 31, 2021
Statement of Comprehensive Income [Abstract]
Net income		$ 283,000	$ 298,000
Other comprehensive loss:
Foreign currency translation losses		(68,000)	(114,000)
Income tax expense	[1]	(15,000)	(23,000)
Foreign currency translation, net		(83,000)	(137,000)
Comprehensive income		200,000	161,000
Comprehensive loss attributable to noncontrolling interests		1,000	0
Comprehensive income attributable to Nasdaq		$ 201,000	$ 161,000
[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 agreement	[1]	Common stock in treasury, at cost	Accumulated other comprehensive loss	Retained earnings	Noncontrolling interests
Beginning balance (in shares) at Dec. 31, 2020				165,000,000
Beginning balance at Dec. 31, 2020				$ 2	$ 2,547				$ (376)	$ (1,368)	$ 5,628	$ 3
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares repurchase program (in shares)						(1,000,000)
Share repurchase program						$ (162)
Share-based compensation (in shares)					1,000,000
Share-based compensation					$ 19
Stock option exercises, net					1
Other employee stock activity (in shares)									(1,000,000)
Other employee stock activity									$ (39)
Other comprehensive loss										(137)
Net income	$ 298										298
Cash dividends declared per common share											(81)
Net activity related to noncontrolling interests												(1)
Ending balance (in shares) at Mar. 31, 2021	164,000,000
Ending balance at Mar. 31, 2021	$ 6,334		$ 6,332		2,405				(415)	(1,505)	5,845	2
Beginning balance (in shares) at Dec. 31, 2021				167,000,000
Beginning balance at Dec. 31, 2021	6,405			$ 2	$ 1,952				(437)	(1,587)	6,465	10
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares repurchase program (in shares)		(735,865)				(1,000,000)	(2,000,000)
Share repurchase program		$ (142)				$ (142)	$ (325)
Share-based compensation (in shares)					1,000,000
Share-based compensation					$ 25
Other employee stock activity									(52)
Other comprehensive loss										(83)
Net income	$ 283										284
Cash dividends declared per common share											(89)
Net activity related to noncontrolling interests												(1)
Ending balance (in shares) at Mar. 31, 2022	165,000,000
Ending balance at Mar. 31, 2022	$ 6,022		$ 6,013		$ 1,510				$ (489)	$ (1,670)	$ 6,660	$ 9
[1]	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		3 Months Ended
		Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities:
Net income		$ 283	$ 298
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		67	63
Share-based compensation		25	19
Deferred income taxes		17	20
Net income from unconsolidated investees		(7)	(57)
Other reconciling items included in net income		9	3
Net change in operating assets and liabilities, net of effects of acquisitions:
Receivables, net		(39)	6
Other assets		14	(94)
Accounts payable and accrued expenses		8	12
Section 31 fees payable to SEC		(9)	(93)
Accrued personnel costs		(82)	(52)
Deferred revenue		292	255
Other liabilities		27	14
Net cash provided by operating activities		605	394
Cash flows from investing activities:
Purchases of securities		(102)	(60)
Proceeds from sales and redemptions of securities		76	28
Acquisition of businesses, net of cash and cash equivalents acquired		0	(2,430)
Purchases of property and equipment		(35)	(42)
Investments related to default funds and margin deposits, net	[1]	(372)	(195)
Other investing activities		43	(1)
Net cash used in investing activities		(390)	(2,700)
Cash flows from financing activities:
Proceeds from (repayments of) commercial paper, net		(420)	435
Repayments of borrowings under our credit commitment		0	(100)
Proceeds from issuances of debt, net of issuance costs and utilization of credit commitment		541	100
Dividends paid		(89)	(81)
Payments related to employee shares withheld for taxes		(52)	(39)
Default funds and margin deposits		856	12
Other financing activities		(1)	(1)
Net cash provided by financing activities		368	164
Effect of exchange rate changes on cash and cash equivalents and restricted cash and cash equivalents		(164)	(177)
Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents		419	(2,319)
Cash and cash equivalents, restricted cash and cash equivalents at beginning of period		5,496	5,979
Cash and cash equivalents, restricted cash and cash equivalents at end of period		5,915	3,660
Reconciliation of Cash, Cash Equivalents and Restricted Cash and Cash Equivalents
Cash and cash equivalents		486	774
Restricted cash and cash equivalents		31	38
Restricted cash and cash equivalents (default funds and margin deposits)		5,398	2,848
Total		5,915	3,660
Cash paid for:
Interest		23	19
Income taxes, net of refund		29	45
Share repurchase program
Cash flows from financing activities:
Repurchases of common stock		(142)	(162)
ASR agreement
Cash flows from financing activities:
Repurchases of common stock		$ (325)	$ 0
[1]	Includes purchases and proceeds from sales and redemptions related to the default funds and margin deposits of our clearing operations. For further information, see "Default Fund Contributions and Margin Deposits," within Note 14, "Clearing Operations."

Organization and Nature of Oper

Organization and Nature of Operations	3 Months Ended
	Mar. 31, 2022
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 enable 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 SaaS solution designed for brokers and other market participants, and Market Surveillance, a solution for market infrastructure operators. Both solutions are designed to assist in complying with market rules, regulations and internal market surveillance policies. 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 fraud. Verafin also has targeted sanctions screening solutions that help banks manage Russian sanctions and is further expanding this product to detect new means of evasion-based typologies. Additionally, beginning in the first quarter of 2022, we reclassified Nasdaq Risk Platform revenues from Anti Financial Crime Technology to Marketplace Infrastructure Technology. Total Market Technology segment revenues were unchanged. 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 historical and real-time market data to the sell-side, the institutional investing community, retail online brokers, proprietary trading shops, other venues, internet portals and data distributors. Our market data products can 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 March 31, 2022, 368 ETPs listed on 28 exchanges in over 20 countries tracked a Nasdaq index and accounted for $401 billion in AUM. Our Analytics business provides asset managers, investment consultants and institutional asset owners with information and analytics to make data-driven investment decisions and deploy their resources more productively. We also provide liquidity solutions for private funds. Through our eVestment and Solovis solutions, we provide a suite of cloud-based solutions that help institutional investors and consultants conduct pre-investment due diligence, and monitor their portfolios post-investment. The eVestment platform also enables asset managers to efficiently distribute information about their firms and funds to asset owners and consultants worldwide. Through the Solovis platform, endowments, foundations, pensions and family offices transform how they collect and aggregate investment data, analyze portfolio performance, model and predict future outcomes, and share meaningful portfolio insights with key stakeholders. The Nasdaq Fund Network and Nasdaq Data Link are additional platforms in our suite of investment data analytics offerings and data management tools. Nasdaq Data Link strengthens our position as a leading source for financial, economic, and alternative datasets. For investment management firms, investment banks and other investors, the platform powers data-driven decision-making for users across the globe via universal application programming interfaces, and provides for highly efficient data discovery and delivery. 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. As of March 31, 2022, there were 4,242 total listings on The Nasdaq Stock Market, including 447 ETPs. The combined market capitalization was approximately $25.7 trillion. In Europe, the Nasdaq Nordic and Nasdaq Baltic exchanges, together with Nasdaq First North, were home to 1,244 listed companies with a combined market capitalization of approximately $2.2 trillion. We also operate a U.S. Corporate Bond exchange for the listing of corporate bonds. This exchange operates pursuant to The Nasdaq Stock Market exchange license and is powered by the NFF. As of March 31, 2022, 105 corporate bonds were listed on the Corporate Bond exchange. We continue to develop the Nasdaq Sustainable Bond Network, a platform for increased transparency in the global sustainable bond markets. Our IR & ESG Services include our portfolio of products and services that support corporations’ investor relations and ESG functions. Our clients include 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. In June 2021, we completed the acquisition of a majority stake in Puro.earth, a Finnish-based leading marketplace for carbon removal. 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. In Canada, we operate an exchange with three independent markets for the trading of Canadian-listed securities: Nasdaq Canada CXC, Nasdaq Canada CX2 and Nasdaq Canada CXD. In Europe, we operate exchanges in Stockholm (Sweden), Copenhagen (Denmark), Helsinki (Finland), and Reykjavik (Iceland), as well as the clearing operations of Nasdaq Clearing, as Nasdaq Nordic. We also operate exchanges in Tallinn (Estonia), Riga (Latvia) and Vilnius (Lithuania) as Nasdaq Baltic. Collectively, Nasdaq Nordic and Nasdaq Baltic offer trading in cash equities, depository receipts, warrants, convertibles, rights, fund units and ETFs, as well as trading and clearing of derivatives and clearing of resale and repurchase agreements. Nasdaq 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. In June 2021, we sold our U.S. Fixed Income business, which included an electronic platform for the trading of U.S. Treasuries. See “2021 Divestiture” of Note 4, “Acquisition and Divestiture,” for further discussion.

Basis of Presentation and Princ

Basis of Presentation and Principles of Consolidation	3 Months Ended
	Mar. 31, 2022
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. During the fourth quarter of 2021, we adjusted the presentation of cash and cash equivalents held within default funds and margin deposits on the condensed consolidated statement of cash flows from operating activities, to present them as restricted cash and cash equivalents with the associated changes being included within cash flows from investing and financing activities. These balances cannot be used to satisfy operating or other liabilities. See Note 14, “Clearing Operations,” for further discussion of the default funds and margin deposits. Prior period amounts have also been adjusted to conform to current period presentation. This immaterial adjustment had no impact on our previously reported condensed consolidated balance sheets, condensed consolidated statements of income, or condensed consolidated statements of comprehensive income. Three Months Ended March 31, 2021 As Reported Adjustment Adjusted (in millions) Net cash provided by operating activities $ 394 $ — $ 394 Net cash used in investing activities (2,505) (195) (2,700) Net cash provided by financing activities 152 12 164 Effect of exchange rate changes on cash, cash equivalents, restricted cash and cash equivalents (11) (166) (177) Net decrease in cash, cash equivalents, restricted cash and cash equivalents (1,970) (349) (2,319) Cash, cash equivalents, restricted cash and cash equivalents at beginning of period 2,782 3,197 5,979 Cash, cash equivalents, restricted cash and cash equivalents at end of period $ 812 $ 2,848 $ 3,660 Reconciliation of Cash, Cash Equivalents and Restricted Cash and Cash Equivalents Cash and cash equivalents $ 774 $ — $ 774 Restricted cash and cash equivalents 38 — 38 Restricted cash and cash equivalents (Default funds and margin deposits) — 2,848 2,848 Total $ 812 $ 2,848 $ 3,660 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.

Revenue From Contracts With Cus

Revenue From Contracts With Customers	3 Months Ended
	Mar. 31, 2022
Revenue from Contract with Customer [Abstract]
Revenue From Contracts With Customers	REVENUE FROM CONTRACTS WITH CUSTOMERS Disaggregation of Revenue The following tables summarize the disaggregation of revenue by major product and service and by segment for the three months ended March 31, 2022 and 2021: Three Months Ended March 31, 2022 2021 (in millions) Market Technology Anti Financial Crime Technology $ 72 $ 42 Marketplace Infrastructure Technology 52 58 Investment Intelligence Market data 108 106 Index 122 102 Analytics 54 48 Corporate Platforms Listing services 107 89 IR & ESG Services 61 57 Market Services Transaction-based trading and clearing, net 231 255 Trade management services 84 79 Other revenues 1 15 Revenues less transaction-based expenses $ 892 $ 851 Substantially all revenues from the Market Technology, Investment Intelligence and Corporate Platforms segments were recognized over time for the three months ended March 31, 2022 and 2021. For the three months ended March 31, 2022 and 2021 approximately 70.5% and 73.2%, respectively, of Market Services revenues were recognized at a point in time and 29.5% and 26.8%, respectively, 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 $19 million as of March 31, 2022 and $17 million as of December 31, 2021. 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 marketplace infrastructure technology and listings services contracts, our performance obligations range from three months to three years and there is no significant variable consideration. Deferred revenue is the only significant contract asset or liability as of March 31, 2022 . Deferred revenue represents consideration received that is yet to be recognized as revenue for unsatisfied performance obligations. 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. See Note 7, “Deferred Revenue,” for our discussion on deferred revenue balances, activity, and expected timing of recognition. 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. For our initial listings the transaction price allocated to remaining performance obligations is included in deferred revenue. For our Market Technology, Analytics, and IR & ESG contracts, the portion of transaction price allocated to unsatisfied performance obligations is presented in the table below. To the extent consideration has been received, unsatisfied performance obligations would be included in the table below as well as deferred revenue. The following table summarizes the amount of the transaction price allocated to performance obligations that are unsatisfied, for contract durations greater than one year, as of March 31, 2022: Market Technology Analytics IR & ESG Services Total (in millions) Remainder of 2022 $ 404 $ 49 $ 47 $ 500 2023 397 46 38 481 2024 194 22 12 228 2025 118 8 1 127 2026 72 7 — 79 2027+ 79 4 — 83 Total $ 1,264 $ 136 $ 98 $ 1,498 Deferred revenue represents consideration received that is yet to be recognized as revenue. The changes in our deferred revenue during the three months ended March 31, 2022 are reflected in the following table: Balance at December 31, 2021 Additions Revenue Recognized Adjustments Balance at March 31, 2022 (in millions) Market Technology $ 117 $ 53 $ (57) $ (2) $ 111 Investment Intelligence 106 61 (41) — 126 Corporate Platforms: Initial Listing 145 16 (19) (1) 141 Annual Listings 2 267 — 1 270 IR & ESG Services 57 30 (24) — 63 Other 21 8 (4) (1) 24 Total $ 448 $ 435 $ (145) $ (3) $ 735 In the preceding table: • Revenue recognized includes revenue recognized during the current period that was included in the beginning balance. • Adjustments reflect foreign currency translation adjustments. • Other 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 March 31, 2022, we estimate that our deferred revenue will be recognized in the following years: Fiscal year ended: 2022 2023 2024 2025 2026 2027+ Total (in millions) Market Technology $ 101 $ 8 $ 1 $ 1 $ — $ — $ 111 Investment Intelligence 115 11 — — — — 126 Corporate Platforms: Initial Listings 37 37 27 18 15 7 141 Annual Listings 270 — — — — — 270 IR & ESG Services 60 3 — — — — 63 Other 11 6 5 2 — — 24 Total $ 594 $ 65 $ 33 $ 21 $ 15 $ 7 $ 735 In the above table, 2022 represents the remaining nine months of 2022. The timing of recognition of deferred revenue related to certain marketplace infrastructure technology contracts 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.

Acquisition and Divestiture

Acquisition and Divestiture	3 Months Ended
	Mar. 31, 2022
Business Combination and Asset Acquisition [Abstract]
Acquisition and Divestiture	ACQUISITION AND DIVESTITURE We completed the following divestiture and acquisition in 2021. 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. We recognized a pre-tax gain on the sale of $84 million, net of disposal costs. The pre-tax gain was included in net gain on divestiture of businesses in the Condensed Consolidated Statements of Income. In connection with this sale, we issued approximately 6.2 million shares of Nasdaq common stock. Nasdaq used 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 to reduce the impact on earnings per share dilution from the sale. To facilitate these repurchases, in June 2021, the board of directors 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 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. The amounts in the table below represent the final allocation of the purchase price. The allocation of the purchase price was subject to revision during the measurement period, a period not to exceed 12 months from the acquisition date. Adjustments to the provisional values, which may include tax and other estimates, during the measurement period are recorded in the reporting period in which the adjustment amounts are determined. In 2021, we recorded a measurement period adjustment of $9 million. This adjustment resulted in an increase to both total net liabilities acquired and goodwill. This adjustment did not result in an impact to our Condensed Consolidated Statements of Income. The allocation of the purchase price for Verafin was finalized in the first quarter of 2022. (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. Pro Forma Results and Acquisition-Related Costs The condensed consolidated financial statements for the three months ended March 31, 2022 and 2021 include the financial results of the above acquisition from the date of the acquisition. Pro forma financial results have not been presented since this acquisition was not material to our financial results. Acquisition-related costs for the transactions described above were expensed as incurred and are included in merger and strategic initiatives expense in the Condensed Consolidated Statements of Income.

