162

^[1]

223

^[1]

Receivables, net

393

333

Deferred tax assets

Non-current restricted cash

1,961

209

Other current assets

126

112

Total current assets

3,163

1,492

Non-current deferred tax assets

268

211

404

294

Goodwill

6,186

5,335

Intangible assets, net

2,386

1,650

Other non-current assets

170

125

Accounts payable and accrued expenses

12,577

^[2]

9,132

^[2]

Current liabilities:

228

172

Section 31 fees payable to SEC

Accrued personnel costs

154

111

Deferred revenue

151

139

Other current liabilities

141

119

Deferred tax liabilities

Current portion of debt obligations

1,961

209

136

Total current liabilities

2,800

1,018

Debt obligations

2,589

1,840

Non-current deferred tax liabilities

708

713

Non-current deferred revenue

143

156

Other non-current liabilities

153

196

Total liabilities

6,393

3,923

Commitments and contingencies

NASDAQ OMX stockholders' equity:

Common stock, $0.01 par value, 300,000,000 shares authorized, shares issued: 214,419,155 at December 31, 2013 and 213,426,908 at December 31, 2012; shares outstanding: 169,357,084 at December 31, 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 December 31, 2013 and December 31, 2012; shares outstanding: none at December 31, 2013 and December 31, 2012

Additional paid-in capital

4,278

3,771

Common stock in treasury, at cost: 45,062,071 shares at December 31, 2013 and 47,821,070 shares at December 31, 2012

(1,005)

(1,058)

Accumulated other comprehensive loss

(67)

(185)

Retained earnings

2,976

2,678

Total NASDAQ OMX stockholders' equity

6,184

5,208

Noncontrolling interests

Total equity

6,184

5,209

Total liabilities and equity

$ 12,577

$ 9,132

[1]

As of December 31, 2013, balance is comprised of trading securities, mainly Swedish government debt securities, of $162 million. As of December 31, 2012, balance is primarily comprised of trading securities, mainly Swedish government debt securities, of $201 million. Of these securities, $140 million as of December 31, 2013 and $134 million as of December 31, 2012 are assets utilized to meet regulatory capital requirements primarily for clearing operations at NASDAQ OMX Nordic Clearing. As of December 31, 2012, this balance also included our available-for-sale investment security in DFM which had a fair value of $22 million. In the fourth quarter of 2013 we sold this investment security. See Note 6, “Investments,” for further discussion of our trading investment securities and available-for-sale investment security.

[2]

Total assets increased $3.4 billion at December 31, 2013 as compared to December 31, 2012 primarily due to an increase in default funds and margin deposits, reflecting the implementation of our collateral management process at NASDAQ OMX Nordic Clearing in 2013 and an increase in goodwill and intangible assets associated with the acquisitions of the TR Corporate Solutions businesses and eSpeed in 2013. Total assets decreased $5.0 billion at December 31, 2012 as compared to December 31, 2011 primarily due to our new clearing structure which significantly changed the nature and extent of the risk of loss to NASDAQ OMX Nordic Clearing in the event of a member default. As a result, we no longer record derivative positions or resale and repurchase agreements in the Consolidated Balance Sheet.

Consolidated Balance Sheets (Parenthetical) (USD $)	Dec. 31, 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	214,419,155	213,426,908
Common stock, shares outstanding	169,357,084	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	45,062,071	47,821,070

Consolidated Statements of Income (USD $)
In Millions, except Per Share data, unless otherwise specified

12 Months Ended

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Revenues:

Market Services

$ 2,092

$ 2,206

$ 2,553

Listing Services

228

224

236

Information Services

442

406

391

Technology Solutions

449

284

258

Brokerage, clearance and exchange fees

3,211

3,120

3,438

Cost of revenues:

Transaction rebates

(1,002)

(1,104)

(1,344)

(314)

(342)

(404)

Total cost of revenues

(1,316)

(1,446)

(1,748)

Revenues less transaction rebates, brokerage, clearance and exchange fees

1,895

1,674

1,690

Operating expenses:

Compensation and benefits

539

454

458

Marketing and advertising

Professional and contract services

122

104

109

151

107

Computer operations and data communications

Occupancy

Regulatory

Merger and strategic initiatives

Restructuring charges

General, administrative and other

Voluntary accommodation program

Total operating expenses

1,207

984

994

Operating income

688

^[1]

690

^[2]

696

^[3]

Interest income

Interest expense

(111)

(97)

(119)

Gain on sale of investment security

Asset impairment charges

(14)

(40)

(18)

Dividend and investment income

Loss on divestiture of business

(14)

Net income (loss) from unconsolidated investees, net

(2)

(1)

Income before income taxes

600

548

573

Income tax provision

216

199

190

Net income

384

349

383

Net loss attributable to noncontrolling interests

Net income attributable to NASDAQ OMX

$ 385

$ 352

$ 387

Per share information:

Basic earnings per share

$ 2.30

$ 2.09

$ 2.20

Diluted earnings per share

$ 2.25

$ 2.04

$ 2.15

Cash dividends declared per common share

$ 0.52

$ 0.39

[1]	The 2013 corporate items and eliminations primarily include: •Expense related to our voluntary accommodation program of $44 million; •Merger and strategic initiatives expense of $22 million; •Expenses paid with respect to an SEC matter of $10 million; and •Restructuring charges of $9 million.
[2]	The 2012 corporate items and eliminations primarily include: •Costs associated with restructuring charges of $44 million. See Note 3, “Restructuring Charges,” for further discussion; •Special legal expenses of $7 million from the proposed voluntary accommodation program and other expenses related to the systems issues experienced at the time of the Facebook IPO; and •Merger and strategic initiative costs of $4 million, partially offset by; •Income from open positions of $11 million relating to the operations of the exchange.
[3]	The 2011 corporate items and eliminations primarily include: •Merger and strategic initiative costs of $38 million primarily related to costs incurred for advisors, bank commitment fees, legal and other professional services related to our joint proposal to acquire NYSE Euronext, as well as costs related to our acquisition of Glide Technologies in October 2011; and•Debt extinguishment and refinancing charges of $31 million. See “2.50% Convertible Senior Notes,” and “2011 Credit Facility,” of Note 9, “Debt Obligations,” for further discussion.

Consolidated Statements of Comprehensive Income (Loss) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Condensed Consolidated Statements of Comprehensive Income (Loss) [Abstract]
Net income	$ 384	$ 349	$ 383
Net unrealized holding gains (losses) on available-for-sale investment securities:
Unrealized holding gains (losses) arising during period	26	4	(15)
Reclassification adjustment for (gains) losses realized in net income on available-for-sale investment securities	(30)		18
Total	(4)	4	3
Foreign currency translation gains (losses):
Net foreign currency translaction gains (losses)	(17)	262	(120)
Income tax benefit (expense)	127	(95)	40
Total	110	167	(80)
Employee benefit plans:
Employee benefit plan adjustment gains (losses)	21	(10)	(2)
Income tax benefit (expense)	(9)	4	1
Total	12	(6)	(1)
Total other comprehensive income (loss), net of tax	118	165	(78)
Comprehensive income	502	514	305
Comprehensive loss attributable to noncontrolling interests	1	3	4
Comprehensive income attributable to NASDAQ OMX	$ 503	$ 517	$ 309

Consolidated Statements of Changes in Equity (USD $)
In Millions, except Share data

Common stock [Member]

Additional Paid-in Capital [Member]

Common Stock In Treasury at Cost [Member]

Accumulated Other Comprehensive Loss [Member]

Retained Earnings [Member]

Noncontrolling Interest [Member]

Total

Balance at Dec. 31, 2010

$ 2

$ 3,780

$ (796)

$ (272)

$ 2,004

$ 11

$ 4,729

Balance (in shares) at Dec. 31, 2010

175,782,683

Net income (loss)

387

(4)

383

Foreign currency translation, net of tax

(80)

Employee benefit plan adjustments, net of tax

(1)

Unrealized holding gains (losses) on available-for-sale securities, net of reclassification for losses realized in net income

Share repurchase program

(100)

Share repurchase program (in shares)

(3,983,481)

(9)

Amortization and vesting of restricted stock and PSUs

Amortization and vesting of restricted stock and PSUs (in shares)

632,682

Stock options amortization and exercises, net

(5)

Stock options amortization and exercises, net (in shares)

1,030,721

Other issuances (purchases) of common stock, net

Other issuances (purchases) of common stock, net (in shares)

90,334

Sale of subsidiary shares to noncontrolling interests and other adjustments

Balance at Dec. 31, 2011

3,793

(860)

(350)

2,391

4,986

Balance (in shares) at Dec. 31, 2011

173,552,939

Net income (loss)

352

(3)

349

Foreign currency translation, net of tax

167

Employee benefit plan adjustments, net of tax

(6)

Unrealized holding gains (losses) on available-for-sale securities, net of reclassification for losses realized in net income

Cash dividends declared per common share

(65)

Share repurchase program

(275)

Share repurchase program (in shares)

(11,544,457)

Amortization and vesting of restricted stock and PSUs

(8)

Amortization and vesting of restricted stock and PSUs (in shares)

1,997,516

Stock options amortization and exercises, net

(22)

Stock options amortization and exercises, net (in shares)

2,051,066

Other issuances (purchases) of common stock, net

(12)

(4)

Other issuances (purchases) of common stock, net (in shares)

(451,226)

Sale of subsidiary shares to noncontrolling interests and other adjustments

(6)

Balance at Dec. 31, 2012

3,771

(1,058)

(185)

2,678

5,209

Balance (in shares) at Dec. 31, 2012

165,605,838

Net income (loss)

385

(1)

384

Foreign currency translation, net of tax

110

Employee benefit plan adjustments, net of tax

Unrealized holding gains (losses) on available-for-sale securities, net of reclassification for losses realized in net income

(4)

Cash dividends declared per common share

(87)

Share repurchase program

(10)

Share repurchase program (in shares)

(321,000)

Amortization and vesting of restricted stock and PSUs

Amortization and vesting of restricted stock and PSUs (in shares)

779,614

Stock options amortization and exercises, net

(20)

Stock options amortization and exercises, net (in shares)

2,346,220

Other issuances (purchases) of common stock, net

(6)

Other issuances (purchases) of common stock, net (in shares)

(45,835)

Purchase price related to issuance of NASDAQ OMX common stock - eSpeed acquisition

484

Purchase price related to issuance of NASDAQ OMX common stock - eSpeed acquisition, shares

992,247

364,277

^[1]

Balance at Dec. 31, 2013

$ 2

$ 4,278

$ (1,005)

$ (67)

$ 2,976

$ 6,184

Balance (in shares) at Dec. 31, 2013

169,357,084

[1]	See “Acquisition of eSpeed for Trading of U.S. Treasuries,” of Note 4, “Acquisition and Divestiture,” for further discussion.

Consolidated Statements of Changes in Equity (Parenthetical) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Statement Consolidated Statements Of Changes In Equity [Abstract]
Foreign currency translation, tax	$ (127)	$ 95	$ (40)
Employee benefit plan adjustments, tax	$ (9)	$ 4	$ 1

Condensed Consolidated Statements of Cash Flows (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Cash flows from operating activities:
Net income	$ 384	$ 349	$ 383
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	122	104	109
Share-based compensation	47	46	36
Excess tax benefits related to share-based compensation	(16)	(7)	(10)
Gain on sale of investment security	(30)
Provision for bad debts	5	6	4
Deferred income taxes	28	16	4
Charges related to debt extinguishment and refinancing			31
Non-cash restructuring charges	1	16
Loss on divestiture of business		14
Asset retirements and impairment charges	14	40	25
Net (income) loss from unconsolidated investees	2	1	(2)
Amortization of debt issuance costs	3	3	6
Accretion of debt discounts	3	4	13
Other non-cash items included in net income	(2)	8	(10)
Net change in operating assets and liabilities, net of effects of acquisitions:
Receivables, net	(55)	(30)	(11)
Other assets	8	71	69
Accounts payable and accrued expenses	51	1	24
Section 31 fees payable to SEC	(15)	(9)	24
Accrued personnel costs	39	(27)	10
Deferred revenue	(33)	5	(14)
Other liabilities	18	(17)	(22)
Net cash provided by operating activities	574	594	669
Cash flows from investing activities:
Purchases of trading securities	(410)	(301)	(533)
Proceeds from sales and redemptions of trading securities	452	372	501
Purchase of equity and cost method investments	(43)
Proceeds from sale of available-for-sale investment security	48
Acquisitions of businesses, net of cash and cash equivalents acquired	(1,121)	(112)	(26)
Purchases of property and equipment	(115)	(87)	(88)
Net cash used in investing activities	(1,189)	(128)	(146)
Cash flows from financing activities:
Payments of debt obligations	(289)	(145)	(948)
Proceeds from debt obligations, net of debt issuance costs	895		700
Cash paid for repurchase of common stock	(10)	(275)	(100)
Cash dividends	(87)	(65)
Issuances of common stock, net of treasury stock purchases	23	(3)	10
Excess tax benefits related to share-based compensation	16	7	10
Other financing activities	(1)	(4)	3
Net cash provided by (used in) financing activities	547	(485)	(325)
Effect of exchange rate changes on cash and cash equivalents	(4)	10	(7)
Net increase (decrease) in cash and cash equivalents	(72)	(9)	191
Cash and cash equivalents at beginning of period	497	506	315
Cash and cash equivalents at end of period	425	497	506
Cash paid for:
Interest	79	80	86
Income taxes, net of refund	157	177	129
Non-cash investing activities:
Purchase price related to issuance of NASDAQ OMX common stock - eSpeed acquisition	484
Investment in LCH Clearnet Group Limited		$ 37

Organization and Nature of Operations	12 Months Ended
Organization and Nature of Operations	Dec. 31, 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, corporate solutions and market technology products and services. Our technology powers markets across the globe, supporting derivatives trading, clearing and settlement, cash equity trading, fixed income trading 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 December 31, 2013, The NASDAQ Stock Market was home to 2,637 listed companies with a combined market capitalization of approximately $7.0 trillion. In addition, in the U.S. we operate two additional cash equities trading markets, three options markets and an electronic platform for trading of U.S. Treasuries. 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 December 31, 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 $1.3 trillion. We also operate NASDAQ OMX Armenia. In addition, NASDAQ OMX Commodities operates the world’s largest power derivatives exchange regulated in Norway and one of Europe’s largest carbon exchanges. We also operate NOS Clearing, a leading Norway-based clearinghouse primarily for OTC traded derivatives for the freight market and seafood derivatives market. In the U.K., we operate 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 investment firm, clearing, settlement and central depository services.

Summary of Significant Accounting Policies	12 Months Ended
Summary of Significant Accounting Policies	Dec. 31, 2013
Basis of Presentation and Principles of Consolidation [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Presentation and Principles of Consolidation The consolidated financial statements are prepared in accordance with U.S. GAAP. The financial statements include the accounts of NASDAQ OMX, its wholly-owned subsidiaries and other entities in which NASDAQ OMX has a controlling financial interest. All significant intercompany accounts and transactions have been eliminated in consolidation. When we do not have a controlling interest in an entity but exercise significant influence over the entity’s operating and financial policies, such investment is accounted for under the equity method of accounting. We recognize our share of earnings or losses of an equity method investee based on our ownership percentage. As permitted under U.S. GAAP, for certain equity method investments for which financial information is not sufficiently timely for us to apply the equity method of accounting currently, we record our share of the earnings or losses of the investee from the most recently available financial statements on a lag. See Note 6, “Investments,” for further discussion of our equity method investments. Changes in Reportable Segments and Reclassifications Since 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. See Note 19, “Business Segments,” for additional information about our 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. Certain other prior year amounts have been reclassified to conform to the current year presentation. Subsequent Events We have evaluated subsequent events through the issuance date of this Annual Report on Form 10-K. Use of Estimates The preparation of 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 consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Foreign Currency Foreign denominated assets and liabilities are remeasured into the functional currency at exchange rates in effect at the balance sheet date and recorded through the income statement. Gains or losses resulting from foreign currency transactions are remeasured using the rates on the dates on which those elements are recognized during the period, and are included in general, administrative and other expense in the Consolidated Statements of Income. Translation gains or losses resulting from translating our subsidiaries’ financial statements from the local functional currency to the reporting currency, net of tax, are included in accumulated other comprehensive loss within stockholders’ equity in the Consolidated Balance Sheets. Assets and liabilities are translated at the balance sheet date while revenues and expenses are translated at the date the transaction occurs or at an applicable average rate. Deferred taxes are not provided on cumulative translation adjustments where we expect earnings of a foreign subsidiary to be indefinitely reinvested. The income tax effect of currency translation adjustments related to foreign subsidiaries that are not considered indefinitely reinvested is recorded as a component of deferred taxes with an offset to accumulated other comprehensive loss within stockholders’ equity in the Consolidated Balance Sheets. Cash and Cash Equivalents Cash and cash equivalents include cash in banks and all non-restricted highly liquid investments with original maturities of three months or less at the time of purchase. Such equivalent investments included in cash and cash equivalents in the Consolidated Balance Sheets were $178 million as of December 31, 2013 and $339 million as of December 31, 2012. Cash equivalents are carried at cost plus accrued interest, which approximates fair value due to the short maturities of these investments. Restricted Cash Current restricted cash, which was $84 million as of December 31, 2013 and $85 million as of December 31, 2012, is not available for general use by us due to regulatory and other requirements and is classified as restricted cash in the Consolidated Balance Sheets. As of December 31, 2013 and December 31, 2012, current restricted cash primarily includes cash held for regulatory purposes for our trading and clearing businesses. Non-current restricted cash of $25 million as of December 31, 2012 was segregated for NOCC to improve its liquidity position and was not available for general use. As a result of a strategic alliance with NGX, this cash was no longer needed for liquidity purposes and was released from NOCC. See Note 16, “Clearing Operations,” for further discussion. Financial Investments Financial investments, at fair value are primarily comprised of trading securities, mainly Swedish government debt securities. As of December 31, 2012, this balance also included our available-for-sale investment security in DFM. In the fourth quarter of 2013, we sold this investment security and recognized a gain on the sale of $30 million, which is included in gain on sale of investment security in the Consolidated Statements of Income for the year ended December 31, 2013. Trading securities are bought principally to meet regulatory capital requirements for NASDAQ OMX Nordic Clearing’s operations and are generally sold in the near term. Changes in fair value of trading securities are included in dividend and investment income in the Consolidated Statements of Income. Equity securities that are classified as available-for-sale investment securities are carried at fair value with unrealized gains and losses, net of tax, reported in accumulated other comprehensive loss within stockholders’ equity. Realized gains and losses on these securities are included in earnings upon disposition of the securities using the specific identification method. In addition, realized losses are recognized when management determines that a decline in value is other than temporary, which requires judgment regarding the amount and timing of recovery. For equity securities, we also consider the extent to which cost exceeds fair value, the duration of that difference, management’s judgment about the issuer’s current and prospective financial condition, as well as our intent and ability to hold the security until recovery of the unrealized losses. In addition, for equity securities we also consider the performance of the investee’s stock price in relation to industry indexes and review the investee’s credit profile. Fair value of both trading and available-for-sale investment securities is generally obtained from third party pricing sources. When available, quoted market prices are used to determine fair value. If quoted market prices are not available, fair values are estimated using pricing models with observable market inputs. The inputs to the valuation models vary by the type of security being priced but are typically benchmark yields, reported trades, broker-dealer quotes, and prices of similar assets. Pricing models generally do not entail material subjectivity because the methodologies employed use inputs observed from active markets. See Note 15, “Fair Value of Financial Instruments,” for further discussion of fair value measures. Receivables, net Our receivables are concentrated with our member firms, market data distributors, listed companies and technology solutions customers. Receivables are shown net of a reserve for uncollectible accounts. The reserve for bad debts is maintained at a level that management believes to be sufficient to absorb estimated losses in the accounts receivable portfolio. The reserve is increased by the provision for bad debts which is charged against operating results and decreased by the amount of charge-offs, net of recoveries. The amount charged against operating results is based on several factors including, but not limited to, a continuous assessment of the collectability of each account, the length of time a receivable is past due and our historical experience with the particular customer. In circumstances where a specific customer’s inability to meet its financial obligations is known (i.e., bankruptcy filings), we record a specific provision for bad debts against amounts due to reduce the receivable to the amount we reasonably believe will be collected. Due to changing economic, business and market conditions, we review the reserve for bad debts monthly and make changes to the reserve through the provision for bad debts as appropriate. If circumstances change (i.e., higher than expected defaults or an unexpected material adverse change in a major customer’s ability to pay), our estimates of recoverability could be reduced by a material amount. The total reserve netted against receivables in the Consolidated Balance Sheets was $9 million as of December 31, 2013 and $5 million as of December 31, 2012. Default Funds and Margin Deposits NASDAQ OMX Nordic Clearing members’ eligible contributions may include cash and non-cash contributions. Clearing members’ cash contributions are included in default funds and margin deposits in the Consolidated Balance Sheets as both a current asset and a current liability. 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. 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 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. As of December 31, 2012, NOCC customer pledged cash collateral was also included in default funds and margin deposits as both a current asset and current liability in the Consolidated Balance Sheets, as the risks and rewards of collateral ownership, including interest income, belonged to NOCC. Derivative Financial Instruments and Hedging Activities We may hold derivative financial instruments that are designated and qualify for hedge accounting. Derivative financial instruments, which are designated or qualify for hedge accounting, are recognized in the balance sheets at fair value as either assets or liabilities. The fair value of our derivative financial instruments is determined using either market quotes or valuation models that are based upon the net present value of estimated future cash flows and incorporate current market data inputs. We report our derivative assets in either other current assets or other non-current assets and our derivative liabilities in either other current liabilities or other non-current liabilities in the Consolidated Balance Sheets depending on the terms of the contract. Any ineffectiveness is recorded in earnings. The accounting for the change in the fair value of a derivative financial instrument depends on its intended use and the resulting hedge designation, if any. As of December 31, 2013, 2012 and 2011, there were no derivative financial instruments that were designated or qualified for hedge accounting. There was no material ineffectiveness recorded in earnings for each of the three years ended December 31, 2013. Derivative Financial Instruments that Qualify for Hedge Accounting Derivative financial instruments that are entered into for hedging purposes are designated as such when we enter into the contract. For all derivative financial instruments that are designated for hedging activities, we formally document all of the hedging relationships between the hedge instruments and the hedged items at the inception of the relationships. We also formally document our risk management objectives and strategies for entering into the hedge transactions. We formally assess, at inception and on a quarterly basis, whether derivatives designated as hedges are highly effective in offsetting the fair value or cash flows of hedged items. If it is determined that a derivative is no longer highly effective as a hedge, we will discontinue the application of hedge accounting. We did not enter into any derivative hedges that were designated for hedge accounting during the years ended December 31, 2013, 2012 and 2011. Non-Designated Derivatives We also use derivatives as economic hedges that are not designed as accounting hedges or do not qualify for hedge accounting treatment. For such derivative financial instruments, changes in fair value are reported in current period earnings. We use foreign exchange forward contracts to manage foreign currency exposure of intercompany loans. These contracts are not designated as hedges for financial reporting purposes. The change in fair value of these contracts is recognized in general, administrative and other expense in the Consolidated Statements of Income and offsets the foreign currency impact recognized on the intercompany loans. As of December 31, 2013 and 2012, the fair value amounts of our derivative instruments were immaterial. Net Investment Hedges Net assets of our foreign subsidiaries are exposed to volatility in foreign currency exchange rates. We may utilize net investment hedges to offset the translation adjustment arising from re-measuring our investment in foreign subsidiaries. Our 2021 Notes have been designated as a hedge of our net investment in certain foreign subsidiaries to mitigate the foreign exchange risk associated with certain investments in these subsidiaries. Any increase or decrease related to the translation of the 2021 Notes into U.S. dollars is recorded within accumulated other comprehensive loss in the Consolidated Balance Sheets for the year ended December 31, 2013. See “3.875% Senior Unsecured Notes,” of Note 9, “Debt Obligations,” for further discussion. As of December 31, 2012, there were no outstanding net investment hedges. Property and Equipment, net Property and equipment, including leasehold improvements, are carried at cost less accumulated depreciation and amortization. Depreciation and amortization are recognized over the estimated useful lives of the related assets. Estimated useful lives range from 10 to 40 years for buildings and improvements, 2 to 5 years for data processing equipment and software and 5 to 10 years for furniture and equipment. Leasehold improvements are amortized over the shorter of their estimated useful lives or the remaining term of the related lease. Depreciation and amortization are computed using the straight-line method. See Note 7, “Property and Equipment, net,” for further discussion. Goodwill Goodwill represents the excess of 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 test goodwill for impairment at the reporting unit level annually, or in interim periods if certain events occur indicating that the carrying amount may be impaired, such as changes in the business climate, poor indicators of operating performance or the sale or disposition of a significant portion of a reporting unit. For purposes of performing our goodwill impairment test, 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 test for impairment during the fourth quarter of our fiscal year using carrying amounts as of October 1. In conducting the 2013 annual impairment test for goodwill, we first performed a qualitative assessment to determine whether it was more likely than not that the fair value of a reporting unit was less than the carrying amount as a basis for determining whether it was necessary to perform the two-step quantitative goodwill impairment test described in ASC Topic 350. The more-likely-than-not threshold is defined as having a likelihood of more than 50 percent. If, after assessing the totality of events or circumstances, we determine that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, then the two-step quantitative test for goodwill impairment is performed for the appropriate reporting units. Otherwise, we conclude that no impairment is indicated and the two-step quantitative test for goodwill impairment is not performed. In conducting the qualitative assessment, we analyze actual and projected growth trends for each reporting unit, as well as historical performance versus plan and the results of prior quantitative tests performed. Additionally, each reporting unit assesses critical areas that may impact their business, including macroeconomic conditions and the related impact, market related exposures, competitive changes, new or discontinued products, changes in key personnel, or any other potential risks to their projected financial results. If required, the quantitative goodwill impairment test is a two-step process performed at the reporting unit level. First, the fair value of each reporting unit is compared to its corresponding carrying amount, including goodwill. The fair value of each reporting unit is estimated using a combination of a discounted cash flow valuation, which incorporates assumptions regarding future growth rates, terminal values, and discount rates, as well as a guideline public company valuation, incorporating relevant trading multiples of comparable companies and other factors. The estimates and assumptions used consider historical performance and are consistent with the assumptions used in determining future profit plans for each reporting unit, which are approved by our board of directors. If the first step results in the carrying amount exceeding the fair value of the reporting unit, then a second step must be completed in order to determine the amount of goodwill impairment that should be recorded, if any. In the second step, the implied fair value of the reporting unit’s goodwill is determined by allocating the reporting unit’s fair value to all of its assets and liabilities other than goodwill in a manner similar to a purchase price allocation. The implied fair value of the goodwill that results from the application of this second step is then compared to the carrying amount of the goodwill and an impairment charge is recorded for any difference. There was no impairment of goodwill for the years ended December 31, 2013, 2012 and 2011. However, events such as economic weakness or unexpected significant declines in operating results of reporting units may result in goodwill impairment charges in the future. Intangible Assets, net Intangible assets, net, primarily include exchange and clearing registrations, customer relationships, trade names, licenses and technology. Intangible assets with finite lives are amortized on a straight-line basis over their average estimated useful lives as follows: •Technology: 2—5 years •Customer relationships: 9—30 years •Other: 2—10 years Intangible assets deemed to have indefinite useful lives are not amortized but instead are tested for impairment at least annually and more frequently whenever events or changes in circumstances indicate that the fair value of the asset may be less than its carrying amount. The fair value of indefinite-lived intangible assets is primarily determined on the basis of estimated discounted value, using the relief from royalty approach for trade names and the Greenfield Approach for exchange and clearing registrations and licenses, both of which incorporate assumptions regarding future revenue projections and discount rates. Similar to goodwill impairment testing, we test for impairment of indefinite-lived intangible assets during the fourth quarter of our fiscal year using carrying amounts as of October 1. In conducting the 2013 annual impairment test for indefinite-lived intangible assets, we first performed a qualitative assessment to determine whether it was more likely than not that the fair value of an indefinite-lived intangible asset was less than the carrying amount as a basis for determining whether it was necessary to perform the quantitative impairment test described in ASC Topic 350. The more-likely-than-not threshold is defined as having a likelihood of more than 50 percent. If, after assessing the totality of events or circumstances, we determine that it is more likely than not that the fair value of an indefinite-lived intangible asset is less than its carrying amount, then the quantitative test for indefinite-lived intangible assets impairment is performed for the appropriate intangible assets. If the carrying amount of the indefinite-lived intangible asset exceeds its fair value, an impairment charge is recorded for the difference. For finite-lived intangible assets subject to amortization, impairment is considered upon certain “triggering events” and is recognized if the carrying amount is not recoverable and exceeds the fair value of the intangible asset. Valuation of Other Long-Lived Assets We also assess potential impairments to our other long-lived assets, including property and equipment, when there is evidence that events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The carrying amount of a long-lived asset is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset. Any required impairment loss is measured as the amount by which the carrying amount of a long-lived asset exceeds its fair value and is recorded as a reduction in the carrying amount of the related asset and a charge to operating results. Equity Method Investments In general, the equity method of accounting is used when we own 20% to 50% of the outstanding voting stock of a company and when we are able to exercise significant influence over the operating and financial policies of a company. We have certain investments in which we have determined that we have significant influence and as such account for the investments under the equity method of accounting. We record our pro-rata share of earnings or losses each period and record any dividends as a reduction in the investment balance. We evaluate our equity method investments for other-than-temporary declines in value by considering a variety of factors such as the earnings capacity of the investment and the fair value of the investment compared to its carrying amount. In addition, for investments where the market value is readily determinable, we consider the underlying stock price. If the estimated fair value of the investment is less than the carrying amount and management considers the decline in value to be other than temporary, the excess of the carrying amount over the estimated fair value is recognized in the financial statements as an impairment. Cost Method Investments In general, the cost method of accounting is used when we own less than 20% of the outstanding voting stock of a company which does not have a readily determinable fair value and when we are not able to exercise significant influence over the operating and financial policies of a company. Under the cost method of accounting, investments are carried at cost and are adjusted only for other-than-temporary declines in fair value, certain distributions, and additional investments. Revenue Recognition and Cost of Revenues Market Services Revenues Derivative, Trading and Clearing Revenues U.S. Derivative Trading and Clearing U.S. derivative trading and clearing revenues are variable, based on traded and cleared volumes, and recognized when executed or when contracts are cleared. The principal types of derivative contracts traded on our U.S. options exchanges are equity options, ETF options, index options and currency options. We record derivative trading and clearing revenues from transactions on a gross basis as revenues and record related expenses as cost of revenues, as we have certain risk associated with trade execution. For U.S. derivative trading, we credit a portion of the per share execution charge to the market participant that provides the liquidity and record these transaction rebates as cost of revenues in the Consolidated Statements of Income. These transaction rebates are paid on a monthly basis and the amounts due are included in accounts payable and accrued expenses in the Consolidated Balance Sheets. Also, we pay Section 31 fees to the SEC for supervision and regulation of securities markets. We pass these costs along to our customers through our derivative trading and clearing fees. We collect the fees as a pass-through charge from organizations executing eligible trades on our options exchanges and we recognize these amounts in U.S. derivative trading and clearing cost of revenues when incurred. Section 31 fees received are included in cash and cash equivalents in the Consolidated Balance Sheets at the time of receipt and, as required by law, the amount due to the SEC is remitted semiannually and recorded as Section 31 fees payable to the SEC in the Consolidated Balance Sheets until paid. Since the amount recorded as revenues is equal to the amount recorded as cost of revenues, there is no impact on our revenues less transaction rebates, brokerage, clearance and exchange fees. As we hold the cash received until payment to the SEC, we earn interest income on the related cash balances. Under our Limitation of Liability Rule and procedures, we, subject to certain caps, provide compensation for losses directly resulting from the systems’ actual failure to correctly process an order, quote, message or other data into our platform. We do not record a liability for any potential claims that may be submitted under the Limitation of Liability Rule unless they meet the provisions required in accordance with U.S. GAAP. As such, losses arising as a result of the rule are accrued and charged to expense only if the loss is probable and estimable. European Derivative Trading and Clearing Revenues European derivative trading and clearing revenues are variable, based on the volume and value of traded and cleared contracts, and recognized when executed or when contracts are cleared. The principal types of derivative contracts traded and cleared are stock options and futures, index options and futures, international power derivatives, carbon and other commodity products, and fixed-income options and futures. We also generate clearing revenues for OTC traded derivatives for the freight market and seafood derivatives market, interest rate swaps, and resale and repurchase agreements. These clearing revenues are based on the value and length of the contract and are recognized when cleared. In addition, NASDAQ OMX Commodities members are billed an annual fee which is recognized ratably over the following 12-month period. NASDAQ OMX Commodities and the exchanges that comprise NASDAQ OMX Nordic and NASDAQ OMX Baltic do not have any revenue sharing agreements or cost of revenues, such as transaction rebates and brokerage, clearance and exchange fees. Cash Equity Trading Revenues U.S. Cash Equity Trading U.S. cash equity trading revenues are variable, based on individual customer share volumes, and recognized as transactions occur. We charge transaction fees for executing cash equity trades on our U.S. cash equity exchanges, as well as on orders that are routed to other market venues for execution. Similar to U.S. derivative trading and clearing, we record cash equity trading revenues from transactions on a gross basis as revenues and record related expenses as cost of revenues, as we have certain risk associated with trade execution. For The NASDAQ Stock Market and NASDAQ OMX PSX, we credit a portion of the per share execution charge to the market participant that provides the liquidity and for NASDAQ OMX BX, we credit a portion of the per share execution charge to the market participant that takes the liquidity. We record these credits as transaction rebates that are included in cost of revenues in the Consolidated Statements of Income. These transaction rebates are paid on a monthly basis and the amounts due are included in accounts payable and accrued expenses in the Consolidated Balance Sheets. As discussed under U.S. derivatives trading and clearing, we also pay Section 31 fees to the SEC for supervision and regulation of securities markets. We pass these costs along to our customers through our cash equity trading fees. We collect the fees as a pass-through charge from organizations executing eligible trades on our cash equity platforms, and we recognize these amounts in cost of revenues when incurred. As discussed above, in the U.S., under our Limitation of Liability Rule and procedures, we, subject to certain caps, provide compensation for losses directly resulting from the systems’ actual failure to correctly process an order, quote, message or other data into our platform. European Cash Equity Trading We charge transaction fees for executing trades on the exchanges that comprise NASDAQ OMX Nordic and NASDAQ OMX Baltic. These transaction fees are charged per executed order and as per value traded. The exchanges that comprise NASDAQ OMX Nordic and NASDAQ OMX Baltic do not have cost of revenues, such as transaction rebates and brokerage, clearance and exchange fees. Fixed Income Trading Revenues We operate eSpeed, an electronic trading platform for U.S. Treasuries. The electronic trading platform provides real-time institutional trading of benchmark U.S. Treasury securities. Customer contracts may be on a fixed or variable rate basis. Revenues from customers with a fixed rate basis are recognized ratably over the contract period. Revenues from customers with a variable rate basis are based upon individual customer share volume and are recognized as revenues as the transaction occurs. Access and Broker Services Revenues Access Services We generate revenues by providing market participants with several alternatives for accessing our markets for a fee. The type of connectivity is determined by the level of functionality a customer needs. As a result, Access Services revenues vary depending on the type of connection provided to customers. We provide co-location services to market participants whereby firms may lease space for equipment within our data center. These participants are charged monthly fees for cabinet space, connectivity and support. We also earn revenues from annual and monthly exchange membership and registration fees. Revenues for providing access to our markets, co-location services and revenues for monthly exchange membership and registration fees are recognized on a monthly basis as the service is provided. Revenues from annual fees for exchange membership and registration fees are recognized ratably over the following 12-month period. Access Services revenues also include revenues from the RTRM solutions we provide to the financial securities market. As a market leader in RTRM, we provide broker-dealers and their clients the ability to manage risk more effectively in real-time, which leads to better utilization of capital as well as improved regulatory compliance. Revenues for these services are primarily based on subscription agreements with customers. Most contracts include professional services, implementation fees, monthly subscription fees from customers accessing on-demand services, and customer support. Implementation fees are recognized upon completion of the implementation. Monthly professional services, subscription, and usage fees are recognized in the month the service is provided. Broker Services Our Broker Services operations offer technology and customized securities administration solutions to financial participants in the Nordic markets. The primary services consist of flexible back-office systems which allow customers to entirely or partly outsource their company’s back-office functions. Revenues from broker services are based on a fixed basic fee for administration or licensing, maintenance and operations, and a variable portion that depends on the number of transactions completed. Broker Services revenues are recognized on a continuous basis as services are rendered. Listing Services Revenues U.S. Listing Services Revenues Listing Services revenues in the U.S. include annual renewal fees, listing of additional shares fees and initial listing fees. Annual renewal fees are recognized ratably over the following 12-month period. Listing of additional shares fees and initial listing fees are recognized on a straight-line basis over estimated service periods, which are four and six years, respectively, based on our historical listing experience and projected future listing duration. European Listing Services Revenues European listing fees, which are comprised of revenues derived from annual fees received from listed companies on our Nordic and Baltic exchanges and NASDAQ OMX First North, are directly related to the listed companies’ market capitalization on a trailing 12-month basis. These revenues are recognized ratably over the following 12-month period. Information Services Revenues Market Data Products Revenues Market Data Products revenues are earned from U.S. and European market data products and index data products. In the U.S., we also earn revenues from U.S. tape plans. U.S. Market Data Products We collect and process information and earn revenues as a distributor of our own market data and select third-party content. We provide varying levels of quote and trade information to market participants and to data distributors, who in turn sell subscriptions for this information to the public. We earn revenues primarily based on the number of data subscribers and distributors of our data. U.S. Market Data revenues are recognized on a monthly basis. These revenues, which are subscription based, are recorded net of amounts due under revenue sharing arrangements with market participants. U.S. Market Data Products also includes revenues from U.S. tape plans including eligible UTP Plan revenues that are shared among UTP Plan participants and are presented on a net basis. See “Market Data Products Revenue Sharing” below for further discussion of net reporting. Under the revenue sharing provision of the UTP Plan, we are permitted to deduct costs associated with acting as the exclusive Securities Information Processor from the total amount of tape revenues collected. After these costs are deducted from the tape revenues, we distribute to the respective UTP Plan participants, including The NASDAQ Stock Market, NASDAQ OMX BX and NASDAQ OMX PSX, their share of tape revenues based on a formula, required by Regulation NMS, that takes into account both trading and quoting activity. In addition, all quotes and trades in NYSE- and NYSE MKT-listed securities are reported and disseminated in real time, and as such, we share in the tape revenues for information on NYSE- and NYSE MKT-listed securities. Revenues from net U.S. tape plans are recognized on a monthly basis. European Market Data Products European Market Data Products revenues are based on the trading information from the exchanges that comprise NASDAQ OMX Nordic and NASDAQ OMX Baltic, as well as NASDAQ OMX Commodities, for the following classes of securities: cash equities, bonds, derivatives and commodities. We provide varying levels of quote and trade information to market participants and to data distributors, who in turn provide subscriptions for this information. Revenues from European market data are subscription-based, are generated primarily based on the number of data subscribers and distributors of our data and are recognized on a monthly basis. Market Data Products Revenue Sharing The most significant component of Market Data Products revenues presented on a net basis is the UTP Plan revenue sharing in the U.S. All indicators of gross vs. net reporting under U.S. GAAP have been considered in analyzing the appropriate presentation of UTP Plan revenue sharing. However, the following are the primary indicators of net reporting: •Primary Obligor: We are the Securities Information Processor for the UTP Plan, in addition to being a participant in the UTP Plan. In our unique role as Securities Information Processor, we facilitate the collection and dissemination of revenues on behalf of the UTP Plan participants. As a participant, we share in the net distribution of revenues according to the plan on the same terms as all other plan participants. •Risk of Loss/Credit Risk: Risk of loss on the revenue is shared equally among plan participants according to the UTP Plan. •Price Latitude: The operating committee of the UTP Plan, which is comprised of representatives from each of the participants, including us solely in our capacity as a UTP Plan participant, is responsible for setting the level of fees to be paid by distributors and subscribers and taking action in accordance with the provisions of the UTP Plan, subject to SEC approval. The exchanges that comprise NASDAQ OMX Nordic and NASDAQ OMX Baltic do not have any market data revenue sharing agreements. Index Data Products Index Data Products revenues are generated from our NASDAQ OMX indexes and consist of Global Index Data Services, which deliver real time index values throughout the trading day, and Global Index Watch, which delivers weightings and components data, corporate actions and a breadth of additional data. We earn revenues primarily based on the number of data subscribers and distributors of our data. These revenues, which are subscription based, are recognized on a monthly basis. Index Licensing and Services Revenues We develop and license NASDAQ OMX branded indexes, associated derivatives and financial products as part of our Index Licensing and Services business. Revenues primarily include license fees from these branded indexes, associated derivatives and financial products in the U.S. and abroad. We also generate revenues by licensing and listing third-party structured products and third-party sponsored ETFs. We primarily have two types of license agreements: transaction-based licenses and asset-based licenses. Transaction-based licenses are generally renewable long-term agreements. Customers are charged based on transaction volume or a minimum contract amount, or both. If a customer is charged based on transaction volume, we recognize revenue when the transaction occurs. If a customer is charged based on a minimum contract amount, we recognize revenue on a pro-rata basis over the licensing term. Asset-based licenses are also generally long-term agreements. Customers are charged based on a percentage of assets under management for licensed products, per the agreement, on a monthly or quarterly basis. These revenues are recorded on a monthly or quarterly basis over the term of the license agreement. Technology Solutions Revenues Corporate Solutions Revenues Corporate Solutions revenues primarily include subscription and transaction-based income from our Governance, Investor Relations, Multimedia Solutions and Public Relations businesses. Subscription-based revenues earned by these businesses are recognized ratably over the contract period, generally one to two years in length. As part of customer subscription agreements, customers can also be charged usage fees based upon actual usage of the services provided. Revenues from usage fees and other services are recognized when earned. Revenues from transaction-based services such as webcasting and wire distribution are recorded as the services are provided and delivered. Market Technology Revenues Market Technology provides technology solutions for trading, clearing, settlement surveillance and information dissemination, as well as governance, risk and compliance solutions. Revenues primarily consist of software, license and support revenues, change request and advisory revenues, and software as a service revenues. For most solutions, we enter into multiple-element sales arrangements to provide technology solutions and services to our customers. In order to recognize revenues associated with each individual element of a multiple-element sales arrangement separately, we are required to establish the existence of VSOE of fair value for each element. When VSOE for individual elements of an arrangement cannot be established, revenue is generally deferred and recognized over either the final element of the arrangement or the entire term of the arrangement for which the services will be delivered. We also enter into revolving subscription agreements which allow customers to connect to our servers to access certain services. These revenues are recognized ratably over the subscription term. Software, License and Support Software, license and support revenues are derived from the system solutions developed and sold by NASDAQ OMX and are generally entered into in multiple-element sales arrangements. After we have developed and sold a system solution, the customer licenses the right to use the software and may require post contract support and other services, such as facility management. Facility management revenues are derived when NASDAQ OMX assumes responsibility for the continuous operation of a system platform for a customer and receives facility management revenues which can be both fixed and volume-based. Revenues for license, support and facility management services are generally deferred and recognized over either the final element of the arrangement or the entire term of the arrangement for which the services will be delivered, unless VSOE can be established for each element of the contract. We record the deferral of revenue associated with multiple-element sales arrangements in deferred revenue and non-current deferred revenue and the deferral of costs in other current assets and other non-current assets in the Consolidated Balance Sheets. Software, license and support revenues also include delivery project revenues which are derived from the installation phase of the system solutions developed and sold by NASDAQ OMX. The majority of our delivery projects involve individual adaptations to the specific requirements of the customer, such as those relating to functionality and capacity. We may customize our software technology and make significant modifications to the software to meet the needs of our customers, and as such, we account for these arrangements under contract accounting. Under contract accounting, when VSOE for valuing certain elements of an arrangement cannot be established, total revenues, as well as costs incurred, are deferred until the customization and significant modifications are complete and are then recognized over the post contract support period. We record the deferral of this revenue in deferred revenue and non-current deferred revenue and the deferral of costs in other current assets and other non-current assets in the Consolidated Balance Sheets. Change Request and Advisory Change request and advisory revenues include configuration, customer specific adaptations and modifications of the system solutions sold by NASDAQ OMX after delivery has occurred. Change request and advisory revenues are recognized as revenues when earned. Software As a Service Software as a service revenues are derived from subscription based arrangements, where customers pay a recurring fee to access our servers to access certain services. These services include broker compliance solutions targeting brokers throughout the world, as well as governance, risk and compliance services. Earnings Per Share We present both basic and diluted EPS. Basic EPS is computed by dividing net income attributable to NASDAQ OMX by the weighted average number of common shares outstanding for the period. Diluted EPS is computed by dividing net income attributable to NASDAQ OMX by the weighted-average number of common shares and common share equivalents outstanding during the period and reflects the assumed conversion of all dilutive securities, which primarily consist of convertible notes, employee stock options, restricted stock and PSUs. Common share equivalents are excluded from the computation in periods for which they have an anti-dilutive effect. Stock options for which the exercise price exceeds the average market price over the period are anti-dilutive and, accordingly, are excluded from the calculation. See Note 14, “Earnings Per Share,” for further discussion. Treasury Stock 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 Consolidated Balance Sheets. When treasury shares are reissued, they are recorded at the average cost of the treasury shares acquired. Pension and Post-Retirement Benefits Pension and other post-retirement benefit plan information for financial reporting purposes is developed using actuarial valuations. We assess our pension and other post-retirement benefit plan assumptions on a regular basis. In evaluating these assumptions, we consider many factors, including evaluation of the discount rate, expected rate of return on plan assets, healthcare cost trend rate, retirement age assumption, our historical assumptions compared with actual results and analysis of current market conditions and asset allocations. See Note 11, “Employee Benefits,” for further discussion. Discount rates used for pension and other post-retirement benefit plan calculations are evaluated annually and modified to reflect the prevailing market rates at the measurement date of a high-quality fixed-income debt instrument portfolio that would provide the future cash flows needed to pay the benefits included in the benefit obligations as they come due. Actuarial assumptions are based upon management’s best estimates and judgment. The expected rate of return on plan assets for our U.S. pension plans represents our long-term assessment of return expectations which may change based on significant shifts in economic and financial market conditions. The long-term rate of return on plan assets is derived from return assumptions based on targeted allocations for various asset classes. While we consider the pension plans’ recent performance and other economic growth and inflation factors, which are supported by long-term historical data, the return expectations for the targeted asset categories represent a long-term prospective return. Share-Based Compensation Accounting for share-based compensation requires the measurement and recognition of compensation expense for all equity awards based on estimated fair values. We recognize compensation expense for equity awards on a straight-line basis over the requisite service period of the award. See Note 12, “Share-Based Compensation,” for further discussion. Advertising Costs We expense advertising costs, which include media advertising and production costs, in the periods in which the costs are incurred. Media advertising and production costs included as marketing and advertising expense in the Consolidated Statements of Income totaled $7 million in 2013, $6 million in 2012 and $7 million for 2011. Software Costs Significant purchased application software and operational software that are an integral part of computer hardware are capitalized and amortized on a straight-line basis over their estimated useful lives, generally five years. All other purchased software is charged to expense as incurred. We develop systems solutions for both internal and external use. Certain costs incurred in connection with developing or obtaining internal use software are capitalized. Unamortized capitalized software development costs are included in data processing equipment and software, within property and equipment, net in the Consolidated Balance Sheets. Amortization of costs capitalized is included in depreciation and amortization expense in the Consolidated Statements of Income. Certain costs of computer software to be sold, leased, or otherwise marketed as a separate product or as part of a product or process are capitalized after the product has reached technological feasibility. Technological feasibility is established upon completion of a detailed program design or, in its absence, completion. Thereafter, all software production costs are capitalized. Prior to reaching technological feasibility, all costs are charged to expense. Capitalized costs are amortized on a straight-line basis over the remaining estimated economic life of the product and are included in depreciation and amortization expense in the Consolidated Statements of Income. Leases We expense rent from non-cancellable operating leases, net of sublease income, on a straight line basis, based on future minimum lease payments. The net costs are included in occupancy expense in the Consolidated Statements of Income. See Note 17, “Leases,” for further discussion. Income Taxes We use the asset and liability method to determine income taxes on all transactions recorded in the 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 consolidated financial statements. Interest and/or penalties related to income tax matters are recognized in income tax expense. Recently Adopted and Issued Accounting Pronouncements For the year ended December 31, 2013, we have not adopted any new accounting pronouncements that had a material impact on our consolidated financial statements. In addition, we have reviewed all recently issued, but not yet effective, accounting pronouncements and do not believe the future adoption of any such pronouncements will have a material impact on our financial position or results of our operations.

