ndaq-20200630
0001120193December 312020Q2FALSEus-gaap:AccountingStandardsUpdate201613Memberus-gaap:AccountingStandardsUpdate201613Member61111P5YP1YP3YP1YP3YP1YP1YP1YP3YP1YP3YP1YP3YP3YP3YP3YP3YP3YP3YP3YP3YP1YP3YP3YP1YP3Yus-gaap:OtherLiabilitiesCurrentP2Y00011201932020-01-012020-06-300001120193ndaq:CommonStock.01parvaluepershareMember2020-01-012020-06-300001120193ndaq:ZeroPointEightSevenFivePercentSeniorNotesDue2030Member2020-01-012020-06-300001120193ndaq:OnePointSevenFivePercentSeniorNotesDue2029Member2020-01-012020-06-300001120193ndaq:OnePointSevenFivePercentSeniorNoteDue2023Member2020-01-012020-06-30xbrli:shares00011201932020-07-28iso4217:USD00011201932020-06-3000011201932019-12-31iso4217:USDxbrli:shares0001120193ndaq:MarketServicesMemberus-gaap:OperatingSegmentsMember2020-04-012020-06-300001120193ndaq:MarketServicesMemberus-gaap:OperatingSegmentsMember2019-04-012019-06-300001120193ndaq:MarketServicesMemberus-gaap:OperatingSegmentsMember2020-01-012020-06-300001120193ndaq:MarketServicesMemberus-gaap:OperatingSegmentsMember2019-01-012019-06-300001120193us-gaap:OperatingSegmentsMemberndaq:CorporateServicesMember2020-04-012020-06-300001120193us-gaap:OperatingSegmentsMemberndaq:CorporateServicesMember2019-04-012019-06-300001120193us-gaap:OperatingSegmentsMemberndaq:CorporateServicesMember2020-01-012020-06-300001120193us-gaap:OperatingSegmentsMemberndaq:CorporateServicesMember2019-01-012019-06-300001120193us-gaap:OperatingSegmentsMemberndaq:InformationServicesMember2020-04-012020-06-300001120193us-gaap:OperatingSegmentsMemberndaq:InformationServicesMember2019-04-012019-06-300001120193us-gaap:OperatingSegmentsMemberndaq:InformationServicesMember2020-01-012020-06-300001120193us-gaap:OperatingSegmentsMemberndaq:InformationServicesMember2019-01-012019-06-300001120193us-gaap:TechnologyServiceMemberus-gaap:OperatingSegmentsMember2020-04-012020-06-300001120193us-gaap:TechnologyServiceMemberus-gaap:OperatingSegmentsMember2019-04-012019-06-300001120193us-gaap:TechnologyServiceMemberus-gaap:OperatingSegmentsMember2020-01-012020-06-300001120193us-gaap:TechnologyServiceMemberus-gaap:OperatingSegmentsMember2019-01-012019-06-300001120193us-gaap:MaterialReconcilingItemsMember2020-04-012020-06-300001120193us-gaap:MaterialReconcilingItemsMember2019-04-012019-06-300001120193us-gaap:MaterialReconcilingItemsMember2020-01-012020-06-300001120193us-gaap:MaterialReconcilingItemsMember2019-01-012019-06-3000011201932020-04-012020-06-3000011201932019-04-012019-06-3000011201932019-01-012019-06-300001120193ndaq:TransactionRebatesMember2020-04-012020-06-300001120193ndaq:TransactionRebatesMember2019-04-012019-06-300001120193ndaq:TransactionRebatesMember2020-01-012020-06-300001120193ndaq:TransactionRebatesMember2019-01-012019-06-300001120193ndaq:BrokerageClearanceAndExchangeFeesMember2020-04-012020-06-300001120193ndaq:BrokerageClearanceAndExchangeFeesMember2019-04-012019-06-300001120193ndaq:BrokerageClearanceAndExchangeFeesMember2020-01-012020-06-300001120193ndaq:BrokerageClearanceAndExchangeFeesMember2019-01-012019-06-300001120193us-gaap:CommonStockMember2020-03-310001120193us-gaap:CommonStockMember2020-06-300001120193us-gaap:CommonStockMember2019-03-310001120193us-gaap:CommonStockMember2019-06-300001120193us-gaap:AdditionalPaidInCapitalMember2020-03-310001120193us-gaap:AdditionalPaidInCapitalMember2019-03-310001120193us-gaap:AdditionalPaidInCapitalMember2019-12-310001120193us-gaap:AdditionalPaidInCapitalMember2018-12-310001120193us-gaap:AdditionalPaidInCapitalMember2020-04-012020-06-300001120193us-gaap:AdditionalPaidInCapitalMember2019-04-012019-06-300001120193us-gaap:AdditionalPaidInCapitalMember2020-01-012020-06-300001120193us-gaap:AdditionalPaidInCapitalMember2019-01-012019-06-300001120193us-gaap:AdditionalPaidInCapitalMember2020-06-300001120193us-gaap:AdditionalPaidInCapitalMember2019-06-300001120193us-gaap:TreasuryStockMember2020-03-310001120193us-gaap:TreasuryStockMember2019-03-310001120193us-gaap:TreasuryStockMember2019-12-310001120193us-gaap:TreasuryStockMember2018-12-310001120193us-gaap:TreasuryStockMember2020-04-012020-06-300001120193us-gaap:TreasuryStockMember2020-01-012020-06-300001120193us-gaap:TreasuryStockMember2019-01-012019-06-300001120193us-gaap:TreasuryStockMember2020-06-300001120193us-gaap:TreasuryStockMember2019-06-300001120193us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-03-310001120193us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-03-310001120193us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-12-310001120193us-gaap:AccumulatedOtherComprehensiveIncomeMember2018-12-310001120193us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-04-012020-06-300001120193us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-04-012019-06-300001120193us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-01-012020-06-300001120193us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-01-012019-06-300001120193us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-06-300001120193us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-06-300001120193us-gaap:RetainedEarningsMember2020-03-310001120193us-gaap:RetainedEarningsMember2019-03-310001120193us-gaap:RetainedEarningsMember2019-12-310001120193us-gaap:RetainedEarningsMember2018-12-3100011201932019-01-012019-12-310001120193us-gaap:RetainedEarningsMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2019-12-310001120193us-gaap:RetainedEarningsMember2020-04-012020-06-300001120193us-gaap:RetainedEarningsMember2019-04-012019-06-300001120193us-gaap:RetainedEarningsMember2020-01-012020-06-300001120193us-gaap:RetainedEarningsMember2019-01-012019-06-300001120193us-gaap:RetainedEarningsMember2020-06-300001120193us-gaap:RetainedEarningsMember2019-06-300001120193us-gaap:ParentMember2020-06-300001120193us-gaap:ParentMember2019-06-300001120193us-gaap:NoncontrollingInterestMember2020-03-310001120193us-gaap:NoncontrollingInterestMember2019-12-310001120193us-gaap:NoncontrollingInterestMember2020-04-012020-06-300001120193us-gaap:NoncontrollingInterestMember2020-01-012020-06-300001120193us-gaap:NoncontrollingInterestMember2020-06-3000011201932019-06-3000011201932018-12-31ndaq:segmentndaq:exchange0001120193ndaq:MarketServicesMemberndaq:OptionsMarketsMembercountry:US2020-01-012020-06-300001120193ndaq:CashEquitiesTradingMarketsMemberndaq:MarketServicesMembercountry:US2020-01-012020-06-30ndaq:company0001120193ndaq:CorporateServicesMembercountry:US2020-06-300001120193ndaq:CorporateServicesMembersrt:EuropeMember2020-06-30ndaq:exchange_traded_product0001120193ndaq:GlobalInformationMember2020-01-012020-06-300001120193ndaq:GlobalInformationMember2020-06-30ndaq:marketplace0001120193ndaq:MarketTechnologyMember2020-01-012020-06-30ndaq:country0001120193ndaq:SurveillanceTechnologyMember2020-01-012020-06-300001120193us-gaap:RetainedEarningsMemberus-gaap:AccountingStandardsUpdate201613Membersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2020-01-010001120193ndaq:MarketServicesMemberus-gaap:OperatingSegmentsMemberndaq:TransactionbasedTradingandClearingNetMember2020-04-012020-06-300001120193us-gaap:OperatingSegmentsMemberndaq:CorporateServicesMemberndaq:TransactionbasedTradingandClearingNetMember2020-04-012020-06-300001120193ndaq:GlobalInformationMemberus-gaap:OperatingSegmentsMemberndaq:TransactionbasedTradingandClearingNetMember2020-04-012020-06-300001120193ndaq:MarketTechnologyMemberus-gaap:OperatingSegmentsMemberndaq:TransactionbasedTradingandClearingNetMember2020-04-012020-06-300001120193ndaq:TransactionbasedTradingandClearingNetMember2020-04-012020-06-300001120193ndaq:MarketServicesMemberndaq:TradeManagementServicesMemberus-gaap:OperatingSegmentsMember2020-04-012020-06-300001120193ndaq:TradeManagementServicesMemberus-gaap:OperatingSegmentsMemberndaq:CorporateServicesMember2020-04-012020-06-300001120193ndaq:TradeManagementServicesMemberndaq:GlobalInformationMemberus-gaap:OperatingSegmentsMember2020-04-012020-06-300001120193ndaq:TradeManagementServicesMemberndaq:MarketTechnologyMemberus-gaap:OperatingSegmentsMember2020-04-012020-06-300001120193ndaq:TradeManagementServicesMember2020-04-012020-06-300001120193ndaq:MarketServicesMemberndaq:ListingServicesMemberus-gaap:OperatingSegmentsMember2020-04-012020-06-300001120193ndaq:ListingServicesMemberus-gaap:OperatingSegmentsMemberndaq:CorporateServicesMember2020-04-012020-06-300001120193ndaq:ListingServicesMemberndaq:GlobalInformationMemberus-gaap:OperatingSegmentsMember2020-04-012020-06-300001120193ndaq:ListingServicesMemberndaq:MarketTechnologyMemberus-gaap:OperatingSegmentsMember2020-04-012020-06-300001120193ndaq:ListingServicesMember2020-04-012020-06-300001120193ndaq:MarketServicesMemberus-gaap:OperatingSegmentsMemberndaq:CorporateSolutionsMember2020-04-012020-06-300001120193us-gaap:OperatingSegmentsMemberndaq:CorporateServicesMemberndaq:CorporateSolutionsMember2020-04-012020-06-300001120193ndaq:GlobalInformationMemberus-gaap:OperatingSegmentsMemberndaq:CorporateSolutionsMember2020-04-012020-06-300001120193ndaq:MarketTechnologyMemberus-gaap:OperatingSegmentsMemberndaq:CorporateSolutionsMember2020-04-012020-06-300001120193ndaq:CorporateSolutionsMember2020-04-012020-06-300001120193ndaq:MarketServicesMemberus-gaap:OperatingSegmentsMemberndaq:MarketDataProductsMember2020-04-012020-06-300001120193us-gaap:OperatingSegmentsMemberndaq:CorporateServicesMemberndaq:MarketDataProductsMember2020-04-012020-06-300001120193ndaq:GlobalInformationMemberus-gaap:OperatingSegmentsMemberndaq:MarketDataProductsMember2020-04-012020-06-300001120193ndaq:MarketTechnologyMemberus-gaap:OperatingSegmentsMemberndaq:MarketDataProductsMember2020-04-012020-06-300001120193ndaq:MarketDataProductsMember2020-04-012020-06-300001120193ndaq:MarketServicesMemberndaq:IndexLicensingandServicesMemberus-gaap:OperatingSegmentsMember2020-04-012020-06-300001120193ndaq:IndexLicensingandServicesMemberus-gaap:OperatingSegmentsMemberndaq:CorporateServicesMember2020-04-012020-06-300001120193ndaq:IndexLicensingandServicesMemberndaq:GlobalInformationMemberus-gaap:OperatingSegmentsMember2020-04-012020-06-300001120193ndaq:IndexLicensingandServicesMemberndaq:MarketTechnologyMemberus-gaap:OperatingSegmentsMember2020-04-012020-06-300001120193ndaq:IndexLicensingandServicesMember2020-04-012020-06-300001120193ndaq:MarketServicesMemberus-gaap:OperatingSegmentsMemberndaq:InvestmentDataandAnalyticsMember2020-04-012020-06-300001120193us-gaap:OperatingSegmentsMemberndaq:CorporateServicesMemberndaq:InvestmentDataandAnalyticsMember2020-04-012020-06-300001120193ndaq:GlobalInformationMemberus-gaap:OperatingSegmentsMemberndaq:InvestmentDataandAnalyticsMember2020-04-012020-06-300001120193ndaq:MarketTechnologyMemberus-gaap:OperatingSegmentsMemberndaq:InvestmentDataandAnalyticsMember2020-04-012020-06-300001120193ndaq:InvestmentDataandAnalyticsMember2020-04-012020-06-300001120193ndaq:MarketServicesMemberus-gaap:OperatingSegmentsMemberndaq:MarketTechnologyServicesMember2020-04-012020-06-300001120193us-gaap:OperatingSegmentsMemberndaq:CorporateServicesMemberndaq:MarketTechnologyServicesMember2020-04-012020-06-300001120193ndaq:GlobalInformationMemberus-gaap:OperatingSegmentsMemberndaq:MarketTechnologyServicesMember2020-04-012020-06-300001120193ndaq:MarketTechnologyMemberus-gaap:OperatingSegmentsMemberndaq:MarketTechnologyServicesMember2020-04-012020-06-300001120193ndaq:MarketTechnologyServicesMember2020-04-012020-06-300001120193ndaq:GlobalInformationMemberus-gaap:OperatingSegmentsMember2020-04-012020-06-300001120193ndaq:MarketTechnologyMemberus-gaap:OperatingSegmentsMember2020-04-012020-06-300001120193ndaq:MarketServicesMemberus-gaap:OperatingSegmentsMemberndaq:TransactionbasedTradingandClearingNetMember2019-04-012019-06-300001120193us-gaap:OperatingSegmentsMemberndaq:CorporateServicesMemberndaq:TransactionbasedTradingandClearingNetMember2019-04-012019-06-300001120193ndaq:GlobalInformationMemberus-gaap:OperatingSegmentsMemberndaq:TransactionbasedTradingandClearingNetMember2019-04-012019-06-300001120193ndaq:MarketTechnologyMemberus-gaap:OperatingSegmentsMemberndaq:TransactionbasedTradingandClearingNetMember2019-04-012019-06-300001120193ndaq:TransactionbasedTradingandClearingNetMember2019-04-012019-06-300001120193ndaq:MarketServicesMemberndaq:TradeManagementServicesMemberus-gaap:OperatingSegmentsMember2019-04-012019-06-300001120193ndaq:TradeManagementServicesMemberus-gaap:OperatingSegmentsMemberndaq:CorporateServicesMember2019-04-012019-06-300001120193ndaq:TradeManagementServicesMemberndaq:GlobalInformationMemberus-gaap:OperatingSegmentsMember2019-04-012019-06-300001120193ndaq:TradeManagementServicesMemberndaq:MarketTechnologyMemberus-gaap:OperatingSegmentsMember2019-04-012019-06-300001120193ndaq:TradeManagementServicesMember2019-04-012019-06-300001120193ndaq:MarketServicesMemberndaq:ListingServicesMemberus-gaap:OperatingSegmentsMember2019-04-012019-06-300001120193ndaq:ListingServicesMemberus-gaap:OperatingSegmentsMemberndaq:CorporateServicesMember2019-04-012019-06-300001120193ndaq:ListingServicesMemberndaq:GlobalInformationMemberus-gaap:OperatingSegmentsMember2019-04-012019-06-300001120193ndaq:ListingServicesMemberndaq:MarketTechnologyMemberus-gaap:OperatingSegmentsMember2019-04-012019-06-300001120193ndaq:ListingServicesMember2019-04-012019-06-300001120193ndaq:MarketServicesMemberus-gaap:OperatingSegmentsMemberndaq:CorporateSolutionsMember2019-04-012019-06-300001120193us-gaap:OperatingSegmentsMemberndaq:CorporateServicesMemberndaq:CorporateSolutionsMember2019-04-012019-06-300001120193ndaq:GlobalInformationMemberus-gaap:OperatingSegmentsMemberndaq:CorporateSolutionsMember2019-04-012019-06-300001120193ndaq:MarketTechnologyMemberus-gaap:OperatingSegmentsMemberndaq:CorporateSolutionsMember2019-04-012019-06-300001120193ndaq:CorporateSolutionsMember2019-04-012019-06-300001120193ndaq:MarketServicesMemberus-gaap:OperatingSegmentsMemberndaq:MarketDataProductsMember2019-04-012019-06-300001120193us-gaap:OperatingSegmentsMemberndaq:CorporateServicesMemberndaq:MarketDataProductsMember2019-04-012019-06-300001120193ndaq:GlobalInformationMemberus-gaap:OperatingSegmentsMemberndaq:MarketDataProductsMember2019-04-012019-06-300001120193ndaq:MarketTechnologyMemberus-gaap:OperatingSegmentsMemberndaq:MarketDataProductsMember2019-04-012019-06-300001120193ndaq:MarketDataProductsMember2019-04-012019-06-300001120193ndaq:MarketServicesMemberndaq:IndexLicensingandServicesMemberus-gaap:OperatingSegmentsMember2019-04-012019-06-300001120193ndaq:IndexLicensingandServicesMemberus-gaap:OperatingSegmentsMemberndaq:CorporateServicesMember2019-04-012019-06-300001120193ndaq:IndexLicensingandServicesMemberndaq:GlobalInformationMemberus-gaap:OperatingSegmentsMember2019-04-012019-06-300001120193ndaq:IndexLicensingandServicesMemberndaq:MarketTechnologyMemberus-gaap:OperatingSegmentsMember2019-04-012019-06-300001120193ndaq:IndexLicensingandServicesMember2019-04-012019-06-300001120193ndaq:MarketServicesMemberus-gaap:OperatingSegmentsMemberndaq:InvestmentDataandAnalyticsMember2019-04-012019-06-300001120193us-gaap:OperatingSegmentsMemberndaq:CorporateServicesMemberndaq:InvestmentDataandAnalyticsMember2019-04-012019-06-300001120193ndaq:GlobalInformationMemberus-gaap:OperatingSegmentsMemberndaq:InvestmentDataandAnalyticsMember2019-04-012019-06-300001120193ndaq:MarketTechnologyMemberus-gaap:OperatingSegmentsMemberndaq:InvestmentDataandAnalyticsMember2019-04-012019-06-300001120193ndaq:InvestmentDataandAnalyticsMember2019-04-012019-06-300001120193ndaq:MarketServicesMemberus-gaap:OperatingSegmentsMemberndaq:MarketTechnologyServicesMember2019-04-012019-06-300001120193us-gaap:OperatingSegmentsMemberndaq:CorporateServicesMemberndaq:MarketTechnologyServicesMember2019-04-012019-06-300001120193ndaq:GlobalInformationMemberus-gaap:OperatingSegmentsMemberndaq:MarketTechnologyServicesMember2019-04-012019-06-300001120193ndaq:MarketTechnologyMemberus-gaap:OperatingSegmentsMemberndaq:MarketTechnologyServicesMember2019-04-012019-06-300001120193ndaq:MarketTechnologyServicesMember2019-04-012019-06-300001120193ndaq:GlobalInformationMemberus-gaap:OperatingSegmentsMember2019-04-012019-06-300001120193ndaq:MarketTechnologyMemberus-gaap:OperatingSegmentsMember2019-04-012019-06-30xbrli:pure0001120193ndaq:MarketServicesMemberus-gaap:TransferredAtPointInTimeMember2020-04-012020-06-300001120193ndaq:MarketServicesMemberus-gaap:TransferredOverTimeMember2020-04-012020-06-300001120193ndaq:MarketServicesMemberus-gaap:TransferredAtPointInTimeMember2019-04-012019-06-300001120193ndaq:MarketServicesMemberus-gaap:TransferredOverTimeMember2019-04-012019-06-300001120193ndaq:MarketServicesMemberus-gaap:OperatingSegmentsMemberndaq:TransactionbasedTradingandClearingNetMember2020-01-012020-06-300001120193us-gaap:OperatingSegmentsMemberndaq:CorporateServicesMemberndaq:TransactionbasedTradingandClearingNetMember2020-01-012020-06-300001120193ndaq:GlobalInformationMemberus-gaap:OperatingSegmentsMemberndaq:TransactionbasedTradingandClearingNetMember2020-01-012020-06-300001120193ndaq:MarketTechnologyMemberus-gaap:OperatingSegmentsMemberndaq:TransactionbasedTradingandClearingNetMember2020-01-012020-06-300001120193ndaq:TransactionbasedTradingandClearingNetMember2020-01-012020-06-300001120193ndaq:MarketServicesMemberndaq:TradeManagementServicesMemberus-gaap:OperatingSegmentsMember2020-01-012020-06-300001120193ndaq:TradeManagementServicesMemberus-gaap:OperatingSegmentsMemberndaq:CorporateServicesMember2020-01-012020-06-300001120193ndaq:TradeManagementServicesMemberndaq:GlobalInformationMemberus-gaap:OperatingSegmentsMember2020-01-012020-06-300001120193ndaq:TradeManagementServicesMemberndaq:MarketTechnologyMemberus-gaap:OperatingSegmentsMember2020-01-012020-06-300001120193ndaq:TradeManagementServicesMember2020-01-012020-06-300001120193ndaq:MarketServicesMemberndaq:ListingServicesMemberus-gaap:OperatingSegmentsMember2020-01-012020-06-300001120193ndaq:ListingServicesMemberus-gaap:OperatingSegmentsMemberndaq:CorporateServicesMember2020-01-012020-06-300001120193ndaq:ListingServicesMemberndaq:GlobalInformationMemberus-gaap:OperatingSegmentsMember2020-01-012020-06-300001120193ndaq:ListingServicesMemberndaq:MarketTechnologyMemberus-gaap:OperatingSegmentsMember2020-01-012020-06-300001120193ndaq:ListingServicesMember2020-01-012020-06-300001120193ndaq:MarketServicesMemberus-gaap:OperatingSegmentsMemberndaq:CorporateSolutionsMember2020-01-012020-06-300001120193us-gaap:OperatingSegmentsMemberndaq:CorporateServicesMemberndaq:CorporateSolutionsMember2020-01-012020-06-300001120193ndaq:GlobalInformationMemberus-gaap:OperatingSegmentsMemberndaq:CorporateSolutionsMember2020-01-012020-06-300001120193ndaq:MarketTechnologyMemberus-gaap:OperatingSegmentsMemberndaq:CorporateSolutionsMember2020-01-012020-06-300001120193ndaq:CorporateSolutionsMember2020-01-012020-06-300001120193ndaq:MarketServicesMemberus-gaap:OperatingSegmentsMemberndaq:MarketDataProductsMember2020-01-012020-06-300001120193us-gaap:OperatingSegmentsMemberndaq:CorporateServicesMemberndaq:MarketDataProductsMember2020-01-012020-06-300001120193ndaq:GlobalInformationMemberus-gaap:OperatingSegmentsMemberndaq:MarketDataProductsMember2020-01-012020-06-300001120193ndaq:MarketTechnologyMemberus-gaap:OperatingSegmentsMemberndaq:MarketDataProductsMember2020-01-012020-06-300001120193ndaq:MarketDataProductsMember2020-01-012020-06-300001120193ndaq:MarketServicesMemberndaq:IndexLicensingandServicesMemberus-gaap:OperatingSegmentsMember2020-01-012020-06-300001120193ndaq:IndexLicensingandServicesMemberus-gaap:OperatingSegmentsMemberndaq:CorporateServicesMember2020-01-012020-06-300001120193ndaq:IndexLicensingandServicesMemberndaq:GlobalInformationMemberus-gaap:OperatingSegmentsMember2020-01-012020-06-300001120193ndaq:IndexLicensingandServicesMemberndaq:MarketTechnologyMemberus-gaap:OperatingSegmentsMember2020-01-012020-06-300001120193ndaq:IndexLicensingandServicesMember2020-01-012020-06-300001120193ndaq:MarketServicesMemberus-gaap:OperatingSegmentsMemberndaq:InvestmentDataandAnalyticsMember2020-01-012020-06-300001120193us-gaap:OperatingSegmentsMemberndaq:CorporateServicesMemberndaq:InvestmentDataandAnalyticsMember2020-01-012020-06-300001120193ndaq:GlobalInformationMemberus-gaap:OperatingSegmentsMemberndaq:InvestmentDataandAnalyticsMember2020-01-012020-06-300001120193ndaq:MarketTechnologyMemberus-gaap:OperatingSegmentsMemberndaq:InvestmentDataandAnalyticsMember2020-01-012020-06-300001120193ndaq:InvestmentDataandAnalyticsMember2020-01-012020-06-300001120193ndaq:MarketServicesMemberus-gaap:OperatingSegmentsMemberndaq:MarketTechnologyServicesMember2020-01-012020-06-300001120193us-gaap:OperatingSegmentsMemberndaq:CorporateServicesMemberndaq:MarketTechnologyServicesMember2020-01-012020-06-300001120193ndaq:GlobalInformationMemberus-gaap:OperatingSegmentsMemberndaq:MarketTechnologyServicesMember2020-01-012020-06-300001120193ndaq:MarketTechnologyMemberus-gaap:OperatingSegmentsMemberndaq:MarketTechnologyServicesMember2020-01-012020-06-300001120193ndaq:MarketTechnologyServicesMember2020-01-012020-06-300001120193ndaq:GlobalInformationMemberus-gaap:OperatingSegmentsMember2020-01-012020-06-300001120193ndaq:MarketTechnologyMemberus-gaap:OperatingSegmentsMember2020-01-012020-06-300001120193ndaq:MarketServicesMemberus-gaap:OperatingSegmentsMemberndaq:TransactionbasedTradingandClearingNetMember2019-01-012019-06-300001120193us-gaap:OperatingSegmentsMemberndaq:CorporateServicesMemberndaq:TransactionbasedTradingandClearingNetMember2019-01-012019-06-300001120193ndaq:GlobalInformationMemberus-gaap:OperatingSegmentsMemberndaq:TransactionbasedTradingandClearingNetMember2019-01-012019-06-300001120193ndaq:MarketTechnologyMemberus-gaap:OperatingSegmentsMemberndaq:TransactionbasedTradingandClearingNetMember2019-01-012019-06-300001120193us-gaap:MaterialReconcilingItemsMemberndaq:TransactionbasedTradingandClearingNetMember2019-01-012019-06-300001120193ndaq:TransactionbasedTradingandClearingNetMember2019-01-012019-06-300001120193ndaq:MarketServicesMemberndaq:TradeManagementServicesMemberus-gaap:OperatingSegmentsMember2019-01-012019-06-300001120193ndaq:TradeManagementServicesMemberus-gaap:OperatingSegmentsMemberndaq:CorporateServicesMember2019-01-012019-06-300001120193ndaq:TradeManagementServicesMemberndaq:GlobalInformationMemberus-gaap:OperatingSegmentsMember2019-01-012019-06-300001120193ndaq:TradeManagementServicesMemberndaq:MarketTechnologyMemberus-gaap:OperatingSegmentsMember2019-01-012019-06-300001120193us-gaap:MaterialReconcilingItemsMemberndaq:TradeManagementServicesMember2019-01-012019-06-300001120193ndaq:TradeManagementServicesMember2019-01-012019-06-300001120193ndaq:MarketServicesMemberndaq:ListingServicesMemberus-gaap:OperatingSegmentsMember2019-01-012019-06-300001120193ndaq:ListingServicesMemberus-gaap:OperatingSegmentsMemberndaq:CorporateServicesMember2019-01-012019-06-300001120193ndaq:ListingServicesMemberndaq:GlobalInformationMemberus-gaap:OperatingSegmentsMember2019-01-012019-06-300001120193ndaq:ListingServicesMemberndaq:MarketTechnologyMemberus-gaap:OperatingSegmentsMember2019-01-012019-06-300001120193us-gaap:MaterialReconcilingItemsMemberndaq:ListingServicesMember2019-01-012019-06-300001120193ndaq:ListingServicesMember2019-01-012019-06-300001120193ndaq:MarketServicesMemberus-gaap:OperatingSegmentsMemberndaq:CorporateSolutionsMember2019-01-012019-06-300001120193us-gaap:OperatingSegmentsMemberndaq:CorporateServicesMemberndaq:CorporateSolutionsMember2019-01-012019-06-300001120193ndaq:GlobalInformationMemberus-gaap:OperatingSegmentsMemberndaq:CorporateSolutionsMember2019-01-012019-06-300001120193ndaq:MarketTechnologyMemberus-gaap:OperatingSegmentsMemberndaq:CorporateSolutionsMember2019-01-012019-06-300001120193us-gaap:MaterialReconcilingItemsMemberndaq:CorporateSolutionsMember2019-01-012019-06-300001120193ndaq:CorporateSolutionsMember2019-01-012019-06-300001120193ndaq:MarketServicesMemberus-gaap:OperatingSegmentsMemberndaq:MarketDataProductsMember2019-01-012019-06-300001120193us-gaap:OperatingSegmentsMemberndaq:CorporateServicesMemberndaq:MarketDataProductsMember2019-01-012019-06-300001120193ndaq:GlobalInformationMemberus-gaap:OperatingSegmentsMemberndaq:MarketDataProductsMember2019-01-012019-06-300001120193ndaq:MarketTechnologyMemberus-gaap:OperatingSegmentsMemberndaq:MarketDataProductsMember2019-01-012019-06-300001120193us-gaap:MaterialReconcilingItemsMemberndaq:MarketDataProductsMember2019-01-012019-06-300001120193ndaq:MarketDataProductsMember2019-01-012019-06-300001120193ndaq:MarketServicesMemberndaq:IndexLicensingandServicesMemberus-gaap:OperatingSegmentsMember2019-01-012019-06-300001120193ndaq:IndexLicensingandServicesMemberus-gaap:OperatingSegmentsMemberndaq:CorporateServicesMember2019-01-012019-06-300001120193ndaq:IndexLicensingandServicesMemberndaq:GlobalInformationMemberus-gaap:OperatingSegmentsMember2019-01-012019-06-300001120193ndaq:IndexLicensingandServicesMemberndaq:MarketTechnologyMemberus-gaap:OperatingSegmentsMember2019-01-012019-06-300001120193us-gaap:MaterialReconcilingItemsMemberndaq:IndexLicensingandServicesMember2019-01-012019-06-300001120193ndaq:IndexLicensingandServicesMember2019-01-012019-06-300001120193ndaq:MarketServicesMemberus-gaap:OperatingSegmentsMemberndaq:InvestmentDataandAnalyticsMember2019-01-012019-06-300001120193us-gaap:OperatingSegmentsMemberndaq:CorporateServicesMemberndaq:InvestmentDataandAnalyticsMember2019-01-012019-06-300001120193ndaq:GlobalInformationMemberus-gaap:OperatingSegmentsMemberndaq:InvestmentDataandAnalyticsMember2019-01-012019-06-300001120193ndaq:MarketTechnologyMemberus-gaap:OperatingSegmentsMemberndaq:InvestmentDataandAnalyticsMember2019-01-012019-06-300001120193us-gaap:MaterialReconcilingItemsMemberndaq:InvestmentDataandAnalyticsMember2019-01-012019-06-300001120193ndaq:InvestmentDataandAnalyticsMember2019-01-012019-06-300001120193ndaq:MarketServicesMemberus-gaap:OperatingSegmentsMemberndaq:MarketTechnologyServicesMember2019-01-012019-06-300001120193us-gaap:OperatingSegmentsMemberndaq:CorporateServicesMemberndaq:MarketTechnologyServicesMember2019-01-012019-06-300001120193ndaq:GlobalInformationMemberus-gaap:OperatingSegmentsMemberndaq:MarketTechnologyServicesMember2019-01-012019-06-300001120193ndaq:MarketTechnologyMemberus-gaap:OperatingSegmentsMemberndaq:MarketTechnologyServicesMember2019-01-012019-06-300001120193us-gaap:MaterialReconcilingItemsMemberndaq:MarketTechnologyServicesMember2019-01-012019-06-300001120193ndaq:MarketTechnologyServicesMember2019-01-012019-06-300001120193ndaq:MarketServicesMemberus-gaap:OperatingSegmentsMemberus-gaap:ServiceOtherMember2019-01-012019-06-300001120193us-gaap:OperatingSegmentsMemberndaq:CorporateServicesMemberus-gaap:ServiceOtherMember2019-01-012019-06-300001120193ndaq:GlobalInformationMemberus-gaap:OperatingSegmentsMemberus-gaap:ServiceOtherMember2019-01-012019-06-300001120193ndaq:MarketTechnologyMemberus-gaap:OperatingSegmentsMemberus-gaap:ServiceOtherMember2019-01-012019-06-300001120193us-gaap:MaterialReconcilingItemsMemberus-gaap:ServiceOtherMember2019-01-012019-06-300001120193us-gaap:ServiceOtherMember2019-01-012019-06-300001120193ndaq:GlobalInformationMemberus-gaap:OperatingSegmentsMember2019-01-012019-06-300001120193ndaq:MarketTechnologyMemberus-gaap:OperatingSegmentsMember2019-01-012019-06-300001120193ndaq:MarketServicesMemberus-gaap:TransferredAtPointInTimeMember2020-01-012020-06-300001120193ndaq:MarketServicesMemberus-gaap:TransferredOverTimeMember2020-01-012020-06-300001120193ndaq:MarketServicesMemberus-gaap:TransferredAtPointInTimeMember2019-01-012019-06-300001120193ndaq:MarketServicesMemberus-gaap:TransferredOverTimeMember2019-01-012019-06-300001120193ndaq:MarketTechnologyMember2020-07-012020-06-300001120193ndaq:MarketTechnologyMember2021-01-012020-06-300001120193ndaq:MarketTechnologyMember2022-01-012020-06-300001120193ndaq:MarketTechnologyMember2023-01-012020-06-3000011201932024-01-01ndaq:MarketTechnologyMember2020-06-300001120193ndaq:MarketTechnologyMember2025-01-012020-06-300001120193ndaq:MarketTechnologyMember2020-06-300001120193us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMemberndaq:BWiseMember2019-03-012019-03-310001120193ndaq:CinnoberMember2019-01-012019-01-310001120193ndaq:CinnoberMember2019-01-310001120193ndaq:CinnoberMember2019-01-012019-12-310001120193ndaq:CinnoberMemberus-gaap:CustomerRelationshipsMember2019-01-310001120193us-gaap:MeasurementInputDiscountRateMemberndaq:CinnoberMemberus-gaap:CustomerRelationshipsMember2019-01-310001120193ndaq:CinnoberMemberus-gaap:CustomerRelationshipsMember2019-01-012019-01-310001120193ndaq:MarketServicesMember2019-12-310001120193ndaq:CorporateServicesMember2019-12-310001120193ndaq:GlobalInformationMember2019-12-310001120193ndaq:MarketTechnologyMember2019-12-310001120193ndaq:MarketServicesMember2020-01-012020-06-300001120193ndaq:CorporateServicesMember2020-01-012020-06-300001120193ndaq:MarketServicesMember2020-06-300001120193ndaq:CorporateServicesMember2020-06-300001120193us-gaap:DevelopedTechnologyRightsMember2020-06-300001120193us-gaap:DevelopedTechnologyRightsMember2019-12-310001120193us-gaap:CustomerRelationshipsMember2020-06-300001120193us-gaap:CustomerRelationshipsMember2019-12-310001120193us-gaap:OtherIntangibleAssetsMember2020-06-300001120193us-gaap:OtherIntangibleAssetsMember2019-12-310001120193ndaq:ForeignCurrencyTranslationAdjustmentMember2020-06-300001120193ndaq:ForeignCurrencyTranslationAdjustmentMember2019-12-310001120193ndaq:ExchangeAndClearingRegistrationsMember2020-06-300001120193ndaq:ExchangeAndClearingRegistrationsMember2019-12-310001120193us-gaap:TradeNamesMember2020-06-300001120193us-gaap:TradeNamesMember2019-12-310001120193us-gaap:LicensingAgreementsMember2020-06-300001120193us-gaap:LicensingAgreementsMember2019-12-310001120193ndaq:ForeignCurrencyTranslationAdjustmentMember2020-06-300001120193ndaq:ForeignCurrencyTranslationAdjustmentMember2019-12-310001120193us-gaap:ForeignGovernmentDebtSecuritiesMember2020-06-300001120193us-gaap:ForeignGovernmentDebtSecuritiesMember2019-12-310001120193ndaq:OptionsClearingCorporationMember2019-06-300001120193ndaq:OptionsClearingCorporationMember2020-06-300001120193ndaq:OptionsClearingCorporationPriorPeriodResultsMember2019-01-012019-03-310001120193ndaq:OptionsClearingCorporationPriorPeriodResultsMember2019-01-012019-06-300001120193ndaq:InitialListingFeesMember2019-12-310001120193ndaq:AnnualRenewalFeesAndOtherMember2019-12-310001120193ndaq:CorporateSolutionsRevenueMember2019-12-310001120193ndaq:InformationServicesRevenueMember2019-12-310001120193ndaq:MarketTechnologyRevenuesMember2019-12-310001120193ndaq:ListingOfAdditionalSharesFeesMember2019-12-310001120193ndaq:InitialListingFeesMember2020-01-012020-06-300001120193ndaq:AnnualRenewalFeesAndOtherMember2020-01-012020-06-300001120193ndaq:CorporateSolutionsRevenueMember2020-01-012020-06-300001120193ndaq:InformationServicesRevenueMember2020-01-012020-06-300001120193ndaq:MarketTechnologyRevenuesMember2020-01-012020-06-300001120193ndaq:ListingOfAdditionalSharesFeesMember2020-01-012020-06-300001120193ndaq:InitialListingFeesMember2020-06-300001120193ndaq:AnnualRenewalFeesAndOtherMember2020-06-300001120193ndaq:CorporateSolutionsRevenueMember2020-06-300001120193ndaq:InformationServicesRevenueMember2020-06-300001120193ndaq:MarketTechnologyRevenuesMember2020-06-300001120193ndaq:ListingOfAdditionalSharesFeesMember2020-06-300001120193us-gaap:CommercialPaperMember2019-12-310001120193us-gaap:CommercialPaperMember2020-01-012020-06-300001120193us-gaap:CommercialPaperMember2020-06-300001120193ndaq:ThreePointEightSevenFivePercentSeniorUnsecuredNotesDueJune72021Member2020-06-300001120193ndaq:ThreePointEightSevenFivePercentSeniorUnsecuredNotesDueJune72021Memberus-gaap:SeniorNotesMember2019-12-310001120193ndaq:ThreePointEightSevenFivePercentSeniorUnsecuredNotesDueJune72021Memberus-gaap:SeniorNotesMember2020-01-012020-06-300001120193ndaq:ThreePointEightSevenFivePercentSeniorUnsecuredNotesDueJune72021Memberus-gaap:SeniorNotesMember2020-06-300001120193ndaq:FourPointTwoFivePercentSeniorUnsecuredNotesDueJune12024Member2020-06-300001120193ndaq:FourPointTwoFivePercentSeniorUnsecuredNotesDueJune12024Memberus-gaap:SeniorNotesMember2019-12-310001120193ndaq:FourPointTwoFivePercentSeniorUnsecuredNotesDueJune12024Memberus-gaap:SeniorNotesMember2020-01-012020-06-300001120193ndaq:FourPointTwoFivePercentSeniorUnsecuredNotesDueJune12024Memberus-gaap:SeniorNotesMember2020-06-300001120193ndaq:OnePointSevenFiveSeniorUnsecuredNotesDueMay192023Member2020-06-300001120193ndaq:OnePointSevenFiveSeniorUnsecuredNotesDueMay192023Memberus-gaap:SeniorNotesMember2019-12-310001120193ndaq:OnePointSevenFiveSeniorUnsecuredNotesDueMay192023Memberus-gaap:SeniorNotesMember2020-01-012