Goodwill and Acquired Intangibl

Goodwill and Acquired Intangible Assets	3 Months Ended
	Mar. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Acquired Intangible Assets	GOODWILL AND ACQUIRED INTANGIBLE ASSETS Goodwill The following table presents the changes in goodwill by business segment during the three months ended March 31, 2022: (in millions) Market Technology Balance at December 31, 2021 $ 2,171 Foreign currency translation adjustments (5) Balance at March 31, 2022 $ 2,166 Investment Intelligence Balance at December 31, 2021 $ 2,428 Foreign currency translation adjustments (35) Balance at March 31, 2022 $ 2,393 Corporate Platforms Balance at December 31, 2021 $ 469 Foreign currency translation adjustments (6) Balance at March 31, 2022 $ 463 Market Services Balance at December 31, 2021 $ 3,365 Foreign currency translation adjustments (49) Balance at March 31, 2022 $ 3,316 Total Balance at December 31, 2021 $ 8,433 Foreign currency translation adjustments (95) Balance at March 31, 2022 $ 8,338 Goodwill represents the excess of purchase price over the value assigned to the net assets, including identifiable intangible assets, of a business acquired. Goodwill is allocated to our reporting units based on the assignment of the fair values of each reporting unit of the acquired company. We test goodwill for impairment at the reporting unit level annually, or in interim periods if certain events occur indicating that the carrying amount may be impaired, such as changes in the business climate, poor indicators of operating performance or the sale or disposition of a significant portion of a reporting unit. There was no impairment of goodwill for the three months ended March 31, 2022 and 2021; however, events such as prolonged economic weakness or unexpected significant declines in operating results of any of our reporting units or businesses, may result in goodwill impairment charges in the future. Acquired Intangible Assets The following table presents details of our total acquired intangible assets, both finite- and indefinite-lived: March 31, 2022 December 31, 2021 Finite-Lived Intangible Assets (in millions) Gross Amount Technology $ 294 $ 295 Customer relationships 2,050 2,050 Trade names and other 60 60 Foreign currency translation adjustment (156) (143) Total gross amount $ 2,248 $ 2,262 Accumulated Amortization Technology $ (64) $ (54) Customer relationships (740) (711) Trade names and other (12) (11) Foreign currency translation adjustment 88 81 Total accumulated amortization $ (728) $ (695) Net Amount Technology $ 230 $ 241 Customer relationships 1,310 1,339 Trade names and other 48 49 Foreign currency translation adjustment (68) (62) Total finite-lived intangible assets $ 1,520 $ 1,567 Indefinite-Lived Intangible Assets Exchange and clearing registrations $ 1,257 $ 1,257 Trade names 121 121 Licenses 52 52 Foreign currency translation adjustment (199) (184) Total indefinite-lived intangible assets $ 1,231 $ 1,246 Total intangible assets, net $ 2,751 $ 2,813 There was no impairment of indefinite-lived intangible assets for the three months ended March 31, 2022 and 2021. The following table presents our amortization expense for acquired finite-lived intangible assets: Three Months Ended March 31, 2022 2021 (in millions) Amortization expense $ 40 $ 36 The increase in amortization expense for the three months ended March 31, 2022 compared with the same period in 2021 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 $68 million as of March 31, 2022) of acquired finite-lived intangible assets as of March 31, 2022: (in millions) Remainder of 2022 $ 120 2023 157 2024 152 2025 149 2026 147 2027+ 863 Total $ 1,588

Investments

Investments	3 Months Ended
	Mar. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Investments	INVESTMENTS The following table presents the details of our investments: March 31, 2022 December 31, 2021 (in millions) Financial investments $ 225 $ 208 Equity method investments $ 369 $ 363 Equity securities $ 67 $ 67 Financial Investments Financial investments are comprised of trading securities, primarily highly rated European government debt securities, of which $155 million as of March 31, 2022 and $162 million as of December 31, 2021, are assets primarily utilized to meet regulatory capital requirements, mainly for our clearing operations at Nasdaq Clearing. Equity Method Investments We record our estimated pro-rata share of earnings or losses each reporting period and record any dividends as a reduction in the investment balance. As of March 31, 2022 and 2021, 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 months end March 31, 2022 and 2021. Net income recognized from our equity interest in the earnings and losses of these equity method investments, primarily OCC, was $7 million for the three months ended March 31, 2022 and $57 million for the three months ended March 31, 2021. For the three months ended March 31, 2022, lower equity interest in the earnings of OCC as compared to 2021 was primarily driven by a reduction in the clearing fee rate that OCC charges its customers. 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 substantially all of our equity securities as they do not have a readily determinable fair value. No material adjustments were made to the carrying value of our equity securities for the three months ended March 31, 2022 and 2021. As of March 31, 2022 and December 31, 2021 , our equity securities primarily represent various strategic investments made through our corporate venture program as well as investments acquired through various acquisitions.

Deferred Revenue

Deferred Revenue	3 Months Ended
	Mar. 31, 2022
Revenue from Contract with Customer [Abstract]
Deferred Revenue	REVENUE FROM CONTRACTS WITH CUSTOMERS Disaggregation of Revenue The following tables summarize the disaggregation of revenue by major product and service and by segment for the three months ended March 31, 2022 and 2021: Three Months Ended March 31, 2022 2021 (in millions) Market Technology Anti Financial Crime Technology $ 72 $ 42 Marketplace Infrastructure Technology 52 58 Investment Intelligence Market data 108 106 Index 122 102 Analytics 54 48 Corporate Platforms Listing services 107 89 IR & ESG Services 61 57 Market Services Transaction-based trading and clearing, net 231 255 Trade management services 84 79 Other revenues 1 15 Revenues less transaction-based expenses $ 892 $ 851 Substantially all revenues from the Market Technology, Investment Intelligence and Corporate Platforms segments were recognized over time for the three months ended March 31, 2022 and 2021. For the three months ended March 31, 2022 and 2021 approximately 70.5% and 73.2%, respectively, of Market Services revenues were recognized at a point in time and 29.5% and 26.8%, respectively, 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 $19 million as of March 31, 2022 and $17 million as of December 31, 2021. 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 marketplace infrastructure technology and listings services contracts, our performance obligations range from three months to three years and there is no significant variable consideration. Deferred revenue is the only significant contract asset or liability as of March 31, 2022 . Deferred revenue represents consideration received that is yet to be recognized as revenue for unsatisfied performance obligations. 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. See Note 7, “Deferred Revenue,” for our discussion on deferred revenue balances, activity, and expected timing of recognition. 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. For our initial listings the transaction price allocated to remaining performance obligations is included in deferred revenue. For our Market Technology, Analytics, and IR & ESG contracts, the portion of transaction price allocated to unsatisfied performance obligations is presented in the table below. To the extent consideration has been received, unsatisfied performance obligations would be included in the table below as well as deferred revenue. The following table summarizes the amount of the transaction price allocated to performance obligations that are unsatisfied, for contract durations greater than one year, as of March 31, 2022: Market Technology Analytics IR & ESG Services Total (in millions) Remainder of 2022 $ 404 $ 49 $ 47 $ 500 2023 397 46 38 481 2024 194 22 12 228 2025 118 8 1 127 2026 72 7 — 79 2027+ 79 4 — 83 Total $ 1,264 $ 136 $ 98 $ 1,498 Deferred revenue represents consideration received that is yet to be recognized as revenue. The changes in our deferred revenue during the three months ended March 31, 2022 are reflected in the following table: Balance at December 31, 2021 Additions Revenue Recognized Adjustments Balance at March 31, 2022 (in millions) Market Technology $ 117 $ 53 $ (57) $ (2) $ 111 Investment Intelligence 106 61 (41) — 126 Corporate Platforms: Initial Listing 145 16 (19) (1) 141 Annual Listings 2 267 — 1 270 IR & ESG Services 57 30 (24) — 63 Other 21 8 (4) (1) 24 Total $ 448 $ 435 $ (145) $ (3) $ 735 In the preceding table: • Revenue recognized includes revenue recognized during the current period that was included in the beginning balance. • Adjustments reflect foreign currency translation adjustments. • Other 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 March 31, 2022, we estimate that our deferred revenue will be recognized in the following years: Fiscal year ended: 2022 2023 2024 2025 2026 2027+ Total (in millions) Market Technology $ 101 $ 8 $ 1 $ 1 $ — $ — $ 111 Investment Intelligence 115 11 — — — — 126 Corporate Platforms: Initial Listings 37 37 27 18 15 7 141 Annual Listings 270 — — — — — 270 IR & ESG Services 60 3 — — — — 63 Other 11 6 5 2 — — 24 Total $ 594 $ 65 $ 33 $ 21 $ 15 $ 7 $ 735 In the above table, 2022 represents the remaining nine months of 2022. The timing of recognition of deferred revenue related to certain marketplace infrastructure technology contracts is primarily dependent upon the completion of customization and any significant modifications made pursuant to existing market technology contracts. As such, as it relates to market technology revenues, the timing represents our best estimate.

Debt Obligations

Debt Obligations	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Debt obligations	DEBT OBLIGATIONS The following table presents the changes in the carrying amount of our debt obligations during the three months ended March 31, 2022: December 31, 2021 Additions Payments, Foreign Currency Translation and Accretion March 31, 2022 (in millions) Short-term debt - commercial paper $ 420 $ 1,250 $ (1,670) $ — 2022 Notes 598 — 1 599 2024 Notes 499 — — 499 Total short-term debt $ 1,517 $ 1,250 $ (1,669) $ 1,098 Long-term debt - senior unsecured notes: 2026 Notes 498 — — 498 2029 Notes 676 — (18) 658 2030 Notes 676 — (18) 658 2050 Notes 486 — — 486 2031 Notes 643 — — 643 2040 Notes 644 — — 644 2033 Notes 694 — (19) 675 2052 Notes — 541 — 541 2020 Credit Facility (4) — 1 (3) Total long-term debt $ 4,313 $ 541 $ (54) $ 4,800 Total debt obligations $ 5,830 $ 1,791 $ (1,723) $ 5,898 In the table above, the 2024 Notes were reclassified to short-term debt as of March 31, 2022. The long-term debt senior unsecured notes in the table above, and discussion below, are listed based on their issuance date. 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 January 2022, we issued commercial paper to partially fund our ASR agreement. See “ASR Agreement,” of Note 11, “Nasdaq Stockholders' Equity." As of March 31, 2022, we had no outstanding borrowing under our commercial paper program. 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 March 31, 2022, 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. Early Extinguishment of 2024 Notes In May 2014, Nasdaq issued the 2024 Notes, which paid interest semiannually at a rate of 4.25% per annum. In April 2022, we primarily used the net proceeds from the 2052 Notes to repay in full and redeem our 2024 Notes. For further discussion see “2052 Notes” below. In connection with the early extinguishment of the 2024 Notes, in April 2022 we recorded a pre-tax charge of $16 million, which primarily includes a make-whole redemption price premium. 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 $18 million noted in the “Payments, Foreign Currency Translation and Accretion” column in the table above primarily reflects the remeasurement of the 2029 Notes into U.S. dollars and is recorded in accumulated other comprehensive loss within Nasdaq's stockholders’ equity in the Condensed Consolidated Balance Sheets as of March 31, 2022. 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 $18 million noted in the “Payments, Foreign Currency Translation and Accretion” column in the table above primarily reflects the remeasurement of the 2030 Notes into U.S. dollars and is recorded in accumulated other comprehensive loss within Nasdaq's stockholders’ equity in the Condensed Consolidated Balance Sheets as of March 31, 2022. 2050 Notes In April 2020, Nasdaq issued the 2050 Notes, which pay interest semi-annually at a rate of 3.25% per annum until April 28, 2050. Such rate may vary with Nasdaq's debt rating, to the extent Nasdaq is downgraded below investment grade, up to a rate not to exceed 5.25%. 2022, 2031 and 2040 Notes 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, “Acquisition 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 the 2033 Notes. The 2033 Notes pay interest annually in arrears, beginning on July 30, 2022. 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 remeasurement of the 2033 Notes into U.S. dollars and is recorded in accumulated other comprehensive loss within Nasdaq stockholders’ equity in the Condensed Consolidated Balance Sheets as of March 31, 2022. 2052 Notes In March 2022, Nasdaq issued $550 million aggregate principal amount of 3.950% senior notes due in 2052, which pay interest semi-annually in arrears, beginning on September 7, 2022. The interest rate of 3.950% may vary with Nasdaq's debt rating, to the extent Nasdaq is downgraded below investment grade, up to a rate not to exceed 5.950%. The net proceeds from the 2052 Notes were approximately $541 million after deducting the underwriting discount and expenses of the offering. We used the net proceeds from the 2052 Notes to redeem all of the 2024 Notes in April 2022. 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 March 31, 2022, no amounts were outstanding on the 2020 Credit Facility. The $(3) million balance represents unamortized debt issuance costs which are being accreted through interest expense over the life of the credit facility. Borrowings under the revolving credit facility and swingline borrowings bear interest on the principal amount outstanding at a variable interest rate based on either the LIBOR (or a successor rate to 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 months ended March 31, 2022 and 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 $204 million as of March 31, 2022 and $212 million as of December 31, 2021 in available liquidity, none of which was utilized. Generally, these facilities each have a one year term. The amounts borrowed under these various credit facilities bear interest on the principal amount outstanding at a variable interest rate based on a base rate (as defined in the applicable credit agreement), plus an applicable margin. We are charged commitment fees (as defined in the applicable credit agreement), whether or not amounts have been borrowed. These commitment fees are included in interest expense and were not material for the three months ended March 31, 2022 and 2021. These facilities include customary affirmative and negative operating covenants and events of default. Debt Covenants As of March 31, 2022, we were in compliance with the covenants of all of our debt obligations.

Retirement Plans

Retirement Plans	3 Months Ended
	Mar. 31, 2022
Retirement Benefits [Abstract]
Retirement Plans	RETIREMENT PLANS Defined Contribution Savings Plan We sponsor a 401(k) Plan for U.S. employees. Employees are immediately eligible to make contributions to the plan and are also eligible for an employer contribution match at an amount equal to 100.0% of the first 6.0% of eligible employee contributions. Savings plan expense included in compensation and benefits expense in the Condensed Consolidated Statements of Income was $4 million for both the three months ended March 31, 2022 and 2021. Pension and Supplemental Executive Retirement Plans We maintain non-contributory, defined-benefit pension plans, non-qualified SERPs for certain senior executives and other post-retirement benefit plans for eligible employees in the U.S. Our pension plans and SERPs are frozen. Future service and salary for all participants do not count toward an accrual of benefits under the pension plans and SERPs. Most employees outside the U.S. are covered by local retirement plans or by applicable social laws. Benefits under social laws are generally expensed in the periods in which the costs are incurred. The total expense for these plans is included in compensation and benefits expense in the Condensed Consolidated Statements of Income and was $6 million for both the three months ended March 31, 2022 and 2021.

