Default funds and margin deposits

170

^[1]

223

^[1]

Receivables, net

362

333

Deferred tax assets

1,412

209

Other current assets

154

112

Total current assets

2,610

1,492

Non-current restricted cash

Property and equipment, net

227

211

Non-current deferred tax assets

478

294

Goodwill

6,048

5,335

Intangible assets, net

2,383

1,650

Other non-current assets

182

125

Total assets

11,953

9,132

Current liabilities:

Accounts payable and accrued expenses

252

172

Section 31 fees payable to SEC

145

Accrued personnel costs

111

Deferred revenue

222

139

Other current liabilities

127

119

Deferred tax liabilities

Default funds and margin deposits

1,412

209

Current portion of debt obligations

138

136

Total current liabilities

2,416

1,018

Debt obligations

2,647

1,840

Non-current deferred tax liabilities

689

713

Non-current deferred revenue

146

156

Other non-current liabilities

192

196

Total liabilities

6,090

3,923

Commitments and contingencies

NASDAQ OMX stockholders' equity:

Common stock, $0.01 par value, 300,000,000 shares authorized, shares issued: 213,426,908 at June 30, 2013 and December 31, 2012; shares outstanding: 167,221,434 at June 30, 2013 and 165,605,838 at December 31, 2012

Preferred stock, 30,000,000 shares authorized, series A convertible preferred stock: shares issued: 1,600,000 at June 30, 2013 and December 31, 2012; shares outstanding: none at June 30, 2013 and December 31, 2012

Additional paid-in capital

4,261

3,771

Common stock in treasury, at cost: 46,205,474 shares at June 30, 2013 and 47,821,070 shares at December 31, 2012

(1,027)

(1,058)

Accumulated other comprehensive loss

(139)

(185)

Retained earnings

2,765

2,678

Total NASDAQ OMX stockholders' equity

5,862

5,208

Noncontrolling interests

Total equity

5,863

5,209

Total liabilities and equity

$ 11,953

$ 9,132

[1]

Primarily comprised of trading securities, mainly Swedish government debt securities, of $133 million as of June 30, 2013 and $201 million as of December 31, 2012. Of these securities, $114 million as of June 30, 2013 and $134 million as of December 31, 2012 are restricted assets to meet regulatory capital requirements primarily for clearing operations at NASDAQ OMX Nordic Clearing. This balance also includes our available-for-sale investment security in DFM valued at $37 million as of June 30, 2013 and $22 million as of December 31, 2012. See Note 6, “Investments,” for further discussion of our trading investment securities and available-for-sale investment security.

Consolidated Balance Sheets (Parenthetical) (USD $)	Jun. 30, 2013	Dec. 31, 2012
Statement Of Financial Position [Abstract]
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	300,000,000	300,000,000
Common stock, shares issued	213,426,908	213,426,908
Common stock, shares outstanding	167,221,434	165,605,838
Preferred stock, shares authorized	30,000,000	30,000,000
Preferred stock, series A convertible preferred stock: shares issued	1,600,000	1,600,000
Preferred stock, series A convertible preferred stock: shares outstanding	0	0
Common stock in treasury	46,205,474	47,821,070

Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation.

+ References+ Details

Condensed Consolidated Statements of Income (USD $) In Millions, except Per Share data, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Revenues:
Market Services	$ 553	$ 587	$ 1,060	$ 1,167
Listing Services	58	55	113	112
Information Services	108	106	215	208
Technology Solutions	95	67	169	132
Total revenues	814	815	1,557	1,619
Cost of revenues:
Transaction rebates	(276)	(299)	(518)	(604)
Brokerage, clearance and exchange fees	(87)	(89)	(170)	(174)
Total cost of revenues	(363)	(388)	(688)	(778)
Revenues less transaction rebates, brokerage, clearance and exchange fees	451	427	869	841
Operating expenses:
Compensation and benefits	126	113	243	224
Marketing and advertising	8	6	15	13
Depreciation and amortization	28	25	55	51
Professional and contract services	35	26	64	51
Computer operations and data communications	20	17	35	33
Occupancy	23	23	46	46
Regulatory	8	9	16	18
Merger and strategic initiatives	25	1	33	3
Restructuring and other charges		17	9	26
General, administrative and other	19	15	42	30
Voluntary accommodation program			62
Total operating expenses	292	252	620	495
Operating income	159	175	249	346
Interest income	2	2	5	4
Interest expense	(26)	(24)	(50)	(48)
Asset impairment charges		(28)	(10)	(40)
Income before income taxes	135	125	194	262
Income tax provision	47	33	64	86
Net income	88	92	130	176
Net loss attributable to noncontrolling interests		1		2
Net income attributable to NASDAQ OMX	$ 88	$ 93	$ 130	$ 178
Per share information:
Basic earnings per share	$ 0.53	$ 0.55	$ 0.78	$ 1.04
Diluted earnings per share	$ 0.52	$ 0.53	$ 0.77	$ 1.02
Cash dividends declared per common share	$ 0.13	$ 0.13	$ 0.26	$ 0.13

Condensed Consolidated Statements of Comprehensive Income (Loss) (USD $) In Millions, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Condensed Consolidated Statements of Comprehensive Income (Loss) [Abstract]
Net income	$ 88	$ 92	$ 130	$ 176
Net unrealized holding gains (losses) on available-for-sale investment securities:
Net unrealized holding gains (losses) on available-for-sale investment securities	14	(5)	15	2
Foreign currency translation gains (losses):
Net foreign currency translation losses	(110)	(209)	(152)	(24)
Income tax benefit	176	64	183	4
Total	66	(145)	31	(20)
Total other comprehensive income (loss), net of tax	80	(150)	46	(18)
Comprehensive income (loss)	168	(58)	176	158
Comprehensive loss attributable to noncontrolling interests		1		2
Comprehensive income (loss) attributable to NASDAQ OMX	$ 168	$ (57)	$ 176	$ 160

Condensed Consolidated Statements of Cash Flows (USD $) In Millions, unless otherwise specified	6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012
Cash flows from operating activities:
Net income	$ 130	$ 176
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization	55	51
Share-based compensation	18	22
Excess tax benefits related to share-based compensation	(13)	(1)
Provision for bad debts	1	4
Deferred income taxes	(28)	(36)
Non-cash restructuring charges	1	12
Asset retirements and impairment charges	10	40
Amortization of debt issuance costs	1	1
Accretion of debt discounts	2	1
Other non-cash items included in net income	(3)	5
Net change in operating assets and liabilities, net of effects of acquisitions:
Receivables, net	(22)	(35)
Other assets	(61)	(18)
Accounts payable and accrued expenses	83	(8)
Section 31 fees payable to SEC	48	50
Accrued personnel costs	(30)	(65)
Deferred revenue	47	80
Other liabilities	16	39
Net cash provided by operating activities	255	318
Cash flows from investing activities:
Purchases of trading securities	(187)	(164)
Proceeds from sales and redemptions of trading securities	250	248
Purchase of equity and cost method investments	(39)
Acquisitions of businesses, net of cash and cash equivalents acquired	(1,121)	(57)
Purchases of property and equipment	(45)	(41)
Net cash used in investing activities	(1,142)	(14)
Cash flows from financing activities:
Payments of debt obligations	(23)	(122)
Proceeds from debt obligations, net of debt issuance costs	825
Cash paid for repurchase of common stock	(10)	(175)
Cash dividends	(43)	(22)
Issuances of common stock, net of treasury stock purchases	15	2
Excess tax benefits related to share-based compensation	13	1
Other financing activities		(1)
Net cash provided by (used in) financing activities	777	(317)
Effect of exchange rate changes on cash and cash equivalents	(8)	(2)
Net decrease in cash and cash equivalents	(118)	(15)
Cash and cash equivalents at beginning of period	497	506
Cash and cash equivalents at end of period	379	491
Cash paid for:
Interest	40	40
Income taxes, net of refund	100	79
Non-cash investing activities:
Acquisition of eSpeed contingent future issuance of NASDAQ OMX common stock	$ 484

Organization and Nature of Operations	6 Months Ended
Organization and Nature of Operations	Jun. 30, 2013
Organization and Nature of Operations [Abstract]
Organization and Nature of Operations	1. Organization and Nature of Operations We are a leading global exchange group that delivers trading, clearing, exchange technology, regulatory, securities listing, and public company services across six continents. Our global offerings are diverse and include trading and clearing across multiple asset classes, market data products, financial indexes, capital formation solutions, financial services and market technology products and services. Our technology powers markets across the globe, supporting cash equity trading, derivatives trading, clearing and settlement and many other functions. In the U.S., we operate The NASDAQ Stock Market, a registered national securities exchange. The NASDAQ Stock Market is the largest single cash equities securities market in the U.S. in terms of listed companies and in the world in terms of share value traded. As of June 30, 2013, The NASDAQ Stock Market was home to 2,581 listed companies with a combined market capitalization of approximately $5.9 trillion. In addition, in the U.S. we operate two additional cash equities trading markets, three options markets, an electronic platform for trading of U.S. Treasuries and a futures market. We also engage in riskless principal trading and clearing of over-the-counter, or OTC, power and gas contracts. In Europe, we operate exchanges in Stockholm (Sweden), Copenhagen (Denmark), Helsinki (Finland), and Iceland as NASDAQ OMX Nordic, and exchanges in Tallinn (Estonia), Riga (Latvia) and Vilnius (Lithuania) as NASDAQ OMX Baltic. Collectively, the exchanges that comprise NASDAQ OMX Nordic and NASDAQ OMX Baltic offer trading in cash equities, bonds, structured products and ETFs, as well as trading and clearing of derivatives and clearing of resale and repurchase agreements. Through NASDAQ OMX First North, our Nordic and Baltic operations also offer alternative marketplaces for smaller companies. As of June 30, 2013, the exchanges that comprise NASDAQ OMX Nordic and NASDAQ OMX Baltic, together with NASDAQ OMX First North, were home to 758 listed companies with a combined market capitalization of approximately $1.0 trillion. We also operate NASDAQ OMX Armenia. In addition, NASDAQ OMX Commodities operates the world’s largest power derivatives exchange for trading and clearing of futures in the Nordics, Germany and the U.K., one of Europe’s largest carbon exchanges and together with Nord Pool Spot, N2EX, a marketplace for physical U.K. power contracts. We also operate NOS Clearing, a leading Norway-based clearinghouse primarily for OTC traded derivatives for the freight market and seafood derivatives market and NASDAQ OMX NLX, a new London-based market for trading of listed short-term and long-term European (Euro and Sterling denominated) interest rate derivative products. In some of the countries where we operate exchanges, we also provide clearing, settlement and depository services.

Basis of Presentation and Principles of Consolidation	6 Months Ended
Basis of Presentation and Principles of Consolidation	Jun. 30, 2013
Basis of Presentation and Principles of Consolidation [Abstract]
Basis of Presentation and Principles of Consolidation	2. Basis of Presentation and Principles of Consolidation The condensed consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles, or U.S. GAAP. The condensed consolidated financial statements include the accounts of NASDAQ OMX, its wholly-owned subsidiaries and other entities in which NASDAQ OMX has a controlling financial interest. The accompanying unaudited condensed consolidated financial statements reflect all adjustments which are, in the opinion of management, necessary for a fair statement of the results for the interim periods presented. 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 OMX’s Annual Report on Form 10-K for the fiscal year ended December 31, 2012. The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts and the disclosure of contingent amounts in the condensed consolidated financial statements and accompanying notes. Actual results could differ from those estimates. We have evaluated subsequent events through the issuance date of this Quarterly Report on Form 10-Q. Changes in Reportable Segments As announced in January 2013, we realigned our reportable segments as a result of changes to the organizational structure of our businesses. Our reportable segments now consist of Market Services, Listing Services, Information Services and Technology Solutions. See Note 16, “Business Segments,” for further discussion. All prior period segment disclosures have been recast to reflect our change in reportable segments. Certain other prior year amounts have been reclassified to conform to the current year presentation. Income Taxes We use the asset and liability method to determine income taxes on all transactions recorded in the condensed consolidated financial statements. Deferred tax assets and liabilities are determined based on differences between the financial statement carrying amounts and the tax basis of existing assets and liabilities (i.e., temporary differences) and are measured at the enacted rates that will be in effect when these differences are realized. If necessary, a valuation allowance is established to reduce deferred tax assets to the amount that is more likely than not to be realized. In order to recognize and measure our unrecognized tax benefits, management determines whether a tax position is more likely than not to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. Once it is determined that a position meets the recognition thresholds, the position is measured to determine the amount of benefit to be recognized in the condensed consolidated financial statements. Interest and/or penalties related to income tax matters are recognized in income tax expense. As shown in the Condensed Consolidated Statements of Comprehensive Income (Loss), the income tax benefit increased $112 million to $176 million, in the second quarter of 2013, compared with $64 million in the same period of 2012, due to an assertion made by NASDAQ OMX to permanently reinvest the earnings of certain foreign subsidiaries. As a result of this assertion, adjustments were made to our deferred tax balances relating to cumulative translation adjustments pertaining to these subsidiaries. In the fourth quarter of 2010, we received an appeal from the Finnish Tax Authority challenging certain interest expense deductions claimed by NASDAQ OMX in Finland for the year 2008. The appeal also demanded certain penalties be paid with regard to the company’s tax return filing position. In October 2012, the Finnish Appeals Board disagreed with the company’s tax return filing position, even though the tax return position with respect to this deduction was previously reviewed and approved by the Finnish Tax Authority. NASDAQ OMX has appealed the ruling by the Finnish Appeals Board to the Finnish Administrative Court. In the second quarter of 2013, we paid $19 million to the Finnish Tax Authority. We expect the Finnish Administrative Court to agree with our position and, if so, NASDAQ OMX will receive a refund of the amount paid in the second quarter of 2013. Through June 30, 2013, we have recorded the tax benefits associated with the filing position. From 2009 through 2012, we recorded tax benefits associated with certain interest expense incurred in Sweden. Our position is supported by a 2011 ruling we received from the Swedish Supreme Administrative Court. However, under new legislation, effective January 1, 2013, limitations are imposed on certain forms of interest expense. Since the new legislation is unclear with regards to our ability to continue to claim such interest deductions, NASDAQ OMX has filed an application for an advance tax ruling with the Swedish Tax Council for Advanced Tax Rulings. We expect to receive a favorable response from the Swedish Tax Council for Advance Tax Rulings. In the second quarter of 2013, we recorded a tax benefit of $4 million, or $.02 per diluted share, with respect to this issue in the condensed consolidated financial statements. Since January 1, 2013, we have recorded a tax benefit of $8 million, or $0.05 per diluted share, related to this matter. We expect to record recurring quarterly tax benefits of $4 million to $5 million with respect to this issue for the foreseeable future.

Restructuring Charges

6 Months Ended

Jun. 30, 2013

Restructuring Charges [Abstract]

Restructuring Charges

3. Restructuring Charges

During the first quarter of 2012, we performed a comprehensive review of our processes, organizations and systems in a company-wide effort to improve performance, cut costs, and reduce spending. Through this initiative, we expect an annualized savings of $60 million in 2013. This restructuring program was completed in the first quarter of 2013.

The following table presents a summary of restructuring charges in the Condensed Consolidated Statements of Income for the six months ended June 30, 2013 and 2012:



	Six Months Ended June 30,
	2013		2012

	(in millions)
Severance	$	6	$	14
Facilities-related		1		5
Asset impairments		1		6
Other		1		1
Total restructuring charges	$	9	$	26

During the first six months of 2013, we recognized restructuring charges totaling $9 million, including severance costs of $6 million related to workforce reductions of 31 positions across our organization, $1 million for facilities-related charges, discussed below, $1 million for asset impairments, primarily consisting of fixed assets and capitalized software that have been retired, and $1 million of other charges. During the first six months of 2012, we recognized restructuring charges totaling $26 million, including severance cost of $14 million related to workforce reductions of 162 positions across our organization, $5 million for facility-related charges, discussed below, $6 million for asset impairments, primarily consisting of fixed assets and capitalized software which have been retired, and $1 million of other charges.

The following table presents a summary of restructuring charges in the Condensed Consolidated Statements of Income for the three months ended June 30, 2012:


	Three Months Ended June 30,
	2012

	(in millions)
Severance	$	9
Facilities-related		5
Asset impairments		2
Other		1
Total restructuring charges	$	17

During the second quarter of 2012, we recognized restructuring charges totaling $17 million, including severance costs of $9 million related to workforce reductions of 124 positions across our organization, $5 million for facility-related charges, discussed below, $2 million for asset impairments, primarily consisting of fixed assets and capitalized software which have been retired, and $1 million of other charges.

Restructuring Reserve

Severance

The accrued severance balance totaled $5 million at June 30, 2013 and $8 million at December 31, 2012 and is included in other current liabilities in the Condensed Consolidated Balance Sheets. The majority of the remaining accrued severance balance will be paid during the remaining six months of 2013. During the first six months of 2013, $9 million of severance was paid.

Facilities-related

The facilities-related charges of $1 million for the first six months of 2013 and $5 million for the second quarter and first six months of 2012 relate to lease rent accruals for facilities we no longer occupy due to facilities consolidation. The facilities-related charges for the second quarter and first six months of 2012 also include the write-off and disposal of leasehold improvements and other assets. The lease rent costs included in the facilities-related charges are equal to the future costs associated with the facility, net of estimated proceeds from any future sublease agreements that could be reasonably obtained, based on management’s estimate. We will continue to evaluate these estimates in future periods, and thus, there may be additional charges or reversals relating to these facilities. The facilities-related restructuring reserve will be paid over several years until the leases expire. The facilities-related reserve balance, which totaled $2 million at June 30, 2013 and $3 million at December 31, 2012, is included in other current liabilities and other non-current liabilities in the Condensed Consolidated Balance Sheets.

Acquisitions and Divestitures

The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled.

+ References+ Details

Acquisitions and Divestitures

6 Months Ended

Jun. 30, 2013

Acquisitions [Abstract]

4. Acquisitions

We completed the following acquisitions in 2013 and 2012. Financial results of each transaction are included in our Condensed Consolidated Statements of Income from the dates of each acquisition.

2013 Acquisitions



	Purchase Consideration		Total Net Assets (Liabilities) Acquired		Purchased Intangible Assets		Goodwill

	(in millions)
eSpeed	$	1,239	$	5	$	715	$	519
TR Corporate Solutions businesses		366		(37)		91		312

The amounts in the table above represent the preliminary allocation of the purchase price and are subject to revision during the remainder of the measurement period, a period not to exceed 12 months from the acquisition date. Adjustments to the provisional values during the measurement period will be recorded as of the date of acquisition. Comparative information for periods after acquisition but before the period in which the adjustments are identified will be adjusted to reflect the effects of the adjustments as if they were taken into account as of the acquisition date. Changes to amounts recorded as assets and liabilities may result in a corresponding adjustment to goodwill. There were no adjustments to the provisional values for the above acquisitions during the three and six months ended June 30, 2013.

Acquisition of eSpeed for Trading of U.S. Treasuries

On June 28, 2013, we acquired from BGC Partners, Inc. and certain of its affiliates, or BGC, certain assets and assumed certain liabilities, including 100% of the equity interests in eSpeed Technology Services, L.P., eSpeed Technology Services Holdings, LLC, Kleos Managed Services, L.P. and Kleos Managed Services Holdings, LLC; the eSpeed brand name; various assets comprising the fully electronic portion of BGC’s benchmark U.S. Treasury brokerage, market data and co-location service businesses, or eSpeed, for $1.2 billion. We acquired net assets, at fair value, totaling $5 million and purchased intangible assets of $715 million which consisted of $578 million for the eSpeed trade name, $121 million in customer relationships and $16 million in technology. The eSpeed businesses are part of our Market Services and Information Services segments.

The purchase price consisted of $755 million in cash, subject to adjustment for certain pre-paid amounts and accrued costs and expenses, and contingent future annual issuances of 992,247 shares of NASDAQ OMX common stock approximating certain tax benefits associated with the transaction of $484 million. Such contingent future issuances of NASDAQ OMX common stock will be paid ratably over 15 years if NASDAQ OMX achieves a designated revenue target in each such year. The contingent future issuances of NASDAQ OMX common stock are subject to anti-dilution protections and acceleration upon certain events.

NASDAQ OMX used the majority of the net proceeds from the issuance of €600 million aggregate principal amount of 3.875% senior unsecured notes due June 2021, or the 2021 Notes, to fund the cash consideration payable by us for the acquisition of eSpeed. See “3.875% Senior Unsecured Notes,” of Note 8, “Debt Obligations,” for further discussion.

Intangible Assets

The following table presents the details of the purchased intangible assets acquired in the acquisition of eSpeed. All purchased intangible assets with finite lives are amortized using the straight-line method. See Note 5, “Goodwill and Purchased Intangible Assets,” for further discussion.


			Estimated
			Average Remaining
		Value	Useful Life
Intangible assets:		(in millions)	(in years)
Trade name:
Market Services	$	528	Indefinite
Information Services		50	Indefinite
Total trade name		578

Customer relationships
Market Services		105	13 years
Information Services		16	13 years
Total customer relationships		121

Technology
Market Services		14	5 years
Information Services		2	5 years
Total technology		16

Total intangible assets	$	715

Below is a discussion of the methods used to determine the fair value of eSpeed’s intangible assets, as well as a discussion of the estimated average remaining useful life of each intangible asset. The carrying amounts of all other assets and liabilities were deemed to approximate their estimated fair values.

Trade Name

NASDAQ OMX has incorporated eSpeed into two reporting segments—Market Services and Information Services. The eSpeed trade name was valued as used in each of these reporting segments. The trade name is recognized in the industry and carries a reputation for quality. As such, eSpeed and related brands’ reputation and positive recognition embodied in the trade name are valuable assets to NASDAQ OMX. The trade name was considered the primary asset acquired in this transaction. In valuing the acquired trade name, we used the income approach, specifically the 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.

A discount rate of 10% was utilized, which reflects the amount of risk associated with the hypothetical cash flows generated by the eSpeed trade name in the future. In developing a discount rate for the trade name, we estimated a weighted average cost of capital for the overall business and we employed this rate when discounting the cash flows. The resulting discounted cash flows were then tax-effected at a rate of 40.0%, and a discounted tax amortization benefit was added to the fair value of the asset under the assumption that the trade name would be amortized for tax purposes over a period of 15 years for both Market Services and Information Services.

We have estimated the remaining useful life of the trade name to be indefinite. The estimated remaining useful life was based on several factors including the number of years the name has been in service, its popularity within the industry, and our intention to continue its use.

Customer Relationships

Customer relationships represent the non-contractual and contractual relationships that eSpeed has with its customers. The eSpeed customer relationships were valued using the income approach, specifically the with-and-without method. The with-and-without method is commonly used when the cash flows of a business can be estimated with and without the asset in place. The premise associated with this valuation technique is that the value of an asset is represented by the differences in the subject business’ cash flows under scenarios where (a) the asset is present and is used in operations (with); and (b) the asset is absent and not used in operations (without). Cash flow differentials are then discounted to present value to arrive at an estimate of fair value for the asset.

We estimated that without current customer relationships, it would take approximately 4-5 years for the customer base to grow from 10% of current revenues to 100% of revenues. We also made estimates related to compensation levels and other expenses such as sales and marketing that would be incurred as the business was ramped up through year 5, which is the year the customer base would be expected to reach the level that currently exists.

A discount rate of 10%, which reflects the estimated weighted average cost of capital for the overall business, was utilized when discounting the cash flows. The resulting discounted cash flows were then tax-effected at a rate of 40.0%, and a discounted tax amortization benefit was added to the fair value of the asset under the assumption that the customer relationships would be amortized for tax purposes over a period of 15 years.

Based on the historical behavior of the customers and a parallel analysis of the customers using the excess earnings method, we have estimated the remaining useful life to be 13 years for the acquired customer relationships.

Technology

The fair value of the eSpeed acquired 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 intangible asset and discounted to present value.

To determine the royalty rate we searched for and identified market transactions and royalty rates for comparable technology. Due to the limited data, we relied on our estimates and benchmarked the estimated excess earnings of eSpeed to determine a range of royalty rates that would be reasonable for the use of its intangible assets based on a profit split methodology. Profit split theory states that a reasonable market participant would be willing and able to make revenue based royalty payments of 25 to 33 percent of their operating profit to receive the rights to certain licensable intellectual property necessary for conducting business. Conversely, the owner of such intellectual property would save that amount or be relieved from making those royalty payments. By analyzing these profit splits at 25 and 33 percent, we estimated supportable royalty rates for the technology and selected a pre-tax royalty rate of 5%.

A discount rate of 10% was utilized, which reflects the estimated weighted average cost of capital for the overall business and we employed this rate when discounting the cash flows. The resulting discounted cash flows were then tax-effected at a rate of 40.0%, and a discounted tax amortization benefit was added to the fair value of the asset under the assumption that the technology would be amortized for tax purposes over a period of 15 years for both Market Services and Information Services.

We have estimated the remaining useful life to be 5 years for the acquired developed technology.

Acquisition of the Investor Relations, Public Relations and Multimedia Solutions Businesses of Thomson Reuters

On May 31, 2013, we acquired from Thomson Reuters their Investor Relations, Public Relations and Multimedia Solutions businesses, or the TR Corporate Solutions businesses, which provide insight, analytics and communications solutions, for $390 million ($366 million cash paid plus $24 million in working capital adjustments). We acquired net liabilities, at fair value, totaling $37 million and purchased intangible assets of $91 million which consisted of $89 million in customer relationships and $2 million in technology. The TR Corporate Solutions businesses are part of our Corporate Solutions business within our Technology Solutions segment.