The entire disclosure for all significant accounting policies of the reporting entity.

+ References+ Details

Restructuring Charges

12 Months Ended

Dec. 31, 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. This restructuring program was completed in the first quarter of 2013.

The following table presents a summary of restructuring charges in the Consolidated Statements of Income for the years ended December 31, 2013 and 2012:


	Year Ended December 31,
	2013		2012

	(in millions)
Severance	$	6	$	23
Facilities-related		1		10
Asset impairments		1		9
Other		1		2
Total restructuring charges	$	9	$	44

During 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 2012, we recognized restructuring charges totaling $44 million, including severance costs of $23 million related to workforce reductions of 226 positions across our organization, $10 million of facilities-related charges, discussed below, $9 million of asset impairments, primarily consisting of fixed assets and capitalized software that have been retired, and $2 million of other charges.

Restructuring Reserve

Severance

The accrued severance balance totaled $3 million at December 31, 2013 and $8 million at December 31, 2012 and is included in current liabilities in the Consolidated Balance Sheets. The majority of the remaining accrued severance balance will be paid during the first quarter of 2014. During 2013, $11 million of severance was paid.

Facilities-related

The facilities-related charges of $1 million for 2013 relate to lease rent accruals for facilities we no longer occupy due to facilities consolidation. The facilities-related charges of $10 million for 2012 relate to lease rent accruals for facilities we no longer occupy due to facilities consolidation of $5 million and 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 $1 million at December 31, 2013 and $3 million at December 31, 2012, is included in other current liabilities and other non-current liabilities in the Consolidated Balance Sheets.

Acquisitions and Divestitures [Abstract]

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 Divestiture

12 Months Ended

Dec. 31, 2013

Acquisitions and Divestitures

4. Acquisitions and Divestiture

We completed the following acquisitions and strategic initiatives in 2013, 2012 and 2011. Financial results of each transaction are included in our Consolidated Statements of Income from the date of each acquisition or strategic initiative.

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 2013.

Acquisition of eSpeed for Trading of U.S. Treasuries

On June 28, 2013, we acquired eSpeed from BGC 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 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 the 2021 Notes to fund the cash consideration paid by us for the acquisition of eSpeed. See “3.875% Senior Unsecured Notes,” of Note 9, “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 useful life of the trade name to be indefinite. The 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 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 9, “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 assets 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 assets 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 relating to eSpeed, 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 creating NPM, a marketplace for private growth companies. We own a majority interest in NPM, combining NASDAQ OMX’s resources, market and operating expertise with SharesPost’s web-based platform. Subject to regulatory approvals, NPM is expected to launch in the first quarter of 2014. NPM is part of our U.S. Listing Services business within our Listing Services segment.

EMCF and EuroCCP Merger

In December 2013, EMCF merged with EuroCCP, creating EuroCCP N.V., a new combined clearinghouse. NASDAQ OMX previously had a 22% equity interest in EMCF and, upon completion of the merger, currently has a 25% equity interest in EuroCCP N.V. EuroCCP N.V. combined the risk management and customer service organization of EuroCCP with the technology and operations infrastructure of EMCF. We account for our investment in EuroCCP N.V. under the equity method of accounting. We purchased the additional ownership interest in EuroCCP N.V. for an immaterial amount. See “Equity Method Investments,” of Note 6, “Investments,” for further discussion of our equity method investments.

Acquisition of Dutch Cash Equities and Equity Derivatives Trading Venue

In April 2013, we acquired a 25% equity interest in TOM, a Dutch cash equities and equity derivatives trading venue, for an immaterial amount. 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 expanded our derivatives presence in Europe 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, which is included in merger and strategic initiatives expense in the Consolidated Statements of Income.

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 Euros) 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 Euros). 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 multiplied 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.

Due to changes in the anticipated performance of BWise, the estimated amount of future expected contingent purchase price obligations is $12 million at December 31, 2013 with payment dates through March 31, 2015. As a result, an $8 million reduction was recorded to merger and strategic initiatives expense in the Consolidated Statements of Income for 2013.

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

In December 2012, we acquired the index business of Mergent, Inc., including Indxis, for $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.

We finalized the allocation of the purchase price for BWise in the second quarter of 2013, NOS Clearing in the third quarter of 2013 and the index business of Mergent, Inc., including Indxis, in the fourth quarter of 2013. There were no adjustments to the provisional values for the above acquisitions during 2013.

2011 Acquisitions

Acquisition of Glide Technologies


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

		(in millions)
Glide Technologies	$	22	$	(2)	$	4	$	20

In October 2011, we acquired Glide Technologies, a London-based service provider specializing in corporate communications and reputation management solutions, for $22 million in cash. We acquired net liabilities, at fair value, totaling $1 million and recorded a non-current deferred tax liability of $1 million related to purchased intangible assets, resulting in total net liabilities acquired of $2 million. The purchased intangible assets totaling $4 million consisted of technology and customer relationships. Glide Technologies is part of our Corporate Solutions business within our Technology Solutions segment.

We finalized the allocation of the purchase price for Glide Technologies in the fourth quarter of 2012. There were no adjustments to the provisional values for this acquisition during the year ended 2012.

Acquisition of the Business of RapiData

In December 2011, we acquired the business of RapiData LLC, a leading provider of machine-readable economic news to trading firms and financial institutions, for an immaterial amount. Through RapiData, we deliver U.S. government and other economic news directly from the source to customers interested in receiving information in an electronic feed. This service is part of our Market Data business within our Information Services segment.

Pro Forma Results and Acquisition-related Costs

The consolidated financial statements for the years ended December 31, 2013, 2012 and 2011 include the financial results of the above 2013, 2012 and 2011 acquisitions from the date of each acquisition. Pro forma financial results for the acquisitions completed in 2013, 2012 and 2011 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 Consolidated Statements of Income.

2012 Divestiture

In August 2012, we sold our majority-owned subsidiary IDCG to LCH Clearnet Group, Limited, or LCH. Under the terms of the transaction, NASDAQ OMX received ordinary shares of LCH valued at 19 Euros per share, resulting in NASDAQ OMX having a 3.7% pro forma ownership in LCH at that time. We recorded a $14 million loss, which is included in loss on divestiture of business in the Consolidated Statements of Income for the year ended December 31, 2012. IDCG was part of our U.S. derivative trading and clearing business within our Market Services segment.

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 Purchased Intangible Assets [Abstract]

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+ Details

Goodwill and Purchased Intangible Assets

12 Months Ended

Dec. 31, 2013

Goodwill and Purchased Intangible Assets

5. Goodwill and Purchased Intangible Assets

Goodwill

The following table presents the changes in goodwill by business segment during the year ended December 31, 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		8		-		6		6		20
Balance at December 31, 2013	$	3,433	$	136	$	2,019	$	598	$	6,186

As of December 31, 2013, the amount of goodwill that is expected to be deductible for tax purposes in future periods is $878 million, of which $501 million is related to our acquisition of eSpeed and $299 million is related to our acquisition of the TR Corporate Solutions businesses.

The goodwill acquired for Market Services and Information Services shown above relates to our acquisition of eSpeed in June 2013. The goodwill acquired for Technology Solutions shown above relates to our acquisition of the TR Corporate Solutions businesses. See “2013 Acquisitions,” of Note 4, “Acquisitions and Divestiture,” for further discussion.

Purchased Intangible Assets

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



	December 31, 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	$	39	$	(12)	$	27		5	$	26	$	(10)	$	16		5
Customer relationships		1,075		(292)		783		19		871		(238)		633		21
Other		5		(3)		2		8		6		(2)		4		8
Foreign currency translation adjustment		3		-		3				6		(1)		5
Total finite-lived intangible assets	$	1,122	$	(307)	$	815			$	909	$	(251)	$	658

Indefinite-Lived Intangible Assets
Exchange and clearing registrations	$	790	$	-	$	790			$	790	$	-	$	790
Trade names		756		-		756				185		-		185
Licenses		51		-		51				51		-		51
Foreign currency translation adjustment		(26)		-		(26)				(34)		-		(34)
Total indefinite-lived intangible assets	$	1,571	$	-	$	1,571			$	992	$	-	$	992
Total intangible assets	$	2,693	$	(307)	$	2,386			$	1,901	$	(251)	$	1,650

Amortization expense for purchased finite-lived intangible assets was $63 million for the year ended December 31, 2013, $52 million for the year ended December 31, 2012 and $55 million for the year ended December 31, 2011. The increase in amortization expense in 2013 compared to 2012 was primarily due to amortization expense on identifiable finite-lived intangible assets purchased in connection with the acquisitions of eSpeed and the TR Corporate Solutions businesses offset by lower amortization expense on certain intangible assets that were impaired in the first quarter of 2013 as discussed below. The decrease in amortization expense in 2012 compared to 2011 was primarily due to lower amortization expense on certain intangible assets that were impaired in the second quarter of 2012 as discussed below, partially offset by amortization expense on identifiable finite-lived intangible assets purchased in connection with the acquisition of BWise in May 2012.

The estimated future amortization expense (excluding the impact of foreign currency translation adjustments of $3 million as of December 31, 2013) of purchased finite-lived intangible assets as of December 31, 2013 is as follows:



	(in millions)
2014	$	71
2015		69
2016		67
2017		65
2018		61
2019 and thereafter		479
Total	$	812

Intangible Asset Impairment Charges

During 2013, we recorded non-cash intangible asset impairment charges totaling $14 million related to certain acquired intangible assets associated with customer relationships ($7 million) and a certain trade name ($7 million). These impairments resulted primarily from changes in the forecasted revenues associated with the acquired customer list of 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 Consolidated Statements of Income for 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 Consolidated Statements of Income for 2012. 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 segments’ 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.

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Investments	12 Months Ended
Investments	Dec. 31, 2013
Investments [Abstract]
Investments	6. Investments Trading Securities Trading securities, which are included in financial investments, at fair value in the Consolidated Balance Sheets, were $162 million at December 31, 2013 and $201 million as of December 31, 2012. These securities are primarily comprised of Swedish government debt securities, of which $140 million as of December 31, 2013 and $134 million as of December 31, 2012 are assets utilized to meet regulatory capital requirements primarily for our clearing operations at NASDAQ OMX Nordic Clearing. Available-for-Sale Investment Security Investment in DFM In the fourth quarter of 2013, we sold our available-for-sale investment security in DFM for $48 million and recorded a gain on the sale of $30 million, which is net of costs directly related to the sale, primarily broker fees. The gain is included in gain on sale of investment security in the Consolidated Statements of Income for the year ended December 31, 2013. As of December 31, 2012, our available-for-sale investment security in DFM was included in financial investments, at fair value in the Consolidated Balance Sheets. The adjusted cost basis of this security was $18 million and the fair value was $22 million. The gross change between the adjusted cost basis and fair value as of December 31, 2012 of $4 million was reflected as an unrealized holding gain in accumulated other comprehensive loss in the Consolidated Balance Sheets. Equity Method Investments The carrying amounts of our equity method investments totaled $30 million as of December 31, 2013 and $13 million as of December 31, 2012 and are included in other non-current assets in the Consolidated Balance Sheets. At December 31, 2013, our equity method investments consisted primarily of our equity interests in EuroCCP N.V. and TOM. At December 31, 2012, our equity method investments consisted primarily of our equity interest in EMCF. See “EMCF and EuroCCP Merger,” and “Acquisition of Dutch Cash Equities and Equity Derivatives Trading Venue,” of Note 4, “Acquisitions and Divestiture,” for further discussion. Income (loss) recognized from our equity interest in the earnings and losses of these equity method investments was a net loss of $2 million for the year ended December 31, 2013, a net loss of $1 million for the year ended December 31, 2012 and a net gain of $2 million for the year ended December 31, 2011. 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 Consolidated Statements of Income for the year ended December 31, 2012. Income (loss) recognized from our equity method investments is included in net income (loss) from unconsolidated investees in the Consolidated Statements of Income. Cost Method Investment The carrying amount of our cost method investment totaled $65 million as of December 31, 2013 and $37 million as of December 31, 2012 and is included in other non-current assets in the Consolidated Balance Sheets. Our cost method investment represents our ownership interest in LCH which was 5% as of December 31, 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, undertaken by 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. See “2012 Divestiture,” of Note 4, “Acquisitions and Divestitures,” for further discussion.

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

Property, Plant and Equipment [Abstract]

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+ Details

Property and Equipment, net

12 Months Ended

Dec. 31, 2013

Property and Equipment, net

7. Property and Equipment, net

The following table presents our major categories of property and equipment, net:


		Year Ended December 31,
		2013		2012

	(in millions)
Data processing equipment and software	$	511	$	409
Furniture, equipment and leasehold improvements		216		203
Total property and equipment		727		612
Less: accumulated depreciation and amortization		(459)		(401)
Total property and equipment, net	$	268	$	211

Depreciation and amortization expense for property and equipment was $59 million for the year ended December 31, 2013, $52 million for the year ended December 31, 2012 and $54 million for the year ended December 31, 2011. The increase in depreciation and amortization expense in 2013 compared to 2012 was due to an increase in assets placed in service during 2013 primarily related to software. The decrease in depreciation and amortization expense in 2012 compared to 2011 is primarily due to our restructuring actions taken in 2012 which included the write-off and disposal of leasehold improvements and asset impairments primarily consisting of fixed assets and capitalized software which have been retired, partially offset by depreciation and amortization on assets placed into service in 2012. See Note 3, “Restructuring Charges,” for further discussion of our restructuring actions. These amounts are included in depreciation and amortization expense in the Consolidated Statements of Income.

As of December 31, 2013 and 2012, we do not own any real estate properties.

The entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures.

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Deferred Revenue

12 Months Ended

Dec. 31, 2013

Deferred Revenue [Abstract]

Deferred Revenue

8. Deferred Revenue

Deferred revenue represents cash payments received that are yet to be recognized as revenue. At December 31, 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(1)		Total

	(in millions)
Fiscal year ended:
2014	$	11	$	33	$	25	$	82	$	151
2015		10		23		1		30		64
2016		8		14		-		24		46
2017		6		5		-		11		22
2018		4		-		-		5		9
2019 and thereafter		2		-		-		-		2
	$	41	$	75	$	26	$	152	$	294

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

The changes in our deferred revenue during the years ended December 31, 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)		17		38		247		245		547
Amortization(1)		(12)		(41)		(247)		(254)		(554)
Translation adjustment		-		-		(6)		12		6
Balance at December 31, 2013	$	41	$	75	$	26	$	152	$	294

Balance at January 1, 2012	$	39	$	86	$	25	$	128	$	278
Additions(1)		11		31		213		98		353
Amortization(1)		(14)		(39)		(208)		(85)		(346)
Translation adjustment		-		-		2		8		10
Balance at December 31, 2012	$	36	$	78	$	32	$	149	$	295

(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 our Market Technology delivered client contracts in the support phase charged during the period and our Corporate Solutions subscription based contracts. For our Market Technology contracts, 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. For these Market Technology contracts, we have included the deferral of costs in other current assets and other non-current assets in the Consolidated Balance Sheets. The amortization of Technology Solutions deferred revenue primarily includes revenues earned from Market Technology client contracts and Corporate Solutions subscription based contracts recognized during the period.

