^[1]

201

174

Receivables, net

316

389

Deferred tax assets

2,228

2,194

Other current assets

158

151

Total current assets

3,284

3,400

Non-current deferred tax assets

323

292

619

536

Goodwill

5,395

5,538

Intangible assets, net

1,959

2,077

Other non-current assets

281

228

Accounts payable and accrued expenses

^[2]

11,861

12,071

Current liabilities:

158

189

Section 31 fees payable to SEC

124

Accrued personnel costs

171

143

Deferred revenue

127

177

Other current liabilities

138

116

Deferred tax liabilities

Total current liabilities

2,228

2,194

2,944

2,980

Debt obligations

2,364

2,297

Non-current deferred tax liabilities

602

626

Non-current deferred revenue

200

215

Other non-current liabilities

142

159

Total liabilities

$ 6,252

$ 6,277

Commitments and contingencies

Nasdaq stockholders' equity:

Common stock, $0.01 par value, 300,000,000 shares authorized, shares issued: 167,241,734 at December 31, 2015 and 170,325,304 at December 31, 2014; shares outstanding: 164,324,270 at December 31, 2015 and 168,795,263 at December 31, 2014

$ 2

Additional paid-in capital

3,011

3,222

Common stock in treasury, at cost: 2,917,464 shares at December 31, 2015 and 1,530,041 shares at December 31, 2014

(111)

(41)

Accumulated other comprehensive loss

(864)

(682)

Retained earnings

3,571

3,292

Total Nasdaq stockholders' equity

5,609

5,793

Noncontrolling interests

Total equity

5,609

5,794

Total liabilities and equity

$ 11,861

$ 12,071

[1]

As of December 31, 2015 and December 31, 2014, Level 1 financial investments, at fair value were primarily comprised of trading securities, mainly highly rated European government debt securities. Of these securities, $166 million as of December 31, 2015 and $159 million as of December 31, 2014 are assets utilized to meet regulatory capital requirements, primarily for the clearing operations at Nasdaq Clearing. As of December 31, 2015 and 2014, Level 2 financial investments, at fair value were primarily comprised of available-for-sale investment securities in short-term commercial paper.

[2]

Total assets decreased $210 million at December 31, 2015 compared with December 31, 2014 primarily due to a decrease in goodwill and intangible assets, net reflecting the impact of changes in foreign exchange rates and amortization. In addition, as discussed in "Intangible Asset Impairment Charges," of Note 5, "Goodwill and Acquired Intangible Assets," the decrease is also due to a $119 million indefinite-lived intangible asset impairment charge recorded in 2015. These decreases were partially offset by an increase in non-current deferred tax assets primarily due to the income tax benefits of net foreign currency translation losses which are recorded in accumulated other comprehensive loss within stockholders' equity in the Consolidated Balance Sheets. Total assets decreased $492 million at December 31, 2014 compared with December 31, 2013 primarily due to a decrease in goodwill and intangible assets, net reflecting the impact of changes in foreign exchange rates and amortization, partially offset by an increase in default funds and margin deposits.

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2015	Dec. 31, 2014
Consolidated Balance Sheets [Abstract]
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	300,000,000	300,000,000
Common stock, shares issued	167,241,734	170,325,304
Common stock, shares outstanding	164,324,270	168,795,263
Common stock in treasury	2,917,464	1,530,041

Consolidated Statements of Income - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2015

Dec. 31, 2014

Dec. 31, 2013

Revenues:

Market Services

$ 2,084

$ 2,229

$ 2,072

Listing Services

264

238

228

Information Services

512

473

436

Technology Solutions

543

560

475

Brokerage, clearance and exchange fees

3,403

3,500

3,211

Transaction-based expenses:

Transaction rebates

(983)

(1,065)

(1,002)

(330)

(368)

(314)

Revenues less transaction-based expenses

2,090

2,067

1,895

Operating expenses:

Compensation and benefits

590

588

539

Marketing and advertising

Depreciation and amortization

138

^[1]

137

122

Professional and contract services

148

157

151

Computer operations and data communications

107

Occupancy

110

Regulatory

Merger and strategic initiatives

General, administrative and other

Restructuring charges

172

Voluntary accommodation program

Total operating expenses

1,370

1,313

1,207

Operating income

720

^[2]

754

^[1]

688

^[3]

Interest income

Interest expense

(111)

(117)

(111)

Gain on sale of investment security

Asset impairment charges

(49)

(14)

Net income (loss) from unconsolidated investees

(2)

Income before income tax provision

630

594

600

Income tax provision

203

181

216

Net income

427

413

384

Net loss attributable to noncontrolling interests

Net income attributable to Nasdaq

$ 428

$ 414

$ 385

Per share information:

Basic earnings per share

$ 2.56

$ 2.45

$ 2.30

Diluted earnings per share

2.50

2.39

2.25

$ 0.90

$ 0.58

$ 0.52

[1]	The 2014 corporate items and eliminations primarily include: • merger and strategic initiatives expense of $81 million primarily related to our acquisitions of the TR Corporate businesses and eSpeed and a charge of $23 million related to the reversal of a receivable under a tax sharing agreement with an unrelated party; • amortization expense of acquired intangible assets of $69 million;sublease loss reserve of $11 million; and• loss on extinguishment of debt of $11 million, reflecting $9 million related to the early extinguishment of our 4.00% senior notes in June 2014 and $2 million related to the refinancing of our 2011 credit facility.
[2]	The 2015 corporate items and eliminations primarily include:• restructuring charges of $172 million. See Note 3, "Restructuring Charges," for further discussion;• amortization expense of acquired intangible assets of $62 million;• reversal of previously recorded VAT receivables no longer deemed collectible of $12 million; and• merger and strategic initiatives expense of $10 million primarily related to certain strategic initiatives and our acquisition of DWA.
[3]	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; • amortization expense of acquired intangible assets of $63 million;• expenses paid with respect to an SEC matter of $10 million; and • restructuring charges of $9 million.

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Consolidated Statements of Comprehensive Income (Loss) [Abstract]
Net income	$ 427	$ 413	$ 384
Net unrealized holding gains (losses) on available-for-sale investment securities:
Unrealized holding gain arising during period			26
Reclassification adjustment for (gain) realized and included in net income			(30)
Total			(4)
Foreign currency translation losses:
Net foreign currency translation losses	(283)	(733)	(17)
Income tax benefit	100	127	127
Total	(183)	(606)	110
Employee benefit plans gains (losses):
Employee benefit plan adjustment gains (losses)	2	(15)	21
Income tax benefit (expense)	(1)	6	(9)
Total	1	(9)	12
Total other comprehensive income (loss), net of tax	(182)	(615)	118
Comprehensive income (loss)	245	(202)	502
Comprehensive loss attributable to noncontrolling interests	1	1	1
Comprehensive income (loss) attributable to Nasdaq	$ 246	$ (201)	$ 503

Consolidated Statements of Changes in Equity - USD ($)
$ in Millions

Common stock [Member]

Additional Paid-in Capital [Member]

Common Stock In Treasury at Cost [Member]

Accumulated Other Comprehensive Loss [Member]

Retained Earnings [Member]

Noncontrolling Interests [Member]

Total

165,605,838

Balance at Dec. 31, 2012

$ 2

$ 3,771

$ (1,058)

$ (185)

$ 2,678

$ 1

$ 5,209

Foreign currency translation, net of tax

169,357,084

Net income (loss)

385

(1)

384

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)

Share repurchase program (in shares)

(87)

Share repurchase program

(10)

(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)

$ 32

Stock options amortization and exercises, net (in shares)

2,346,220

^[1]

Other issuances of common stock, net

(6)

$ 14

Other issuances of common stock, net (in shares)

(45,835)

Purchase price related to issuance of Nasdaq common stock - eSpeed acquisition

484

$ 484

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

992,247

364,277

^[2]

Balance at Dec. 31, 2013

$ 2

4,278

(1,005)

(67)

2,976

$ 6,184

Common Stock, Shares, Outstanding, Ending Balance at Dec. 31, 2013

169,357,084

169,357,084

Foreign currency translation, net of tax

168,795,263

Net income (loss)

414

(1)

$ 413

(606)

Employee benefit plan adjustments, net of tax

(9)

Share repurchase program (in shares)

(98)

Share repurchase program

(178)

$ (178)

(4,592,194)

Amortization and vesting of restricted stock and PSUs

$ 57

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

(1,972,573)

Stock options amortization and exercises, net

$ 33

Stock options amortization and exercises, net (in shares)

1,578,050

^[1]

Other issuances of common stock, net

(28)

$ (4)

Other issuances of common stock, net (in shares)

(512,497)

Retirement of common stock held in treasury

(1,170)

1,170

(Purchase) sale of subsidiary shares to noncontrolling interests and other adjustments

$ 2

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

992,247

364,277

^[2]

Balance at Dec. 31, 2014

$ 2

3,222

(41)

(682)

3,292

$ 5,794

Common Stock, Shares, Outstanding, Ending Balance at Dec. 31, 2014

168,795,263

168,795,263

Foreign currency translation, net of tax

164,324,270

Net income (loss)

428

$ (1)

$ 427

(183)

Employee benefit plan adjustments, net of tax

Share repurchase program (in shares)

(149)

Share repurchase program

(340)

(37)

$ (377)

(7,191,685)

Amortization and vesting of restricted stock and PSUs

$ 64

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

1,455,380

Stock options amortization and exercises, net

$ 18

Stock options amortization and exercises, net (in shares)

682,054

^[1]

Other issuances of common stock, net

(33)

$ 26

Other issuances of common stock, net (in shares)

(408,989)

(Purchase) sale of subsidiary shares to noncontrolling interests and other adjustments

(12)

$ (12)

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

992,247

358,840

^[2]

Balance at Dec. 31, 2015

$ 2

$ 3,011

$ (111)

$ (864)

$ 3,571

$ 5,609

Common Stock, Shares, Outstanding, Ending Balance at Dec. 31, 2015

164,324,270

Cash flows from operating activities:

164,324,270

[1]	No stock option awards were granted for the years ended December 31, 2015, 2014 and 2013.
[2]	See "Non-Cash Contingent Consideration," of Note 18, "Commitments, Contingencies and Guarantees," for further discussion.