NASDAQ OMX used cash on hand and borrowed $50 million under the revolving credit commitment to fund this acquisition. See “2011 Credit Facility,” of Note 8, “Debt Obligations,” for further discussion.

Intangible Assets

The following table presents the details of the purchased intangible assets acquired in the acquisition of the TR Corporate Solutions businesses. All purchased intangible assets with finite lives are amortized using the straight-line method. See Note 5, “Goodwill and Purchased Intangible Assets,” for further discussion.


			Estimated
			Average Remaining
		Value	Useful Life
Intangible assets:		(in millions)	(in years)
Customer relationships	$	89	9-14 years
Technology		2	2-5 years
Total intangible assets	$	91

Below is a discussion of the methods used to determine the fair value of the purchased intangible assets acquired in the acquisition of the TR Corporate Solutions businesses, as well as a discussion of the estimated average remaining useful life of each intangible asset. The carrying amounts of all other assets and liabilities were deemed to approximate their estimated fair values.

Customer Relationships

Customer relationships represent the non-contractual and contractual relationships that each of the TR Corporate Solutions businesses has with its customers and represented a key intangible asset in this transaction. Customer relationships were identified and valued individually for each of the TR Corporate Solutions businesses using the income approach, specifically an excess earnings method. This valuation method relied on assumptions regarding projected revenues, attrition rates, and operating cash flows for each of the TR Corporate Solutions businesses.

We assumed annual revenue attrition of 10.0% for the customers for each of the TR Corporate Solutions businesses, as well as charges for contributory assets. Operating expenses associated with maintaining the asset were applied to the attrition adjusted revenues. For the five years following 2016, operating margins were adjusted in order to reach a normalized operating margin level that included an estimate for the fixed costs for the businesses. From 2021 onward, the operating margin was held constant at a normalized level. The tax-effected cash flows were discounted at a rate of 11% to 11.5% based on the risk associated with the hypothetical cash flows generated by the customer base for each specific business line.

The cash flows were then tax-effected at a rate of 40.0%, and a discounted tax amortization benefit was added to the fair value of the asset under the assumption that the customer relationships would be amortized for tax purposes over a period of 15 years.

The estimated remaining useful life captured 90.0% of the present value of the cash flows generated by each customer relationship.

Technology

The fair values of the acquired developed technologies were valued using the income approach, specifically the RFRM, as discussed above under technology relating to eSpeed.

To determine the royalty rate we searched for and identified market transactions and royalty rates for comparable technology and relied on our estimates and expectations surrounding the relative importance of the acquired developed technologies, competing technologies, foreseeable shifts in the market, and expected royalty payments for comparable technologies. We also performed a profit split analysis, as described above in technology, for each separate acquired technology in order to estimate an acceptable royalty rate. Based on the information obtained and the profit spilt analysis, we selected a pre-tax royalty rate of 1.5% for the webhosting technology and 0.5% for the public relations and multimedia solutions technologies.

A discount rate of 11% was utilized based on the risk associated with the hypothetical cash flows generated by the developed technologies and we employed this rate when discounting the cash flows. The resulting discounted cash flows were then tax-effected at a rate of 40.0%, and a discounted tax amortization benefit was added to the fair value of the asset under the assumption that the developed technology would be amortized for tax purposes over a period of 15 years.

We have estimated the remaining useful life to be 2-5 years for the acquired developed technology.

Formation of The NASDAQ Private Market Joint Venture

In March 2013, we formed a joint venture with SharesPost, Inc., or SharesPost, creating The NASDAQ Private Market, or NPM, a preeminent marketplace for private growth companies. We own a majority interest in NPM, combining NASDAQ OMX’s resources, market and operating expertise with SharesPost’s leading web-based platform. NPM plans to provide improved access to liquidity for early investors, founders and employees while enabling the efficient buying and selling of private company shares. Subject to regulatory approvals, NPM is expected to launch later in 2013. NPM is part of our U.S. Listing Services business within our Listing Services segment.

Acquisition of Dutch Cash Equities and Equity Derivatives Trading Venue

In April 2013, we acquired a 25% equity interest in The Order Machine, or TOM, a Dutch cash equities and equity derivatives trading venue. The terms of the transaction also provide us an option to acquire an additional 25.1% of the remaining shares at a future date. This transaction delivers on our strategy to expand our derivatives presence across the European market and is part of our Market Services segment. We account for our investment in TOM under the equity method of accounting. See “Equity Method Investments,” of Note 6, “Investments,” for further discussion of our equity method investments.

2012 Acquisitions



	Purchase Consideration		Total Net Assets (Liabilities) Acquired		Purchased Intangible Assets		Goodwill

		(in millions)
NOS Clearing⁽¹⁾	$	40	$	43	$	1	$	-
BWise		77		(11)		35		53

⁽¹⁾ In the third quarter of 2012, we recognized a gain of $4 million on our acquisition of NOS Clearing.

We finalized the allocation of the purchase price for BWise Beheer B.V., or BWise, in May 2013. The amounts in the table above for NOS Clearing represent the preliminary allocation of the purchase price and are subject to revision during the remainder of the measurement period, a period not to exceed 12 months from the acquisition date. Adjustments to the provisional values during the measurement period will be pushed back to the date of acquisition. Comparative information for periods after acquisition but before the period in which the adjustments are identified will be adjusted to reflect the effects of the adjustments as if they were taken into account as of the acquisition date. Changes to amounts recorded as assets and liabilities may result in a corresponding adjustment to goodwill. There were no adjustments to the provisional values for the above acquisitions during the three and six months ended June 30, 2013.

Acquisition of NOS Clearing

In July 2012, we acquired NOS Clearing for approximately $40 million (233 million Norwegian Krone) in cash. NOS Clearing is a leading Norway-based clearinghouse primarily for OTC traded derivatives for the freight market and seafood derivatives market. We acquired net assets of $43 million, primarily restricted cash related to regulatory capital. The purchased intangible assets totaling $1 million consisted of customer relationships. NOS Clearing is part of our European derivative trading and clearing business within our Market Services segment.

Acquisition of BWise

In May 2012, we acquired a 72% ownership interest in BWise, a Netherlands-based service provider that offers enterprise governance, risk management and compliance software and services to help companies track, measure and manage key organizational risks for approximately $57 million (47 million Euro) in cash. We have agreed to purchase the remaining 28% ownership interest in BWise in two separate transactions, resulting in 100% ownership by the first half of 2015 for a total purchase price of approximately $77 million (62 million Euro). We acquired net liabilities of $2 million and recorded a current deferred tax liability of $1 million and a non-current deferred tax liability of $8 million related to purchased intangible assets, resulting in total net liabilities acquired of $11 million. The total deferred tax liabilities of $9 million represent the tax effect of the difference between the estimated assigned fair value of the acquired intangible assets ($35 million) and the tax basis ($0) of such assets. The estimated amount of $9 million was determined by multiplying the difference of $35 million by BWise’s effective tax rate of 25%. The purchased intangible assets of $35 million consisted of $23 million in customer relationships, $7 million in technology and $5 million for the BWise trade name. BWise is part of our Market Technology business within our Technology Solutions segment.

Acquisition of the Index Business of Mergent, Inc., including Indxis

In December 2012, we acquired the index business of Mergent, Inc., including Indxis, for approximately $15 million in cash. The $5 million in intangible assets, $9 million in goodwill and $1 million in net assets resulting from this acquisition are included in our Index Licensing and Services business within our Information Services segment.

Pro Forma Results and Acquisition-related Costs

Pro forma financial results for the acquisitions completed in 2013 and 2012 have not been presented since these acquisitions both individually and in the aggregate were not material to our financial results.

Acquisition-related costs for the transactions described above were expensed as incurred and are included in merger and strategic initiatives expense in the Condensed Consolidated Statements of Income.

The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable).

Goodwill and Intangible Assets Disclosure [Abstract]

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 141R

-Paragraph F4

-Subparagraph e

-Appendix F

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 141

-Paragraph 51, 52

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 805

-SubTopic 10

-Section 50

-Paragraph 7

-URI http://asc.fasb.org/extlink&oid=7659399&loc=d3e1524-128463

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 805

-SubTopic 20

-Section 50

-Paragraph 4

-URI http://asc.fasb.org/extlink&oid=6910749&loc=d3e4934-128472

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 141R

-Paragraph 67-73

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 805

-SubTopic 30

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=7488404&loc=d3e6996-128479

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 805

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=7659399&loc=d3e1383-128463

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 805

-SubTopic 30

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=7488404&loc=d3e7000-128479

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 805

-SubTopic 20

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=6910749&loc=d3e4926-128472

Reference 10: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 805

-SubTopic 20

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6910749&loc=d3e4922-128472

Reference 11: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Emerging Issues Task Force (EITF)

-Number 88-16

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 12: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 805

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=7659399&loc=d3e1392-128463

Reference 13: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 805

-SubTopic 10

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=7659399&loc=d3e1486-128463

Reference 14: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 805

-SubTopic 10

-Section 50

-Paragraph 5

-URI http://asc.fasb.org/extlink&oid=7659399&loc=d3e1497-128463

Reference 15: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 805

-SubTopic 10

-Section 50

-Paragraph 4

-URI http://asc.fasb.org/extlink&oid=7659399&loc=d3e1490-128463

Reference 16: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 805

-SubTopic 30

-Section 50

-Paragraph 4

-URI http://asc.fasb.org/extlink&oid=7488404&loc=d3e7008-128479

Reference 17: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 805

-SubTopic 30

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=7488404&loc=d3e6927-128479

Reference 18: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 805

-SubTopic 20

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6910749&loc=d3e4845-128472

Reference 19: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 805

-SubTopic 10

-Section 50

-Paragraph 6

-URI http://asc.fasb.org/extlink&oid=7659399&loc=d3e1500-128463

+ Details

Goodwill and Purchased Intangible Assets

6 Months Ended

Jun. 30, 2013

Goodwill and Purchased Intangible Assets

5. Goodwill and Purchased Intangible Assets

Goodwill

In connection with the change in reportable segments discussed in Note 16, “Business Segments,” we reallocated the goodwill that existed as of December 31, 2012 to our new reporting units on a relative fair value basis.

The following table presents the changes in goodwill by business segment during the six months ended June 30, 2013:



	Market Services		Listing Services		Information Services		Technology Solutions		Total

	(in millions)
Balance at December 31, 2012	$	2,955	$	136	$	1,964	$	280	$	5,335
Goodwill acquired		470		-		49		312		831
Foreign currency translation adjustment		(66)		(3)		(42)		(7)		(118)
Balance at June 30, 2013	$	3,359	$	133	$	1,971	$	585	$	6,048

As of June 30, 2013, the amount of goodwill that is expected to be deductible for tax purposes in future periods is $909 million.

Goodwill represents the excess of the purchase price over the value assigned to the net tangible and 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 perform an annual goodwill impairment test during the fourth quarter of our fiscal year using carrying amounts as of October 1. Should certain events or indicators of impairment occur between annual impairment tests, we will perform the impairment test as those events or indicators occur. We assess goodwill impairment at the reporting unit level.

During the first quarter of 2013, we performed a goodwill impairment assessment as a result of our change in reportable segments. For purposes of performing the impairment test for goodwill, our six reporting units are the Market Services segment, the Listing Services segment, the two businesses comprising the Information Services segment: Market Data Products and Index Licensing and Services, and the two businesses comprising the Technology Solutions segment: Corporate Solutions and Market Technology. We allocated goodwill to each reporting unit based on its relative fair value. We then compared the fair value of the reporting units to the reporting units’ carrying amount and determined that goodwill was not impaired since the fair values of each of the reporting units exceeded their carrying amounts. However, events such as economic weakness or unexpected significant declines in operating results of a reporting unit may result in goodwill impairment charges in the future.

Purchased Intangible Assets

The following table presents details of our total purchased intangible assets, both finite- and indefinite-lived:



	June 30, 2013								December 31, 2012
	Gross Amount		Accumulated Amortization		Net Amount		Weighted-Average Useful Life (in Years)		Gross Amount		Accumulated Amortization		Net Amount		Weighted-Average Useful Life (in Years)

	(in millions)								(in millions)
Finite-Lived Intangible Assets
Technology	$	43	$	(11)	$	32		5	$	26	$	(10)	$	16		5
Customer relationships		1,075		(262)		813		19		871		(238)		633		21
Other		6		(3)		3		8		6		(2)		4		8
Foreign currency translation adjustment		(14)		3		(11)				6		(1)		5
Total finite-lived intangible assets	$	1,110	$	(273)	$	837			$	909	$	(251)	$	658

Indefinite-Lived Intangible Assets
Exchange and clearing registrations	$	790	$	-	$	790			$	790	$	-	$	790
Trade names		760		-		760				185		-		185
Licenses		51		-		51				51		-		51
Foreign currency translation adjustment		(55)		-		(55)				(34)		-		(34)
Total indefinite-lived intangible assets	$	1,546	$	-	$	1,546			$	992	$	-	$	992
Total intangible assets	$	2,656	$	(273)	$	2,383			$	1,901	$	(251)	$	1,650

Amortization expense for purchased finite-lived intangible assets was $13 million for both the three months ended June 30, 2013 and 2012 and $26 million for both the six months ended June 30, 2013 and 2012.

The estimated future amortization expense (excluding the impact of foreign currency translation adjustment) of purchased finite-lived intangible assets as of June 30, 2013 is as follows:



	(in millions)
2013⁽¹⁾	$	36
2014		71
2015		69
2016		67
2017		65
2018 and thereafter		540
Total	$	848

⁽¹⁾ Represents the estimated amortization to be recognized for the remaining six months of 2013.

Intangible Asset Impairment Charges

In the first quarter of 2013, we recorded non-cash intangible asset impairment charges totaling $10 million related to certain acquired intangible assets associated with customer relationships ($7 million) and a certain trade name ($3 million). These impairments resulted primarily from changes in the forecasted revenues associated with the acquired customer list of FTEN, Inc., or FTEN. The fair value of customer relationships was determined using the income approach, specifically the multi-period excess earnings method. The fair value of the trade name was determined using the income approach, specifically the RFRM. These charges are recorded in asset impairment charges in the Condensed Consolidated Statements of Income for the six months ended June 30, 2013. These impairment charges related to our Market Services segment. However, for segment reporting purposes, these charges were allocated to corporate items based on the decision that these charges should not be used to evaluate the segment’s operating performance.

In the second quarter of 2012, we recorded non-cash intangible asset impairment charges totaling $28 million related to certain acquired finite-lived intangible assets associated with technology ($19 million), customer relationships ($6 million), and certain trade names ($3 million). These impairments resulted primarily from the replacement of certain acquired technology, as well as changes in the forecasted revenues associated with the acquired customer list of certain businesses. The fair value of technology and trademarks was determined using the income approach, specifically the RFRM. The fair value of customer relationships was determined using the income approach, specifically the multi-period excess earnings method. These charges were recorded in asset impairment charges in the Condensed Consolidated Statements of Income. Of the total impairment charge recorded during the second quarter of 2012, $17 million related to our Market Services segment and $11 million related to our Technology Solutions segment. However, for segment reporting purposes, these charges were allocated to corporate items based on the decision that these charges should not be used to evaluate the segment’s operating performance.

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

+ References+ Details

Investments	6 Months Ended
Investments	Jun. 30, 2013
Investments [Abstract]
Investments	6. Investments Trading Securities Trading securities, which are included in financial investments, at fair value in the Condensed Consolidated Balance Sheets, were $133 million as of June 30, 2013 and $201 million as of December 31, 2012. These securities are primarily comprised of Swedish government debt securities, of which $114 million as of June 30, 2013 and $134 million as of December 31, 2012, are restricted assets to meet regulatory capital requirements primarily for our clearing operations at NASDAQ OMX Nordic Clearing. Available-for-Sale Investment Security Investment in DFM Our available-for-sale investment security, which is included in financial investments, at fair value in the Condensed Consolidated Balance Sheets, represents our 1% investment in Dubai Financial Market PJSC, or DFM. The adjusted cost basis of this security was $18 million as of June 30, 2013 and 2012. The fair value of this investment was $37 million as of June 30, 2013 and $22 million as of December 31, 2012. The gross change between the adjusted cost basis and fair value as of June 30, 2013 of $19 million is reflected as an unrealized holding gain in accumulated other comprehensive loss in the Condensed Consolidated Balance Sheets. Equity Method Investments The carrying amounts of our equity method investments totaled $26 million as of June 30, 2013 and $13 million as of December 31, 2012 and are included in other non-current assets in the Condensed Consolidated Balance Sheets. Our equity method investments consisted primarily of our equity interests in European Multilateral Clearing Facility N.V., or EMCF, and TOM which we acquired in April 2013. See “Acquisition of Dutch Cash Equities and Equity Derivatives Trading Venue,” of Note 4, “Acquisitions,” for further discussion. In July 2013, we entered into a definitive agreement to become equal shareholders in a new combined clearinghouse to be called EuroCCP. EuroCCP is expected to combine the risk management and customer service organization of EuroCCP with the technology and operations infrastructure of EMCF. Our ownership interest will be 25%. This transaction is expected to close before the end of the year. Income recognized from our equity interest in the earnings and losses of these equity method investments was immaterial for both the three and six months ended June 30, 2013 and 2012. In the first quarter of 2012, we recorded a non-cash, other-than-temporary impairment charge on our equity investment in EMCF of $12 million due to a decline in operations at EMCF during the three months ended March 31, 2012. This loss is included in asset impairment charges in the Condensed Consolidated Statements of Income for the six months ended June 30, 2012. Cost Method Investments The carrying amount of our cost method investment totaled $65 million as of June 30, 2013 and $37 million as of December 31, 2012 and is included in other non-current assets in the Condensed Consolidated Balance Sheets. Our cost method investment represents our ownership interest in LCH Clearnet Group Limited, or LCH, which was 5% as of June 30, 2013 and 3.7% as of December 31, 2012. The increase in our ownership interest of 1.3% was the result of our participation in LCH’s capital raise in May 2013, in order for LCH to meet increased regulatory capital requirements. We paid $28 million in cash for this additional investment. We account for this investment as a cost method investment as we do not control and do not exercise significant influence over LCH and there is no readily determinable fair value of LCH’s shares since they are not publicly traded.

The entire disclosure for investments in certain debt and equity securities.

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 320

-Glossary Debt Security

-URI http://asc.fasb.org/extlink&oid=6509901

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 310

-SubTopic 30

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6379141&loc=d3e15032-111544

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 942

-SubTopic 320

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6957658&loc=d3e62557-112803

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 320

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27161-111563

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 320

-SubTopic 10

-Section 50

-Paragraph 9

-URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27357-111563

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 320

-SubTopic 10

-Section 50

-Paragraph 6

-URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27290-111563

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 320

-SubTopic 10

-Section 50

-Paragraph 10

-URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27405-111563

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 320

-SubTopic 10

-Section 50

-Paragraph 5

-URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27232-111563

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 320

-Glossary Equity Security

-URI http://asc.fasb.org/extlink&oid=6511694

Reference 10: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 115

-Paragraph 3, 19, 20, 21, 22, 137

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Deferred Revenue

6 Months Ended

Jun. 30, 2013

Deferred Revenue [Abstract]

Deferred Revenue

7. Deferred Revenue

Deferred revenue represents cash payments received that are yet to be recognized as revenue. At June 30, 2013, we estimate that our deferred revenue, which is primarily related to Listing Services and Technology Solutions revenues, will be recognized in the following years:



	Initial Listing Revenues		Listing of Additional Shares Revenues		Annual Renewal and Other Revenues		Technology Solutions Revenues⁽²⁾		Total

	(in millions)
Fiscal year ended:
2013⁽¹⁾	$	6	$	19	$	95	$	48	$	168
2014		10		29		3		45		87
2015		9		18		-		27		54
2016		5		9		-		21		35
2017		4		1		-		12		17
2018 and thereafter		3		-		-		4		7
	$	37	$	76	$	98	$	157	$	368

⁽¹⁾ Represents deferred revenue that is anticipated to be recognized over the remaining six months of 2013.

⁽²⁾ The timing of recognition of our deferred Technology Solutions revenues is primarily dependent upon the completion of customization and any significant modifications made pursuant to existing Market Technology contracts. As such, as it relates to these revenues, the timing represents our best estimate.

The changes in our deferred revenue during the six months ended June 30, 2013 and 2012 are reflected in the following table.



	Initial Listing Revenues		Listing of Additional Shares Revenues		Annual Renewal and Other Revenues		Technology Solutions Revenues⁽²⁾		Total

	(in millions)
Balance at January 1, 2013	$	36	$	78	$	32	$	149	$	295
Additions⁽¹⁾		8		18		190		63		279
Amortization⁽¹⁾		(7)		(20)		(118)		(57)		(202)
Translation adjustment		-		-		(6)		2		(4)
Balance at June 30, 2013	$	37	$	76	$	98	$	157	$	368

Balance at January 1, 2012	$	39	$	86	$	25	$	128	$	278
Additions⁽¹⁾		5		12		182		57		256
Amortization⁽¹⁾		(7)		(19)		(102)		(43)		(171)
Translation adjustment		-		-		-		(2)		(2)
Balance at June 30, 2012	$	37	$	79	$	105	$	140	$	361

⁽¹⁾ The additions and amortization for initial listing revenues, listing of additional shares revenues and annual renewal and other revenues primarily reflect revenues from our U.S. listing services business.

⁽²⁾ Technology Solutions deferred revenues primarily include revenues from delivered client contracts in the support phase charged during the period. Under contract accounting, where customization and significant modifications to the software are made to meet the needs of our customers, total revenues, as well as costs incurred, are deferred until significant modifications are completed and delivered. Once delivered, deferred revenue and the related deferred costs are recognized over the post contract support period. We have included the deferral of costs in other current assets and other non-current assets in the Condensed Consolidated Balance Sheets. The amortization of Technology Solutions deferred revenue primarily includes revenues earned from Market Technology client contracts recognized during the period.

The entire disclosure for deferred revenues at the end of the reporting period, and description and amounts of significant changes that occurred during the reporting period. Deferred revenue is a liability as of the balance sheet date related to a revenue producing activity for which revenue has not yet been recognized. Generally, an entity records deferred revenue when it receives consideration from a customer before achieving certain criteria that must be met for revenue to be recognized in conformity with GAAP.

+ References+ Details

Debt Obligations

6 Months Ended

Jun. 30, 2013

Debt Disclosure [Abstract]

Debt Obligations

8. Debt Obligations

The following table presents the changes in the carrying amount of our debt obligations during the six months ended June 30, 2013:



	December 31, 2012		Additions		Payments, Conversions, Accretion and Other		June 30, 2013

	(in millions)
2.50% convertible senior notes due August 15, 2013⁽¹⁾	$	91	$	-	$	2	$	93
4.00% senior unsecured notes due January 15, 2015 (net of discount)⁽²⁾		399		-		-		399
5.55% senior unsecured notes due January 15, 2020 (net of discount)⁽²⁾		598		-		-		598
5.25% senior unsecured notes due January 16, 2018 (net of discount)⁽²⁾		368		-		-		368
3.875% senior unsecured notes due June 7, 2021 (net of discount)⁽²⁾		-		782		(2)		780
$1.2 billion senior unsecured five-year credit facility⁽³⁾:
$450 million senior unsecured term loan facility credit agreement due September 19, 2016 (average interest rate of 1.58% for the period January 1, 2013 through June 30, 2013)		394		-		(23)		371
$750 million revolving credit commitment due September 19, 2016 (average interest rate of 1.38% for the period January 1, 2013 through June 30, 2013)		126		50		-		176
Total debt obligations		1,976		832		(23)		2,785
Less current portion		(136)		-		(2)		(138)
Total long-term debt obligations	$	1,840	$	832	$	(25)	$	2,647

⁽¹⁾ See “2.50% Convertible Senior Notes” below for further discussion.

⁽²⁾ See “Senior Unsecured Notes” below for further discussion.

⁽³⁾ See “2011 Credit Facility” below for further discussion.

2.50% Convertible Senior Notes

During the first quarter of 2008, in connection with the business combination with OMX AB, we completed the offering of $475 million aggregate principal amount of 2.50% convertible senior notes due August 15, 2013, or the 2013 Convertible Notes. The interest rate on the notes is 2.50% per annum payable semiannually in arrears on February 15 and August 15.

The 2013 Convertible Notes are convertible in certain circumstances specified in the indenture for the notes. Upon conversion, holders will receive, at the election of NASDAQ OMX, cash, common stock or a combination of cash and common stock. It is our current intent and policy to settle the principal amount of the notes in cash. The conversion rate as of June 30, 2013, subject to adjustment due to certain events including the payment of cash dividends, is 18.6002 shares of common stock per $1,000 principal amount of notes, which is equivalent to a conversion price of approximately $53.76 per share of common stock. As of June 30, 2013, the remaining aggregate principal amount outstanding of the 2013 Convertible Notes was convertible into 1,729,557 shares of our common stock. The conversion rate as of December 31, 2012, subject to adjustment in certain events, was 18.4504 shares of common stock per $1,000 principal amount of notes, which was equivalent to a conversion price of approximately $54.20 per share of common stock. As of December 31, 2012, the remaining aggregate principal amount outstanding of the 2013 Convertible Notes was convertible into 1,715,517 shares of our common stock. Subject to certain exceptions, if we undergo a “fundamental change” as described in the indenture, holders may require us to purchase their notes at a price equal to 100% of the principal amount of the notes, plus accrued and unpaid interest.

Liability and Equity Components

Since the settlement structure of the 2013 Convertible Notes permits settlement in cash upon conversion, we are required to separately account for the liability and equity components of the convertible debt in a manner that reflects our nonconvertible debt borrowing rate when interest cost is recognized in subsequent periods. This entails bifurcation of a component of the debt, classification of that component in equity and then accretion of the resulting discount on the debt being reflected in the income statement as part of interest expense.

The changes in the liability and equity components of the 2013 Convertible Notes during the six months ended June 30, 2013 are as follows:



	Liability Component						Equity Component
	Principal Balance		Unamortized Debt Discount		Net Carrying Amount		Gross Equity Component		Deferred Taxes		Net Equity Component

	(in millions)
December 31, 2012	$	93	$	2	$	91	$	71	$	32	$	39
Accretion of debt discount		-		(2)		2		-		-		-
June 30, 2013	$	93	$	-	$	93	$	71	$	32	$	39

The unamortized debt discount on the 2013 Convertible Notes was immaterial as of June 30, 2013 and $2 million as of December 31, 2012 and is included in debt obligations in the Condensed Consolidated Balance Sheets. The effective annual interest rate on the 2013 Convertible Notes was 6.53% for both the three and six months ended June 30, 2013 and 2012, which includes the accretion of the debt discount in addition to the annual contractual interest rate of 2.50%.

The equity component of the convertible debt is included in additional paid-in capital in the Condensed Consolidated Balance Sheets and was $39 million at June 30, 2013 and December 31, 2012.

Interest Expense

Interest expense recognized on the 2013 Convertible Notes in the Condensed Consolidated Statements of Income for the three and six months ended June 30, 2013 and 2012 is as follows:



	Three Months Ended June 30,				Six Months Ended June 30,
	2013		2012		2013		2012

		(in millions)
Components of interest expense recognized on the 2013 Convertible Notes
Accretion of debt discount	$	1	$	-	$	2	$	1
Contractual interest		1		1		1		2
Total interest expense recognized on the 2013 Convertible Notes	$	2	$	1	$	3	$	3

Senior Unsecured Notes

4.00% and 5.55% Senior Unsecured Notes

In January 2010, NASDAQ OMX issued $1 billion of senior unsecured notes, or the Notes. The Notes were issued at a discount in two separate series consisting of $400 million aggregate principal amount of 4.00% senior notes due 2015, or the 2015 Notes, and $600 million aggregate principal amount of 5.55% senior notes due 2020, or the 2020 Notes. As a result of the discount, the proceeds received from the issuance were less than the aggregate principal amounts. As of June 30, 2013, the balance of $399 million for the 2015 Notes and the balance of $598 million for the 2020 Notes reflect the aggregate principal amounts, less the unamortized debt discount. The unamortized debt discount will be accreted through interest expense over the life of the Notes.

The 2015 Notes pay interest semiannually at a rate of 4.00% per annum until January 15, 2015, and the 2020 Notes pay interest semiannually at a rate of 5.55% per annum until January 15, 2020. The Notes are general unsecured obligations of ours and rank equally with all of our existing and future unsubordinated obligations. The Notes are not guaranteed by any of our subsidiaries. The 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.

Debt Issuance Costs

We incurred debt issuance and other costs of $8 million in connection with the issuance of the Notes. These costs, which are capitalized and included in other non-current assets in the Condensed Consolidated Balance Sheets, are being amortized over the life of the debt obligations. Amortization expense, which is recorded as additional interest expense for these costs, was immaterial for both the three months ended June 30, 2013 and 2012.

5.25% Senior Unsecured Notes

In December 2010, NASDAQ OMX issued $370 million of 5.25% senior unsecured notes due January 16, 2018, or the 2018 Notes. The 2018 Notes were issued at a discount. As a result of the discount, the proceeds received from the issuance were less than the aggregate principal amount. As of June 30, 2013, the balance of $368 million reflects the aggregate principal amount, less the unamortized debt discount. The unamortized debt discount will be accreted through interest expense over the life of the 2018 Notes.

The 2018 Notes pay interest semiannually at a rate of 5.25% per annum until January 16, 2018 and such rate may vary with NASDAQ OMX’s debt rating up to a rate not to exceed 7.25%. The 2018 Notes are general unsecured obligations of ours and rank equally with all of our existing and future unsubordinated obligations. They are not guaranteed by any of our subsidiaries. The 2018 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. In addition, upon a change of control triggering event (as defined in the indenture), 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.

3.875% Senior Unsecured Notes

In June 2013, NASDAQ OMX issued the 2021 Notes at a discount. As a result of the discount, the proceeds received from the issuance were less than the aggregate principal amount. As of June 30, 2013, the balance of $780 million reflects the aggregate principal amount, less the unamortized debt discount. The unamortized debt discount will be accreted through interest expense over the life of the 2021 Notes.

The 2021 Notes pay interest annually at a rate of 3.875% per annum until June 7, 2021 and such rate may vary with NASDAQ OMX’s debt rating up to a rate not to exceed 5.875%. The 2021 Notes are general unsecured obligations of ours and rank equally with all of our existing and future unsubordinated obligations. They are not guaranteed by any of our subsidiaries. The 2021 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. In addition, upon a change of control triggering event (as defined in the indenture), 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.

We used the majority of the net proceeds from the offering of the 2021 Notes to fund the cash consideration payable by us for the acquisition of eSpeed and related expenses. We plan to use the remaining proceeds for general corporate purposes, which may include the repayment of indebtedness. See “Acquisition of eSpeed for Trading of U.S. Treasuries,” of Note 4, “Acquisitions,” for further discussion of our acquisition of eSpeed.

Debt Issuance Costs

We incurred debt issuance and other costs of $7 million in connection with the issuance of the 2021 Notes. These costs, which are capitalized and included in other non-current assets in the Condensed Consolidated Balance Sheets, are being amortized over the life of the debt obligations. Amortization expense, which is recorded as additional interest expense for these costs, was immaterial for both the three and six months ended June 30, 2013.

Credit Facilities

2011 Credit Facility

In September 2011, NASDAQ OMX entered into a $1.2 billion senior unsecured five-year credit facility which matures on September 19, 2016, or the 2011 Credit Facility. The 2011 Credit Facility consists of a $450 million funded term loan, or the 2016 Term Loan, and a $750 million revolving credit commitment (including a swingline facility and letter of credit facility). NASDAQ OMX applied the $450 million in proceeds from the 2016 Term Loan to repay in full the remaining $450 million principal amount outstanding on our former credit facility.

In May 2013, we borrowed $50 million under the revolving credit commitment to fund part of the acquisition of the TR Corporate Solutions businesses. See “Acquisition of the Investor Relations, Public Relations and Multimedia Solutions Businesses of Thomson Reuters,” of Note 4, “Acquisitions,” for further discussion of our acquisition of the TR Corporate Solutions businesses. As of June 30, 2013, availability under the revolving credit commitment was $574 million.

The loans under the 2011 Credit Facility have a variable interest rate based on either the London Interbank Offered Rate, or LIBOR, or the Federal Funds Rate, plus an applicable margin that varies with NASDAQ OMX’s debt rating.

Under the 2011 Credit Facility, we are required to pay quarterly principal payments equal to 2.50% of the original aggregate principal amount borrowed under the 2016 Term Loan. In the first six months of 2013, we made required quarterly principal payments totaling $23 million on our 2016 Term Loan.

The 2011 Credit Facility contains financial and operating covenants. Financial covenants include an interest expense coverage ratio and a maximum leverage ratio. Operating covenants include limitations on NASDAQ OMX’s ability to incur additional indebtedness, grant liens on assets, enter into affiliate transactions and pay dividends. Our credit facilities allow us to pay cash dividends on our common stock as long as certain leverage ratios are maintained. The 2011 Credit Facility also contains customary affirmative covenants, including access to financial statements, notice of defaults and certain other material events, maintenance of business and insurance, and events of default, including cross-defaults to our material indebtedness.

NASDAQ OMX is permitted to repay borrowings under the 2011 Credit Facility at any time in whole or in part, without penalty. We are also required to repay loans outstanding under the 2011 Credit Facility with net cash proceeds from sales of property and assets of NASDAQ OMX and its subsidiaries (excluding inventory sales and other sales in the ordinary course of business) and casualty and condemnation proceeds, in each case subject to specified exceptions and thresholds.

Debt Issuance Costs

We incurred debt issuance and other costs of $5 million in connection with the entry into the 2011 Credit Facility. These costs, which are capitalized and included in other non-current assets in the Condensed Consolidated Balance Sheets, are being amortized over the life of the 2011 Credit Facility. Amortization expense, which is recorded as additional interest expense for these costs, was immaterial for both the three months ended June 30, 2013 and 2012.

Other Credit Facilities

In addition to the revolving credit commitment under our 2011 Credit Facility discussed above, we have credit facilities related to our clearinghouses in order to meet liquidity and regulatory requirements. At June 30, 2013, these credit facilities, which are available in multiple currencies, primarily Swedish Krona, totaled $300 million ($211 million in available liquidity and $89 million to satisfy regulatory requirements), none of which was utilized. At December 31, 2012, these facilities totaled $310 million ($217 million in available liquidity and $93 million to satisfy regulatory requirements), none of which was utilized.

Debt Covenants

At June 30, 2013, we were in compliance with the covenants of all of our debt obligations.

Compensation and Retirement Disclosure [Abstract]

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References+ Details

Employee Benefits

6 Months Ended

Jun. 30, 2013

Employee Benefits

9. Employee Benefits

U.S. Defined-Benefit Pension and Supplemental Executive Retirement Plans

We maintain non-contributory, defined-benefit pension plans, non-qualified supplemental executive retirement plans, or SERPs, for certain senior executives and post-retirement benefit plans for eligible employees in the U.S., collectively referred to as the NASDAQ OMX Benefit Plans.

Our pension plans and SERPs are frozen. Future service and salary for all participants do not count toward an accrual of benefits under the pension plans and SERPs.

Components of Net Periodic Benefit Cost

The following table sets forth the components of net periodic pension, SERP and post-retirement benefits costs from the NASDAQ OMX Benefit Plans recognized in compensation and benefits expense in the Condensed Consolidated Statements of Income:



	Three Months Ended June 30,				Six Months Ended June 30,
	2013		2012		2013		2012

	(in millions)
Components of net periodic benefit cost
Interest cost	$	1	$	2	$	3	$	3
Expected return on plan assets		(1)		(2)		(3)		(3)
Recognized net actuarial loss		1		1		2		2
Curtailment loss		1		-		1		-
Net periodic benefit cost	$	2	$	1	$	3	$	2

Non-U.S. Benefit Plans

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. These costs are included in compensation and benefits expense in the Condensed Consolidated Statements of Income and were $5 million for the three months ended June 30, 2013, $4 million for the three months ended June 30, 2012, $10 million for the six months ended June 30, 2013, and $8 million for the six months ended June 30, 2012.

U.S. Defined Contribution Savings Plan

We sponsor a voluntary defined contribution savings plan, or 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 4.0% of eligible employee contributions. Savings plan expense included in compensation and benefits expense in the Condensed Consolidated Statements of Income was $1 million for both the three months ended June 30, 2013 and 2012, and $3 million for both the six months ended June 30, 2013 and 2012.

We have a profit-sharing contribution feature to our 401(k) plan which allows eligible U.S. employees to receive employer retirement contributions, or ERCs, when we meet our annual corporate goals. In addition, we have a supplemental ERC for select highly compensated employees whose ERCs are limited by the annual Internal Revenue Service compensation limit. ERC expense recorded in compensation and benefits expense in the Condensed Consolidated Statements of Income was immaterial for the three months ended June 30, 2013, $1 million for the three months ended June 30, 2012, and $1 million for both the six months ended June 30, 2013 and 2012.

Employee Stock Purchase Plan

We have an employee stock purchase plan, or ESPP, under which approximately 3.2 million shares of our common stock have been reserved for future issuance as of June 30, 2013.

Our ESPP allows eligible U.S. and non-U.S. employees to purchase a limited number of shares of our common stock at six-month intervals, called offering periods, at 85.0% of the lower of the fair market value on the first or the last day of each offering period. The 15.0% discount given to our employees is included in compensation and benefits expense in the Condensed Consolidated Statements of Income and was immaterial for both the three months ended June 30, 2013 and 2012 and $1 million for both the six months ended June 30, 2013 and 2012.

The entire disclosure for pension and other postretirement benefits.

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 132R

-Paragraph 5, 6, 7, 8

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 158

-Paragraph 7, 21, 22

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Implementation Guide (Q and A)

-Number FAS88

-Paragraph 63

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Emerging Issues Task Force (EITF)

-Number 03-2

-Paragraph 8

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 87

-Paragraph 264

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 106

-Paragraph 518

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 132R

-Paragraph 5

-Subparagraph b

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 132R

-Paragraph 5

-Subparagraph a

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 132R

-Paragraph 5

-Subparagraph h

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 10: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 132R

-Paragraph 5

-Subparagraph q

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 11: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name FASB Staff Position (FSP)

-Number FAS106-2

-Paragraph 20, 21, 22

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 12: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Principles Board Opinion (APB)

-Number 30

-Paragraph 26

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 13: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 132R

-Paragraph 8

-Subparagraph m

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 14: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 715

-URI http://asc.fasb.org/topic&trid=2235017

+ Details

Share-Based Compensation

6 Months Ended

Jun. 30, 2013

Share-Based Compensation [Abstract]

Share-Based Compensation

10. Share-Based Compensation

We have a share-based compensation program that provides our board of directors broad discretion in creating employee equity incentives. Share-based awards, or equity awards, granted under this program include stock options, restricted stock (consisting of restricted stock units), and performance share units, or PSUs. Grants of equity awards are designed to reward employees for their long-term contributions and provide incentives for them to remain with us. For accounting purposes, we consider PSUs to be a form of restricted stock.

Restricted stock is generally time-based and vests over three- to five-year periods beginning on the date of the grant. Stock options are also generally time-based and expire ten years from the grant date. Stock option and restricted stock awards generally include performance-based accelerated vesting features based on achievement of specific levels of corporate performance. If NASDAQ OMX exceeds the applicable performance parameters, the grants vest on the third anniversary of the grant date, if NASDAQ OMX meets the applicable performance parameters, the grants vest on the fourth anniversary of the grant date, and if NASDAQ OMX does not meet the applicable performance parameters, the grants vest on the fifth anniversary of the grant date.

PSUs are based on performance measures that impact the amount of shares that each recipient will receive upon vesting. PSUs are granted at the fair market value of our stock on the grant date and compensation cost is recognized over the performance period and, in certain cases, an additional vesting period. For each grant of PSUs, an employee may receive from 0% to 150% of the target amount granted, depending on the achievement of performance measures. We report the target number of PSUs granted, unless we have determined that it is more likely than not, based on the actual achievement of performance measures, that an employee will receive a different amount of shares underlying the PSUs, in which case we report the amount of shares the employee is likely to receive.

We also have a performance-based long-term incentive program for our chief executive officer, executive vice presidents and senior vice presidents that focuses on total shareholder return, or TSR. This program represents 100% of our chief executive officer’s and executive vice presidents’ long-term stock-based compensation and 50% of our senior vice presidents’ long-term stock-based compensation. Under the program, each individual receives PSUs with a three-year cumulative performance period. Performance will be determined by comparing NASDAQ OMX’s TSR to two peer groups, each weighted 50%. The first peer group consists of exchange companies, and the second peer group consists of all companies in the Standard & Poor 500 Index. NASDAQ OMX’s relative performance ranking against each of these groups will determine the final number of shares delivered to each individual under the program. The payout under this program will be between 0% and 200% of the number of PSUs granted and will be determined by NASDAQ OMX’s overall performance against both peer groups. However, if NASDAQ OMX’s TSR is negative for the three-year performance period, regardless of TSR ranking, the payout will not exceed 100% of the number of PSUs granted. We estimate the fair value of PSU’s granted under the TSR program using the Monte Carlo simulation model, as these awards contain a market condition.

Common Shares Available Under Our Equity Plan

As of June 30, 2013, we had approximately 4.1 million shares of common stock authorized for future issuance under our Equity Plan.

Summary of Share-Based Compensation Expense

The following table shows the total share-based compensation expense resulting from equity awards and the 15.0% discount for the ESPP for the three and six months ended June 30, 2013 and 2012 in the Condensed Consolidated Statements of Income:



	Three Months Ended June 30,				Six Months Ended June 30,
	2013		2012		2013		2012

	(in millions)
Share-based compensation expense before income taxes	$	9	$	12	$	18	$	22
Income tax benefit		(4)		(5)		(7)		(9)
Share-based compensation expense after income taxes	$	5	$	7	$	11	$	13

We estimated the fair value of stock option awards using the Black-Scholes valuation model. No stock option awards were granted during the three and six months ended June 30, 2013 or 2012.

Summary of Stock Option Activity

A summary of stock option activity for the six months ended June 30, 2013 is as follows:



	Number of Stock Options⁽¹⁾		Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term		Aggregate Intrinsic Value

					(in years)		(in millions)
Outstanding at January 1, 2013		7,545,777	$	21.10		5.0	$	45
Exercised		1,559,189		9.85
Forfeited or expired		107,995		25.36
Outstanding at June 30, 2013		5,878,593	$	23.99		5.3	$	57
Exercisable at June 30, 2013		3,712,754	$	24.88		4.2	$	34

⁽¹⁾ No stock option awards were granted during the three and six months ended June 30, 2013.

We received net cash proceeds of $10 million from the exercise of 1,181,764 stock options for the three months ended June 30, 2013 and received net cash proceeds of $15 million from the exercise of 1,559,189 stock options for the six months ended June 30, 2013. We received net cash proceeds of $1 million from the exercise of 58,818 stock options for the three months ended June 30, 2012 and received net cash proceeds of $2 million from the exercise of 159,117 stock options for the six months ended June 30, 2012. We present excess tax benefits from the exercise of stock options, if any, as financing cash flows.

The aggregate intrinsic value in the above table represents the total pre-tax intrinsic value (i.e., the difference between our closing stock price on June 28, 2013 of $32.79 and the exercise price, times the number of shares) based on stock options with an exercise price less than NASDAQ OMX’s closing price of $32.79 as of June 28, 2013, which would have been received by the option holders had the option holders exercised their stock options on that date. This amount can change based on the fair market value of our common stock. The total number of in-the-money stock options exercisable as of June 30, 2013 was 2.5 million.

As of June 30, 2012, 5.7 million outstanding stock options were exercisable and the weighted-average exercise price was $15.15.

Total fair value of stock options vested was immaterial for both the three and six months ended June 30, 2013 and 2012. The total pre-tax intrinsic value of stock options exercised was $27 million for the three months ended June 30, 2013, $1 million for the three months ended June 30, 2012, $33 million for the six months ended June 30, 2013 and $2 million for the six months ended June 30, 2012.

At June 30, 2013, $3 million of total unrecognized compensation cost related to stock options is expected to be recognized over a weighted-average period of 1.0 year.

Summary of Restricted Stock and PSU Activity

The following table summarizes our restricted stock and PSU activity for the six months ended June 30, 2013:



	Restricted Stock				PSUs
	Number of Awards		Weighted-Average Grant Date Fair Value		Number of Awards		Weighted-Average Grant Date Fair Value
Unvested balances at January 1, 2013		3,204,188	$	23.20		1,879,799	$	23.14
Granted		193,745		29.80		28,028		23.44
Vested		(228,540)		23.82		(88,998)		19.75
Forfeited		(152,062)		23.77		(66,516)		23.27
Unvested balances at June 30, 2013		3,017,331	$	22.69		1,752,313	$	23.31

At June 30, 2013, $50 million of total unrecognized compensation cost related to restricted stock and PSUs is expected to be recognized over a weighted-average period of 1.6 years.

NASDAQ OMX Stockholders' Equity [Abstract]

Tabular disclosure of components of a stock option or other award plan under which equity-based compensation is awarded to employees, typically comprised of the amount of unearned compensation (deferred compensation cost), compensation expense, and changes in the quantity and fair value of the shares (or other type of equity) granted, exercised, forfeited, and issued and outstanding pertaining to that plan. Disclosure may also include nature and general terms of such arrangements that existed during the period and potential effects of those arrangements on shareholders, effect of compensation cost arising from equity-based payment arrangements on the income statement, method of estimating the fair value of the goods or services received, or the fair value of the equity instruments granted, during the period, cash flow effects resulting from equity-based payment arrangements and, for registrants that accelerate vesting of out of the money share options, reasons for the decision to accelerate.

+ References+ Details

NASDAQ OMX Stockholders' Equity

6 Months Ended

Jun. 30, 2013

NASDAQ OMX Stockholders' Equity

11. NASDAQ OMX Stockholders’ Equity

Common Stock

At June 30, 2013, 300,000,000 shares of our common stock were authorized, 213,426,908 shares were issued and 167,221,434 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 person to vote in excess of 5.0% of the then-outstanding shares of NASDAQ OMX common stock. This limitation does not apply to persons exempted from this limitation by our board of directors prior to the time such person owns more than 5.0% of the then-outstanding shares of NASDAQ OMX 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 OMX stockholders’ equity and included in common stock in treasury, at cost in the Condensed Consolidated Balance Sheets. When treasury shares are reissued, they are recorded at the average cost of the treasury shares acquired. We held 46,205,474 shares of common stock in treasury as of June 30, 2013 and 47,821,070 shares as of December 31, 2012.

Share Repurchase Program

In the third quarter of 2012, our board of directors authorized the repurchase of up to $300 million of our outstanding common stock. These purchases may be made from time to time at prevailing market prices in open market purchases, privately-negotiated transactions, block purchase techniques or otherwise, as determined by our management. The purchases are funded from existing cash balances. The share repurchase program may be suspended, modified or discontinued at any time. In April 2013, we announced that the share repurchase program is temporarily suspended.

During the first six months of 2013, we repurchased 321,000 shares of our common stock at an average price of $31.12, for an aggregate purchase price of $10 million. The shares repurchased under the share repurchase program are available for general corporate purposes. As of June 30, 2013, the remaining amount authorized for share repurchases under the program was $215 million.

Other Repurchases of Common Stock

During the six months ended June 30, 2013, we repurchased 114,838 shares of our common stock in settlement of employee tax withholding obligations due upon the vesting of restricted stock.

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. At June 30, 2013 and December 31, 2012, 1,600,000 shares of series A convertible preferred stock were issued and none were outstanding.

Cash Dividends on Common Stock

During the six months ended June 30, 2013, our board of directors declared the following cash dividends:



Declaration Date	Dividend Per Common Share		Record Date	Total Amount⁽¹⁾		Payment Date
				(in millions)

January 31, 2013	$	0.13	March 14, 2013	$	21	March 28, 2013
April 24, 2013	$	0.13	June 14, 2013	$	22	June 28, 2013

⁽¹⁾ This amount was recorded in retained earnings in the Condensed Consolidated Balance Sheets at June 30, 2013.

In July 2013, the board of directors declared a regular quarterly cash dividend of $0.13 per share on our outstanding common stock. The dividend is payable on September 27, 2013 to shareholders of record at the close of business on September 13, 2013. Future declarations of quarterly dividends and the establishment of future record and payment dates are subject to approval by the board of directors.

The entire disclosure for shareholders' equity, comprised of portions attributable to the parent entity and noncontrolling interest, if any, including other comprehensive income (as applicable). Including, but not limited to: (1) balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings; (2) accumulated balance for each classification of other comprehensive income and total amount of comprehensive income; (3) amount and nature of changes in separate accounts, including the number of shares authorized and outstanding, number of shares issued upon exercise and conversion, and for other comprehensive income, the adjustments for reclassifications to net income; (4) rights and privileges of each class of stock authorized; (5) basis of treasury stock, if other than cost, and amounts paid and accounting treatment for treasury stock purchased significantly in excess of market; (6) dividends paid or payable per share and in the aggregate for each class of stock for each period presented; (7) dividend restrictions and accumulated preferred dividends in arrears (in aggregate and per share amount); (8) retained earnings appropriations or restrictions, such as dividend restrictions; (9) impact of change in accounting principle, initial adoption of new accounting principle and correction of an error in previously issued financial statements; (10) shares held in trust for Employee Stock Ownership Plan (ESOP); (11) deferred compensation related to issuance of capital stock; (12) note received for issuance of stock; (13) unamortized discount on shares; (14) description, terms, and number of warrants or rights outstanding; (15) shares under subscription and subscription receivables, effective date of new retained earnings after quasi-reorganization and deficit eliminated by quasi-reorganization and, for a period of at least ten years after the effective date, the point in time from which the new retained dates; and (16) retroactive effective of subsequent change in capital structure.