Debt Obligations

12 Months Ended

Dec. 31, 2013

Debt Obligations [Abstract]

Debt Obligations

9. Debt Obligations

The following table presents the changes in the carrying amount of our debt obligations during the year ended December 31, 2013:



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

	(in millions)
2.50% convertible senior notes repaid August 15, 2013(1)	$	91	$	-	$	(91)	$	-
4.00% senior unsecured notes due January 15, 2015 (net of discount)(2)		399		-		1		400
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		42		824
$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 1.57% for the period January 1, 2013 through December 31, 2013)		394		-		(45)		349
$750 million revolving credit commitment due September 19, 2016 (average interest rate of 1.36% for the period January 1, 2013 through December 31, 2013)		126		120		(151)		95
Total debt obligations		1,976		902		(244)		2,634
Less current portion		(136)		-		91		(45)
Total long-term debt obligations	$	1,840	$	902	$	(153)	$	2,589

(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 the 2013 Convertible Notes.

Tender Offer, Early Extinguishment of Debt and Debt Repayment

On September 20, 2011, we commenced a cash tender offer for any and all of the $428 million aggregate principal amount outstanding of the 2013 Convertible Notes, or the Offer. As a result of the Offer, in October 2011, we recorded a pre-tax charge of $25 million consisting of the write-off of the associated unamortized debt discount of $22 million, debt issuance costs of $2 million, as well as other costs of $1 million. This charge was recorded in general, administrative and other expense in the Consolidated Statements of Income for 2011. The 2013 Convertible Notes purchased pursuant to the Offer were cancelled and are no longer outstanding.

The tender offer and early extinguishment of debt discussed above resulted in a remaining aggregate principal amount outstanding of the 2013 Convertible Notes of $93 million as of December 31, 2012. We repaid the remaining outstanding balance of the 2013 Convertible Notes in August 2013.

Interest Expense

Interest expense recognized on the 2013 Convertible Notes in the Consolidated Statements of Income for the years ended December 31, 2013, 2012 and 2011 is as follows:



	Year Ended December 31,
	2013		2012		2011

		(in millions)
Components of interest expense recognized on the 2013 Convertible Notes
Accretion of debt discount	$	2	$	3	$	13
Contractual interest		1		3		9
Total interest expense recognized on the 2013 Convertible Notes	$	3	$	6	$	22

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 December 31, 2013, the balance of $400 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 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 $1 million for each of the three years ended December 31, 2013, 2012 and 2011.

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. We applied the net proceeds from the 2018 Notes of $367 million and cash on hand of $3 million to repay in full all amounts outstanding under a former bridge facility, as well as related fees.

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 December 31, 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.

Debt Issuance Costs

We incurred debt issuance costs of $3 million in connection with the issuance of the 2018 Notes. These costs, which are capitalized and included in other non-current assets in the Consolidated Balance Sheets, are being amortized over the life of the debt obligation. Amortization expense, which is recorded as additional interest expense for these costs, was immaterial for each of the three years ended December 31, 2013, 2012 and 2011.

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 December 31, 2013, the balance of $824 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.

The 2021 Notes have been designated as a hedge of our net investment in certain foreign subsidiaries to mitigate the foreign exchange risk associated with certain investments in these subsidiaries. The increase of $42 million noted in the “Payments, Conversions, Accretion and Other” column in the table above reflects the translation of the 2021 Notes into U.S. dollars and is recorded in accumulated other comprehensive loss in the Consolidated Balance Sheets for the year ended December 31, 2013.

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 used the remaining proceeds for general corporate purposes. See “Acquisition of eSpeed for Trading of U.S. Treasuries,” of Note 4, “Acquisitions and Divestiture,” 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 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 $1 million for 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 the 2016 Term Loan of $450 million 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 a former credit facility.

In October 2011, we borrowed $250 million under the revolving credit commitment and utilized cash on hand of $96 million in order to fund the purchase of the 2013 Convertible Notes tendered in the Offer. In November 2011, we made an optional prepayment of $24 million and in March 2012 we made an optional prepayment of $100 million on the revolving credit commitment. As a result, availability under the revolving credit commitment was $624 million as of December 31, 2012.

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 and Divestiture,” for further discussion of our acquisition of the TR Corporate Solutions businesses. During the third quarter of 2013, we borrowed an additional $70 million under the revolving credit commitment and used the funds borrowed and cash on hand to pay down our 2013 Convertible Notes that matured in August 2013. During 2013, we repaid $151 million of the amount drawn on the revolving credit commitment. As of December 31, 2013, availability under the revolving credit commitment was $655 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 aggregate original principal amounts borrowed under the 2016 Term Loan. In both 2013 and 2012, we made required quarterly principal payments totaling $45 million on the 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 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 $1 million for both 2013 and 2012 and was immaterial for 2011.

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 December 31, 2013, these credit facilities, which are available in multiple currencies, primarily Swedish Krona, totaled $312 million ($219 million in available liquidity and $93 million to satisfy regulatory requirements), of which $11 million was utilized. At December 31, 2012, these credit facilities, which are available in multiple currencies, primarily Swedish Krona, totaled $310 million ($217 million in available liquidity and $93 million to satisfy regulatory requirements), none of which was utilized.

Debt Covenants

At December 31, 2013, we were in compliance with the covenants of all of our debt obligations.

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

Income Taxes

12 Months Ended

Dec. 31, 2013

Income Taxes [Abstract]

Income Taxes

10. Income Taxes

The income tax provision consists of the following amounts:


	Year Ended December 31,
	2013		2012		2011

	(in millions)
Current income taxes:
Federal	$	134	$	130	$	129
State		21		37		34
Foreign		33		16		23
Total current income taxes		188		183		186
Deferred income taxes:
Federal		13		(10)		(18)
State		11		6		-
Foreign		4		20		22
Total deferred income taxes		28		16		4
Total income tax provision	$	216	$	199	$	190

U.S. federal taxes have not been provided on undistributed earnings of certain non-U.S. subsidiaries to the extent such earnings will be reinvested abroad for an indefinite period of time. At December 31, 2013, the cumulative amount of undistributed earnings in these subsidiaries is approximately $167 million. We have the intent and ability to indefinitely reinvest the undistributed earnings of our non-U.S. subsidiaries.

A reconciliation of the income tax provision, based on the U.S. federal statutory rate, to our actual income tax provision for the years ended December 31, 2013, 2012 and 2011 is as follows:


	Year Ended December 31,
	2013		2012		2011

	(in millions)
Federal income tax provision at the statutory rate	35.0	%	35.0	%	35.0	%
State income tax provision, net of federal effect	2.9	%	4.2	%	3.3	%
Non-U.S. subsidiary earnings	(4.4)	%	(6.3)	%	(6.3)	%
Change in deferred taxes due to change in tax rate(1)	0.6	%	2.3	%	0.5	%
Change in unrecognized tax benefits	4.8	%	2.6	%	1.0	%
Other, net	(2.9)	%	(1.5)	%	(0.3)	%
Actual income tax provision(1)	36.0	%	36.3	%	33.2	%

(1) The higher effective tax rate in 2012 when compared to 2011 was primarily due to the impact to deferred tax assets and deferred tax liabilities resulting from changes in tax rates in various jurisdictions within the U.S. and outside the U.S., adjustments related to our 2005 – 2011 tax return liabilities which resulted in an increase to the tax provision and a shift in the geographic mix of earnings and losses. These increases are partially offset by a permanent tax benefit associated with certain taxable foreign exchange revaluation losses which are not reflected in pre-tax earnings.

The temporary differences, which give rise to our deferred tax assets and (liabilities), consisted of the following:


		December 31,
		2013		2012

	(in millions)
Deferred tax assets:
Deferred revenues	$	36	$	39
U.S. federal net operating loss		1		10
Foreign net operating loss		105		95
State net operating loss		1		4
Compensation and benefits		84		112
Foreign currency translation		231		103
Lease reserves		11		14
Tax credits		10		17
Other		17		14
Gross deferred tax assets		496		408

Deferred tax liabilities:
Amortization of software development costs and depreciation		(91)		(58)
Amortization of acquired intangible assets		(631)		(647)
Compensation and benefits		(12)		(18)
Other		(12)		(25)
Gross deferred tax liabilities		(746)		(748)
Net deferred tax liabilities before valuation allowance		(250)		(340)
Less: valuation allowance		(80)		(81)
Net deferred tax liabilities	$	(330)	$	(421)

A valuation allowance has been established with regards to the tax benefits primarily associated with certain net operating losses, as it is more likely than not that these benefits will not be realized in the future.

In 2013, our U.S. federal net operating loss of $1 million related to the acquisition of FTEN will expire in 2030. Our foreign net operating loss of $105 million, as of December 31, 2013, includes $58 million that will expire in years 2018 through 2023 and $47 million that has no expiration date. Also, our state net operating loss of $1 million, as of December 31, 2013, will expire in years 2014 through 2033. Our tax credits of $10 million include $7 million related to U.S. research and development credits that will expire in years 2018 through 2027, and $3 million related to non-U.S. tax credits that will expire in years 2014 through 2017.

The following represents the domestic and foreign components of income before income tax provision:


	Year Ended December 31,
	2013		2012		2011

	(in millions)
Domestic	$	362	$	355	$	321
Foreign		238		193		252
Income before income tax provision	$	600	$	548	$	573

In 2013, 2012 and 2011, we recorded income tax benefits of $16 million, $7 million and $10 million, respectively, primarily related to share-based compensation. These amounts were recorded as additional paid-in-capital in the Consolidated Balance Sheets.

We are subject to examination by federal, state and local, and foreign tax authorities. We regularly assess the likelihood of additional assessments by each jurisdiction and have established tax reserves that we believe are adequate in relation to the potential for additional assessments. We believe that the resolution of tax matters will not have a material effect on our financial condition but may be material to our operating results for a particular period and the effective tax rate for that period.

As of December 31, 2013 and 2012, there are $52 million and $27 million of unrecognized tax benefits that if recognized would affect our effective tax rate.

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:


		Year Ended December 31,
		2013		2012

	(in millions)
Beginning balance	$	32	$	18
Additions as a result of tax positions taken in prior periods		17		16
Additions as a result of tax positions taken in the current period		11		3
Reductions related to settlements with taxing authorities		(1)		(5)
Reductions as a result of lapses of the applicable statute of limitations		(1)		-
Ending balance	$	58	$	32

Our policy is to recognize interest and/or penalties related to income tax matters in income tax expense. As of December 31, 2013, we had accrued $8 million for interest and penalties, net of tax effect. As of December 31, 2012, we had accrued $5 million for interest and penalties, net of tax effect.

NASDAQ OMX and its eligible subsidiaries file a consolidated U.S. federal income tax return and applicable state and local income tax returns and non-U.S. income tax returns. Federal income tax returns for the years 2007 through 2010 are currently under audit by the Internal Revenue Service. In 2013, we derecognized a previously recognized tax benefit associated with the audit of the federal income tax returns for the years 2007 through 2010, resulting in an increase to tax expense of $19 million. This amount is offset by a credit to operating expenses of $19 million associated with a receivable under a tax sharing agreement with an unrelated party. We also recorded an increase to tax expense of $8 million associated with the $19 million receivable. This amount is partially offset by a credit to operating expenses of $4 million associated with a receivable under a tax sharing agreement with an unrelated party. We are subject to examination for 2011 and 2012 by the Internal Revenue Service. Several state tax returns are currently under examination by the respective tax authorities for the years 2005 through 2010 and we are subject to examination for 2011 and 2012. Non-U.S. tax returns are subject to examination by the respective tax authorities for the years 2006 through 2012. We anticipate that the amount of unrecognized tax benefits at December 31, 2013 will significantly decrease in the next twelve months as we expect to settle certain tax audits. The final outcome of such audits cannot yet be determined. We anticipate that such adjustments will not have a material impact on our consolidated financial position or results of operations.

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 for years 2009 through 2011, 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. Through December 31, 2013, we have recorded tax benefits of $18 million associated with this filing position. Of this amount we have paid $12 million to the Finnish tax authorities. We have also paid $11 million in interest and penalties. In 2014 we will pay $6 million which represents the benefit taken in 2013. We expect the Finnish Administrative Court to agree with our position and, if so, NASDAQ OMX will receive a refund of $29 million.

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 Advance Tax Rulings. We expect to receive a favorable response from the Swedish Tax Council for Advance Tax Rulings. Since January 1, 2013, we have recorded tax benefits of $16 million, or $0.09 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.

Other Tax Matters

In December 2012, the Swedish Tax Agency approved our 2010 amended VAT tax return and we received a cash refund for the amount claimed. In 2013, we filed VAT tax returns for 2011 and 2012 and utilized the same approach which was approved for the 2010 filing. However, even though the VAT return position was previously reviewed and approved by the Swedish Tax Agency, we were informed by the Swedish Tax Agency that our VAT refund claims for 2011 and 2012 are not valid. However, they will not seek reimbursement of the 2010 refund. We will appeal the finding by the Swedish Tax Agency. Through December 31, 2013, we have recorded benefits of $14 million associated with this position.

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References+ Details

Employee Benefits

12 Months Ended

Dec. 31, 2013

Employee Benefits [Abstract]

Employee Benefits

11. 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 Consolidated Statements of Income:



	Year Ended December 31,
	2013		2012		2011
	(in millions)
Components of net periodic benefit cost:
Interest cost	$	5	$	6	$	6
Expected return on plan assets		(5)		(5)		(5)
Recognized net actuarial loss		4		3		3
Curtailment loss		2		-		-
Net periodic benefit cost	$	6	$	4	$	4

Benefit Obligations and Funded Status

The following table provides a reconciliation of the changes in the benefit obligation, the plan assets and the funded status of the NASDAQ OMX Benefit Plans:


	2013								2012
	Pension		SERP		Post-retirement		Total		Pension		SERP		Post-retirement		Total

Change in benefit obligation	(in millions)
Benefit obligation at beginning of year	$	104	$	33	$	4	$	141	$	86	$	30	$	11	$	127
Interest cost		4		1		-		5		4		2		-		6
Actuarial (gains) losses		-		-		(1)		(1)		1		-		(7)		(6)
Benefits paid		(2)		(2)		-		(4)		(4)		(2)		-		(6)
Settlements		(5)		-		-		(5)		-		-		-		-
(Gains) losses due to change in discount rate		(15)		(3)		-		(18)		17		3		-		20
Loss due to change in mortality rate		5		1		-		6		-		-		-		-
Benefit obligation at end of year		91		30		3		124		104		33		4		141
Change in plan assets
Fair value of plan assets at beginning of year		75		-		-		75		62		-		-		62
Actual return on plan assets		6		-		-		6		7		-		-		7
Company contributions		1		2		-		3		10		2		-		12
Benefits paid		(2)		(2)		-		(4)		(4)		(2)		-		(6)
Settlements		(5)		-		-		(5)		-		-		-		-
Fair value of plan assets at end of year		75		-		-		75		75		-		-		75
Underfunded status of the plans		(16)		(30)		(3)		(49)		(29)		(33)		(4)		(66)
Accumulated benefit obligation	$	91	$	30	$	3	$	124	$	104	$	33	$	4	$	141

The total underfunded status of the NASDAQ OMX Benefit Plans of $49 million at December 31, 2013 and $66 million at December 31, 2012 is included in other non-current liabilities and accrued personnel costs in the Consolidated Balance Sheets. No plan assets are expected to be returned to us during the year ending December 31, 2014.

Actuarial Assumptions

The following tables provide the weighted-average actuarial assumptions for the NASDAQ OMX Benefit Plans.

Weighted-average assumptions used to determine benefit obligations at the end of the fiscal year:



	2013		2012
Discount rate:
Pension	4.90	%	4.00	%
SERP	4.90	%	4.00	%
Post-retirement	4.90	%	4.00	%

Weighted-average assumptions used to determine net benefit cost for the fiscal year:


	2013		2012		2011
Discount rate:
Pension	4.00	%	5.00	%	5.25	%
SERP	4.00	%	5.00	%	5.25	%
Post-retirement	4.00	%	5.00	%	5.25	%
Expected return on plan assets:
Pension	7.75	%	7.75	%	8.00	%
SERP	N/A		N/A		N/A
Post-retirement	N/A		N/A		N/A

N/A—Not applicable

The assumptions above are used to develop the benefit obligations at fiscal year-end and to develop the net periodic benefit cost for the subsequent fiscal year. Therefore, the assumptions used to determine benefit obligations were established at each year-end while the assumptions used to determine net periodic benefit cost for each year are established at the end of each previous year.

The net periodic benefit obligations and the net periodic benefit cost are based on actuarial assumptions that are reviewed on an annual basis. We revise these assumptions based on an annual evaluation of long-term trends, as well as market conditions, which may have an impact on the cost of providing retirement benefits.

For 2014, the weighted-average assumed healthcare cost trend rate used for post-retirement measurement purposes for the NASDAQ OMX Benefit Plans is 8.0%. A one percent increase or decrease in the assumed healthcare cost trend would have an immaterial effect on the post-retirement service and interest cost and post-retirement benefit obligation for our plans.

Plan Assets of the NASDAQ OMX Benefit Plans

NASDAQ OMX’s Pension and 401(k) Committee, which is comprised of employees of NASDAQ OMX, has oversight responsibility for the plan assets of the NASDAQ OMX Benefit Plans. The investment policy and strategy of the plan assets, which was adopted by NASDAQ OMX’s Pension and 401(k) Committee, is to provide for preservation of principal, both in nominal and real terms, in order to meet the long-term spending needs of the NASDAQ OMX Benefit Plans. We invest in securities per the target allocations stated below. Target allocations may change based on certain funded levels. Approximated allocations for plan assets as of December 31, 2013 were as follows:


	Target Allocation
Equity securities	40%
Fixed income securities	44%
Other investment strategies and cash	16%
Total allocation	100%

Asset allocations are reviewed quarterly and adjusted, as appropriate, to remain within target allocations. The investment policy is reviewed on an annual basis, with the advice of an investment consultant, to determine if the policy or asset allocation targets should be changed.

The fair value of the plan assets for the NASDAQ OMX Benefit Plans at December 31, 2013, by asset category and fair value hierarchy, are as follows:



		Total Benefit Plan Assets	Fair Value Measurements(1)
		as of December 31, 2013	Level 1		Level 2		Level 3
	(in millions)
Equity securities(2)	$	30	$	-	$	30	$	-
Fixed income securities(3)		32		3		29		-
Other investment strategies and cash(4)		13		3		-		10
Total benefit plan assets	$	75	$	6	$	59	$	10

(1) See Note 15, “Fair Value of Financial Instruments,” for further discussion of fair value measurements.

(2) Includes securities held in various classes of domestic, international and emerging market equities.

(3) Includes investments in U.S. fixed income and emerging markets debt.

(4) Includes cash, securities held in multi-strategy hedge funds, and securities held in real estate funds. Securities held in multi-strategy hedge funds are held in multiple asset classes and include investments in equity and fixed income securities. Securities held in real estate funds include investments in a real estate exchange traded fund and an open-end commingled fund.

As of December 31, 2012, total benefit plan assets of $75 million were held entirely in cash and cash equivalents due to a transition between investment managers and classified under Level 1 of the fair value hierarchy.

The change in Level 3 plan assets for the year ended December 31, 2013 is as follows:


	December 31, 2012(1)		Purchases		Net unrealized gains		December 31, 2013

Other investment strategies:	(in millions)
Real estate investment	$	-	$	2	$	-	$	2
Hedge fund investment		-		7		1		8
Total other investment strategies	$	-	$	9	$	1	$	10

(1) There were no Level 3 plan assets as of December 31, 2012.

All Level 3 pension plan assets are valued by our independent third party investment plan manager. The Level 3 plan assets in the real estate investment are valued using various valuation techniques which include the income capitalization approach, the sales comparison approach and the cost approach. The Level 3 plan assets in the hedge fund investment are valued based on the net asset value of the underlying investments.

The expected rate of return on plan assets for the NASDAQ OMX Benefit Plans represents our long-term assessment of return expectations which may change based on significant shifts in economic and financial market conditions. The long-term rate of return on plan assets is derived from return assumptions determined based on asset classes held and weighted based on the current target allocation for each class. Over the long term, our investments in equity securities are expected to return between 7% and 10%, investments in fixed income securities are expected to return between 2% and 7%, other investment strategies are expected to return between 6% and 7%, and cash is expected to return between 1% and 2%. While we considered the NASDAQ OMX Benefit Plans’ recent performance and other economic growth and inflation factors, which are supported by long-term historical data, the return expectations for each of these asset categories represents a long-term prospective return. Based on historical experience, the NASDAQ OMX Pension and 401(k) Committee expects that the plans’ asset managers overall will provide a modest (1% per annum) premium to their respective market benchmark indexes.

Accumulated Other Comprehensive Income (Loss)

Accumulated other comprehensive income (loss), as of December 31, 2013, consisted of the following amounts that have yet to be recognized in net periodic benefit costs for the NASDAQ OMX Benefit Plans:


	Pension		SERP		Post-retirement		Total

	(in millions)
Unrecognized net actuarial gain (loss)	$	(29)	$	(1)	$	8	$	(22)
Income tax benefit (expense)		12		-		(3)		9
Employee benefit plan adjustments, net of tax	$	(17)	$	(1)	$	5	$	(13)

Estimated Future Benefit Payments

We expect to make the following benefit payments to participants in the next ten fiscal years under the NASDAQ OMX Benefit Plans:


	Pension		SERP		Post-retirement		Total

Fiscal Year Ended:	(in millions)
2014	$	3	$	3	$	-	$	6
2015		4		3		-		7
2016		4		2		-		6
2017		4		12		-		16
2018		5		2		-		7
2019 through 2023		26		8		1		35
	$	46	$	30	$	1	$	77

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 Consolidated Statements of Income and were $19 million in 2013, $18 million in 2012 and $14 million in 2011.

As part of the acquisition of certain subsidiaries of Nord Pool, we assumed the obligation for several pension plans providing benefits for these employees. Employees covered under these pension plans are entitled to defined future pension benefits based on the number of years of employment and pay at retirement age. The measurement date of the plan obligations is December 31. The projected benefit obligation was $11 million at December 31, 2013 and $12 million at December 31, 2012. The fair value of the plan assets was $12 million at December 31, 2013 and $9 million at December 31, 2012. The overfunded status of the plans was $1 million at December 31, 2013 and the underfunded status of the plans was $3 million at December 31, 2012. We recorded a gain of $7 million in 2013 for these plans primarily due to a change in actuarial assumptions. The benefit cost for these plans was immaterial in 2012 and $2 million in 2011.

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. Effective January 1, 2014, we increased our employer contribution match dollar for dollar to 6.0% of eligible employee contributions. Savings plan expense included in compensation and benefits expense in the Consolidated Statements of Income was $6 million in 2013, $5 million in 2012 and $4 million in 2011.

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 Consolidated Statements of Income was $5 million in 2013, 2012 and 2011.

In December 2013, we announced changes to the ERC program. In 2014, we will reduce the basic ERC contribution for all plan participants and effective January 1, 2015, the ERC plan will be discontinued and no future contributions will be made.

Employee Stock Purchase Plan

We have an ESPP under which approximately 3.1 million shares of our common stock have been reserved for future issuance as of December 31, 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 Consolidated Statements of Income.

Under our ESPP, employees may purchase shares having a value not exceeding 10.0% of their annual compensation, subject to applicable annual Internal Revenue Service limitations. During 2013, employees purchased 271,843 shares at a weighted-average price of $24.12, during 2012, employees purchased 289,923 shares at a weighted-average price of $19.34 and during 2011, employees purchased 246,850 shares at a weighted-average price of $20.64 under the ESPP. We recorded compensation expense of $3 million in 2013, $2 million in 2012 and $1 million in 2011 for the 15.0% discount that is given to our employees.

Share-Based Compensation

12 Months Ended

Dec. 31, 2013

Share-Based Compensation [Abstract]

Share-Based Compensation

12. 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, and 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 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 that vest at the end of the 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. The following weighted-average assumptions were used to determine the weighted-average fair values of the PSU awards granted under the TSR program for the year ended December 31, 2013 and December 31, 2012:



	Year Ended December 31,
	2013		2012


Weighted-average risk free interest rate		0.45%		0.34%
Expected volatility(1)		31.4%		32.9%
Weighted-average fair value at grant date	$	43.81	$	22.50

(1) We use historic volatility for PSU awards issued under the TSR program, as implied volatility data could not be obtained for all the companies in the peer groups used for relative performance measurement within the TSR program.

Summary of 2013 Equity Awards

In July 2013, we granted restricted stock to most active employees. The restricted stock granted included a performance-based accelerated vesting feature based on achievement of specific levels of corporate performance, as described above. In 2013, we achieved the applicable performance parameters, and therefore, we will continue to expense the grant over the four-year vesting period.

Also in July 2013, certain officers received grants of 800,152 PSUs. Of these PSUs granted, 530,823 units are subject to the performance measures and vesting schedules of the TSR program as discussed above, and the remaining 269,329 units are subject to a one year performance period and generally vest ratably on an annual basis from December 31, 2014 through December 31, 2016.

During 2012, certain grants of PSUs with a one-year performance period exceeded the applicable performance parameters. As a result, an additional 28,028 units were considered granted during 2013.

Summary of 2012 Equity Awards

In May 2012, we granted restricted stock to most active employees. The restricted stock granted included a performance-based accelerated vesting feature based on achievement of specific levels of corporate performance, as described above. In 2012, we achieved the applicable performance parameters, and therefore, we will continue to expense the grant over the four-year vesting period.

Also in May 2012, certain officers received grants of 1,072,446 PSUs. Of these PSUs granted, 701,470 units are subject to the performance measure and vesting schedule under the TSR program discussed above, and the remaining 370,976 units are subject to a one year performance period and generally vest ratably on an annual basis from December 31, 2013 through December 31, 2015.

During 2011, certain grants of PSUs with a one-year performance period exceeded the applicable performance parameters. As a result, an additional 251,224 units were considered granted during 2012. In addition, certain grants of PSUs issued in 2009 with a three-year performance period exceeded the applicable performance parameters. As a result, an additional 40,000 units were considered granted in February 2012.

Summary of 2011 Equity Awards

In March 2011, we granted non-qualified stock options and/or restricted stock to most active employees. Both the stock options and restricted stock granted included a performance-based accelerated vesting feature based on achievement of specific levels of corporate performance, as described above. In 2011, we exceeded the applicable performance parameters, and therefore, we will expense the grant over a three-year vesting period.

During 2011, certain officers received grants of a target amount of 632,368 PSUs. Of these PSUs granted, 100,000 units are subject to a three-year performance period and vest at the end of the performance period. The remaining 532,368 units were subject to a one-year performance period and generally will vest ratably on an annual basis from December 31, 2012 through December 31, 2014.

See “Summary of Stock Option Activity” and “Summary of Restricted Stock and PSU Activity” below for further discussion.

Common Shares Available Under Our Equity Plan

As of December 31, 2013, we had approximately 2.9 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 years ended December 31, 2013, 2012 and 2011 in the Consolidated Statements of Income:



	Year Ended December 31,
	2013		2012		2011

	(in millions)
Share-based compensation expense before income taxes	$	47	$	46	$	36
Income tax benefit		(19)		(18)		(14)
Share-based compensation expense after income taxes	$	28	$	28	$	22

We estimated the fair value of stock option awards using the Black-Scholes valuation model. No stock option awards were granted during 2013 and 2012. The following assumptions were utilized for the year ended December 31, 2011:



		2011

Expected life (in years)		5
Weighted-average risk free interest rate		2.16	%
Expected volatility		27.0	%
Dividend yield		-
Weighted-average fair value at grant date	$	7.06

Our computation of expected life was based on historical exercise patterns. The interest rate for periods within the expected life of the award was based on the U.S. Treasury yield curve in effect at the time of grant. Our computation of expected volatility was based on a market-based implied volatility. At the time of the 2011 grant, it was not our policy to declare or pay cash dividends on our common stock.

Summary of Stock Option Activity

A summary of stock option activity for the years ended December 31, 2013, 2012 and 2011 is as follows:


	Stock Options Outstanding
	Number of Stock Options		Weighted-Average Exercise Price

Outstanding at December 31, 2010		10,112,842	$	16.92
Granted(1)		1,267,430		25.28
Exercised		(1,030,721)		9.68
Forfeited or expired		(425,516)		26.85
Outstanding at December 31, 2011		9,924,035	$	18.33
Exercised		(2,051,066)		7.37
Forfeited or expired		(327,192)		23.41
Outstanding at December 31, 2012		7,545,777	$	21.10
Exercised		(2,346,220)		12.05
Forfeited or expired		(273,035)		24.32
Outstanding at December 31, 2013		4,926,522	$	25.21

(1) Stock options granted in 2011 primarily reflect our company-wide equity grants issued in March 2011, which include a performance-based accelerated vesting feature based on achievement of specific levels of corporate performance, as described above.

We received net cash proceeds of $28 million from the exercise of approximately 2,346,220 stock options for the year ended December 31, 2013, received net cash proceeds of $15 million from the exercise of approximately 2,051,066 stock options for the year ended December 31, 2012 and received net cash proceeds of $10 million from the exercise of approximately 1,030,721 stock options for the year ended December 31, 2011. We present excess tax benefits from the exercise of stock options, if any, as financing activities in the Consolidated Statements of Cash Flows.

The following table summarizes significant ranges of outstanding and exercisable stock options as of December 31, 2013:


					Outstanding						Exercisable
						Weighted-						Weighted-
						Average						Average
						Remaining				Aggregate		Remaining		Weighted-		Aggregate
					Number of	Contractual		Weighted-		Intrinsic		Contractual		Average		Intrinsic
					Stock	Term		Average		Value	Number	Term		Exercise		Value
Range of Exercise Prices					Options	(in years)		Exercise Price		(in millions)	Exercisable	(in years)		Price		(in millions)
$	6.29	-	$	19.74	304,168	1.03	$	7.84	$	10	301,932	0.99	$	7.76	$	10
$	19.75	-	$	25.01	2,010,519	5.82		20.61		39	1,159,676	5.58		21.03		22
$	25.02	-	$	35.91	1,367,775	6.37		25.29		20	448,133	4.78		25.30		6
$	35.92	-	$	45.59	1,244,060	3.01		36.81		4	1,244,060	3.01		36.81		4

	Total				4,926,522	4.97	$	25.21	$	73	3,153,801	4.01	$	26.59	$	42

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 December 31, 2013 of $39.80 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 $39.80 as of December 31, 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 December 31, 2013 was 3.0 million. As of December 31, 2012, 5.3 million outstanding stock options were exercisable and the weighted-average exercise price was $20.52.

Total fair value of stock options vested was immaterial for the year ended December 31, 2013 and $11 million for the year ended December 31, 2012. The total pre-tax intrinsic value of stock options exercised was $48 million during 2013, $35 million during 2012 and $15 million during 2011.

At December 31, 2013, $1 million of total unrecognized compensation cost related to stock options is expected to be recognized over a weighted-average period of 1 year.