Consolidated Statements of Changes in Equity (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Statement Consolidated Statements Of Changes In Equity [Abstract]
Foreign currency translation, tax	$ (100)	$ (127)	$ (127)
Employee benefit plan adjustments, tax	$ (1)	$ 6	$ (9)

Consolidated Statements of Cash Flows - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2015

Dec. 31, 2014

Dec. 31, 2013

Net income

$ 427

$ 413

$ 384

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization

138

^[1]

137

122

Share-based compensation

Excess tax benefits related to share-based payments

(45)

(15)

(16)

Gain on sale of investment security

(30)

Deferred income taxes

(14)

(6)

Non-cash restructuring charges

136

Non-cash merger and strategic initiatives

Asset impairment charges

Net (income) loss from unconsolidated investees

(17)

Other reconciling items included in net income

Net change in operating assets and liabilities, net of effects of acquisition:

Receivables, net

(16)

(55)

Other assets

(50)

(55)

Accounts payable and accrued expenses

(38)

(40)

Section 31 fees payable to SEC

(26)

(15)

Accrued personnel costs

(4)

Deferred revenue

(49)

(33)

Other liabilities

Net cash provided by operating activities

685

687

574

Cash flows from investing activities:

Purchases of trading securities

(346)

(283)

(437)

Proceeds from sales and redemptions of trading securities

319

281

452

Purchases of available-for-sale investment securities

(38)

(20)

Proceeds from maturities of available-for-sale investment securities

Proceeds from sale of available-for-sale investment security

Capital contribution in equity method investment

(30)

(43)

Acquisition of businesses, net of cash and cash equivalents acquired

(226)

(1,121)

Other investment activities

(133)

(140)

^[1]

(115)

(16)

(10)

Net cash used in investing activities

(441)

(155)

(1,216)

Cash flows from financing activities:

Payments of debt obligations

(369)

(970)

(289)

Proceeds from utilization of credit commitment

506

735

895

Cash paid for repurchase of common stock

(377)

(178)

(10)

Cash dividends

(149)

(98)

(87)

Proceeds received from employee stock activity

(34)

(31)

(12)

Excess tax benefits related to share-based payments

Other financing activities

(13)

(1)

Net cash provided by (used in) financing activities

(362)

(485)

547

Effect of exchange rate changes on cash and cash equivalents

(8)

(18)

(4)

Net increase in cash and cash equivalents

(126)

(99)

Cash and cash equivalents at beginning of period

427

398

497

Cash and cash equivalents at end of period

301

427

398

Cash paid for:

Interest

103

114

Income taxes, net of refund

$ 202

190

157

Non-cash investing activities:

Cost method investment

$ 75

Acquisition of eSpeed contingent future issuance of Nasdaq common stock

$ 484

[1]

The 2014 corporate items and eliminations primarily include: • merger and strategic initiatives expense of $81 million primarily related to our acquisitions of the TR Corporate businesses and eSpeed and a charge of $23 million related to the reversal of a receivable under a tax sharing agreement with an unrelated party; • amortization expense of acquired intangible assets of $69 million;sublease loss reserve of $11 million; and• loss on extinguishment of debt of $11 million, reflecting $9 million related to the early extinguishment of our 4.00% senior notes in June 2014 and $2 million related to the refinancing of our 2011 credit facility.

Organization and Nature of Operations	12 Months Ended
Organization and Nature of Operations	Dec. 31, 2015
Organization and Nature of Operations [Abstract]
Organization and Nature of Operations	1. Organization and Nature of Operations Nasdaq, Inc. is a leading provider of trading, clearing, exchange technology, regulatory, securities listing, information and public company services across six continents. Our global offerings are diverse and include trading and clearing across multiple asset classes, access services, data products, financial indexes, capital formation solutions, corporate solutions and market technology products and services. Our technology powers markets across the globe, supporting equity derivatives trading, clearing and settlement, cash equity trading, fixed income trading and many other functions. We manage, operate and provide our products and services in four business segments: Market Services, Listing Services, Information Services and Technology Solutions. Market Services Our Market Services segment includes our equity derivative trading and clearing, cash equity trading, FICC, and access and broker services businesses. We operate multiple exchanges and other marketplace facilities across several asset classes, including derivatives, commodities, cash equity, debt, structured products and ETPs. In addition, in some countries where we operate exchanges, we also provide broker services, 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. The platforms allow the routing and execution of buy and sell orders as well as the reporting of transactions, providing fee-based revenues. In the U.S., we operate three options exchanges, as well as three cash equity exchanges. The NASDAQ Stock Market, the largest of our cash equities exchanges, is the largest single venue of liquidity for trading U.S.-listed cash equities. We also operate a leading electronic platform for trading of U.S. Treasuries. In the third quarter of 2015, we launched NFX, which is our U.S. based energy derivatives market. NFX offers cash settled energy derivatives based on key energy benchmarks including oil, natural gas and U.S. power. In Europe, we operate exchanges in Stockholm (Sweden), Copenhagen (Denmark), Helsinki (Finland), and Iceland, as well as the clearing operations of Nasdaq Clearing. We also operate exchanges in Tallinn (Estonia), Riga (Latvia) and Vilnius (Lithuania) as Nasdaq Baltic. Collectively, Nasdaq Nordic and Nasdaq Baltic offer trading in cash equities and depository receipts, warrants, convertibles, rights, fund units and ETFs, as well as trading and clearing of derivatives and clearing of resale and repurchase agreements. Through Nasdaq First North, our Nordic and Baltic operations also offer alternative marketplaces for smaller companies. In addition, Nasdaq Commodities operates a power derivatives exchange regulated in Norway and a European carbon exchange. In the U.K., we operate Nasdaq NLX, a London-based multilateral trading venue that offers a range of both short-term interest rate and long-term interest rate euro-and sterling-based listed derivative products. Through our Access and Broker Services business, we provide market participants with a wide variety of alternatives for connecting to and accessing our markets via a number of different protocols used for quoting, order entry, trade reporting, DROP functionality and connectivity to various data feeds. We also provide co-location services to market participants, whereby firms may lease cabinet space and power to house their own equipment and servers within our data center. Our broker services operations offer technology and customized securities administration solutions to financial participants in the Nordic market. Listing Services 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 Nasdaq Nordic and Nasdaq Baltic exchanges. Our Listing Segment also includes NPM and SecondMarket, which are marketplaces for private growth companies. As of December 31, 2015, The NASDAQ Stock Market was home to 2,859 listed companies with a combined market capitalization of approximately $8.3 trillion, and in Europe, the Nasdaq Nordic and Nasdaq Baltic exchanges, together with Nasdaq First North, were home to 852 listed companies with a combined market capitalization of approximately $1.3 trillion. Information Services Our Information Services segment includes our Data Products and our Index Licensing and Services businesses. Our Data Products business sells and distributes historical and real-time quote and trade information to market participants and data distributors. Our data products enhance transparency of the market activity within the exchanges that we operate and provide critical information to professional and non-professional investors globally. Our Index Licensing and Services business develops and licenses Nasdaq branded indexes, associated derivatives, and financial products and also provides custom calculation services for third-party clients. As of December 31, 2015, we had 222 exchange traded products licensed to Nasdaq’s indexes and had over $114 billion of assets under management in licensed exchange traded products tracking Nasdaq indexes. Technology Solutions Our Technology Solutions segment includes our Corporate Solutions and Market Technology businesses. Our Corporate Solutions business serves corporate clients, including companies listed on our exchanges. We help organizations manage the two-way flow of information with their key constituents, including their board members and investors, and with clients and the public through our suite of advanced technology, analytics, and consultative services. Our Corporate Solutions business primarily offers products to serve the following key areas: investor relations, public relations, multimedia solutions, and governance. We currently have over 9,500 Corporate Solutions clients. Our Market Technology business is a leading global technology solutions provider and partner to exchanges, clearing organizations, central securities depositories, regulators, banks, brokers and corporate businesses. Our Market Technology business is 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 emerging markets in the Middle East, Latin America, and Africa. Our marketplace solutions can handle a wide array of assets including cash equities, equity derivatives, currencies, various interest-bearing securities, commodities, and energy products, and are currently powering more than 70 marketplaces in 50 countries. Market Technology also provides market surveillance services to broker-dealer firms worldwide, as well as enterprise governance, risk management and compliance software solutions. For further discussion of our business, see “Item 1. Business.”