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 5

-Paragraph 15

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Preferred Stock

-URI http://asc.fasb.org/extlink&oid=6521494

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 235

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.4-08.(d),(e))

-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 30

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6405834&loc=d3e23285-112656

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 29, 30, 31

-Article 5

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 310

-SubTopic 10

-Section S99

-Paragraph 2

-Subparagraph (SAB TOPIC 4.E)

-URI http://asc.fasb.org/extlink&oid=6228006&loc=d3e74512-122707

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.29-31)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 08

-Article 4

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Staff Accounting Bulletin (SAB)

-Number Topic 4

-Section C

Reference 10: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Research Bulletin (ARB)

-Number 43

-Section B

-Paragraph 7, 11A

-Chapter 1

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 11: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section 50

-Paragraph 6

-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644

Reference 12: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Staff Accounting Bulletin (SAB)

-Number Topic 4

-Section E

Reference 13: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section S99

-Paragraph 4

-Subparagraph (SAB TOPIC 4.C)

-URI http://asc.fasb.org/extlink&oid=6959260&loc=d3e187143-122770

Reference 14: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 129

-Paragraph 2, 3, 4, 5, 6, 7, 8

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 15: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Principles Board Opinion (APB)

-Number 12

-Paragraph 10

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 16: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 04

-Article 3

Reference 17: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644

Reference 18: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.3-04)

-URI http://asc.fasb.org/extlink&oid=6959260&loc=d3e187085-122770

Reference 19: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section 50

-Paragraph 11

-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21564-112644

Reference 20: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 21: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section 50

-Paragraph 4

-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21484-112644

Reference 22: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section 50

-Paragraph 5

-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21488-112644

Reference 23: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 08

-Paragraph d

-Article 4

+ Details

Earnings Per Share

6 Months Ended

Jun. 30, 2013

Earnings Per Share [Abstract]

Earnings Per Share

12. Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share:



	Three Months Ended June 30,				Six Months Ended June 30,
	2013		2012		2013		2012

	(in millions, except share and per share amounts)
Numerator:
Net income attributable to common shareholders	$	88	$	93	$	130	$	178
Denominator:
Weighted-average common shares outstanding for basic earnings per share		166,371,840		169,352,207		166,039,406		171,157,501
Weighted-average effect of dilutive securities:
Employee equity awards		3,771,134		4,076,682		3,860,175		3,952,180
3.75% convertible notes⁽¹⁾		-		28,419		-		31,451
Weighted-average common shares outstanding for diluted earnings per share		170,142,974		173,457,308		169,899,581		175,141,132
Basic and diluted earnings per share:
Basic earnings per share	$	0.53	$	0.55	$	0.78	$	1.04
Diluted earnings per share	$	0.52	$	0.53	$	0.77	$	1.02

⁽¹⁾ In June 2012, the remaining $0.5 million of our 3.75% convertible notes outstanding was converted into 34,482 shares of common stock in accordance with the terms of the notes.

Stock options to purchase 5,878,593 shares of common stock and 4,769,644 shares of restricted stock and PSUs were outstanding at June 30, 2013. For the three months ended June 30, 2013, we included 4,617,257 of the outstanding stock options and 4,706,334 shares of restricted stock and PSUs in the computation of diluted earnings per share, on a weighted-average basis, as their inclusion was dilutive. For the six months ended June 30, 2013, we included 4,617,257 of the outstanding stock options and 4,676,922 shares of restricted stock and PSU’s in the computation of diluted earnings per share, on a weighted-average basis, as their inclusion was dilutive. The remaining stock options and shares of restricted stock and PSUs are antidilutive, and as such, they were properly excluded.

Stock options to purchase 9,510,622 shares of common stock and 6,339,360 shares of restricted stock and PSUs were outstanding at June 30, 2012. For the three months ended June 30, 2012, we included 6,213,454 of the outstanding stock options and 5,389,031 shares of restricted stock and PSUs in the computation of diluted earnings per share, on a weighted-average basis, as their inclusion was dilutive. For the six months ended June 30, 2012, we included 6,214,754 of the outstanding stock options and 4,646,221 shares of restricted stock and PSU’s in the computation of diluted earnings per share, on a weighted-average basis, as their inclusion was dilutive. The remaining stock options and shares of restricted stock and PSUs are antidilutive, and as such, they were properly excluded.

The 3.75% convertible notes were accounted for under the if-converted method, as we previously had settled the convertible notes in shares of our common stock. For the three and six months ended June 30, 2012, all of the shares underlying the outstanding 3.75% convertible notes were included in the computation of diluted earnings per share on a weighted-average basis, as their inclusion was dilutive.

The 2.50% convertible senior notes are accounted for under the treasury stock method as it is our intent and policy to settle the principal amount of the notes in cash. Based on the settlement structure of the 2.50% convertible senior notes, which permits the principal amount to be settled in cash and the conversion premium to be settled in shares of our common stock or cash, we will reflect the impact of the convertible spread portion of the convertible notes in the diluted calculation using the treasury stock method. For the three and six months ended June 30, 2013 and 2012, the conversion spread of our 2.50% convertible senior notes was out of the money, and as such, they were properly excluded from the computation of diluted earnings per share.

Fair Value of Financial Instruments

The entire disclosure for earnings per share.

+ References+ Details

Fair Value of Financial Instruments

6 Months Ended

Jun. 30, 2013

Fair Value Disclosures [Abstract]

13. Fair Value of Financial Instruments

Fair Value Measurement—Definition and Hierarchy

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability, or the exit price, in an orderly transaction between market participants at the measurement date. Fair value measurement establishes a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect NASDAQ OMX’s market assumptions. These two types of inputs create the following fair value hierarchy:

• Level 1—Quoted prices for identical instruments in active markets.

• Level 2—Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable.

• Level 3—Instruments whose significant value drivers are unobservable.

This hierarchy requires the use of observable market data when available.

The following table presents for each of the above hierarchy levels, our financial assets and liabilities that are measured at fair value on a recurring basis as of June 30, 2013 and December 31, 2012.



	June 30, 2013
	Total		Level 1		Level 2		Level 3

	(in millions)
Financial Assets Measured at Fair Value on a Recurring Basis
Financial investments, at fair value⁽¹⁾	$	170	$	170	$	-	$	-
Default fund and margin deposit investments⁽²⁾		1,358		614		744		-
Total	$	1,528	$	784	$	744	$	-

	December 31, 2012
	Total		Level 1		Level 2		Level 3

	(in millions)
Financial Assets Measured at Fair Value on a Recurring Basis
Financial investments, at fair value⁽¹⁾	$	223	$	223	$	-	$	-
Default fund and margin deposit investments⁽²⁾		175		175		-		-
Total	$	398	$	398	$	-	$	-

⁽¹⁾ Primarily comprised of trading securities, mainly Swedish government debt securities, of $133 million as of June 30, 2013 and $201 million as of December 31, 2012. Of these securities, $114 million as of June 30, 2013 and $134 million as of December 31, 2012 are restricted assets to meet regulatory capital requirements primarily for clearing operations at NASDAQ OMX Nordic Clearing. This balance also includes our available-for-sale investment security in DFM valued at $37 million as of June 30, 2013 and $22 million as of December 31, 2012. See Note 6, “Investments,” for further discussion of our trading investment securities and available-for-sale investment security.

⁽²⁾ Default fund and margin deposit investments include cash contributions invested by NASDAQ OMX Nordic Clearing, in accordance with its investment policy, either in highly rated government debt securities or reverse repurchase agreements with highly rated government debt securities as collateral. Of the total balance of $1,412 million recorded in the Condensed Consolidated Balance Sheets as of June 30, 2013, $744 million of cash contributions have been invested in reverse repurchase agreements and $614 million of cash contributions have been invested in highly rated government debt securities. The remainder of this balance is held in cash and term deposits. As of December 31, 2012, $175 million of cash contributions were invested in highly rated government debt securities. See Note 14, “Clearing Operations,” for further discussion of default fund contributions and margin deposits.

Financial Instruments Not Measured at Fair Value on a Recurring Basis

Some of our financial instruments are not measured at fair value on a recurring basis but are recorded at amounts that approximate fair value due to their liquid or short-term nature. Such financial assets and financial liabilities include: cash and cash equivalents, restricted cash, receivables, net, certain other current assets, non-current restricted cash, accounts payable and accrued expenses, Section 31 fees payable to SEC, accrued personnel costs, and certain other current liabilities.

In addition, our investment in LCH is carried at cost. See “Cost Method Investments,” of Note 6, “Investments,” for further discussion.

We also consider our debt obligations to be financial instruments. The fair value of our debt, utilizing discounted cash flow analyses for our floating rate debt and prevailing market rates for our fixed rate debt, was $2.9 billion at June 30, 2013 and $2.1 billion at December 31, 2012. The discounted cash flow analyses are based on borrowing rates currently available to us for debt with similar terms and maturities. Our fixed rate and our 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.”

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 107

-Paragraph 3, 10, 14, 15

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 107

-Paragraph 15C, 15D

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 157

-Paragraph 32, 33, 34

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

-Paragraph 21

-URI http://asc.fasb.org/extlink&oid=7491637&loc=d3e13537-108611

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 133

-Paragraph 44A, 44B

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

-Paragraph 10

-URI http://asc.fasb.org/extlink&oid=7491637&loc=d3e13433-108611

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

-Paragraph 28

-URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14064-108612

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 820

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19207-110258

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

-Paragraph 30

-URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612

Reference 10: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

-Paragraph 16

-URI http://asc.fasb.org/extlink&oid=7491637&loc=d3e13504-108611

Reference 11: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 107

-Paragraph 15B

-Subparagraph a, b

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 12: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 159

-Paragraph 17-22, 27, 28

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 13: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 107

-Paragraph 15A

-Subparagraph a-d

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Clearing Operations

6 Months Ended

Jun. 30, 2013

Clearing Operations [Abstract]

Clearing Operations

14. Clearing Operations

Nordic Clearing

NASDAQ OMX Nordic Clearing is authorized and supervised as a European multi-asset clearinghouse by the Swedish Financial Supervisory Authority, or SFSA, and is authorized to conduct clearing operations in Norway by the Norwegian Ministry of Finance. The clearinghouse acts as the central counterparty, or CCP, for exchange and OTC trades in equity derivatives, fixed income derivatives, physical power, power derivatives, carbon derivatives, and resale and repurchase contracts.

Through our clearing operations in the financial markets, which include the resale and repurchase market, and the commodities markets, NASDAQ OMX Nordic Clearing is the legal counterparty for, and guarantees the fulfillment of, each contract cleared. These contracts are not used by NASDAQ OMX Nordic Clearing for the purpose of trading on its own behalf. As the legal counterparty of each transaction, NASDAQ OMX Nordic Clearing bears the counterparty risk between the purchaser and seller in the contract. In its guarantor role, NASDAQ OMX Nordic Clearing has precisely equal and offsetting claims to and from clearing members on opposite sides of each contract, standing as an intermediary on every contract cleared. In accordance with the rules and regulations of NASDAQ OMX Nordic Clearing, clearing members’ open positions are aggregated to create a single portfolio for which default fund and margin collateral requirements are calculated. See “Default Fund Contributions and Margin Deposits” below for further discussion of NASDAQ OMX Nordic Clearing’s default fund and margin requirements.

NASDAQ OMX Nordic Clearing maintains three member sponsored default funds: one related to financial markets, one related to commodities markets, and a mutualized fund. Under this structure, NASDAQ OMX Nordic Clearing and its clearing members must contribute to the total regulatory capital related to the clearing operations of NASDAQ OMX Nordic Clearing. This structure applies an initial separation of default fund contributions for the financial and commodities markets in order to create a buffer for each market’s counterparty risks. Simultaneously, a mutualized default fund provides capital efficiencies to NASDAQ OMX Nordic Clearing with regard to total regulatory capital required. See “Default Fund Contributions” below for further discussion of NASDAQ OMX Nordic Clearing’s default fund. Power of assessment and a liability waterfall have also been implemented. See “Power of Assessment” and “Liability Waterfall” below for further discussion. These requirements ensure the alignment of risk between NASDAQ OMX Nordic Clearing and its clearing members.

Default Fund Contributions and Margin Deposits

As of June 30, 2013, clearing member default fund contributions and margin deposits were as follows:



	June 30, 2013
	Cash Contributions⁽¹⁾⁽²⁾		Non-Cash Contributions		Total Contributions

	(in millions)
Default fund contributions	$	186	$	43	$	229
Margin deposits		1,203		8,796		9,999
Total	$	1,389	$	8,839	$	10,228

⁽¹⁾ As of June 30, 2013, in accordance with its investment policy, NASDAQ OMX Nordic Clearing has invested cash contributions of $744 million in reverse repurchase agreements and $614 million in highly rated government debt securities. The remainder of this balance is held in cash and term deposits.

⁽²⁾ Pursuant to clearing member agreements, we pay interest on cash contributions to clearing members.

Default Fund Contributions

Contributions made to the default funds are proportional to the exposures of each clearing member. When a clearing member is active in both the financial and commodities markets, contributions must be made to both markets’ default funds. Clearing members’ eligible contributions may include cash and non-cash contributions. Cash contributions received are invested by NASDAQ OMX Nordic Clearing, in accordance with its investment policy, either in highly rated government debt securities or reverse repurchase agreements with highly rated government debt securities as collateral. 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 OMX Nordic Clearing. Non-cash contributions are pledged assets that are not recorded in the Condensed Consolidated Balance Sheets as NASDAQ OMX Nordic 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 OMX Nordic Clearing’s name for the benefit of the clearing members and are immediately accessible by NASDAQ OMX Nordic Clearing in the event of a default. In addition to clearing members’ required contributions to the default funds, NASDAQ OMX Nordic Clearing is also required to contribute capital to the default funds and overall regulatory capital as specified under its clearinghouse rules. As of June 30, 2013, NASDAQ OMX Nordic Clearing committed capital totaling $108 million to the member sponsored default funds and overall regulatory capital, in the form of government debt securities, which are recorded as financial investments, at fair value in the Condensed Consolidated Balance Sheets. The combined regulatory capital of the clearing members and NASDAQ OMX Nordic Clearing will serve to secure the obligations of a clearing member and may be used to cover losses sustained by a clearing member in the event of a default.

Other Capital Contributions by NASDAQ OMX Nordic Clearing

NASDAQ OMX Nordic Clearing maintains a $89 million credit facility which may be utilized in certain situations to satisfy regulatory requirements. As of June 30, 2013, NASDAQ OMX Nordic Clearing committed $9 million of this credit facility to satisfy its regulatory requirements under its default fund structure, none of which was utilized.

Margin Deposits

NASDAQ OMX Nordic 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 as needed, which is in addition to the initial margin. See “Default Fund Contributions” above for further discussion of cash and non-cash contributions.

In April 2013, NASDAQ OMX Nordic Clearing implemented a new collateral management process. With the implementation of this new process, NASDAQ OMX Nordic Clearing now maintains and manages all cash deposits related to margin collateral. Since all risks and rewards of collateral ownership, including interest, belong to NASDAQ OMX Nordic Clearing, these cash deposits are recorded in default funds and margin deposits in the Condensed Consolidated Balance Sheets as both a current asset and current liability. Prior to the implementation of the new collateral management process, all collateral was maintained at a third-party custodian bank for the benefit of the clearing members and was immediately accessible by NASDAQ OMX Nordic Clearing in the event of a default. The pledged margin collateral was not recorded in our Condensed Consolidated Balance Sheets as all risks and rewards of collateral ownership, including interest, belonged to the counterparty. Assets pledged are held at a nominee account in NASDAQ OMX Nordic Clearing’s name for the benefit of the clearing members and are immediately accessible by NASDAQ OMX Nordic Clearing in the event of a default.

NASDAQ OMX Nordic Clearing marks to market all outstanding contracts at least daily, requiring payment from clearing members whose positions have lost value and making payments to clearing members whose positions have gained 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 OMX Nordic Clearing the ability to mitigate the risk of a clearing member defaulting due to exceptionally large losses. In the event of a default, NASDAQ OMX Nordic Clearing can access the defaulting member’s margin deposits to cover the defaulting member’s losses.

Regulatory Capital and Risk Management Calculations

NASDAQ OMX Nordic Clearing manages risk through a comprehensive counterparty risk management framework, which is comprised of policies, procedures, standards and resources. The level of regulatory capital is determined in accordance with NASDAQ OMX Nordic Clearing’s regulatory capital policy, as approved by the SFSA. Regulatory capital calculations are continuously updated through a proprietary capital-at-risk calculation model that establishes the appropriate level of capital.

As mentioned above, NASDAQ OMX Nordic Clearing is the legal counterparty for each contract traded and thereby guarantees the fulfillment of each contract. NASDAQ OMX Nordic 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, the estimated liability was nominal and no liability was recorded as of June 30, 2013.

The market value of derivative contracts outstanding prior to netting was as follows:



	June 30, 2013
	(in millions)
Commodity forwards and options⁽¹⁾⁽²⁾	$	1,448
Fixed-income options and futures⁽²⁾⁽³⁾		473
Stock options and futures⁽²⁾⁽³⁾		110
Index options and futures⁽²⁾⁽³⁾		86
Total	$	2,117

⁽¹⁾ We determined the fair value of our forward contracts using standard valuation models that were based on market-based observable inputs including LIBOR rates and the spot price of the underlying instrument.

⁽²⁾ 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.

⁽³⁾ We determined the fair value of our futures contracts based upon quoted market prices and average quoted market yields.

The total number of derivative contracts cleared through NASDAQ OMX Nordic Clearing for the six months ended June 30, 2013 and 2012 was as follows:



	June 30, 2013		June 30, 2012
Commodity forwards and options⁽¹⁾		459,914		468,040
Fixed-income options and futures		15,973,955		19,602,663
Stock options and futures		15,693,325		14,910,191
Index options and futures		20,967,610		22,565,321
Total		53,094,804		57,546,215

⁽¹⁾ The total volume in cleared power related to commodity contracts was 884 Terawatt hours (TWh) for the six months ended June 30, 2013 and 867 TWh for the six months ended June 30, 2012.

The outstanding contract value of resale and repurchase agreements was $4.3 billion as of June 30, 2013 and $5.0 billion as of June 30, 2012. The total number of contracts cleared for the six months ended June 30, 2013 was 2,264,096 and for the six months ended June 30, 2012 was 1,864,474.

Power of Assessment

To further strengthen the contingent financial resources of the clearinghouse, NASDAQ OMX Nordic Clearing has power of assessment that provides the ability to collect additional funds from its clearing members to cover a defaulting member’s remaining obligations up to the limits established under the terms of the clearinghouse rules. The power of assessment corresponds to 100% of the clearing member’s aggregate contribution to the financial market’s and commodities market’s 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 OMX Nordic Clearing, which totaled $15 million at June 30, 2013;

• 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, either financial or commodities market, which includes capital contributions of both the clearing members and NASDAQ OMX Nordic Clearing on a pro-rata basis;

• senior capital contributed by NASDAQ OMX Nordic Clearing, calculated in accordance with clearinghouse rules to be $24 million at June 30, 2013; and

• mutualized default fund, which includes capital contributions of both the clearing members and NASDAQ OMX Nordic Clearing on a pro-rata basis.

If additional funds are needed after utilization of the mutualized default fund, then NASDAQ OMX Nordic 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.

NOS Clearing

NOS Clearing is a leading Norway-based clearinghouse primarily for OTC traded derivatives for the freight market and seafood derivative market. NOS Clearing acts as a CCP with a clearinghouse license from the Norwegian Ministry of Finance and is under supervision of the Financial Supervisory Authority of Norway.

Through its clearing operations, NOS Clearing is the legal counterparty for, and guarantees the fulfillment of, each contract cleared. These contracts are not used by NOS Clearing for the purpose of trading on its own behalf. As the legal counterparty of each transaction, NOS Clearing bears the counterparty risk between the purchaser and seller in the contract. In its guarantor role, NOS Clearing has precisely equal and offsetting claims to and from clearing members on opposite sides of each contract, standing as an intermediary on every contract cleared. In accordance with the rules and regulations of NOS Clearing, clearing members’ open positions are aggregated to create a single portfolio for which margin collateral requirements are calculated. As of June 30, 2013, the market value of derivative contracts outstanding, prior to netting, was $25 million. The total number of derivative contracts cleared through NOS Clearing for the six months ended June 30, 2013 was 1,210,090.

NOS Clearing has implemented member sponsored default funds for its markets. Under this structure, NOS Clearing and its clearing members must contribute to the total regulatory capital related to the clearing operations of NOS Clearing. A liability waterfall has also been implemented, which helps to ensure the alignment of risk between NOS Clearing and its clearing members in the event of default.

As of June 30, 2013, NOS Clearing committed capital to the default funds in the form of cash totaling $41 million. This committed capital is reflected as restricted cash in the Condensed Consolidated Balance Sheets. Clearing members’ pledged default fund contributions and margin collateral totaled $419 million as of June 30, 2013 and is not recorded in our Condensed Consolidated Balance Sheets as all risks and rewards of collateral ownership, including interest, belong to the counterparty.

U.S. Clearing

Similar to our clearing operations discussed above, NASDAQ OMX Commodities Clearing Company, or NOCC, through riskless principal trading and clearing, is the legal counterparty for each customer position traded and NOCC thereby guarantees the fulfillment of each of its customer’s transactions.

We require market participants at NOCC to meet certain minimum financial standards to mitigate the risk that they become unable to satisfy their obligations and to provide collateral to cover the daily margin call as needed. Customer pledged cash collateral held by NOCC, which was $23 million at June 30, 2013 and $33 million at December 31, 2012, is included in default funds and margin deposits as both a current asset and current liability in the Condensed Consolidated Balance Sheets, as the risks and rewards of collateral ownership, including interest income, belong to NOCC. Additionally, NOCC is the beneficiary of letters of credit from banks meeting certain rating standards, which are posted on behalf of market participants in lieu of posting cash collateral. The aggregate amount of letters of credit for which NOCC is the beneficiary was $87 million at June 30, 2013 and $101 million at December 31, 2012.

As of June 30, 2013 and December 31, 2012, NASDAQ OMX has contributed $25 million to the NOCC guarantee fund which is recorded in non-current restricted cash in the Condensed Consolidated Balance Sheets.

Commitments, Contingencies and Guarantees	6 Months Ended
Commitments, Contingencies and Guarantees	Jun. 30, 2013
Commitments and Contingencies Disclosure [Abstract]
Commitments, Contingencies and Guarantees	15. 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 and default protection related to our clearing businesses. Financial guarantees issued to us totaled $13 million at June 30, 2013 and $7 million at December 31, 2012. At June 30, 2013, credit facilities, which are available in multiple currencies, primarily Swedish Krona, totaled $300 million ($211 million in available liquidity and $89 million to satisfy regulatory requirements), none of which was utilized. At December 31, 2012, these facilities totaled $310 million ($217 million in available liquidity and $93 million to satisfy regulatory requirements), none of which was utilized. Execution Access LLC, or Execution Access, is an introducing broker which operates the eSpeed trading platform for U.S. Treasury securities. Execution Access has a clearing arrangement with Cantor Fitzgerald & Co., or Cantor Fitzgerald. As of June 30, 2013, we have contributed $19 million of margin deposits to Cantor Fitzgerald in connection with this clearing arrangement. These margin deposits are recorded in other non-current assets in our condensed consolidated balance sheets. Some of the trading activity in Execution Access is cleared by Cantor Fitzgerald through the Fixed Income Clearing Corporation, or FICC, and the balance is cleared non-FICC. Execution Access assumes the counterparty risk of clients that do not clear through FICC. Counterparty risk of clients exists for Execution Access between the trade date and the settlement date of the individual transactions, which is typically one business day. All of Execution Access’ obligations under the clearing arrangement with Cantor Fitzgerald are guaranteed by NASDAQ OMX. Some of the non-FICC counterparties are required to post collateral, provide principal letters, or provide other forms of credit enhancement to Execution Access for the purpose of mitigating counterparty risk. We believe that the potential for us to be required to make payments under these arrangements is mitigated through the pledged collateral and our risk management policies. Accordingly, no contingent liability is recorded in the Condensed Consolidated Balance Sheets for these arrangements. Lease Commitments We lease some of our office space and equipment under non-cancelable operating leases with third parties and sublease office space to third parties. Some of our lease agreements contain renewal options and escalation clauses based on increases in property taxes and building operating costs. Other Guarantees We have provided other guarantees of $16 million as of June 30, 2013 and $18 million at December 31, 2012. These guarantees are primarily related to obligations for our rental and leasing contracts. In addition, for certain Market Technology contracts, we have provided performance guarantees of $2 million as of June 30, 2013 and $5 million as of December 31, 2012 related to the delivery of software technology and support services. We have received financial guarantees from various financial institutions to support the above guarantees. We also have provided a $25 million guarantee to our wholly-owned subsidiary, NOCC, to cover potential losses in the event of customer defaults, net of any collateral posted against such losses. 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. In connection with the launch of NASDAQ OMX NLX, we have entered into agreements with certain members which may require us to make payments if certain financial goals are achieved. Since the amount of these payments is not currently probable and cannot be quantified as of June 30, 2013, no contingent liability is recorded in the Condensed Consolidated Balance Sheets for these payments. Voluntary Accommodation Program In connection with the initial public offering by Facebook on May 18, 2012, systems issues were experienced at the opening of trading of Facebook shares. We announced a one-time program for voluntary accommodations to qualifying members of up to $62 million, for which a liability has been recorded as this program was approved by the SEC in March 2013. This program expanded the pool available for qualified losses arising directly from the system issues. Escrow Agreements In connection with our acquisitions of FTEN, SMARTS Group Holdings Pty Ltd, or SMARTS, Glide Technologies, and the Index Business of Mergent, Inc., including Indxis, we entered into escrow agreements to secure the payments of post-closing adjustments and to ensure other closing conditions. At June 30, 2013, these escrow agreements provide for future payments of $14 million and are included in other current liabilities and other non-current liabilities in the Condensed Consolidated Balance Sheets. Routing Brokerage Activities Our broker-dealer subsidiaries, Nasdaq Execution Services and NASDAQ Options Services, provide guarantees to securities clearinghouses and exchanges under their 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’ and NASDAQ Options Services’ maximum potential liability under these arrangements cannot be quantified. However, we believe that the potential for Nasdaq Execution Services and NASDAQ Options 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. Litigation As previously disclosed, we became a party to several legal and regulatory proceedings in 2012 relating to the Facebook IPO that occurred on May 18, 2012. We believe that the legal actions filed against NASDAQ OMX are without merit and intend to defend them vigorously. As described in our Annual Report on Form 10-K for the year ended December 31, 2012, we are named as a defendant in a consolidated matter captioned In re Facebook, Inc., IPO Securities and Derivative Litigation, MDL No. 2389 (S.D.N.Y.). On April 30, 2013, lead plaintiffs in the consolidated matter filed a consolidated amended complaint, naming our Chief Executive Officer and our prior Chief Information Officer as new defendants in connection with their roles in the Facebook IPO. The amended complaint alleges that each violated Section 20(a) of the Securities Exchange Act of 1934, or the Act, and Rule 10b-5, promulgated under the Act. In our Quarterly Report on Form 10-Q for the period ended March 31, 2013, we identified a demand for arbitration from a member organization seeking indemnification for alleged losses associated with the Facebook IPO. On June 18, 2013, the District Court for the Southern District of New York granted a preliminary injunction enjoining the arbitration, and the member organization has appealed the order granting the injunction to the Second Circuit Court of Appeals. Also as previously disclosed, the staff of the SEC’s Division of Enforcement conducted an investigation relating to the systems issues experienced with the Facebook IPO. On May 29, 2013, the Commission accepted our offer of settlement, resolving this matter. As part of the settlement, our subsidiaries, The NASDAQ Stock Market LLC and NASDAQ Execution Services LLC, agreed to implement several measures aimed at preventing future violations of the Act and the rules and regulations promulgated thereunder, most of which have been implemented. In addition, The NASDAQ Stock Market LLC paid a $10 million penalty to the United States Treasury. Except as disclosed above and in prior reports filed under the Act, we are not currently a party to any litigation or proceeding that we believe could have a material adverse effect on our business, condensed consolidated financial condition, or operating results. However, from time to time, we have been threatened with, or named as a defendant in, lawsuits or involved in regulatory proceedings. 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.