Share-Based Compensation

Share-Based Compensation	3 Months Ended
	Mar. 31, 2022
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 months ended March 31, 2022 and 2021, which is included in compensation and benefits expense in the Condensed Consolidated Statements of Income: Three Months Ended March 31, 2022 2021 (in millions) Share-based compensation expense before income taxes $ 25 $ 19 Income tax benefit (6) (5) Share-based compensation expense after income taxes $ 19 $ 14 Common Shares Available Under Our Equity Plan As of March 31, 2022, we had approximately 9.3 million shares of common stock authorized for future issuance under our Equity Plan. Restricted Stock We grant restricted stock to most employees. The grant date fair value of restricted stock awards is based on the closing stock price at the date of grant less the present value of future cash dividends. Restricted stock awards granted to employees below the manager level generally vest 33.3% on the first anniversary of the grant date, 33.3% on the second anniversary of the grant date, and 33.3% on the third anniversary of the grant date. Restricted stock awards granted to employees at or above the manager level generally vest 33.3% on the second anniversary of the grant date, 33.3% on the third anniversary of the grant date, and 33.3% on the fourth anniversary of the grant date. Summary of Restricted Stock Activity The following table summarizes our restricted stock activity for the three months ended March 31, 2022: Restricted Stock Number of Awards Weighted-Average Grant Date Fair Value Unvested at January 1, 2022 1,466,340 $ 106.16 Granted 10,221 199.30 Vested (150,156) 81.93 Forfeited (15,953) 109.42 Unvested at March 31, 2022 1,310,452 $ 109.62 As of March 31, 2022, $71 million of total unrecognized compensation cost related to restricted stock is expected to be recognized over a weighted-average period of 1.7 years. PSUs PSUs are based on performance measures that impact the amount of shares that each recipient will receive upon vesting. Prior to April 1, 2020, we had two performance-based PSU programs for certain officers, a one-year performance-based program and a three-year cumulative performance-based program that focuses on TSR. Effective April 1, 2020, to better align the equity programs for eligible officers, the one-year performance-based program was eliminated and all eligible officers now participate in the three-year cumulative performance-based program. While the performance periods are complete for all PSUs granted under the one-year performance-based program, some shares underlying these PSUs have not vested. One-Year PSU Program The grant date fair value of PSUs under the one-year performance-based program was based on the closing stock price at the date of grant less the present value of future cash dividends. Under this program, an eligible employee received a target grant of PSUs, but could have received from 0.0% to 150.0% of the target amount granted, depending on the achievement of performance measures. These awards vest ratably on an annual basis over a three-year period commencing with the end of the one-year performance period. Compensation cost is recognized over the performance period and the three-year vesting period based on the probability that such performance measures will be achieved, taking into account an estimated forfeiture rate. Three-Year PSU Program Under the three-year performance-based program, each eligible individual receives PSUs, subject to market conditions, with a three-year cumulative performance period that vest at the end of the performance period. Compensation cost is recognized over the three-year performance period, taking into account an estimated forfeiture rate, regardless of whether the market condition is satisfied, provided that the requisite service period has been completed. Performance will be determined by comparing Nasdaq’s TSR to two peer groups, each weighted 50.0%. The first peer group consists of exchange companies, and the second peer group consists of all companies in the S&P 500. Nasdaq’s relative performance ranking against each of these groups will determine the final number of shares delivered to each individual under the program. The award issuance under this program will be between 0.0% and 200.0% of the number of PSUs granted and will be determined by Nasdaq’s overall performance against both peer groups. However, if Nasdaq’s TSR is negative for the three-year performance period, regardless of TSR ranking, the award issuance will not exceed 100.0% of the number of PSUs granted. We estimate the fair value of PSUs granted under the three-year PSU program using the Monte Carlo simulation model, as these awards contain a market condition. Grants of PSUs that were issued in 2019 with a three-year performance period exceeded the applicable performance parameters. As a result, an additional 289,307 units above the original target were granted in the first quarter of 2022 and were fully vested upon issuance. Summary of PSU Activity The following table summarizes our PSU activity for the three months ended March 31, 2022: 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, 2022 49,734 $ 84.03 764,124 $ 135.04 Granted — — 296,912 100.28 Vested — — (578,614) 97.70 Forfeited (259) 84.18 (399) 148.47 Unvested at March 31, 2022 49,475 $ 84.03 482,023 $ 158.45 In the preceding table, the granted amount under the three year program reflects additional awards granted based on overachievement of performance parameters. As of March 31, 2022, $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 1.0 year. For the three-year PSU program, $36 million of total unrecognized compensation cost is expected to be recognized over a weighted-average period of 1.3 years. Stock Options In January 2022, in connection with a new five year employment agreement, our President and Chief Executive Officer received an aggregate of 204,624 performance-based non-qualified stock options, which will vest as follows: • 50% will vest contingent upon the achievement of certain performance conditions; and • 50% will vest five years after the grant date, subject to continued employment through such date. The fair value of stock options are estimated using the Black-Scholes option-pricing model. These options expire 10 years after the date of grant. There were no stock option awards granted for the three months ended March 31, 2021. A summary of stock option activity for the three months ended March 31, 2022 is as follows: Number of Stock Options Weighted-Average Exercise Price Weighted- Average Remaining Contractual Term (in years) Aggregate Intrinsic Value (in millions) Outstanding at December 31, 2021 268,817 $ 66.68 5.0 $ 39 Granted 204,624 202.46 Outstanding at March 31, 2022 473,441 $ 125.36 6.9 $ 30 Exercisable at March 31, 2022 268,817 $ 66.68 4.8 $ 30 The net cash proceeds from the exercise of 24,409 stock options for the three months ended March 31, 2021 was $1 million. As of March 31, 2022, the aggregate pre-tax intrinsic value of the outstanding and exercisable stock options in the above table was $30 million and represents the difference between our closing stock price on March 31, 2022 of $178.20 and the exercise price, times the number of shares that would have been received by the option holders had the option holders exercised their stock options on that date. This amount can change based on the fair market value of our common stock. As of March 31, 2021, 0.3 million outstanding stock options were exercisable and the weighted-average exercise price was $66.68. The total pre-tax intrinsic value of stock options exercised was $3 million for the three months ended March 31, 2021. ESPP We have an ESPP under which approximately 4.2 million shares of our common stock were available for future issuance as of March 31, 2022. Under our ESPP, employees may purchase shares having a value not exceeding 10.0% of their annual compensation, subject to applicable annual Internal Revenue Service limitations. We record compensation expense related to the 15.0% discount that is given to our employees which totaled to $3 million for the three months ended March 31, 2022 and $2 million for the three months ended March 31, 2021.

Nasdaq Stockholders_ Equity

Nasdaq Stockholders’ Equity	3 Months Ended
	Mar. 31, 2022
Equity [Abstract]
Nasdaq Stockholders' Equity	NASDAQ STOCKHOLDERS' EQUITY Common Stock As of March 31, 2022, 300,000,000 shares of our common stock were authorized, 171,535,457 shares were issued and 164,488,485 shares were outstanding. As of December 31, 2021, 300,000,000 shares of our common stock were authorized, 173,418,939 shares were issued and 166,679,635 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 7,046,972 shares of common stock in treasury as of March 31, 2022 and 6,739,304 shares as of December 31, 2021, 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, “Acquisition and Divestiture,” in June 2021, our board of directors authorized an increase to our share repurchase program to an aggregate authorized amount of $1.5 billion. As of March 31, 2022, the remaining aggregate authorized amount under the existing share repurchase program was $459 million. These repurchases 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 repurchases 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 three months ended March 31, 2022: Three Months Ended March 31, 2022 Number of shares of common stock repurchased 735,865 Average price paid per share $ 191.91 Total purchase price (in millions) $ 142 In the table above, the number of shares of common stock repurchased excludes an aggregate of 307,668 shares withheld upon the vesting of restricted stock and PSUs for the three months ended March 31, 2022. 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 January 2022, we entered into an ASR agreement to repurchase $325 million of common stock. We received a total delivery of 1,876,387 shares of common stock and completed the ASR program during the first quarter of 2022. Preferred Stock Our certificate of incorporation authorizes the issuance of 30,000,000 shares of preferred stock, par value $0.01 per share, issuable from time to time in one or more series. As of March 31, 2022 and December 31, 2021, no shares of preferred stock were issued or outstanding. Cash Dividends on Common Stock During the first three months of 2022, 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 26, 2022 $ 0.54 March 11, 2022 $ 89 March 25, 2022 The total amount paid of $89 million was recorded in retained earnings within Nasdaq's stockholders' equity in the Condensed Consolidated Balance Sheets at March 31, 2022. In April 2022, the board of directors approved a regular quarterly cash dividend of $0.60 per share on our outstanding common stock, which reflects an increase of 11% from our most recent quarterly cash dividend of $0.54 per share. The dividend is payable on June 24, 2022 to shareholders of record at the close of business on June 10, 2022. The estimated amount of this dividend is $99 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. Proposed Stock Split In April 2022, we announced our plan to request shareholder and SEC approval for an increase in the number of authorized shares of common stock in order to effect a 3-for-1 stock split of the Company’s common stock in the form of a stock dividend. If both approvals are received, the stock split is expected to be completed in the third quarter of 2022.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Earnings Per Share	EARNINGS PER SHARE The following table sets forth the computation of basic and diluted earnings per share: Three Months Ended March 31, 2022 2021 Numerator: (in millions, except share and per share amounts) Net income attributable to common shareholders $ 284 $ 298 Denominator: Weighted-average common shares outstanding for basic earnings per share 165,048,113 164,709,609 Weighted-average effect of dilutive securities: Employee equity awards 2,200,025 2,382,473 Weighted-average common shares outstanding for diluted earnings per share 167,248,138 167,092,082 Basic and diluted earnings per share: Basic earnings per share $ 1.72 $ 1.81 Diluted earnings per share $ 1.70 $ 1.78 In the tables above, 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.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	FAIR VALUE OF FINANCIAL INSTRUMENTS The following tables present our financial assets and financial liabilities that were measured at fair value on a recurring basis as of March 31, 2022 and December 31, 2021. March 31, 2022 Total Level 1 Level 2 Level 3 (in millions) European government debt securities $ 141 $ 141 $ — $ — Corporate debt securities 29 — 29 — State owned enterprises and municipal securities 27 — 27 — Swedish mortgage bonds 19 — 19 — Time deposits — — — — Commercial paper 9 — 9 — Total assets at fair value $ 225 $ 141 $ 84 $ — December 31, 2021 Total Level 1 Level 2 Level 3 (in millions) European government debt securities $ 144 $ 144 $ — $ — Corporate debt securities 20 — 20 — State owned enterprises and municipal securities 11 — 11 — Swedish mortgage bonds 21 — 21 — Time deposits 12 — 12 — Total assets at fair value $ 208 $ 144 $ 64 $ — 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 March 31, 2022, 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 March 31, 2022, 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. As of March 31, 2022, we had no outstanding borrowings 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 $5.5 billion as of March 31, 2022 and $5.9 billion as of December 31, 2021. The discounted cash flow analyses are based on borrowing rates currently available to us for debt with similar terms and maturities. The fair value of our commercial paper as of March 31, 2022 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 March 31, 2022 and December 31, 2021, there were no non-financial assets measured at fair value on a non-recurring basis.

Clearing Operations

Clearing Operations	3 Months Ended
	Mar. 31, 2022
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. 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, the SFSA initiated a review of Nasdaq Clearing. In January 2021, the SFSA issued a warning combined with an administrative fine of approximately $33 million (SEK 300 million) to Nasdaq Clearing based on its review. Nasdaq Clearing appealed the SFSA´s decision to the Administrative Court. In December 2021, the court rejected Nasdaq Clearing’s appeal and upheld the decision of the SFSA. In January 2022, Nasdaq Clearing appealed this decision to the Administrative Court of Appeal. While we continue to firmly believe in the merit of our appeal, due to the recent decision by the Administrative Court, we have determined it is appropriate to record an accrual for the full amount of the administrative fine issued by the SFSA. The charge was included in regulatory expense in our Consolidated Statements of Income for the year ended December 31, 2021. Default Fund Contributions and Margin Deposits As of March 31, 2022, clearing member default fund contributions and margin deposits were as follows: March 31, 2022 Cash Contributions Non-Cash Contributions Total Contributions (in millions) Default fund contributions $ 736 $ 133 $ 869 Margin deposits 5,834 7,199 13,033 Total $ 6,570 $ 7,332 $ 13,902 Of the total default fund contributions of $869 million, Nasdaq Clearing can utilize $764 million as capital resources in the event of a counterparty default. The remaining balance of $105 million pertains to member posted surplus balances. Our clearinghouse holds material amounts of clearing member cash deposits which are held or invested primarily to provide security of capital while minimizing credit, market and liquidity risks. While we seek to achieve a reasonable rate of return, we are primarily concerned with preservation of capital and managing the risks associated with these deposits. Clearing member cash contributions are maintained in demand deposits held at central banks and large, highly rated financial institutions or secured through direct investments, primarily central bank certificates and 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 20 days and are secured with highly rated government securities and multilateral development banks. 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 $6,570 million as of March 31, 2022 and $5,911 million as of December 31, 2021, in accordance with its investment policy as follows: March 31, 2022 December 31, 2021 (in millions) Demand deposits $ 4,270 $ 3,061 Central bank certificates 1,128 2,013 Restricted cash and cash equivalents $ 5,398 $ 5,074 European government debt securities 443 414 Reverse repurchase agreements 457 152 Multilateral development bank debt securities 272 271 Investments $ 1,172 $ 837 Total $ 6,570 $ 5,911 In the table above, the change from December 31, 2021 to March 31, 2022 includes currency translation adjustments of $160 million for restricted cash and cash equivalents and $37 million for investments. For the three months ended March 31, 2022 and 2021 investments related to default funds and margin deposits, net includes purchases of investment securities of $10,647 million and $12,197 million, respectively, and proceeds from sales and redemptions of investment securities of $10,275 million and $12,002 million, respectively. In the investment activity related to default fund and margin contributions, we are exposed to counterparty risk related to reverse repurchase agreement transactions, which reflect the risk that the counterparty might become insolvent and, thus, fail to meet its obligations to Nasdaq Clearing. We mitigate this risk by only engaging in transactions with high credit quality reverse repurchase agreement counterparties and by limiting the acceptable collateral under the reverse repurchase agreement to high quality issuers, primarily government securities and other securities explicitly guaranteed by a government. The value of the underlying security is monitored during the lifetime of the contract, and in the event the market value of the underlying security falls below the reverse repurchase amount, our clearinghouse may require additional collateral or a reset of the contract. Default Fund Contributions Required contributions to the default funds are proportional to the exposures of each clearing member. When a clearing member is active in more than one market, contributions must be made to all markets’ default funds in which the member is active. Clearing members’ eligible contributions may include cash and non-cash contributions. Cash contributions received are maintained in demand deposits held at central banks and large, highly rated financial institutions or invested by Nasdaq Clearing, in accordance with its investment policy, either in central bank certificates, highly rated government debt securities, reverse repurchase agreements with highly rated government debt securities as collateral, or multilateral development bank debt securities. Nasdaq Clearing maintains and manages all cash deposits related to margin collateral. All risks and rewards of collateral ownership, including interest, belong to Nasdaq Clearing. Clearing members’ cash contributions are included in default funds and margin deposits in the Condensed Consolidated Balance Sheets as both a current asset and a current liability. Non-cash contributions include highly rated government debt securities that must meet specific criteria approved by Nasdaq Clearing. Non-cash contributions are pledged assets that are not recorded in the Condensed Consolidated Balance Sheets as Nasdaq Clearing does not take legal ownership of these assets and the risks and rewards remain with the clearing members. These balances may fluctuate over time due to changes in the amount of deposits required and whether members choose to provide cash or non-cash contributions. Assets pledged are held at a nominee account in Nasdaq Clearing’s name for the benefit of the clearing members and are immediately accessible by Nasdaq Clearing in the event of a default. In addition to clearing members’ required contributions to the liability waterfall, Nasdaq Clearing is also required to contribute capital to the liability waterfall and overall regulatory capital as specified under its clearinghouse rules. As of March 31, 2022, Nasdaq Clearing committed capital totaling $132 million to the liability waterfall and overall regulatory capital, in the form of government debt securities, which are recorded as financial investments in the Condensed Consolidated Balance Sheets. The combined regulatory capital of the clearing members and Nasdaq Clearing is intended to secure the obligations of a clearing member exceeding such member’s own margin and default fund deposits and may be used to cover losses sustained by a clearing member in the event of a default. Margin Deposits Nasdaq Clearing requires all clearing members to provide collateral, which may consist of cash and non-cash contributions, to guarantee performance on the clearing members’ open positions, or initial margin. In addition, clearing members must also provide collateral to cover the daily margin call if needed. See “Default Fund Contributions” above for further discussion of cash and non-cash contributions. Similar to default fund contributions, Nasdaq Clearing maintains and manages all cash deposits related to margin collateral. All risks and rewards of collateral ownership, including interest, belong to Nasdaq Clearing and are recorded in revenues. These cash deposits are recorded in default funds and margin deposits in the Condensed Consolidated Balance Sheets as both a current asset and a current liability. Pledged margin collateral is not recorded in our Condensed Consolidated Balance Sheets as all risks and rewards of collateral ownership, including interest, belong to the counterparty. Assets pledged are held at a nominee account in Nasdaq Clearing’s name for the benefit of the clearing members and are immediately accessible by Nasdaq Clearing in the event of a default. Nasdaq Clearing marks to market all outstanding contracts and requires payment from clearing members whose positions have lost value. The mark-to-market process helps identify any clearing members that may not be able to satisfy their financial obligations in a timely manner allowing Nasdaq Clearing the ability to mitigate the risk of a clearing member defaulting due to exceptionally large losses. In the event of a default, Nasdaq Clearing can access the defaulting member’s margin and default fund deposits to cover the defaulting member’s losses. Regulatory Capital and Risk Management Calculations Nasdaq Clearing manages risk through a comprehensive counterparty risk management framework, which is comprised of policies, procedures, standards and financial resources. The level of regulatory capital is determined in accordance with Nasdaq Clearing’s regulatory capital and default fund policy, as approved by the SFSA. Regulatory capital calculations are continuously updated through a proprietary capital-at-risk calculation model that establishes the appropriate level of capital. As mentioned above, Nasdaq Clearing is the legal counterparty for each contract cleared and thereby guarantees the fulfillment of each contract. Nasdaq Clearing accounts for this guarantee as a performance guarantee. We determine the fair value of the performance guarantee by considering daily settlement of contracts and other margining and default fund requirements, the risk management program, historical evidence of default payments, and the estimated probability of potential default payouts. The calculation is determined using proprietary risk management software that simulates gains and losses based on historical market prices, extreme but plausible market scenarios, volatility and other factors present at that point in time for those particular unsettled contracts. Based on this analysis, excluding any liability related to the Nasdaq commodities clearing default (see discussion above), the estimated liability was nominal and no liability was recorded as of March 31, 2022. 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 $42 million as of March 31, 2022; • 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 $23 million as of March 31, 2022. 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 $67 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: March 31, 2022 (in millions) Commodity and seafood options, futures and forwards $ 518 Fixed-income options and futures 1,345 Stock options and futures 228 Index options and futures 82 Total $ 2,173 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 three months ended March 31, 2022 and 2021: March 31, 2022 March 31, 2021 Commodity and seafood options, futures and forwards 96,153 155,662 Fixed-income options and futures 6,594,330 6,404,204 Stock options and futures 5,113,644 6,306,308 Index options and futures 13,144,541 9,076,033 Total 24,948,668 21,942,207 In the table above, the total volume in cleared power related to commodity contracts was 135 Terawatt hours (TWh) and 250 TWh for the three months ended March 31, 2022 and 2021, respectively. Resale and Repurchase Agreements Contracts Outstanding and Cleared The outstanding contract value of resale and repurchase agreements was $1.0 billion as of March 31, 2022 and the total number of resale and repurchase agreements contracts cleared was 1,317,510 for the three months ended March 31, 2022.