Summary of Significant Accounting Policies	12 Months Ended
Summary of Significant Accounting Policies	Dec. 31, 2015
Summary of Significant Accounting Policies [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, its wholly-owned subsidiaries and other entities in which Nasdaq has a controlling financial interest. Intercompany accounts and transactions have been eliminated. 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 “Equity Method Investments,” of Note 6, “Investments,” for further discussion of our equity method investments. Certain 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. See Note 20, “Subsequent Events,” for further discussion. 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 90 days or less at the time of purchase. Such equivalent investments included in cash and cash equivalents in the Consolidated Balance Sheets were $157 million as of December 31, 2015 and $278 million as of December 31, 2014. 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 $56 million as of December 31, 2015 and $49 million as of December 31, 2014, 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, 2015, current restricted cash primarily includes restricted cash held at SecondMarket related to customer funds held in connection with privately negotiated securities transactions for the exclusive benefit of the customer and cash held for regulatory purposes for our trading and clearing businesses. As of December 31, 2014, current restricted cash primarily includes cash held for regulatory purposes for our trading and clearing businesses. Financial Investments Financial investments, at fair value are primarily comprised of trading securities, mainly highly rated European government debt securities. Trading securities are bought principally to meet regulatory capital requirements for Nasdaq 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. Financial investments 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 in the Consolidated Balance Sheets. 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 financial investments that are classified as available-for-sale 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. 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 “Fair Value Measurements,” below 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 provision for bad debts is included in general, administrative and other expense in the Consolidated Statements of Income. 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 $14 million as of December 31, 2015 and $16 million as of December 31, 2014. Default Funds and Margin Deposits Nasdaq 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 Clearing. Non-cash contributions are pledged assets that are not recorded in the Consolidated Balance Sheets as Nasdaq Clearing does not take legal ownership of these assets and the risks and rewards remain with the clearing members. Derivative Financial Instruments and Hedging Activities Non-Designated Derivatives We 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, 2015 and 2014, 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 remeasurement of the 2021 Notes into U.S. dollars is recorded within accumulated other comprehensive loss in the Consolidated Balance Sheets. See “3.875% Senior Unsecured Notes,” of Note 9, “Debt Obligations,” for further discussion. 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 and Indefinite-Lived Intangible Assets 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. For purposes of performing our goodwill impairment test, our five reporting units are the Market Services segment, the Listing Services segment, the Information Services segment, and the two businesses comprising the Technology Solutions segment: Corporate Solutions and Market Technology. Goodwill impairment testing is performed annually in the fourth quarter of our fiscal year using carrying amounts as of October 1, or more frequently if conditions exist that indicate that the asset 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. Goodwill impairment testing 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. 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. We also evaluate indefinite-lived intangible assets for impairment annually in the fourth quarter of our fiscal year using carrying amounts as of October 1, or more frequently whenever events or changes in circumstances indicate that the fair value of the asset may be less than its carrying amount. Such evaluation includes determining the fair value of the asset and comparing the fair value of the asset with 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 and the excess earnings 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. If the fair value of the indefinite-lived intangible asset is less than its carrying amount, an impairment charge is recognized in an amount equal to the difference. See “Intangible Asset Impairment Charges,” of Note 5, “Goodwill and Acquired Intangible Assets,” for further discussion. For goodwill and indefinite-lived intangible assets impairment testing, we have the option to first perform a qualitative assessment to determine whether it is more likely than not that the fair value of a reporting unit or indefinite-lived intangible asset is less than the carrying amount. 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 we must perform additional testing of the reporting unit or indefinite-lived intangible asset. Otherwise, we conclude that no impairment is indicated and further testing is not performed. There was no impairment of goodwill for the years ended December 31, 2015, 2014 and 2013. As discussed in “Intangible Asset Impairment Charges,” of Note 5, “Goodwill and Acquired Intangible Assets,” we recorded a pre-tax, non-cash indefinite-lived intangible asset impairment charge of $119 million in 2015. There was no other impairment of indefinite-lived intangible assets for the years ended December 31, 2015, 2014 and 2013. However, disruptions to our business and events, such as economic weakness or unexpected significant declines in the operating results of any of our reporting units or businesses, may result in goodwill or indefinite-lived intangible asset impairment charges in the future. Valuation of Other Long-Lived Assets We review our other long-lived assets, such as finite-lived intangible assets and property and equipment for potential impairment 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 an 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 the 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. See “Intangible Asset Impairment Charges,” of Note 5, “Goodwill and Acquired Intangible Assets,” for further discussion of impairment charges recorded on our finite-lived intangible assets. 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. We evaluate our cost method investments for other-than-temporary declines in value by considering a variety of factors such as the earnings capacity of the investment. Revenue Recognition and Transaction-Based Expenses Market Services Revenues Market services revenues include equity derivative trading and clearing revenues, cash equity trading revenues, fixed income, currency and commodities trading and clearing revenues, and access and broker services revenues. Equity Derivative Trading and Clearing Revenues In our equity derivative markets, we earn trading and clearing revenues which are variable. In the U.S., trading revenues are based on traded volumes, and recognized when executed. The principal types of equity derivative contracts traded are equity options, ETF options, index options and foreign currency options. In the U.S., we record execution revenues from transactions on a gross basis as revenues and record related expenses as transaction-based expenses, as we have certain risk associated with trade execution. In Europe, equity derivative trading and clearing revenues are based on the volume and value of traded and cleared contracts, and recognized when executed or when contracts are cleared. The principal types of equity derivative contracts traded and cleared are stock options and futures and index options and futures. Equity Derivative Trading and Clearing Transaction-Based Expenses For U.S. equity derivative trading, we credit a portion of the per share execution charge to the market participant that provides the liquidity and record the transaction rebate as a transaction-based expense 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. In the U.S., 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 equity 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 equity derivative trading and clearing transaction-based expenses 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 transaction-based expenses, there is no impact on our revenues less transaction-based expenses. 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 may, 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. The exchanges that comprise Nasdaq Nordic and Nasdaq Baltic do not have any revenue sharing agreements or transaction-based expenses, such as transaction rebates and brokerage, clearance and exchange fees. Cash Equity Trading Revenues 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 in NASDAQ-listed and other listed securities 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. equity derivative trading and clearing, we record cash equity trading revenues from transactions on a gross basis as revenues and record related expenses as transaction-based expenses, as we have certain risk associated with trade execution. For further discussion see “Equity Derivative Trading and Clearing Transaction-Based Expenses” above. For NASDAQ and Nasdaq PSX, we credit a portion of the per share execution charge to the market participant that provides the liquidity and for Nasdaq 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 transaction-based expenses 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 above in “Equity Derivative Trading and Clearing Transaction-Based Expenses,” 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 transaction-based expenses when incurred. As discussed above, in the U.S., under our Limitation of Liability Rule and procedures, we may, 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. In our European markets, we charge transaction fees for executing trades on the exchanges that comprise Nasdaq Nordic and Nasdaq Baltic. These transaction fees are charged per executed order and as per value traded. The exchanges that comprise Nasdaq Nordic and Nasdaq Baltic do not have any revenue sharing agreements or transaction-based expenses, such as transaction rebates and brokerage, clearance and exchange fees. Fixed Income, Currency and Commodities Trading and Clearing Revenues Fixed income trading revenues are primarily earned from trading of U.S. Treasury securities and other fixed income products. 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. Currency and commodities trading and clearing revenues are primarily earned from trading and clearing of energy, emission allowance, freight, seafood and other commodity products. Trading and clearing revenues are based on the volume and value of traded and cleared contracts, and recognized when executed or when contracts are cleared. In addition, Nasdaq Commodities members are billed an annual fee which is recognized ratably over the following 12-month period. We also generate clearing revenues for OTC traded derivatives, 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 connection with our collateral management process in our Nasdaq Clearing operations, we recognize interest income on cash contributions that we manage when earned. 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 cabinet space and power to house their own equipment within our data centers. 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. Broker Services Our broker services operations offer technology and customized securities administration solutions to financial participants in our Nasdaq Nordic markets. The primary services offered are 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 Listing services revenues primarily include annual fees, initial listing fees and listing of additional shares fees. Annual Fees In the U.S., annual fees are charged based on the number of outstanding shares of companies listed in the U.S. at the end of the prior year and are recognized ratably over the following 12-month period. European annual fees, which are received from companies listed on our Nasdaq Nordic and Nasdaq Baltic exchanges and Nasdaq First North, are directly related to the listed companies’ market capitalization on a trailing 12-month basis. Initial Listing Fees Initial listing fees pertain to our U.S. market and are generally based on the number of shares that a company initially lists and are recognized on a straight-line basis over estimated service periods of six years, based on our historical listing experience and projected future listing duration. Listing of Additional Shares Fees Listing of additional shares fees pertain to our U.S. market and are paid by listed companies in connection with corporate actions involving the issuance of new shares to be listed, such as stock splits and sales of additional securities. These fees are recognized on a straight-line basis over estimated service periods of four years, based on our historical listing experience and projected future listing duration. Listing of additional share fees are expected to decline and will be phased out by January 2018 as a result of the implementation of our new fee program for our U.S. markets. See “All-Inclusive Annual Listing Fee Program” below for further discussion. All-Inclusive Annual Listing Fee Program Nasdaq announced an all-inclusive annual listing fee program for companies listed in the U.S. which became effective in 2015. Under this new program, listed companies pay an annual fee which includes all listing-related activities, including listing of additional shares. All listed companies will be subject to the all-inclusive program beginning in January 2018, but can elect to opt-in to this program prior to January 2018. These revenues will be recognized ratably over the following 12-month period. Information Services Revenues Information services revenues include data products revenues and index licensing and services revenues. Data Products Revenues Data products revenues are earned from U.S. and European proprietary data products and index data products. In the U.S., we also earn revenues from U.S. tape plans. We collect and process information from our exchanges and earn revenues as a distributor of our own 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. Data products revenues are subscription-based and are recognized on a monthly basis net of amounts due under revenue sharing arrangements with market participants. We also generate revenues from our Nasdaq indexes that consist of Global Index Data Services, which delivers 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. Revenues from U.S. tape plans include eligible UTP Plan revenues that are shared among UTP Plan participants and are presented on a net basis. Under the revenue sharing provision of the UTP Plan, we are permitted to deduct costs associated with acting as the administrator of the UTP Plan 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 BX and Nasdaq 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. Data Products Revenue Sharing The most significant component of data products revenues recorded on a net basis is the UTP Plan revenue sharing in the U.S. All indicators of gross versus 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 administrator for the UTP Plan, in addition to being a participant in the UTP Plan. In our unique role as administrator, 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 Nordic and Nasdaq Baltic do not have any data products revenue sharing agreements. Index Licensing and Services Revenues We develop and license Nasdaq branded indexes, associated derivatives and financial products as part of our Global Index Family. Revenues primarily include license fees from these branded indexes, associated derivatives and financial products in the U.S. and abroad. 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 Technology Solutions revenues include corporate solutions revenues and market technology revenues. Corporate Solutions Revenues Corporate solutions revenues primarily include subscription and transaction-based income from our Investor Relations, Public Relations, Multimedia Solutions and Governance products. Subscription-based revenues earned are recognized ratably over the contract period, generally one to two years in length. As part of the 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 enterprise governance, risk management and compliance software 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 develop technology solutions, license the right to use software, and provide post-contract support and other 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 enter into agreements to modify the system solutions sold by Nasdaq after delivery has occurred. These revenues are recognized when earned. In addition, we 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. Earnings Per Share We present both basic and diluted earnings per share. Basic earnings per share is computed by dividing net income attributable to Nasdaq by the weighted average number of common shares outstanding for the period. Diluted earnings per share is computed by dividing net income attributable to Nasdaq 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 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 stockholders’ equity and included in common stock in treasury, at cost in the Consolidated Balance Sheets. Most shares repurchased under our share repurchase program are retired and cancelled, and the remaining shares are available for general corporate purposes. 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, mortality rate, 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 share-based awards made to employees based on estimated fair values. Share-based awards, or equity awards, include employee stock options, restricted stock and PSUs. Restricted stock awards generally refer to restricted stock units. We generally recognize compensation expense for equity awards on a straight-line basis over the requisite service period of the award. We estimate the fair value of PSUs granted under our total shareholder return, or TSR, program using the Monte Carlo simulation model, as these awards contain a market condition. Assumptions used in the Monte Carlo simulation model include the weighted average risk-free rate and the expected volatility. The risk-free interest rate for periods within the expected life of the award is based on the U.S. Treasury yield curve in effect at the time of grant. 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. See Note 12, “Share-Based Compensation,” for further discussion. 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. Capitalized internal use software costs are amortized on a straight-line basis over the estimated useful lives of the software, not to exceed three years. Amortization of these costs 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 beginning when a product’s technological feasibility has been established and ending when a product is available for general release. Unamortized capitalized costs are included in data processing equipment and software, within property and equipment, net in the Consolidated Balance Sheets. Technological feasibility is established upon completion of a detailed program design or, in its absence, completion. 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. Fair Value Measurements Fair value is defined as the price that would be received from selling an asset or paid to transfer a liability, or the exit price, in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be either recorded or disclosed at fair value, we consider the principal or most advantageous market in which we would transact, and we also consider assumptions that market participants would use when pricing the asset or liability. 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’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. 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 ASU 2015-16 In September 2015, the FASB issued Accounting Standards Update, or ASU, 2015-16, “Simplifying the Accounting for Measurement-Period Adjustments,” which eliminates the requirement that an acquirer in a business combination account for measurement-period adjustments retrospectively. This guidance requires that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. In addition, the amendments in this guidance require an entity to present separately on the face of the income statement or disclose in the notes the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. We adopted this new standard on January 1, 2016, which had no impact on our consolidated financial statements. We will apply the new guidance to future adjustments to provisional amounts, if any. ASU 2015-03 In April 2015, the FASB issued ASU 2015-03, “Simplifying the Presentation of Debt Issuance Costs,” which requires debt issuance costs to be presented in the balance sheet as a direct deduction from the carrying amount of the related debt liability rather than as an asset. This guidance does not change the recognition and measurement of debt issuance costs. In the second quarter of 2015, we elected to early adopt this guidance retrospectively for all periods presented in the Consolidated Balance Sheets. The reclassification of debt issuance costs resulted in reductions in other non-current assets and debt obligations of $16 million for the year ended December 31, 2014. Other than this reclassification, the adoption of this guidance did not have an impact on our consolidated financial statements. Recently Issued Accounting Pronouncements ASU 2016-01 In January 2016, the FASB issued ASU 2016-01, “Recognition and Measurement of Financial Assets and Financial Liabilities.” This new standard requires that most equity investments be measured at fair value, with subsequent changes in fair value recognized in net income. Under this new guidance, Nasdaq will no longer be able to recognize unrealized holding gains and losses on equity securities classified today as available-for-sale in accumulated other comprehensive income within stockholders’ equity. This new standard does not change the guidance for classifying and measuring investments in debt securities and loans. This new guidance also impacts financial liabilities accounted for under the fair value option and affects the presentation and disclosure requirements for financial assets and liabilities. This new standard is effective for us on January 1, 2018. Early adoption is not permitted. We do not anticipate a material impact on our consolidated financial statements at the time of adoption of this new standard. ASU 2015-17 In November 2015, the FASB issued ASU 2015-17, “Balance Sheet Classification of Deferred Taxes,” which eliminates the current requirement to present deferred tax liabilities and assets as current and noncurrent in a classified balance sheet. Instead, Nasdaq will be required to classify all deferred tax liabilities and assets as noncurrent. This new standard is effective for us on January 1, 2017. Early adoption is permitted and the standard may be applied either prospectively or retrospectively to all periods presented. We plan to retrospectively adopt this standard in the first quarter of 2016. We do not anticipate a material impact on our consolidated financial statements at the time of adoption of this new standard. ASU 2014-09 In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers,” which supersedes the revenue recognition guidance in ASC 605, “Revenue Recognition.” The new revenue recognition standard sets forth a five-step revenue recognition model to determine when and how revenue is recognized. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration it expects to receive in exchange for those goods or services. The standard also requires more detailed disclosures. The standard provides alternative methods of initial adoption. On July 9, 2015, the FASB approved the deferral of the effective date of the new revenue recognition standard by one year. As a result, this new standard will now be effective for us on January 1, 2018. Early adoption as of the original effective date is permitted. We are currently evaluating this standard and our existing revenue recognition policies to determine which contracts in the scope of the guidance will be affected by the new requirements and what impact this standard will have on our consolidated financial statements upon adoption. At this time, we do not intend to adopt this standard early and we have not yet determined if we will select the full retrospective or the modified retrospective implementation method upon adoption.