Summary of Restricted Stock and PSU Activity

The following table summarizes our restricted stock and PSU activity for the years ended December 31, 2013, 2012 and 2011:



	Restricted Stock					PSUs
	Number of Awards			Weighted-Average Grant Date Fair Value		Number of Awards			Weighted-Average Grant Date Fair Value
Unvested balances at December 31, 2010		2,759,091		$	22.00		1,098,629		$	24.25
Granted		1,393,373	(1)		25.31		651,510	(2)		25.14
Vested		(353,235)			24.26		(279,447)			28.70
Forfeited		(427,896)			22.28		(155,512)			27.94
Unvested balances at December 31, 2011		3,371,333		$	23.10		1,315,180		$	23.33
Granted		1,478,855	(1)		23.62		1,363,670	(2)		23.28
Vested		(1,295,030)			23.39		(702,486)			23.74
Forfeited		(350,970)			23.29		(96,565)			23.30
Unvested balances at December 31, 2012		3,204,188		$	23.20		1,879,799		$	23.14
Granted		1,182,870	(1)		32.69		828,180	(2)		39.68
Vested		(266,724)			23.77		(512,890)			22.68
Forfeited		(293,864)			24.40		(279,488)			25.77
Unvested balances at December 31, 2013		3,826,470		$	25.96		1,915,601		$	30.03

(1) Restricted stock granted in 2013, 2012 and 2011 primarily reflect our company wide grants, which include a performance-based accelerated vesting feature based on achievement of specific levels of corporate performance, as described above.

(2) PSUs granted in 2013, 2012 and 2011 primarily reflect awards issued to certain officers, as described above.

At December 31, 2013, $80 million of total unrecognized compensation cost related to restricted stock and PSUs is expected to be recognized over a weighted-average period of 1.7 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.

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NASDAQ OMX Stockholders' Equity

12 Months Ended

Dec. 31, 2013

NASDAQ OMX Stockholders' Equity

13. NASDAQ OMX Stockholders’ Equity

Common Stock

At December 31, 2013, 300,000,000 shares of our common stock were authorized, 214,419,155 shares were issued and 169,357,084 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 held 45,062,071 shares of common stock in treasury as of December 31, 2013 and 47,821,070 shares as of December 31, 2012. The decrease during the year ended December 31, 2013 was primarily due to shares of common stock in treasury reissued under our share-based compensation program, partially offset by our share repurchase program. See “Share Repurchase Program” below for further discussion of our share repurchase programs and Note 12, “Share-Based Compensation,” for further discussion of our share-based compensation program.

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, of which $225 million was available as of December 31, 2012. 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 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 December 31, 2013, the remaining amount authorized for share repurchases under the program was $215 million.

Other Repurchases of Common Stock

For the year ended December 31, 2013, we repurchased 318,058 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 December 31, 2013 and 2012, 1,600,000 shares of series A convertible preferred stock were issued and none were outstanding.

Cash Dividends on Common Stock

During 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
July 24, 2013	$	0.13	September 13, 2013	$	22	September 27, 2013
October 21, 2013	$	0.13	December 13, 2013	$	22	December 27, 2013

(1) These amounts were recorded in retained earnings in the Consolidated Balance Sheets at December 31, 2013.

In January 2014, pursuant to delegated authority, 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 March 28, 2014 to shareholders of record at the close of business on March 14, 2014. Future declarations of quarterly dividends and the establishment of future record and payment dates are subject to approval by the board of directors.

Accumulated Other Comprehensive Loss

The following table outlines the components of accumulated other comprehensive loss:


		Unrealized Holding		Foreign				Accumulated
		Gains on		Currency		Employee		Other
		Available-For-Sale		Translation		Benefit Plan		Comprehensive
		Investment Securities		Adjustments (1)		Adjustments(2)		Loss

	(in millions)
Gross balance, December 31, 2012	$	4	$	(265)	$	(43)	$	(304)
Income taxes		1		100		18		119
Net balance, December 31, 2012	$	5	$	(165)	$	(25)	$	(185)

Gross balance, December 31, 2013	$	-	$	(282)	$	(22)	$	(304)
Income taxes		1		227		9		237
Net balance, December 31, 2013	$	1	$	(55)	$	(13)	$	(67)

⁽¹⁾

Amounts include cumulative gains and losses on foreign currency translation adjustments from non-U.S. subsidiaries for which the functional currency is other than the U.S. dollar.

⁽²⁾

Amounts primarily represent unrecognized net actuarial gains (losses) related to the NASDAQ OMX Benefit Plans.

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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Earnings Per Share

12 Months Ended

Dec. 31, 2013

Earnings Per Share [Abstract]

Earnings Per Share

14. Earnings Per Share

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



	Year Ended December 31,
	2013		2012		2011
	(in millions, except share and per share amounts)
Numerator:
Net income attributable to common shareholders	$	385	$	352	$	387
Denominator:
Weighted-average common shares outstanding for basic earnings per share(1)		166,932,103		168,254,653		176,331,819
Weighted-average effect of dilutive securities:
Employee equity awards		3,969,766		4,317,577		3,644,946
Issuance of common stock related to the acquisition of eSpeed(2)		364,277		-		-
3.75% convertible notes(3)		-		15,640		34,482
Weighted-average common shares outstanding for diluted earnings per share		171,266,146		172,587,870		180,011,247
Basic and diluted earnings per share:
Basic earnings per share	$	2.30	$	2.09	$	2.20
Diluted earnings per share	$	2.25	$	2.04	$	2.15

(1) The decrease in the weighted-average common shares outstanding for basic and diluted earnings per share primarily reflects the weighted-average impact of purchases related to our share repurchase programs made in 2013, 2012 and 2011. See “Share Repurchase Program,” of Note 13, “NASDAQ OMX Stockholders’ Equity,” for further discussion.

(2) See “Acquisition of eSpeed for Trading of U.S. Treasuries,” of Note 4, “Acquisition and Divestiture,” for further discussion.

(3) 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 4,926,522 shares of common stock and 5,742,071 shares of restricted stock and PSUs were outstanding at December 31, 2013. For the year ended December 31, 2013, we included 3,677,618 of the outstanding stock options and 5,238,843 shares of restricted stock and PSUs 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 7,545,777 shares of common stock and 5,083,987 shares of restricted stock and PSUs were outstanding at December 31, 2012. For the year ended December 31, 2012, we included 4,313,316 of the outstanding stock options and 4,142,097 shares of restricted stock and PSUs 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 9,924,035 shares of common stock, 4,686,513 shares of restricted stock and PSUs, and convertible notes convertible into 34,482 shares of common stock were outstanding at December 31, 2011. For the year ended December 31, 2011, we included 6,506,899 of the outstanding stock options and 4,053,698 shares of restricted stock and PSUs 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.

Fair Value of Financial Instruments [Abstract]

The entire disclosure for earnings per share.

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Fair Value of Financial Instruments

12 Months Ended

Dec. 31, 2013

Fair Value of Financial Instruments

15. 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.

There were no transfers of assets between Level 1 and Level 2 of the fair value hierarchy as of December 31, 2013 and 2012. The following table presents for each of the above hierarchy levels, our financial assets that are measured at fair value on a recurring basis as of December 31, 2013 and 2012. We did not have any financial liabilities measured at fair value on a recurring basis as of December 31, 2013 and 2012.



	December 31, 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)	$	162	$	162	$	-	$	-
Default fund and margin deposit investments(2)		1,867		774		1,093		-
Total	$	2,029	$	936	$	1,093	$	-

	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) As of December 31, 2013, balance is comprised of trading securities, mainly Swedish government debt securities, of $162 million. As of December 31, 2012, balance is primarily comprised of trading securities, mainly Swedish government debt securities, of $201 million. Of these securities, $140 million as of December 31, 2013 and $134 million as of December 31, 2012 are assets utilized to meet regulatory capital requirements primarily for clearing operations at NASDAQ OMX Nordic Clearing. As of December 31, 2012, this balance also included our available-for-sale investment security in DFM which had a fair value of $22 million. In the fourth quarter of 2013 we sold this investment security. 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 $1,961 million recorded in the Consolidated Balance Sheets as of December 31, 2013, $1,093 million of cash contributions have been invested in reverse repurchase agreements and $774 million of cash contributions have been invested in highly rated government debt securities and term deposits. The remainder of this balance is held in cash. As of December 31, 2012, $175 million of cash contributions were invested in highly rated government debt securities. See Note 16, “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 $2.8 billion at December 31, 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 is categorized as Level 2 in the fair value hierarchy. For further discussion of our debt obligations, see Note 9, “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.

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Clearing Operations

12 Months Ended

Dec. 31, 2013

Clearing Operations [Abstract]

Clearing Operations

16. Clearing Operations

Nordic Clearing

NASDAQ OMX Nordic Clearing is authorized and supervised as a European multi-asset clearinghouse by the SFSA and is authorized to conduct clearing operations in Norway by the Norwegian Ministry of Finance. The clearinghouse acts as the 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 also have 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 December 31, 2013, clearing member default fund contributions and margin deposits were as follows:



	December 31, 2013
	Cash Contributions(1)(2)		Non-Cash Contributions		Total Contributions

	(in millions)
Default fund contributions	$	246	$	112	$	358
Margin deposits		1,715		8,998		10,713
Total	$	1,961	$	9,110	$	11,071

(1) As of December 31, 2013, in accordance with its investment policy, NASDAQ OMX Nordic Clearing has invested cash contributions of $1,093 million in reverse repurchase agreements and $774 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 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 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 December 31, 2013, NASDAQ OMX Nordic Clearing committed capital totaling $94 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 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 $93 million credit facility which may be utilized in certain situations to satisfy regulatory requirements, none of which was utilized as of December 31, 2013.

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 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 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 December 31, 2013.

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



	December 31, 2013
	(in millions)
Commodity forwards and options(1)(2)	$	1,795
Fixed-income options and futures(2)(3)		311
Stock options and futures(2)(3)		307
Index options and futures(2)(3)		237
Total	$	2,650

(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 years ended December 31, 2013 and 2012 was as follows:



	December 31, 2013		December 31, 2012
Commodity forwards and options(1)		675,442		879,737
Fixed-income options and futures		22,834,003		32,915,646
Stock options and futures		23,583,178		29,480,517
Index options and futures		29,960,888		42,262,577
Total		77,053,511		105,538,477

(1) The total volume in cleared power related to commodity contracts was 1,680 Terawatt hours (TWh) for the year ended December 31, 2013 and 1,703 TWh for the year ended December 31, 2012.

The outstanding contract value of resale and repurchase agreements was $4.1 billion as of December 31, 2013. The total number of contracts cleared was 4,634,564 for the year ended December 31, 2013 and was 3,601,969 for the year ended December 31, 2012.

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 $22 million at December 31, 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 $23 million at December 31, 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. The market value of derivative contracts outstanding, prior to netting, was $53 million as of December 31, 2013. The total number of derivative contracts cleared through NOS Clearing was 2,101,634 for the year ended December 31, 2013 and 1,778,414 for the year ended December 31, 2012.

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 December 31, 2013, NOS Clearing committed capital to the default funds in the form of cash totaling $42 million. This committed capital is reflected as restricted cash in the Consolidated Balance Sheets. Clearing members’ pledged default fund contributions and margin collateral totaled $534 million as of December 31, 2013 and is not recorded in our Consolidated Balance Sheets as all risks and rewards of collateral ownership, including interest, belong to the counterparty.

U.S. Clearing

In the third quarter of 2013, NOCC entered into a strategic alliance with NGX. Together NGX and NOCC provide a solution for transacting in physical energy in the U.S. NGX offers trading and clearing services for the alliance and NOCC contributes account management, product development, and scheduling resources. Since NGX is now the counterparty to all transactions and clearing arrangements, NOCC transferred all positions to NGX, returned collateral to customers, terminated its letters of credit from banks, and cancelled all contracts with customers.

Prior to the alliance with NGX, NOCC, through riskless principal trading and clearing, was the legal counterparty for each customer position traded and NOCC thereby guaranteed the fulfillment of each of its customer’s transactions.

Market participants at NOCC were required to meet certain minimum financial standards to mitigate the risk that they became unable to satisfy their obligations and provided collateral to cover the daily margin call as needed. Customer pledged cash collateral held by NOCC, which was $33 million at December 31, 2012, was included in default funds and margin deposits as both a current asset and current liability in the Consolidated Balance Sheets, as the risks and rewards of collateral ownership, including interest income, belonged to NOCC.

Leases

12 Months Ended

Dec. 31, 2013

Leases [Abstract]

Leases

17. Leases

We lease office space and equipment under non-cancelable operating leases with third parties. Some of our leases contain renewal options and escalation clauses based on increases in property taxes and building operating costs.

As of December 31, 2013, future minimum lease payments under non-cancelable operating leases (net of sublease income) are as follows:


		Gross Lease		Sublease		Net Lease
		Commitments		Income		Commitments
	(in millions)
Year ending December 31:
2014	$	83	$	5	$	78
2015		81		3		78
2016		74		3		71
2017		46		2		44
2018		42		2		40
Thereafter		152		13		139
Total future minimum lease payments	$	478	$	28	$	450

Rent expense for operating leases (net of sublease income of $3 million in 2013 and $4 million in 2012 and 2011) was $84 million in 2013, $83 million in 2012 and $87 million in 2011.

The entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing.

+ References+ Details

Commitments, Contingencies and Guarantees	12 Months Ended
Commitments, Contingencies and Guarantees	Dec. 31, 2013
Commitments, Contingencies and Guarantees [Abstract]
Commitments, Contingencies and Guarantees	18. 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 16, “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 $20 million at December 31, 2013 and $7 million at December 31, 2012. At December 31, 2013, credit facilities, which are available in multiple currencies, primarily Swedish Krona, totaled $312 million ($219 million in available liquidity and $93 million to satisfy regulatory requirements), $11 million 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 has a clearing arrangement with Cantor Fitzgerald. As of December 31, 2013, we have contributed $19 million of clearing deposits to Cantor Fitzgerald in connection with this clearing arrangement. These deposits are recorded in other current assets in our consolidated balance sheets. Some of the trading activity in Execution Access is cleared by Cantor Fitzgerald through 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 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 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 December 31, 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 December 31, 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 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 Consolidated Balance Sheets for the above guarantees. Other Commitments In connection with our acquisition of BWise, we have agreed to purchase the remaining 28% ownership interest in two separate transactions, resulting in 100% ownership by the first half of 2015. As of December 31, 2013, the estimated amount of these payments totaled $12 million. See “Acquisition of BWise,” of Note 4, “Acquisitions and Divestiture,” for further discussion. 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 these payments are not currently probable and the amount cannot be quantified as of December 31, 2013, no contingent liability is recorded in the 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 was 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. In October 2013, NASDAQ OMX announced the completion of initial review by The Market Regulation Department of FINRA of all claims submitted by qualifying members. Thereafter, NASDAQ OMX informed claimants that FINRA would be conducting additional analysis with regard to one category of claims. Upon the completion of this additional analysis, the total value of valid submitted claims was determined to be $44 million. NASDAQ OMX submitted to the SEC a filing that provided a report on the administration of the voluntary accommodation program. After the filing became effective, our liability was reduced to $44 million and payment of valid claims totaling $44 million was made in the fourth quarter of 2013. Escrow Agreements In connection with our acquisitions of FTEN, 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 December 31, 2013, these escrow agreements provide for future payments of $12 million and are included in other current liabilities and other non-current liabilities in the 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 Consolidated Balance Sheets for these arrangements. Litigation As previously disclosed, we became a party to several legal and regulatory proceedings in 2012 and 2013 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. By opinion and order entered December 16, 2013, the District Court for the Southern District of New York granted in part and denied in part our motion to dismiss the consolidated amended complaint. The court held that the doctrine of self-regulatory organization immunity bars plaintiffs’ negligence and securities laws claims to the extent they arise from our decisions not to halt trading or cancel trades on the day of the Facebook IPO, but not to the extent they arise from the design, promotion, and testing of our technology systems in advance of the IPO. The court also held that the economic loss doctrine does not bar plaintiffs’ negligence claims, and that the consolidated amended complaint pleads plaintiffs’ securities laws claims sufficiently to withstand a motion to dismiss. We are appealing the ruling on the motion to dismiss to the Second Circuit Court of Appeals. 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. We fully implemented and provided the SEC with a certification of our compliance with these undertakings by December 31, 2013 as agreed. 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, 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

12 Months Ended

Dec. 31, 2013

Business Segments [Abstract]

Business Segments

19. Business Segments

Since 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.

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.

Certain other prior year amounts have been reclassified to conform to the current year presentation.

Our Market Services segment includes our derivative trading and clearing, cash equity trading, fixed income trading, and access and broker services businesses. We offer trading on multiple exchanges and facilities across several asset classes, including derivatives, cash equity, debt, commodities, structured products and ETFs. In addition, in some of the countries where we operate exchanges, we also provide investment firm, clearing, settlement and central depository services. Our transaction-based platforms provide market participants with the ability to access, process, display and integrate orders and quotes for cash equity securities, derivatives and ETFs. The platforms allow the routing and execution of buy and sell orders as well as the reporting of transactions for cash equity securities, derivatives and ETFs, providing fee-based revenues. 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 and Divestiture,” for further discussion.

Our Listing Services segment includes our U.S. and European Listing Services businesses. We operate a variety of listing platforms around the world to provide multiple global capital raising solutions for private and public companies. Our main listing markets are The NASDAQ Stock Market and the exchanges that comprise NASDAQ OMX Nordic and NASDAQ OMX Baltic. We offer a consolidated global listing application to companies to enable them to apply for listing on The NASDAQ Stock Market and the exchanges that comprise NASDAQ OMX Nordic and NASDAQ OMX Baltic, as well as NASDAQ Dubai.

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 market data products enhance transparency and provide critical information to professional and non-professional investors. 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 and Divestiture,” for further discussion.

Our Technology Solutions segment includes our Corporate Solutions and Market Technology businesses. Our Corporate Solutions business provides customer support services, products and programs to customers, including companies listed on our exchanges. Through Corporate Solutions offerings, companies gain access to innovative products and software solutions and services that ease transparency, mitigate risk, maximize board efficiency and facilitate better corporate governance. In 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 and Divestiture,” for further discussion. With the acquisition of the TR Corporate Solutions businesses, Corporate Solutions revenues primarily include product revenues from the following key areas: Governance, Investor Relations, Multimedia Solutions and Public Relations businesses. Our Market Technology business is a leading global 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, surveillance and information dissemination to markets with wide-ranging requirements, from the leading markets in the U.S., Europe and Asia to smaller African markets. Our solutions can handle a wide array of assets including cash equities, currencies, various interest-bearing securities, commodities, energy products and derivatives. Market Technology also provides broker services and enterprise governance, risk management and compliance software and services.

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, expenses paid with respect to an SEC matter, restructuring actions, mergers and strategic initiatives, and financing activities. See below for further discussion.

The following table presents certain information regarding these operating segments for the years ended December 31, 2013, 2012 and 2011.



	Market Services		Listing Services		Information Services		Technology Solutions		Corporate Items and Eliminations		Consolidated
	(in millions)
2013
Total revenues	$	2,092	$	228	$	442	$	449	$	-	$	3,211
Cost of revenues		(1,316)		-		-		-		-		(1,316)
Revenues less transaction rebates, brokerage, clearance and exchange fees		776		228		442		449		-		1,895
Depreciation and amortization		79		3		11		29		-		122
Operating income (loss)(1)		322		92		321		39		(86)		688
Total assets(2)		7,789		262		2,557		1,108		861		12,577
Purchase of property and equipment		47		5		9		54		-		115

2012
Total revenues	$	2,206	$	224	$	406	$	284	$	-	$	3,120
Cost of revenues		(1,446)		-		-		-		-		(1,446)
Revenues less transaction rebates, brokerage, clearance and exchange fees		760		224		406		284		-		1,674
Depreciation and amortization		73		4		10		17		-		104
Operating income (loss)(3)		322		94		296		22		(44)		690
Total assets(2)		4,981		254		2,456		625		816		9,132
Purchase of property and equipment		52		4		8		23		-		87

2011
Total revenues	$	2,553	$	236	$	391	$	258	$	-	$	3,438
Cost of revenues		(1,748)		-		-		-		-		(1,748)
Revenues less transaction rebates, brokerage, clearance and exchange fees		805		236		391		258		-		1,690
Depreciation and amortization		74		4		9		19		3		109
Operating income (loss)(4)		344		102		282		35		(67)		696
Total assets(2)		10,007		242		2,356		594		892		14,091
Purchase of property and equipment		54		5		8		19		2		88

(1) The 2013 corporate items and eliminations primarily include:

•Expense related to our voluntary accommodation program of $44 million;

•Merger and strategic initiatives expense of $22 million;

•Expenses paid with respect to an SEC matter of $10 million; and

•Restructuring charges of $9 million.

(2) Total assets increased $3.4 billion at December 31, 2013 as compared to December 31, 2012 primarily due to an increase in default funds and margin deposits, reflecting the implementation of our collateral management process at NASDAQ OMX Nordic Clearing in 2013 and an increase in goodwill and intangible assets associated with the acquisitions of the TR Corporate Solutions businesses and eSpeed in 2013. Total assets decreased $5.0 billion at December 31, 2012 as compared to December 31, 2011 primarily due to our new clearing structure which significantly changed the nature and extent of the risk of loss to NASDAQ OMX Nordic Clearing in the event of a member default. As a result, we no longer record derivative positions or resale and repurchase agreements in the Consolidated Balance Sheet.

(3) The 2012 corporate items and eliminations primarily include:

•Costs associated with restructuring charges of $44 million. See Note 3, “Restructuring Charges,” for further discussion;

•Special legal expenses of $7 million from the proposed voluntary accommodation program and other expenses related to the systems issues experienced at the time of the Facebook IPO; and

•Merger and strategic initiative costs of $4 million, partially offset by;

•Income from open positions of $11 million relating to the operations of the exchange.

(4) The 2011 corporate items and eliminations primarily include:

•Merger and strategic initiative costs of $38 million primarily related to costs incurred for advisors, bank commitment fees, legal and other professional services related to our joint proposal to acquire NYSE Euronext, as well as costs related to our acquisition of Glide Technologies in October 2011; and

•Debt extinguishment and refinancing charges of $31 million. See “2.50% Convertible Senior Notes,” and “2011 Credit Facility,” of Note 9, “Debt Obligations,” for further discussion.

For further discussion of our segments’ results, see “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Segment Operating Results.”

Geographic Data

The following table presents revenues and property and equipment, net by geographic area for 2013, 2012 and 2011. Revenues are classified based upon the location of the customer. Property and equipment information is based on the physical location of the assets.


				Property and
		Total		Equipment,
		Revenues		Net
	(in millions)
2013:
United States	$	2,386	$	166
All other countries(1)		825		102
Total	$	3,211	$	268

2012:
United States	$	2,423	$	131
All other countries(1)		697		80
Total	$	3,120	$	211

2011:
United States	$	2,707	$	125
All other countries(1)		731		68
Total	$	3,438	$	193

(1) Property and equipment, net for all other countries primarily includes assets held in Sweden.

No single customer accounted for 10.0% or more of our revenues in 2013, 2012 and 2011.

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.

Valuation and Qualifying Accounts [Abstract]

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

-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

-SubTopic 10

-Section 50

-Paragraph 1

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+ Details

Schedule II-Valuation and Qualifying Accounts

12 Months Ended

Dec. 31, 2013

Schedule II-Valuation and Qualifying Accounts

Schedule II—Valuation and Qualifying Accounts

Three Years Ended December 31, 2013

(in millions)


	Reserve for Bad Debts
	2013		2012		2011

Balance at beginning of period	$	5	$	3	$	3
Additions:
Charges to income		5		6		4
Recoveries of amounts previously written-off		-		-		1
Deductions:
Charges for which reserves were provided		(1)		(4)		(5)
Balance at end of period	$	9	$	5	$	3