Leases

Leases	3 Months Ended
	Mar. 31, 2022
Leases [Abstract]
Leases	LEASES We have operating leases which are primarily real estate leases predominantly for our U.S. and European headquarters, data centers and for general office space. The following table provides supplemental balance sheet information related to Nasdaq's operating leases: Leases Balance Sheet Classification March 31, 2022 December 31, 2021 (in millions) Assets: Operating lease assets Operating lease assets $ 470 $ 366 Liabilities: Current lease liabilities Other current liabilities $ 58 $ 37 Non-current lease liabilities Operating lease liabilities 478 386 Total lease liabilities $ 536 $ 423 The following table summarizes Nasdaq's lease cost: Three Months Ended March 31, 2022 2021 (in millions) Operating lease cost $ 20 $ 22 Variable lease cost 8 7 Sublease income (1) (1) Total lease cost $ 27 $ 28 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. March 31, 2022 (in millions) Remainder of 2022 $ 57 2023 71 2024 66 2025 52 2026 48 2027+ 358 Total lease payments 652 Less: interest (116) Present value of lease liabilities $ 536 In the table above, interest is calculated using the interest rate for each lease. Present value of lease liabilities include the current portion of $58 million. Total lease payments in the table above exclude $44 million of legally binding minimum lease payments for lease signed but not yet commenced. The following table provides information related to Nasdaq's lease term and discount rate: March 31, 2022 Weighted-average remaining lease term (in years) 11.0 Weighted-average discount rate 3.5 % The following table provides supplemental cash flow information related to Nasdaq's operating leases: Three Months Ended March 31, 2022 2021 (in millions) Cash paid for amounts included in the measurement of operating lease liabilities $ 9 $ 19 Lease assets obtained in exchange for operating lease liabilities $ 118 $ 33

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 2021 (in millions) Income tax provision $ 91 $ 97 Effective tax rate 24.3 % 24.6 % 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. Our Federal income tax returns for the years 2018 through 2020 are subject to examination by the Internal Revenue Service. Several state tax returns are currently under examination by the respective tax authorities for the years 2012 through 2018, while 2019 and 2020 are subject to examination. Non-U.S. tax returns are subject to examination by the respective tax authorities for the years 2015 through 2020.

Commitments, Contingencies and

Commitments, Contingencies and Guarantees	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 and December 31, 2021. 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 $204 million as of March 31, 2022 and $212 million as of December 31, 2021 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 were 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 plaintiffs alleged that the defendants engaged in a scheme to manipulate the markets through high-frequency trading and asserted claims under Section 10(b) of the Exchange Act and Rule 10b-5. Discovery, focused on issues of whether the case could be certified as a class action and whether the plaintiffs’ claims were precluded by federal securities regulation, ended on April 26, 2021, and motions and expert testimony regarding those issues were filed on May 28, 2021. On March 28, 2022, the court issued an opinion and order excluding the testimony of one of the plaintiffs’ expert witnesses, concluding that the testimony was not sufficiently tied to the facts of the case and that it was not based on reliable methodology. On that basis, the court also granted summary judgment for the defendants, finding that there was no admissible evidence upon which a jury could reasonably conclude that the plaintiffs had suffered injury that was fairly traceable to the defendants’ conduct. On April 26, 2022, the plaintiffs filed an appeal of the decision to the United States Court of Appeals for the Second Circuit. On May 4, 2022, Nasdaq entered into an agreement with the plaintiffs under which the plaintiffs agreed to dismiss Nasdaq from their appeal with prejudice and Nasdaq agreed not to pursue sanctions against the plaintiffs or their counsel, without either Nasdaq or the plaintiffs providing financial compensation for the resolution. Accordingly, Nasdaq is no longer a party to the case and the matter is now fully resolved with respect to Nasdaq. 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 In December 2021, we recorded a charge related to an administrative fine issued by the SFSA associated with the default which occurred in 2018. The charge was included in regulatory expense in our Consolidated Statements of Income for the year ended December 31, 2021. 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, consolidated financial condition, or operating results. However, from time to time, we have been threatened with, or named as a defendant in, lawsuits or involved in regulatory proceedings. In the normal course of business, Nasdaq discusses matters with its regulators raised during regulatory examinations or otherwise subject to their inquiries. Management believes that censures, fines, penalties or other sanctions that could result from any ongoing examinations or inquiries will not have a material impact on its consolidated financial position or results of operations. However, we are unable to predict the outcome or the timing of the ultimate resolution of these matters, or the potential fines, penalties or injunctive or other equitable relief, if any, that may result from these matters. Tax Audits We are engaged in ongoing discussions and audits with taxing authorities on various tax matters, the resolutions of which are uncertain. Currently, there are matters that may lead to assessments, some of which may not be resolved for several years. Based on currently available information, we believe we have adequately provided for any assessments that could result from those proceedings where it is more likely than not that we will be assessed. We review our positions on these matters as they progress. See “Tax Audits,” of Note 16, “Income Taxes,” for further discussion.

Business Segments

Business Segments	3 Months Ended
	Mar. 31, 2022
Segment Reporting [Abstract]
Business Segments	BUSINESS SEGMENTS We 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 March 31, 2022 and 2021: Three Months Ended March 31, 2022 2021 Market Technology (in millions) Total revenues $ 124 $ 100 Operating income 4 (2) Investment Intelligence Total revenues 284 256 Operating income 184 166 Corporate Platforms Total revenues 168 146 Operating income 75 58 Market Services Total revenues 958 1,134 Transaction-based expenses (643) (800) Revenues less transaction-based expenses 315 334 Operating income 200 226 Corporate Items Total revenues 1 15 Operating income (loss) (58) (83) Consolidated Total revenues $ 1,535 $ 1,651 Transaction-based expenses (643) (800) Revenues less transaction-based expenses $ 892 $ 851 Operating income $ 405 $ 365 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 realignment 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, “Acquisition and Divestiture,” for further discussion of this divestiture. Additionally, other revenues related to a transitional services agreement associated with a divested business are included in corporate items. Also included are the revenues and expenses associated with the NPM business, which we contributed in July 2021 to a standalone, independent company, of which we own the largest minority interest together with a consortium of third party financial institutions. 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. The above charges are recorded in general, administrative and other expense, unless otherwise noted, in our Condensed Consolidated Statements of Income. The following table summarizes our Corporate Items: Three Months Ended March 31, 2022 2021 (in millions) Revenues - divested/contributed businesses $ 1 $ 15 Expenses: Amortization expense of acquired intangible assets $ 40 $ 36 Merger and strategic initiatives expense 15 45 Restructuring charges — 10 Expenses - divested/contributed businesses — 5 Other 4 2 Total expenses 59 98 Operating loss $ (58) $ (83) 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	3 Months Ended
	Mar. 31, 2022
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 realignment 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 realignment. 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 table presents a summary of the 2019 restructuring plan charges in the Condensed Consolidated Statements of Income for the three months ended March 31, 2021 which primarily consisted of consulting services, asset impairment charges primarily related to capitalized software that was retired, and accelerated depreciation expense on certain assets as a result of a decrease in their useful life. Three Months Ended March 31, 2021 (in millions) Asset impairment charges and accelerated depreciation expense $ 1 Consulting services 5 Other 4 Total restructuring charges $ 10

Basis of Presentation and Pri_2

Basis of Presentation and Principles of Consolidation (Policies)	3 Months Ended
	Mar. 31, 2022
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. 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.
Reclassification	Certain prior year amounts have been reclassified to conform to the current year presentation. During the fourth quarter of 2021, we adjusted the presentation of cash and cash equivalents held within default funds and margin deposits on the condensed consolidated statement of cash flows from operating activities, to present them as restricted cash and cash equivalents with the associated changes being included within cash flows from investing and financing activities. These balances cannot be used to satisfy operating or other liabilities. See Note 14, “Clearing Operations,” for further discussion of the default funds and margin deposits. Prior period amounts have also been adjusted to conform to current period presentation. This immaterial adjustment had no impact on our previously reported condensed consolidated balance sheets, condensed consolidated statements of income, or condensed consolidated statements of comprehensive income.
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.
Stock Split	Stock SplitIn April 2022, we announced our plan to request shareholder and SEC approval for an increase in the number of authorized shares of common stock in order to effect a 3-for-1 stock split of the Company’s common stock in the form of a stock dividend. If both approvals are received, the stock split is expected to be completed in the third quarter of 2022.

Basis of Presentation and Pri_3

Basis of Presentation and Principles of Consolidation (Tables)	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Schedule of Change in Presentation of Cash and Cash Equivalents Held Within Default Funds and Margin Deposits	Three Months Ended March 31, 2021 As Reported Adjustment Adjusted (in millions) Net cash provided by operating activities $ 394 $ — $ 394 Net cash used in investing activities (2,505) (195) (2,700) Net cash provided by financing activities 152 12 164 Effect of exchange rate changes on cash, cash equivalents, restricted cash and cash equivalents (11) (166) (177) Net decrease in cash, cash equivalents, restricted cash and cash equivalents (1,970) (349) (2,319) Cash, cash equivalents, restricted cash and cash equivalents at beginning of period 2,782 3,197 5,979 Cash, cash equivalents, restricted cash and cash equivalents at end of period $ 812 $ 2,848 $ 3,660 Reconciliation of Cash, Cash Equivalents and Restricted Cash and Cash Equivalents Cash and cash equivalents $ 774 $ — $ 774 Restricted cash and cash equivalents 38 — 38 Restricted cash and cash equivalents (Default funds and margin deposits) — 2,848 2,848 Total $ 812 $ 2,848 $ 3,660

Revenue From Contracts With C_2

Revenue From Contracts With Customers (Tables)	3 Months Ended
	Mar. 31, 2022
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following tables summarize the disaggregation of revenue by major product and service and by segment for the three months ended March 31, 2022 and 2021: Three Months Ended March 31, 2022 2021 (in millions) Market Technology Anti Financial Crime Technology $ 72 $ 42 Marketplace Infrastructure Technology 52 58 Investment Intelligence Market data 108 106 Index 122 102 Analytics 54 48 Corporate Platforms Listing services 107 89 IR & ESG Services 61 57 Market Services Transaction-based trading and clearing, net 231 255 Trade management services 84 79 Other revenues 1 15 Revenues less transaction-based expenses $ 892 $ 851
Remaining Performance Obligation	The following table summarizes the amount of the transaction price allocated to performance obligations that are unsatisfied, for contract durations greater than one year, as of March 31, 2022: Market Technology Analytics IR & ESG Services Total (in millions) Remainder of 2022 $ 404 $ 49 $ 47 $ 500 2023 397 46 38 481 2024 194 22 12 228 2025 118 8 1 127 2026 72 7 — 79 2027+ 79 4 — 83 Total $ 1,264 $ 136 $ 98 $ 1,498