Restructuring Charges

12 Months Ended

Dec. 31, 2015

Restructuring Charges [Abstract]

Restructuring Charges

3. Restructuring Charges

2015 Restructuring Plan

During the first quarter of 2015, we performed a comprehensive review of our processes, businesses and systems in a company-wide effort to improve performance, cut costs, and reduce spending. In the first quarter of 2015, we also decided to change our company name from The NASDAQ OMX Group, Inc. to Nasdaq, Inc., which became effective in the third quarter of 2015. We currently estimate that we will recognize net pre-tax restructuring charges of $190 million, consisting of the rebranding of our trade name, severance, asset impairments, facility-related and other costs. We recognized net restructuring charges of $172 million for the year ended December 31, 2015, with the remaining amount to be recognized through June 2016. The restructuring charge for the year ended December 31, 2015 includes the reversal of a sublease loss reserve of $10 million. See “Facilities-related” below for further discussion. Through this initiative, we achieved pre-tax savings in 2015 of approximately $20 million and annualized savings of $23 million. Restructuring charges are recorded on restructuring plans that have been committed to by management and are, in part, based upon management's best estimates of future events. Changes to the estimates may require future adjustments to the restructuring reserve.

The following table presents a summary of the 2015 restructuring plan charges in the Consolidated Statements of Income for the year ended December 31, 2015:



	Year Ended December 31,
	2015
	(in millions)
Rebranding of trade name	$	119
Severance		25
Facilities-related		-
Asset impairments		18
Other		10
Total restructuring charges	$	172

Rebranding of Trade Name

As noted above, in connection with our global rebranding initiative, we decided to change our company name from The NASDAQ OMX Group, Inc. to Nasdaq, Inc., which became effective in the third quarter of 2015. In connection with this action, we decided to discontinue the use of the OMX trade name and recorded a pre-tax, non-cash impairment charge of $119 million in March 2015 because we no longer attribute any material value to the trade name. The impairment charge did not impact the company's consolidated cash flows, liquidity, or capital resources.

Severance

Severance, other termination benefits and other associated costs of $25 million for the year ended December 31, 2015, related to workforce reductions of 230 positions across our organization. In addition to reducing our workforce, we have relocated certain functions to lower cost locations and expect to continue hiring in these lower cost locations to support the business.

Facilities-related

The facilities-related costs were $10 million for the year ended December 31, 2015 and pertained to the consolidation of leased facilities. These costs were offset by a credit of $10 million which pertained to the release of a previously recorded sublease loss reserve for part of the space we lease in New York, New York. In June 2015, as part of our real estate reorganization plans, management decided to occupy this space. Based on management’s decision, we released the sublease loss reserve recorded for this space.

Asset Impairments

Asset impairment charges of $18 million for the year ended December 31, 2015 primarily related to fixed assets and capitalized software that were retired during the year ended December 31, 2015.

Restructuring Reserve

The following table presents the changes in the restructuring reserve for the year ended December 31, 2015:


	Balance at January 1, 2015			Expense Incurred		Cash Payments	Balance at December 31, 2015

	(in millions)
Severance	$	-	$	25	$	(13)	$	12
Facilities-related		-		10		(10)		-
Total	$	-	$	35	$	(23)	$	12

As of December 31, 2015, the majority of the restructuring reserve is included in other current liabilities in the Consolidated Balance Sheets and will be paid in 2016.

2012 Restructuring Plan

In the first quarter of 2013, as part of our 2012 restructuring plan to improve performance, cut costs, and reduce spending, 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 related to lease rent accruals for facilities we no longer occupy due to facilities consolidation, $1 million for asset impairments, primarily consisting of fixed assets and capitalized software that have been retired, and $1 million of other charges. This restructuring plan was completed in the first quarter of 2013. Nasdaq incurred total charges of $53 million in connection with our 2012 restructuring plan.

Acquisitions

12 Months Ended

Dec. 31, 2015

Acquisitions [Abstract]

Acquisitions

4. Acquisitions

We completed the following acquisitions and strategic initiatives in 2015, 2014 and 2013. Financial results of each transaction are included in our Consolidated Statements of Income from the date of each acquisition or strategic initiative.

2015 Acquisitions


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

	(in millions)
Dorsey, Wright & Associates, LLC	$	226	$	(26)	$	141	$	111

The amounts in the table above represent the preliminary allocation of the purchase price and were subject to revision during the measurement period, a period not to exceed 12 months from the acquisition date. We finalized the allocation of the purchase price for the above acquisition in January 2016. There were no adjustments to the provisional values during the 12 month measurement period.

Acquisition of Dorsey, Wright & Associates, LLC

On January 30, 2015, we completed the acquisition of DWA for $226 million ($225 million cash paid plus $1 million in working capital adjustments). DWA is a market leader in data analytics, passive indexing and smart beta strategies. We acquired net assets, at fair value, totaling $8 million and recorded a current deferred tax liability of $1 million and a non-current deferred tax liability of $33 million related to differences in the U.S. GAAP and tax basis of our investment in DWA, resulting in total net liabilities acquired of $26 million. DWA is part of our Data Products and Index Licensing and Services businesses within our Information Services segment.

Nasdaq used cash on hand and borrowed $100 million under the revolving credit commitment of our current credit facility to fund this acquisition.

Intangible Assets

The following table presents the details of the DWA acquired intangible assets. All acquired intangible assets with finite lives are amortized using the straight-line method.


			Estimated
			Average Remaining
	Value		Useful Life
Intangible assets:		(in millions)	(in years)
Trade name	$	108	Indefinite
Customer relationships		29	15 years
Technology		4	5 years
Total intangible assets	$	141

Below is a discussion of the methods used to determine the fair value of DWA’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

The DWA trade name is recognized in the industry and carries a reputation for quality. As such, DWA’s reputation and positive recognition embodied in the trade name is a valuable asset to Nasdaq. 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 17.0% was utilized, which reflects the amount of risk associated with the hypothetical cash flows generated by the DWA 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 36.5%, 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.

We 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 in the branding of products.

Customer Relationships

Customer relationships represent the non-contractual and contractual relationships that DWA has with its customers. The DWA customer relationships were valued individually for each of DWA’s businesses 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 3-6 years, depending on the business, for the customer base to grow to 100% of current projected 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 the year in which the customer base would be expected to reach the level that currently exists.

A discount rate of 17.5%, which reflects the estimated weighted average cost of capital for the overall business plus a premium of 0.5% reflecting the risk and uncertainty of the cash flows for the customer relationships relative to the overall business, was utilized when discounting the cash flows. The resulting discounted cash flows were then tax-effected at a rate of 36.5%, 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 estimated the remaining useful life for the acquired customer relationships to be 15 years.

Technology

The fair value of the acquired DWA 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. In addition, we performed a profit split analysis that produced a range of royalty rates that were then compared for reasonableness to the royalty rates identified in the market transactions and royalty rates for comparable technology. Profit split theory states that a reasonable market participant would be willing and able to make revenue-based royalty payments of 25.0% to 30.0% 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 25.0% to 30.0%, we estimated supportable royalty rates for the technology and selected a pre-tax royalty rate of 15.0%.

A discount rate of 17.0% 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 36.5%, 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.

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

Acquisition of Full Ownership of NPM and Acquisition of SecondMarket

In October 2015, we acquired full ownership of NPM following the acquisition of the minority stake that was previously held by a third party. In addition, through NPM, we acquired SecondMarket a recognized innovator in facilitating liquidity for private company securities. The purchase of the additional ownership interest in NPM and the acquisition of SecondMarket were purchased for an immaterial amount. NPM and SecondMarket are part of our Listing Services segment.

2014 Acquisition

In March 2014, we completed the acquisition of the remaining 28.0% ownership interest in BWise that was previously held by a third party. BWise is part of our Market Technology business within our Technology Solutions segment.

2013 Acquisitions


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

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

The amounts in the table above represent the preliminary allocation of the purchase price and were subject to revision during the measurement period, a period not to exceed 12 months from the acquisition date. We finalized the allocation of the purchase price for the above acquisitions in 2014. There were no adjustments to the provisional values during the 12 month measurement period for the above acquisitions.

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 acquired 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 common stock, which approximated certain tax benefits associated with the transaction of $484 million. Such contingent future issuances of Nasdaq common stock will be paid ratably through 2027 if Nasdaq’s total gross revenues equal or exceed $25 million in each such year. The contingent future issuances of Nasdaq common stock are subject to anti-dilution protections and acceleration upon certain events.

Nasdaq used the majority of the net proceeds from the issuance of the 2021 Notes to fund the cash consideration paid for the acquisition of eSpeed.

Intangible Assets

The following table presents the details of the eSpeed acquired intangible assets. All acquired intangible assets with finite lives are amortized using the straight-line method.


			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 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. 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 10.0% 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.

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 10.0% of current revenues to 100.0% 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 10.0%, 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 estimated the remaining useful life to be 13 years for the acquired customer relationships.

In the fourth quarter of 2014, we recorded a non-cash intangible asset impairment charge totaling $38 million related to the customer relationships intangible asset. The impairment resulted primarily from changes in the forecasted revenues associated with the acquired customer list. See “Intangible Asset Impairment Charges,” of Note 5, “Goodwill and Acquired Intangible Assets,” to the consolidated financial statements for further discussion.

Technology

The fair value of the eSpeed acquired developed technology was valued using the income approach, specifically the RFRM, as discussed above in “Technology” related to DWA.

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 25.0% to 33.0% 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 25.0% to 33.0%, we estimated supportable royalty rates for the technology and selected a pre-tax royalty rate of 5.0%.

A discount rate of 10.0% 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 businesses 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 acquired intangible assets of $91 million, which consisted of $89 million in customer relationships and $2 million in technology. The TR Corporate businesses are part of our Corporate Solutions business within our Technology Solutions segment.

Nasdaq used cash on hand and borrowed $50 million under a former credit facility to fund this acquisition.

Intangible Assets

The following table presents the details of the acquired intangible assets in the acquisition of the TR Corporate businesses. All acquired intangible assets with finite lives are amortized using the straight-line method.


			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 acquired intangible assets in the acquisition of the TR Corporate 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 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 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 businesses.

We assumed annual revenue attrition of 10.0% for the customers for each of the TR Corporate 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 11.0% 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 in “Technology” relating to DWA.