Summary of Significant Accounting Policies (Policy)	12 Months Ended
Summary of Significant Accounting Policies (Policy)	Dec. 31, 2013
Basis of Presentation and Principles of Consolidation [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation The consolidated financial statements are prepared in accordance with U.S. GAAP. The financial statements include the accounts of NASDAQ OMX, its wholly-owned subsidiaries and other entities in which NASDAQ OMX has a controlling financial interest. All significant intercompany accounts and transactions have been eliminated in consolidation. When we do not have a controlling interest in an entity but exercise significant influence over the entity’s operating and financial policies, such investment is accounted for under the equity method of accounting. We recognize our share of earnings or losses of an equity method investee based on our ownership percentage. As permitted under U.S. GAAP, for certain equity method investments for which financial information is not sufficiently timely for us to apply the equity method of accounting currently, we record our share of the earnings or losses of the investee from the most recently available financial statements on a lag. See Note 6, “Investments,” for further discussion of our equity method investments. Changes in Reportable Segments and Reclassifications Since 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. See Note 19, “Business Segments,” for additional information about our 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. Certain other prior year amounts have been reclassified to conform to the current year presentation. Subsequent Events We have evaluated subsequent events through the issuance date of this Annual Report on Form 10-K.
Use of Estimates	Use of Estimates The preparation of 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 consolidated financial statements and accompanying notes. Actual results could differ from those estimates.
Foreign Translation	Foreign Currency Foreign denominated assets and liabilities are remeasured into the functional currency at exchange rates in effect at the balance sheet date and recorded through the income statement. Gains or losses resulting from foreign currency transactions are remeasured using the rates on the dates on which those elements are recognized during the period, and are included in general, administrative and other expense in the Consolidated Statements of Income. Translation gains or losses resulting from translating our subsidiaries’ financial statements from the local functional currency to the reporting currency, net of tax, are included in accumulated other comprehensive loss within stockholders’ equity in the Consolidated Balance Sheets. Assets and liabilities are translated at the balance sheet date while revenues and expenses are translated at the date the transaction occurs or at an applicable average rate. Deferred taxes are not provided on cumulative translation adjustments where we expect earnings of a foreign subsidiary to be indefinitely reinvested. The income tax effect of currency translation adjustments related to foreign subsidiaries that are not considered indefinitely reinvested is recorded as a component of deferred taxes with an offset to accumulated other comprehensive loss within stockholders’ equity in the Consolidated Balance Sheets.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents include cash in banks and all non-restricted highly liquid investments with original maturities of three months or less at the time of purchase. Such equivalent investments included in cash and cash equivalents in the Consolidated Balance Sheets were $178 million as of December 31, 2013 and $339 million as of December 31, 2012. Cash equivalents are carried at cost plus accrued interest, which approximates fair value due to the short maturities of these investments.
Restricted Cash	Restricted Cash Current restricted cash, which was $84 million as of December 31, 2013 and $85 million as of December 31, 2012, is not available for general use by us due to regulatory and other requirements and is classified as restricted cash in the Consolidated Balance Sheets. As of December 31, 2013 and December 31, 2012, current restricted cash primarily includes cash held for regulatory purposes for our trading and clearing businesses. Non-current restricted cash of $25 million as of December 31, 2012 was segregated for NOCC to improve its liquidity position and was not available for general use. As a result of a strategic alliance with NGX, this cash was no longer needed for liquidity purposes and was released from NOCC. See Note 16, “Clearing Operations,” for further discussion.
Financial Investments	Financial Investments Financial investments, at fair value are primarily comprised of trading securities, mainly Swedish government debt securities. As of December 31, 2012, this balance also included our available-for-sale investment security in DFM. In the fourth quarter of 2013, we sold this investment security and recognized a gain on the sale of $30 million, which is included in gain on sale of investment security in the Consolidated Statements of Income for the year ended December 31, 2013. Trading securities are bought principally to meet regulatory capital requirements for NASDAQ OMX Nordic Clearing’s operations and are generally sold in the near term. Changes in fair value of trading securities are included in dividend and investment income in the Consolidated Statements of Income. Equity securities that are classified as available-for-sale investment securities are carried at fair value with unrealized gains and losses, net of tax, reported in accumulated other comprehensive loss within stockholders’ equity. Realized gains and losses on these securities are included in earnings upon disposition of the securities using the specific identification method. In addition, realized losses are recognized when management determines that a decline in value is other than temporary, which requires judgment regarding the amount and timing of recovery. For equity securities, we also consider the extent to which cost exceeds fair value, the duration of that difference, management’s judgment about the issuer’s current and prospective financial condition, as well as our intent and ability to hold the security until recovery of the unrealized losses. In addition, for equity securities we also consider the performance of the investee’s stock price in relation to industry indexes and review the investee’s credit profile. Fair value of both trading and available-for-sale investment securities is generally obtained from third party pricing sources. When available, quoted market prices are used to determine fair value. If quoted market prices are not available, fair values are estimated using pricing models with observable market inputs. The inputs to the valuation models vary by the type of security being priced but are typically benchmark yields, reported trades, broker-dealer quotes, and prices of similar assets. Pricing models generally do not entail material subjectivity because the methodologies employed use inputs observed from active markets. See Note 15, “Fair Value of Financial Instruments,” for further discussion of fair value measures.
Receivables, net	Receivables, net Our receivables are concentrated with our member firms, market data distributors, listed companies and technology solutions customers. Receivables are shown net of a reserve for uncollectible accounts. The reserve for bad debts is maintained at a level that management believes to be sufficient to absorb estimated losses in the accounts receivable portfolio. The reserve is increased by the provision for bad debts which is charged against operating results and decreased by the amount of charge-offs, net of recoveries. The amount charged against operating results is based on several factors including, but not limited to, a continuous assessment of the collectability of each account, the length of time a receivable is past due and our historical experience with the particular customer. In circumstances where a specific customer’s inability to meet its financial obligations is known (i.e., bankruptcy filings), we record a specific provision for bad debts against amounts due to reduce the receivable to the amount we reasonably believe will be collected. Due to changing economic, business and market conditions, we review the reserve for bad debts monthly and make changes to the reserve through the provision for bad debts as appropriate. If circumstances change (i.e., higher than expected defaults or an unexpected material adverse change in a major customer’s ability to pay), our estimates of recoverability could be reduced by a material amount. The total reserve netted against receivables in the Consolidated Balance Sheets was $9 million as of December 31, 2013 and $5 million as of December 31, 2012.
Default Funds and Margin Deposits	Default Funds and Margin Deposits NASDAQ OMX Nordic Clearing members’ eligible contributions may include cash and non-cash contributions. Clearing members’ cash contributions are included in default funds and margin deposits in the Consolidated Balance Sheets as both a current asset and a current liability. 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. 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 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. As of December 31, 2012, NOCC customer pledged cash collateral was also included in default funds and margin deposits as both a current asset and current liability in the Consolidated Balance Sheets, as the risks and rewards of collateral ownership, including interest income, belonged to NOCC.
Derivative Financial Instruments and Hedging Activities	Derivative Financial Instruments and Hedging Activities We may hold derivative financial instruments that are designated and qualify for hedge accounting. Derivative financial instruments, which are designated or qualify for hedge accounting, are recognized in the balance sheets at fair value as either assets or liabilities. The fair value of our derivative financial instruments is determined using either market quotes or valuation models that are based upon the net present value of estimated future cash flows and incorporate current market data inputs. We report our derivative assets in either other current assets or other non-current assets and our derivative liabilities in either other current liabilities or other non-current liabilities in the Consolidated Balance Sheets depending on the terms of the contract. Any ineffectiveness is recorded in earnings. The accounting for the change in the fair value of a derivative financial instrument depends on its intended use and the resulting hedge designation, if any. As of December 31, 2013, 2012 and 2011, there were no derivative financial instruments that were designated or qualified for hedge accounting. There was no material ineffectiveness recorded in earnings for each of the three years ended December 31, 2013. Derivative Financial Instruments that Qualify for Hedge Accounting Derivative financial instruments that are entered into for hedging purposes are designated as such when we enter into the contract. For all derivative financial instruments that are designated for hedging activities, we formally document all of the hedging relationships between the hedge instruments and the hedged items at the inception of the relationships. We also formally document our risk management objectives and strategies for entering into the hedge transactions. We formally assess, at inception and on a quarterly basis, whether derivatives designated as hedges are highly effective in offsetting the fair value or cash flows of hedged items. If it is determined that a derivative is no longer highly effective as a hedge, we will discontinue the application of hedge accounting. We did not enter into any derivative hedges that were designated for hedge accounting during the years ended December 31, 2013, 2012 and 2011. Non-Designated Derivatives We also use derivatives as economic hedges that are not designed as accounting hedges or do not qualify for hedge accounting treatment. For such derivative financial instruments, changes in fair value are reported in current period earnings. We use foreign exchange forward contracts to manage foreign currency exposure of intercompany loans. These contracts are not designated as hedges for financial reporting purposes. The change in fair value of these contracts is recognized in general, administrative and other expense in the Consolidated Statements of Income and offsets the foreign currency impact recognized on the intercompany loans. As of December 31, 2013 and 2012, the fair value amounts of our derivative instruments were immaterial. Net Investment Hedges Net assets of our foreign subsidiaries are exposed to volatility in foreign currency exchange rates. We may utilize net investment hedges to offset the translation adjustment arising from re-measuring our investment in foreign subsidiaries. Our 2021 Notes have been designated as a hedge of our net investment in certain foreign subsidiaries to mitigate the foreign exchange risk associated with certain investments in these subsidiaries. Any increase or decrease related to the translation of the 2021 Notes into U.S. dollars is recorded within accumulated other comprehensive loss in the Consolidated Balance Sheets for the year ended December 31, 2013. See “3.875% Senior Unsecured Notes,” of Note 9, “Debt Obligations,” for further discussion. As of December 31, 2012, there were no outstanding net investment hedges.
Property and Equipment, net	Property and Equipment, net Property and equipment, including leasehold improvements, are carried at cost less accumulated depreciation and amortization. Depreciation and amortization are recognized over the estimated useful lives of the related assets. Estimated useful lives range from 10 to 40 years for buildings and improvements, 2 to 5 years for data processing equipment and software and 5 to 10 years for furniture and equipment. Leasehold improvements are amortized over the shorter of their estimated useful lives or the remaining term of the related lease. Depreciation and amortization are computed using the straight-line method. See Note 7, “Property and Equipment, net,” for further discussion.
Goodwill	Goodwill Goodwill represents the excess of 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 test goodwill for impairment at the reporting unit level annually, or in interim periods if certain events occur indicating that the carrying amount may be impaired, such as changes in the business climate, poor indicators of operating performance or the sale or disposition of a significant portion of a reporting unit. For purposes of performing our goodwill impairment test, 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 test for impairment during the fourth quarter of our fiscal year using carrying amounts as of October 1. In conducting the 2013 annual impairment test for goodwill, we first performed a qualitative assessment to determine whether it was more likely than not that the fair value of a reporting unit was less than the carrying amount as a basis for determining whether it was necessary to perform the two-step quantitative goodwill impairment test described in ASC Topic 350. The more-likely-than-not threshold is defined as having a likelihood of more than 50 percent. If, after assessing the totality of events or circumstances, we determine that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, then the two-step quantitative test for goodwill impairment is performed for the appropriate reporting units. Otherwise, we conclude that no impairment is indicated and the two-step quantitative test for goodwill impairment is not performed. In conducting the qualitative assessment, we analyze actual and projected growth trends for each reporting unit, as well as historical performance versus plan and the results of prior quantitative tests performed. Additionally, each reporting unit assesses critical areas that may impact their business, including macroeconomic conditions and the related impact, market related exposures, competitive changes, new or discontinued products, changes in key personnel, or any other potential risks to their projected financial results. If required, the quantitative goodwill impairment test is a two-step process performed at the reporting unit level. First, the fair value of each reporting unit is compared to its corresponding carrying amount, including goodwill. The fair value of each reporting unit is estimated using a combination of a discounted cash flow valuation, which incorporates assumptions regarding future growth rates, terminal values, and discount rates, as well as a guideline public company valuation, incorporating relevant trading multiples of comparable companies and other factors. The estimates and assumptions used consider historical performance and are consistent with the assumptions used in determining future profit plans for each reporting unit, which are approved by our board of directors. If the first step results in the carrying amount exceeding the fair value of the reporting unit, then a second step must be completed in order to determine the amount of goodwill impairment that should be recorded, if any. In the second step, the implied fair value of the reporting unit’s goodwill is determined by allocating the reporting unit’s fair value to all of its assets and liabilities other than goodwill in a manner similar to a purchase price allocation. The implied fair value of the goodwill that results from the application of this second step is then compared to the carrying amount of the goodwill and an impairment charge is recorded for any difference. There was no impairment of goodwill for the years ended December 31, 2013, 2012 and 2011. However, events such as economic weakness or unexpected significant declines in operating results of reporting units may result in goodwill impairment charges in the future.
Intangible Assets, net	Intangible Assets, net Intangible assets, net, primarily include exchange and clearing registrations, customer relationships, trade names, licenses and technology. Intangible assets with finite lives are amortized on a straight-line basis over their average estimated useful lives as follows: •Technology: 2—5 years •Customer relationships: 9—30 years •Other: 2—10 years Intangible assets deemed to have indefinite useful lives are not amortized but instead are tested for impairment at least annually and more frequently whenever events or changes in circumstances indicate that the fair value of the asset may be less than its carrying amount. The fair value of indefinite-lived intangible assets is primarily determined on the basis of estimated discounted value, using the relief from royalty approach for trade names and the Greenfield Approach for exchange and clearing registrations and licenses, both of which incorporate assumptions regarding future revenue projections and discount rates. Similar to goodwill impairment testing, we test for impairment of indefinite-lived intangible assets during the fourth quarter of our fiscal year using carrying amounts as of October 1. In conducting the 2013 annual impairment test for indefinite-lived intangible assets, we first performed a qualitative assessment to determine whether it was more likely than not that the fair value of an indefinite-lived intangible asset was less than the carrying amount as a basis for determining whether it was necessary to perform the quantitative impairment test described in ASC Topic 350. The more-likely-than-not threshold is defined as having a likelihood of more than 50 percent. If, after assessing the totality of events or circumstances, we determine that it is more likely than not that the fair value of an indefinite-lived intangible asset is less than its carrying amount, then the quantitative test for indefinite-lived intangible assets impairment is performed for the appropriate intangible assets. If the carrying amount of the indefinite-lived intangible asset exceeds its fair value, an impairment charge is recorded for the difference. For finite-lived intangible assets subject to amortization, impairment is considered upon certain “triggering events” and is recognized if the carrying amount is not recoverable and exceeds the fair value of the intangible asset.
Valuation of Other Long-Lived Assets	Valuation of Other Long-Lived Assets We also assess potential impairments to our other long-lived assets, including property and equipment, when there is evidence that events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The carrying amount of a long-lived asset is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset. Any required impairment loss is measured as the amount by which the carrying amount of a long-lived asset exceeds its fair value and is recorded as a reduction in the carrying amount of the related asset and a charge to operating results.
Equity Method Investments	Equity Method Investments In general, the equity method of accounting is used when we own 20% to 50% of the outstanding voting stock of a company and when we are able to exercise significant influence over the operating and financial policies of a company. We have certain investments in which we have determined that we have significant influence and as such account for the investments under the equity method of accounting. We record our pro-rata share of earnings or losses each period and record any dividends as a reduction in the investment balance. We evaluate our equity method investments for other-than-temporary declines in value by considering a variety of factors such as the earnings capacity of the investment and the fair value of the investment compared to its carrying amount. In addition, for investments where the market value is readily determinable, we consider the underlying stock price. If the estimated fair value of the investment is less than the carrying amount and management considers the decline in value to be other than temporary, the excess of the carrying amount over the estimated fair value is recognized in the financial statements as an impairment.
Cost Method Investments	Cost Method Investments In general, the cost method of accounting is used when we own less than 20% of the outstanding voting stock of a company which does not have a readily determinable fair value and when we are not able to exercise significant influence over the operating and financial policies of a company. Under the cost method of accounting, investments are carried at cost and are adjusted only for other-than-temporary declines in fair value, certain distributions, and additional investments.
Revenue Recognition and Cost of Revenues	Revenue Recognition and Cost of Revenues Market Services Revenues Derivative, Trading and Clearing Revenues U.S. Derivative Trading and Clearing U.S. derivative trading and clearing revenues are variable, based on traded and cleared volumes, and recognized when executed or when contracts are cleared. The principal types of derivative contracts traded on our U.S. options exchanges are equity options, ETF options, index options and currency options. We record derivative trading and clearing revenues from transactions on a gross basis as revenues and record related expenses as cost of revenues, as we have certain risk associated with trade execution. For U.S. derivative trading, we credit a portion of the per share execution charge to the market participant that provides the liquidity and record these transaction rebates as cost of revenues in the Consolidated Statements of Income. These transaction rebates are paid on a monthly basis and the amounts due are included in accounts payable and accrued expenses in the Consolidated Balance Sheets. Also, we pay Section 31 fees to the SEC for supervision and regulation of securities markets. We pass these costs along to our customers through our derivative trading and clearing fees. We collect the fees as a pass-through charge from organizations executing eligible trades on our options exchanges and we recognize these amounts in U.S. derivative trading and clearing cost of revenues when incurred. Section 31 fees received are included in cash and cash equivalents in the Consolidated Balance Sheets at the time of receipt and, as required by law, the amount due to the SEC is remitted semiannually and recorded as Section 31 fees payable to the SEC in the Consolidated Balance Sheets until paid. Since the amount recorded as revenues is equal to the amount recorded as cost of revenues, there is no impact on our revenues less transaction rebates, brokerage, clearance and exchange fees. As we hold the cash received until payment to the SEC, we earn interest income on the related cash balances. Under our Limitation of Liability Rule and procedures, we, subject to certain caps, provide compensation for losses directly resulting from the systems’ actual failure to correctly process an order, quote, message or other data into our platform. We do not record a liability for any potential claims that may be submitted under the Limitation of Liability Rule unless they meet the provisions required in accordance with U.S. GAAP. As such, losses arising as a result of the rule are accrued and charged to expense only if the loss is probable and estimable. European Derivative Trading and Clearing Revenues European derivative trading and clearing revenues are variable, based on the volume and value of traded and cleared contracts, and recognized when executed or when contracts are cleared. The principal types of derivative contracts traded and cleared are stock options and futures, index options and futures, international power derivatives, carbon and other commodity products, and fixed-income options and futures. We also generate clearing revenues for OTC traded derivatives for the freight market and seafood derivatives market, interest rate swaps, and resale and repurchase agreements. These clearing revenues are based on the value and length of the contract and are recognized when cleared. In addition, NASDAQ OMX Commodities members are billed an annual fee which is recognized ratably over the following 12-month period. NASDAQ OMX Commodities and the exchanges that comprise NASDAQ OMX Nordic and NASDAQ OMX Baltic do not have any revenue sharing agreements or cost of revenues, such as transaction rebates and brokerage, clearance and exchange fees. Cash Equity Trading Revenues U.S. Cash Equity Trading U.S. cash equity trading revenues are variable, based on individual customer share volumes, and recognized as transactions occur. We charge transaction fees for executing cash equity trades on our U.S. cash equity exchanges, as well as on orders that are routed to other market venues for execution. Similar to U.S. derivative trading and clearing, we record cash equity trading revenues from transactions on a gross basis as revenues and record related expenses as cost of revenues, as we have certain risk associated with trade execution. For The NASDAQ Stock Market and NASDAQ OMX PSX, we credit a portion of the per share execution charge to the market participant that provides the liquidity and for NASDAQ OMX BX, we credit a portion of the per share execution charge to the market participant that takes the liquidity. We record these credits as transaction rebates that are included in cost of revenues in the Consolidated Statements of Income. These transaction rebates are paid on a monthly basis and the amounts due are included in accounts payable and accrued expenses in the Consolidated Balance Sheets. As discussed under U.S. derivatives trading and clearing, we also pay Section 31 fees to the SEC for supervision and regulation of securities markets. We pass these costs along to our customers through our cash equity trading fees. We collect the fees as a pass-through charge from organizations executing eligible trades on our cash equity platforms, and we recognize these amounts in cost of revenues when incurred. As discussed above, in the U.S., under our Limitation of Liability Rule and procedures, we, subject to certain caps, provide compensation for losses directly resulting from the systems’ actual failure to correctly process an order, quote, message or other data into our platform. European Cash Equity Trading We charge transaction fees for executing trades on the exchanges that comprise NASDAQ OMX Nordic and NASDAQ OMX Baltic. These transaction fees are charged per executed order and as per value traded. The exchanges that comprise NASDAQ OMX Nordic and NASDAQ OMX Baltic do not have cost of revenues, such as transaction rebates and brokerage, clearance and exchange fees. Fixed Income Trading Revenues We operate eSpeed, an electronic trading platform for U.S. Treasuries. The electronic trading platform provides real-time institutional trading of benchmark U.S. Treasury securities. Customer contracts may be on a fixed or variable rate basis. Revenues from customers with a fixed rate basis are recognized ratably over the contract period. Revenues from customers with a variable rate basis are based upon individual customer share volume and are recognized as revenues as the transaction occurs. Access and Broker Services Revenues Access Services We generate revenues by providing market participants with several alternatives for accessing our markets for a fee. The type of connectivity is determined by the level of functionality a customer needs. As a result, Access Services revenues vary depending on the type of connection provided to customers. We provide co-location services to market participants whereby firms may lease space for equipment within our data center. These participants are charged monthly fees for cabinet space, connectivity and support. We also earn revenues from annual and monthly exchange membership and registration fees. Revenues for providing access to our markets, co-location services and revenues for monthly exchange membership and registration fees are recognized on a monthly basis as the service is provided. Revenues from annual fees for exchange membership and registration fees are recognized ratably over the following 12-month period. Access Services revenues also include revenues from the RTRM solutions we provide to the financial securities market. As a market leader in RTRM, we provide broker-dealers and their clients the ability to manage risk more effectively in real-time, which leads to better utilization of capital as well as improved regulatory compliance. Revenues for these services are primarily based on subscription agreements with customers. Most contracts include professional services, implementation fees, monthly subscription fees from customers accessing on-demand services, and customer support. Implementation fees are recognized upon completion of the implementation. Monthly professional services, subscription, and usage fees are recognized in the month the service is provided. Broker Services Our Broker Services operations offer technology and customized securities administration solutions to financial participants in the Nordic markets. The primary services consist of flexible back-office systems which allow customers to entirely or partly outsource their company’s back-office functions. Revenues from broker services are based on a fixed basic fee for administration or licensing, maintenance and operations, and a variable portion that depends on the number of transactions completed. Broker Services revenues are recognized on a continuous basis as services are rendered. Listing Services Revenues U.S. Listing Services Revenues Listing Services revenues in the U.S. include annual renewal fees, listing of additional shares fees and initial listing fees. Annual renewal fees are recognized ratably over the following 12-month period. Listing of additional shares fees and initial listing fees are recognized on a straight-line basis over estimated service periods, which are four and six years, respectively, based on our historical listing experience and projected future listing duration. European Listing Services Revenues European listing fees, which are comprised of revenues derived from annual fees received from listed companies on our Nordic and Baltic exchanges and NASDAQ OMX First North, are directly related to the listed companies’ market capitalization on a trailing 12-month basis. These revenues are recognized ratably over the following 12-month period. Information Services Revenues Market Data Products Revenues Market Data Products revenues are earned from U.S. and European market data products and index data products. In the U.S., we also earn revenues from U.S. tape plans. U.S. Market Data Products We collect and process information and earn revenues as a distributor of our own market data and select third-party content. We provide varying levels of quote and trade information to market participants and to data distributors, who in turn sell subscriptions for this information to the public. We earn revenues primarily based on the number of data subscribers and distributors of our data. U.S. Market Data revenues are recognized on a monthly basis. These revenues, which are subscription based, are recorded net of amounts due under revenue sharing arrangements with market participants. U.S. Market Data Products also includes revenues from U.S. tape plans including eligible UTP Plan revenues that are shared among UTP Plan participants and are presented on a net basis. See “Market Data Products Revenue Sharing” below for further discussion of net reporting. Under the revenue sharing provision of the UTP Plan, we are permitted to deduct costs associated with acting as the exclusive Securities Information Processor from the total amount of tape revenues collected. After these costs are deducted from the tape revenues, we distribute to the respective UTP Plan participants, including The NASDAQ Stock Market, NASDAQ OMX BX and NASDAQ OMX PSX, their share of tape revenues based on a formula, required by Regulation NMS, that takes into account both trading and quoting activity. In addition, all quotes and trades in NYSE- and NYSE MKT-listed securities are reported and disseminated in real time, and as such, we share in the tape revenues for information on NYSE- and NYSE MKT-listed securities. Revenues from net U.S. tape plans are recognized on a monthly basis. European Market Data Products European Market Data Products revenues are based on the trading information from the exchanges that comprise NASDAQ OMX Nordic and NASDAQ OMX Baltic, as well as NASDAQ OMX Commodities, for the following classes of securities: cash equities, bonds, derivatives and commodities. We provide varying levels of quote and trade information to market participants and to data distributors, who in turn provide subscriptions for this information. Revenues from European market data are subscription-based, are generated primarily based on the number of data subscribers and distributors of our data and are recognized on a monthly basis. Market Data Products Revenue Sharing The most significant component of Market Data Products revenues presented on a net basis is the UTP Plan revenue sharing in the U.S. All indicators of gross vs. net reporting under U.S. GAAP have been considered in analyzing the appropriate presentation of UTP Plan revenue sharing. However, the following are the primary indicators of net reporting: •Primary Obligor: We are the Securities Information Processor for the UTP Plan, in addition to being a participant in the UTP Plan. In our unique role as Securities Information Processor, we facilitate the collection and dissemination of revenues on behalf of the UTP Plan participants. As a participant, we share in the net distribution of revenues according to the plan on the same terms as all other plan participants. •Risk of Loss/Credit Risk: Risk of loss on the revenue is shared equally among plan participants according to the UTP Plan. •Price Latitude: The operating committee of the UTP Plan, which is comprised of representatives from each of the participants, including us solely in our capacity as a UTP Plan participant, is responsible for setting the level of fees to be paid by distributors and subscribers and taking action in accordance with the provisions of the UTP Plan, subject to SEC approval. The exchanges that comprise NASDAQ OMX Nordic and NASDAQ OMX Baltic do not have any market data revenue sharing agreements. Index Data Products Index Data Products revenues are generated from our NASDAQ OMX indexes and consist of Global Index Data Services, which deliver real time index values throughout the trading day, and Global Index Watch, which delivers weightings and components data, corporate actions and a breadth of additional data. We earn revenues primarily based on the number of data subscribers and distributors of our data. These revenues, which are subscription based, are recognized on a monthly basis. Index Licensing and Services Revenues We develop and license NASDAQ OMX branded indexes, associated derivatives and financial products as part of our Index Licensing and Services business. Revenues primarily include license fees from these branded indexes, associated derivatives and financial products in the U.S. and abroad. We also generate revenues by licensing and listing third-party structured products and third-party sponsored ETFs. We primarily have two types of license agreements: transaction-based licenses and asset-based licenses. Transaction-based licenses are generally renewable long-term agreements. Customers are charged based on transaction volume or a minimum contract amount, or both. If a customer is charged based on transaction volume, we recognize revenue when the transaction occurs. If a customer is charged based on a minimum contract amount, we recognize revenue on a pro-rata basis over the licensing term. Asset-based licenses are also generally long-term agreements. Customers are charged based on a percentage of assets under management for licensed products, per the agreement, on a monthly or quarterly basis. These revenues are recorded on a monthly or quarterly basis over the term of the license agreement. Technology Solutions Revenues Corporate Solutions Revenues Corporate Solutions revenues primarily include subscription and transaction-based income from our Governance, Investor Relations, Multimedia Solutions and Public Relations businesses. Subscription-based revenues earned by these businesses are recognized ratably over the contract period, generally one to two years in length. As part of customer subscription agreements, customers can also be charged usage fees based upon actual usage of the services provided. Revenues from usage fees and other services are recognized when earned. Revenues from transaction-based services such as webcasting and wire distribution are recorded as the services are provided and delivered. Market Technology Revenues Market Technology provides technology solutions for trading, clearing, settlement surveillance and information dissemination, as well as governance, risk and compliance solutions. Revenues primarily consist of software, license and support revenues, change request and advisory revenues, and software as a service revenues. For most solutions, we enter into multiple-element sales arrangements to provide technology solutions and services to our customers. In order to recognize revenues associated with each individual element of a multiple-element sales arrangement separately, we are required to establish the existence of VSOE of fair value for each element. When VSOE for individual elements of an arrangement cannot be established, revenue is generally deferred and recognized over either the final element of the arrangement or the entire term of the arrangement for which the services will be delivered. We also enter into revolving subscription agreements which allow customers to connect to our servers to access certain services. These revenues are recognized ratably over the subscription term. Software, License and Support Software, license and support revenues are derived from the system solutions developed and sold by NASDAQ OMX and are generally entered into in multiple-element sales arrangements. After we have developed and sold a system solution, the customer licenses the right to use the software and may require post contract support and other services, such as facility management. Facility management revenues are derived when NASDAQ OMX assumes responsibility for the continuous operation of a system platform for a customer and receives facility management revenues which can be both fixed and volume-based. Revenues for license, support and facility management services are generally deferred and recognized over either the final element of the arrangement or the entire term of the arrangement for which the services will be delivered, unless VSOE can be established for each element of the contract. We record the deferral of revenue associated with multiple-element sales arrangements in deferred revenue and non-current deferred revenue and the deferral of costs in other current assets and other non-current assets in the Consolidated Balance Sheets. Software, license and support revenues also include delivery project revenues which are derived from the installation phase of the system solutions developed and sold by NASDAQ OMX. The majority of our delivery projects involve individual adaptations to the specific requirements of the customer, such as those relating to functionality and capacity. We may customize our software technology and make significant modifications to the software to meet the needs of our customers, and as such, we account for these arrangements under contract accounting. Under contract accounting, when VSOE for valuing certain elements of an arrangement cannot be established, total revenues, as well as costs incurred, are deferred until the customization and significant modifications are complete and are then recognized over the post contract support period. We record the deferral of this revenue in deferred revenue and non-current deferred revenue and the deferral of costs in other current assets and other non-current assets in the Consolidated Balance Sheets. Change Request and Advisory Change request and advisory revenues include configuration, customer specific adaptations and modifications of the system solutions sold by NASDAQ OMX after delivery has occurred. Change request and advisory revenues are recognized as revenues when earned. Software As a Service Software as a service revenues are derived from subscription based arrangements, where customers pay a recurring fee to access our servers to access certain services. These services include broker compliance solutions targeting brokers throughout the world, as well as governance, risk and compliance services.
Earnings Per Share	Earnings Per Share We present both basic and diluted EPS. Basic EPS is computed by dividing net income attributable to NASDAQ OMX by the weighted average number of common shares outstanding for the period. Diluted EPS is computed by dividing net income attributable to NASDAQ OMX by the weighted-average number of common shares and common share equivalents outstanding during the period and reflects the assumed conversion of all dilutive securities, which primarily consist of convertible notes, employee stock options, restricted stock and PSUs. Common share equivalents are excluded from the computation in periods for which they have an anti-dilutive effect. Stock options for which the exercise price exceeds the average market price over the period are anti-dilutive and, accordingly, are excluded from the calculation. See Note 14, “Earnings Per Share,” for further discussion.
Treasury Stock	Treasury Stock 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 Consolidated Balance Sheets. When treasury shares are reissued, they are recorded at the average cost of the treasury shares acquired.
Pension and Post-Retirement Benefits	Pension and Post-Retirement Benefits Pension and other post-retirement benefit plan information for financial reporting purposes is developed using actuarial valuations. We assess our pension and other post-retirement benefit plan assumptions on a regular basis. In evaluating these assumptions, we consider many factors, including evaluation of the discount rate, expected rate of return on plan assets, healthcare cost trend rate, retirement age assumption, our historical assumptions compared with actual results and analysis of current market conditions and asset allocations. See Note 11, “Employee Benefits,” for further discussion. Discount rates used for pension and other post-retirement benefit plan calculations are evaluated annually and modified to reflect the prevailing market rates at the measurement date of a high-quality fixed-income debt instrument portfolio that would provide the future cash flows needed to pay the benefits included in the benefit obligations as they come due. Actuarial assumptions are based upon management’s best estimates and judgment. The expected rate of return on plan assets for our U.S. pension plans represents our long-term assessment of return expectations which may change based on significant shifts in economic and financial market conditions. The long-term rate of return on plan assets is derived from return assumptions based on targeted allocations for various asset classes. While we consider the pension plans’ recent performance and other economic growth and inflation factors, which are supported by long-term historical data, the return expectations for the targeted asset categories represent a long-term prospective return.
Share-Based Compensation	Share-Based Compensation Accounting for share-based compensation requires the measurement and recognition of compensation expense for all equity awards based on estimated fair values. We recognize compensation expense for equity awards on a straight-line basis over the requisite service period of the award. See Note 12, “Share-Based Compensation,” for further discussion.
Advertising Costs	Advertising Costs We expense advertising costs, which include media advertising and production costs, in the periods in which the costs are incurred. Media advertising and production costs included as marketing and advertising expense in the Consolidated Statements of Income totaled $7 million in 2013, $6 million in 2012 and $7 million for 2011.
Software Costs	Software Costs Significant purchased application software and operational software that are an integral part of computer hardware are capitalized and amortized on a straight-line basis over their estimated useful lives, generally five years. All other purchased software is charged to expense as incurred. We develop systems solutions for both internal and external use. Certain costs incurred in connection with developing or obtaining internal use software are capitalized. Unamortized capitalized software development costs are included in data processing equipment and software, within property and equipment, net in the Consolidated Balance Sheets. Amortization of costs capitalized is included in depreciation and amortization expense in the Consolidated Statements of Income. Certain costs of computer software to be sold, leased, or otherwise marketed as a separate product or as part of a product or process are capitalized after the product has reached technological feasibility. Technological feasibility is established upon completion of a detailed program design or, in its absence, completion. Thereafter, all software production costs are capitalized. Prior to reaching technological feasibility, all costs are charged to expense. Capitalized costs are amortized on a straight-line basis over the remaining estimated economic life of the product and are included in depreciation and amortization expense in the Consolidated Statements of Income.
Leases	Leases We expense rent from non-cancellable operating leases, net of sublease income, on a straight line basis, based on future minimum lease payments. The net costs are included in occupancy expense in the Consolidated Statements of Income. See Note 17, “Leases,” for further discussion.
Income Taxes	Income Taxes We use the asset and liability method to determine income taxes on all transactions recorded in the 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 consolidated financial statements. Interest and/or penalties related to income tax matters are recognized in income tax expense.
Recently Adopted Accounting Pronouncements	Recently Adopted and Issued Accounting Pronouncements For the year ended December 31, 2013, we have not adopted any new accounting pronouncements that had a material impact on our consolidated financial statements. In addition, we have reviewed all recently issued, but not yet effective, accounting pronouncements and do not believe the future adoption of any such pronouncements will have a material impact on our financial position or results of our operations.

Restructuring Charges (Tables)

12 Months Ended

Dec. 31, 2013

Restructuring Charges [Abstract]

Summary of Restructuring Charges


	Year Ended December 31,
	2013		2012

	(in millions)
Severance	$	6	$	23
Facilities-related		1		10
Asset impairments		1		9
Other		1		2
Total restructuring charges	$	9	$	44

Acquisitions and Divestiture (Tables)

12 Months Ended

Dec. 31, 2013

Acquisition of Businesses



	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

Glide Technologies [Member]

Acquisition of Businesses


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

		(in millions)
Glide Technologies	$	22	$	(2)	$	4	$	20

2012 Acquisitions [Member]

Acquisition of Businesses



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

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

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 Corporate Solutions Businesses [Member]

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

Goodwill and Purchased Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2013

Goodwill and Purchased Intangible Assets [Abstract]

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		8		-		6		6		20
Balance at December 31, 2013	$	3,433	$	136	$	2,019	$	598	$	6,186

Finite-Lived and Indefinite-Lived Intangible Assets



	December 31, 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	$	39	$	(12)	$	27		5	$	26	$	(10)	$	16		5
Customer relationships		1,075		(292)		783		19		871		(238)		633		21
Other		5		(3)		2		8		6		(2)		4		8
Foreign currency translation adjustment		3		-		3				6		(1)		5
Total finite-lived intangible assets	$	1,122	$	(307)	$	815			$	909	$	(251)	$	658

Indefinite-Lived Intangible Assets
Exchange and clearing registrations	$	790	$	-	$	790			$	790	$	-	$	790
Trade names		756		-		756				185		-		185
Licenses		51		-		51				51		-		51
Foreign currency translation adjustment		(26)		-		(26)				(34)		-		(34)
Total indefinite-lived intangible assets	$	1,571	$	-	$	1,571			$	992	$	-	$	992
Total intangible assets	$	2,693	$	(307)	$	2,386			$	1,901	$	(251)	$	1,650

Estimated Future Amortization Expense



	(in millions)
2014	$	71
2015		69
2016		67
2017		65
2018		61
2019 and thereafter		479
Total	$	812

Property and Equipment, net (Tables)

12 Months Ended

Dec. 31, 2013

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment, Net


		Year Ended December 31,
		2013		2012

	(in millions)
Data processing equipment and software	$	511	$	409
Furniture, equipment and leasehold improvements		216		203
Total property and equipment		727		612
Less: accumulated depreciation and amortization		(459)		(401)
Total property and equipment, net	$	268	$	211

Deferred Revenue (Tables)

12 Months Ended

Dec. 31, 2013

Deferred Revenue [Abstract]

Estimated Deferred Revenue



	Initial Listing Revenues		Listing of Additional Shares Revenues		Annual Renewal and Other Revenues		Technology Solutions Revenues(1)		Total

	(in millions)
Fiscal year ended:
2014	$	11	$	33	$	25	$	82	$	151
2015		10		23		1		30		64
2016		8		14		-		24		46
2017		6		5		-		11		22
2018		4		-		-		5		9
2019 and thereafter		2		-		-		-		2
	$	41	$	75	$	26	$	152	$	294

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)		17		38		247		245		547
Amortization(1)		(12)		(41)		(247)		(254)		(554)
Translation adjustment		-		-		(6)		12		6
Balance at December 31, 2013	$	41	$	75	$	26	$	152	$	294

Balance at January 1, 2012	$	39	$	86	$	25	$	128	$	278
Additions(1)		11		31		213		98		353
Amortization(1)		(14)		(39)		(208)		(85)		(346)
Translation adjustment		-		-		2		8		10
Balance at December 31, 2012	$	36	$	78	$	32	$	149	$	295

Debt Obligations (Tables)

12 Months Ended

Dec. 31, 2013

Debt Obligations [Abstract]

Changes in Debt Obligations



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

	(in millions)
2.50% convertible senior notes repaid August 15, 2013(1)	$	91	$	-	$	(91)	$	-
4.00% senior unsecured notes due January 15, 2015 (net of discount)(2)		399		-		1		400
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		42		824
$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 1.57% for the period January 1, 2013 through December 31, 2013)		394		-		(45)		349
$750 million revolving credit commitment due September 19, 2016 (average interest rate of 1.36% for the period January 1, 2013 through December 31, 2013)		126		120		(151)		95
Total debt obligations		1,976		902		(244)		2,634
Less current portion		(136)		-		91		(45)
Total long-term debt obligations	$	1,840	$	902	$	(153)	$	2,589

(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.

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



	Year Ended December 31,
	2013		2012		2011

		(in millions)
Components of interest expense recognized on the 2013 Convertible Notes
Accretion of debt discount	$	2	$	3	$	13
Contractual interest		1		3		9
Total interest expense recognized on the 2013 Convertible Notes	$	3	$	6	$	22

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.