Acquisition and Divestiture (Ta

Acquisition and Divestiture (Tables)	3 Months Ended
	Mar. 31, 2022
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)	3 Months Ended
	Mar. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Changes in Goodwill	The following table presents the changes in goodwill by business segment during the three months ended March 31, 2022: (in millions) Market Technology Balance at December 31, 2021 $ 2,171 Foreign currency translation adjustments (5) Balance at March 31, 2022 $ 2,166 Investment Intelligence Balance at December 31, 2021 $ 2,428 Foreign currency translation adjustments (35) Balance at March 31, 2022 $ 2,393 Corporate Platforms Balance at December 31, 2021 $ 469 Foreign currency translation adjustments (6) Balance at March 31, 2022 $ 463 Market Services Balance at December 31, 2021 $ 3,365 Foreign currency translation adjustments (49) Balance at March 31, 2022 $ 3,316 Total Balance at December 31, 2021 $ 8,433 Foreign currency translation adjustments (95) Balance at March 31, 2022 $ 8,338
Schedule of Acquired Finite-Lived Intangible Assets	The following table presents details of our total acquired intangible assets, both finite- and indefinite-lived: March 31, 2022 December 31, 2021 Finite-Lived Intangible Assets (in millions) Gross Amount Technology $ 294 $ 295 Customer relationships 2,050 2,050 Trade names and other 60 60 Foreign currency translation adjustment (156) (143) Total gross amount $ 2,248 $ 2,262 Accumulated Amortization Technology $ (64) $ (54) Customer relationships (740) (711) Trade names and other (12) (11) Foreign currency translation adjustment 88 81 Total accumulated amortization $ (728) $ (695) Net Amount Technology $ 230 $ 241 Customer relationships 1,310 1,339 Trade names and other 48 49 Foreign currency translation adjustment (68) (62) Total finite-lived intangible assets $ 1,520 $ 1,567 Indefinite-Lived Intangible Assets Exchange and clearing registrations $ 1,257 $ 1,257 Trade names 121 121 Licenses 52 52 Foreign currency translation adjustment (199) (184) Total indefinite-lived intangible assets $ 1,231 $ 1,246 Total intangible assets, net $ 2,751 $ 2,813
Schedule of Acquired Indefinite-lived Intangible Assets	The following table presents details of our total acquired intangible assets, both finite- and indefinite-lived: March 31, 2022 December 31, 2021 Finite-Lived Intangible Assets (in millions) Gross Amount Technology $ 294 $ 295 Customer relationships 2,050 2,050 Trade names and other 60 60 Foreign currency translation adjustment (156) (143) Total gross amount $ 2,248 $ 2,262 Accumulated Amortization Technology $ (64) $ (54) Customer relationships (740) (711) Trade names and other (12) (11) Foreign currency translation adjustment 88 81 Total accumulated amortization $ (728) $ (695) Net Amount Technology $ 230 $ 241 Customer relationships 1,310 1,339 Trade names and other 48 49 Foreign currency translation adjustment (68) (62) Total finite-lived intangible assets $ 1,520 $ 1,567 Indefinite-Lived Intangible Assets Exchange and clearing registrations $ 1,257 $ 1,257 Trade names 121 121 Licenses 52 52 Foreign currency translation adjustment (199) (184) Total indefinite-lived intangible assets $ 1,231 $ 1,246 Total intangible assets, net $ 2,751 $ 2,813
Finite-lived Intangible Assets Amortization Expense	The following table presents our amortization expense for acquired finite-lived intangible assets: Three Months Ended March 31, 2022 2021 (in millions) Amortization expense $ 40 $ 36
Schedule of Estimated Future Amortization Expense	The table below presents the estimated future amortization expense (excluding the impact of foreign currency translation adjustments of $68 million as of March 31, 2022) of acquired finite-lived intangible assets as of March 31, 2022: (in millions) Remainder of 2022 $ 120 2023 157 2024 152 2025 149 2026 147 2027+ 863 Total $ 1,588

Investments (Tables)

Investments (Tables)	3 Months Ended
	Mar. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Schedule of Investments	The following table presents the details of our investments: March 31, 2022 December 31, 2021 (in millions) Financial investments $ 225 $ 208 Equity method investments $ 369 $ 363 Equity securities $ 67 $ 67

Deferred Revenue (Tables)

Deferred Revenue (Tables)	3 Months Ended
	Mar. 31, 2022
Revenue from Contract with Customer [Abstract]
Changes in Deferred Revenue	The changes in our deferred revenue during the three months ended March 31, 2022 are reflected in the following table: Balance at December 31, 2021 Additions Revenue Recognized Adjustments Balance at March 31, 2022 (in millions) Market Technology $ 117 $ 53 $ (57) $ (2) $ 111 Investment Intelligence 106 61 (41) — 126 Corporate Platforms: Initial Listing 145 16 (19) (1) 141 Annual Listings 2 267 — 1 270 IR & ESG Services 57 30 (24) — 63 Other 21 8 (4) (1) 24 Total $ 448 $ 435 $ (145) $ (3) $ 735 In the preceding table: • 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 March 31, 2022, we estimate that our deferred revenue will be recognized in the following years: Fiscal year ended: 2022 2023 2024 2025 2026 2027+ Total (in millions) Market Technology $ 101 $ 8 $ 1 $ 1 $ — $ — $ 111 Investment Intelligence 115 11 — — — — 126 Corporate Platforms: Initial Listings 37 37 27 18 15 7 141 Annual Listings 270 — — — — — 270 IR & ESG Services 60 3 — — — — 63 Other 11 6 5 2 — — 24 Total $ 594 $ 65 $ 33 $ 21 $ 15 $ 7 $ 735

Debt Obligations (Tables)

Debt Obligations (Tables)	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Changes in Debt Obligations	The following table presents the changes in the carrying amount of our debt obligations during the three months ended March 31, 2022: December 31, 2021 Additions Payments, Foreign Currency Translation and Accretion March 31, 2022 (in millions) Short-term debt - commercial paper $ 420 $ 1,250 $ (1,670) $ — 2022 Notes 598 — 1 599 2024 Notes 499 — — 499 Total short-term debt $ 1,517 $ 1,250 $ (1,669) $ 1,098 Long-term debt - senior unsecured notes: 2026 Notes 498 — — 498 2029 Notes 676 — (18) 658 2030 Notes 676 — (18) 658 2050 Notes 486 — — 486 2031 Notes 643 — — 643 2040 Notes 644 — — 644 2033 Notes 694 — (19) 675 2052 Notes — 541 — 541 2020 Credit Facility (4) — 1 (3) Total long-term debt $ 4,313 $ 541 $ (54) $ 4,800 Total debt obligations $ 5,830 $ 1,791 $ (1,723) $ 5,898 In the table above, the 2024 Notes were reclassified to short-term debt as of March 31, 2022. The long-term debt senior unsecured notes in the table above, and discussion below, are listed based on their issuance date.

Share-Based Compensation (Table

Share-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2022
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 months ended March 31, 2022 and 2021, which is included in compensation and benefits expense in the Condensed Consolidated Statements of Income: Three Months Ended March 31, 2022 2021 (in millions) Share-based compensation expense before income taxes $ 25 $ 19 Income tax benefit (6) (5) Share-based compensation expense after income taxes $ 19 $ 14
Summary of Restricted Stock Activity	The following table summarizes our restricted stock activity for the three months ended March 31, 2022: Restricted Stock Number of Awards Weighted-Average Grant Date Fair Value Unvested at January 1, 2022 1,466,340 $ 106.16 Granted 10,221 199.30 Vested (150,156) 81.93 Forfeited (15,953) 109.42 Unvested at March 31, 2022 1,310,452 $ 109.62
Summary of PSU Activity	The following table summarizes our PSU activity for the three months ended March 31, 2022: 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, 2022 49,734 $ 84.03 764,124 $ 135.04 Granted — — 296,912 100.28 Vested — — (578,614) 97.70 Forfeited (259) 84.18 (399) 148.47 Unvested at March 31, 2022 49,475 $ 84.03 482,023 $ 158.45
Summary of Stock Option Activity	A summary of stock option activity for the three months ended March 31, 2022 is as follows: Number of Stock Options Weighted-Average Exercise Price Weighted- Average Remaining Contractual Term (in years) Aggregate Intrinsic Value (in millions) Outstanding at December 31, 2021 268,817 $ 66.68 5.0 $ 39 Granted 204,624 202.46 Outstanding at March 31, 2022 473,441 $ 125.36 6.9 $ 30 Exercisable at March 31, 2022 268,817 $ 66.68 4.8 $ 30

Nasdaq Stockholders_ Equity (Ta

Nasdaq Stockholders’ Equity (Tables)	3 Months Ended
	Mar. 31, 2022
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 three months ended March 31, 2022: Three Months Ended March 31, 2022 Number of shares of common stock repurchased 735,865 Average price paid per share $ 191.91 Total purchase price (in millions) $ 142 In the table above, the number of shares of common stock repurchased excludes an aggregate of 307,668 shares withheld upon the vesting of restricted stock and PSUs for the three months ended March 31, 2022.
Schedule of Dividends Declared	During the first three months of 2022, 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 26, 2022 $ 0.54 March 11, 2022 $ 89 March 25, 2022

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Summary of Computation of Basic and Diluted Earnings Per Share	The following table sets forth the computation of basic and diluted earnings per share: Three Months Ended March 31, 2022 2021 Numerator: (in millions, except share and per share amounts) Net income attributable to common shareholders $ 284 $ 298 Denominator: Weighted-average common shares outstanding for basic earnings per share 165,048,113 164,709,609 Weighted-average effect of dilutive securities: Employee equity awards 2,200,025 2,382,473 Weighted-average common shares outstanding for diluted earnings per share 167,248,138 167,092,082 Basic and diluted earnings per share: Basic earnings per share $ 1.72 $ 1.81 Diluted earnings per share $ 1.70 $ 1.78

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Schedule of Financial Assets Measured at Fair Value on Recurring Basis	The following tables present our financial assets and financial liabilities that were measured at fair value on a recurring basis as of March 31, 2022 and December 31, 2021. March 31, 2022 Total Level 1 Level 2 Level 3 (in millions) European government debt securities $ 141 $ 141 $ — $ — Corporate debt securities 29 — 29 — State owned enterprises and municipal securities 27 — 27 — Swedish mortgage bonds 19 — 19 — Time deposits — — — — Commercial paper 9 — 9 — Total assets at fair value $ 225 $ 141 $ 84 $ — December 31, 2021 Total Level 1 Level 2 Level 3 (in millions) European government debt securities $ 144 $ 144 $ — $ — Corporate debt securities 20 — 20 — State owned enterprises and municipal securities 11 — 11 — Swedish mortgage bonds 21 — 21 — Time deposits 12 — 12 — Total assets at fair value $ 208 $ 144 $ 64 $ —

Clearing Operations (Tables)

Clearing Operations (Tables)	3 Months Ended
	Mar. 31, 2022
Due to and from Broker-Dealers and Clearing Organizations [Abstract]
Schedule of Clearing Member Default Fund Contributions	As of March 31, 2022, clearing member default fund contributions and margin deposits were as follows: March 31, 2022 Cash Contributions Non-Cash Contributions Total Contributions (in millions) Default fund contributions $ 736 $ 133 $ 869 Margin deposits 5,834 7,199 13,033 Total $ 6,570 $ 7,332 $ 13,902 Nasdaq Clearing has invested the total cash contributions of $6,570 million as of March 31, 2022 and $5,911 million as of December 31, 2021, in accordance with its investment policy as follows: March 31, 2022 December 31, 2021 (in millions) Demand deposits $ 4,270 $ 3,061 Central bank certificates 1,128 2,013 Restricted cash and cash equivalents $ 5,398 $ 5,074 European government debt securities 443 414 Reverse repurchase agreements 457 152 Multilateral development bank debt securities 272 271 Investments $ 1,172 $ 837 Total $ 6,570 $ 5,911
Schedule of Derivative Contracts Outstanding	The following table presents the market value of derivative contracts outstanding prior to netting: March 31, 2022 (in millions) Commodity and seafood options, futures and forwards $ 518 Fixed-income options and futures 1,345 Stock options and futures 228 Index options and futures 82 Total $ 2,173 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 three months ended March 31, 2022 and 2021: March 31, 2022 March 31, 2021 Commodity and seafood options, futures and forwards 96,153 155,662 Fixed-income options and futures 6,594,330 6,404,204 Stock options and futures 5,113,644 6,306,308 Index options and futures 13,144,541 9,076,033 Total 24,948,668 21,942,207 In the table above, the total volume in cleared power related to commodity contracts was 135 Terawatt hours (TWh) and 250 TWh for the three months ended March 31, 2022 and 2021, respectively.

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2022
Leases [Abstract]
Schedule of Balance Sheet Information	The following table provides supplemental balance sheet information related to Nasdaq's operating leases: Leases Balance Sheet Classification March 31, 2022 December 31, 2021 (in millions) Assets: Operating lease assets Operating lease assets $ 470 $ 366 Liabilities: Current lease liabilities Other current liabilities $ 58 $ 37 Non-current lease liabilities Operating lease liabilities 478 386 Total lease liabilities $ 536 $ 423
Lease Cost, Lease Term and Discount Rate	The following table summarizes Nasdaq's lease cost: Three Months Ended March 31, 2022 2021 (in millions) Operating lease cost $ 20 $ 22 Variable lease cost 8 7 Sublease income (1) (1) Total lease cost $ 27 $ 28 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: March 31, 2022 Weighted-average remaining lease term (in years) 11.0 Weighted-average discount rate 3.5 % The following table provides supplemental cash flow information related to Nasdaq's operating leases: Three Months Ended March 31, 2022 2021 (in millions) Cash paid for amounts included in the measurement of operating lease liabilities $ 9 $ 19 Lease assets obtained in exchange for operating lease liabilities $ 118 $ 33
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. March 31, 2022 (in millions) Remainder of 2022 $ 57 2023 71 2024 66 2025 52 2026 48 2027+ 358 Total lease payments 652 Less: interest (116) Present value of lease liabilities $ 536 In the table above, interest is calculated using the interest rate for each lease. Present value of lease liabilities include the current portion of $58 million.