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 DWA, 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 11.0% 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.

In the first quarter of 2014, we performed a review of our legacy Corporate Solutions’ technology platforms in an effort to leverage our scale and expertise as well as improve the efficiencies that we deliver to our customers and reduce our costs. This review resulted in the consolidation and retirement of several technology platforms, resulting in a charge of $18 million in the first quarter of 2014. This charge is included in merger and strategic initiatives expense in the Consolidated Statements of Income for 2014.

Formation of NPM Joint Venture

In March 2013, we formed a joint venture with SharesPost, Inc. creating NPM, a marketplace for private growth companies. Prior to October 2015, we owned a majority interest in NPM, combining Nasdaq’s resources, market and operating expertise with SharesPost’s web-based platform. NPM launched in March 2014 and is part of our Listing Services segment.

We finalized the allocation of the purchase price for NPM in the first quarter of 2014. There were no adjustments to the provisional values during the 12 month measurement period for this joint venture.

In October 2015, we acquired full ownership of NPM following the acquisition of the minority stake that was previously held by SharesPost for an immaterial amount.

EuroCCP

In December 2013, Nasdaq purchased an additional ownership interest in EuroCCP N.V., a clearinghouse, for an immaterial amount, increasing its equity interest to 25.0% from 22.0%. We account for our investment in EuroCCP N.V. under the equity method of accounting and this investment is part of our Market Services segment. 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 25.0% equity interest in The Order Machine, or 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 this investment 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.

Pro Forma Results and Acquisition-related Costs

The consolidated financial statements for the years ended December 31, 2015, 2014 and 2013 include the financial results of the above 2015, 2014 and 2013 acquisitions from the date of each acquisition. Pro forma financial results for the acquisitions completed in 2015, 2014 and 2013 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.

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).

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Goodwill and Acquired Intangible Assets [Abstract]

Goodwill and Acquired Intangible Assets

12 Months Ended

Dec. 31, 2015

Goodwill and Acquired Intangible Assets

5. Goodwill and Acquired Intangible Assets

Goodwill

The following table presents the changes in goodwill by business segment during the year ended December 31, 2015:



	Market Services		Listing Services		Information Services		Technology Solutions		Total

	(in millions)
Balance at December 31, 2014	$	3,081	$	114	$	1,794	$	549	$	5,538
Goodwill acquired		-		7		111		-		118
Foreign currency translation adjustment		(140)		(9)		(82)		(30)		(261)
Balance at December 31, 2015	$	2,941	$	112	$	1,823	$	519	$	5,395

The goodwill acquired for Listing Services shown above relates to our acquisition of SecondMarket in October 2015 and the goodwill acquired for Information Services shown above relates to our acquisition of DWA in January 2015. See “Acquisition of Dorsey, Wright & Associates, LLC,” of Note 4, “Acquisitions,” for further discussion of the DWA acquisition and see “Acquisition of Full Ownership of NPM and Acquisition of SecondMarket,” of Note 4, “Acquisitions,” for further discussion of the SecondMarket acquisition.

As of December 31, 2015, the amount of goodwill that is expected to be deductible for tax purposes in future periods is $896 million, of which $542 million is related to our acquisition of eSpeed, $258 million is related to our acquisition of the TR Corporate businesses and $96 million is related to other acquisitions.

Acquired Intangible Assets

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



	December 31, 2015								December 31, 2014
	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	$	(23)	$	16		5	$	35	$	(16)	$	19		5
Customer relationships		1,038		(387)		651		20		1,009		(329)		680		20
Other		5		(4)		1		9		5		(3)		2		9
Foreign currency translation adjustment		(138)		43		(95)				(94)		26		(68)
Total finite-lived intangible assets	$	944	$	(371)	$	573			$	955	$	(322)	$	633

Indefinite-Lived Intangible Assets
Exchange and clearing registrations	$	790	$	-	$	790			$	790	$	-	$	790
Trade names		700		-		700				756		-		756
Licenses		51		-		51				51		-		51
Foreign currency translation adjustment		(155)		-		(155)				(153)		-		(153)
Total indefinite-lived intangible assets	$	1,386	$	-	$	1,386			$	1,444	$	-	$	1,444
Total intangible assets	$	2,330	$	(371)	$	1,959			$	2,399	$	(322)	$	2,077

Amortization expense for acquired finite-lived intangible assets was $62 million for the year ended December 31, 2015, $69 million for the year ended December 31, 2014 and $63 million for the year ended December 31, 2013. The decrease in amortization expense in 2015 compared to 2014 was primarily due to lower amortization expense on certain intangible assets that were impaired in 2014 as discussed below, partially offset by amortization expense on identifiable finite-lived intangible assets acquired in connection with the acquisition of DWA. The increase in amortization expense in 2014 compared to 2013 was primarily due to amortization expense on identifiable finite-lived intangible assets acquired in connection with the acquisitions of eSpeed and the TR Corporate businesses, partially offset by lower amortization expense on certain intangible assets that were impaired in the first quarter of 2013 as discussed below.

The estimated future amortization expense (excluding the impact of foreign currency translation adjustments of $95 million as of December 31, 2015) of acquired finite-lived intangible assets as of December 31, 2015 is as follows:



	(in millions)
2016	$	66
2017		64
2018		61
2019		47
2020		46
2021 and thereafter		384
Total	$	668

Intangible Asset Impairment Charges

In 2015, in connection with our global rebranding initiative, we decided to change our company name from The NASDAQ OMX Group, Inc. to Nasdaq, Inc., which became effective in the third quarter of 2015. In connection with this action, we decided to discontinue the use of the OMX trade name and recorded a pre-tax, non-cash impairment charge of $119 million because we no longer attribute any material value to the trade name. This charge is recorded in restructuring charges in the Consolidated Statements of Income for 2015. The trade name impairment charge related primarily to our Market Services segment. However, for segment reporting purposes, this charge was allocated to corporate items based on the decision that this charge should not be used to evaluate the segment’s operating performance. The impairment charge did not impact the company's consolidated cash flows, liquidity, or capital resources.

In 2014, we recorded a non-cash intangible asset impairment charge totaling $38 million related to an acquired intangible asset associated with customer relationships. The impairment resulted primarily from changes in the forecasted revenues associated with the acquired customer list of our eSpeed business. The fair value of customer relationships of $71 million was determined using the income approach, specifically the with-and-without method. This charge is recorded in asset impairment charges in the Consolidated Statements of Income for 2014. The customer relationships impairment charge related primarily to our Market Services segment. However, for segment reporting purposes, this charge was allocated to corporate items based on the decision that this charge should not be used to evaluate the segment’s operating performance.

In 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). The customer relationships impairment resulted primarily from changes in the forecasted revenues associated with the acquired customer list of FTEN, Inc. The fair value of customer relationships of $4 million was determined using the income approach, specifically the multi-period excess earnings method. The trade name impairment resulted from management’s decision to no longer utilize the FTEN, Inc. trade name, which was written down to zero value. 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.

Significant judgments and unobservable inputs categorized as Level III in the fair value hierarchy are inherent in impairment tests performed and include assumptions about the amount and timing of expected future cash flows, growth rates and the determination of appropriate discount rates. We believe that the assumptions used in our impairment tests are reasonable, but variations in any of the assumptions may result in different calculations of fair value.

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.

Investments	12 Months Ended
Investments	Dec. 31, 2015
Investments [Abstract]
Investments	6. Investments Trading Securities Trading securities, which are included in financial investments, at fair value in the Consolidated Balance Sheets, were $189 million at December 31, 2015 and $171 million as of December 31, 2014. These securities are primarily comprised of highly rated European government debt securities, of which $166 million as of December 31, 2015 and $159 million as of December 31, 2014 are assets utilized to meet regulatory capital requirements primarily for our clearing operations at Nasdaq Clearing. Available-for-Sale Investment Securities Available-for-sale investment securities, which are included in financial investments, at fair value in the Consolidated Balance Sheets, were $12 million as of December 31, 2015 and $3 million as of December 31, 2014. These securities are primarily comprised of short-term commercial paper. As of December 31, 2015 and December 31, 2014, the cumulative unrealized gains and losses on these securities were immaterial. Equity Method Investments The carrying amounts of our equity method investments totaled $72 million as of December 31, 2015 and $25 million as of December 31, 2014 and are included in other non-current assets in the Consolidated Balance Sheets. The increase in 2015 compared with 2014 was primarily due to our capital contribution of $30 million to OCC. See below for further discussion. As of December 31, 2015, our equity method investments primarily included equity interests in OCC, EuroCCP N.V. and TOM. As of December 31, 2014, our equity method investments consisted primarily of our equity interests in EuroCCP N.V. and TOM. Net income recognized from our equity interest in the earnings and losses of these equity method investments was $17 million for the year ended December 31, 2015 and was immaterial for both the years ended December 31, 2014 and 2013. The increase in year ended December 31, 2015 compared with the same periods in 2014 and 2013 is primarily due to income recognized from our equity method investment in OCC. We were not able to determine what our share of OCC’s income was for the year ended December 31, 2014 until the first quarter of 2015, when OCC’s financial statements were made available to us. As a result, we recorded other income of $13 million in March 2015 relating to our share of OCC’s income for the year ended December 31, 2014. This income is included in net income (loss) from unconsolidated investees in the Consolidated Statements of Income for 2015. Capital Contribution to OCC In March 2015, in connection with being designated systemically important by the Financial Stability Oversight Council, OCC implemented a capital plan under which the options exchanges that are OCC’s stockholders made new capital contributions to OCC, committed to make further capital contributions in the future under certain specified circumstances, and received certain commitments from OCC with respect to future dividend payments and related matters. Under the OCC capital plan, OCC's existing exchange stockholders, including Nasdaq, each contributed a pro-rata share of $150 million in new equity capital. Nasdaq’s capital contribution was $30 million. OCC’s exchange stockholders also committed to provide, as may become necessary from time to time, additional replenishment capital on a pro-rata basis if certain capital thresholds are triggered. For its part, OCC adopted specific policies with respect to fees, customer refunds and stockholder dividends, which envision an annual dividend payment to its stockholders equal to the portion of OCC’s after-tax income that exceeds OCC’s capital requirements after payment of refunds to OCC’s clearing members (with such customer refunds generally to constitute 50% of the portion of OCC’s pre-tax income that exceeds OCC’s capital requirements). After the SEC staff approved the OCC capital plan and the stockholders made their capital contributions, the plan’s further effectiveness was suspended under the applicable SEC rules because certain parties petitioned the full Commission to reconsider the capital plan’s approval. This stay was lifted by the SEC in September 2015, allowing OCC to implement the plan and in February 2016, the SEC issued an order approving the OCC capital plan as previously implemented and dismissed the petitions challenging that plan. The petitioners have 30 days to appeal the SEC's February 2016 order. Cost Method Investments The carrying amount of our cost method investments totaled $132 million as of December 31, 2015 and $138 million as of December 31, 2014 and is included in other non-current assets in the Consolidated Balance Sheets. As of December 31, 2015 and 2014, our cost method investments primarily represented our 5% ownership interest in Borsa Istanbul, and our 5% ownership interest in LCH.Clearnet Group Limited, or LCH. The Borsa Istanbul shares, which were issued to us in the first quarter of 2014, are part of the consideration to be received under a market technology agreement. This investment has a cost basis of $75 million which is guaranteed to us via a put option negotiated as part of the market technology agreement.