Business Segments

6 Months Ended

Jun. 30, 2013

Text Block [Abstract]

Business Segments

16. Business Segments

Prior to January 1, 2013, we managed, operated and provided our products and services in three business segments: Market Services, Issuer Services and Market Technology. As announced in January 2013, we realigned our reportable segments as a result of changes to the organizational structure of our businesses.

Beginning on January 1, 2013, we manage, operate and provide our products and services in four business segments: Market Services, Listing Services, Information Services and Technology Solutions. All prior period segment disclosures have been recast to reflect our change in reportable segments. Certain other prior year amounts have been reclassified to conform to the current year presentation.

Our Market Services segment consists of our U.S. and European cash equity and derivative trading and clearing businesses and our Access and Broker Services business. In addition, eSpeed’s electronic benchmark U.S. treasury brokerage and co-location service businesses are part of our Market Services segment. See “Acquisition of eSpeed for Trading of U.S. Treasuries,” of Note 4, “Acquisitions,” for further discussion.

Our Listing Services segment consists of our U.S. and European listing businesses, which provide services for companies listed on The NASDAQ Stock Market and our Nordic and Baltic exchanges.

Our Information Services segment includes our Market Data Products and Index Licensing and Services businesses. Our Market Data Products business sells and distributes quote and trade information to market participants and data distributers. Our Index Licensing and Services business develops and licenses NASDAQ OMX branded indexes, associated derivatives, and financial products and also provides custom calculation services for third-party clients. In addition, eSpeed’s market data business is part of our Information Services segment. See “Acquisition of eSpeed for Trading of U.S. Treasuries,” of Note 4, “Acquisitions,” for further discussion.

Our Technology Solutions segment includes our Market Technology and Corporate Solutions businesses. Our Market Technology business is the world’s leading technology solutions provider and partner to exchanges, clearing organizations and central securities depositories. Our technology business is also the sales channel for our complete global offering to other marketplaces. Market Technology provides technology solutions for trading, clearing, settlement and information dissemination, and also offers facility management integration, surveillance solutions, and advisory services. Our Corporate Solutions business offers companies access to innovative products and software solutions and services that ease transparency, mitigate risk, maximize board efficiency and facilitate better corporate governance. On May 31, 2013, we acquired the TR Corporate Solutions businesses. See “Acquisition of the Investor Relations, Public Relations and Multimedia Solutions Businesses of Thomson Reuters,” of Note 4, “Acquisitions,” for further discussion.

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 our management structure. Certain amounts are allocated to corporate items in our management reports based on the decision that those activities should not be used to evaluate the segment’s operating performance. These amounts include, but are not limited to, amounts related to our voluntary accommodation program, expense related to an SEC matter, restructuring actions, mergers and strategic initiatives, long-term asset impairment, and financing activities. See below for further discussion.

The following table presents certain information regarding these operating segments for the three and six months ended June 30, 2013 and 2012.



	Market Services		Listing Services		Information Services		Technology Solutions		Corporate Items and Eliminations⁽¹⁾		Consolidated

	(in millions)
Three Months Ended June 30, 2013
Total revenues	$	553	$	58	$	108	$	95	$	-	$	814
Cost of revenues		(363)		-		-		-		-		(363)
Revenues less transaction rebates, brokerage, clearance and exchange fees		190		58		108		95		-		451
Operating income (loss)	$	75	$	23	$	79	$	7	$	(25)	$	159

Three Months Ended June 30, 2012
Total revenues	$	587	$	55	$	106	$	67	$	-	$	815
Cost of revenues		(388)		-		-		-		-		(388)
Revenues less transaction rebates, brokerage, clearance and exchange fees		199		55		106		67		-		427
Operating income (loss)	$	80	$	22	$	78	$	4	$	(9)	$	175

Six Months Ended June 30, 2013
Total revenues	$	1,060	$	113	$	215	$	169	$	-	$	1,557
Cost of revenues		(688)		-		-		-		-		(688)
Revenues less transaction rebates, brokerage, clearance and exchange fees		372		113		215		169		-		869
Operating income (loss)	$	149	$	47	$	160	$	9	$	(116)	$	249

Six Months Ended June 30, 2012
Total revenues	$	1,167	$	112	$	208	$	132	$	-	$	1,619
Cost of revenues		(778)		-		-		-		-		(778)
Revenues less transaction rebates, brokerage, clearance and exchange fees		389		112		208		132		-		841
Operating income (loss)	$	159	$	45	$	153	$	9	$	(20)	$	346

⁽¹⁾ Corporate items and eliminations for the three months ended June 30, 2013 primarily include merger and strategic initiatives expenses. Corporate items and eliminations for the six months ended June 30, 2013 primarily include expenses related to our voluntary accommodation program, merger and strategic initiatives expense, expense related to an SEC matter, restructuring charges, and special legal expenses. Corporate items and eliminations for the three and six months ended June 30, 2012 primarily include restructuring charges, merger and strategic initiatives expense and income from open positions relating to operations of the exchange.

In connection with our change in reportable segments, total assets as of December 31, 2012 have been recast as presented in the following table.



	Market Services		Listing Services		Information Services		Technology Solutions		Corporate Items and Eliminations		Consolidated

	(in millions)
Total assets at June 30, 2013	$	7,277	$	283	$	2,533	$	1,081	$	779	$	11,953
Total assets at December 31, 2012		4,981		254		2,456		625		816		9,132

The increase in total assets for Market Services reflects an increase in goodwill and intangible assets associated with the acquisition of eSpeed as well as an increase in default funds and margin deposits, which reflects NASDAQ OMX Nordic’s implementation of a new collateral management process in the second quarter of 2013. The increase in Technology Solutions reflects an increase in goodwill and intangible assets associated with the acquisition of the TR Corporate Solutions businesses.

For further discussion of our segments’ results, see “Part I. Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Segment Operating Results.”

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

-SubTopic 10

-Section 50

-Paragraph 10

-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8538-108599

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

-SubTopic 10

-Section 50

-Paragraph 29

-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8864-108599

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 131

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

-SubTopic 10

-Section 50

-Paragraph 32

-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

-SubTopic 10

-Section 50

-Paragraph 26

-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8844-108599

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

-SubTopic 10

-Section 50

-Paragraph 34

-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8981-108599

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

-SubTopic 10

-Section 50

-Paragraph 35

-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8984-108599

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

-SubTopic 10

-Section 50

-Paragraph 42

-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9054-108599

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

-SubTopic 10

-Section 50

-Paragraph 40

-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9031-108599

Reference 10: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

-SubTopic 10

-Section 50

-Paragraph 31

-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8924-108599

Reference 11: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

-SubTopic 10

-Section 50

-Paragraph 41

-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9038-108599

Reference 12: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

-SubTopic 10

-Section 50

-Paragraph 30

-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599

Reference 13: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

-SubTopic 10

-Section 50

-Paragraph 33

-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8971-108599

Reference 14: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

-SubTopic 10

-Section 50

-Paragraph 12

-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8595-108599

Reference 15: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8380-108599

+ Details

Basis of Presentation and Principles of Consolidation (Policy)	6 Months Ended
	Jun. 30, 2013
Basis of Presentation and Principles of Consolidation [Abstract]
Basis of Presentation and Principles of Consolidation	The condensed consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles, or U.S. GAAP. The condensed consolidated financial statements include the accounts of NASDAQ OMX, its wholly-owned subsidiaries and other entities in which NASDAQ OMX has a controlling financial interest. The accompanying unaudited condensed consolidated financial statements reflect all adjustments which are, in the opinion of management, necessary for a fair statement of the results for the interim periods presented. 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 OMX’s Annual Report on Form 10-K for the fiscal year ended December 31, 2012. The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts and the disclosure of contingent amounts in the condensed consolidated financial statements and accompanying notes. Actual results could differ from those estimates. We have evaluated subsequent events through the issuance date of this Quarterly Report on Form 10-Q. Changes in Reportable Segments As announced in January 2013, we realigned our reportable segments as a result of changes to the organizational structure of our businesses. Our reportable segments now consist of Market Services, Listing Services, Information Services and Technology Solutions. See Note 16, “Business Segments,” for further discussion. All prior period segment disclosures have been recast to reflect our change in reportable segments. Certain other prior year amounts have been reclassified to conform to the current year presentation.
Basis of Accounting	The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts and the disclosure of contingent amounts in the condensed consolidated financial statements and accompanying notes. Actual results could differ from those estimates.
Income Taxes	Income Taxes We use the asset and liability method to determine income taxes on all transactions recorded in the condensed consolidated financial statements. Deferred tax assets and liabilities are determined based on differences between the financial statement carrying amounts and the tax basis of existing assets and liabilities (i.e., temporary differences) and are measured at the enacted rates that will be in effect when these differences are realized. If necessary, a valuation allowance is established to reduce deferred tax assets to the amount that is more likely than not to be realized. In order to recognize and measure our unrecognized tax benefits, management determines whether a tax position is more likely than not to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. Once it is determined that a position meets the recognition thresholds, the position is measured to determine the amount of benefit to be recognized in the condensed consolidated financial statements. Interest and/or penalties related to income tax matters are recognized in income tax expense. As shown in the Condensed Consolidated Statements of Comprehensive Income (Loss), the income tax benefit increased $112 million to $176 million, in the second quarter of 2013, compared with $64 million in the same period of 2012, due to an assertion made by NASDAQ OMX to permanently reinvest the earnings of certain foreign subsidiaries. As a result of this assertion, adjustments were made to our deferred tax balances relating to cumulative translation adjustments pertaining to these subsidiaries. In the fourth quarter of 2010, we received an appeal from the Finnish Tax Authority challenging certain interest expense deductions claimed by NASDAQ OMX in Finland for the year 2008. The appeal also demanded certain penalties be paid with regard to the company’s tax return filing position. In October 2012, the Finnish Appeals Board disagreed with the company’s tax return filing position, even though the tax return position with respect to this deduction was previously reviewed and approved by the Finnish Tax Authority. NASDAQ OMX has appealed the ruling by the Finnish Appeals Board to the Finnish Administrative Court. In the second quarter of 2013, we paid $19 million to the Finnish Tax Authority. We expect the Finnish Administrative Court to agree with our position and, if so, NASDAQ OMX will receive a refund of the amount paid in the second quarter of 2013. Through June 30, 2013, we have recorded the tax benefits associated with the filing position. From 2009 through 2012, we recorded tax benefits associated with certain interest expense incurred in Sweden. Our position is supported by a 2011 ruling we received from the Swedish Supreme Administrative Court. However, under new legislation, effective January 1, 2013, limitations are imposed on certain forms of interest expense. Since the new legislation is unclear with regards to our ability to continue to claim such interest deductions, NASDAQ OMX has filed an application for an advance tax ruling with the Swedish Tax Council for Advanced Tax Rulings. We expect to receive a favorable response from the Swedish Tax Council for Advance Tax Rulings. In the second quarter of 2013, we recorded a tax benefit of $4 million, or $.02 per diluted share, with respect to this issue in the condensed consolidated financial statements. Since January 1, 2013, we have recorded a tax benefit of $8 million, or $0.05 per diluted share, related to this matter. We expect to record recurring quarterly tax benefits of $4 million to $5 million with respect to this issue for the foreseeable future.

Disclosure of accounting policy regarding (1) the principles it follows in consolidating or combining the separate financial statements, including the principles followed in determining the inclusion or exclusion of subsidiaries or other entities in the consolidated or combined financial statements and (2) its treatment of interests (for example, common stock, a partnership interest or other means of exerting influence) in other entities, for example consolidation or use of the equity or cost methods of accounting. The accounting policy may also address the accounting treatment for intercompany accounts and transactions, noncontrolling interest, and the income statement treatment in consolidation for issuances of stock by a subsidiary.

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 140

-Paragraph 46

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02, 03

-Article 3A

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name FASB Interpretation (FIN)

-Number 46R

-Paragraph 4

-Subparagraph c

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name FASB Interpretation (FIN)

-Number 46R

-Paragraph 4

-Subparagraph d

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name FASB Interpretation (FIN)

-Number 46R

-Paragraph 14, 15

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Emerging Issues Task Force (EITF)

-Number 97-2

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph k

-Article 1

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Principles Board Opinion (APB)

-Number 18

-Paragraph 5, 6, 16-19

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Principles Board Opinion (APB)

-Number 18

-Paragraph 20

-Subparagraph a(2)

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 10: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Emerging Issues Task Force (EITF)

-Number 96-16

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 11: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 235

-SubTopic 10

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18780-107790

Reference 12: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 810

-SubTopic 10

-URI http://asc.fasb.org/subtopic&trid=2197480

Reference 13: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 810

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=18733093&loc=d3e5614-111684

Reference 14: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 810

-SubTopic 10

-Section S99

-Paragraph 2

-Subparagraph (SX 210.3A-02)

-URI http://asc.fasb.org/extlink&oid=6959686&loc=d3e355033-122828

Reference 15: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Research Bulletin (ARB)

-Number 51

-Paragraph 2-6

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 16: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 860

-SubTopic 40

-Section 45

-URI http://asc.fasb.org/section&trid=2197723

Reference 17: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 323

-SubTopic 10

-URI http://asc.fasb.org/subtopic&trid=2196966

Reference 18: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 325

-SubTopic 20

-URI http://asc.fasb.org/subtopic&trid=2197087

Reference 19: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 323

-SubTopic 10

-Section 45

-Paragraph 4

-URI http://asc.fasb.org/extlink&oid=16385135&loc=d3e33801-111570

+ Details

Disclosure of accounting policy for income taxes, which may include its accounting policies for recognizing and measuring deferred tax assets and liabilities and related valuation allowances, recognizing investment tax credits, operating loss carryforwards, tax credit carryforwards, and other carryforwards, methodologies for determining its effective income tax rate and the characterization of interest and penalties in the financial statements.

Summary of Restructuring Charges

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name FASB Interpretation (FIN)

-Number 48

-Paragraph 20

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 235

-SubTopic 10

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18780-107790

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 45

-Paragraph 25

-URI http://asc.fasb.org/extlink&oid=21917399&loc=d3e32247-109318

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 19

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32840-109319

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 30

-URI http://asc.fasb.org/subtopic&trid=2144749

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 954

-SubTopic 740

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6491622&loc=d3e9504-115650

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-URI http://asc.fasb.org/subtopic&trid=2144681

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 17

-Subparagraph (b)

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32809-109319

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 45

-Paragraph 28

-URI http://asc.fasb.org/extlink&oid=21917399&loc=d3e32280-109318

Reference 10: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 109

-Paragraph 6-34, 43, 47, 49

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 11: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Principles Board Opinion (APB)

-Number 4

-Paragraph 11

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Restructuring Charges (Tables)

3 Months Ended

6 Months Ended

Jun. 30, 2012

Jun. 30, 2013

Restructuring Charges [Abstract]


	Three Months Ended June 30,
	2012

	(in millions)
Severance	$	9
Facilities-related		5
Asset impairments		2
Other		1
Total restructuring charges	$	17



	Six Months Ended June 30,
	2013		2012

	(in millions)
Severance	$	6	$	14
Facilities-related		1		5
Asset impairments		1		6
Other		1		1
Total restructuring charges	$	9	$	26

Acquisition of Businesses

Tabular disclosure of restructuring and related costs by type of restructuring including the description of the restructuring costs, such as the expected cost; the costs incurred during the period; the cumulative costs incurred as of the balance sheet date; the income statement caption within which the restructuring charges recognized for the period are included; and changes to an entity's restructuring reserve that occurred during the period associated with the exit from or disposal of business activities or restructurings for each major type of cost.

+ References+ Details

Acquisitions and Divestitures (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2013

Dec. 31, 2012



	Purchase Consideration		Total Net Assets (Liabilities) Acquired		Purchased Intangible Assets		Goodwill

	(in millions)
eSpeed	$	1,239	$	5	$	715	$	519
TR Corporate Solutions businesses		366		(37)		91		312



	Purchase Consideration		Total Net Assets (Liabilities) Acquired		Purchased Intangible Assets		Goodwill

		(in millions)
NOS Clearing⁽¹⁾	$	40	$	43	$	1	$	-
BWise		77		(11)		35		53

⁽¹⁾ In the third quarter of 2012, we recognized a gain of $4 million on our acquisition of NOS Clearing.

eSpeed [Member]

Purchased intangible assets acquired in the acquisition


			Estimated
			Average Remaining
		Value	Useful Life
Intangible assets:		(in millions)	(in years)
Trade name:
Market Services	$	528	Indefinite
Information Services		50	Indefinite
Total trade name		578

Customer relationships
Market Services		105	13 years
Information Services		16	13 years
Total customer relationships		121

Technology
Market Services		14	5 years
Information Services		2	5 years
Total technology		16

Total intangible assets	$	715

TR Businesses

Purchased finite lived intangible assets acquired in the acquisition


			Estimated
			Average Remaining
		Value	Useful Life
Intangible assets:		(in millions)	(in years)
Customer relationships	$	89	9-14 years
Technology		2	2-5 years
Total intangible assets	$	91

Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts.

Goodwill and Intangible Assets Disclosure [Abstract]

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 805

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=7659399&loc=d3e1392-128463

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 805

-SubTopic 10

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=7659399&loc=d3e1486-128463

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 141

-Paragraph 52

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 141

-Paragraph 51

-Subparagraph a

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 141R

-Paragraph F4

-Subparagraph e

-Appendix F

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 141R

-Paragraph 68

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Goodwill and Purchased Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2013

Schedule of Changes in Goodwill



	Market Services		Listing Services		Information Services		Technology Solutions		Total

	(in millions)
Balance at December 31, 2012	$	2,955	$	136	$	1,964	$	280	$	5,335
Goodwill acquired		470		-		49		312		831
Foreign currency translation adjustment		(66)		(3)		(42)		(7)		(118)
Balance at June 30, 2013	$	3,359	$	133	$	1,971	$	585	$	6,048

Finite-Lived and Indefinite-Lived Intangible Assets



	June 30, 2013								December 31, 2012
	Gross Amount		Accumulated Amortization		Net Amount		Weighted-Average Useful Life (in Years)		Gross Amount		Accumulated Amortization		Net Amount		Weighted-Average Useful Life (in Years)

	(in millions)								(in millions)
Finite-Lived Intangible Assets
Technology	$	43	$	(11)	$	32		5	$	26	$	(10)	$	16		5
Customer relationships		1,075		(262)		813		19		871		(238)		633		21
Other		6		(3)		3		8		6		(2)		4		8
Foreign currency translation adjustment		(14)		3		(11)				6		(1)		5
Total finite-lived intangible assets	$	1,110	$	(273)	$	837			$	909	$	(251)	$	658

Indefinite-Lived Intangible Assets
Exchange and clearing registrations	$	790	$	-	$	790			$	790	$	-	$	790
Trade names		760		-		760				185		-		185
Licenses		51		-		51				51		-		51
Foreign currency translation adjustment		(55)		-		(55)				(34)		-		(34)
Total indefinite-lived intangible assets	$	1,546	$	-	$	1,546			$	992	$	-	$	992
Total intangible assets	$	2,656	$	(273)	$	2,383			$	1,901	$	(251)	$	1,650

Estimated Future Amortization Expense

	(in millions)
2013⁽¹⁾	$	36
2014		71
2015		69
2016		67
2017		65
2018 and thereafter		540
Total	$	848

⁽¹⁾ Represents the estimated amortization to be recognized for the remaining six months of 2013.

The entire disclosure for all or part of the information related to intangible assets.

+ References+ Details

Estimated Deferred Revenue

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References+ Details

Deferred Revenue (Tables)

6 Months Ended

Jun. 30, 2013

Deferred Revenue [Abstract]



	Initial Listing Revenues		Listing of Additional Shares Revenues		Annual Renewal and Other Revenues		Technology Solutions Revenues⁽²⁾		Total

	(in millions)
Fiscal year ended:
2013⁽¹⁾	$	6	$	19	$	95	$	48	$	168
2014		10		29		3		45		87
2015		9		18		-		27		54
2016		5		9		-		21		35
2017		4		1		-		12		17
2018 and thereafter		3		-		-		4		7
	$	37	$	76	$	98	$	157	$	368

⁽¹⁾ Represents deferred revenue that is anticipated to be recognized over the remaining six months of 2013.

The changes in our deferred revenue during the six months ended June 30, 2013 and 2012 are reflected in the following table.

Changes in Deferred Revenue



	Initial Listing Revenues		Listing of Additional Shares Revenues		Annual Renewal and Other Revenues		Technology Solutions Revenues⁽²⁾		Total

	(in millions)
Balance at January 1, 2013	$	36	$	78	$	32	$	149	$	295
Additions⁽¹⁾		8		18		190		63		279
Amortization⁽¹⁾		(7)		(20)		(118)		(57)		(202)
Translation adjustment		-		-		(6)		2		(4)
Balance at June 30, 2013	$	37	$	76	$	98	$	157	$	368

Balance at January 1, 2012	$	39	$	86	$	25	$	128	$	278
Additions⁽¹⁾		5		12		182		57		256
Amortization⁽¹⁾		(7)		(19)		(102)		(43)		(171)
Translation adjustment		-		-		-		(2)		(2)
Balance at June 30, 2012	$	37	$	79	$	105	$	140	$	361

Debt Obligations (Tables)

6 Months Ended

Jun. 30, 2013

Debt Disclosure [Abstract]

Changes in Debt Obligations



	December 31, 2012		Additions		Payments, Conversions, Accretion and Other		June 30, 2013

	(in millions)
2.50% convertible senior notes due August 15, 2013⁽¹⁾	$	91	$	-	$	2	$	93
4.00% senior unsecured notes due January 15, 2015 (net of discount)⁽²⁾		399		-		-		399
5.55% senior unsecured notes due January 15, 2020 (net of discount)⁽²⁾		598		-		-		598
5.25% senior unsecured notes due January 16, 2018 (net of discount)⁽²⁾		368		-		-		368
3.875% senior unsecured notes due June 7, 2021 (net of discount)⁽²⁾		-		782		(2)		780
$1.2 billion senior unsecured five-year credit facility⁽³⁾:
$450 million senior unsecured term loan facility credit agreement due September 19, 2016 (average interest rate of 1.58% for the period January 1, 2013 through June 30, 2013)		394		-		(23)		371
$750 million revolving credit commitment due September 19, 2016 (average interest rate of 1.38% for the period January 1, 2013 through June 30, 2013)		126		50		-		176
Total debt obligations		1,976		832		(23)		2,785
Less current portion		(136)		-		(2)		(138)
Total long-term debt obligations	$	1,840	$	832	$	(25)	$	2,647

⁽¹⁾ See “2.50% Convertible Senior Notes” below for further discussion.

⁽²⁾ See “Senior Unsecured Notes” below for further discussion.

⁽³⁾ See “2011 Credit Facility” below for further discussion.