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 2021 (in millions) Income tax provision $ 91 $ 97 Effective tax rate 24.3 % 24.6 %

Business Segments (Tables)

Business Segments (Tables)	3 Months Ended
	Mar. 31, 2022
Segment Reporting [Abstract]
Schedule of Operating Segments	The following table presents certain information regarding our business segments for the three months ended March 31, 2022 and 2021: Three Months Ended March 31, 2022 2021 Market Technology (in millions) Total revenues $ 124 $ 100 Operating income 4 (2) Investment Intelligence Total revenues 284 256 Operating income 184 166 Corporate Platforms Total revenues 168 146 Operating income 75 58 Market Services Total revenues 958 1,134 Transaction-based expenses (643) (800) Revenues less transaction-based expenses 315 334 Operating income 200 226 Corporate Items Total revenues 1 15 Operating income (loss) (58) (83) Consolidated Total revenues $ 1,535 $ 1,651 Transaction-based expenses (643) (800) Revenues less transaction-based expenses $ 892 $ 851 Operating income $ 405 $ 365 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 realignment 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, “Acquisition and Divestiture,” for further discussion of this divestiture. Additionally, other revenues related to a transitional services agreement associated with a divested business are included in corporate items. Also included are the revenues and expenses associated with the NPM business, which we contributed in July 2021 to a standalone, independent company, of which we own the largest minority interest together with a consortium of third party financial institutions. Prior to July these revenues were previously included in our Corporate Platforms results. • Other significant items:
Schedule of Corporate Items	The following table summarizes our Corporate Items: Three Months Ended March 31, 2022 2021 (in millions) Revenues - divested/contributed businesses $ 1 $ 15 Expenses: Amortization expense of acquired intangible assets $ 40 $ 36 Merger and strategic initiatives expense 15 45 Restructuring charges — 10 Expenses - divested/contributed businesses — 5 Other 4 2 Total expenses 59 98 Operating loss $ (58) $ (83)

Restructuring Charges (Tables)

Restructuring Charges (Tables)	3 Months Ended
	Mar. 31, 2022
Restructuring and Related Activities [Abstract]
Summary of Restructuring Charges	The following table presents a summary of the 2019 restructuring plan charges in the Condensed Consolidated Statements of Income for the three months ended March 31, 2021 which primarily consisted of consulting services, asset impairment charges primarily related to capitalized software that was retired, and accelerated depreciation expense on certain assets as a result of a decrease in their useful life. Three Months Ended March 31, 2021 (in millions) Asset impairment charges and accelerated depreciation expense $ 1 Consulting services 5 Other 4 Total restructuring charges $ 10

Organization and Nature of Op_2

Organization and Nature of Operations - Narrative (Details) $ in Billions	3 Months Ended
	Mar. 31, 2022USD ($)companycountrycorporateBondexchangeexchangeTradedProductsegmentMarketsmarketplace
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 independent exchange markets (in markets) | Markets	3
UNITED STATES
Organization And Basis Of Presentation [Line Items]
Number of options exchanges (in exchanges) | exchange	6
Number of cash equity exchanges (in exchanges) | exchange	3
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	20
Number of exchange traded products licensed to Nasdaq's Indexes (in exchange traded products) | exchangeTradedProduct	368
Number of equity exchanges (in exchanges) | country	28
Assets management value | $	$ 401
Corporate Platforms | UNITED STATES
Organization And Basis Of Presentation [Line Items]
Total number of listings on The Nasdaq Stock Market (in companies) | company	4,242
ETPs and other listings listed on Nasdaq Stock Market (in companies) | company	447
Approximate combined market capitalization | $	$ 25,700
Corporate Platforms | Europe
Organization And Basis Of Presentation [Line Items]
Approximate combined market capitalization | $	$ 2,200
Total number of listed companies within Nordic and Baltic exchanges (in companies) | company	1,244

Basis of Presentation and Pri_4

Basis of Presentation and Principles of Consolidation (Change in Presentation of Cash and Cash Equivalents Held Within Default Funds and Margin Deposits) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net cash provided by operating activities	$ 605	$ 394
Net cash used in investing activities	(390)	(2,700)
Net cash provided by (used in) financing activities	368	164
Effect of exchange rate changes on cash and cash equivalents and restricted cash and cash equivalents	(164)	(177)
Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents	419	(2,319)
Cash and cash equivalents, restricted cash and cash equivalents at beginning of period	5,496	5,979
Cash and cash equivalents, restricted cash and cash equivalents at end of period	5,915	3,660
Reconciliation of Cash, Cash Equivalents and Restricted Cash and Cash Equivalents
Cash and cash equivalents	486	774	$ 393
Restricted cash and cash equivalents	31	38	29
Restricted cash and cash equivalents (Default funds and margin deposits)	6,570		5,911
Total	$ 5,915	3,660	$ 5,496
Default Funds and Margin Deposits
Reconciliation of Cash, Cash Equivalents and Restricted Cash and Cash Equivalents
Restricted cash and cash equivalents (Default funds and margin deposits)		2,848
As Reported
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net cash provided by operating activities		394
Net cash used in investing activities		(2,505)
Net cash provided by (used in) financing activities		152
Effect of exchange rate changes on cash and cash equivalents and restricted cash and cash equivalents		(11)
Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents		(1,970)
Cash and cash equivalents, restricted cash and cash equivalents at beginning of period		2,782
Cash and cash equivalents, restricted cash and cash equivalents at end of period		812
Reconciliation of Cash, Cash Equivalents and Restricted Cash and Cash Equivalents
Cash and cash equivalents		774
Restricted cash and cash equivalents		38
Total		812
As Reported | Default Funds and Margin Deposits
Reconciliation of Cash, Cash Equivalents and Restricted Cash and Cash Equivalents
Restricted cash and cash equivalents (Default funds and margin deposits)		0
Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net cash provided by operating activities		0
Net cash used in investing activities		(195)
Net cash provided by (used in) financing activities		12
Effect of exchange rate changes on cash and cash equivalents and restricted cash and cash equivalents		(166)
Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents		(349)
Cash and cash equivalents, restricted cash and cash equivalents at beginning of period		3,197
Cash and cash equivalents, restricted cash and cash equivalents at end of period		2,848
Reconciliation of Cash, Cash Equivalents and Restricted Cash and Cash Equivalents
Cash and cash equivalents		0
Restricted cash and cash equivalents		0
Total		2,848
Adjustment | Default Funds and Margin Deposits
Reconciliation of Cash, Cash Equivalents and Restricted Cash and Cash Equivalents
Restricted cash and cash equivalents (Default funds and margin deposits)		$ 2,848

Basis of Presentation and Pri_5

Basis of Presentation and Principles of Consolidation - Narrative (Details)	1 Months Ended
	Apr. 30, 2022
Subsequent Event
Stockholders Equity [Line Items]
Stock split conversion ratio	3

Revenue From Contracts With C_3

Revenue From Contracts With Customers (Revenue by Product, Service and Segment) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Disaggregation of Revenue [Line Items]
Revenues less transaction-based expenses	$ 892	$ 851
Operating Segments | Market Technology
Disaggregation of Revenue [Line Items]
Revenues less transaction-based expenses	124	100
Operating Segments | Investment Intelligence
Disaggregation of Revenue [Line Items]
Revenues less transaction-based expenses	284	256
Operating Segments | Corporate Platforms
Disaggregation of Revenue [Line Items]
Revenues less transaction-based expenses	168	146
Operating Segments | Market Services
Disaggregation of Revenue [Line Items]
Revenues less transaction-based expenses	315	334
Operating Segments | Anti Financial Crime Technology | Market Technology
Disaggregation of Revenue [Line Items]
Revenues less transaction-based expenses	72	42
Operating Segments | Marketplace Infrastructure Technology | Market Technology
Disaggregation of Revenue [Line Items]
Revenues less transaction-based expenses	52	58
Operating Segments | Market data | Investment Intelligence
Disaggregation of Revenue [Line Items]
Revenues less transaction-based expenses	108	106
Operating Segments | Index | Investment Intelligence
Disaggregation of Revenue [Line Items]
Revenues less transaction-based expenses	122	102
Operating Segments | Analytics | Investment Intelligence
Disaggregation of Revenue [Line Items]
Revenues less transaction-based expenses	54	48
Operating Segments | Listing services | Corporate Platforms
Disaggregation of Revenue [Line Items]
Revenues less transaction-based expenses	107	89
Operating Segments | IR & ESG Services | Corporate Platforms
Disaggregation of Revenue [Line Items]
Revenues less transaction-based expenses	61	57
Operating Segments | Transaction-based trading and clearing, net | Market Services
Disaggregation of Revenue [Line Items]
Revenues less transaction-based expenses	231	255
Operating Segments | Trade management services | Market Services
Disaggregation of Revenue [Line Items]
Revenues less transaction-based expenses	84	79
Segment Reconciling Items | Other revenues
Disaggregation of Revenue [Line Items]
Revenues less transaction-based expenses	$ 1	$ 15

Revenue From Contracts With C_4

Revenue From Contracts With Customers (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Allowance for doubtful accounts	$ 19		$ 17
Market Services | Services transferred at a point in time
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue recognized (percentage)	70.50%	73.20%
Market Services | Services transferred over time
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue recognized (percentage)	29.50%	26.80%

Revenue From Contracts With C_5

Revenue From Contracts With Customers (Remaining Performance Obligation) (Details) $ in Millions	Mar. 31, 2022USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation	$ 1,498
Analytics
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation	136
IR & ESG Services
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation	$ 98
Minimum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, period	3 months
Maximum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, period	3 years
Market Technology
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation	$ 1,264
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, period	9 months
Revenue, remaining performance obligation	$ 500
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-04-01 | Analytics
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, period	9 months
Revenue, remaining performance obligation	$ 49
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-04-01 | IR & ESG Services
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, period	9 months
Revenue, remaining performance obligation	$ 47
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-04-01 | Market Technology
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, period	9 months
Revenue, remaining performance obligation	$ 404
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, period	1 year
Revenue, remaining performance obligation	$ 481
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | Analytics
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, period	1 year
Revenue, remaining performance obligation	$ 46
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | IR & ESG Services
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, period	1 year
Revenue, remaining performance obligation	$ 38
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | Market Technology
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, period	1 year
Revenue, remaining performance obligation	$ 397
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, period	1 year
Revenue, remaining performance obligation	$ 228
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | Analytics
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, period	1 year
Revenue, remaining performance obligation	$ 22
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | IR & ESG Services
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, period	1 year
Revenue, remaining performance obligation	$ 12
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | Market Technology
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, period	1 year
Revenue, remaining performance obligation	$ 194
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, period	1 year
Revenue, remaining performance obligation	$ 127
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | Analytics
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, period	1 year
Revenue, remaining performance obligation	$ 8
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | IR & ESG Services
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, period	1 year
Revenue, remaining performance obligation	$ 1
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | Market Technology
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, period	1 year
Revenue, remaining performance obligation	$ 118
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, period	1 year
Revenue, remaining performance obligation	$ 79
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | Analytics
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, period	1 year
Revenue, remaining performance obligation	$ 7
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | IR & ESG Services
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, period	1 year
Revenue, remaining performance obligation	$ 0
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | Market Technology
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, period	1 year
Revenue, remaining performance obligation	$ 72
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, period
Revenue, remaining performance obligation	$ 83
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 | Analytics
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, period
Revenue, remaining performance obligation	$ 4
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 | IR & ESG Services
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, period
Revenue, remaining performance obligation	$ 0
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 | Market Technology
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, period
Revenue, remaining performance obligation	$ 79

Acquisition and Divestiture (20

Acquisition and Divestiture (2021 Divestiture) (Details) $ in Millions	1 Months Ended
	Jun. 30, 2021USD ($)shares
eSpeed | Common stock
Business Acquisition [Line Items]
Contingent future issuance of common stock (in shares) | 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

Acquisition and Divestiture (_2

Acquisition and Divestiture (2021 Acquisition) (Details) - Verafin - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Feb. 28, 2021	Dec. 31, 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

Acquisition and Divestiture (Ac

Acquisition and Divestiture (Acquisition of Verafin) (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021	Feb. 28, 2021
Business Acquisition [Line Items]
Goodwill	$ 8,338	$ 8,433
Verafin
Business Acquisition [Line Items]
Goodwill			$ 1,882
Acquired Intangible Assets			815
Total Net Liabilities Acquired			(46)
Purchase Consideration			$ 2,651

Acquisition and Divestiture (In

Acquisition 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	3 Months Ended
	Mar. 31, 2022USD ($)
Goodwill [Roll Forward]
Balance at beginning of period	$ 8,433
Foreign currency translation adjustments	(95)
Balance at end of period	8,338
Market Technology
Goodwill [Roll Forward]
Balance at beginning of period	2,171
Foreign currency translation adjustments	(5)
Balance at end of period	2,166
Investment Intelligence
Goodwill [Roll Forward]
Balance at beginning of period	2,428
Foreign currency translation adjustments	(35)
Balance at end of period	2,393
Corporate Platforms
Goodwill [Roll Forward]
Balance at beginning of period	469
Foreign currency translation adjustments	(6)
Balance at end of period	463
Market Services
Goodwill [Roll Forward]
Balance at beginning of period	3,365
Foreign currency translation adjustments	(49)
Balance at end of period	$ 3,316

Goodwill and Acquired Intangi_4

Goodwill and Acquired Intangible Assets (Narrative) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Indefinite-lived Intangible Assets [Line Items]
Goodwill, impairment loss	$ 0	$ 0
Impairment of indefinite-lived intangible assets	0	$ 0
Finite-lived intangible assets, net	1,520,000,000		$ 1,567,000,000
Foreign currency translation adjustment
Indefinite-lived Intangible Assets [Line Items]
Finite-lived intangible assets, net	$ (68,000,000)		$ (62,000,000)

Goodwill and Acquired Intangi_5

Goodwill and Acquired Intangible Assets (Finite-Lived and Indefinite-Lived Intangible Assets) (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Gross Amount	$ 2,248	$ 2,262
Accumulated Amortization	(728)	(695)
Net Amount	1,520	1,567
Indefinite-lived Intangible Assets [Line Items]
Indefinite-Lived Intangible Assets	1,231	1,246
Intangible assets, net	2,751	2,813
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	(199)	(184)
Technology
Finite-Lived Intangible Assets [Line Items]
Gross Amount	294	295
Accumulated Amortization	(64)	(54)
Net Amount	230	241
Customer Relationships
Finite-Lived Intangible Assets [Line Items]
Gross Amount	2,050	2,050
Accumulated Amortization	(740)	(711)
Net Amount	1,310	1,339
Trade names and other
Finite-Lived Intangible Assets [Line Items]
Gross Amount	60	60
Accumulated Amortization	(12)	(11)
Net Amount	48	49
Foreign currency translation adjustment
Finite-Lived Intangible Assets [Line Items]
Gross Amount	(156)	(143)
Accumulated Amortization	88	81
Net Amount	$ (68)	$ (62)

Goodwill and Acquired Intangi_6

Goodwill and Acquired Intangible Assets (Finite-Lived Intangible Assets Amortization Expense) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 40	$ 36

Goodwill and Acquired Intangi_7

Goodwill and Acquired Intangible Assets (Estimated Future Amortization Expense) (Details) $ in Millions	Mar. 31, 2022USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2022	$ 120
2023	157
2024	152
2025	149
2026	147
2027+	863
Total	$ 1,588

Investments (Schedule of Invest

Investments (Schedule of Investments) (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]
Financial investments	$ 225	$ 208
Equity method investments	369	363
Equity securities	$ 67	$ 67

Investments (Narrative) (Detail

Investments (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Investments, Debt and Securities [Line Items]
Net income from unconsolidated investees	$ 7	$ 57
OCC
Investments, Debt and Securities [Line Items]
Equity method investment, ownership percentage	40.00%	40.00%
Foreign government debt securities
Investments, Debt and Securities [Line Items]
Trading securities	$ 155		$ 162

Deferred Revenue (Changes in De

Deferred Revenue (Changes in Deferred Revenue) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2022USD ($)
Change in Contract with Customer Liability [Roll Forward]
Beginning balance	$ 448
Additions	435
Revenue Recognized	(145)
Adjustments	(3)
Ending balance	735
Market Technology
Change in Contract with Customer Liability [Roll Forward]
Beginning balance	117
Additions	53
Revenue Recognized	(57)
Adjustments	(2)
Ending balance	111
Investment Intelligence
Change in Contract with Customer Liability [Roll Forward]
Beginning balance	106
Additions	61
Revenue Recognized	(41)
Adjustments	0
Ending balance	126
Initial Listing
Change in Contract with Customer Liability [Roll Forward]
Beginning balance	145
Additions	16
Revenue Recognized	(19)
Adjustments	(1)
Ending balance	141
Annual Listings
Change in Contract with Customer Liability [Roll Forward]
Beginning balance	2
Additions	267
Revenue Recognized	0
Adjustments	1
Ending balance	270
Other
Change in Contract with Customer Liability [Roll Forward]
Beginning balance	21
Additions	8
Revenue Recognized	(4)
Adjustments	(1)
Ending balance	24
IR & ESG Services
Change in Contract with Customer Liability [Roll Forward]
Beginning balance	57
Additions	30
Revenue Recognized	(24)
Adjustments	0
Ending balance	$ 63