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

Property and Equipment, net [Abstract]

Property and Equipment, net

12 Months Ended

Dec. 31, 2015

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,
		2015		2014

	(in millions)
Data processing equipment and software	$	576	$	533
Furniture, equipment and leasehold improvements		254		227
Total property and equipment		830		760
Less: accumulated depreciation and amortization		(507)		(468)
Total property and equipment, net	$	323	$	292

Depreciation and amortization expense for property and equipment was $76 million for the year ended December 31, 2015, $68 million for the year ended December 31, 2014 and $59 million for the year ended December 31, 2013. The increase in depreciation and amortization expense in 2015 compared to 2014 and 2014 compared to 2013 was primarily due to additional expense associated with assets placed in service and software development. These amounts are included in depreciation and amortization expense in the Consolidated Statements of Income.

We recorded asset impairment charges of $18 million for the year ended December 31, 2015 primarily related to fixed assets and capitalized software that were retired in 2015. These charges are included in restructuring charges in the Consolidated Statements of Income for 2015. During 2014, we recorded asset impairment charges of $11 million primarily related to certain technology assets. These charges are included in asset impairment charges in the Consolidated Statements of Income for 2014.

As of December 31, 2015 and 2014, we did not own any real estate properties.

Deferred Revenue

12 Months Ended

Dec. 31, 2015

Deferred Revenue [Abstract]

Deferred Revenue

8. Deferred Revenue

Deferred revenue represents consideration received that is yet to be recognized as revenue. The changes in our deferred revenue during the years ended December 31, 2015 and 2014 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, 2015	$	54	$	78	$	13	$	247	$	392
Additions(1)		21		10		256		339		626
Amortization(1)		(16)		(35)		(250)		(373)		(674)
Translation adjustment		-		-		(3)		(14)		(17)
Balance at December 31, 2015	$	59	$	53	$	16	$	199	$	327

Balance at January 1, 2014	$	41	$	75	$	20	$	158	$	294
Additions(1)		27		42		226		536		831
Amortization(1)		(14)		(39)		(230)		(419)		(702)
Translation adjustment		-		-		(3)		(28)		(31)
Balance at December 31, 2014	$	54	$	78	$	13	$	247	$	392

(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. The additions to technology solutions revenues in 2014 include $75 million related to the Borsa Istanbul market technology agreement. See “Cost Method Investments,” of Note 6, “Investments,” for further discussion.

(2) Technology solutions deferred revenue primarily includes revenues from our corporate solutions subscription-based contracts, which are primarily billed quarterly in advance, and our market technology client contracts where customization and significant modifications to the software are made to meet the needs of our customers. For our market technology contracts, 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.

At December 31, 2015, we estimate that our deferred revenue, which is primarily 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:
2016	$	16	$	27	$	16	$	68	$	127
2017		13		18		-		30		61
2018		12		7		-		28		47
2019		10		1		-		23		34
2020		6		-		-		22		28
2021 and thereafter		2		-		-		28		30
	$	59	$	53	$	16	$	199	$	327

(1)Technology solutions deferred revenue primarily includes corporate solutions and market technology deferred revenue. The timing of recognition of our deferred technology solutions revenues is primarily dependent upon the completion of customization and any significant modifications made pursuant to existing market technology contracts. As such, as it relates to market technology revenues, the timing represents our best estimate.

Debt Obligations

12 Months Ended

Dec. 31, 2015

Debt Obligations [Abstract]

Debt Obligations

9. Debt Obligations

As discussed in “ASU 2015-03,” of Note 2, “Summary of Significant Accounting Policies,” we elected to early adopt ASU 2015-03 which requires debt issuance costs to be presented in the balance sheet as a direct deduction from the carrying amount of the related debt liability rather than an asset. As of December 31, 2015, we have reclassified debt issuance costs associated with our debt obligations from other non-current assets to debt obligations. In accordance with ASU 2015-03, prior year amounts have been reclassified to conform to the current year classification, resulting in an adjustment to debt obligations of $16 million for the year ended December 31, 2014.

The following table presents the changes in the carrying amount of our debt obligations during the year ended December 31, 2015:



	December 31, 2014		Additions		Payments, Accretion and Other		December 31, 2015

	(in millions)
5.55% senior unsecured notes due January 15, 2020 (1) (2)	$	596	$	-	$	1	$	597
5.25% senior unsecured notes due January 16, 2018 (1) (2)		368		-		-		368
3.875% senior unsecured notes due June 7, 2021 (1) (2)		720		-		(74)		646
4.25% senior unsecured notes due June 1, 2024 (1) (2)		494		-		1		495
$750 million revolving credit commitment due November 25, 2019 (average interest rate of 1.51% for the period January 1, 2015 through December 31, 2015)(3)		119		506		(367)		258
Total long-term debt obligations	$	2,297	$	506	$	(439)	$	2,364

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

(2) Net of unamortized debt discount and debt issuance costs.

(3) Net of unamortized debt issuance costs. See “2014 Credit Facility” below for further discussion.

Senior Unsecured Notes

5.55% Senior Unsecured Notes

In January 2010, Nasdaq issued $600 million aggregate principal amount of 5.55% senior notes due 2020, or the 2020 Notes, at a discount. As a result of the discount, the proceeds received from the issuance were less than the aggregate principal amounts. As of December 31, 2015, the balance of $597 million for the 2020 Notes reflects the aggregate principal amount, less the unamortized debt discount and the unamortized debt issuance costs. The unamortized debt discount and the unamortized debt issuance costs are being accreted through interest expense over the life of the 2020 Notes.

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

5.25% Senior Unsecured Notes

In December 2010, Nasdaq issued $370 million aggregate principal amount of 5.25% senior notes due 2018, or the 2018 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, 2015, the balance of $368 million reflects the aggregate principal amount, less the unamortized debt discount and the unamortized debt issuance costs. The unamortized debt discount and the unamortized debt issuance costs are being 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’s debt rating up to a rate not to exceed 7.25%. The 2018 Notes are general unsecured obligations of ours and rank equally with all of our existing and future unsubordinated obligations. They are not guaranteed by any of our subsidiaries. The 2018 Notes were issued under indentures that among other things, limit our ability to consolidate, merge or sell all or substantially all of our assets, create liens, and enter into sale and leaseback transactions. In addition, upon a change of control triggering event (as defined in the indenture), the terms require us to repurchase all or part of each holder’s notes for cash equal to 101% of the aggregate principal amount purchased plus accrued and unpaid interest, if any.

3.875% Senior Unsecured Notes

In June 2013, Nasdaq issued €600 million aggregate principal amount of 3.875% senior unsecured notes due June 2021, or 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, 2015, the balance of $646 million reflects the aggregate principal amount translated into U.S. dollars, less the unamortized debt discount and the unamortized debt issuance costs. The unamortized debt discount and the unamortized debt issuance costs are being 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’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 decrease in the carrying amount of $74 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 within stockholders’ equity in the Consolidated Balance Sheets for the year ended December 31, 2015.

4.25% Senior Unsecured Notes

In May 2014, Nasdaq issued $500 million of 4.25% senior unsecured notes due June 1, 2024, or the 2024 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, 2015, the balance of $495 million reflects the aggregate principal amount, less the unamortized debt discount and the unamortized debt issuance costs. The unamortized debt discount and the unamortized debt issuance costs are being accreted through interest expense over the life of the 2024 Notes.

The 2024 Notes pay interest semiannually at a rate of 4.25% per annum until June 1, 2024 and such rate may vary with Nasdaq’s debt rating up to a rate not to exceed 6.25%. The 2024 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 2024 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.

Credit Facilities

2014 Credit Facility

In November 2014, Nasdaq refinanced its existing credit agreement and entered into the 2014 Credit Facility. The 2014 Credit Facility consists of a $750 million revolving credit commitment (with sublimits for non-dollar borrowings, swingline borrowings and letters of credit). In January 2015, we used cash on hand and borrowed $100 million under the revolving credit commitment of the 2014 Credit Facility to fund our acquisition of DWA. During 2015, we also borrowed $406 million for general corporate purposes. See “Acquisition of Dorsey, Wright & Associates, LLC,” of Note 4, “Acquisitions,” for further discussion of the DWA acquisition. During 2015, we repaid $369 million under the revolving credit commitment of the 2014 Credit Facility. As of December 31, 2015, the balance of $258 million reflects the outstanding amount under the 2014 Credit Facility, less the unamortized debt issuance costs. The unamortized debt issuance costs are being accreted through interest expense over the life of the 2014 Credit Facility.

The loans under the 2014 Credit Facility have a variable interest rate based on either the London Interbank Offered Rate, or LIBOR, or the base rate (as defined in the credit agreement) (or other applicable rate with respect to non-dollar borrowings), plus an applicable margin that varies with Nasdaq’s debt rating. The Credit Agreement includes an option for Nasdaq to propose an increase in the available aggregate amount by up to $500 million, subject to the consent of the lenders funding the increase and certain other conditions.

The 2014 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’s ability to incur additional indebtedness, grant liens on assets, enter into affiliate transactions and pay dividends. Our 2014 Credit Facility allows us to pay cash dividends on our common stock. The 2014 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 is permitted to repay borrowings under the 2014 Credit Facility at any time in whole or in part, without penalty. We are also required to repay loans outstanding under the 2014 Credit Facility with net cash proceeds from sales of property and assets of Nasdaq 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.

Other Credit Facilities

In addition to the revolving credit commitment under our 2014 Credit Facility discussed above, we have credit facilities related to our Nasdaq Clearing operations in order to provide further liquidity. In addition, at December 31, 2014 we had credit facilities to provide for default protection. At December 31, 2015, credit facilities, which are available in multiple currencies, primarily Swedish Krona, totaled $202 million in available liquidity, none of which was utilized. At December 31, 2014, credit facilities, which are available in multiple currencies, primarily Swedish Krona, totaled $236 million ($197 million in available liquidity and $39 million for default protection), of which $7 million was utilized.

Debt Covenants

At December 31, 2015, we were in compliance with the covenants of all of our debt obligations.

Income Taxes

12 Months Ended

Dec. 31, 2015

Income Taxes [Abstract]

Income Taxes

10. Income Taxes

The income tax provision consists of the following amounts:


	Year Ended December 31,
	2015		2014		2013

	(in millions)
Current income taxes:
Federal	$	139	$	123	$	134
State		42		36		21
Foreign		36		28		33
Total current income taxes		217		187		188
Deferred income taxes:
Federal		(18)		(13)		13
State		(1)		(2)		11
Foreign		5		9		4
Total deferred income taxes		(14)		(6)		28
Total income tax provision	$	203	$	181	$	216

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, 2015, the cumulative amount of undistributed earnings in these subsidiaries is approximately $121 million. We have the intent and ability to indefinitely reinvest the undistributed earnings of these 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, 2015, 2014 and 2013 is as follows:


	Year Ended December 31,
	2015		2014		2013


Federal income tax provision at the statutory rate	35.0	%	35.0	%	35.0	%
State income tax provision, net of federal effect	3.9	%	3.4	%	2.9	%
Non-U.S. subsidiary earnings	(6.4)	%	(7.0)	%	(4.4)	%
Change in unrecognized tax benefits	0.3	%	(3.0)	%	4.8	%
Other, net	(0.6)	%	2.1	%	(2.3)	%
Actual income tax provision(1)	32.2	%	30.5	%	36.0	%

(1) The higher effective tax rate in 2015 when compared to 2014, and the lower effective tax rate in 2014 when compared to 2013, is primarily due to a decrease in unrecognized tax benefits in 2014.