Components of Income Tax Provision

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

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+ Details

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2013

Income Taxes [Abstract]


	Year Ended December 31,
	2013		2012		2011

	(in millions)
Current income taxes:
Federal	$	134	$	130	$	129
State		21		37		34
Foreign		33		16		23
Total current income taxes		188		183		186
Deferred income taxes:
Federal		13		(10)		(18)
State		11		6		-
Foreign		4		20		22
Total deferred income taxes		28		16		4
Total income tax provision	$	216	$	199	$	190

Reconciliation of Provision of Income Taxes


	Year Ended December 31,
	2013		2012		2011

	(in millions)
Federal income tax provision at the statutory rate	35.0	%	35.0	%	35.0	%
State income tax provision, net of federal effect	2.9	%	4.2	%	3.3	%
Non-U.S. subsidiary earnings	(4.4)	%	(6.3)	%	(6.3)	%
Change in deferred taxes due to change in tax rate(1)	0.6	%	2.3	%	0.5	%
Change in unrecognized tax benefits	4.8	%	2.6	%	1.0	%
Other, net	(2.9)	%	(1.5)	%	(0.3)	%
Actual income tax provision(1)	36.0	%	36.3	%	33.2	%

Schedule of Deferred Tax Assets and Liabilities


		December 31,
		2013		2012

	(in millions)
Deferred tax assets:
Deferred revenues	$	36	$	39
U.S. federal net operating loss		1		10
Foreign net operating loss		105		95
State net operating loss		1		4
Compensation and benefits		84		112
Foreign currency translation		231		103
Lease reserves		11		14
Tax credits		10		17
Other		17		14
Gross deferred tax assets		496		408

Deferred tax liabilities:
Amortization of software development costs and depreciation		(91)		(58)
Amortization of acquired intangible assets		(631)		(647)
Compensation and benefits		(12)		(18)
Other		(12)		(25)
Gross deferred tax liabilities		(746)		(748)
Net deferred tax liabilities before valuation allowance		(250)		(340)
Less: valuation allowance		(80)		(81)
Net deferred tax liabilities	$	(330)	$	(421)

Domestic and Foreign Components of Income Before Income Tax Provision


	Year Ended December 31,
	2013		2012		2011

	(in millions)
Domestic	$	362	$	355	$	321
Foreign		238		193		252
Income before income tax provision	$	600	$	548	$	573

Reconciliation of Unrecognized Tax Benefits


		Year Ended December 31,
		2013		2012

	(in millions)
Beginning balance	$	32	$	18
Additions as a result of tax positions taken in prior periods		17		16
Additions as a result of tax positions taken in the current period		11		3
Reductions related to settlements with taxing authorities		(1)		(5)
Reductions as a result of lapses of the applicable statute of limitations		(1)		-
Ending balance	$	58	$	32

Components of Net Periodic Benefit Cost

Tabular disclosure of tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities (i.e., uncertain tax positions) and other types of income tax contingencies, including: (1) the policy on classification of interest and penalties; (2) a tabular reconciliation of the total amounts of unrecognized tax benefits at the beginning and end of the period; the total amount(s) of: (3) unrecognized tax benefits that, if recognized, would affect the effective tax rate, and (4) interest and penalties recognized in each of the income statement and balance sheet; (5) for positions for which it is reasonably possible that the total amounts unrecognized will significantly change within 12 months of the reporting date the: (i) nature of the uncertainty, (ii) nature of the event that could occur that would cause the change, and (iii) an estimate of the range of the reasonably possible change or a statement that an estimate of the range cannot be made; and (6) a description of tax years that remain subject to examination by major tax jurisdictions.

+ References+ Details

Employee Benefits (Tables)

12 Months Ended

Dec. 31, 2013

Employee Benefits [Abstract]



	Year Ended December 31,
	2013		2012		2011
	(in millions)
Components of net periodic benefit cost:
Interest cost	$	5	$	6	$	6
Expected return on plan assets		(5)		(5)		(5)
Recognized net actuarial loss		4		3		3
Curtailment loss		2		-		-
Net periodic benefit cost	$	6	$	4	$	4

Reconciliation of Changes in Benefit Obligation and Fair Value of Plan Assets


	2013								2012
	Pension		SERP		Post-retirement		Total		Pension		SERP		Post-retirement		Total

Change in benefit obligation	(in millions)
Benefit obligation at beginning of year	$	104	$	33	$	4	$	141	$	86	$	30	$	11	$	127
Interest cost		4		1		-		5		4		2		-		6
Actuarial (gains) losses		-		-		(1)		(1)		1		-		(7)		(6)
Benefits paid		(2)		(2)		-		(4)		(4)		(2)		-		(6)
Settlements		(5)		-		-		(5)		-		-		-		-
(Gains) losses due to change in discount rate		(15)		(3)		-		(18)		17		3		-		20
Loss due to change in mortality rate		5		1		-		6		-		-		-		-
Benefit obligation at end of year		91		30		3		124		104		33		4		141
Change in plan assets
Fair value of plan assets at beginning of year		75		-		-		75		62		-		-		62
Actual return on plan assets		6		-		-		6		7		-		-		7
Company contributions		1		2		-		3		10		2		-		12
Benefits paid		(2)		(2)		-		(4)		(4)		(2)		-		(6)
Settlements		(5)		-		-		(5)		-		-		-		-
Fair value of plan assets at end of year		75		-		-		75		75		-		-		75
Underfunded status of the plans		(16)		(30)		(3)		(49)		(29)		(33)		(4)		(66)
Accumulated benefit obligation	$	91	$	30	$	3	$	124	$	104	$	33	$	4	$	141

Weighted-Average Actuarial Assumptions Net Benefit Obligations

Weighted-average assumptions used to determine benefit obligations at the end of the fiscal year:



	2013		2012
Discount rate:
Pension	4.90	%	4.00	%
SERP	4.90	%	4.00	%
Post-retirement	4.90	%	4.00	%

Weighted-average assumptions used to determine net benefit cost for the fiscal year:


	2013		2012		2011
Discount rate:
Pension	4.00	%	5.00	%	5.25	%
SERP	4.00	%	5.00	%	5.25	%
Post-retirement	4.00	%	5.00	%	5.25	%
Expected return on plan assets:
Pension	7.75	%	7.75	%	8.00	%
SERP	N/A		N/A		N/A
Post-retirement	N/A		N/A		N/A

N/A—Not applicable

Target Allocations for Plan Assets


	Target Allocation
Equity securities	40%
Fixed income securities	44%
Other investment strategies and cash	16%
Total allocation	100%

Fair Value of Plan Assets by Asset Category and Fair Value Hierarchy


		Total Benefit Plan Assets	Fair Value Measurements(1)
		as of December 31, 2013	Level 1		Level 2		Level 3
	(in millions)
Equity securities(2)	$	30	$	-	$	30	$	-
Fixed income securities(3)		32		3		29		-
Other investment strategies and cash(4)		13		3		-		10
Total benefit plan assets	$	75	$	6	$	59	$	10

(1) See Note 15, “Fair Value of Financial Instruments,” for further discussion of fair value measurements.

(2) Includes securities held in various classes of domestic, international and emerging market equities.

(3) Includes investments in U.S. fixed income and emerging markets debt.

The change in Level 3 plan assets

The change in Level 3 plan assets for the year ended December 31, 2013 is as follows:


	December 31, 2012(1)		Purchases		Net unrealized gains		December 31, 2013

Other investment strategies:	(in millions)
Real estate investment	$	-	$	2	$	-	$	2
Hedge fund investment		-		7		1		8
Total other investment strategies	$	-	$	9	$	1	$	10

(1) There were no Level 3 plan assets as of December 31, 2012.

Accumulated Other Comprehensive Income (Loss)


	Pension		SERP		Post-retirement		Total

	(in millions)
Unrecognized net actuarial gain (loss)	$	(29)	$	(1)	$	8	$	(22)
Income tax benefit (expense)		12		-		(3)		9
Employee benefit plan adjustments, net of tax	$	(17)	$	(1)	$	5	$	(13)

Estimated Future Benefit Payments


	Pension		SERP		Post-retirement		Total

Fiscal Year Ended:	(in millions)
2014	$	3	$	3	$	-	$	6
2015		4		3		-		7
2016		4		2		-		6
2017		4		12		-		16
2018		5		2		-		7
2019 through 2023		26		8		1		35
	$	46	$	30	$	1	$	77

Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2013

Share-Based Compensation [Abstract]

Schedule of Weighted-Average Assumptions Used to Determine the Weighted-Average Fair Values



	Year Ended December 31,
	2013		2012


Weighted-average risk free interest rate		0.45%		0.34%
Expected volatility(1)		31.4%		32.9%
Weighted-average fair value at grant date	$	43.81	$	22.50

Summary of Share-Based Compensation Expense



	Year Ended December 31,
	2013		2012		2011

	(in millions)
Share-based compensation expense before income taxes	$	47	$	46	$	36
Income tax benefit		(19)		(18)		(14)
Share-based compensation expense after income taxes	$	28	$	28	$	22

Summary of Weighted-Average Assumptions Stock Option Awards



		2011

Expected life (in years)		5
Weighted-average risk free interest rate		2.16	%
Expected volatility		27.0	%
Dividend yield		-
Weighted-average fair value at grant date	$	7.06

Summary of Stock Option Activity


	Stock Options Outstanding
	Number of Stock Options		Weighted-Average Exercise Price

Outstanding at December 31, 2010		10,112,842	$	16.92
Granted(1)		1,267,430		25.28
Exercised		(1,030,721)		9.68
Forfeited or expired		(425,516)		26.85
Outstanding at December 31, 2011		9,924,035	$	18.33
Exercised		(2,051,066)		7.37
Forfeited or expired		(327,192)		23.41
Outstanding at December 31, 2012		7,545,777	$	21.10
Exercised		(2,346,220)		12.05
Forfeited or expired		(273,035)		24.32
Outstanding at December 31, 2013		4,926,522	$	25.21

Summary of Significant Ranges of Outstanding and Exercisable Stock Options


					Outstanding						Exercisable
						Weighted-						Weighted-
						Average						Average
						Remaining				Aggregate		Remaining		Weighted-		Aggregate
					Number of	Contractual		Weighted-		Intrinsic		Contractual		Average		Intrinsic
					Stock	Term		Average		Value	Number	Term		Exercise		Value
Range of Exercise Prices					Options	(in years)		Exercise Price		(in millions)	Exercisable	(in years)		Price		(in millions)
$	6.29	-	$	19.74	304,168	1.03	$	7.84	$	10	301,932	0.99	$	7.76	$	10
$	19.75	-	$	25.01	2,010,519	5.82		20.61		39	1,159,676	5.58		21.03		22
$	25.02	-	$	35.91	1,367,775	6.37		25.29		20	448,133	4.78		25.30		6
$	35.92	-	$	45.59	1,244,060	3.01		36.81		4	1,244,060	3.01		36.81		4

	Total				4,926,522	4.97	$	25.21	$	73	3,153,801	4.01	$	26.59	$	42

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 December 31, 2010		2,759,091		$	22.00		1,098,629		$	24.25
Granted		1,393,373	(1)		25.31		651,510	(2)		25.14
Vested		(353,235)			24.26		(279,447)			28.70
Forfeited		(427,896)			22.28		(155,512)			27.94
Unvested balances at December 31, 2011		3,371,333		$	23.10		1,315,180		$	23.33
Granted		1,478,855	(1)		23.62		1,363,670	(2)		23.28
Vested		(1,295,030)			23.39		(702,486)			23.74
Forfeited		(350,970)			23.29		(96,565)			23.30
Unvested balances at December 31, 2012		3,204,188		$	23.20		1,879,799		$	23.14
Granted		1,182,870	(1)		32.69		828,180	(2)		39.68
Vested		(266,724)			23.77		(512,890)			22.68
Forfeited		(293,864)			24.40		(279,488)			25.77
Unvested balances at December 31, 2013		3,826,470		$	25.96		1,915,601		$	30.03

(2) PSUs granted in 2013, 2012 and 2011 primarily reflect awards issued to certain officers, as described above.

NASDAQ OMX Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 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
July 24, 2013	$	0.13	September 13, 2013	$	22	September 27, 2013
October 21, 2013	$	0.13	December 13, 2013	$	22	December 27, 2013

(1) These amounts were recorded in retained earnings in the Consolidated Balance Sheets at December 31, 2013.

Components of Accumulated Other Comprehensive Loss


		Unrealized Holding		Foreign				Accumulated
		Gains on		Currency		Employee		Other
		Available-For-Sale		Translation		Benefit Plan		Comprehensive
		Investment Securities		Adjustments (1)		Adjustments(2)		Loss

	(in millions)
Gross balance, December 31, 2012	$	4	$	(265)	$	(43)	$	(304)
Income taxes		1		100		18		119
Net balance, December 31, 2012	$	5	$	(165)	$	(25)	$	(185)

Gross balance, December 31, 2013	$	-	$	(282)	$	(22)	$	(304)
Income taxes		1		227		9		237
Net balance, December 31, 2013	$	1	$	(55)	$	(13)	$	(67)

⁽¹⁾

Amounts include cumulative gains and losses on foreign currency translation adjustments from non-U.S. subsidiaries for which the functional currency is other than the U.S. dollar.

Amounts primarily represent unrecognized net actuarial gains (losses) related to the NASDAQ OMX Benefit Plans

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2013

Earnings Per Share [Abstract]

Summary of Computation of Basic and Diluted Earnings Per Share



	Year Ended December 31,
	2013		2012		2011
	(in millions, except share and per share amounts)
Numerator:
Net income attributable to common shareholders	$	385	$	352	$	387
Denominator:
Weighted-average common shares outstanding for basic earnings per share(1)		166,932,103		168,254,653		176,331,819
Weighted-average effect of dilutive securities:
Employee equity awards		3,969,766		4,317,577		3,644,946
Issuance of common stock related to the acquisition of eSpeed(2)		364,277		-		-
3.75% convertible notes(3)		-		15,640		34,482
Weighted-average common shares outstanding for diluted earnings per share		171,266,146		172,587,870		180,011,247
Basic and diluted earnings per share:
Basic earnings per share	$	2.30	$	2.09	$	2.20
Diluted earnings per share	$	2.25	$	2.04	$	2.15

(2) See “Acquisition of eSpeed for Trading of U.S. Treasuries,” of Note 4, “Acquisition and Divestiture,” for further discussion.

(3) 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)

12 Months Ended

Dec. 31, 2013

Fair Value of Financial Instruments [Abstract]

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



	December 31, 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)	$	162	$	162	$	-	$	-
Default fund and margin deposit investments(2)		1,867		774		1,093		-
Total	$	2,029	$	936	$	1,093	$	-

	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	$	-	$	-

Clearing Operations (Tables)

12 Months Ended

Dec. 31, 2013

Clearing Operations [Abstract]

Schedule of Clearing Member Default Fund Contributions



	December 31, 2013
	Cash Contributions(1)(2)		Non-Cash Contributions		Total Contributions

	(in millions)
Default fund contributions	$	246	$	112	$	358
Margin deposits		1,715		8,998		10,713
Total	$	1,961	$	9,110	$	11,071

(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:



	December 31, 2013
	(in millions)
Commodity forwards and options(1)(2)	$	1,795
Fixed-income options and futures(2)(3)		311
Stock options and futures(2)(3)		307
Index options and futures(2)(3)		237
Total	$	2,650

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

Schedule of Derivative Contracts Cleared

The total number of derivative contracts cleared through NASDAQ OMX Nordic Clearing for the years ended December 31, 2013 and 2012 was as follows:



	December 31, 2013		December 31, 2012
Commodity forwards and options(1)		675,442		879,737
Fixed-income options and futures		22,834,003		32,915,646
Stock options and futures		23,583,178		29,480,517
Index options and futures		29,960,888		42,262,577
Total		77,053,511		105,538,477

(1) The total volume in cleared power related to commodity contracts was 1,680 Terawatt hours (TWh) for the year ended December 31, 2013 and 1,703 TWh for the year ended December 31, 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.

Future Minimum Lease Payments

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+ Details

Leases (Tables)

12 Months Ended

Dec. 31, 2013

Leases [Abstract]


		Gross Lease		Sublease		Net Lease
		Commitments		Income		Commitments
	(in millions)
Year ending December 31:
2014	$	83	$	5	$	78
2015		81		3		78
2016		74		3		71
2017		46		2		44
2018		42		2		40
Thereafter		152		13		139
Total future minimum lease payments	$	478	$	28	$	450

Business Segments (Tables)

12 Months Ended

Dec. 31, 2013

Business Segments [Abstract]

Schedule of Operating Segments



	Market Services		Listing Services		Information Services		Technology Solutions		Corporate Items and Eliminations		Consolidated
	(in millions)
2013
Total revenues	$	2,092	$	228	$	442	$	449	$	-	$	3,211
Cost of revenues		(1,316)		-		-		-		-		(1,316)
Revenues less transaction rebates, brokerage, clearance and exchange fees		776		228		442		449		-		1,895
Depreciation and amortization		79		3		11		29		-		122
Operating income (loss)(1)		322		92		321		39		(86)		688
Total assets(2)		7,789		262		2,557		1,108		861		12,577
Purchase of property and equipment		47		5		9		54		-		115

2012
Total revenues	$	2,206	$	224	$	406	$	284	$	-	$	3,120
Cost of revenues		(1,446)		-		-		-		-		(1,446)
Revenues less transaction rebates, brokerage, clearance and exchange fees		760		224		406		284		-		1,674
Depreciation and amortization		73		4		10		17		-		104
Operating income (loss)(3)		322		94		296		22		(44)		690
Total assets(2)		4,981		254		2,456		625		816		9,132
Purchase of property and equipment		52		4		8		23		-		87

2011
Total revenues	$	2,553	$	236	$	391	$	258	$	-	$	3,438
Cost of revenues		(1,748)		-		-		-		-		(1,748)
Revenues less transaction rebates, brokerage, clearance and exchange fees		805		236		391		258		-		1,690
Depreciation and amortization		74		4		9		19		3		109
Operating income (loss)(4)		344		102		282		35		(67)		696
Total assets(2)		10,007		242		2,356		594		892		14,091
Purchase of property and equipment		54		5		8		19		2		88

(1) The 2013 corporate items and eliminations primarily include:

•Expense related to our voluntary accommodation program of $44 million;

•Merger and strategic initiatives expense of $22 million;

•Expenses paid with respect to an SEC matter of $10 million; and

•Restructuring charges of $9 million.

(3) The 2012 corporate items and eliminations primarily include:

•Costs associated with restructuring charges of $44 million. See Note 3, “Restructuring Charges,” for further discussion;

•Special legal expenses of $7 million from the proposed voluntary accommodation program and other expenses related to the systems issues experienced at the time of the Facebook IPO; and

•Merger and strategic initiative costs of $4 million, partially offset by;

•Income from open positions of $11 million relating to the operations of the exchange.

(4) The 2011 corporate items and eliminations primarily include:

•Debt extinguishment and refinancing charges of $31 million. See “2.50% Convertible Senior Notes,” and “2011 Credit Facility,” of Note 9, “Debt Obligations,” for further discussion.

Revenues and property and equipment, net by geographic area


				Property and
		Total		Equipment,
		Revenues		Net
	(in millions)
2013:
United States	$	2,386	$	166
All other countries(1)		825		102
Total	$	3,211	$	268

2012:
United States	$	2,423	$	131
All other countries(1)		697		80
Total	$	3,120	$	211

2011:
United States	$	2,707	$	125
All other countries(1)		731		68
Total	$	3,438	$	193

(1) Property and equipment, net for all other countries primarily includes assets held in Sweden.

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	12 Months Ended
	Dec. 31, 2013 item
Organization And Basis Of Presentation [Line Items]
Operations in number of continents	6
Total number of U.S. listed companies	2,637
Approximate combined market capitalization, U.S.	$ 7.0
Total number of listed companies within Nordic and Baltic exchanges	758
Approximate Combined Market Capitalization within Nordic and Baltic exchanges	$ 1.3
Cash Equities Trading Markets [Member]
Organization And Basis Of Presentation [Line Items]
Number of marketplaces	2
Options Markets [Member]
Organization And Basis Of Presentation [Line Items]
Number of marketplaces	3
Electronic Platform US Treasuries [Member]
Organization And Basis Of Presentation [Line Items]
Number of marketplaces	0

Summary of Significant Accounting Policies (Details) (USD $)	12 Months Ended
	Dec. 31, 2013 item	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Cash and cash equivalents	$ 425,000,000	$ 497,000,000	$ 506,000,000	$ 315,000,000
Restricted cash	84,000,000	85,000,000
Non-current restricted cash		25,000,000
Reserves netted against receivables	9,000,000	5,000,000
Net investment hedges		0
Goodwill, impairment loss	0	0	0
Number of license agreements	2
Cost method investment, ownership percentage	20.00%
Media advertising and production costs	7,000,000	6,000,000	7,000,000
Computer Software, Intangible Asset [Member]
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Intangible assets estimated useful lives	5 years
Highly Liquid Investments [Member]
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Cash and cash equivalents	$ 178,000,000	$ 339,000,000
Minimum [Member]
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Subscription based revenues, revenue recognition period	1 year
Equity method investment, ownership percentage	20.00%
Service period of additional shares and listing fees	4 years
Minimum [Member] \| Technology [Member]
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Intangible assets estimated useful lives	2 years
Minimum [Member] \| Customer relationships [Member]
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Intangible assets estimated useful lives	9 years
Minimum [Member] \| Other [Member]
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Intangible assets estimated useful lives	2 years
Maximum [Member]
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Subscription based revenues, revenue recognition period	2 years
Equity method investment, ownership percentage	50.00%
Service period of additional shares and listing fees	6 years
Maximum [Member] \| Technology [Member]
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Intangible assets estimated useful lives	5 years
Maximum [Member] \| Customer relationships [Member]
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Intangible assets estimated useful lives	30 years
Maximum [Member] \| Other [Member]
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Intangible assets estimated useful lives	10 years
Buildings and improvements [Member] \| Minimum [Member]
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Property and equipment estimated useful life	10 years
Buildings and improvements [Member] \| Maximum [Member]
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Property and equipment estimated useful life	40 years
Data processing equipment and software [Member] \| Minimum [Member]
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Property and equipment estimated useful life	2 years
Data processing equipment and software [Member] \| Maximum [Member]
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Property and equipment estimated useful life	5 years
Furniture and equipment [Member] \| Minimum [Member]
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Property and equipment estimated useful life	5 years
Furniture and equipment [Member] \| Maximum [Member]
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Property and equipment estimated useful life	10 years
3.875% senior unsecured notes due June 7, 2021 [Member]
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Debt Instrument Interest Rate Stated Percentage	3.875%

Restructuring Charges (Narrative) (Details) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2013 employee	Dec. 31, 2012 employee
Restructuring Cost and Reserve [Line Items]
Restructuring and other charges	$ 9	$ 44
Number of positions eliminated	31	226
Severance [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and other charges	6	23
Restructuring reserve, current	3	8
Severance payments	11
Facilities-related [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and other charges	1	10
Restructuring reserve	1	3
Facility Consolidation [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and other charges		5
Asset impairments [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and other charges	1	9
Other Restructuring [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and other charges	$ 1	$ 2

Amount of expenses associated with exit or disposal activities pursuant to an authorized plan. Excludes expenses related to a discontinued operation or an asset retirement obligation.

+ References+ Details

Restructuring Charges (Summary of Restructuring Charges) (Details) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	$ 9	$ 44
Severance [Member]
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	6	23
Facilities-related [Member]
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	1	10
Asset impairments [Member]
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	1	9
Other Restructuring [Member]
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	$ 1	$ 2

Amount of expenses associated with exit or disposal activities pursuant to an authorized plan. Excludes expenses related to a discontinued operation or an asset retirement obligation.

+ References+ Details

Acquisitions and Divestiture (Narrative) (Details)
In Millions, except Share data, unless otherwise specified

12 Months Ended

1 Months Ended

3 Months Ended

12 Months Ended

Dec. 31, 2013

USD ($)

Dec. 31, 2012

USD ($)

Dec. 31, 2011

Dec. 31, 2013

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

May 31, 2013

2011 Credit Facility [Member]

USD ($)

Oct. 31, 2011

2011 Credit Facility [Member]

USD ($)

Sep. 30, 2013

2011 Credit Facility [Member]

USD ($)

Dec. 31, 2013

2011 Credit Facility [Member]

USD ($)

Dec. 31, 2013

IDCG [Member]

USD ($)

Dec. 31, 2013

IDCG [Member]

EUR (€)

Dec. 31, 2013

Customer relationships [Member]

USD ($)

Dec. 31, 2012

Customer relationships [Member]

Dec. 31, 2013

Technology [Member]

USD ($)

Dec. 31, 2012

Technology [Member]

Dec. 31, 2013

Trade names [Member]

USD ($)

Dec. 31, 2013

NOS Clearing [Member]

USD ($)

Dec. 31, 2013

NOS Clearing [Member]

NOK

Dec. 31, 2013

Glide Technologies [Member]

USD ($)

Dec. 31, 2013

Glide Technologies [Member]

Acquired net liabilities at fair value [Member]

USD ($)

Dec. 31, 2013

BWise [Member]

USD ($)

Dec. 31, 2013

BWise [Member]

EUR (€)

Dec. 31, 2013

BWise [Member]

Customer relationships [Member]

USD ($)

Dec. 31, 2013

BWise [Member]

Technology [Member]

USD ($)

Dec. 31, 2013

BWise [Member]

Trade names [Member]

USD ($)

Dec. 31, 2013

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

USD ($)

Dec. 31, 2013

TR Corporate Solutions Businesses [Member]

USD ($)

Dec. 31, 2013

TR Corporate Solutions Businesses [Member]

Customer relationships [Member]

USD ($)

Dec. 31, 2013

TR Corporate Solutions Businesses [Member]

Customer relationships [Member]

Income Approach Valuation Technique [Member]

Dec. 31, 2013

TR Corporate Solutions Businesses [Member]

Technology [Member]

USD ($)

Dec. 31, 2013

TR Corporate Solutions Businesses [Member]

Technology [Member]

Income Approach Valuation Technique [Member]

Dec. 31, 2013

TR Corporate Solutions Businesses [Member]

Webhosting [Member]

Income Approach Valuation Technique [Member]

Dec. 31, 2013

TR Corporate Solutions Businesses [Member]

Public Relations And Multimedia [Member]

Income Approach Valuation Technique [Member]

Dec. 31, 2013

TOM [Member]

Dec. 31, 2013

eSpeed [Member]

USD ($)

segment

Dec. 31, 2013

eSpeed [Member]

Customer relationships [Member]

Dec. 31, 2013

eSpeed [Member]

Customer relationships [Member]

Income Approach Valuation Technique [Member]

Dec. 31, 2013

eSpeed [Member]

Technology [Member]

Dec. 31, 2013

eSpeed [Member]

Technology [Member]

Income Approach Valuation Technique [Member]

Dec. 31, 2013

eSpeed [Member]

Trade names [Member]

Income Approach Valuation Technique [Member]

Dec. 31, 2013

Minimum [Member]

Dec. 31, 2013

Minimum [Member]

TR Corporate Solutions Businesses [Member]

Customer relationships [Member]

Dec. 31, 2013

Minimum [Member]

TR Corporate Solutions Businesses [Member]

Customer relationships [Member]

Income Approach Valuation Technique [Member]

Dec. 31, 2013

Minimum [Member]

TR Corporate Solutions Businesses [Member]

Technology [Member]

Dec. 31, 2013

Minimum [Member]

eSpeed [Member]

Customer relationships [Member]

Income Approach Valuation Technique [Member]

Dec. 31, 2013

Minimum [Member]

eSpeed [Member]

Technology [Member]

Income Approach Valuation Technique [Member]

Dec. 31, 2013

Maximum [Member]

Dec. 31, 2013

Maximum [Member]

TR Corporate Solutions Businesses [Member]

Customer relationships [Member]

Dec. 31, 2013

Maximum [Member]

TR Corporate Solutions Businesses [Member]

Customer relationships [Member]

Income Approach Valuation Technique [Member]

Dec. 31, 2013

Maximum [Member]

TR Corporate Solutions Businesses [Member]

Technology [Member]

Dec. 31, 2013

Maximum [Member]

eSpeed [Member]

Customer relationships [Member]

Income Approach Valuation Technique [Member]

Dec. 31, 2013

Maximum [Member]

eSpeed [Member]

Technology [Member]

Income Approach Valuation Technique [Member]

Nov. 30, 2013

EMCF [Member]

Dec. 31, 2013

EuroCCP N.V. [Member]

Purchase consideration includes working capital adjustments

Purchase consideration

$ 40

^[1]

233

$ 22

$ 77

€ 62

$ 366

$ 1,239

390

Net assets acquired

^[1]

(2)

(11)

(37)

Number of reportable segments

121

578

^[1]

715

Percentage of acquired ownership interest

72.00%

25.00%

Percentage of remaining ownership interest

28.00%

Percentage of total ownership interest by the first half of 2015

100.00%

Business acquisition, cash paid

366

755

Business acquisition, working capital adjustments

Contingent future issuance of common stock, amount

484

Contingent future issuance of common stock, shares

364,277

^[2]

992,247

Weighted average price of common stock

€ 19

Pro forma ownership interest

3.70%

Debt instrument, interest rate

3.875%

Debt instrument, maturity date

Jun. 07, 2021

Discount rate

11.00%

10.00%

11.00%

11.50%

Discounted cash flows tax effect

40.00%

Number of years contingent future issuance of common stock

15 years

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%

Total finite-lived intangible assets, Weighted-Average Useful Life (in Years)

19 years

21 years

5 years

13 years

5 years

9 years

2 years

14 years

5 years

Equity interest

20.00%

50.00%

22.00%

25.00%

Royalty rate, profit split

25.00%

33.00%

Net liabiilties assumed

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

Acquisition recorded as non-current deferred tax liability

Acquisition recorded as deferred tax liability

Purchased intangible assets, tax basis

Effective income tax rate

36.00%

^[3]

36.30%

^[3]

33.20%

^[3]

Acquisition effective tax rate

25.00%

Future expected contingent purchase price obligation

Reduction of merger and strategic initiatives expense

Purchased goodwill

6,186

5,335

312

519

Option to acquire additional ownership percentage

25.10%

Loss on divestiture of business

(14)

Credit facility, additional borrowings

$ 50

$ 250

$ 70

$ 50

[1]	In the third quarter of 2012, we recognized a gain of $4 million on our acquisition of NOS Clearing, which is included in merger and strategic initiatives expense in the Consolidated Statements of Income.
[2]	See “Acquisition of eSpeed for Trading of U.S. Treasuries,” of Note 4, “Acquisition and Divestiture,” for further discussion.
[3]	The higher effective tax rate in 2012 when compared to 2011 was primarily due to the impact to deferred tax assets and deferred tax liabilities resulting from changes in tax rates in various jurisdictions within the U.S. and outside the U.S., adjustments related to our 2005 - 2011 tax return liabilities which resulted in an increase to the tax provision and a shift in the geographic mix of earnings and losses. These increases are partially offset by a permanent tax benefit associated with certain taxable foreign exchange revaluation losses which are not reflected in pre-tax earnings.

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

3 Months Ended

Dec. 31, 2013

USD ($)

Dec. 31, 2012

USD ($)

Sep. 30, 2012

NOS Clearing [Member]

USD ($)

Dec. 31, 2013

NOS Clearing [Member]

USD ($)

Dec. 31, 2013

NOS Clearing [Member]

NOK

Dec. 31, 2013

BWise [Member]

USD ($)

Dec. 31, 2013

BWise [Member]

EUR (€)

Dec. 31, 2013

eSpeed [Member]

USD ($)

Dec. 31, 2013

TR Corporate Solutions Businesses [Member]

USD ($)

Dec. 31, 2013

Glide Technologies [Member]

USD ($)

Purchase consideration

$ 40

^[1]

233

$ 77

€ 62

$ 1,239

$ 366

$ 22

Net assets acquired

^[1]

(11)

(37)

(2)

^[1]

715

Goodwill

6,186

5,335

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, which is included in merger and strategic initiatives expense in the Consolidated Statements of Income.