Deferred Revenue (Estimated Def

Deferred Revenue (Estimated Deferred Revenue) (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Fiscal Year Ended [Abstract]
2022	$ 594
2023	65
2024	33
2025	21
2026	15
2027+	7
Total	735	$ 448
Market Technology
Fiscal Year Ended [Abstract]
2022	101
2023	8
2024	1
2025	1
2026	0
2027+	0
Total	111	117
Investment Intelligence
Fiscal Year Ended [Abstract]
2022	115
2023	11
2024	0
2025	0
2026	0
2027+	0
Total	126	106
Initial Listings
Fiscal Year Ended [Abstract]
2022	37
2023	37
2024	27
2025	18
2026	15
2027+	7
Total	141	145
Annual Listings
Fiscal Year Ended [Abstract]
2022	270
2023	0
2024	0
2025	0
2026	0
2027+	0
Total	270	2
Other
Fiscal Year Ended [Abstract]
2022	11
2023	6
2024	5
2025	2
2026	0
2027+	0
Total	24	21
IR & ESG Services
Fiscal Year Ended [Abstract]
2022	60
2023	3
2024	0
2025	0
2026	0
2027+	0
Total	$ 63	$ 57

Debt Obligations (Changes in De

Debt Obligations (Changes in Debt Obligations) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2022USD ($)
Changes In Short-Term Debt Obligations [Roll Forward]
Short-term debt - commercial paper beginning balance	$ 1,517
Additions	1,250
Payments, Foreign Currency Translation and Accretion	(1,669)
Short-term debt - commercial paper ending balance	1,098
Changes in Long-Term Debt Obligations [Roll Forward]
Total long-term debt at beginning of period	4,313
Additions	541
Payments, Foreign Currency Translation and Accretion	(54)
Total long-term debt at end of period	4,800
Changes In Debt Obligations [Roll Forward]
Total debt obligations at beginning of period	5,830
Additions	1,791
Payments, Foreign Currency Translation and Accretion	(1,723)
Total debt obligations at end of period	5,898
Senior Notes | 2026 Notes
Changes in Long-Term Debt Obligations [Roll Forward]
Long-term debt obligations at beginning of period	498
Additions	0
Payments, Foreign Currency Translation and Accretion	0
Long-term debt obligations at end of period	498
Senior Notes | 2029 Notes
Changes in Long-Term Debt Obligations [Roll Forward]
Long-term debt obligations at beginning of period	676
Additions	0
Payments, Foreign Currency Translation and Accretion	(18)
Long-term debt obligations at end of period	658
Senior Notes | 2030 Notes
Changes in Long-Term Debt Obligations [Roll Forward]
Long-term debt obligations at beginning of period	676
Additions	0
Payments, Foreign Currency Translation and Accretion	(18)
Long-term debt obligations at end of period	658
Senior Notes | 2050 Notes
Changes in Long-Term Debt Obligations [Roll Forward]
Long-term debt obligations at beginning of period	486
Additions	0
Payments, Foreign Currency Translation and Accretion	0
Long-term debt obligations at end of period	486
Senior Notes | 2031 Notes
Changes in Long-Term Debt Obligations [Roll Forward]
Long-term debt obligations at beginning of period	643
Additions	0
Payments, Foreign Currency Translation and Accretion	0
Long-term debt obligations at end of period	643
Senior Notes | 2040 Notes
Changes in Long-Term Debt Obligations [Roll Forward]
Long-term debt obligations at beginning of period	644
Additions	0
Payments, Foreign Currency Translation and Accretion	0
Long-term debt obligations at end of period	644
Senior Notes | 2033 Notes
Changes in Long-Term Debt Obligations [Roll Forward]
Long-term debt obligations at beginning of period	694
Additions	0
Payments, Foreign Currency Translation and Accretion	(19)
Long-term debt obligations at end of period	675
Senior Notes | 2052 Notes
Changes in Long-Term Debt Obligations [Roll Forward]
Long-term debt obligations at beginning of period	0
Additions	541
Payments, Foreign Currency Translation and Accretion	0
Long-term debt obligations at end of period	541
2020 Credit Facility
Changes in Long-Term Debt Obligations [Roll Forward]
Long-term debt obligations at beginning of period	(4)
Additions	0
Payments, Foreign Currency Translation and Accretion	1
Long-term debt obligations at end of period	(3)
Short-term debt - commercial paper
Changes In Short-Term Debt Obligations [Roll Forward]
Short-term debt - commercial paper beginning balance	420
Additions	1,250
Payments, Foreign Currency Translation and Accretion	(1,670)
Short-term debt - commercial paper ending balance	0
Short-term notes | 2022 Notes
Changes In Short-Term Debt Obligations [Roll Forward]
Short-term debt - commercial paper beginning balance	598
Additions	0
Payments, Foreign Currency Translation and Accretion	1
Short-term debt - commercial paper ending balance	599
Short-term notes | 2024 Notes
Changes In Short-Term Debt Obligations [Roll Forward]
Short-term debt - commercial paper beginning balance	499
Additions	0
Payments, Foreign Currency Translation and Accretion	0
Short-term debt - commercial paper ending balance	$ 499

Debt Obligations (Commercial Pa

Debt Obligations (Commercial Paper) (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Short-term Debt [Line Items]
Short-term Debt	$ 1,098	$ 1,517
Commercial paper
Short-term Debt [Line Items]
Short-term Debt	$ 0	$ 420

Debt Obligations (Senior Unsecu

Debt Obligations (Senior Unsecured Notes) (Details)	3 Months Ended
	Mar. 31, 2022
Senior Notes
Debt Instrument [Line Items]
Aggregate principal amount purchased plus accrued and unpaid interest	101.00%

Debt Obligations (Early Extingu

Debt Obligations (Early Extinguishment of 2024 Notes) (Details) - Senior Notes - 2024 Notes - USD ($) $ in Millions	1 Months Ended
	Apr. 30, 2022	May 31, 2014
Debt Instrument [Line Items]
Stated rate		4.25%
Subsequent Event
Debt Instrument [Line Items]
Loss on extinguishment of debt	$ (16)

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	3 Months Ended
	Mar. 31, 2022	Apr. 30, 2019
Debt Instrument [Line Items]
Decrease (increase) in carrying amount	$ 54
Senior Notes | 2029 Notes
Debt Instrument [Line Items]
Stated rate		1.75%
Decrease (increase) in carrying amount	$ 18
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	3 Months Ended
	Mar. 31, 2022USD ($)
Debt Instrument [Line Items]
Decrease (increase) in carrying amount	$ 54
Senior Notes | 2030 Notes
Debt Instrument [Line Items]
Decrease (increase) in carrying amount	$ 18

Debt Obligations (2050 Notes) (

Debt Obligations (2050 Notes) (Details) - 2050 Notes - Senior Notes	Mar. 31, 2022
Debt Instrument [Line Items]
Stated rate	3.25%
Maximum
Debt Instrument [Line Items]
Stated rate	5.25%

Debt Obligations (2022, 2031 an

Debt Obligations (2022, 2031 and 2040 Notes) (Details) - Senior Notes	Mar. 31, 2022
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	3 Months Ended
	Mar. 31, 2022USD ($)
Debt Instrument [Line Items]
Increase (decrease) in carrying amount	$ (54)
2033 Notes | Senior Notes
Debt Instrument [Line Items]
Increase (decrease) in carrying amount	$ (19)

Debt Obligations (2052 Notes) (

Debt Obligations (2052 Notes) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2022USD ($)
Debt Instrument [Line Items]
Net proceeds from senior note	$ 541
2052 Notes | Senior Notes
Debt Instrument [Line Items]
Principal amount	$ 550
Stated rate	5.95%
Net proceeds from senior note	$ 541
2052 Notes | Senior Notes | Minimum
Debt Instrument [Line Items]
Stated rate	3.95%

Debt Obligations (Credit Facili

Debt Obligations (Credit Facilities) (Details) - 2020 Credit Facility - USD ($)	1 Months Ended	3 Months Ended
	Dec. 31, 2020	Mar. 31, 2022
Revolving Credit Facility
Debt Instrument [Line Items]
Utilized amount		$ 0
Unamortized debt issuance expense		3,000,000
Revolving 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 | Minimum
Debt Instrument [Line Items]
Line of credit facility, commitment fee percentage		0.125%
Revolving Credit Facility | Maximum
Debt Instrument [Line Items]
Line of credit facility, commitment fee percentage		0.35%

Debt Obligations (Other Credit

Debt Obligations (Other Credit Facilities) (Details) - Clearinghouse Credit Facilities - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Remaining amount available	$ 204,000,000	$ 212,000,000
Utilized amount	$ 0	$ 0

Retirement Plans (Narrative) (D

Retirement Plans (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
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	$ 4	$ 4
Cost or expenses included in compensation and benefit expense	$ 6	$ 6

Share-Based Compensation (Narra

Share-Based Compensation (Narrative) (Details) $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended
	Jan. 31, 2022shares	Mar. 31, 2022USD ($)$ / sharespeerGroupshares	Mar. 31, 2021USD ($)$ / sharesshares	Mar. 31, 2020program	Dec. 31, 2021shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock shares reserved for future issuance (in shares) | shares		9,300,000
Options outstanding (in shares) | shares		473,441			268,817
Granted (in shares) | shares		204,624
Stock option exercises, net (in shares) | shares			24,409
Net cash proceeds from the exercise of stock options | $			$ 1
Aggregate Intrinsic Value, exercisable (in millions) | $		$ 30
Stock options, exercisable (in shares) | shares		268,817	300,000
Options exercisable, weighted average exercise price (in dollars per share) | $ / shares		$ 66.68	$ 66.68
Total pre-tax intrinsic value of stock options exercised | $			$ 3
Share based compensation expense | $		$ 25	$ 19
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		$ 178.20
Employment Agreement
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares) | shares	204,624		0
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Discount from market price (as a percent)		15.00%	15.00%
Common stock shares reserved for future issuance (in shares) | shares		4,200,000
Maximum percentage of shares purchased from annual compensation		10.00%
Discount given to employees (as a percent)		15.00%
Share based compensation expense | $		$ 3	$ 2
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation cost | $		$ 71
Weighted-average period unrecognized compensation cost is expected to be recognized, in years		1 year 8 months 12 days
PSUs | One-Year Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation cost | $		$ 1
Weighted-average period unrecognized compensation cost is expected to be recognized, in years		1 year
Expiration period		1 year		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 | $		$ 36
Weighted-average period unrecognized compensation cost is expected to be recognized, in years		1 year 3 months 18 days
Expiration period		3 years		3 years
Performance period		3 years
Number of peer groups (in peer groups) | peerGroup		2
Performance-based long-term incentive program weighted percentage		50.00%
Minimum payout (as a percent)		0.00%
Maximum payout (as a percent)		200.00%
Additional units granted above target (in shares) | shares		289,307
PSUs | Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of performance-based programs (in programs) | program				2
PSUs, Negative TSR | Three-Year Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum payout (as a percent)		100.00%
Employee stock option | Employment Agreement
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period	10 years
Agreement term	5 years
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%
First Anniversary | Employee stock option | Employment Agreement
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage (as a percent)	50.00%
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%
Second Anniversary | Employee stock option | Employment Agreement
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage (as a percent)	50.00%
Vesting period	5 years
Third Anniversary | Restricted Stock | Below Manager Level
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage (as a percent)		33.30%
Third Anniversary | Restricted Stock | At or Above Manager Level
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage (as a percent)		33.30%
Fourth Anniversary | Restricted Stock | At or Above Manager Level
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage (as a percent)		33.30%

Share-Based Compensation (Summa

Share-Based Compensation (Summary of Share-Based Compensation Expense) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share-based Payment Arrangement [Abstract]
Share-based compensation expense before income taxes	$ 25	$ 19
Income tax benefit	(6)	(5)
Share-based compensation expense after income taxes	$ 19	$ 14

Share-Based Compensation (Sum_2

Share-Based Compensation (Summary of Restricted Stock Activity) (Details) - Restricted Stock	3 Months Ended
	Mar. 31, 2022$ / sharesshares
Number of Awards
Unvested balances at beginning of period (in shares) | shares	1,466,340
Granted (in shares) | shares	10,221
Vested (in shares) | shares	(150,156)
Forfeited (in shares) | shares	(15,953)
Unvested balances at end of period (in shares) | shares	1,310,452
Weighted-Average Grant Date Fair Value
Unvested balances at beginning of period (in dollars per share) | $ / shares	$ 106.16
Granted (in dollars per share) | $ / shares	199.30
Vested (in dollars per share) | $ / shares	81.93
Forfeited (in dollars per share) | $ / shares	109.42
Unvested balances at end of period (in dollars per share) | $ / shares	$ 109.62

Share-Based Compensation (Sum_3

Share-Based Compensation (Summary of PSU Activity) (Details) - PSUs	3 Months Ended
	Mar. 31, 2022$ / sharesshares
One-Year Program
Number of Awards
Unvested balances at beginning of period (in shares) | shares	49,734
Granted (in shares) | shares	0
Vested (in shares) | shares	0
Forfeited (in shares) | shares	(259)
Unvested balances at end of period (in shares) | shares	49,475
Weighted-Average Grant Date Fair Value
Unvested balances at beginning of period (in dollars per share) | $ / shares	$ 84.03
Granted (in dollars per share) | $ / shares	0
Vested (in dollars per share) | $ / shares	0
Forfeited (in dollars per share) | $ / shares	84.18
Unvested balances at end of period (in dollars per share) | $ / shares	$ 84.03
Three-Year Program
Number of Awards
Unvested balances at beginning of period (in shares) | shares	764,124
Granted (in shares) | shares	296,912
Vested (in shares) | shares	(578,614)
Forfeited (in shares) | shares	(399)
Unvested balances at end of period (in shares) | shares	482,023
Weighted-Average Grant Date Fair Value
Unvested balances at beginning of period (in dollars per share) | $ / shares	$ 135.04
Granted (in dollars per share) | $ / shares	100.28
Vested (in dollars per share) | $ / shares	97.70
Forfeited (in dollars per share) | $ / shares	148.47
Unvested balances at end of period (in dollars per share) | $ / shares	$ 158.45

Share-Based Compensation (Sum_4

Share-Based Compensation (Summary of Stock Option Activity) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021
Number of Stock Options
Outstanding at beginning of period (in shares)	268,817
Granted (in shares)	204,624
Outstanding at end of period (in shares)	473,441	268,817
Exercisable (in shares)	268,817		300,000
Weighted-Average Exercise Price
Weighted average exercise price, outstanding, beginning of period (in dollars per share)	$ 66.68
Granted (in dollars per share)	202.46
Weighted average exercise price, outstanding, end of period (in dollars per share)	125.36	$ 66.68
Options exercisable, weighted average exercise price (in dollars per share)	$ 66.68		$ 66.68
Weighted-average remaining contractual term, Outstanding (in years)	6 years 10 months 24 days	5 years
Weighted-average remaining contractual term, Exercisable (in years)	4 years 9 months 18 days
Aggregate Intrinsic Value (in millions)	$ 30	$ 39
Aggregate Intrinsic Value, exercisable (in millions)	$ 30

Nasdaq Stockholders' Equity (Na

Nasdaq Stockholders' Equity (Narrative) (Details) $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended
	Apr. 30, 2022USD ($)$ / shares	Mar. 31, 2022USD ($)vote$ / sharesshares	Mar. 31, 2021$ / shares	Jan. 31, 2022USD ($)	Dec. 31, 2021vote$ / sharesshares	Jun. 16, 2021USD ($)
Stockholders Equity [Line Items]
Common stock, shares authorized (in shares)		300,000,000			300,000,000
Common stock, shares issued (in shares)		171,535,457			173,418,939
Common stock, shares outstanding (in shares)		164,488,485			166,679,635
Common stock (in votes per share) | vote		1			1
Common stock holder voting rights, maximum percentage of the then-outstanding shares of Nasdaq common stock		5.00%			5.00%
Common stock in treasury (in shares)		7,046,972			6,739,304
Additional amount under stock repurchase program | $						$ 1,500
Authorized amount under share repurchase program | $		$ 459
Preferred stock, shares authorized (in shares)		30,000,000			30,000,000
Preferred stock par value (in dollars per share) | $ / shares		$ 0.01			$ 0.01
Preferred stock, shares issued (in shares)		0			0
Preferred stock, shares outstanding (in shares)		0			0
Payments of dividends | $		$ 89
Cash dividends declared per common share (in dollars per share) | $ / shares		$ 0.54	$ 0.49
Subsequent Event
Stockholders Equity [Line Items]
Cash dividends declared per common share (in dollars per share) | $ / shares	$ 0.60
Dividends declared | $	$ 99
Percentage increase of dividends declared	0.11
Stock split conversion ratio	3
Common stock | ASR agreement
Stockholders Equity [Line Items]
Authorized amount under share repurchase program | $				$ 325
Share repurchase program (in shares)		1,876,387