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


		December 31,
		2015		2014

	(in millions)
Deferred tax assets:
Deferred revenues	$	46	$	36
U.S. federal net operating loss		5		2
Foreign net operating loss		92		99
State net operating loss		2		1
Compensation and benefits		86		96
Foreign currency translation		458		358
Sublease loss reserves		7		15
Tax credits		7		9
Other		25		26
Gross deferred tax assets		728		642

Deferred tax liabilities:
Amortization of software development costs and depreciation		(135)		(107)
Amortization of acquired intangible assets		(478)		(536)
Other		(13)		(20)
Gross deferred tax liabilities		(626)		(663)
Net deferred tax assets (liabilities) before valuation allowance		102		(21)
Less: valuation allowance		(85)		(90)
Net deferred tax assets (liabilities)	$	17	$	(111)

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 foreseeable future.

As of December 31, 2015, our U.S. federal net operating loss of $5 million will expire in 2035. Our foreign net operating loss of $92 million, as of December 31, 2015, includes $59 million that will expire in years 2018 through 2025 and $33 million that has no expiration date. Also, our state net operating loss of $2 million, as of December 31, 2015, will expire in years 2016 through 2035. Our tax credits of $7 million related to U.S. research and development credits will expire in years 2018 through 2027.

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


	Year Ended December 31,
	2015		2014		2013

	(in millions)
Domestic	$	393	$	349	$	362
Foreign		237		245		238
Income before income tax provision	$	630	$	594	$	600

We recorded income tax benefits of $34 million in 2015, $9 million in 2014 and $16 million in 2013, 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.

There are $33 million as of December 31, 2015 and $35 million as of December 31, 2014 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,
		2015		2014

	(in millions)
Beginning balance	$	41	$	58
Additions (reductions) as a result of tax positions taken in prior periods		3		(21)
Additions as a result of tax positions taken in the current period		3		5
Reductions related to settlements with taxing authorities		(2)		(1)
Reductions as a result of lapses of the applicable statute of limitations		(5)		-
Ending balance	$	40	$	41

Our policy is to recognize interest and/or penalties related to income tax matters in income tax expense. We have accrued $7 million as of December 31, 2015 and $6 million as of December 31, 2014 for interest and penalties, net of tax effect.

Nasdaq 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 2011 through 2013 are currently under audit by the Internal Revenue Service and we are subject to examination for year 2014. In 2014, we concluded the audit for the year 2007. The conclusion of this audit gave rise to a reduction of our unrecognized tax benefits, resulting in a decrease to tax expense of $21 million. This amount was partially offset by an increase to operating expenses of $19 million associated with the reversal of a receivable under a tax sharing agreement with an unrelated party. We also recorded a decrease to tax expense of $8 million associated with the reversal of the $19 million receivable. This amount was partially offset by an increase to operating expenses of $4 million associated with the reversal of a receivable under a tax sharing agreement with an unrelated party. Several state tax returns are currently under examination by the respective tax authorities for the years 2005 through 2013 and we are subject to examination for the year 2014. Non-U.S. tax returns are subject to examination by the respective tax authorities for the years 2008 through 2014. In 2015, we received an assessment of $6 million from the Swedish Tax Agency for the year 2013. We will appeal this assessment to the Swedish Courts. Due to the uncertainty of the outcome of this matter, in 2015 we recorded a reserve of $6 million. This reserve is mostly offset by the recognition of $5 million of previously unrecognized tax benefits, in 2015, due to the lapse of the statute of limitations related to tax examinations in various jurisdictions in the U.S. We anticipate that the amount of unrecognized tax benefits at December 31, 2015 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 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. In June 2014, the Finnish Administrative Court also disagreed with the company’s tax return filing position for these years. We have appealed this ruling to the Finnish Supreme Administrative Court and expect to receive a favorable decision. Through December 31, 2015, we have recorded tax benefits of $29 million associated with this filing position. We have paid $40 million to the Finnish tax authorities, which include $11 million in interest and penalties. We expect the Finnish Supreme Administrative Court to agree with our position, which would result in an expected refund to Nasdaq of $35 million, which reflects the impact of foreign currency translation. If the Finnish Supreme Administrative Court disagrees with our position, we would record tax expense of $35 million, or $0.21 per diluted share.

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. Because this legislation is unclear with regard to our ability to continue to claim such interest deductions, Nasdaq filed an application for an advance tax ruling with the Swedish Tax Council for Advance Tax Rulings. In June 2014, we received an unfavorable ruling from the Swedish Tax Council for Advance Tax Rulings. We appealed this ruling to the Swedish Supreme Administrative Court; however the Swedish Supreme Administrative Court denied our request for a ruling based on procedural requirements. In the third quarter of 2015, we received a notice from the Swedish Tax Agency that interest deductions for the year 2013 have been disallowed. We will appeal to the Swedish Lower Administrative Court. We continue to expect a favorable decision. Since January 1, 2013, we have recorded tax benefits of $44 million, or $0.26 per diluted share associated with this matter. We will pay all assessments from the Swedish Tax Agency while this matter is pending. If the Swedish Courts agree with our position we will receive a refund of all paid assessments; if the Swedish Courts disagree with our position, we will record tax expense of $36 million, or $0.21 per diluted share, which reflects the impact of foreign currency translation. We expect to record recurring quarterly tax benefits of $1 million to $2 million with respect to this matter for the foreseeable future.

Other Tax Matter

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 amended VAT tax returns for 2011 and 2012 and utilized the same approach which was approved for the 2010 filing. We also utilized this approach in our 2013 and 2014 filings. However, even though the VAT return position was previously reviewed and approved by the Swedish Tax Agency, the Swedish Tax Agency challenged our approach. The revised position of the Swedish Tax Agency was upheld by the Lower Administrative Court in 2015. As a result, in 2015 we reversed the previously recorded benefit of $12 million, based on the court decision. We have appealed the ruling of the Lower Administrative Court to the Court of Appeals.

Employee Benefits

12 Months Ended

Dec. 31, 2015

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 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 for the Nasdaq Benefit Plans recognized in compensation and benefits expense in the Consolidated Statements of Income:



	Year Ended December 31,
	2015		2014		2013
	(in millions)
Components of net periodic benefit cost:
Interest cost	$	6	$	6	$	5
Expected return on plan assets		(5)		(5)		(5)
Recognized net actuarial loss		4		-		4
Curtailment loss		-		-		2
Net periodic benefit cost	$	5	$	1	$	6

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 Benefit Plans:


	2015								2014
	Pension		SERP		Post-retirement		Total		Pension		SERP		Post-retirement		Total

Change in benefit obligation	(in millions)
Benefit obligation at beginning of year	$	104	$	33	$	2	$	139	$	91	$	30	$	3	$	124
Interest cost		5		1		-		6		4		2		-		6
Actuarial gains		-		(1)		-		(1)		-		-		(1)		(1)
Benefits paid		(6)		(1)		-		(7)		(3)		(2)		-		(5)
(Gains) losses due to change in discount rate		(2)		-		-		(2)		11		2		-		13
(Gains) losses due to change in mortality rate		(1)		-		-		(1)		1		1		-		2
Benefit obligation at end of year		100		32		2		134		104		33		2		139
Change in plan assets
Fair value of plan assets at beginning of year		76		-		-		76		75		-		-		75
Actual return on plan assets		-		-		-		-		4		-		-		4
Company contributions		-		1		-		1		-		2		-		2
Benefits paid		(6)		(1)		-		(7)		(3)		(2)		-		(5)
Fair value of plan assets at end of year		70		-		-		70		76		-		-		76
Underfunded status of the plans		(30)		(32)		(2)		(64)		(28)		(33)		(2)		(63)
Accumulated benefit obligation	$	100	$	32	$	2	$	134	$	104	$	33	$	2	$	139

The total underfunded status of the Nasdaq Benefit Plans of $64 million at December 31, 2015 and $63 million at December 31, 2014 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, 2016.

Actuarial Assumptions

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

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



	2015		2014
Discount rate:
Pension	4.3	%	4.2	%
SERP	4.3	%	4.2	%
Post-retirement	4.3	%	4.2	%

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


	2015		2014		2013
Discount rate:
Pension	4.2	%	4.9	%	4.0	%
SERP	4.2	%	4.9	%	4.0	%
Post-retirement	4.2	%	4.9	%	4.0	%
Expected return on plan assets:
Pension	7.3	%	7.3	%	7.8	%
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.

Plan Assets of the Nasdaq Benefit Plans

Nasdaq’s Pension and 401(k) Committee, which is comprised of employees of Nasdaq, has oversight responsibility for the plan assets of the Nasdaq Benefit Plans. The investment policy and strategy of the plan assets, which was adopted by Nasdaq’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 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, 2015 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 Benefit Plans at December 31, 2015 and 2014, by asset category and fair value hierarchy, are as follows:



		Total Benefit Plan Assets	Fair Value Measurements(1)
		as of December 31, 2015	Level 1		Level 2		Level 3

	(in millions)
Equity securities(2)	$	27	$	-	$	27	$	-
Fixed income securities(3)		30		3		27		-
Other investment strategies and cash(4)		13		-		-		13
Total benefit plan assets	$	70	$	3	$	54	$	13


		Total Benefit Plan Assets	Fair Value Measurements(1)
		as of December 31, 2014	Level 1		Level 2		Level 3
	(in millions)
Equity securities(2)	$	36	$	-	$	36	$	-
Fixed income securities(3)		27		4		23		-
Other investment strategies and cash(4)		13		-		-		13
Total benefit plan assets	$	76	$	4	$	59	$	13

(1) See “Fair Value Measurements,” of Note 2, “Summary of Significant Accounting Policies,” 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 securities held in multi-strategy hedge funds, and securities held in real estate funds. Securities held in real estate funds include investments in a real estate ETF and an open-end commingled fund. Securities held in multi-strategy hedge funds are held in multiple asset classes and include investments in equity securities.

The change in Level 3 plan assets for the year ended December 31, 2015 is as follows:


	December 31, 2014			Net Unrealized Gains (Losses)	December 31, 2015

Other investment strategies:	(in millions)
Real estate investment	$	5	$	1	$	6
Hedge fund investment		8		(1)		7
Total other investment strategies	$	13	$	-	$	13

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 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 6.5% and 10.6%, investments in fixed income securities are expected to return between 3.1% and 6.5%, and other investment strategies are expected to return between 4.6% and 6.9%. While we considered the Nasdaq 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.

Accumulated Other Comprehensive Income (Loss)

Accumulated other comprehensive income (loss), as of December 31, 2015, consisted of the following amounts that have yet to be recognized in net periodic benefit costs for the Nasdaq Benefit Plans:


	Pension		SERP		Post-retirement		Total

	(in millions)
Unrecognized net gain (loss)	$	(41)	$	(1)	$	7	$	(35)
Income tax benefit (expense)		16		1		(3)		14
Employee benefit plan adjustment, net of tax	$	(25)	$	-	$	4	$	(21)

Estimated Future Benefit Payments

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


	Pension		SERP		Post-retirement		Total

Fiscal Year Ended:	(in millions)
2016	$	4	$	4	$	-	$	8
2017		4		6		-		10
2018		5		2		-		7
2019		5		3		-		8
2020		5		3		1		9
2021 through 2025		26		8		1		35
	$	49	$	26	$	2	$	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 $17 million in 2015, $20 million in 2014 and $19 million in 2013.