Finite Lived And Indefinite Lived Intangible Assets [Line Items]

In a business combination in which the amount of net identifiable assets acquired and liabilities assumed exceeds the aggregate consideration transferred or to be transferred (as defined), this element represents the amount of gain recognized by the entity.

+ References+ Details

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

12 Months Ended

Dec. 31, 2013

Dec. 31, 2012

Technology [Member]

Acquired Finite Lived Intangible Assets Weighted Average Useful Life

5 years

Finite Lived And Indefinite Lived Intangible Assets [Line Items]

$ 16

Customer relationships [Member]

Acquired Finite Lived Intangible Assets Weighted Average Useful Life

19 years

21 years

Finite Lived And Indefinite Lived Intangible Assets [Line Items]

121

Other [Member]

Acquired Finite Lived Intangible Assets Weighted Average Useful Life

8 years

NOS Clearing [Member]

Finite Lived And Indefinite Lived Intangible Assets [Line Items]

Finite Lived And Indefinite Lived Intangible Assets [Line Items]

^[1]

BWise [Member]

Finite Lived And Indefinite Lived Intangible Assets [Line Items]

BWise [Member] | Technology [Member]

Finite Lived And Indefinite Lived Intangible Assets [Line Items]

BWise [Member] | Customer relationships [Member]

Finite Lived And Indefinite Lived Intangible Assets [Line Items]

eSpeed [Member]

Finite Lived And Indefinite Lived Intangible Assets [Line Items]

715

eSpeed [Member] | Trade names [Member]

Indefinite-lived Intangible Assets Acquired

578

eSpeed [Member] | Technology [Member]

Finite Lived And Indefinite Lived Intangible Assets [Line Items]

Acquired Finite Lived Intangible Assets Weighted Average Useful Life

5 years

Finite Lived And Indefinite Lived Intangible Assets [Line Items]

eSpeed [Member] | Customer relationships [Member]

Acquired Finite Lived Intangible Assets Weighted Average Useful Life

13 years

Finite Lived And Indefinite Lived Intangible Assets [Line Items]

121

eSpeed [Member] | Market Services [Member] | Trade names [Member]

Indefinite-lived Intangible Assets Acquired

528

eSpeed [Member] | Market Services [Member] | Technology [Member]

Finite Lived And Indefinite Lived Intangible Assets [Line Items]

Acquired Finite Lived Intangible Assets Weighted Average Useful Life

5 years

Finite Lived And Indefinite Lived Intangible Assets [Line Items]

eSpeed [Member] | Market Services [Member] | Customer relationships [Member]

Acquired Finite Lived Intangible Assets Weighted Average Useful Life

13 years

Finite Lived And Indefinite Lived Intangible Assets [Line Items]

105

eSpeed [Member] | Information Services [Member] | Trade names [Member]

Indefinite-lived Intangible Assets Acquired

eSpeed [Member] | Information Services [Member] | Technology [Member]

Finite Lived And Indefinite Lived Intangible Assets [Line Items]

Acquired Finite Lived Intangible Assets Weighted Average Useful Life

5 years

Finite Lived And Indefinite Lived Intangible Assets [Line Items]

eSpeed [Member] | Information Services [Member] | Customer relationships [Member]

Acquired Finite Lived Intangible Assets Weighted Average Useful Life

13 years

Finite Lived And Indefinite Lived Intangible Assets [Line Items]

TR Corporate Solutions Businesses [Member]

Finite Lived And Indefinite Lived Intangible Assets [Line Items]

TR Corporate Solutions Businesses [Member] | Technology [Member]

Acquired Finite Lived Intangible Assets Weighted Average Useful Life

5 years

Finite Lived And Indefinite Lived Intangible Assets [Line Items]

TR Corporate Solutions Businesses [Member] | Customer relationships [Member]

Finite Lived And Indefinite Lived Intangible Assets [Line Items]

$ 89

Minimum [Member] | TR Corporate Solutions Businesses [Member] | Technology [Member]

Acquired Finite Lived Intangible Assets Weighted Average Useful Life

2 years

Minimum [Member] | TR Corporate Solutions Businesses [Member] | Customer relationships [Member]

Finite Lived And Indefinite Lived Intangible Assets [Line Items]

Acquired Finite Lived Intangible Assets Weighted Average Useful Life

9 years

Maximum [Member] | TR Corporate Solutions Businesses [Member] | Technology [Member]

Finite Lived And Indefinite Lived Intangible Assets [Line Items]

Acquired Finite Lived Intangible Assets Weighted Average Useful Life

5 years

Maximum [Member] | TR Corporate Solutions Businesses [Member] | Customer relationships [Member]

Finite Lived And Indefinite Lived Intangible Assets [Line Items]

Acquired Finite Lived Intangible Assets Weighted Average Useful Life

14 years

[1]	In the third quarter of 2012, we recognized a gain of $4 million on our acquisition of NOS Clearing, which is included in merger and strategic initiatives expense in the Consolidated Statements of Income.

Goodwill and Purchased Intangible Assets (Narrative) (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended		12 Months Ended
	Mar. 31, 2013	Jun. 30, 2012	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Goodwill [Line Items]
Goodwill expected to be deductible in future periods			$ 878
Amortization expense for purchased finite-lived intangible assets			63	52	55
Future amortization expense, impact of foreign currency translation adjustments			3
Non-cash intangible asset impairment charges	14	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	7	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
eSpeed [Member]
Goodwill [Line Items]
Goodwill expected to be deductible in future periods			501
TR Corporate Solutions Businesses [Member]
Goodwill [Line Items]
Goodwill expected to be deductible in future periods			$ 299

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	12 Months Ended
	Dec. 31, 2013
Goodwill [Line Items]
Balance	$ 5,335
Goodwill acquired	831
Foreign currency translation adjustment	20
Balance	6,186
Market Services [Member]
Goodwill [Line Items]
Balance	2,955
Goodwill acquired	470
Foreign currency translation adjustment	8
Balance	3,433
Listing Services [Member]
Goodwill [Line Items]
Balance	136
Goodwill acquired
Foreign currency translation adjustment
Balance	136
Information Services [Member]
Goodwill [Line Items]
Balance	1,964
Goodwill acquired	49
Foreign currency translation adjustment	6
Balance	2,019
Technology Solutions [Member]
Goodwill [Line Items]
Balance	280
Goodwill acquired	312
Foreign currency translation adjustment	6
Balance	$ 598

Goodwill and Purchased Intangible Assets (Finite-Lived and Indefinite-Lived Intangible Assets) (Details) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Finite Lived And Indefinite Lived Intangible Assets [Line Items]
Total finite-lived intangible assets, Gross Amount	$ 1,122	$ 909
Accumulated Amortization	(307)	(251)
Total	815	658
Total indefinite-lived intangible assets, Net Amount	1,571	992
Total Intangible Assets, Net Amount	2,386	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	756	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	(26)	(34)
Technology [Member]
Finite Lived And Indefinite Lived Intangible Assets [Line Items]
Total finite-lived intangible assets, Gross Amount	39	26
Accumulated Amortization	(12)	(10)
Total	27	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	(292)	(238)
Total	783	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	5	6
Accumulated Amortization	(3)	(2)
Total	2	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	3	6
Accumulated Amortization		(1)
Total	$ 3	$ 5

Goodwill and Purchased Intangible Assets (Estimated Future Amortization Expense) (Details) (USD $) In Millions, unless otherwise specified	Dec. 31, 2013
Goodwill and Purchased Intangible Assets [Abstract]
2014	$ 71
2015	69
2016	67
2017	65
2018	61
2019 and thereafter	479
Total	$ 812

Investments (Details) (USD $) In Millions, unless otherwise specified	12 Months Ended					3 Months Ended				3 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2013 LCH Invetment [Member]	Dec. 31, 2012 LCH Invetment [Member]	Dec. 31, 2013 Investment In Dubai Financial Market PJSC [Member]	Dec. 31, 2012 Investment In Dubai Financial Market PJSC [Member]	Dec. 31, 2013 Foreign Government Debt Securities [Member]	Dec. 31, 2012 Foreign Government Debt Securities [Member]	Mar. 31, 2012 EMCF [Member]
Investments, Debt and Securities [Line Items]
Trading securities	$ 162	$ 201						$ 140	$ 134
Proceeds from sale of available-for-sale securities	48					48
Gain on sale of investment security	30					30
Available for sale, cost basis						18	18
Available for sale, fair value							22
Unrealized Holding Gains on Available-For-Sale Investment Securities							4
Equity method investments	30	13
Net (income) loss from unconsolidated investees	2	1	(2)
Other than temporary impairment										12
Carrying cost of Investment				65	37
Ownership percentage after capital raise				5.00%	3.70%
Increase in ownership percentage after capital raise				1.30%
Cash paid for Increase in ownership interest after capital raise				$ 28

Property and Equipment, net (Schedule of Property and Equipment, Net) (Details) (USD $) In Millions, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	$ 727	$ 612
Less: accumulated depreciation and amortization	(459)	(401)
Total property and equipment, net	268	211	193
Data processing equipment and software [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	511	409
Furniture, equipment and leasehold improvements [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	$ 216	$ 203

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

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Deferred revenue estimated revenue to be recognized

$ 151

294

295

278

Initial Listing Revenues [Member]

Deferred revenue estimated revenue to be recognized

Listing of Additional Shares Revenues [Member]

Deferred revenue estimated revenue to be recognized

Annual Renewal and Other Revenues [Member]

Deferred revenue estimated revenue to be recognized

2014

2015

Technology Solutions [Member]

Deferred revenue estimated revenue to be recognized

^[1]

^[1]

^[1]

^[1]

^[1]

$ 152

^[1],[2]

$ 149

^[2]

$ 128

^[2]

[1]

The timing of recognition of our deferred Technology Solutions revenues is dependent upon the completion of customization and any significant modifications made pursuant to existing Market Technology contracts and the timing of Corporate Solutions subscription-based contracts. As such, as it relates to Market Technology revenues, the timing represents our best estimate.

[2]

Technology Solutions deferred revenues primarily include revenues from our Market Technology delivered client contracts in the support phase charged during the period and our Corporate Solutions subscription based contracts. For our Market Technology contracts, 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. For these Market Technology contracts, we have included the deferral of costs in other current assets and other non-current assets in the Consolidated Balance Sheets. The amortization of Technology Solutions deferred revenue primarily includes revenues earned from Market Technology client contracts and Corporate Solutions subscription based contracts recognized during the period.

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

12 Months Ended

Dec. 31, 2013

Dec. 31, 2012

$ 295

$ 278

547

^[1]

353

^[1]

(554)

^[1]

(346)

^[1]

Translation adjustment

294

295

Initial Listing Revenues [Member]

^[1]

(12)

^[1]

(14)

^[1]

Listing of Additional Shares Revenues [Member]

^[1]

(41)

^[1]

(39)

^[1]

Annual Renewal and Other Revenues [Member]

247

^[1]

213

^[1]

(247)

^[1]

(208)

^[1]

Translation adjustment

(6)

Technology Solutions [Member]

149

^[2]

128

^[2]

245

^[1],[2]

(254)

^[1],[2]

(85)

^[1],[2]

Translation adjustment

^[2]

$ 152

^[2],[3]

$ 149

^[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 our Market Technology delivered client contracts in the support phase charged during the period and our Corporate Solutions subscription based contracts. For our Market Technology contracts, 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. For these Market Technology contracts, we have included the deferral of costs in other current assets and other non-current assets in the Consolidated Balance Sheets. The amortization of Technology Solutions deferred revenue primarily includes revenues earned from Market Technology client contracts and Corporate Solutions subscription based contracts recognized during the period.
[3]	The timing of recognition of our deferred Technology Solutions revenues is dependent upon the completion of customization and any significant modifications made pursuant to existing Market Technology contracts and the timing of Corporate Solutions subscription-based contracts. As such, as it relates to Market Technology revenues, the timing represents our best estimate.

Debt Obligations (Narrative) (Details) (USD $)

0 Months Ended

12 Months Ended

1 Months Ended

12 Months Ended

1 Months Ended

12 Months Ended

1 Months Ended

12 Months Ended

1 Months Ended

3 Months Ended

12 Months Ended

Sep. 20, 2011

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Oct. 31, 2011

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

Dec. 31, 2013

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

Dec. 31, 2011

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

Dec. 31, 2012

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

Sep. 20, 2011

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

Jan. 31, 2010

Senior Unsecured Notes [Member]

Dec. 31, 2013

Senior Unsecured Notes [Member]

Dec. 31, 2012

Senior Unsecured Notes [Member]

Dec. 31, 2011

Senior Unsecured Notes [Member]

Dec. 31, 2013

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

Dec. 31, 2012

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

Dec. 31, 2013

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

Dec. 31, 2012

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

Dec. 31, 2010

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

Dec. 31, 2013

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

Dec. 31, 2012

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

May 31, 2013

2011 Credit Facility [Member]

Mar. 31, 2012

2011 Credit Facility [Member]

Nov. 30, 2011

2011 Credit Facility [Member]

Oct. 31, 2011

2011 Credit Facility [Member]

Sep. 30, 2011

2011 Credit Facility [Member]

Sep. 30, 2013

2011 Credit Facility [Member]

Dec. 31, 2013

2011 Credit Facility [Member]

Dec. 31, 2012

2011 Credit Facility [Member]

Dec. 31, 2013

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

Dec. 31, 2012

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

Sep. 30, 2011

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

Dec. 31, 2013

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

Dec. 31, 2012

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

Sep. 30, 2011

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

Dec. 31, 2013

Clearinghouse Credit Facilities [Member]

Dec. 31, 2012

Clearinghouse Credit Facilities [Member]

Dec. 31, 2013

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

Debt instrument, principal outstanding

Extinguishment of debt

$ 428,000,000

93,000,000

428,000,000

Debt instrument, face amount

1,000,000,000

400,000,000

600,000,000

370,000,000

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

Extinguishment of debt, pre-tax charge

25,000,000

Debt extinguishment charges and unamortized issuance cost

31,000,000

22,000,000

31,000,000

Debt issuance cost

2,000,000

8,000,000

3,000,000

5,000,000

7,000,000

Debt instrument other cost

1,000,000

Amortization expense

3,000,000

6,000,000

1,000,000

Proceeds from unsecured notes payable

367,000,000

Cash used to pay debt

289,000,000

145,000,000

948,000,000

96,000,000

3,000,000

Maximum interest rate on debt instrument

7.25%

5.875%

Aggregate principal amount purchased plus accrued and unpaid interest

101.00%

Foreign currency translation adjustment recorded in AOCI

42,000,000

Credit facility, borrowing capacity

2,634,000,000

1,976,000,000

91,000,000

^[1]

400,000,000

^[2]

399,000,000

^[2]

598,000,000

^[2]

598,000,000

^[2]

368,000,000

^[2]

368,000,000

^[2]

349,000,000

^[3]

394,000,000

^[3]

95,000,000

^[3]

126,000,000

^[3]

824,000,000

^[2]

1,200,000,000

450,000,000

750,000,000

312,000,000

310,000,000

Line of credit, outstanding amount

11,000,000

Repayments of Lines of Credit

100,000,000

24,000,000

151,000,000

Proceed from term loan

902,000,000

450,000,000

120,000,000

^[3]

782,000,000

^[2]

Credit facility, additional borrowings

50,000,000

250,000,000

70,000,000

50,000,000

Credit facility, available capacity

624,000,000

655,000,000

Line of credit facility, quarterly principal payment percentage

2.50%

Line of credit facility, quarterly principal payment

45,000,000

Line of credit facility, available liquidity

219,000,000

217,000,000

Credit facility satisfy regulatory requirements

93,000,000

Interest Expense Subordinated Notes And Debentures

$ 3,000,000

$ 6,000,000

$ 1,000,000

[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.

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

12 Months Ended

Dec. 31, 2013

Dec. 31, 2012

Total long-term debt obligations

$ 2,634

$ 1,976

Less current portion

(45)

(136)

2,589

1,840

902

(244)

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

^[1]

(91)

^[1]

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

400

^[2]

399

^[2]

^[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]

824

^[2]

782

^[2]

^[2]

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

349

^[3]

394

^[3]

(45)

^[3]

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

^[3]

126

^[3]

120

^[3]

(151)

^[3]

Debt Current [Member]

Less current portion

(45)

(136)

Debt Non Current [Member]

Total long-term debt obligations

2,589

1,840

Total long-term debt obligations, Additions

902

Total long-term debt obligations, Payments, Conversions, Accretion and Other

$ (153)

[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.

Federal income tax provision at the statutory rate

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		12 Months Ended		12 Months Ended				12 Months Ended		12 Months Ended				12 Months Ended
	Jun. 30, 2012 3.75% convertible notes due October 22, 2012 [Member]	Dec. 31, 2013 2.50% convertible senior notes due August 15, 2013 [Member]	Dec. 31, 2011 2.50% convertible senior notes due August 15, 2013 [Member]	Dec. 31, 2013 4.00% senior unsecured notes due January 15, 2015 [Member]	Dec. 31, 2013 5.55% senior unsecured notes due January 15, 2020 [Member]	Dec. 31, 2013 5.25% senior unsecured notes due January 16, 2018 [Member]	Dec. 31, 2010 5.25% senior unsecured notes due January 16, 2018 [Member]	Dec. 31, 2013 $450 million senior unsecured term loan facility credit agreement due September 19, 2016 [Member]	Sep. 30, 2011 $450 million senior unsecured term loan facility credit agreement due September 19, 2016 [Member]	Dec. 31, 2013 $750 million revolving credit commitment due September 19, 2016 [Member]	Sep. 30, 2011 $750 million revolving credit commitment due September 19, 2016 [Member]	Dec. 31, 2013 2011 Credit Facility [Member]	Sep. 30, 2011 2011 Credit Facility [Member]	Dec. 31, 2013 3.875% senior unsecured notes due June 7, 2021 [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate	3.75%	2.50%	2.50%	4.00%	5.55%	5.25%	5.25%							3.875%
Debt instrument, maturity date		Aug. 15, 2013		Jan. 15, 2015	Jan. 15, 2020	Jan. 16, 2018		Sep. 19, 2016		Sep. 19, 2016				Jun. 07, 2021
Debt Instrument, interest rate during period								1.57%		1.36%
Credit facility, borrowing capacity								$ 450	$ 450	$ 750	$ 750	$ 1,200	$ 1,200

Debt Obligations (Interest Expense Recognized on Convertible Senior Notes in Condensed Consolidated Statements of Income) (Details) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Debt Obligations [Abstract]
Accretion of debt discount	$ 2	$ 3	$ 13
Contractual interest	1	3	9
Total interest expense recognized on the 2013 Convertible Notes	$ 3	$ 6	$ 22

Income Taxes (Narrative) (Details) (USD $) In Millions, except Per Share data, unless otherwise specified	12 Months Ended					1 Months Ended	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2013 Minimum [Member]	Dec. 31, 2013 Maximum [Member]	Jan. 31, 2014 FI	Dec. 31, 2013 FI	Dec. 31, 2014 FI Scenario, Forecast [Member]	Dec. 31, 2013 SWEDEN	Dec. 31, 2013 SWEDEN Minimum [Member]	Dec. 31, 2013 SWEDEN Maximum [Member]	Dec. 31, 2013 VAT Tax [Member]
Income Tax Disclosure [Line Items]
Undistributed earnings	$ 167
U.S. federal net operating loss	1	10
Foreign net operating loss	105	95
Net operating loss subject to expiration	58
Net operating loss not subject to expiration	47
State net operating loss	1	4
Tax credits	10	17
Tax credit, research	7
Tax credit, foreign	3
Income tax benefits primarily related to share-based compensation	16	7	10
Unrecognized tax benefits that would impact effective tax rate	52	27
Interest and penalties related to income tax	8	5
Federal income tax returns, year under review				2007	2010
Increase in tax expense related to tax examination	19
Decrease in operating expenses associated with receivable under tax sharing agreement	19
Increase in tax expense related to receivable under tax sharing agreement	8
Decrease in operating expenses associated with receivable under tax sharing agreement second tier	4
Tax benefits							18	29	16			14
Income taxes paid							12	6
Interest and penalties paid						11
Tax benefits, per diluted share									$ 0.09
Quaterly recurring tax benefits										$ 4	$ 5

Income Taxes (Components of Income Tax Provision) (Details) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Income Taxes [Abstract]
Current income taxes, Federal	$ 134	$ 130	$ 129
Current income taxes, State	21	37	34
Current income taxes, Foreign	33	16	23
Total current income taxes	188	183	186
Deferred income taxes, Federal	13	(10)	(18)
Deferred income taxes, State	11	6
Deferred income taxes, Foreign	4	20	22
Total deferred income taxes	28	16	4
Total income tax provision	$ 216	$ 199	$ 190

Income Taxes (Reconciliation of Provision of Income Taxes) (Details)

12 Months Ended

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Income Taxes [Abstract]

35.00%

State income tax provision, net of federal effect

2.90%

4.20%

3.30%

Non-U.S. subsidiary earnings

(4.40%)

(6.30%)

Change in deferred taxes due to change in tax rate

0.60%

^[1]

2.30%

^[1]

0.50%

^[1]

Change in unrecognized tax benefits

4.80%

2.60%

1.00%

Other, net

(2.90%)

(1.50%)

(0.30%)

Actual income tax provision

36.00%

^[1]

36.30%

^[1]

33.20%

^[1]

[1]

The higher effective tax rate in 2012 when compared to 2011 was primarily due to the impact to deferred tax assets and deferred tax liabilities resulting from changes in tax rates in various jurisdictions within the U.S. and outside the U.S., adjustments related to our 2005 - 2011 tax return liabilities which resulted in an increase to the tax provision and a shift in the geographic mix of earnings and losses. These increases are partially offset by a permanent tax benefit associated with certain taxable foreign exchange revaluation losses which are not reflected in pre-tax earnings.

Income Taxes (Schedule of Deferred Tax Assets and Liabilities) (Details) (USD $) In Millions, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Income Taxes [Abstract]
Deferred revenues	$ 36	$ 39
U.S. federal net operating loss	1	10
Foreign net operating loss	105	95
State net operating loss	1	4
Compensation and benefits	84	112
Foreign currency translation	231	103
Lease reserves	11	14
Tax credits	10	17
Other	17	14
Gross deferred tax assets	496	408
Amortization of software development costs and depreciation	(91)	(58)
Amortization of acquired intangible assets	(631)	(647)
Compensation and benefits	(12)	(18)
Other	(12)	(25)
Gross deferred tax liabilities	(746)	(748)
Net deferred tax liabilities before valuation allowance	(250)	(340)
Less: valuation allowance	(80)	(81)
Net deferred tax liabilities	$ (330)	$ (421)

Income Taxes (Domestic and Foreign Components of Income Before Income Tax Provision) (Details) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Income Taxes [Abstract]
Domestic	$ 362	$ 355	$ 321
Foreign	238	193	252
Income before income taxes	$ 600	$ 548	$ 573

Income Taxes (Reconciliation of Unrecognized Tax Benefits) (Details) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Income Taxes [Abstract]
Beginning balance	$ 32	$ 18
Additions as a result of tax positions taken in prior periods	17	16
Additions as a result of tax positions taken in the current period	11	3
Reductions related to settlements with taxing authorities	(1)	(5)
Reductions as a result of lapses of the applicable statute of limitations	(1)
Ending balance	$ 58	$ 32

Employee Benefits (Narrative) (Details) (USD $)
In Millions, except Share data, unless otherwise specified

1 Months Ended

12 Months Ended

Jan. 31, 2014

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Funded status of the plans

$ (49)

$ (66)

Actuarial gain recorded

Employer contribution match, percent match

Benefit cost

100.00%

Employer contribution match, percentage of employee contribution

6.00%

4.00%

Common stock shares reserved for future issuance

2,900,000

Percentage of fair market value of common stock

85.00%

Percentage of discount to employees on purchase of common stock under ESPP

15.00%

Maximum percentage shares purchased from annual compensation

10.00%

Number of shares purchased by employees

271,843

289,923

246,850

Weighted-average price of shares purchased

$ 24.12

$ 19.34

$ 20.64

Compensation expenses

Rate of discount given to employees

15.00%

U.S. Defined Contribution Savings Plan [Member]

Defined contributions plan expense

Employer retirement contributions [Member]

Defined contributions plan expense

Non-U.S. Benefit Plans [Member]

Funded status of the plans

(3)

Actuarial gain recorded

Cost or expenses included in compensation and benefit expense

Projected benefit obligation

Benefit cost

Employee Stock Purchase Plan [Member]

Common stock shares reserved for future issuance

3,100,000

Equity Securities [Member]

^[1]

Fixed income securities [Member]

^[2]

Other investment strategies and cash [Member]

$ 13

^[3]

Prior to age 65 [Member]

Weighted-average assumed healthcare cost trend rate used for post-retirement measurement purposes

8.00%

Minimum [Member] | Equity Securities [Member]

Percentage of expected rate of return on plan assets

7.00%

Minimum [Member] | Fixed income securities [Member]

Percentage of expected rate of return on plan assets

2.00%

Minimum [Member] | Other investment strategies and cash [Member]

Percentage of expected rate of return on plan assets

6.00%

Minimum [Member] | Cash [Member]

Percentage of expected rate of return on plan assets

1.00%

Maximum [Member] | Equity Securities [Member]

Percentage of expected rate of return on plan assets

10.00%

Maximum [Member] | Fixed income securities [Member]

Percentage of expected rate of return on plan assets

7.00%

Maximum [Member] | Other investment strategies and cash [Member]

Percentage of expected rate of return on plan assets

7.00%

Maximum [Member] | Cash [Member]

Percentage of expected rate of return on plan assets

2.00%

[1]	Includes securities held in various classes of domestic, international and emerging market equities.
[2]	Includes investments in U.S. fixed income and emerging markets debt.
[3]	Includes cash, securities held in multi-strategy hedge funds, and securities held in real estate funds. Securities held in multi-strategy hedge funds are held in multiple asset classes and include investments in equity and fixed income securities. Securities held in real estate funds include investments in a real estate exchange traded fund and an open-end commingled fund

Employee Benefits (Components of Net Periodic Benefit Cost) (Details) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Employee Benefits [Abstract]
Interest cost	$ 5	$ 6	$ 6
Expected return on plan assets	(5)	(5)	(5)
Recognized net actuarial loss	4	3	3
Curtailment loss	2
Net periodic benefit cost	$ 6	$ 4	$ 4

Employee Benefits (Reconciliation of Changes in Benefit Obligation and Fair Value of Plan Assets) (Details) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Defined Benefit Plan Disclosure [Line Items]
Benefit obligation at beginning of year	$ 141	$ 127
Interest cost	5	6	6
Actuarial (gains) losses	(1)	(6)
Benefits paid	(4)	(6)
Settlements	(5)
(Gains) losses due to change in discount rate	(18)	20
Loss due to change in mortality rate	6
Benefit obligation at end of year	124	141	127
Fair value of plan assets at beginning of year	75	62
Actual return on plan assets	6	7
Company contributions	3	12
Fair value of plan assets at end of year	75	75	62
Underfunded status of the plans	(49)	(66)
Accumulated benefit obligation	124	141
Pension [Member]
Defined Benefit Plan Disclosure [Line Items]
Benefit obligation at beginning of year	104	86
Interest cost	4	4
Actuarial (gains) losses		1
Benefits paid	(2)	(4)
Settlements	(5)
(Gains) losses due to change in discount rate	(15)	17
Loss due to change in mortality rate	5
Benefit obligation at end of year	91	104
Fair value of plan assets at beginning of year	75	62
Actual return on plan assets	6	7
Company contributions	1	10
Fair value of plan assets at end of year	75	75
Underfunded status of the plans	(16)	(29)
Accumulated benefit obligation	91	104
SERP [Member]
Defined Benefit Plan Disclosure [Line Items]
Benefit obligation at beginning of year	33	30
Interest cost	1	2
Benefits paid	(2)	(2)
(Gains) losses due to change in discount rate	(3)	3
Loss due to change in mortality rate	1
Benefit obligation at end of year	30	33
Company contributions	2	2
Underfunded status of the plans	(30)	(33)
Accumulated benefit obligation	30	33
Post-retirement [Member]
Defined Benefit Plan Disclosure [Line Items]
Benefit obligation at beginning of year	4	11
Actuarial (gains) losses	(1)	(7)
Benefit obligation at end of year	3	4
Underfunded status of the plans	(3)	(4)
Accumulated benefit obligation	$ 3	$ 4

Employee Benefits (Weighted-Average Actuarial Assumptions for Net benefit Cost) (Details)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Pension [Member]
Defined Benefit Plan Disclosure [Line Items]
Discount rate, net benefit cost	4.00%	5.00%	5.25%
Expected return on plan assets, net benefit cost	7.75%	7.75%	8.00%
SERP [Member]
Defined Benefit Plan Disclosure [Line Items]
Discount rate, net benefit cost	4.00%	5.00%	5.25%
Post-retirement [Member]
Defined Benefit Plan Disclosure [Line Items]
Discount rate, net benefit cost	4.00%	5.00%	5.25%

Employee Benefits (Fair Value of Plan Assets by Asset Category and Fair Value Hierarchy) (Details) (USD $)
In Millions, unless otherwise specified

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

$ 75

$ 62

Equity Securities [Member]

^[1]

Fixed income securities [Member]

^[2]

Other investment strategies and cash [Member]

^[3]

Level 1 [Member]

^[4]

Level 1 [Member] | Fixed income securities [Member]

^[2],[4]

Level 1 [Member] | Other investment strategies and cash [Member]

^[3],[4]

Level 2 [Member]

^[4]

Level 2 [Member] | Equity Securities [Member]

^[1],[4]

Level 2 [Member] | Fixed income securities [Member]

^[2],[4]

Level 3 [Member]

^[4]

^[5]

Level 3 [Member] | Other investment strategies and cash [Member]

$ 10

^[3],[4]

[1]	Includes securities held in various classes of domestic, international and emerging market equities.
[2]	Includes investments in U.S. fixed income and emerging markets debt.
[3]	Includes cash, securities held in multi-strategy hedge funds, and securities held in real estate funds. Securities held in multi-strategy hedge funds are held in multiple asset classes and include investments in equity and fixed income securities. Securities held in real estate funds include investments in a real estate exchange traded fund and an open-end commingled fund
[4]	See Note 15, “Fair Value of Financial Instruments,” for further discussion of fair value measurements.
[5]	There were no Level 3 plan assets as of December 31, 2012.

Employee Benefits (Change In Level 3 Plan Assets) (Details) (USD $)
In Millions, unless otherwise specified

12 Months Ended

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2013

Level 3 [Member]

Dec. 31, 2013

Level 3 [Member]

Real Estate [Member]

Dec. 31, 2013

Level 3 [Member]

Hedge Fund Investment [Member]

Fair value of plan assets at beginning of year

$ 75

$ 62

^[1]

Purchases

Net unrealized gains

Fair value of plan assets at end of year

$ 75

$ 62

$ 10

^[2]

$ 2

$ 8

[1]	There were no Level 3 plan assets as of December 31, 2012.
[2]	See Note 15, “Fair Value of Financial Instruments,” for further discussion of fair value measurements.

Employee Benefits (Accumulated Other Comprehensive Income) (Loss) (Details) (USD $) In Millions, unless otherwise specified	Dec. 31, 2013
Defined Benefit Plan Disclosure [Line Items]
Unrecognized net actuarial gain (loss)	$ (22)
Income tax benefit (expense)	9
Employee benefit plan adjustments, net of tax	(13)
Pension [Member]
Defined Benefit Plan Disclosure [Line Items]
Unrecognized net actuarial gain (loss)	(29)
Income tax benefit (expense)	12
Employee benefit plan adjustments, net of tax	(17)
SERP [Member]
Defined Benefit Plan Disclosure [Line Items]
Unrecognized net actuarial gain (loss)	(1)
Employee benefit plan adjustments, net of tax	(1)
Post-retirement [Member]
Defined Benefit Plan Disclosure [Line Items]
Unrecognized net actuarial gain (loss)	8
Income tax benefit (expense)	(3)
Employee benefit plan adjustments, net of tax	$ 5

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

The total of net gain (loss), prior service cost (credit), and transition assets (obligations), as well as minimum pension liability if still remaining, included in accumulated other comprehensive income associated with a defined benefit pension or other postretirement plan(s) because they have yet to be recognized as components of net periodic benefit cost.