Nasdaq Stockholders' Equity (Co

Nasdaq Stockholders' Equity (Common Stock in Treasury) (Details) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2022USD ($)$ / sharesshares
Other repurchases of common stock
Dividends Payable [Line Items]
Number of shares of common stock repurchased (in shares)	307,668
Share repurchase program
Dividends Payable [Line Items]
Share repurchase program (in shares)	735,865
Average price paid per share (in dollars per share) | $ / shares	$ 191.91
Total purchase price (in millions) | $	$ 142

Nasdaq Stockholders' Equity (Sc

Nasdaq Stockholders' Equity (Schedule of Dividends Declared) (Details) - USD ($) $ / shares in Units, $ in Millions	Mar. 25, 2022	Jan. 26, 2022	Mar. 31, 2022	Mar. 31, 2021
Dividends Payable [Line Items]
Dividend Per Common Share (in dollars per share)			$ 0.54	$ 0.49
Dividend declaration date, first quarter
Dividends Payable [Line Items]
Dividend Per Common Share (in dollars per share)		$ 0.54
Total Amount Paid	$ 89

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Numerator:
Net income attributable to common shareholders	$ 284	$ 298
Denominator:
Weighted-average common shares outstanding for basic earnings per share (in shares)	165,048,113	164,709,609
Weighted-average effect of dilutive securities:
Employee equity awards (in shares)	2,200,025	2,382,473
Weighted-average common shares outstanding for diluted earnings per share (in shares)	167,248,138	167,092,082
Basic and diluted earnings per share:
Basic earnings per share (in dollars per share)	$ 1.72	$ 1.81
Diluted earnings per share (in dollars per share)	$ 1.70	$ 1.78
Securities excluded from the computation of diluted earnings per share (in shares)	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	Mar. 31, 2022	Dec. 31, 2021
Debt Securities [Abstract]
Financial investments	$ 225	$ 208
Fair Value, Measurements, Recurring
Debt Securities [Abstract]
Financial investments	225	208
Fair Value, Measurements, Recurring | European government debt securities
Debt Securities [Abstract]
Financial investments	141	144
Fair Value, Measurements, Recurring | Corporate debt securities
Debt Securities [Abstract]
Financial investments	29	20
Fair Value, Measurements, Recurring | State owned enterprises and municipal securities
Debt Securities [Abstract]
Financial investments	27	11
Fair Value, Measurements, Recurring | Swedish mortgage bonds
Debt Securities [Abstract]
Financial investments	19	21
Fair Value, Measurements, Recurring | Time deposits
Debt Securities [Abstract]
Financial investments	0	12
Fair Value, Measurements, Recurring | Commercial paper
Debt Securities [Abstract]
Financial investments	9
Fair Value, Measurements, Recurring | Level 1
Debt Securities [Abstract]
Financial investments	141	144
Fair Value, Measurements, Recurring | Level 1 | European government debt securities
Debt Securities [Abstract]
Financial investments	141	144
Fair Value, Measurements, Recurring | Level 1 | Corporate debt securities
Debt Securities [Abstract]
Financial investments	0	0
Fair Value, Measurements, Recurring | Level 1 | State owned enterprises and municipal securities
Debt Securities [Abstract]
Financial investments	0	0
Fair Value, Measurements, Recurring | Level 1 | Swedish mortgage bonds
Debt Securities [Abstract]
Financial investments	0	0
Fair Value, Measurements, Recurring | Level 1 | Time deposits
Debt Securities [Abstract]
Financial investments	0	0
Fair Value, Measurements, Recurring | Level 1 | Commercial paper
Debt Securities [Abstract]
Financial investments	0
Fair Value, Measurements, Recurring | Level 2
Debt Securities [Abstract]
Financial investments	84	64
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	29	20
Fair Value, Measurements, Recurring | Level 2 | State owned enterprises and municipal securities
Debt Securities [Abstract]
Financial investments	27	11
Fair Value, Measurements, Recurring | Level 2 | Swedish mortgage bonds
Debt Securities [Abstract]
Financial investments	19	21
Fair Value, Measurements, Recurring | Level 2 | Time deposits
Debt Securities [Abstract]
Financial investments	0	12
Fair Value, Measurements, Recurring | Level 2 | Commercial paper
Debt Securities [Abstract]
Financial investments	9
Fair Value, Measurements, Recurring | Level 3
Debt Securities [Abstract]
Financial investments	0	0
Fair Value, Measurements, Recurring | Level 3 | European government debt securities
Debt Securities [Abstract]
Financial investments	0	0
Fair Value, Measurements, Recurring | Level 3 | Corporate debt securities
Debt Securities [Abstract]
Financial investments	0	0
Fair Value, Measurements, Recurring | Level 3 | State owned enterprises and municipal securities
Debt Securities [Abstract]
Financial investments	0	0
Fair Value, Measurements, Recurring | Level 3 | Swedish mortgage bonds
Debt Securities [Abstract]
Financial investments	0	0
Fair Value, Measurements, Recurring | Level 3 | Time deposits
Debt Securities [Abstract]
Financial investments	0	$ 0
Fair Value, Measurements, Recurring | Level 3 | Commercial paper
Debt Securities [Abstract]
Financial investments	$ 0

Fair Value of Financial Instr_4

Fair Value of Financial Instruments (Narrative) (Details) - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term Debt	$ 1,098,000,000	$ 1,517,000,000
Fair value assets	0	0
Short-term debt - commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term Debt	0	420,000,000
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	$ 5,500,000,000	$ 5,900,000,000

Clearing Operations (Narrative)

Clearing Operations (Narrative) (Details) kr in Millions	1 Months Ended		3 Months Ended
	Jan. 31, 2021USD ($)	Jan. 31, 2021SEK (kr)	Mar. 31, 2022USD ($)fundcontract	Mar. 31, 2021USD ($)	Dec. 31, 2021USD ($)
Clearing Operations [Line Items]
Number of member sponsored default funds (in funds) | fund			3
Regulatory			$ 8,000,000	$ 7,000,000
Default fund contributions			869,000,000
Default fund contributions and margin deposits			13,902,000,000
Payments for default funds and margin deposits			10,647,000,000	12,197,000,000
Proceeds from default funds and margin deposits			10,275,000,000	$ 12,002,000,000
Liability due to market default			0
Liability Waterfall
Clearing Operations [Line Items]
Junior capital, cash deposits and pledged assets			42,000,000
Senior capital, cash deposits and pledged assets			23,000,000
Committed capital			67,000,000
Utilize as capital resources
Clearing Operations [Line Items]
Default fund contributions			764,000,000
Utilize as member posted surplus balance
Clearing Operations [Line Items]
Default fund contributions			105,000,000
Nasdaq clearing members cash contributions
Clearing Operations [Line Items]
Default fund contributions			736,000,000
Default fund contributions and margin deposits			6,570,000,000		$ 5,911,000,000
Restricted cash and equivalents
Clearing Operations [Line Items]
Currency translation adjustment			160,000,000
Investments
Clearing Operations [Line Items]
Currency translation adjustment			$ 37,000,000
Minimum
Clearing Operations [Line Items]
Reverse purchase agreements, maturity range			1 day
Maximum
Clearing Operations [Line Items]
Reverse purchase agreements, maturity range			20 days
Nasdaq Clearing
Clearing Operations [Line Items]
Regulatory	$ 33,000,000	kr 300
Committed capital			$ 132,000,000
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			$ 1,000,000,000
Total number of derivative contracts cleared (in contracts) | contract			1,317,510

Clearing Operations (Schedule o

Clearing Operations (Schedule of Clearing Member Default Fund Contributions And Margin Deposits) (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Clearing Operations [Line Items]
Default fund contributions	$ 869
Margin deposits	13,033
Total	13,902
Cash Contributions
Clearing Operations [Line Items]
Default fund contributions	736
Margin deposits	5,834
Total	6,570	$ 5,911
Non-Cash Contributions
Clearing Operations [Line Items]
Default fund contributions	133
Margin deposits	7,199
Total	$ 7,332

Clearing Operations (Investment

Clearing Operations (Investment Policy) (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Clearing Operations [Line Items]
Cash contributions	$ 13,902
Default funds and margin deposits assets	6,570	$ 5,911
Restricted cash and equivalents
Clearing Operations [Line Items]
Default funds and margin deposits assets	5,398	5,074
Demand deposits
Clearing Operations [Line Items]
Default funds and margin deposits assets	4,270	3,061
Central bank certificates
Clearing Operations [Line Items]
Default funds and margin deposits assets	1,128	2,013
Investments
Clearing Operations [Line Items]
Default funds and margin deposits assets	1,172	837
European government debt securities
Clearing Operations [Line Items]
Default funds and margin deposits assets	443	414
Reverse repurchase agreements
Clearing Operations [Line Items]
Default funds and margin deposits assets	457	152
Multilateral development bank debt securities
Clearing Operations [Line Items]
Default funds and margin deposits assets	272	271
Nasdaq clearing members cash contributions
Clearing Operations [Line Items]
Cash contributions	$ 6,570	$ 5,911

Clearing Operations (Schedule_2

Clearing Operations (Schedule of Derivative Contracts) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2022USD ($)TWhcontract	Mar. 31, 2021TWhcontract
Clearing Operations [Line Items]
Market value of derivative contracts | $	$ 2,173
Total number of cleared contracts (in contracts) | contract	24,948,668	21,942,207
Total volume in cleared power, in Terawatt hours (TWh) | TWh	135	250
Commodity and seafood options, futures and forwards
Clearing Operations [Line Items]
Market value of derivative contracts | $	$ 518
Total number of cleared contracts (in contracts) | contract	96,153	155,662
Fixed-income options and futures
Clearing Operations [Line Items]
Market value of derivative contracts | $	$ 1,345
Total number of cleared contracts (in contracts) | contract	6,594,330	6,404,204
Stock options and futures
Clearing Operations [Line Items]
Market value of derivative contracts | $	$ 228
Total number of cleared contracts (in contracts) | contract	5,113,644	6,306,308
Index options and futures
Clearing Operations [Line Items]
Market value of derivative contracts | $	$ 82
Total number of cleared contracts (in contracts) | contract	13,144,541	9,076,033

Leases (Summary of Supplemental

Leases (Summary of Supplemental Balance Sheet Information Related to Operating Leases) (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Assets:
Operating lease assets	$ 470	$ 366
Liabilities:
Current lease liabilities	$ 58	$ 37
Current lease liability, statement of financial position [Extensible Enumeration]	Other current liabilities	Other current liabilities
Non-current lease liabilities	$ 478	$ 386
Total lease liabilities	$ 536	$ 423

Leases (Leases Cost) (Details)

Leases (Leases Cost) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Leases [Abstract]
Operating lease cost	$ 20	$ 22
Variable lease cost	8	7
Sublease income	(1)	(1)
Total lease cost	$ 27	$ 28

Leases (Operating Lease Maturit

Leases (Operating Lease Maturity) (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Remainder of 2022	$ 57
2023	71
2024	66
2025	52
2026	48
2027+	358
Total lease payments	652
Less: interest	(116)
Present value of lease liabilities	536	$ 423
Operating lease, current liabilities	$ 58	$ 37

Leases (Narrative) (Details)

Leases (Narrative) (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Current lease liabilities	$ 58	$ 37
Lease liability for lease not yet commenced	$ 44

Leases (Leases Terms and Discou

Leases (Leases Terms and Discount Rate) (Details)	Mar. 31, 2022
Leases [Abstract]
Weighted-average remaining lease term (in years)	11 years
Weighted-average discount rate	3.50%

Leases (Supplemental Cash Flow

Leases (Supplemental Cash Flow Information) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Leases [Abstract]
Cash paid for amounts included in the measurement of operating lease liabilities	$ 9	$ 19
Lease assets obtained in exchange for operating lease liabilities	$ 118	$ 33

Income Taxes - Provision and Ef

Income Taxes - Provision and Effective Rate (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Income tax provision	$ 91	$ 97
Effective tax rate	24.30%	24.60%

Commitments, Contingencies an_2

Commitments, Contingencies and Guarantees (Details) - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Commitments and Contingencies Disclosure [Line Items]
Financial guarantees obtained	$ 5,000,000	$ 5,000,000
Clearinghouse Credit Facilities
Commitments and Contingencies Disclosure [Line Items]
Credit facility, available liquidity	204,000,000	212,000,000
Utilized amount	0	0
Clearinghouse Credit Facilities | Commercial Paper and Letter Of Credit
Commitments and Contingencies Disclosure [Line Items]
Utilized amount	$ 0	$ 0

Business Segments (Narrative) (

Business Segments (Narrative) (Details)	3 Months Ended
	Mar. 31, 2022segment
Segment Reporting [Abstract]
Number of operating segments (in segments)	4

Business Segments (Schedule of

Business Segments (Schedule of Operating Segments) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Segment Reporting Information [Line Items]
Total revenues	$ 1,535	$ 1,651
Transaction-based expenses	(643)	(800)
Revenues less transaction-based expenses	892	851
Operating income (loss)	405	365
Operating Segments | Market Technology
Segment Reporting Information [Line Items]
Total revenues	124	100
Revenues less transaction-based expenses	124	100
Operating income (loss)	4	(2)
Operating Segments | Investment Intelligence
Segment Reporting Information [Line Items]
Total revenues	284	256
Revenues less transaction-based expenses	284	256
Operating income (loss)	184	166
Operating Segments | Corporate Platforms
Segment Reporting Information [Line Items]
Total revenues	168	146
Revenues less transaction-based expenses	168	146
Operating income (loss)	75	58
Operating Segments | Market Services
Segment Reporting Information [Line Items]
Total revenues	958	1,134
Transaction-based expenses	(643)	(800)
Revenues less transaction-based expenses	315	334
Operating income (loss)	200	226
Corporate Items
Segment Reporting Information [Line Items]
Total revenues	1	15
Revenues less transaction-based expenses	1	15
Operating income (loss)	$ (58)	$ (83)

Business Segments (Corporate It

Business Segments (Corporate Items) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Expenses:
Total revenues	$ 1,535	$ 1,651
Amortization expense of acquired intangible assets	40	36
Merger and strategic initiatives expense	15	45
Restructuring charges	0	10
Operating income	405	365
Corporate Items
Expenses:
Total revenues	1	15
Amortization expense of acquired intangible assets	40	36
Merger and strategic initiatives expense	15	45
Restructuring charges	0	10
Expenses - divested/contributed businesses	0	5
Other	4	2
Total expenses	59	98
Operating income	$ (58)	$ (83)

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
	Mar. 31, 2022	Mar. 31, 2021
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	$ 0	$ 10
Asset impairment charges and accelerated depreciation expense
Restructuring Cost and Reserve [Line Items]
Total restructuring charges		1
Consulting services
Restructuring Cost and Reserve [Line Items]
Total restructuring charges		5
Other
Restructuring Cost and Reserve [Line Items]
Total restructuring charges		$ 4