020-06-300001120193ndaq:OnePointSevenFiveSeniorUnsecuredNotesDueMay192023Memberus-gaap:SeniorNotesMember2020-06-300001120193ndaq:ThreePointEightFiveSeniorSecuredNotesDueJune302026Member2020-06-300001120193ndaq:ThreePointEightFiveSeniorSecuredNotesDueJune302026Memberus-gaap:SeniorNotesMember2019-12-310001120193ndaq:ThreePointEightFiveSeniorSecuredNotesDueJune302026Memberus-gaap:SeniorNotesMember2020-01-012020-06-300001120193ndaq:ThreePointEightFiveSeniorSecuredNotesDueJune302026Memberus-gaap:SeniorNotesMember2020-06-300001120193ndaq:OnePointSevenFiveSeniorUnsecuredNotesDue2029Member2020-06-300001120193ndaq:OnePointSevenFiveSeniorUnsecuredNotesDue2029Memberus-gaap:SeniorNotesMember2019-12-310001120193ndaq:OnePointSevenFiveSeniorUnsecuredNotesDue2029Memberus-gaap:SeniorNotesMember2020-01-012020-06-300001120193ndaq:OnePointSevenFiveSeniorUnsecuredNotesDue2029Memberus-gaap:SeniorNotesMember2020-06-300001120193ndaq:A0875SeniorUnsecuredNotesDueFebruary132030Member2020-06-300001120193ndaq:A0875SeniorUnsecuredNotesDueFebruary132030Memberus-gaap:SeniorNotesMember2019-12-310001120193ndaq:A0875SeniorUnsecuredNotesDueFebruary132030Memberus-gaap:SeniorNotesMember2020-01-012020-06-300001120193ndaq:A0875SeniorUnsecuredNotesDueFebruary132030Memberus-gaap:SeniorNotesMember2020-06-300001120193ndaq:ThreePointTwoFiveSeniorUnsecuredNotesDue2050Member2020-06-300001120193ndaq:ThreePointTwoFiveSeniorUnsecuredNotesDue2050Memberus-gaap:SeniorNotesMember2019-12-310001120193ndaq:ThreePointTwoFiveSeniorUnsecuredNotesDue2050Memberus-gaap:SeniorNotesMember2020-01-012020-06-300001120193ndaq:ThreePointTwoFiveSeniorUnsecuredNotesDue2050Memberus-gaap:SeniorNotesMember2020-06-300001120193ndaq:OneBillionFiveYearRevolvingCreditFacilityMember2020-06-300001120193ndaq:OneBillionFiveYearRevolvingCreditFacilityMember2020-01-012020-06-300001120193ndaq:OneBillionFiveYearRevolvingCreditFacilityMember2019-12-310001120193ndaq:OneBillionFiveYearRevolvingCreditFacilityMember2020-03-012020-03-310001120193ndaq:ThreePointTwoFiveSeniorUnsecuredNotesDue2050Memberus-gaap:SeniorNotesMember2020-04-300001120193ndaq:SeniorNotesExcluding2020NotesMemberus-gaap:SeniorNotesMember2020-01-012020-06-300001120193ndaq:ZeroPointEightSevenFivePercentSeniorUnsecuredNotesDue2030Memberus-gaap:SeniorNotesMember2020-06-300001120193ndaq:ZeroPointEightSevenFivePercentSeniorUnsecuredNotesDue2030Memberus-gaap:SeniorNotesMember2020-01-012020-06-300001120193ndaq:FourPointTwoFivePercentSeniorUnsecuredNotesDueJune12024Memberus-gaap:SeniorNotesMember2014-05-310001120193srt:MaximumMemberndaq:FourPointTwoFivePercentSeniorUnsecuredNotesDueJune12024Memberus-gaap:SeniorNotesMember2014-05-310001120193ndaq:OnePointSevenFiveSeniorUnsecuredNotesDueMay192023Memberus-gaap:SeniorNotesMember2016-05-310001120193ndaq:OnePointSevenFiveSeniorUnsecuredNotesDueMay192023Membersrt:MaximumMemberus-gaap:SeniorNotesMember2016-05-310001120193ndaq:ThreePointEightFiveSeniorSecuredNotesDueJune302026Memberus-gaap:SeniorNotesMember2016-06-300001120193ndaq:ThreePointEightFiveSeniorSecuredNotesDueJune302026Membersrt:MaximumMemberus-gaap:SeniorNotesMember2016-06-300001120193ndaq:OnePointSevenFiveSeniorUnsecuredNotesDue2029Memberus-gaap:SeniorNotesMember2019-04-300001120193srt:MaximumMemberndaq:OnePointSevenFiveSeniorUnsecuredNotesDue2029Memberus-gaap:SeniorNotesMember2019-04-300001120193ndaq:A0875SeniorUnsecuredNotesDueFebruary132030Memberus-gaap:SeniorNotesMember2020-02-012020-02-290001120193ndaq:ThreePointTwoFiveSeniorUnsecuredNotesDue2050Membersrt:MaximumMemberus-gaap:SeniorNotesMember2020-04-300001120193ndaq:ThreePointTwoFiveSeniorUnsecuredNotesDue2050Memberus-gaap:SeniorNotesMember2020-04-012020-04-300001120193us-gaap:RevolvingCreditFacilityMemberndaq:OneBillionFiveYearRevolvingCreditFacilityMember2017-04-300001120193us-gaap:RevolvingCreditFacilityMemberndaq:OneBillionFiveYearRevolvingCreditFacilityMember2017-04-012017-04-300001120193ndaq:OneBillionFiveYearRevolvingCreditFacilityMember2020-06-300001120193us-gaap:RevolvingCreditFacilityMemberndaq:OneBillionFiveYearRevolvingCreditFacilityMember2020-06-300001120193us-gaap:RevolvingCreditFacilityMembersrt:MinimumMemberndaq:OneBillionFiveYearRevolvingCreditFacilityMember2020-01-012020-06-300001120193us-gaap:RevolvingCreditFacilityMembersrt:MaximumMemberndaq:OneBillionFiveYearRevolvingCreditFacilityMember2020-01-012020-06-300001120193us-gaap:RevolvingCreditFacilityMemberndaq:OneBillionFiveYearRevolvingCreditFacilityMember2020-01-012020-06-300001120193ndaq:CommercialPaperAndLetterOfCreditMemberndaq:ClearinghouseCreditFacilitiesMember2020-06-300001120193ndaq:CommercialPaperAndLetterOfCreditMemberndaq:ClearinghouseCreditFacilitiesMember2019-12-310001120193us-gaap:EmployeeStockMember2019-01-012019-06-300001120193us-gaap:EmployeeStockMember2020-01-012020-06-300001120193us-gaap:RestrictedStockMemberndaq:BelowManagerLevelMemberus-gaap:ShareBasedCompensationAwardTrancheOneMember2020-01-012020-06-300001120193us-gaap:RestrictedStockMemberndaq:BelowManagerLevelMemberus-gaap:ShareBasedCompensationAwardTrancheTwoMember2020-01-012020-06-300001120193us-gaap:RestrictedStockMemberndaq:BelowManagerLevelMemberus-gaap:ShareBasedCompensationAwardTrancheThreeMember2020-01-012020-06-300001120193us-gaap:RestrictedStockMemberus-gaap:ShareBasedCompensationAwardTrancheOneMemberndaq:AtOrAboveManagerLevelMember2020-01-012020-06-300001120193us-gaap:RestrictedStockMemberus-gaap:ShareBasedCompensationAwardTrancheTwoMemberndaq:AtOrAboveManagerLevelMember2020-01-012020-06-300001120193us-gaap:RestrictedStockMemberus-gaap:ShareBasedCompensationAwardTrancheThreeMemberndaq:AtOrAboveManagerLevelMember2020-01-012020-06-300001120193us-gaap:RestrictedStockMember2019-12-310001120193us-gaap:RestrictedStockMember2020-01-012020-06-300001120193us-gaap:RestrictedStockMember2020-06-30ndaq:program0001120193us-gaap:PerformanceSharesMembersrt:OfficerMember2020-01-012020-06-300001120193us-gaap:PerformanceSharesMemberndaq:OneYearPerformanceShareUnitProgramMember2020-01-012020-06-300001120193us-gaap:PerformanceSharesMemberndaq:ThreeYearPerformanceShareUnitProgramMember2020-01-012020-06-300001120193us-gaap:PerformanceSharesMemberndaq:OneYearPerformanceShareUnitProgramMember2019-01-012019-12-310001120193us-gaap:PerformanceSharesMemberndaq:OneYearPerformanceShareUnitProgramMember2020-01-012020-03-31ndaq:peer_group0001120193us-gaap:PerformanceSharesMemberndaq:ThreeYearPerformanceShareUnitProgramMember2020-06-300001120193ndaq:PerformanceSharesNegativeShareholderReturnMemberndaq:ThreeYearPerformanceShareUnitProgramMember2020-01-012020-06-300001120193us-gaap:PerformanceSharesMemberndaq:ThreeYearPerformanceShareUnitProgramMember2020-01-012020-03-310001120193us-gaap:PerformanceSharesMemberndaq:ThreeYearPerformanceShareUnitProgramMember2019-01-012019-06-300001120193us-gaap:PerformanceSharesMemberndaq:ThreeYearPerformanceShareUnitProgramMember2019-06-300001120193us-gaap:PerformanceSharesMemberndaq:OneYearPerformanceShareUnitProgramMember2019-12-310001120193us-gaap:PerformanceSharesMemberndaq:ThreeYearPerformanceShareUnitProgramMember2019-12-310001120193us-gaap:PerformanceSharesMemberndaq:OneYearPerformanceShareUnitProgramMember2020-06-300001120193us-gaap:EmployeeStockOptionMember2019-01-012019-06-300001120193us-gaap:EmployeeStockMember2020-06-300001120193us-gaap:SubsequentEventMemberus-gaap:EmployeeStockMember2020-07-310001120193us-gaap:EmployeeStockMember2020-04-012020-06-300001120193us-gaap:EmployeeStockMember2019-04-012019-06-30ndaq:vote0001120193ndaq:OtherRepurchasesOfCommonStockMember2020-01-012020-06-300001120193ndaq:DividendDeclarationDateFirstQuarterMember2020-01-282020-01-280001120193ndaq:DividendDeclarationDateFirstQuarterMember2020-03-132020-03-130001120193ndaq:DividendDeclarationDateSecondQuarterMember2020-04-222020-04-220001120193ndaq:DividendDeclarationDateSecondQuarterMember2020-06-122020-06-120001120193us-gaap:SubsequentEventMember2020-07-012020-07-310001120193ndaq:EuropeanGovernmentDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2020-06-300001120193us-gaap:FairValueInputsLevel1Memberndaq:EuropeanGovernmentDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2020-06-300001120193ndaq:EuropeanGovernmentDebtSecuritiesMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2020-06-300001120193us-gaap:FairValueInputsLevel3Memberndaq:EuropeanGovernmentDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2020-06-300001120193ndaq:EuropeanGovernmentDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2019-12-310001120193us-gaap:FairValueInputsLevel1Memberndaq:EuropeanGovernmentDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2019-12-310001120193ndaq:EuropeanGovernmentDebtSecuritiesMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2019-12-310001120193us-gaap:FairValueInputsLevel3Memberndaq:EuropeanGovernmentDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2019-12-310001120193us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2020-06-300001120193us-gaap:FairValueInputsLevel1Memberus-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2020-06-300001120193us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2020-06-300001120193us-gaap:FairValueInputsLevel3Memberus-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2020-06-300001120193us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2019-12-310001120193us-gaap:FairValueInputsLevel1Memberus-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2019-12-310001120193us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2019-12-310001120193us-gaap:FairValueInputsLevel3Memberus-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2019-12-310001120193ndaq:StateOwnedEnterprisesAndMunicipalitiesDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2020-06-300001120193ndaq:StateOwnedEnterprisesAndMunicipalitiesDebtSecuritiesMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2020-06-300001120193ndaq:StateOwnedEnterprisesAndMunicipalitiesDebtSecuritiesMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2020-06-300001120193ndaq:StateOwnedEnterprisesAndMunicipalitiesDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2020-06-300001120193ndaq:StateOwnedEnterprisesAndMunicipalitiesDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2019-12-310001120193ndaq:StateOwnedEnterprisesAndMunicipalitiesDebtSecuritiesMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2019-12-310001120193ndaq:StateOwnedEnterprisesAndMunicipalitiesDebtSecuritiesMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2019-12-310001120193ndaq:StateOwnedEnterprisesAndMunicipalitiesDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2019-12-310001120193ndaq:SwedishMortgageBondsMemberus-gaap:FairValueMeasurementsRecurringMember2020-06-300001120193us-gaap:FairValueInputsLevel1Memberndaq:SwedishMortgageBondsMemberus-gaap:FairValueMeasurementsRecurringMember2020-06-300001120193us-gaap:FairValueInputsLevel2Memberndaq:SwedishMortgageBondsMemberus-gaap:FairValueMeasurementsRecurringMember2020-06-300001120193us-gaap:FairValueInputsLevel3Memberndaq:SwedishMortgageBondsMemberus-gaap:FairValueMeasurementsRecurringMember2020-06-300001120193ndaq:SwedishMortgageBondsMemberus-gaap:FairValueMeasurementsRecurringMember2019-12-310001120193us-gaap:FairValueInputsLevel1Memberndaq:SwedishMortgageBondsMemberus-gaap:FairValueMeasurementsRecurringMember2019-12-310001120193us-gaap:FairValueInputsLevel2Memberndaq:SwedishMortgageBondsMemberus-gaap:FairValueMeasurementsRecurringMember2019-12-310001120193us-gaap:FairValueInputsLevel3Memberndaq:SwedishMortgageBondsMemberus-gaap:FairValueMeasurementsRecurringMember2019-12-310001120193us-gaap:BankTimeDepositsMemberus-gaap:FairValueMeasurementsRecurringMember2020-06-300001120193us-gaap:FairValueInputsLevel1Memberus-gaap:BankTimeDepositsMemberus-gaap:FairValueMeasurementsRecurringMember2020-06-300001120193us-gaap:BankTimeDepositsMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2020-06-300001120193us-gaap:FairValueInputsLevel3Memberus-gaap:BankTimeDepositsMemberus-gaap:FairValueMeasurementsRecurringMember2020-06-300001120193us-gaap:BankTimeDepositsMemberus-gaap:FairValueMeasurementsRecurringMember2019-12-310001120193us-gaap:FairValueInputsLevel1Memberus-gaap:BankTimeDepositsMemberus-gaap:FairValueMeasurementsRecurringMember2019-12-310001120193us-gaap:BankTimeDepositsMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2019-12-310001120193us-gaap:FairValueInputsLevel3Memberus-gaap:BankTimeDepositsMemberus-gaap:FairValueMeasurementsRecurringMember2019-12-310001120193us-gaap:FairValueMeasurementsRecurringMember2020-06-300001120193us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2020-06-300001120193us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2020-06-300001120193us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2020-06-300001120193us-gaap:FairValueMeasurementsRecurringMember2019-12-310001120193us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2019-12-310001120193us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2019-12-310001120193us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2019-12-310001120193us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel2Member2020-06-300001120193us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel2Member2019-12-31ndaq:fund00011201932018-09-012018-09-300001120193ndaq:NordicClearingMembersCashContributionsMember2020-06-300001120193ndaq:NordicClearingMembersNonCashContributionsMember2020-06-300001120193ndaq:DefaultfundcontributioncapitalresourcesavailableMember2020-06-300001120193ndaq:DefaultfundcontributionmemberpostedsurplusbalanceMember2020-06-300001120193ndaq:NasdaqClearingOperationsMember2020-01-012020-06-300001120193srt:MinimumMember2020-01-012020-06-300001120193srt:MaximumMember2020-01-012020-06-300001120193ndaq:NordicClearingMembersCashContributionsMember2019-12-310001120193us-gaap:DemandDepositsMember2020-06-300001120193us-gaap:DemandDepositsMember2019-12-310001120193ndaq:CentralBankCertificatesMember2020-06-300001120193ndaq:CentralBankCertificatesMember2019-12-310001120193ndaq:EuropeanGovernmentDebtSecuritiesMember2020-06-300001120193ndaq:EuropeanGovernmentDebtSecuritiesMember2019-12-310001120193us-gaap:RepurchaseAgreementsMember2020-06-300001120193us-gaap:RepurchaseAgreementsMember2019-12-310001120193ndaq:SupranationalsAndStateOwnedEnterpriseDebtSecuritiesMember2020-06-300001120193ndaq:SupranationalsAndStateOwnedEnterpriseDebtSecuritiesMember2019-12-310001120193ndaq:NasdaqClearingOperationsMember2020-06-300001120193ndaq:LiabilityWaterfallMember2020-06-300001120193ndaq:CommodityForwardsAndOptionsMember2020-06-300001120193ndaq:FixedIncomeOptionsAndFuturesMember2020-06-300001120193ndaq:StockOptionsAndFuturesMember2020-06-300001120193ndaq:IndexOptionsAndFuturesMember2020-06-30ndaq:contract0001120193ndaq:CommodityForwardsAndOptionsMember2019-06-300001120193ndaq:FixedIncomeOptionsAndFuturesMember2019-06-300001120193ndaq:StockOptionsAndFuturesMember2019-06-300001120193ndaq:IndexOptionsAndFuturesMember2019-06-30utr:TWh0001120193ndaq:NasdaqClearingOperationsMember2019-06-300001120193ndaq:NasdaqClearingOperationsMember2019-01-012019-06-300001120193ndaq:ClearinghouseCreditFacilitiesMember2020-06-300001120193ndaq:ClearinghouseCreditFacilitiesMember2019-12-310001120193ndaq:ICBCMember2020-06-300001120193ndaq:EspeedMember2020-01-012020-06-3000011201932014-09-022014-09-020001120193us-gaap:CorporateNonSegmentMember2020-04-012020-06-300001120193us-gaap:CorporateNonSegmentMember2019-04-012019-06-300001120193us-gaap:CorporateNonSegmentMember2020-01-012020-06-300001120193us-gaap:CorporateNonSegmentMember2019-01-012019-06-300001120193srt:MinimumMemberndaq:AssetImpairmentMember2020-06-300001120193srt:MaximumMemberndaq:AssetImpairmentMember2020-06-300001120193ndaq:AssetImpairmentMember2020-04-012020-06-300001120193ndaq:AssetImpairmentMember2020-01-012020-06-300001120193ndaq:ConsultingServicesMember2020-04-012020-06-300001120193ndaq:ConsultingServicesMember2020-01-012020-06-300001120193us-gaap:ContractTerminationMember2020-04-012020-06-300001120193us-gaap:ContractTerminationMember2020-01-012020-06-300001120193us-gaap:EmployeeSeveranceMember2020-04-012020-06-300001120193us-gaap:EmployeeSeveranceMember2020-01-012020-06-300001120193us-gaap:OtherRestructuringMember2020-04-012020-06-300001120193us-gaap:OtherRestructuringMember2020-01-012020-06-30


UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_______________________________
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended
June 30, 2020
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period
from ________ to ________
Commission file number: 001-38855
___________________________________
Nasdaq, Inc.
(Exact name of registrant as specified in its charter)
Delaware52-1165937
(State or Other Jurisdiction of Incorporation or Organization)(I.R.S. Employer Identification No.)

151 W. 42nd Street,New York,New York10036
(Address of Principal Executive Offices)(Zip Code)
Registrant’s telephone number, including area code: +1 212 401 8700
No Changes
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.01 par value per shareNDAQThe Nasdaq Stock Market
0.875% Senior Notes due 2030NDAQ30The Nasdaq Stock Market
1.75% Senior Notes due 2029NDAQ29The Nasdaq Stock Market
1.75% Senior Notes due 2023NDAQ23The Nasdaq Stock Market
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  
        Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No    
        Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
ClassOutstanding at July 28, 2020
Common Stock, $0.01 par value per share164,258,414  shares






Nasdaq, Inc.

  
Page  
Part I. FINANCIAL INFORMATION
 
   
Item 1.
   
Condensed Consolidated Balance Sheets - June 30, 2020 (unaudited) and December 31, 2019
Condensed Consolidated Statements of Income - Three and Six Months Ended June 30, 2020 and 2019 (unaudited)
Condensed Consolidated Statements of Comprehensive Income - Three and Six Months Ended June 30, 2020 and 2019 (unaudited)
Condensed Consolidated Statements of Changes in Stockholders' Equity - Three and Six Months Ended June 30, 2020 and 2019 (unaudited)
Condensed Consolidated Statements of Cash Flows - Six Months Ended June 30, 2020 and 2019 (unaudited)
Item 2.
   
Item 3.
   
Item 4.
  
Item 1.
  
Item 1A.
  
Item 2.
  
Item 3.
  
Item 4.
  
Item 5.
  
Item 6.



i


About this Form 10-Q
Throughout this Form 10-Q, unless otherwise specified:
“Nasdaq,” “we,” “us” and “our” refer to Nasdaq, Inc.
• “Nasdaq Baltic” refers to collectively, Nasdaq Tallinn AS, Nasdaq Riga, AS, and AB Nasdaq Vilnius.
• “Nasdaq BX” refers to the cash equity exchange operated by Nasdaq BX, Inc.
“Nasdaq BX Options” refers to the options exchange operated by Nasdaq BX, Inc.
“Nasdaq Clearing” refers to the clearing operations conducted by Nasdaq Clearing AB.
“Nasdaq CXC” and “Nasdaq CX2” refer to the Canadian cash equity trading books operated by Nasdaq CXC Limited.
“Nasdaq First North” refers to our alternative marketplaces for smaller companies and growth companies in the Nordic and Baltic regions.
“Nasdaq GEMX” refers to the options exchange operated by Nasdaq GEMX, LLC.
“Nasdaq ISE” refers to the options exchange operated by Nasdaq ISE, LLC. 
“Nasdaq MRX” refers to the options exchange operated by Nasdaq MRX, LLC. 
“Nasdaq Nordic” refers to collectively, Nasdaq Clearing AB, Nasdaq Stockholm AB, Nasdaq Copenhagen A/S, Nasdaq Helsinki Ltd, and Nasdaq Iceland hf.
“Nasdaq PHLX” refers to the options exchange operated by Nasdaq PHLX LLC.
“Nasdaq PSX” refers to the cash equity exchange operated by Nasdaq PHLX LLC.
“The Nasdaq Options Market” refers to the options exchange operated by The Nasdaq Stock Market LLC.
“The Nasdaq Stock Market” refers to the cash equity exchange and listing venue operated by The Nasdaq Stock Market LLC.
* * * * * *
Nasdaq also provides as a tool for the reader the following list of abbreviations and acronyms that are used throughout this Quarterly Report on Form 10-Q.
401(k) Plan: Voluntary Defined Contribution Savings Plan
2017 Credit Facility: $1 billion senior unsecured revolving credit facility, which matures on April 25, 2022
2021 Notes: €600 million aggregate principal amount of 3.875% senior unsecured notes due June 7, 2021, repaid in full and terminated in March 2020
2023 Notes: €600 million aggregate principal amount of 1.75% senior unsecured notes due May 19, 2023
2024 Notes: $500 million aggregate principal amount of 4.25% senior unsecured notes due June 1, 2024
2026 Notes: $500 million aggregate principal amount of 3.85% senior unsecured notes due June 30, 2026
2029 Notes: €600 million aggregate principal amount of 1.75% senior unsecured notes due March 28, 2029
2030 Notes: €600 million aggregate principal amount of 0.875% senior unsecured notes due February 13, 2030
2050 Notes: $500 million aggregate principal amount of 3.25% senior unsecured notes due April 28, 2050
ASU: Accounting Standards Update
ASU 2016-13: Measurement of Credit Losses on Financial Instruments
AUM: Assets Under Management
CCP: Central Counterparty
EMIR: European Market Infrastructure Regulation
Equity Plan: Nasdaq Equity Incentive Plan
ESPP: Nasdaq Employee Stock Purchase Plan
ETF: Exchange Traded Fund
ETP: Exchange Traded Product
Exchange Act: Securities Exchange Act of 1934, as amended
FASB: Financial Accounting Standards Board
FICC: Fixed Income and Commodities Trading and Clearing
FINRA: Financial Industry Regulatory Authority
IPO: Initial Public Offering
LIBOR: London Interbank Offered Rate
NFF: Nasdaq Financial Framework; Nasdaq's end-to-end technology solutions for market infrastructure operators, buy-side firms, sell-side firms and other non-financial markets
NFX: Nasdaq Futures, Inc.
NPM: The NASDAQ Private Market, LLC
ii


NSCC: National Securities Clearing Corporation
OCC: The Options Clearing Corporation
OTC: Over-the-Counter
PSU: Performance Share Unit
SaaS: Software as a Service
SEC: U.S. Securities and Exchange Commission

SERP: Supplemental Executive Retirement Plan
SFSA: Swedish Financial Supervisory Authority
S&P: Standard & Poor’s
S&P 500: S&P 500 Stock Index
TSR: Total Shareholder Return
U.S. GAAP: U.S. Generally Accepted Accounting Principles
* * * * * *
NASDAQ, the NASDAQ logos, and other brand, service or product names or marks referred to in this report are trademarks or service marks, registered or otherwise, of Nasdaq, Inc. and/or its subsidiaries. FINRA and TRADE REPORTING FACILITY are registered trademarks of FINRA.
* * * * * *
This Quarterly Report on Form 10-Q includes market share and industry data that we obtained from industry publications and surveys, reports of governmental agencies and internal company surveys. Industry publications and surveys generally state that the information they contain has been obtained from sources believed to be reliable, but we cannot assure you that this information is accurate or complete. We have not independently verified any of the data from third-party sources nor have we ascertained the underlying economic assumptions relied upon therein. Statements as to our market position are based on the most currently available market data. For market comparison purposes, The Nasdaq Stock Market data in this Quarterly Report on Form 10-Q for IPOs is based on data generated internally by us; therefore, the data may not be comparable to other publicly-available IPO data. Data in this Quarterly Report on Form 10-Q for new listings of equity securities on The Nasdaq Stock Market is based on data generated internally by us, which includes issuers that switched from other listing venues, closed-end funds and ETPs. Data in this Quarterly Report on Form 10-Q for IPOs and new listings of equity securities on the Nasdaq Nordic and Nasdaq Baltic exchanges and Nasdaq First North also is based on data generated internally by us. IPOs and new listings data is presented as of period end. While we are not aware of any misstatements regarding industry data presented herein, our estimates involve risks and uncertainties and are subject to change based on various factors. We refer you to the “Risk Factors” section in this Quarterly Report on Form 10-Q for the quarter ended June 30, 2020, the “Risk Factors” section in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2020, and the “Risk Factors” section in our most recent Form 10-K. 
 * * * * * *
Nasdaq intends to use its website, ir.nasdaq.com, as a means for disclosing material non-public information and for complying with SEC Regulation FD and other disclosure obligations.  
iii