Changes in Liability and Equity Components of Convertible Senior Notes



	Liability Component						Equity Component
	Principal Balance		Unamortized Debt Discount		Net Carrying Amount		Gross Equity Component		Deferred Taxes		Net Equity Component

	(in millions)
December 31, 2012	$	93	$	2	$	91	$	71	$	32	$	39
Accretion of debt discount		-		(2)		2		-		-		-
June 30, 2013	$	93	$	-	$	93	$	71	$	32	$	39

Interest Expense Recognized on Convertible Senior Notes in Condensed Consolidated Statements of Income



	Three Months Ended June 30,				Six Months Ended June 30,
	2013		2012		2013		2012

		(in millions)
Components of interest expense recognized on the 2013 Convertible Notes
Accretion of debt discount	$	1	$	-	$	2	$	1
Contractual interest		1		1		1		2
Total interest expense recognized on the 2013 Convertible Notes	$	2	$	1	$	3	$	3

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

Compensation and Retirement Disclosure [Abstract]

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 835

-SubTopic 30

-Section 55

-Paragraph 8

-URI http://asc.fasb.org/extlink&oid=6584090&loc=d3e28878-108400

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 835

-SubTopic 30

-Section 45

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28551-108399

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 835

-SubTopic 30

-Section 45

-Paragraph 1A

-URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28541-108399

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.22)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 22

-Article 5

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section 50

-Paragraph 6

-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section 50

-Paragraph 7

-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21521-112644

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section 50

-Paragraph 8

-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21538-112644

Reference 10: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 942

-SubTopic 470

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=6479336&loc=d3e64711-112823

Reference 11: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 235

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.4-08.(e),(f))

-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

+ Details

Employee Benefits (Tables)

6 Months Ended

Jun. 30, 2013

Components of Net Periodic Benefit Cost



	Three Months Ended June 30,				Six Months Ended June 30,
	2013		2012		2013		2012

	(in millions)
Components of net periodic benefit cost
Interest cost	$	1	$	2	$	3	$	3
Expected return on plan assets		(1)		(2)		(3)		(3)
Recognized net actuarial loss		1		1		2		2
Curtailment loss		1		-		1		-
Net periodic benefit cost	$	2	$	1	$	3	$	2

Share-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2013

Share-Based Compensation [Abstract]

Summary of Share-Based Compensation Expense



	Three Months Ended June 30,				Six Months Ended June 30,
	2013		2012		2013		2012

	(in millions)
Share-based compensation expense before income taxes	$	9	$	12	$	18	$	22
Income tax benefit		(4)		(5)		(7)		(9)
Share-based compensation expense after income taxes	$	5	$	7	$	11	$	13

Summary of Stock Option Activity



	Number of Stock Options⁽¹⁾		Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term		Aggregate Intrinsic Value

					(in years)		(in millions)
Outstanding at January 1, 2013		7,545,777	$	21.10		5.0	$	45
Exercised		1,559,189		9.85
Forfeited or expired		107,995		25.36
Outstanding at June 30, 2013		5,878,593	$	23.99		5.3	$	57
Exercisable at June 30, 2013		3,712,754	$	24.88		4.2	$	34

⁽¹⁾ No stock option awards were granted during the three and six months ended June 30, 2013.

Summary of Restricted Stock And PSU Activity



	Restricted Stock				PSUs
	Number of Awards		Weighted-Average Grant Date Fair Value		Number of Awards		Weighted-Average Grant Date Fair Value
Unvested balances at January 1, 2013		3,204,188	$	23.20		1,879,799	$	23.14
Granted		193,745		29.80		28,028		23.44
Vested		(228,540)		23.82		(88,998)		19.75
Forfeited		(152,062)		23.77		(66,516)		23.27
Unvested balances at June 30, 2013		3,017,331	$	22.69		1,752,313	$	23.31

NASDAQ OMX Stockholders' Equity (Tables)

6 Months Ended

Jun. 30, 2013

NASDAQ OMX Stockholders' Equity [Abstract]

Schedule of Dividends Declared



Declaration Date	Dividend Per Common Share		Record Date	Total Amount⁽¹⁾		Payment Date
				(in millions)

January 31, 2013	$	0.13	March 14, 2013	$	21	March 28, 2013
April 24, 2013	$	0.13	June 14, 2013	$	22	June 28, 2013

⁽¹⁾ This amount was recorded in retained earnings in the Condensed Consolidated Balance Sheets at June 30, 2013.

Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2013

Earnings Per Share [Abstract]

Summary of Computation of Basic and Diluted Earnings Per Share



	Three Months Ended June 30,				Six Months Ended June 30,
	2013		2012		2013		2012

	(in millions, except share and per share amounts)
Numerator:
Net income attributable to common shareholders	$	88	$	93	$	130	$	178
Denominator:
Weighted-average common shares outstanding for basic earnings per share		166,371,840		169,352,207		166,039,406		171,157,501
Weighted-average effect of dilutive securities:
Employee equity awards		3,771,134		4,076,682		3,860,175		3,952,180
3.75% convertible notes⁽¹⁾		-		28,419		-		31,451
Weighted-average common shares outstanding for diluted earnings per share		170,142,974		173,457,308		169,899,581		175,141,132
Basic and diluted earnings per share:
Basic earnings per share	$	0.53	$	0.55	$	0.78	$	1.04
Diluted earnings per share	$	0.52	$	0.53	$	0.77	$	1.02

⁽¹⁾ In June 2012, the remaining $0.5 million of our 3.75% convertible notes outstanding was converted into 34,482 shares of common stock in accordance with the terms of the notes.

Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2013

Fair Value Disclosures [Abstract]

Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis



	June 30, 2013
	Total		Level 1		Level 2		Level 3

	(in millions)
Financial Assets Measured at Fair Value on a Recurring Basis
Financial investments, at fair value⁽¹⁾	$	170	$	170	$	-	$	-
Default fund and margin deposit investments⁽²⁾		1,358		614		744		-
Total	$	1,528	$	784	$	744	$	-

	December 31, 2012
	Total		Level 1		Level 2		Level 3

	(in millions)
Financial Assets Measured at Fair Value on a Recurring Basis
Financial investments, at fair value⁽¹⁾	$	223	$	223	$	-	$	-
Default fund and margin deposit investments⁽²⁾		175		175		-		-
Total	$	398	$	398	$	-	$	-

Schedule of Clearing Member Default Fund Contributions

Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References+ Details

Clearing Operations (Tables)

6 Months Ended

Jun. 30, 2013

Clearing Operations [Abstract]



	June 30, 2013
	Cash Contributions⁽¹⁾⁽²⁾		Non-Cash Contributions		Total Contributions

	(in millions)
Default fund contributions	$	186	$	43	$	229
Margin deposits		1,203		8,796		9,999
Total	$	1,389	$	8,839	$	10,228

⁽²⁾ Pursuant to clearing member agreements, we pay interest on cash contributions to clearing members.

Schedule of Derivative Contracts Outstanding

The market value of derivative contracts outstanding prior to netting was as follows:



	June 30, 2013
	(in millions)
Commodity forwards and options⁽¹⁾⁽²⁾	$	1,448
Fixed-income options and futures⁽²⁾⁽³⁾		473
Stock options and futures⁽²⁾⁽³⁾		110
Index options and futures⁽²⁾⁽³⁾		86
Total	$	2,117

⁽³⁾ We determined the fair value of our futures contracts based upon quoted market prices and average quoted market yields.

The total number of derivative contracts cleared through NASDAQ OMX Nordic Clearing for the six months ended June 30, 2013 and 2012 was as follows:



	June 30, 2013		June 30, 2012
Commodity forwards and options⁽¹⁾		459,914		468,040
Fixed-income options and futures		15,973,955		19,602,663
Stock options and futures		15,693,325		14,910,191
Index options and futures		20,967,610		22,565,321
Total		53,094,804		57,546,215

⁽¹⁾ The total volume in cleared power related to commodity contracts was 884 Terawatt hours (TWh) for the six months ended June 30, 2013 and 867 TWh for the six months ended June 30, 2012.

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

Schedule of Operating Segments

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 50

-Paragraph 8

-URI http://asc.fasb.org/extlink&oid=7476318&loc=d3e41678-113959

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=7476318&loc=d3e41620-113959

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 50

-Paragraph 1B

-URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5580258-113959

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 50

-Paragraph 1A

-URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5579245-113959

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5579240-113959

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 50

-Paragraph 5

-URI http://asc.fasb.org/extlink&oid=7476318&loc=d3e41641-113959

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 50

-Paragraph 4C

-URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5624171-113959

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 50

-Paragraph 4

-URI http://asc.fasb.org/extlink&oid=7476318&loc=d3e41638-113959

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 50

-Paragraph 4B

-URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5624163-113959

Reference 10: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 25

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6886632&loc=d3e76258-113986

Reference 11: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 235

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.4-08.(n)(2))

-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

+ Details

Business Segments (Tables)

6 Months Ended

Jun. 30, 2013

Text Block [Abstract]

The following table presents certain information regarding these operating segments for the three and six months ended June 30, 2013 and 2012.



	Market Services		Listing Services		Information Services		Technology Solutions		Corporate Items and Eliminations⁽¹⁾		Consolidated

	(in millions)
Three Months Ended June 30, 2013
Total revenues	$	553	$	58	$	108	$	95	$	-	$	814
Cost of revenues		(363)		-		-		-		-		(363)
Revenues less transaction rebates, brokerage, clearance and exchange fees		190		58		108		95		-		451
Operating income (loss)	$	75	$	23	$	79	$	7	$	(25)	$	159

Three Months Ended June 30, 2012
Total revenues	$	587	$	55	$	106	$	67	$	-	$	815
Cost of revenues		(388)		-		-		-		-		(388)
Revenues less transaction rebates, brokerage, clearance and exchange fees		199		55		106		67		-		427
Operating income (loss)	$	80	$	22	$	78	$	4	$	(9)	$	175

Six Months Ended June 30, 2013
Total revenues	$	1,060	$	113	$	215	$	169	$	-	$	1,557
Cost of revenues		(688)		-		-		-		-		(688)
Revenues less transaction rebates, brokerage, clearance and exchange fees		372		113		215		169		-		869
Operating income (loss)	$	149	$	47	$	160	$	9	$	(116)	$	249

Six Months Ended June 30, 2012
Total revenues	$	1,167	$	112	$	208	$	132	$	-	$	1,619
Cost of revenues		(778)		-		-		-		-		(778)
Revenues less transaction rebates, brokerage, clearance and exchange fees		389		112		208		132		-		841
Operating income (loss)	$	159	$	45	$	153	$	9	$	(20)	$	346

In connection with our change in reportable segments, total assets as of December 31, 2012 have been recast as presented in the following table.



	Market Services		Listing Services		Information Services		Technology Solutions		Corporate Items and Eliminations		Consolidated

	(in millions)
Total assets at June 30, 2013	$	7,277	$	283	$	2,533	$	1,081	$	779	$	11,953
Total assets at December 31, 2012		4,981		254		2,456		625		816		9,132

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

+ References+ Details

Organization and Nature of Operations (Details) (USD $) In Trillions, unless otherwise specified	3 Months Ended	6 Months Ended
	Jun. 30, 2013 segment item	Jun. 30, 2013 item
Organization and Nature of Operations [Abstract]
Operations in number of continents	6
Total number of U.S. listed companies		2,581
Approximate combined market capitalization, U.S.	$ 5.9	$ 5.9
Total number of listed companies within Nordic and Baltic exchanges	758	758
Approximate combined market capitalization	$ 1.0	$ 1.0

Basis of Presentation and Principles of Consolidation (Details) (USD $) In Millions, except Per Share data, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Income Tax Examination [Line Items]
Income tax benefit	$ 176	$ 64	$ 183	$ 4
Increase in tax benefit	112
Tax benefit	(47)	(33)	(64)	(86)
FI
Income Tax Examination [Line Items]
Tax benefit	4
Tax effect from examination per diluted share	$ 0.02
Amount paid to tax authority	19
Foreign Income Tax Expense (Benefit), Continuing Operations			8,000
Foreign income tax expense benefit, per diluted share			$ 0.05
Minimum [Member] \| FI
Income Tax Examination [Line Items]
Recurring quarterly tax benefits	4
Maximum [Member] \| FI
Income Tax Examination [Line Items]
Recurring quarterly tax benefits	$ 5

The sum of the current income tax expense or benefit and the deferred income tax expense or benefit pertaining to continuing operations.

+ References+ Details

Tax effect, net of reclassification adjustments, of the change in the balance sheet adjustment that results from the process of translating subsidiary financial statements and foreign equity investments into the reporting currency of the reporting entity. Also includes the following: gain (loss) on foreign currency forward exchange contracts; foreign currency transactions designated as hedges of net investment in a foreign entity and intercompany foreign currency transactions that are of a long-term nature, when the entities to the transaction are consolidated, combined, or accounted for by the equity method in the reporting enterprise's financial statements; and gain (loss) on a derivative instrument or nonderivative financial instrument that may give rise to a foreign currency transaction gain (loss) that has been designated and qualified as a hedging instrument for hedging of the foreign currency exposure of a net investment in a foreign operation.

+ References+ Details

Restructuring Charges (Narrative) (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended	6 Months Ended
	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012	Dec. 31, 2012
Restructuring Cost and Reserve [Line Items]
Expected annualized savings		$ 60
Restructuring and other charges	17	9	26
Number of positions eliminated	124	31	162
Severance [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and other charges	9	6	14
Reserve, current		5		8
Severance payments		9
Facilities-related [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and other charges	5	1	5
Reserve, current		2		3
Asset impairments [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and other charges	2	1	6
Other Restructuring [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and other charges	$ 1	$ 1	$ 1

Amount charged against earnings in the period for incurred and estimated costs associated with exit from or disposal of business activities or restructurings pursuant to a duly authorized plan, excluding asset retirement obligations.

+ References+ Details

Carrying amount as of the balance sheet date of known and estimated obligations associated with exit from or disposal of business activities or restructurings pursuant to a duly authorized plan, which are expected to be paid in the next twelve months or in the normal operating cycle if longer. Costs of such activities include those for one-time termination benefits, termination of an operating lease or other contract, consolidating or closing facilities, relocating employees, and costs associated with an ongoing benefit arrangement, but excludes costs associated with the retirement of a long-lived asset.

+ References+ Details

Amount of cash paid in the period to fully or partially settle a specified, previously accrued type of restructuring cost.

+ References+ Details

Restructuring Charges (Summary of Restructuring Charges) (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended	6 Months Ended
	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	$ 17	$ 9	$ 26
Severance [Member]
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	9	6	14
Facilities-related [Member]
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	5	1	5
Asset impairments [Member]
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	2	1	6
Other Restructuring [Member]
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	$ 1	$ 1	$ 1

Total Net Assets (liabilities) Acquired

+ References+ Details

Acquisitions and Divestitures (Narrative) (Details)

1 Months Ended

6 Months Ended

1 Months Ended

6 Months Ended

12 Months Ended

6 Months Ended

12 Months Ended

1 Months Ended

0 Months Ended

6 Months Ended

0 Months Ended

6 Months Ended

0 Months Ended

6 Months Ended

0 Months Ended

6 Months Ended

May 31, 2012

USD ($)

Jun. 30, 2013

3.875% senior unsecured notes due June 7, 2021 [Member]

EUR (€)

Jun. 30, 2013

3.875% senior unsecured notes due June 7, 2021 [Member]

EUR (€)

Jun. 30, 2013

2011 Credit Facility [Member]

USD ($)

May 31, 2013

2011 Credit Facility [Member]

USD ($)

Sep. 30, 2011

2011 Credit Facility [Member]

Jun. 30, 2013

Customer relationships [Member]

Dec. 31, 2012

Customer relationships [Member]

Jun. 30, 2013

Technology [Member]

Dec. 31, 2012

Technology [Member]

Dec. 31, 2012

NOS Clearing [Member]

USD ($)

Jul. 31, 2012

NOS Clearing [Member]

USD ($)

Jul. 31, 2012

NOS Clearing [Member]

NOK

May 31, 2012

BWise [Member]

USD ($)

May 31, 2012

BWise [Member]

EUR (€)

Jun. 30, 2013

BWise [Member]

Dec. 31, 2012

BWise [Member]

USD ($)

May 31, 2012

BWise [Member]

Customer relationships [Member]

USD ($)

May 31, 2012

BWise [Member]

Technology [Member]

USD ($)

May 31, 2012

BWise [Member]

Trade Names [Member]

USD ($)

Dec. 31, 2012

Index business of Mergent, Inc., Including Indxis [Member]

USD ($)

May 31, 2013

TR Businesses

USD ($)

Jun. 30, 2013

TR Businesses

USD ($)

May 31, 2013

TR Businesses

Customer relationships [Member]

USD ($)

Jun. 30, 2013

TR Businesses

Customer relationships [Member]

USD ($)

Jun. 30, 2013

TR Businesses

Customer relationships [Member]

Income Approach Valuation Technique [Member]

May 31, 2013

TR Businesses

Technology [Member]

USD ($)

Jun. 30, 2013

TR Businesses

Technology [Member]

USD ($)

Jun. 30, 2013

TR Businesses

Technology [Member]

Income Approach Valuation Technique [Member]

Jun. 30, 2013

TR Businesses

Webhosting [Member]

Income Approach Valuation Technique [Member]

Jun. 30, 2013

TR Businesses

Public Relations And Multimedia [Member]

Income Approach Valuation Technique [Member]

Apr. 30, 2013

TOM [Member]

Jun. 28, 2013

eSpeed [Member]

USD ($)

Jun. 30, 2013

eSpeed [Member]

USD ($)

Jun. 30, 2013

eSpeed [Member]

Customer relationships [Member]

USD ($)

Jun. 28, 2013

eSpeed [Member]

Customer relationships [Member]

USD ($)

Jun. 30, 2013

eSpeed [Member]

Customer relationships [Member]

Income Approach Valuation Technique [Member]

Jun. 30, 2013

eSpeed [Member]

Technology [Member]

USD ($)

Jun. 28, 2013

eSpeed [Member]

Technology [Member]

USD ($)

Jun. 30, 2013

eSpeed [Member]

Technology [Member]

Income Approach Valuation Technique [Member]

Jun. 28, 2013

eSpeed [Member]

Trade Names [Member]

USD ($)

Jun. 30, 2013

Trade Names [Member]

eSpeed [Member]

Jun. 30, 2013

Trade Names [Member]

eSpeed [Member]

Income Approach Valuation Technique [Member]

Jun. 30, 2013

Minimum [Member]

TR Businesses

Customer relationships [Member]

Income Approach Valuation Technique [Member]

Jun. 30, 2013

Minimum [Member]

TR Businesses

Technology [Member]

Jun. 30, 2013

Minimum [Member]

eSpeed [Member]

Customer relationships [Member]

Income Approach Valuation Technique [Member]

Jun. 30, 2013

Minimum [Member]

eSpeed [Member]

Technology [Member]

Income Approach Valuation Technique [Member]

Jun. 30, 2013

Maximum [Member]

TR Businesses

Customer relationships [Member]

Income Approach Valuation Technique [Member]

Jun. 30, 2013

Maximum [Member]

TR Businesses

Technology [Member]

Jun. 30, 2013

Maximum [Member]

eSpeed [Member]

Customer relationships [Member]

Income Approach Valuation Technique [Member]

Jun. 30, 2013

Maximum [Member]

eSpeed [Member]

Technology [Member]

Income Approach Valuation Technique [Member]

Business Acquisition [Line Items]

Purchase consideration

$ 40,000,000

^[1]

$ 40,000,000

233,000,000

$ 77,000,000

€ 62,000,000

$ 77,000,000

$ 390,000,000

$ 366,000,000

$ 1,200,000,000

$ 1,239,000,000

43,000,000

^[1]

43,000,000

(11,000,000)

1,000,000

37,000,000

(37,000,000)

5,000,000

Purchased Intangible Assets

35,000,000

1,000,000

^[1]

1,000,000

35,000,000

23,000,000

7,000,000

5,000,000

91,000,000

715,000,000

121,000,000

16,000,000

578,000,000

Percentage of acquired ownership interest

72.00%

25.00%

100.00%

Percentage of remaining ownership interest

28.00%

Percentage of total ownership interest by the first half of 2015

100.00%

Business acquisition, cash paid

57,000,000

47,000,000

15,000,000

366,000,000

755,000,000

Business acquisition, working capital adjustments

24,000,000

Finite-lived Intangible Assets Acquired

91,000,000

89,000,000

2,000,000

121,000,000

16,000,000

Contingent future issuance of common stock, amount

484,000,000

Contingent future issuance of common stock, shares

992,247

Debt instrument, face amount

600,000,000

Debt instrument, interest rate

3.875%

Debt Instrument Maturity Date

Jun. 07, 2021

Sep. 19, 2016

Discount rate

11.00%

10.00%

11.00%

11.50%

Discounted cash flows tax effect

40.00%

Amortization period of intangible assets for tax purposes

15 years

Customer relationships intangible assets, period of growth

4 years

5 years

Customer relationships intangible assets, percentage of current revenues

10.00%

Customer relationships intangible assets, estimated percentage of revenues

100.00%

Acquired Finite Lived Intangible Assets Weighted Average Useful Life

19 years

21 years

5 years

13 years

5 years

2 years

5 years

Royalty rate, profit split

25.00%

33.00%

Net liabiilties assumed

2,000,000

Pre tax royalty rate

1.50%

0.50%

5.00%

Assumed annual revenue attrition percentage

10.00%

Percentage of present value of cash flows generated by each customer relationship based on the estimated remaining useful life

90.00%

Acquisition recorded as current deferred tax liability

1,000,000

Acquisition recorded as non-current deferred tax liability

8,000,000

Acquisition recorded as deferred tax liability

9,000,000

Purchased intangible assets, tax basis

Effective income tax rate

25.00%

Purchased goodwill

53,000,000

9,000,000

312,000,000

519,000,000

Credit facility, additional borrowings

$ 50,000,000

[1]	In the third quarter of 2012, we recognized a gain of $4 million on our acquisition of NOS Clearing.

Acquisitions and Divestitures (Schedule Of Acquisition) (Details)
In Millions, unless otherwise specified

3 Months Ended

May 31, 2012

USD ($)

Sep. 30, 2012

NOS Clearing [Member]

USD ($)

Dec. 31, 2012

NOS Clearing [Member]

USD ($)

Jul. 31, 2012

NOS Clearing [Member]

USD ($)

Jul. 31, 2012

NOS Clearing [Member]

NOK

Dec. 31, 2012

BWise [Member]

USD ($)

May 31, 2012

BWise [Member]

USD ($)

May 31, 2012

BWise [Member]

EUR (€)

Jun. 30, 2013

eSpeed [Member]

USD ($)

Jun. 28, 2013

eSpeed [Member]

USD ($)

Jun. 30, 2013

TR Businesses

USD ($)

May 31, 2013

TR Businesses

USD ($)

Business Acquisition [Line Items]

Purchase consideration

$ 40

^[1]

$ 40

233

$ 77

€ 62

$ 1,239

$ 1,200

$ 366

$ 390

Total Net Assets (liabilities) Acquired

^[1]

(11)

(37)

Purchased Intangible Assets

^[1]

715

Goodwill

519

312

Gain on acquisition

$ 4

[1]	In the third quarter of 2012, we recognized a gain of $4 million on our acquisition of NOS Clearing.

The total purchase price of the acquired entity. This includes cash paid to equity interest holders of the acquired entity, fair value of debt and equity securities issued to equity holders of the acquired entity, and transaction costs paid to third parties to consummate the acquisition.

+ References+ Details

Finite Lived And Indefinite Lived Intangible Assets [Line Items]

The amount of identifiable intangible assets recognized as of the acquisition date.

+ References+ Details

Acquisition and Divestitures (Schedule Of Intangible Assets) (Details) (USD $)
In Millions, unless otherwise specified

6 Months Ended

12 Months Ended

6 Months Ended

12 Months Ended

6 Months Ended

12 Months Ended

6 Months Ended

0 Months Ended

6 Months Ended

0 Months Ended

6 Months Ended

0 Months Ended

6 Months Ended

May 31, 2012

Jun. 30, 2013

Technology [Member]

Dec. 31, 2012

Technology [Member]

Jun. 30, 2013

Customer relationships [Member]

Dec. 31, 2012

Customer relationships [Member]

Jun. 30, 2013

Other [Member]

Dec. 31, 2012

Other [Member]

Dec. 31, 2012

NOS Clearing [Member]

Jul. 31, 2012

NOS Clearing [Member]

Dec. 31, 2012

BWise [Member]

May 31, 2012

BWise [Member]

May 31, 2012

BWise [Member]

Technology [Member]

May 31, 2012

BWise [Member]

Customer relationships [Member]

Jun. 30, 2013

eSpeed [Member]

Jun. 28, 2013

eSpeed [Member]

Jun. 30, 2013

eSpeed [Member]

Trade Names [Member]

Jun. 30, 2013

eSpeed [Member]

Technology [Member]

Jun. 28, 2013

eSpeed [Member]

Technology [Member]

Jun. 30, 2013

eSpeed [Member]

Customer relationships [Member]

Jun. 28, 2013

eSpeed [Member]

Customer relationships [Member]

Jun. 30, 2013

eSpeed [Member]

Market Services [Member]

Trade Names [Member]

Jun. 30, 2013

eSpeed [Member]

Market Services [Member]

Technology [Member]

Jun. 30, 2013

eSpeed [Member]

Market Services [Member]

Customer relationships [Member]

Jun. 30, 2013

eSpeed [Member]

Information Services [Member]

Trade Names [Member]

Jun. 30, 2013

eSpeed [Member]

Information Services [Member]

Technology [Member]

Jun. 30, 2013

eSpeed [Member]

Information Services [Member]

Customer relationships [Member]

May 31, 2013

TR Businesses

Jun. 30, 2013

TR Businesses

May 31, 2013

TR Businesses

Technology [Member]

Jun. 30, 2013

TR Businesses

Technology [Member]

May 31, 2013

TR Businesses

Customer relationships [Member]

Jun. 30, 2013

TR Businesses

Customer relationships [Member]

Jun. 30, 2013

Minimum [Member]

TR Businesses

Technology [Member]

Jun. 30, 2013

Maximum [Member]

TR Businesses

Technology [Member]

Acquired Finite Lived Intangible Assets Weighted Average Useful Life

5 years

19 years

21 years

8 years

5 years

13 years

5 years

13 years

5 years

13 years

2 years

5 years

Indefinite-lived Intangible Assets, Acquired During Period

$ 578

$ 528

$ 50

Finite-lived Intangible Assets Acquired

16.0

121.0

14.0

105.0

2.0

16.0

91.0

2.0

89.0

Purchased Intangible Assets

$ 35

$ 1

^[1]

$ 1

$ 35

$ 7

$ 23

$ 715

$ 16

$ 121

$ 91

[1]	In the third quarter of 2012, we recognized a gain of $4 million on our acquisition of NOS Clearing.