+ References+ Details

Employee Benefits (Estimated Future Benefit Payments) (Details) (USD $) In Millions, unless otherwise specified	Dec. 31, 2013
Defined Benefit Plan Disclosure [Line Items]
2014	$ 6
2015	7
2016	6
2017	16
2018	7
2019 through 2023	35
Estimated Future Benefit Payments	77
Pension [Member]
Defined Benefit Plan Disclosure [Line Items]
2014	3
2015	4
2016	4
2017	4
2018	5
2019 through 2023	26
Estimated Future Benefit Payments	46
SERP [Member]
Defined Benefit Plan Disclosure [Line Items]
2014	3
2015	3
2016	2
2017	12
2018	2
2019 through 2023	8
Estimated Future Benefit Payments	30
Post-retirement [Member]
Defined Benefit Plan Disclosure [Line Items]
2019 through 2023	1
Estimated Future Benefit Payments	$ 1

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

12 Months Ended

1 Months Ended

12 Months Ended

1 Months Ended

12 Months Ended

1 Months Ended

12 Months Ended

1 Months Ended

12 Months Ended

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2013

PSUs [Member]

item

Dec. 31, 2012

PSUs [Member]

Dec. 31, 2011

PSUs [Member]

Dec. 31, 2013

One Year Performance Exceeded From 2012 Grant [Member]

Dec. 31, 2012

One Year Performance Exceeded From 2011 Grant [Member]

Feb. 29, 2012

Three Year Performance Exceeded From 2009 Grant [Member]

Dec. 31, 2013

Restricted stock [Member]

Dec. 31, 2012

Restricted stock [Member]

Dec. 31, 2011

Restricted stock [Member]

Dec. 31, 2013

Restricted stock and PSU's [Member]

Dec. 31, 2013

Employee Stock Option [Member]

Dec. 31, 2013

Chief Executive Officer And Executive Vice Presidents [Member]

PSUs [Member]

Dec. 31, 2013

Senior Vice Presidents [Member]

PSUs [Member]

Jul. 31, 2013

Executive Officer [Member]

PSUs [Member]

Dec. 31, 2012

Executive Officer [Member]

PSUs [Member]

Dec. 31, 2011

Executive Officer [Member]

PSUs [Member]

Jul. 31, 2013

Executive Officer [Member]

Three-year performance period [Member]

Dec. 31, 2012

Executive Officer [Member]

Three-year performance period [Member]

Dec. 31, 2011

Executive Officer [Member]

Three-year performance period [Member]

Jul. 31, 2013

Executive Officer [Member]

One-year performance period [Member]

Dec. 31, 2012

Executive Officer [Member]

One-year performance period [Member]

Dec. 31, 2011

Executive Officer [Member]

One-year performance period [Member]

Dec. 31, 2013

Minimum [Member]

Restricted stock [Member]

Dec. 31, 2013

Maximum [Member]

Restricted stock [Member]

Vesting period

3 years

5 years

General expiration period of stock options

10 years

Grant vesting period, expectation exceeds, years

3 years

Grant vesting period, expectation met, years

4 years

Grant vesting period, expectation not met, years

5 years

Percentage of target amount granted, minimum

0.00%

Percentage of target amount granted, maximum

150.00%

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

100.00%

50.00%

Number of peer groups

Performance-based long-term incentive program weighted percentage

50.00%

Minimum payout

0.00%

Maximum payout

200.00%

Number of Awards, Granted

828,180

^[1]

1,363,670

^[1]

651,510

^[1]

28,028

251,224

40,000

1,182,870

^[2]

1,478,855

^[2]

1,393,373

^[2]

800,152

1,072,446

632,368

530,823

701,470

100,000

269,329

370,976

532,368

Common stock shares reserved for future issuance

2,900,000

Discount from market price

15.00%

Net cash proceeds from the exercise of stock options

$ 28

$ 15

$ 10

Stock options exercised in period

2,346,220

2,051,066

1,030,721

Closing stock price

$ 39.80

Stock options, exercisable

3,000,000

5,300,000

Weighted-average exercise price

$ 20.52

Total fair value of stock option vested

Total pre-tax intrinsic value of stock options exercised

Total unrecognized compensation cost

$ 80

$ 1

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

1 year 8 months 12 days

1 year

[1]	PSUs granted in 2013, 2012 and 2011 primarily reflect awards issued to certain officers, as described above.
[2]	Restricted stock granted in 2013, 2012 and 2011 primarily reflect our company wide grants, which include a performance-based accelerated vesting feature based on achievement of specific levels of corporate performance, as described above.

Shared-based Compensation (Schedule of Weighted- Average Assumptions Used to Determine Weighted-Average Fair Values) (Details) (PSUs [Member], USD $)

12 Months Ended

Dec. 31, 2013

Dec. 31, 2012

PSUs [Member]

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Weighted-average risk free interest rate

0.45%

0.34%

Expected volatility

31.40%

^[1]

32.90%

^[1]

Weighted-average fair value at grant date

$ 43.81

$ 22.50

[1]	We use historic volatility for PSU awards issued under the TSR program, as implied volatility data could not be obtained for all the companies in the peer groups used for relative performance measurement within the TSR program.

Share-Based Compensation (Summary of Share-Based Compensation Expense) (Details) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Share-Based Compensation [Abstract]
Share-based compensation expense before income taxes	$ 47	$ 46	$ 36
Income tax benefit	(19)	(18)	(14)
Share-based compensation expense after income taxes	$ 28	$ 28	$ 22

Share-Based Compensation (Summary of Weighted-Average Assumptions Stock Option Awards) (Details) (Employee Stock Option [Member], USD $)	12 Months Ended
	Dec. 31, 2011
Employee Stock Option [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected life (in years)	5 years
Weighted-average risk free interest rate	2.16%
Expected volatility	27.00%
Dividend yield
Weighted-average fair value at grant date	$ 7.06

Share-Based Compensation (Summary of Stock Option Activity) (Details) (USD $)

12 Months Ended

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Share-Based Compensation [Abstract]

Number of Stock Options Outstanding, Beginning of period

7,545,777

9,924,035

10,112,842

Number of Stock Options, Granted

1,267,430

^[1]

Number of Stock Options, Exercised

(2,346,220)

(2,051,066)

(1,030,721)

Number of Stock Options, Forfeited or expired

(273,035)

(327,192)

(425,516)

Number of Stock Options Outstanding, End of period

4,926,522

7,545,777

9,924,035

Weighted-Average Exercise Price, Outstanding Beginning of period

$ 21.10

$ 18.33

$ 16.92

Weighted-Average Exercise Price, Granted

$ 25.28

^[1]

Weighted-Average Exercise Price, Exercised

$ 12.05

$ 7.37

$ 9.68

Weighted-Average Exercise Price, Forfeited or expired

$ 24.32

$ 23.41

$ 26.85

Weighted-Average Exercise Price, Outstanding End of period

$ 25.21

$ 21.10

$ 18.33

[1]	Stock options granted in 2011 primarily reflect our company-wide equity grants issued in March 2011, which include a performance-based accelerated vesting feature based on achievement of specific levels of corporate performance, as described above.

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

Number of share options (or share units) exercised during the current period.

+ References+ Details

Share-Based Compensation (Summary of Significant Ranges of Outstanding and Exercisable Stock Options) (Details) (USD $) In Millions, except Share data, unless otherwise specified	12 Months Ended
	Dec. 31, 2013
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Number of Stock Options	4,926,522
Weighted-Average Remaining Contractual Term	4 years 11 months 19 days
Weighted-Average Exercise Price	$ 25.21
Aggregate Intrinsic Value, Options Outstanding	$ 73
Number Exercisable	3,153,801
Weighted-Average Remaining Contractual Term	4 years 4 days
Weighted-Average Exercise Price	$ 26.59
Aggregate Intrinsic Value, Exercisable	42
$6.29 - $19.74 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Number of Stock Options	304,168
Weighted-Average Remaining Contractual Term	1 year 11 days
Weighted-Average Exercise Price	$ 7.84
Aggregate Intrinsic Value, Options Outstanding	10
Number Exercisable	301,932
Weighted-Average Remaining Contractual Term	11 months 27 days
Weighted-Average Exercise Price	$ 7.76
Aggregate Intrinsic Value, Exercisable	10
Range of Exercise Prices, Lower Limit	$ 6.29
Range of Exercise Prices, Upper Limit	$ 19.74
$19.75 - $25.01 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Number of Stock Options	2,010,519
Weighted-Average Remaining Contractual Term	5 years 9 months 26 days
Weighted-Average Exercise Price	$ 20.61
Aggregate Intrinsic Value, Options Outstanding	39
Number Exercisable	1,159,676
Weighted-Average Remaining Contractual Term	5 years 6 months 29 days
Weighted-Average Exercise Price	$ 21.03
Aggregate Intrinsic Value, Exercisable	22
Range of Exercise Prices, Lower Limit	$ 19.75
Range of Exercise Prices, Upper Limit	$ 25.01
$25.02 - $35.91 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Number of Stock Options	1,367,775
Weighted-Average Remaining Contractual Term	6 years 4 months 13 days
Weighted-Average Exercise Price	$ 25.29
Aggregate Intrinsic Value, Options Outstanding	20
Number Exercisable	448,133
Weighted-Average Remaining Contractual Term	4 years 9 months 11 days
Weighted-Average Exercise Price	$ 25.30
Aggregate Intrinsic Value, Exercisable	6
Range of Exercise Prices, Lower Limit	$ 25.02
Range of Exercise Prices, Upper Limit	$ 35.91
$35.92 - $45.59 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Number of Stock Options	1,244,060
Weighted-Average Remaining Contractual Term	3 years 4 days
Weighted-Average Exercise Price	$ 36.81
Aggregate Intrinsic Value, Options Outstanding	4
Number Exercisable	1,244,060
Weighted-Average Remaining Contractual Term	3 years 4 days
Weighted-Average Exercise Price	$ 36.81
Aggregate Intrinsic Value, Exercisable	$ 4
Range of Exercise Prices, Lower Limit	$ 35.92
Range of Exercise Prices, Upper Limit	$ 45.59

Share-Based Compensation (Summary of Restricted Stock and PSU Activity) (Details) (USD $)

12 Months Ended

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Restricted stock [Member]

Number of Awards, Granted

3,204,188

3,371,333

2,759,091

1,182,870

^[1]

1,478,855

^[1]

1,393,373

^[1]

Number of Awards, Vested

(266,724)

(1,295,030)

(353,235)

Number of Awards, Forfeited

(293,864)

(350,970)

(427,896)

Weighted-Average Grant Date Fair Value, Unvested balances

3,826,470

3,204,188

3,371,333

$ 23.20

$ 23.10

$ 22.00

Weighted-Average Grant Date Fair Value, Granted

$ 32.69

$ 23.62

$ 25.31

Weighted-Average Grant Date Fair Value, Vested

$ 23.77

$ 23.39

$ 24.26

Weighted-Average Grant Date Fair Value, Forfeited

$ 24.40

$ 23.29

$ 22.28

Weighted-Average Grant Date Fair Value, Unvested balances

$ 25.96

$ 23.20

$ 23.10

PSUs [Member]

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

Number of Awards, Granted

1,879,799

1,315,180

1,098,629

828,180

^[2]

1,363,670

^[2]

651,510

^[2]

Number of Awards, Vested

(512,890)

(702,486)

(279,447)

Number of Awards, Forfeited

(279,488)

(96,565)

(155,512)

Weighted-Average Grant Date Fair Value, Unvested balances

1,915,601

1,879,799

1,315,180

$ 23.14

$ 23.33

$ 24.25

Weighted-Average Grant Date Fair Value, Granted

$ 39.68

$ 23.28

$ 25.14

Weighted-Average Grant Date Fair Value, Vested

$ 22.68

$ 23.74

$ 28.70

Weighted-Average Grant Date Fair Value, Forfeited

$ 25.77

$ 23.30

$ 27.94

Weighted-Average Grant Date Fair Value, Unvested balances

$ 30.03

$ 23.14

$ 23.33

[1]	Restricted stock granted in 2013, 2012 and 2011 primarily reflect our company wide grants, which include a performance-based accelerated vesting feature based on achievement of specific levels of corporate performance, as described above.
[2]	PSUs granted in 2013, 2012 and 2011 primarily reflect awards issued to certain officers, as described above.

NASDAQ OMX Stockholders' Equity (Narrative) (Details) (USD $) In Millions, except Share data, unless otherwise specified	3 Months Ended	12 Months Ended				1 Months Ended
	Sep. 30, 2012	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2013 Other Repurchases of Common Stock [Member]	Jan. 31, 2014 Dividend Declared [Member]
Stockholders Equity [Line Items]
Common stock, shares authorized		300,000,000	300,000,000
Common stock, shares issued		214,419,155	213,426,908
Common stock, shares outstanding		169,357,084	165,605,838
Common stock holder voting rights, maximum percentage of the then-outstanding shares of NASDAQ OMX common stock		5.00%
Common stock in treasury, shares		45,062,071	47,821,070
Share repurchase program, authorized amount	$ 300
Remaining authorized share repurchase amounts under repurchase program		215	225
Treasury shares acquired		321,000			318,058
Average price of repurchased stock		$ 31.12
Aggregate purchase price		$ 10	$ 275	$ 100
Preferred stock, shares authorized		30,000,000	30,000,000
Preferred stock par value		$ 0.01
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
Cash dividend per share		$ 0.52	$ 0.39			$ 0.13
Dividend declared, date payable						Mar. 28, 2014
Dividend declared, record date						Mar. 14, 2014

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

12 Months Ended

Dec. 31, 2013

Dec. 31, 2012

$ 0.52

$ 0.39

$ 87

$ 65

January 31, 2013 [Member]

Jan. 31, 2013

$ 0.13

Mar. 14, 2013

^[1]

Mar. 28, 2013

April 24, 2013 [Member]

Apr. 24, 2013

$ 0.13

Jun. 14, 2013

^[1]

Jun. 28, 2013

July 24, 2013 [Member]

Jul. 24, 2013

$ 0.13

Sep. 13, 2013

^[1]

Sep. 27, 2013

October 21, 2013 [Member]

Oct. 21, 2013

$ 0.13

Dec. 13, 2013

$ 22

^[1]

Accumulated Other Comprehensive Income (Loss) [Line Items]

Dec. 27, 2013

[1]	These amounts were recorded in retained earnings in the Consolidated Balance Sheets at December 31, 2013

NASDAQ OMX Stockholders' Equity (Components of Accumulated Other Comprehensive Loss) (Details) (USD $)
In Millions, unless otherwise specified

12 Months Ended

Dec. 31, 2013

Dec. 31, 2012

$ (304)

237

119

Accumulated Other Comprehensive Income (Loss) [Line Items]

(67)

(185)

Unrealized Holding Gains on Available-For-Sale Investment Securities [Member]

Accumulated Other Comprehensive Income (Loss) [Line Items]

Foreign Currency Translation Adjustments [Member]

(282)

^[1]

(265)

^[1]

227

^[1]

100

^[1]

Accumulated Other Comprehensive Income (Loss) [Line Items]

(55)

^[1]

(165)

^[1]

Employee Benefit Plan Adjustments [Member]

(22)

^[2]

(43)

^[2]

^[2]

$ (13)

^[2]

$ (25)

^[2]

[1]	Amounts include cumulative gains and losses on foreign currency translation adjustments from non-U.S. subsidiaries for which the functional currency is other than the U.S. dollar.
[2]	Amounts primarily represent unrecognized net actuarial gains (losses) related to the NASDAQ OMX Benefit Plans.

Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]

Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge.

+ References+ Details

Earnings Per Share (Narrative) (Details) (USD $)
In Millions, except Share data, unless otherwise specified

12 Months Ended

1 Months Ended

12 Months Ended

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2010

Dec. 31, 2013

Restricted stock and PSU's [Member]

Dec. 31, 2012

Restricted stock and PSU's [Member]

Dec. 31, 2011

Restricted stock and PSU's [Member]

Dec. 31, 2013

Employee Stock Option [Member]

Dec. 31, 2012

Employee Stock Option [Member]

Dec. 31, 2011

Employee Stock Option [Member]

Dec. 31, 2013

Common stock [Member]

Dec. 31, 2012

Common stock [Member]

Dec. 31, 2011

Common stock [Member]

Jun. 30, 2012

3.75% convertible notes due October 22, 2012 [Member]

Dec. 31, 2011

3.75% convertible notes due October 22, 2012 [Member]

Stock options to purchase shares

4,926,522

7,545,777

9,924,035

10,112,842

5,742,071

5,083,987

4,686,513

4,926,522

7,545,777

9,924,035

Weighted average number diluted shares outstanding

3,969,766

4,317,577

3,644,946

5,238,843

4,142,097

4,053,698

3,677,618

4,313,316

6,506,899

Incremental common shares attributable to conversion of debt securities

15,640

^[1]

34,482

^[1]

34,482

Debt conversion

$ 0.5

Debt instrument, interest rate

3.75%

[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.

Earnings Per Share (Summary of Computation of Basic and Diluted Earnings Per Share) (Details) (USD $)
In Millions, except Share data, unless otherwise specified

12 Months Ended

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Earnings Per Share [Abstract]

Net income attributable to common shareholders

$ 385

$ 352

$ 387

Weighted-average common shares outstanding for basic earnings per share

166,932,103

^[1]

168,254,653

^[1]

176,331,819

^[1]

Employee equity awards

3,969,766

4,317,577

3,644,946

Contingent issuance of common stock, shares

364,277

^[2]

3.75% convertible notes

15,640

^[3]

34,482

^[3]

Weighted-average common shares outstanding for diluted earnings per share

171,266,146

172,587,870

180,011,247

Basic earnings per share

$ 2.30

$ 2.09

$ 2.20

Diluted earnings per share

$ 2.25

$ 2.04

$ 2.15

[1]	The decrease in the weighted-average common shares outstanding for basic and diluted earnings per share primarily reflects the weighted-average impact of purchases related to our share repurchase programs made in 2013, 2012 and 2011. See “Share Repurchase Program,” of Note 13, “NASDAQ OMX Stockholders’ Equity,” for further discussion.
[2]	See “Acquisition of eSpeed for Trading of U.S. Treasuries,” of Note 4, “Acquisition and Divestiture,” for further discussion.
[3]	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.

+ References+ 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.

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

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

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 04

-Paragraph 20

-Article 9

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

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-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 28

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

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-Name Accounting Standards Codification

-Glossary Other Comprehensive Income

-URI http://asc.fasb.org/extlink&oid=6519514

Reference 4: 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 5: http://www.xbrl.org/2003/role/presentationRef

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-Name Accounting Standards Codification

-Topic 260

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-Name Accounting Standards Codification

-Topic 944

-SubTopic 225

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-Paragraph 1

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-Topic 220

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

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 03

-Paragraph 19

-Article 5

+ 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

Dec. 31, 2013

Dec. 31, 2012

Default fund and margin deposit investments

$ 162

^[1]

$ 223

^[1]

1,867

^[2]

175

^[2]

Total

2,029

398

Level 1 [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Default fund and margin deposit investments

162

^[1]

223

^[1]

774

^[2]

175

^[2]

Total

936

398

Level 2 [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Default fund and margin deposit investments

1,093

^[2]

Total

$ 1,093

[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 $1,961 million recorded in the Consolidated Balance Sheets as of December 31, 2013, $1,093 million of cash contributions have been invested in reverse repurchase agreements and $774 million of cash contributions have been invested in highly rated government debt securities and term deposits. The remainder of this balance is held in cash. As of December 31, 2012, $175 million of cash contributions were invested in highly rated government debt securities. See Note 16, “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

Dec. 31, 2013

Dec. 31, 2012

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

$ 162

^[1]

$ 223

^[1]

Default fund investments

1,867

^[2]

175

^[2]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

1,961

209

Foreign Government Debt Securities [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

162

201

Restricted assets [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

140

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]

1,093

US Government Debt Securities [Member]

$ 774

$ 175

[1]

[2]

In anticipation of new regulations proposed by the European Market Infrastructure Regulation, NASDAQ OMX Nordic Clearing implemented three member sponsored default funds in March 2012: one related to financial markets, one related to commodities markets, and a mutualized fund. Under this new regulatory 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 new requirement ensures the alignment of risk between NASDAQ OMX Nordic Clearing and its clearing members. Contributions made to the default funds will be proportional to the exposures of each clearing member. 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 with regard to total regulatory capital required. 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 our 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.

+ References+ Details

Clearing Operations (Narrative) (Details) (USD $)

12 Months Ended

Dec. 31, 2013

contract

Dec. 31, 2012

contract

$ 162,000,000

^[1]

$ 223,000,000

^[1]

Market value of derivative contracts outstanding, prior to netting

77,053,511

105,538,477

2,650,000,000

Restricted cash

84,000,000

85,000,000

Default Fund Contributions

358,000,000

NASDAQ OMX Nordic [Member]

Credit facility, borrowing capacity

94,000,000

93,000,000

Contract value of resale and repurchase agreements

4,100,000,000

Power of assessment of the clearing member's contribution to the financial markets and commodities markets default funds

4,634,564

3,601,969

100.00%

Liability Waterfall [Member]

Junior capital, cash deposits and pledged assets

22,000,000

Senior capital, cash deposits and pledged assets

23,000,000

NOS Clearing [Member]

Market value of derivative contracts outstanding, prior to netting

2,101,634

1,778,414

53,000,000

Default Fund Contributions

42,000,000

Pledged default fund contributions and margin collateral

534,000,000

NOCC [Member]

Cash collateral for borrowed securities

$ 33,000,000

[1]

Clearing Operations (Schedule of Clearing Member Default Fund Contributions And Margin Deposits) (Details) (USD $)
In Millions, unless otherwise specified

Dec. 31, 2013

Default fund contributions

$ 358

Margin deposits

10,713

Default fund contributions and margin deposits

11,071

Cash Contributions [Member]

Default fund contributions

246

^[1],[2]

Margin deposits

1,715

^[1],[2]

Default fund contributions and margin deposits

1,961

^[1],[2]

Non-Cash Contributions [Member]

Default fund contributions

112

Margin deposits

8,998

Default fund contributions and margin deposits

$ 9,110

[1]	As of December 31, 2013, in accordance with its investment policy, NASDAQ OMX Nordic Clearing has invested cash contributions of $1,093 million in reverse repurchase agreements and $774 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.

Clearing Operations (Schedule of Derivative Contracts Outstanding) (Details) (USD $)
In Millions, unless otherwise specified

12 Months Ended

Dec. 31, 2013

contract

Dec. 31, 2012

contract

$ 2,650

77,053,511

105,538,477

Commodity forwards and options [Member]

1,795

^[1],[2]

675,442

^[3]

879,737

^[3]

Fixed-income options and futures [Member]

311

^[2],[4]

22,834,003

32,915,646

Stock options and futures [Member]

307

^[2],[4]

23,583,178

29,480,517

Index options and futures [Member]

$ 237

^[2],[4]

29,960,888

42,262,577

[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 1,680 Terawatt hours (TWh) for the year ended December 31, 2013 and 1,703 TWh for the year ended December 31, 2012.
[4]	We determined the fair value of our futures contracts based upon quoted market prices and average quoted market yields.

Leases - Narrative (Details) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Leases [Abstract]
Rent expense for operating leases	$ 84	$ 83	$ 87
Operating sublease income	$ 3	$ 4	$ 4

Leases - Future Minimum Lease Payments (Details) (USD $) In Millions, unless otherwise specified	Dec. 31, 2013
Leases [Abstract]
Gross Lease Commitments, 2014	$ 83
Gross Lease Commitments, 2015	81
Gross Lease Commitments, 2016	74
Gross Lease Commitments, 2017	46
Gross Lease Commitments, 2018	42
Gross Lease Commitments, Thereafter	152
Gross lease commitments, Total	478
Sublease Income, 2014	5
Sublease Income, 2015	3
Sublease Income, 2016	3
Sublease Income, 2017	2
Sublease Income, 2018	2
Sublease Income, Thereafter	13
Sublease Income, Total	28
Net Lease Commitments, 2014	78
Net Lease Commitments, 2015	78
Net Lease Commitments, 2016	71
Net Lease Commitments, 2017	44
Net Lease Commitments, 2018	40
Net Lease Commitments, Thereafter	139
Net Lease Commitments, Total	$ 450

Commitments, Contingencies and Guarantees (Details) In Millions, unless otherwise specified	3 Months Ended	12 Months Ended		12 Months Ended											12 Months Ended
	Dec. 31, 2013 USD ($)	Dec. 31, 2013 USD ($)	Dec. 31, 2012 USD ($)	Dec. 31, 2013 Maximum [Member] USD ($)	Dec. 31, 2013 BWise [Member] USD ($)	Dec. 31, 2013 BWise [Member] EUR (€)	Dec. 31, 2013 Two Seperate Transactions in Connection with BWise Acquisition [Member] USD ($)	Dec. 31, 2013 Clearinghouse Credit Facilities [Member] USD ($)	Dec. 31, 2012 Clearinghouse Credit Facilities [Member] USD ($)	Dec. 31, 2013 Escrow Agreement [Member] USD ($)	Dec. 31, 2013 Property Lease Guarantee [Member] USD ($)	Dec. 31, 2012 Property Lease Guarantee [Member] USD ($)	Dec. 31, 2013 Performance guarantees [Member] USD ($)	Dec. 31, 2012 Performance guarantees [Member] USD ($)	Dec. 31, 2013 SEC Reserve Matter [Member] USD ($)
Commitments and Contingencies Disclosure [Line Items]
Financial guarantees obtained	$ 20	$ 20	$ 7
Credit facilities, total								312	310
Line of credit facility, available liquidity								219	217
Credit facility, regulatory requirements amount								93	93
Line of credit, outstanding amount								11	0
Margin deposits contributed to Cantor Fitzgerald	19	19
Other guarantees											16	18	2	5
Percentage of remaining ownership interest					28.00%	28.00%
Percentage of total ownership interest by the first half of 2015					100.00%	100.00%
Business acquisition, cash paid					57	47	12
Voluntary accommodation program		44		62
Payment made under voluntary accommodation program	44
Other General and Administrative Expense															10
Contingency, accrual										$ 12

Business Segments (Narrative) (Details) (USD $)	12 Months Ended			1 Months Ended	12 Months Ended
Business Segments (Narrative) (Details) (USD $)	Dec. 31, 2013 segment customer	Dec. 31, 2012 segment	Dec. 31, 2011	Oct. 31, 2011 2.50% convertible senior notes due August 15, 2013 [Member]	Dec. 31, 2011 2.50% convertible senior notes due August 15, 2013 [Member]	Dec. 31, 2013 2.50% convertible senior notes due August 15, 2013 [Member]
Segment Reporting Information [Line Items]
Number of Operating Segments	4	3
Voluntary Accommodation Program	$ 44,000,000
Merger expenses	22,000,000	4,000,000	38,000,000
SEC matter expense	10,000,000
Total restructuring charges	9,000,000	44,000,000
Increase (decrease) in total assets	3,400,000,000	(5,000,000,000)
Special legal expenses		7,000,000
Income from operations of exchange		11,000,000
Debt extinguishment charges and unamortized issuance cost			$ 31,000,000	$ 22,000,000	$ 31,000,000
Debt instrument, interest rate					2.50%	2.50%
Number of customer accounted for more than 10% of revenues	0

Business Segments (Schedule of Operating Segments) (Details) (USD $)
In Millions, unless otherwise specified

12 Months Ended

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Revenues less transaction rebates, brokerage, clearance and exchange fees

$ 3,211

$ 3,120

$ 3,438

Cost of revenues

(1,316)

(1,446)

(1,748)

1,895

1,674

1,690

122

104

109

688

^[1]

690

^[2]

696

^[3]

12,577

^[4]

9,132

^[4]

14,091

^[4]

115

Corporate Items and Eliminations [Member]

(86)

^[1]

(44)

^[2]

(67)

^[3]

861

^[4]

816

^[2],[4]

892

^[4]

^[3]

Market Services [Member]

Revenues less transaction rebates, brokerage, clearance and exchange fees

2,092

2,206

2,553

Cost of revenues

(1,316)

(1,446)

(1,748)

776

760

805

322

^[1]

322

^[2]

344

^[3]

7,789

^[4]

4,981

^[4]

10,007

^[4]

Listing Services [Member]

Revenues less transaction rebates, brokerage, clearance and exchange fees

228

224

236

228

224

236

^[1]

^[2]

102

^[3]

262

^[4]

254

^[4]

242

^[4]

Information Services [Member]

Revenues less transaction rebates, brokerage, clearance and exchange fees

442

406

391

442

406

391

321

^[1]

296

^[2]

282

^[3]

2,557

^[4]

2,456

^[4]

2,356

^[4]

Technology Solutions [Member]

Revenues less transaction rebates, brokerage, clearance and exchange fees

449

284

258

449

284

258

^[1]

^[2]

^[3]

1,108

^[4]

625

^[4]

594

^[4]

Revenues from External Customers and Long-Lived Assets [Line Items]

$ 54

$ 23

$ 19

[1]	The 2013 corporate items and eliminations primarily include: •Expense related to our voluntary accommodation program of $44 million; •Merger and strategic initiatives expense of $22 million; •Expenses paid with respect to an SEC matter of $10 million; and •Restructuring charges of $9 million.
[2]	The 2012 corporate items and eliminations primarily include: •Costs associated with restructuring charges of $44 million. See Note 3, “Restructuring Charges,” for further discussion; •Special legal expenses of $7 million from the proposed voluntary accommodation program and other expenses related to the systems issues experienced at the time of the Facebook IPO; and •Merger and strategic initiative costs of $4 million, partially offset by; •Income from open positions of $11 million relating to the operations of the exchange.
[3]	The 2011 corporate items and eliminations primarily include: •Merger and strategic initiative costs of $38 million primarily related to costs incurred for advisors, bank commitment fees, legal and other professional services related to our joint proposal to acquire NYSE Euronext, as well as costs related to our acquisition of Glide Technologies in October 2011; and•Debt extinguishment and refinancing charges of $31 million. See “2.50% Convertible Senior Notes,” and “2011 Credit Facility,” of Note 9, “Debt Obligations,” for further discussion.
[4]	Total assets increased $3.4 billion at December 31, 2013 as compared to December 31, 2012 primarily due to an increase in default funds and margin deposits, reflecting the implementation of our collateral management process at NASDAQ OMX Nordic Clearing in 2013 and an increase in goodwill and intangible assets associated with the acquisitions of the TR Corporate Solutions businesses and eSpeed in 2013. Total assets decreased $5.0 billion at December 31, 2012 as compared to December 31, 2011 primarily due to our new clearing structure which significantly changed the nature and extent of the risk of loss to NASDAQ OMX Nordic Clearing in the event of a member default. As a result, we no longer record derivative positions or resale and repurchase agreements in the Consolidated Balance Sheet.

Business Segments - Revenues and Property and Equipment, net by Geographical Area (Detail) (USD $)
In Millions, unless otherwise specified

12 Months Ended

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

$ 3,211

$ 3,120

$ 3,438

Revenues from External Customers and Long-Lived Assets [Line Items]

268

211

193

United States [Member]

2,386

2,423

2,707

Revenues from External Customers and Long-Lived Assets [Line Items]

166

131

125

All other countries [Member]

825

^[1]

697

^[1]

731

^[1]