Forward-Looking Statements
The SEC encourages companies to disclose forward-looking information so that investors can better understand a company’s future prospects and make informed investment decisions. This Quarterly Report on Form 10-Q contains these types of statements. Words such as “may,” “will,” “could,” “should,” “anticipates,” “envisions,” “estimates,” “expects,” “projects,” “intends,” “plans,” “believes” and words or terms of similar substance used in connection with any discussion of future expectations as to industry and regulatory developments or business initiatives and strategies, future operating results or financial performance, and other future developments are intended to identify forward-looking statements. These include, among others, statements relating to:
our strategic direction;
the integration of acquired businesses, including accounting decisions relating thereto;
the scope, nature or impact of acquisitions, divestitures, investments, joint ventures or other transactional activities;
the effective dates for, and expected benefits of, ongoing initiatives, including transactional activities and other strategic, restructuring, technology, de-leveraging and capital return initiatives;
our products, order backlog and services;
the impact of pricing changes;
tax matters;
the cost and availability of liquidity and capital;
any litigation, or any regulatory or government investigation or action, to which we are or could become a party or which may affect us; and
the potential impact of the COVID-19 pandemic and the response of governments and other third parties on our business, operations, results of operations, financial condition, workforce or the operations or decisions of our customers, suppliers or business partners.
Forward-looking statements involve risks and uncertainties. Factors that could cause actual results to differ materially from those contemplated by the forward-looking statements include, among others, the following:
our operating results may be lower than expected;
our ability to successfully integrate acquired businesses or divest sold businesses or assets, including the fact that any integration or transition may be more difficult, time consuming or costly than expected, and we may be unable to realize synergies from business combinations, acquisitions, divestitures or other transactional activities;
loss of significant trading and clearing volumes or values, fees, market share, listed companies, market data customers or other customers;
our ability to develop and grow our non-trading businesses, including our technology and analytics offerings;
our ability to keep up with rapid technological advances and adequately address cybersecurity risks;
economic, political and market conditions and fluctuations, including interest rate and foreign currency risk, inherent in U.S. and international operations;
the performance and reliability of our technology and technology of third parties on which we rely;
any significant error in our operational processes;
our ability to continue to generate cash and manage our indebtedness; and
adverse changes that may occur in the litigation or regulatory areas, or in the securities markets generally, or increased regulatory oversight domestically or internationally.
Most of these factors are difficult to predict accurately and are generally beyond our control. You should consider the uncertainty and any risk related to forward-looking statements that we make. These risk factors are discussed under the caption “Part II. Item 1A. Risk Factors,” in this Quarterly Report on Form 10-Q for the quarter ended June 30, 2020, the “Risk Factors” section in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2020, and more fully described in the “Risk Factors section in our most recent Form 10-K. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this report. You should carefully read this entire Quarterly Report on Form 10-Q, including “Part I. Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations” and the condensed consolidated financial statements and the related notes. Except as required by the federal securities laws, we undertake no obligation to update any forward-looking statement, release publicly any revisions to any forward-looking statements or report the occurrence of unanticipated events. For any forward-looking statements contained in any document, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.
1


PART I - FINANCIAL INFORMATION
Item 1. Financial Statements.
Nasdaq, Inc.
Condensed Consolidated Balance Sheets
(in millions, except share and par value amounts)
June 30, 2020December 31, 2019
(unaudited)
Assets
Current assets:
Cash and cash equivalents$711  $332  
Restricted cash30  30  
Financial investments206  291  
Receivables, net523  422  
Default funds and margin deposits3,098  2,996  
Other current assets148  219  
Total current assets4,716  4,290  
Property and equipment, net396  384  
Goodwill6,488  6,366  
Intangible assets, net2,215  2,249  
Operating lease assets405  346  
Other non-current assets339  289  
Total assets$14,559  $13,924  
Liabilities
Current liabilities:
Accounts payable and accrued expenses$129  $148  
Section 31 fees payable to SEC318  132  
Accrued personnel costs149  188  
Deferred revenue351  211  
Other current liabilities204  161  
Default funds and margin deposits3,098  2,996  
Short-term debt  391  
Total current liabilities4,249  4,227  
Long-term debt3,482  2,996  
Deferred tax liabilities, net506  552  
Operating lease liabilities403  331  
Other non-current liabilities162  179  
Total liabilities8,802  8,285  
Commitments and contingencies
Equity
Nasdaq stockholders’ equity:
Common stock, $0.01 par value, 300,000,000 shares authorized, shares issued: 170,521,938 at June 30, 2020 and 171,075,011 at December 31, 2019; shares outstanding: 164,248,600 at June 30, 2020 and 165,094,440 at December 31, 2019
2  2  
Additional paid-in capital2,533  2,632  
Common stock in treasury, at cost: 6,273,338 shares at June 30, 2020 and 5,980,571 shares at December 31, 2019
(367) (336) 
Accumulated other comprehensive loss(1,715) (1,686) 
Retained earnings5,301  5,027  
Total Nasdaq stockholders’ equity5,754  5,639  
Noncontrolling interests3    
Total equity5,757  5,639  
Total liabilities and equity$14,559  $13,924  
                                            
See accompanying notes to condensed consolidated financial statements.
2


Nasdaq, Inc.
Condensed Consolidated Statements of Income
(Unaudited)
(in millions, except per share amounts)
 Three Months Ended June 30,Six Months Ended June 30,
 2020201920202019
Revenues:   
Market Services$975  $665  $1,908  $1,304  
Corporate Services126  123  254  243  
Information Services213  194  424  387  
Market Technology84  79  165  156  
Other revenues      10  
Total revenues1,398  1,061  2,751  2,100  
Transaction-based expenses:    
Transaction rebates(530) (331) (1,009) (661) 
Brokerage, clearance and exchange fees(169) (107) (342) (182) 
Revenues less transaction-based expenses699  623  1,400  1,257  
Operating expenses:    
Compensation and benefits189  169  384  344  
Professional and contract services31  30  58  68  
Computer operations and data communications35  33  70  65  
Occupancy26  24  51  48  
General, administrative and other25  40  86  56  
Marketing and advertising4  10  14  20  
Depreciation and amortization50  48  98  96  
Regulatory7  8  14  15  
Merger and strategic initiatives4  5  10  14  
Restructuring charges13    25    
Total operating expenses384  367  810  726  
Operating income315  256  590  531  
Interest income1  3  3  6  
Interest expense(26) (31) (52) (68) 
Net gain on divestiture of business      27  
Other income  1  5  1  
Net income from unconsolidated investees26  10  43  55  
Income before income taxes316  239  589  552  
Income tax provision75  65  145  131  
Net income attributable to Nasdaq$241  $174  $444  $421  
Per share information:    
Basic earnings per share$1.47  $1.05  $2.70  $2.54  
Diluted earnings per share$1.45  $1.04  $2.67  $2.52  
Cash dividends declared per common share$0.49  $0.47  $0.96  $0.91  
See accompanying notes to condensed consolidated financial statements.
3


Nasdaq, Inc.
Condensed Consolidated Statements of Comprehensive Income
(Unaudited)
(in millions)
 Three Months Ended June 30,Six Months Ended June 30,
 2020201920202019
Net income$241  $174  $444  $421  
Other comprehensive income (loss):   
Foreign currency translation gains (losses)184  (29) (31) (135) 
Income tax benefit (expense)(1)
10  8  2  (1) 
Foreign currency translation, net194  (21) (29) (136) 
Comprehensive income attributable to Nasdaq$435  $153  $415  $285  
____________
(1) Primarily relates to the tax effect of unrealized gains and losses on Euro denominated notes.


See accompanying notes to condensed consolidated financial statements.

4


Nasdaq, Inc. 
Condensed Consolidated Statements of Changes in Stockholders' Equity
(Unaudited)
(in millions)

Three Months Ended June 30,Six Months Ended June 30,
2020201920202019
Shares$Shares$Shares$Shares$
Common stock164  2  166  2  165  2  165  2  
Additional paid-in capital
Beginning balance2,527  2,732  2,632  2,716  
Share repurchase program—  (30) (1) (50) (2) (152) (1) (50) 
Share-based compensation23  20  1  40  1  36  
Stock option exercises, net1  1  1  1  
Other issuances of common stock, net12  10  12  10  
Ending balance2,533  2,713  2,533  2,713  
Common stock in treasury, at cost
Beginning balance(364) (327) (336) (297) 
Other employee stock activity—  (3) —  (31) (30) 
Ending balance(367) (327) (367) (327) 
Accumulated other comprehensive loss
Beginning balance(1,909) (1,645) (1,686) (1,530) 
Other comprehensive loss194  (21) (29) (136) 
Ending balance(1,715) (1,666) (1,715) (1,666) 
Retained earnings
Beginning balance5,140  4,732  5,027  4,558  
Impact of adoption of ASU 2016-13
—  —  (12) —  
Net income241  174  444  421  
Cash dividends declared per common share
(80) (77) (158) (150) 
Ending balance5,301  4,829  5,301  4,829  
Total Nasdaq stockholders’ equity5,754  5,551  5,754  5,551  
Noncontrolling interests
Beginning balance2  —    —  
Net activity related to noncontrolling interests
1  —  3  —  
Ending balance3  —  3  —  
Total Equity164  $5,757  165  $5,551  164  $5,757  165  $5,551  


See accompanying notes to condensed consolidated financial statements.
5