The amount of identifiable intangible assets recognized as of the acquisition date.

+ References+ Details

Goodwill and Purchased Intangible Assets (Narrative) (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended			6 Months Ended
	Jun. 30, 2013	Mar. 31, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Goodwill [Line Items]
Goodwill expected to be deductible in future periods	$ 909			$ 909
Amortization expense for purchased finite-lived intangible assets	13		13	26	26
Non-cash intangible asset impairment charges		10	28
Technology [Member]
Goodwill [Line Items]
Non-cash intangible asset impairment charges			19
Customer relationships [Member]
Goodwill [Line Items]
Non-cash intangible asset impairment charges		7	6
Trade Names [Member]
Goodwill [Line Items]
Non-cash intangible asset impairment charges		3	3
Market Services [Member]
Goodwill [Line Items]
Non-cash intangible asset impairment charges			17
Technology Solutions [Member]
Goodwill [Line Items]
Non-cash intangible asset impairment charges			$ 11

The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets. As a noncash expense, this element is added back to net income when calculating cash provided by or used in operations using the indirect method.

+ References+ Details

Amount of deferred tax liability attributable to taxable temporary differences from goodwill.

+ References+ Details

Goodwill and Purchased Intangible Assets (Schedule of Changes in Goodwill) (Details) (USD $) In Millions, unless otherwise specified	6 Months Ended
	Jun. 30, 2013
Goodwill [Line Items]
Balance	$ 5,335
Goodwill acquired	831
Foreign currency translation adjustment	(118)
Balance	6,048
Market Services [Member]
Goodwill [Line Items]
Balance	2,955
Goodwill acquired	470
Foreign currency translation adjustment	(66)
Balance	3,359
Listing Services [Member]
Goodwill [Line Items]
Balance	136
Foreign currency translation adjustment	(3)
Balance	133
Information Services [Member]
Goodwill [Line Items]
Balance	1,964
Goodwill acquired	49
Foreign currency translation adjustment	(42)
Balance	1,971
Technology Solutions [Member]
Goodwill [Line Items]
Balance	280
Goodwill acquired	312
Foreign currency translation adjustment	(7)
Balance	$ 585

Carrying amount as of the balance sheet date, which is the cumulative amount paid and (if applicable) the fair value of any noncontrolling interest in the acquiree, adjusted for any amortization recognized prior to the adoption of any changes in generally accepted accounting principles (as applicable) and for any impairment charges, in excess of the fair value of net assets acquired in one or more business combination transactions.

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 141R

-Paragraph 68

-Subparagraph l

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 350

-SubTopic 20

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=14024403&loc=d3e13816-109267

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 350

-SubTopic 20

-Section 45

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6388280&loc=d3e13770-109266

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 142

-Paragraph 45

-Subparagraph e

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 142

-Paragraph 43

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 141R

-Paragraph 72

-Subparagraph d

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 142

-Paragraph 45

-Subparagraph e

-Clause 1

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 141R

-Paragraph 34

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Goodwill and Intangible Assets Disclosure [Abstract]

The aggregate amount of goodwill acquired in the period and allocated to the reportable segment. The value is stated at fair value based on the purchase price allocation.

+ References+ Details

Goodwill and Purchased Intangible Assets (Finite-Lived and Indefinite-Lived Intangible Assets) (Details) (USD $) In Millions, unless otherwise specified	6 Months Ended	12 Months Ended
	Jun. 30, 2013	Dec. 31, 2012
Finite Lived And Indefinite Lived Intangible Assets [Line Items]
Total finite-lived intangible assets, Gross Amount	$ 1,110	$ 909
Accumulated Amortization	(273)	(251)
Total	837	658
Total indefinite-lived intangible assets, Net Amount	1,546	992
Total Intangible Assets, Gross Amount	2,656	1,901
Total Intangible Assets, Net Amount	2,383	1,650
Exchange and clearing registrations [Member]
Finite Lived And Indefinite Lived Intangible Assets [Line Items]
Total indefinite-lived intangible assets, Net Amount	790	790
Trade Names [Member]
Finite Lived And Indefinite Lived Intangible Assets [Line Items]
Total indefinite-lived intangible assets, Net Amount	760	185
Licenses [Member]
Finite Lived And Indefinite Lived Intangible Assets [Line Items]
Total indefinite-lived intangible assets, Net Amount	51	51
Foreign currency translation adjustment [Member]
Finite Lived And Indefinite Lived Intangible Assets [Line Items]
Total indefinite-lived intangible assets, Net Amount	(55)	(34)
Technology [Member]
Finite Lived And Indefinite Lived Intangible Assets [Line Items]
Total finite-lived intangible assets, Gross Amount	43	26
Accumulated Amortization	(11)	(10)
Total	32	16
Total finite-lived intangible assets, Weighted-Average Useful Life (in Years)	5 years	5 years
Customer relationships [Member]
Finite Lived And Indefinite Lived Intangible Assets [Line Items]
Total finite-lived intangible assets, Gross Amount	1,075	871
Accumulated Amortization	(262)	(238)
Total	813	633
Total finite-lived intangible assets, Weighted-Average Useful Life (in Years)	19 years	21 years
Other [Member]
Finite Lived And Indefinite Lived Intangible Assets [Line Items]
Total finite-lived intangible assets, Gross Amount	6	6
Accumulated Amortization	(3)	(2)
Total	3	4
Total finite-lived intangible assets, Weighted-Average Useful Life (in Years)	8 years	8 years
Foreign currency translation adjustment [Member]
Finite Lived And Indefinite Lived Intangible Assets [Line Items]
Total finite-lived intangible assets, Gross Amount	(14)	6
Accumulated Amortization	3	(1)
Total	$ (11)	$ 5

Goodwill and Purchased Intangible Assets (Estimated Future Amortization Expense) (Details) (USD $)
In Millions, unless otherwise specified

Jun. 30, 2013

2013

$ 36

^[1]

540

$ 848

[1]	Represents the estimated amortization to be recognized for the remaining six months of 2013.

Investments (Details) (USD $) In Millions, unless otherwise specified	6 Months Ended		3 Months Ended	6 Months Ended						3 Months Ended	6 Months Ended
	Jun. 30, 2013	Dec. 31, 2012	Jun. 30, 2013 LCH Invetment [Member]	Jun. 30, 2013 LCH Invetment [Member]	Dec. 31, 2012 LCH Invetment [Member]	Jun. 30, 2013 Investment In Dubai Financial Market PJSC [Member]	Dec. 31, 2012 Investment In Dubai Financial Market PJSC [Member]	Jun. 30, 2013 Foreign Government Debt Securities [Member]	Dec. 31, 2012 Foreign Government Debt Securities [Member]	Mar. 31, 2012 EMCF [Member]	Jun. 30, 2013 EuroCCP [Member]
Investments, Debt and Securities [Line Items]
Trading securities	$ 133	$ 201						$ 114	$ 134
Available for sale security, percentage of investment owned	1.00%
Available for sale, cost basis						18	18
Available for sale, fair value						37	22
Unrealized Holding Gains on Available-For-Sale Investment Securities						19
Equity method investments	26	13
Expected ownership percentage											25.00%
Other than temporary impairment										12
Pro forma ownership					3.70%
Carrying cost of Investment			65	65	37
Ownership percentage after capital raise				5.00%
Increase in ownership percentage after capital raise				1.30%
Cash paid for Increase in ownership interest after capital raise			$ 28

Deferred Revenue (Estimated Deferred Revenue) (Details) (USD $)
In Millions, unless otherwise specified

Jun. 30, 2013

Dec. 31, 2012

Jun. 30, 2012

Dec. 31, 2011

Deferred revenue estimated revenue to be recognized

2013

$ 168

^[1]

368

295

361

278

Initial Listing Revenues [Member]

Deferred revenue estimated revenue to be recognized

^[1]

Listing of Additional Shares Revenues [Member]

Deferred revenue estimated revenue to be recognized

^[1]

Annual Renewal and Other Revenues [Member]

Deferred revenue estimated revenue to be recognized

2013

^[1]

2014

105

Technology Solutions [Member]

Deferred revenue estimated revenue to be recognized

^[1],[2]

^[2]

^[2]

^[2]

^[2]

^[2]

$ 157

^[2],[3]

$ 149

^[3]

$ 140

^[3]

$ 128

^[3]

[1]	Represents deferred revenue that is anticipated to be recognized over the remaining six months of 2013.
[2]	The timing of recognition of our deferred Technology Solutions revenues is primarily dependent upon the completion of customization and any significant modifications made pursuant to existing Market Technology contracts. As such, as it relates to these revenues, the timing represents our best estimate.
[3]	Technology Solutions deferred revenues primarily include revenues from delivered client contracts in the support phase charged during the period. Under contract accounting, where customization and significant modifications to the software are made to meet the needs of our customers, total revenues, as well as costs incurred, are deferred until significant modifications are completed and delivered. Once delivered, deferred revenue and the related deferred costs are recognized over the post contract support period. We have included the deferral of costs in other current assets and other non-current assets in the Condensed Consolidated Balance Sheets. The amortization of Technology Solutions deferred revenue primarily includes revenues earned from Market Technology client contracts recognized during the period.

Deferred Revenue (Changes in Deferred Revenue) (Details) (USD $)
In Millions, unless otherwise specified

6 Months Ended

Jun. 30, 2013

Jun. 30, 2012

$ 295

$ 278

279

^[1]

256

^[1]

(202)

^[1]

(171)

^[1]

Translation adjustment

(4)

(2)

368

361

Initial Listing Revenues [Member]

^[1]

(7)

^[1]

(7)

^[1]

Listing of Additional Shares Revenues [Member]

^[1]

(20)

^[1]

(19)

^[1]

Annual Renewal and Other Revenues [Member]

190

^[1]

182

^[1]

(118)

^[1]

(102)

^[1]

Translation adjustment

(6)

105

Technology Solutions [Member]

149

^[2]

128

^[2]

^[1],[2]

(57)

^[1],[2]

(43)

^[1],[2]

Translation adjustment

^[2]

(2)

^[2]

Schedule of Capitalization, Long-term Debt [Line Items]

$ 157

^[2],[3]

$ 140

^[2]

[1]	The additions and amortization for initial listing revenues, listing of additional shares revenues and annual renewal and other revenues primarily reflect revenues from our U.S. listing services business.
[2]	Technology Solutions deferred revenues primarily include revenues from delivered client contracts in the support phase charged during the period. Under contract accounting, where customization and significant modifications to the software are made to meet the needs of our customers, total revenues, as well as costs incurred, are deferred until significant modifications are completed and delivered. Once delivered, deferred revenue and the related deferred costs are recognized over the post contract support period. We have included the deferral of costs in other current assets and other non-current assets in the Condensed Consolidated Balance Sheets. The amortization of Technology Solutions deferred revenue primarily includes revenues earned from Market Technology client contracts recognized during the period.
[3]	The timing of recognition of our deferred Technology Solutions revenues is primarily dependent upon the completion of customization and any significant modifications made pursuant to existing Market Technology contracts. As such, as it relates to these revenues, the timing represents our best estimate.

Debt Obligations (Narrative) (Details)

3 Months Ended

6 Months Ended

12 Months Ended

6 Months Ended

12 Months Ended

3 Months Ended

6 Months Ended

12 Months Ended

6 Months Ended

3 Months Ended

1 Months Ended

3 Months Ended

1 Months Ended

6 Months Ended

1 Months Ended

6 Months Ended

Jun. 30, 2013

USD ($)

Jun. 30, 2013

USD ($)

Jun. 30, 2012

USD ($)

Dec. 31, 2012

USD ($)

Jun. 30, 2013

Liability Component [Member]

USD ($)

Dec. 31, 2012

Liability Component [Member]

USD ($)

Jun. 30, 2013

Senior Unsecured Notes [Member]

USD ($)

Jan. 31, 2010

Senior Unsecured Notes [Member]

USD ($)

Jun. 30, 2013

Equity Component [Member]

USD ($)

Dec. 31, 2012

Equity Component [Member]

USD ($)

Jun. 30, 2013

2.50% convertible senior notes due August 15, 2013 [Member]

USD ($)

Jun. 30, 2012

2.50% convertible senior notes due August 15, 2013 [Member]

Mar. 31, 2008

2.50% convertible senior notes due August 15, 2013 [Member]

USD ($)

Jun. 30, 2013

2.50% convertible senior notes due August 15, 2013 [Member]

USD ($)

item

Jun. 30, 2012

2.50% convertible senior notes due August 15, 2013 [Member]

Dec. 31, 2012

2.50% convertible senior notes due August 15, 2013 [Member]

USD ($)

item

Jun. 30, 2013

4.00% Senior Notes Due 2015 [Member]

USD ($)

Jun. 30, 2013

5.55% Senior Notes Due 2020 [Member]

USD ($)

Dec. 31, 2010

5.25% Senior Unsecured Notes Due January 16, 2018 [Member]

USD ($)

Jun. 30, 2013

5.25% Senior Unsecured Notes Due January 16, 2018 [Member]

USD ($)

Jun. 30, 2013

2011 Credit Facility [Member]

USD ($)

May 31, 2013

2011 Credit Facility [Member]

USD ($)

Sep. 30, 2011

2011 Credit Facility [Member]

USD ($)

Jun. 30, 2013

2011 Credit Facility [Member]

USD ($)

Sep. 30, 2011

2011 Credit Facility [Member]

2016 Term Loan [Member]

USD ($)

Sep. 30, 2011

2011 Credit Facility [Member]

Revolving Credit Facility [Member]

USD ($)

Jun. 30, 2013

Clearinghouse Credit Facilities [Member]

USD ($)

Dec. 31, 2012

Clearinghouse Credit Facilities [Member]

USD ($)

Jun. 30, 2013

3.875% senior unsecured notes due June 7, 2021 [Member]

USD ($)

Jun. 30, 2013

3.875% senior unsecured notes due June 7, 2021 [Member]

EUR (€)

Jun. 30, 2013

3.875% senior unsecured notes due June 7, 2021 [Member]

USD ($)

Jun. 30, 2013

3.875% senior unsecured notes due June 7, 2021 [Member]

EUR (€)

Debt instrument, principal outstanding

$ 93,000,000

$ 475,000,000

$ 400,000,000

$ 600,000,000

Debt instrument, interest rate

2.50%

4.00%

5.55%

5.25%

3.875%

Debt instrument, maturity date

Aug. 15, 2013

Jan. 15, 2015

Jan. 15, 2020

Jan. 16, 2018

Sep. 19, 2016

Jun. 07, 2021

Debt instrument, frequency of payment

semiannually

Conversion of stock issued, conversion rate

18.6002

18.4504

Convertible notes, conversion price per share of common stock

$ 53.76

$ 54.20

Debt instrument convertible, number of equity instruments

1,729,557

1,715,517

Percentage of principal amount of notes purchased if fundamental change is applied, maximum

100.00%

Debt instrument, unamortized discount

2,000,000

Debt instrument, convertible, effective interest rate

6.53%

Debt instrument, equity component of the convertible debt

71,000,000

39,000,000

Debt instrument, face amount

1,000,000,000

370,000,000

600,000,000

Debt issuance costs

8,000,000

5,000,000

7,000,000

Debt instrument, interest rate, maximum

2,785,000,000

1,976,000,000

93,000,000

91,000,000

93,000,000

^[1]

93,000,000

^[1]

91,000,000

^[1]

399,000,000

598,000,000

368,000,000

780,000,000

^[2]

780,000,000

^[2]

7.25%

5.875%

Percentage of aggregate principal owed upon triggering event

101.00%

Accretion of debt discounts

1,000,000

2,000,000

1,000,000

Equity component in convertible debt

39,000,000

Amortization expense

1,000,000

Credit facility, borrowing capacity

1,200,000,000

450,000,000

750,000,000

300,000,000

310,000,000

Line of credit, outstanding amount

Line of credit facility, frequency of payments

quarterly

Credit facility, additional borrowings

50,000,000

Credit facility, available capacity

574,000,000

Line of credit facility, quarterly principal payment percentage

2.50%

Line of credit facility, quarterly principal payment

23,000,000

Repayment of loan

450,000,000

Line of credit facility, available liquidity

211,000,000

217,000,000

Credit facility satisfy regulatory requirements

$ 89,000,000

$ 93,000,000

[1]	See “2.50% Convertible Senior Notes” below for further discussion.
[2]	See “Senior Unsecured Notes” below for further discussion.

Debt Obligations (Changes in Debt Obligations) (Details) (USD $)
In Millions, unless otherwise specified

6 Months Ended

Jun. 30, 2013

Dec. 31, 2012

Total long-term debt obligations

$ 2,785

$ 1,976

Less current portion

(138)

(136)

2,647

1,840

832

(23)

2.50% convertible senior notes due August 15, 2013 [Member]

^[1]

^[1]

4.00% senior unsecured notes due January 15, 2015 [Member]

399

^[2]

399

^[2]

5.55% senior unsecured notes due January 15, 2020 [Member]

598

^[2]

598

^[2]

5.25% senior unsecured notes due January 16, 2018 [Member]

368

^[2]

368

^[2]

3.875% senior unsecured notes due June 7, 2021 [Member]

780

^[2]

782

^[2]

(2)

^[2]

$450 million senior unsecured term loan facility credit agreement due September 19, 2016 [Member]

371

^[3]

394

^[3]

(23)

^[3]

$750 million revolving credit commitment due September 19, 2016 [Member]

176

^[3]

126

^[3]

^[3]

Debt Current [Member]

Less current portion

(138)

(136)

(2)

Debt Non Current [Member]

Total long-term debt obligations

2,647

1,840

832

$ (25)

[1]	See “2.50% Convertible Senior Notes” below for further discussion.
[2]	See “Senior Unsecured Notes” below for further discussion.
[3]	See “2011 Credit Facility” below for further discussion.

Carrying amount of long-term debt, net of unamortized discount or premium, including current and noncurrent amounts. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.

+ References+ Details

Debt Obligations (Changes in Debt Obligations Additional Information) (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended	6 Months Ended	12 Months Ended	6 Months Ended					1 Months Ended		1 Months Ended	6 Months Ended
	Mar. 31, 2008 2.50% convertible senior notes due August 15, 2013 [Member]	Jun. 30, 2013 2.50% convertible senior notes due August 15, 2013 [Member] item	Dec. 31, 2012 2.50% convertible senior notes due August 15, 2013 [Member] item	Jun. 30, 2013 4.00% senior unsecured notes due January 15, 2015 [Member]	Jun. 30, 2013 5.55% senior unsecured notes due January 15, 2020 [Member]	Jun. 30, 2013 5.25% senior unsecured notes due January 16, 2018 [Member]	Jun. 30, 2013 $450 million senior unsecured term loan facility credit agreement due September 19, 2016 [Member]	Jun. 30, 2013 $750 million revolving credit commitment due September 19, 2016 [Member]	Sep. 30, 2011 2011 Credit Facility [Member]	Jun. 30, 2013 2011 Credit Facility [Member]	Jun. 30, 2013 3.875% senior unsecured notes due June 7, 2021 [Member]	Jun. 30, 2013 3.875% senior unsecured notes due June 7, 2021 [Member]
Debt Conversion [Line Items]
Debt instrument, interest rate	2.50%	2.50%		4.00%	5.55%	5.25%					3.875%	3.875%
Debt instrument, maturity date	Aug. 15, 2013	Aug. 15, 2013		Jan. 15, 2015	Jan. 15, 2020	Jan. 16, 2018	Sep. 19, 2016	Sep. 19, 2016	Sep. 19, 2016		Jun. 07, 2021	Jun. 07, 2021
Debt instrument, principal outstanding	$ 475.0						$ 450.0
Debt instrument convertible, number of equity instruments		1,729,557	1,715,517
Debt Instrument, interest rate during period							1.58%	1.38%
Credit facility, borrowing capacity								$ 750	$ 1,200	$ 1,200

Including current and noncurrent portions, aggregate carrying amount of long-term borrowings as of the balance sheet date before deducting unamortized discount or premiums (if any). May include notes payable, bonds payable, commercial loans, mortgage loans, convertible debt, subordinated debt and other types of debt, which had initial maturities beyond one year or beyond the normal operating cycle, if longer.

+ References+ Details

The number of equity instruments that the holder of the debt instrument would receive if the debt was converted to equity.

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 129

-Paragraph 4

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 22

-Article 5

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section 50

-Paragraph 6

-Subparagraph (b)

-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section 50

-Paragraph 7

-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21521-112644

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name FASB Staff Position (FSP)

-Number APB14-1

-Paragraph 32

-Subparagraph b

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.22(a)(5))

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

+ Details

Debt Obligations (Changes in Liability and Equity Components of Convertible Senior Notes) (Details) (USD $) In Millions, unless otherwise specified	6 Months Ended	12 Months Ended
	Jun. 30, 2013	Dec. 31, 2012
Debt Instrument [Line Items]
Net Carrying Amount	$ 2,785	$ 1,976
Equity Component [Member]
Debt Instrument [Line Items]
Gross Equity Component	71	71
Deferred Taxes	32	32
Net Equity Component	39	39
Liability Component [Member]
Debt Instrument [Line Items]
Principal Balance	93.0	93.0
Unamortized Debt Discount		2
Net Carrying Amount	93	91
Accretion of debt discount, Unamortized Debt Discount	(2)
Accretion of debt discount, Net Carrying Amount	$ 2

Adjustment to additional paid in capital resulting from the recognition of convertible debt instruments as two separate components - a debt component and an equity component. This bifurcation may result in a basis difference associated with the liability component that represents a temporary difference for purposes of applying accounting for income taxes. The initial recognition of deferred taxes for the tax effect of that temporary difference is as an adjustment to additional paid in capital.

+ References+ Details

+ References+ Details

The amount of debt discount that was originally recognized at the issuance of the instrument that has yet to be amortized.

+ References+ Details

Amount of deferred tax liability attributable to taxable temporary differences from financing arrangements.

+ References+ Details

+ References+ Details

Debt Obligations (Interest Expense Recognized on Convertible Senior Notes in Condensed Consolidated Statements of Income) (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Debt Disclosure [Abstract]
Accretion of debt discount	$ 1		$ 2	$ 1
Contractual interest	1	1	1	2
Total interest expense recognized on the 2013 Convertible Notes	$ 2	$ 1	$ 3	$ 3

Amount of noncash expense included in interest expense to amortize debt discount and premium associated with the related debt instruments. Excludes amortization of financing costs. Alternate captions include noncash interest expense.

+ References+ Details

Employee Benefits (Narrative) (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Defined Benefit Plan Disclosure [Line Items]
Benefit cost	$ 2	$ 1	$ 3	$ 2
Common stock shares reserved for future issuance	4.1		4.1
Compensation expenses			1	1
Non-U.S. Benefit Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Cost or expenses included in compensation and benefit expense	5	4	10	8
U.S. Defined Contribution Savings Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Percentage of employer contributions			100.00%
Percentage of eligible employee contributions receiving employer contributions			4.00%
Defined contributions plan expense	1	1	3	3
Employer retirement contributions [Member]
Defined Benefit Plan Disclosure [Line Items]
Cost or expenses included in compensation and benefit expense		1
Defined contributions plan expense			$ 1	$ 1
Share-based compensation [Member]
Defined Benefit Plan Disclosure [Line Items]
Common stock shares reserved for future issuance	3.2		3.2
Offering periods for ESPP shares, months	6
Percentage of fair market value of common stock			85.00%
Percentage of discount to employees on purchase of common stock under ESPP			15.00%

Employee Benefits (Components of Net Periodic Benefit Cost) (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Components of net periodic benefit cost
Interest cost	$ 1	$ 2	$ 3	$ 3
Expected return on plan assets	(1)	(2)	(3)	(3)
Recognized net actuarial loss	1	1	2	2
Curtailment loss	1		1
Net periodic benefit cost	$ 2	$ 1	$ 3	$ 2

An amount calculated as a basis for determining the extent of delayed recognition of the effects of changes in the fair value of assets. The expected return on plan assets is determined based on the expected long-term rate of return on plan assets and the market-related value of plan assets.

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 87

-Paragraph 264

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 106

-Paragraph 518

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 132R

-Paragraph 5

-Subparagraph h

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 715

-SubTopic 30

-Glossary Expected Return on Plan Assets

-URI http://asc.fasb.org/extlink&oid=6512136

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 715

-SubTopic 60

-Glossary Expected Return on Plan Assets

-URI http://asc.fasb.org/extlink&oid=6512171

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 715

-SubTopic 20

-Section 50

-Paragraph 1

-Subparagraph (h)(3)

-URI http://asc.fasb.org/extlink&oid=21915506&loc=d3e1928-114920

+ Details

The increase in a defined benefit pension plan's projected benefit obligation or a defined benefit postretirement plan's accumulated postretirement benefit obligation due to the passage of time.

+ References+ Details

The amount of net gain (loss) recognized in net periodic benefit cost as a result of an event that significantly reduces the expected years of future service of present employees or eliminates for a significant number of employees the accrual of defined benefits for some or all of their future services.

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 87

-Paragraph 264

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 106

-Paragraph 518

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 715

-SubTopic 20

-Section 50

-Paragraph 1

-Subparagraph (h)(7)

-URI http://asc.fasb.org/extlink&oid=21915506&loc=d3e1928-114920

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 132R

-Paragraph 5

-Subparagraph h

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Plan Curtailment

-URI http://asc.fasb.org/extlink&oid=6520938

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 715

-SubTopic 30

-Section 15

-Paragraph 6

-Subparagraph (a)(2)

-URI http://asc.fasb.org/extlink&oid=7577095&loc=d3e8001-114927

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 88

-Paragraph 6

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Share-Based Compensation (Narrative) (Details) (USD $)
In Millions, except Share data, unless otherwise specified

3 Months Ended

6 Months Ended

Jun. 30, 2013

Jun. 30, 2012

Jun. 30, 2013

Jun. 30, 2012

Jun. 28, 2013

Common stock shares reserved for future issuance

4,100,000

ESPP discount from market price

15.00%

Net cash proceeds from the exercise of stock options

$ 10

$ 1

$ 15

$ 2

Stock options exercised in period

1,181,764

58,818

1,559,189

^[1]

159,117

Stock options, exercisable

3,712,754

^[1]

5,700,000

3,712,754

^[1]

5,700,000

Weighted-average exercise price

$ 24.88

$ 15.15

$ 24.88

$ 15.15

Total pre-tax intrinsic value of stock options exercised

Closing stock price

$ 32.79

Total number of in-the-money stock options exercisable

2,500,000

Restricted stock and PSU's [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Total unrecognized compensation cost

Weighted-average period unrecognized compensation cost is expected to be recognized, in years

1 year 7 months 6 days

PSUs [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Percentage of target amount granted, minimum

0.00%

Percentage of target amount granted, maximum

150.00%

Performance period (year)

3 years

Number of peer groups

Performance-based long-term incentive program weighted percentage

50.00%

Minimum payout

0.00%

Maximum payout

200.00%

PSUs [Member] | Chief executive officer's and executive vice presidents' [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Chief executive officer's and executive vice presidents' long-term stock-based compensation

100.00%

PSUs [Member] | Senior vice presidents' [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Chief executive officer's and executive vice presidents' long-term stock-based compensation

50.00%

Restricted stock [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

General expiration period of stock options

10 years

Grant vesting period, expectation exceeds, years

third

Grant vesting period, expectation met, years

fourth

Grant vesting period, expectation not met, years

fifth

Restricted stock [Member] | Minimum [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Restricted stock vesting range

3 years

Restricted stock [Member] | Maximum [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Restricted stock vesting range

5 years

Non-qualified stock options [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Total unrecognized compensation cost

$ 3

Weighted-average period unrecognized compensation cost is expected to be recognized, in years

1 year

[1]	No stock option awards were granted during the three and six months ended June 30, 2013.

Share-Based Compensation (Summary of Share-Based Compensation Expense) (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Share-Based Compensation [Abstract]
Share-based compensation expense before income taxes	$ 9	$ 12	$ 18	$ 22
Income tax benefit	(4)	(5)	(7)	(9)
Share-based compensation expense after income taxes	$ 5	$ 7	$ 11	$ 13

Represents the expense recognized during the period arising from equity-based compensation arrangements (for example, shares of stock, unit, stock options or other equity instruments) with employees, directors and certain consultants qualifying for treatment as employees.

+ References+ Details

Number of Stock Options Outstanding, Beginning of period

The component of income tax expense representing amounts paid or payable (or refundable) which are classified as "income taxes" as determined by applying the provisions of enacted tax law to other than the taxable Income or Loss from continuing operations for the period. Items affecting income taxes and required to be disclosed, but not included elsewhere, would also be designated as "Other".

+ References+ Details

Share-Based Compensation (Summary of Stock Option Activity) (Details) (USD $)
In Millions, except Share data, unless otherwise specified

3 Months Ended

6 Months Ended

12 Months Ended

Jun. 30, 2013

Jun. 30, 2012

Jun. 30, 2013

Jun. 30, 2012

Dec. 31, 2012

Share-Based Compensation [Abstract]

7,545,777

^[1]

Number of Stock Options, Exercised

1,181,764

58,818

1,559,189

^[1]

159,117

Number of Stock Options, Forfeited or expired

107,995

^[1]

Number of Stock Options Outstanding, End of period

5,878,593

^[1]

5,878,593

^[1]

7,545,777

^[1]

Stock options, exercisable

3,712,754

^[1]

5,700,000

3,712,754

^[1]

5,700,000

Weighted-Average Exercise Price, Outstanding Beginning of period

$ 21.10

Weighted-Average Exercise Price, Exercised

$ 9.85

Weighted-Average Exercise Price, Forfeited or expired

$ 25.36

Weighted-Average Exercise Price, Outstanding End of period

$ 23.99

$ 21.10

Weighted-average exercise price

$ 24.88

$ 15.15

$ 24.88

$ 15.15

Options Outstanding, Weighted-Average Remaining Contractual Term, outstanding (in years)

5 years 3 months 18 days

5 years

Aggregate Intrinsic Value, Options Outstanding

$ 57

$ 45

Options Outstanding, Weighted-Average Remaining Contractual Term, exercisable (in years)

4 years 2 months 12 days

Aggregate Intrinsic Value, Exercisable

$ 34

[1]	No stock option awards were granted during the three and six months ended June 30, 2013.

Share-Based Compensation (Summary of Restricted Stock and PSU Activity) (Details) (USD $)	6 Months Ended
	Jun. 30, 2013
Restricted stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Awards, Unvested balances	3,204,188
Number of Awards, Granted	193,745
Number of Awards, Vested	(228,540)
Number of Awards, Forfeited	(152,062)
Number of Awards, Unvested balances	3,017,331
Weighted-Average Grant Date Fair Value, Unvested balances	$ 23.20
Weighted-Average Grant Date Fair Value, Granted	$ 29.80
Weighted-Average Grant Date Fair Value, Vested	$ 23.82
Weighted-Average Grant Date Fair Value, Forfeited	$ 23.77
Weighted-Average Grant Date Fair Value, Unvested balances	$ 22.69
PSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Awards, Unvested balances	1,879,799
Number of Awards, Granted	28,028
Number of Awards, Vested	(88,998)
Number of Awards, Forfeited	(66,516)
Number of Awards, Unvested balances	1,752,313
Weighted-Average Grant Date Fair Value, Unvested balances	$ 23.14
Weighted-Average Grant Date Fair Value, Granted	$ 23.44
Weighted-Average Grant Date Fair Value, Vested	$ 19.75
Weighted-Average Grant Date Fair Value, Forfeited	$ 23.27
Weighted-Average Grant Date Fair Value, Unvested balances	$ 23.31

The weighted average fair value at grant date for nonvested equity-based awards issued during the period on other than stock (or unit) option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, performance target plan).

+ References+ Details

The number of non-vested equity-based payment instruments, excluding stock (or unit) options, that validly exist and are outstanding as of the balance sheet date.

+ References+ Details

The weighted average fair value of nonvested awards on equity-based plans excluding option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, revenue or profit achievement stock award plan) for which the employer is contingently obligated to issue equity instruments or transfer assets to an employee who has not yet satisfied service or performance criteria necessary to gain title to proceeds from the sale of the award or underlying shares or units.

+ References+ Details

Dividend Per Common Share

The weighted average fair value as of grant date pertaining to an equity-based award plan other than a stock (or unit) option plan for which the grantee gained the right during the reporting period, by satisfying service and performance requirements, to receive or retain shares or units, other instruments, or cash in accordance with the terms of the arrangement.

+ References+ Details

Nasdaq Omx Stockholders' Equity (Details) (USD $) In Millions, except Share data, unless otherwise specified	3 Months Ended			6 Months Ended					6 Months Ended	1 Months Ended
	Jun. 30, 2013	Sep. 30, 2012	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012	Dec. 31, 2012	Jun. 30, 2013 Series A Preferred Stock [Member]	Dec. 31, 2012 Series A Preferred Stock [Member]	Jun. 30, 2013 Other Repurchases of Common Stock [Member]	Jul. 31, 2013 Dividend Declared [Member]
Stockholders Equity [Line Items]
Common stock, shares authorized	300,000,000			300,000,000		300,000,000
Common stock, shares issued	213,426,908			213,426,908		213,426,908
Common stock, shares outstanding	167,221,434			167,221,434		165,605,838
Common stock holder voting rights, maximum percentage of the then-outstanding shares of NASDAQ OMX common stock	5.00%			5.00%
Common stock in treasury, shares	46,205,474			46,205,474		47,821,070
Share repurchase program, authorized amount		$ 300
Treasury shares acquired				321,000					114,838
Average price of repurchased stock				$ 31.12
Aggregate purchase price				10
Remaining authorized share repurchase amounts under repurchase program				215
Cash paid for repurchase of common stock				$ 10	$ 175
Preferred stock, shares authorized	30,000,000			30,000,000		30,000,000
Preferred stock par value	$ 0.01			$ 0.01
Preferred stock, series A convertible preferred stock: shares issued	1,600,000			1,600,000		1,600,000	1,600,000	1,600,000
Preferred stock, series A convertible preferred stock: shares outstanding	0			0		0	0	0
Cash dividend per share	$ 0.13		$ 0.13	$ 0.26	$ 0.13					$ 0.13
Dividend declared, date payable										Sep. 27, 2013
Dividend declared, record date										Sep. 13, 2013

Nasdaq Omx Stockholders' Equity (Schedule of Dividends Declared) (Details) (USD $)
In Millions, except Per Share data, unless otherwise specified

3 Months Ended

6 Months Ended

Jun. 30, 2013

Jun. 30, 2012

Jun. 30, 2013

Jun. 30, 2012

Dividends Payable [Line Items]

$ 0.13

$ 0.26

$ 0.13

January 31, 2013 [Member]

Dividends Payable [Line Items]

Declaration Date

Jan. 31, 2013

Dividend Per Common Share

$ 0.13

Record Date

Mar. 14, 2013

Total Amount

$ 21

^[1]

Payment Date

Mar. 28, 2013

April 24, 2013 [Member]

Dividends Payable [Line Items]

Declaration Date

Apr. 24, 2013

Dividend Per Common Share

$ 0.13

Record Date

Jun. 14, 2013

Total Amount

$ 22

^[1]

Payment Date

Jun. 28, 2013

[1]	This amount was recorded in retained earnings in the Condensed Consolidated Balance Sheets at June 30, 2013.

Earnings Per Share (Narrative) (Details) (USD $)
In Millions, except Share data, unless otherwise specified

3 Months Ended

6 Months Ended

1 Months Ended

3 Months Ended

6 Months Ended

3 Months Ended

6 Months Ended

Jun. 30, 2013

Jun. 30, 2012

Jun. 30, 2013

Jun. 30, 2012

Dec. 31, 2012

Jun. 30, 2012

3.75% Convertible Notes [Member]

Mar. 31, 2013

3.75% Convertible Notes [Member]

Mar. 31, 2012

3.75% Convertible Notes [Member]

Jun. 30, 2013

2.50% convertible senior notes due August 15, 2013 [Member]

Mar. 31, 2008

2.50% convertible senior notes due August 15, 2013 [Member]

Jun. 30, 2013

Restricted stock and PSU's [Member]

Jun. 30, 2012

Restricted stock and PSU's [Member]

Jun. 30, 2013

Restricted stock and PSU's [Member]

Jun. 30, 2012

Restricted stock and PSU's [Member]

Jun. 30, 2013

Stock Options [Member]

Jun. 30, 2012

Stock Options [Member]

Jun. 30, 2013

Stock Options [Member]

Jun. 30, 2012

Stock Options [Member]

Jun. 30, 2013

Common stock [Member]

Jun. 30, 2012

Common stock [Member]

Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]

Stock options to purchase shares

5,878,593

^[1]

5,878,593

^[1]

7,545,777

^[1]

4,769,644

6,339,360

4,769,644

6,339,360

5,878,593

9,510,622

Weighted average number diluted shares outstanding

3,771,134

4,076,682

3,860,175

3,952,180

4,706,334

5,389,031

4,676,922

4,646,221

4,617,257

6,213,454

4,617,257

6,214,754

Incremental common shares attributable to conversion of debt securities

28,419

^[2]

31,451

^[2]

34,482

Debt instrument, interest rate

3.75%

2.50%

Debt instrument, principal outstanding

$ 0.5

$ 475.0

[1]	No stock option awards were granted during the three and six months ended June 30, 2013.
[2]	In June 2012, the remaining $0.5 million of our 3.75% convertible notes outstanding was converted into 34,482 shares of common stock in accordance with the terms of the notes.

+ References+ Details

Net income attributable to common shareholders

The number of shares reserved for issuance under stock option agreements awarded under the plan that validly exist and are outstanding as of the balance sheet date, including vested options.

+ References+ Details

Earnings Per Share (Summary of Computation of Basic and Diluted Earnings Per Share) (Details) (USD $)
In Millions, except Share data, unless otherwise specified

3 Months Ended

6 Months Ended

Jun. 30, 2013

Jun. 30, 2012

Jun. 30, 2013

Jun. 30, 2012

Earnings Per Share [Abstract]

$ 88

$ 93

$ 130

$ 178

Weighted-average common shares outstanding for basic earnings per share

166,371,840

169,352,207

166,039,406

171,157,501

Employee equity awards

3,771,134

4,076,682

3,860,175

3,952,180

3.75% convertible notes

28,419

^[1]

31,451

^[1]

Weighted-average common shares outstanding for diluted earnings per share

170,142,974

173,457,308

169,899,581

175,141,132

Basic earnings per share

$ 0.53

$ 0.55

$ 0.78

$ 1.04

Diluted earnings per share

$ 0.52

$ 0.53

$ 0.77

$ 1.02

[1]	In June 2012, the remaining $0.5 million of our 3.75% convertible notes outstanding was converted into 34,482 shares of common stock in accordance with the terms of the notes.

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 128

-Paragraph 36, 37, 38

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Emerging Issues Task Force (EITF)

-Number 07-4

-Paragraph 4

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 260

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 225

-SubTopic 10

-Section S99

-Paragraph 2

-Subparagraph (SX 210.5-03.21)

-URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 260

-SubTopic 10

-Section 45

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=7655603&loc=d3e1252-109256

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 04

-Paragraph 18

-Article 7

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 03

-Paragraph 20

-Article 5

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 04

-Paragraph 21

-Article 9

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 260

-SubTopic 10

-Section 55

-Paragraph 52

-URI http://asc.fasb.org/extlink&oid=16381557&loc=d3e4984-109258

Reference 10: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 944

-SubTopic 225

-Section S99

-Paragraph 1

-Subparagraph (SX 210.7-04.19)

-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913

Reference 11: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 942

-SubTopic 225

-Section S99

-Paragraph 1

-Subparagraph (SX 210.9-04.23)

-URI http://asc.fasb.org/extlink&oid=6879574&loc=d3e536633-122882

+ Details

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References+ Details

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 130

-Paragraph 10, 15

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 03

-Paragraph 19

-Article 5

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 04

-Paragraph 20

-Article 9

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 95

-Paragraph 28, 29, 30

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 944

-SubTopic 225

-Section S99

-Paragraph 1

-Subparagraph (SX 210.7-04.22)

-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 220

-SubTopic 10

-Section 45

-Paragraph 6

-URI http://asc.fasb.org/extlink&oid=20435746&loc=d3e565-108580

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 28

-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3602-108585

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Other Comprehensive Income

-URI http://asc.fasb.org/extlink&oid=6519514

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Net Income

-URI http://asc.fasb.org/extlink&oid=6518256

Reference 10: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Research Bulletin (ARB)

-Number 51

-Paragraph 38

-Subparagraph a

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 11: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Research Bulletin (ARB)

-Number 51

-Paragraph A7

-Appendix A

Reference 12: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Research Bulletin (ARB)

-Number 51

-Paragraph 38

-Subparagraph d

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 13: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 260

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 14: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 944

-SubTopic 225

-Section S99

-Paragraph 1

-Subparagraph (SX 210.7-04.19)

-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913

Reference 15: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Emerging Issues Task Force (EITF)

-Number 87-21

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 16: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 225

-SubTopic 10

-Section S99

-Paragraph 2

-Subparagraph (SX 210.5-03.18)

-URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688

+ Details

The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period.

+ References+ Details

Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period.

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 260

-SubTopic 10

-Section 50

-Paragraph 1

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Emerging Issues Task Force (EITF)

-Number 07-4

-Paragraph 4

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 128

-Paragraph 171

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 128

-Paragraph 40

-Subparagraph a

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 260

-SubTopic 10

-Section 45

-Paragraph 10

-URI http://asc.fasb.org/extlink&oid=7655603&loc=d3e1448-109256

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 128

-Paragraph 8

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Weighted-Average Number of Common Shares Outstanding

-URI http://asc.fasb.org/extlink&oid=6528421

+ Details

Fair Value of Financial Instruments (Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis) (Details) (USD $)
In Millions, unless otherwise specified

Jun. 30, 2013

Dec. 31, 2012

$ 170

^[1]

$ 223

^[1]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

1,358

^[2]

175

^[2]

Total

1,528

398

Level 1 [Member]

170

^[1]

223

^[1]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

614

^[2]

175

^[2]

Total

784

398

Level 2 [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

744

^[2]

Total

$ 744

[1]

[2]

Default fund and margin deposit investments include cash contributions invested by NASDAQ OMX Nordic Clearing, in accordance with its investment policy, either in highly rated government debt securities or reverse repurchase agreements with highly rated government debt securities as collateral. Of the total balance of $1,412 million recorded in the Condensed Consolidated Balance Sheets as of June 30, 2013, $744 million of cash contributions have been invested in reverse repurchase agreements and $614 million of cash contributions have been invested in highly rated government debt securities. The remainder of this balance is held in cash and term deposits. As of December 31, 2012, $175 million of cash contributions were invested in highly rated government debt securities. See Note 14, “Clearing Operations,” for further discussion of default fund contributions and margin deposits.

Fair Value of Financial Instruments (Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis Additional Information) (Details) (USD $)
In Millions, unless otherwise specified

Jun. 30, 2013

Dec. 31, 2012

$ 170

^[1]

$ 223

^[1]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

1,358

^[2]

175

^[2]

Foreign Government Debt Securities [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

133

201

Restricted assets [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

114

134

Available-for-sale Securities [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Reverse Repurchase Agreements [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

744

US Government Debt Securities [Member]

$ 614

$ 175

[1]

[2]

Clearing Operations (Narrative) (Details) (USD $)

3 Months Ended

6 Months Ended

Jun. 30, 2013

contract

Dec. 31, 2012

Jun. 30, 2012

contract

Jun. 30, 2013

NASDAQ OMX Nordic [Member]

contract

Jun. 30, 2012

NASDAQ OMX Nordic [Member]

contract

Jun. 30, 2013

NASDAQ OMX Nordic [Member]

Jun. 30, 2013

Liability Waterfall [Member]

Jun. 30, 2013

NOS Clearing [Member]

contract

Jun. 30, 2013

NOCC [Member]

Dec. 31, 2012

NOCC [Member]

Jun. 30, 2013

NOCC guarantee fund [Member]

Dec. 31, 2012

NOCC guarantee fund [Member]

Credit facility, borrowing capacity

$ 170,000,000

^[1]

$ 223,000,000

^[1]

$ 108,000,000

89,000,000

Committed amount of credit facility toward regulatory requirements

9,000,000

Contract value of resale and repurchase agreements

4,300,000,000

5,000,000,000

4,300,000,000

Total number of derivative contracts cleared

2,264,096

1,864,474

1,210,090

Power of assessment of the clearing member's contribution to the financial markets and commodities markets default funds

100.00%

Junior capital, cash deposits and pledged assets

15,000,000

Senior capital, cash deposits and pledged assets

24,000,000

Market value of derivative contracts outstanding, prior to netting

2,117,000,000

25,000,000

Total number of derivative contracts cleared through NOS Clearing

53,094,804

57,546,215

Restricted cash

82,000,000

85,000,000

Default Fund Contributions

229,000,000

41,000,000

Pledged default fund contributions and margin collateral

419,000,000

Cash collateral for borrowed securities

23,000,000

33,000,000

Aggregate amount of letters of credit

87,000,000

101,000,000

Contribution to guarantee fund

$ 25,000,000

[1]

Clearing Operations (Schedule of Clearing Member Default Fund Contributions And Margin Deposits) (Details) (USD $)
In Millions, unless otherwise specified

Jun. 30, 2013

Default fund contributions

$ 229

Margin deposits

9,999

Default fund contributions and margin deposits

10,228

Cash Contributions [Member]

Default fund contributions

186

^[1],[2]

Margin deposits

1,203

^[1],[2]

Default fund contributions and margin deposits

1,389

^[1],[2]

Non-Cash Contributions [Member]

Default fund contributions

Margin deposits

8,796

Default fund contributions and margin deposits

$ 8,839

[1]	As of June 30, 2013, in accordance with its investment policy, NASDAQ OMX Nordic Clearing has invested cash contributions of $744 million in reverse repurchase agreements and $614 million in highly rated government debt securities
[2]	Pursuant to clearing member agreements, we pay interest on cash contributions to clearing members.

Clearing Operations (Schedule of Clearing Member Default Fund Contributions And Margin Deposits Additional Information) (Details) (USD $)
In Millions, unless otherwise specified

Jun. 30, 2013

Dec. 31, 2012

Investment of cash contributions in highly rated debt securities

$ 1,358

^[1]

$ 175

^[1]

NASDAQ OMX Nordic [Member]

Default fund cash contributions invested in repurchase agreements

744

Default fund cash contributions invested in highly rated governmant debt securities

$ 614

[1]

Clearing Operations (Schedule of Derivative Contracts Outstanding) (Details) (USD $)
In Millions, unless otherwise specified

Jun. 30, 2013

contract

Jun. 30, 2012

contract

$ 2,117

53,094,804

57,546,215

Commodity forwards and options [Member]

1,448

^[1],[2]

459,914

^[3]

468,040

^[3]

Fixed-income options and futures [Member]

473

^[2],[4]

15,973,955

19,602,663

Stock options and futures [Member]

110

^[2],[4]

15,693,325

14,910,191

Index options and futures [Member]

$ 86

^[2],[4]

20,967,610

22,565,321

[1]	We determined the fair value of our forward contracts using standard valuation models that were based on market-based observable inputs including LIBOR rates and the spot price of the underlying instrument.
[2]	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.
[3]	The total volume in cleared power related to commodity contracts was 884 Terawatt hours (TWh) for the six months ended June 30, 2013 and 867 TWh for the six months ended June 30, 2012.
[4]	We determined the fair value of our futures contracts based upon quoted market prices and average quoted market yields.

Commitments, Contingencies and Guarantees (Details) (USD $) In Millions, unless otherwise specified	6 Months Ended
	Jun. 30, 2013	Dec. 31, 2012
Commitments and Contingencies Disclosure [Line Items]
Financial guarantees obtained	$ 13	$ 7
Margin deposits contributed to Cantor Fitzgerald	19
Other guarantees		18
Voluntary accommodation program	62
Clearinghouse Credit Facilities [Member]
Commitments and Contingencies Disclosure [Line Items]
Credit facilities, total	300	310
Line of credit facility, available liquidity	211	217
Credit facility, regulatory requirements amount	89	93
Line of credit, outstanding amount	0	0
Escrow Agreement [Member]
Commitments and Contingencies Disclosure [Line Items]
Contingency, accrual	14
Property Lease Guarantee [Member]
Commitments and Contingencies Disclosure [Line Items]
Other guarantees	16
Performance guarantees [Member]
Commitments and Contingencies Disclosure [Line Items]
Other guarantees	2	5
Customer Defaults [Member]
Commitments and Contingencies Disclosure [Line Items]
Other guarantees	25
SEC Reserve Matter [Member]
Commitments and Contingencies Disclosure [Line Items]
Contingency, accrual	$ 10

Business Segments (Narrative) (Details)	6 Months Ended
Business Segments (Narrative) (Details)	Jun. 30, 2013 segment
Business Segments [Abstract]
Number of Operating Segments	4

Business Segments (Schedule of Operating Segments) (Details) (USD $)
In Millions, unless otherwise specified

3 Months Ended

6 Months Ended

Jun. 30, 2013

Jun. 30, 2012

Jun. 30, 2013

Jun. 30, 2012

Dec. 31, 2012

Revenues less transaction rebates, brokerage, clearance and exchange fees

$ 814

$ 815

$ 1,557

$ 1,619

Cost of revenues

(363)

(388)

(688)

(778)

451

427

869

841

159

175

249

346

11,953

9,132

Market Services [Member]

Revenues less transaction rebates, brokerage, clearance and exchange fees

553

587

1,060

1,167

Cost of revenues

(363)

(388)

(688)

(778)

190

199

372

389

149

159

7,277

4,981

Listing Services [Member]

Revenues less transaction rebates, brokerage, clearance and exchange fees

113

112

113

112

283

254

Information Services [Member]

Revenues less transaction rebates, brokerage, clearance and exchange fees

108

106

215

208

108

106

215

208

160

153

2,533

2,456

Technology Solutions [Member]

Revenues less transaction rebates, brokerage, clearance and exchange fees

169

132

169

132

1,081

625

Corporate Items and Eliminations [Member]

(25)

^[1]

(9)

^[1]

(116)

^[1]

(20)

^[1]

$ 779

$ 816

[1]

Corporate items and eliminations for the three months ended June 30, 2013 primarily include merger and strategic initiatives expenses. Corporate items and eliminations for the six months ended June 30, 2013 primarily include expenses related to our voluntary accommodation program, merger and strategic initiatives expense, expense related to an SEC matter, restructuring charges, and special legal expenses. Corporate items and eliminations for the three and six months ended June 30, 2012 primarily include restructuring charges, merger and strategic initiatives expense and income from open positions relating to operations of the exchange.