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 6.0% of eligible employee contributions in 2015 and 2014 and the first 4.0% of eligible employee contributions in 2013. Savings plan expense included in compensation and benefits expense in the Consolidated Statements of Income was $10 million in 2015, $9 million in 2014 and $6 million in 2013.

Prior to 2015, we had a profit-sharing contribution feature to our 401(k) Plan which allowed eligible U.S. employees to receive employer retirement contributions, or ERCs, when we met our annual corporate goals. In addition, we had a supplemental ERC for select highly compensated employees whose ERCs were limited by the annual Internal Revenue Service compensation limit. ERC expense recorded in compensation and benefits expense in the Consolidated Statements of Income was $3 million in 2014 and $5 million in 2013.

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

Employee Stock Purchase Plan

We have an ESPP under which approximately 2.6 million shares of our common stock have been reserved for future issuance as of December 31, 2015.

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 2015, employees purchased 247,444 shares at a weighted-average price of $40.95, during 2014, employees purchased 256,772 shares at a weighted-average price of $33.06 and during 2013, employees purchased 271,843 shares at a weighted-average price of $24.12 under the ESPP. We recorded compensation expense of $4 million in both 2015 and 2014 and $3 million in 2013 for the 15.0% discount that is given to our employees.

Share-Based Compensation

12 Months Ended

Dec. 31, 2015

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 granted under this program include stock options, restricted stock (consisting of restricted stock units), 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 two 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 granted prior to 2014 generally include performance-based accelerated vesting features based on achievement of specific levels of corporate performance. If Nasdaq exceeded the applicable performance parameters, the grants vest on the third anniversary of the grant date, if Nasdaq met the applicable performance parameters, the grants vest on the fourth anniversary of the grant date, and if Nasdaq did not meet the applicable performance parameters, the grants vest on the fifth anniversary of the grant date. Beginning in 2014, restricted stock awards granted vest 25.0% on the second anniversary of the grant date, 25.0% on the third anniversary of the grant date, and 50.0% on the fourth anniversary of the grant date. The grant date fair value of restricted stock awards is based on the closing price on the date of grant less the present value of future cash dividends.

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 0.0% to 150.0% 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, presidents, executive vice presidents and senior vice presidents that focuses on TSR. This program represents 100.0% of our chief executive officer’s, presidents’ and executive vice presidents’ long-term stock-based compensation and 50.0% 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’s TSR to two peer groups, each weighted 50.0%. The first peer group consists of exchange companies, and the second peer group consists of all companies in the S&P 500. Nasdaq’s relative performance ranking against each of these groups will determine the final number of shares delivered to each individual under the program. The payout under this program will be between 0.0% and 200.0% of the number of PSUs granted and will be determined by Nasdaq’s overall performance against both peer groups. However, if Nasdaq’s TSR is negative for the three-year performance period, regardless of TSR ranking, the payout will not exceed 100.0% 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 years ended December 31, 2015 and December 31, 2014:



	Year Ended December 31,
	2015		2014


Weighted-average risk free interest rate		0.81%		0.78%
Expected volatility(1)		21.5%		28.4%
Weighted-average grant date share price	$	50.97	$	36.94
Weighted-average fair value at grant date	$	64.08	$	42.80

(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.

In addition, the annual dividend assumption utilized in the Monte Carlo simulation model is based on Nasdaq’s dividend yield at the date of grant.

Summary of 2015 Equity Awards

In March 2015, we granted restricted stock to most active employees. During 2015, certain officers received grants of 609,591 PSUs. Of these PSUs granted, 424,821 units are subject to the performance measures and vesting schedules of the TSR program as discussed above, and the remaining 184,770 units are subject to a one-year performance period and generally vest ratably on an annual basis from December 31, 2016 through December 31, 2018. See “Summary of Restricted Stock and PSU Activity” below for further discussion.

During 2015, certain grants of PSUs with a one-year performance period exceeded the applicable performance parameters. As a result, an additional 87,582 units were considered granted in the first quarter of 2016.

During 2014, certain grants of PSUs with a one-year performance period exceeded the applicable performance parameters. As a result, an additional 21,429 units were considered granted in the first quarter of 2015.

Certain grants of PSUs that were issued in 2013 under the TSR program with a three-year performance period exceeded the applicable performance parameters. As a result, an additional 406,075 units were considered granted in the first quarter of 2016.

Certain grants of PSUs that were issued in 2012 under the TSR program with a three-year performance period exceeded the applicable performance parameters. As a result, an additional 224,805 units were considered granted in the first quarter of 2015.

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

Summary of 2014 Equity Awards

In March 2014, we granted restricted stock to most active employees. During 2014, certain officers received grants of 818,307 PSUs. Of these PSUs granted, 553,846 units are subject to the performance measures and vesting schedules of the TSR program as discussed above, and the remaining 264,461 units are subject to a one-year performance period and generally vest ratably on an annual basis from December 31, 2015 through December 31, 2017.

During 2013, certain grants of PSUs with a one-year performance period exceeded the applicable performance parameters. As a result, an additional 64,330 units were considered granted in the first quarter of 2014.

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

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.

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

Common Shares Available Under Our Equity Plan

As of December 31, 2015, we had approximately 6.9 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, 2015, 2014 and 2013 in the Consolidated Statements of Income:


	Year Ended December 31,
	2015		2014		2013

	(in millions)
Share-based compensation expense before income taxes	$	68	$	62	$	47
Income tax benefit		(28)		(26)		(19)
Share-based compensation expense after income taxes	$	40	$	36	$	28

Summary of Stock Option Activity

A summary of stock option activity for the years ended December 31, 2015, 2014 and 2013 is as follows:


	Number of Stock Options(1)		Weighted-Average Exercise Price


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
Exercised		(1,578,050)		20.31
Forfeited or expired		(31,690)		24.23
Outstanding at December 31, 2014		3,316,782	$	27.56
Exercised		(682,054)		26.84
Forfeited or expired		(8,241)		28.53
Outstanding at December 31, 2015		2,626,487	$	27.74

(1) No stock option awards were granted for the years ended December 31, 2015, 2014 and 2013.

We received net cash proceeds of $18 million from the exercise of 682,054 stock options for the year ended December 31, 2015, received net cash proceeds of $32 million from the exercise of 1,578,050 stock options for the year ended December 31, 2014 and received net cash proceeds of $28 million from the exercise of 2,346,220 stock options for the year ended December 31, 2013. 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, 2015:


					Outstanding and Exercisable

					Number of	Weighted-Average Remaining		Weighted-Average		Aggregate Intrinsic
Range of Exercise Prices					Stock Options	Contractual Term (in years)		Exercise Price		Value (in millions)
$	17.36	-	$	24.94	1,203,865	3.51	$	21.11	$	45
$	24.95	-	$	35.91	378,061	4.35		25.32		12
$	35.92	-	$	45.38	1,044,561	0.99		36.27		23
								0
	Total				2,626,487	2.63	$	27.74	$	80

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, 2015 of $58.17 and the exercise price, times the number of shares) based on stock options with an exercise price less than Nasdaq’s closing price of $58.17 as of December 31, 2015, 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, 2015 was 2.6 million. As of December 31, 2014, 3.3 million outstanding stock options were exercisable and the weighted-average exercise price was $27.56.

Total fair value of stock options vested was immaterial for both the years ended December 31, 2015 and 2014. The total pre-tax intrinsic value of stock options exercised was $17 million during 2015, $33 million during 2014 and $48 million during 2013.

Summary of Restricted Stock and PSU Activity

The following table summarizes our restricted stock and PSU activity for the years ended December 31, 2015, 2014 and 2013:



	Restricted Stock					PSUs
	Number of Awards			Weighted-Average Grant Date Fair Value		Number of Awards			Weighted-Average Grant Date Fair Value
Unvested balances at 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
Granted		1,196,441	(1)		36.87		882,637	(2)		40.34
Vested		(1,529,792)			23.29		(442,781)			27.75
Forfeited		(299,889)			29.87		(142,850)			28.75
Unvested balances at December 31, 2014		3,193,230		$	30.99		2,212,607		$	32.69
Granted		823,950	(1)		49.26		855,825	(2)		49.32
Vested		(370,998)			29.90		(1,084,382)			24.33
Forfeited		(302,444)			34.34		(120,365)			36.43
Unvested balances at December 31, 2015		3,343,738		$	35.36		1,863,685		$	47.57

(1) Restricted stock granted in 2015, 2014 and 2013 primarily reflects our company wide grants as described above.

(2) PSUs granted in 2015, 2014 and 2013 primarily reflect awards issued to certain officers, as described above.

At December 31, 2015, $88 million of total unrecognized compensation cost related to restricted stock and PSUs is expected to be recognized over a weighted-average period of 1.6 years.

Nasdaq Stockholders’ Equity

12 Months Ended

Dec. 31, 2015

Nasdaq Stockholders’ Equity [Abstract]

Nasdaq Stockholders' Equity

13. Nasdaq Stockholders’ Equity

Common Stock

At December 31, 2015, 300,000,000 shares of our common stock were authorized, 167,241,734 shares were issued and 164,324,270 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 common stock.

Common Stock in Treasury, at Cost

We account for the purchase of treasury stock under the cost method with the shares of stock repurchased reflected as a reduction to Nasdaq stockholders’ equity and included in common stock in treasury, at cost in the Consolidated Balance Sheets. Most shares repurchased under our share repurchase program are retired and cancelled, and the remaining shares are available for general corporate purposes. When treasury shares are reissued, they are recorded at the average cost of the treasury shares acquired. We held 2,917,464 shares of common stock in treasury as of December 31, 2015 and 1,530,041 shares as of December 31, 2014.

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 and in the fourth quarter of 2014, our board of directors authorized the repurchase of up to an additional $500 million of our outstanding common stock under our share repurchase program.

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.

During 2015, we repurchased 7,191,685 shares of our common stock at an average price of $52.44, for an aggregate purchase price of $377 million, completing the share repurchase program authorized in the third quarter of 2012. During 2014, we repurchased 4,592,194 shares of our common stock at an average price of $38.85, for an aggregate purchase price of $178 million. As discussed above in “Common Stock in Treasury, at Cost,” most shares repurchased under our share repurchase program are retired and cancelled, and the remaining shares are available for general corporate purposes. As of December 31, 2015, the remaining amount authorized for share repurchases under the program was $159 million.

Other Repurchases of Common Stock

For the year ended December 31, 2015, we repurchased 656,703 shares of our common stock in settlement of employee tax withholding obligations arising from 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, 2015 and December 31, 2014, no shares of Series A convertible preferred stock were issued or outstanding.

Cash Dividends on Common Stock

During 2015, 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 26, 2015	$	0.15	March 13, 2015	$	25	March 27, 2015
April 21, 2015	$	0.25	June 12, 2015	$	42	June 26, 2015
July 23, 2015	$	0.25	September 11, 2015	$	41	September 25, 2015
October 22, 2015	$	0.25	December 14, 2015	$	41	December 28, 2015

(1) These amounts were recorded in retained earnings in the Consolidated Balance Sheets at December 31, 2015.

In January 2016, the board of directors declared a regular quarterly cash dividend of $0.25 per share on our outstanding common stock. The dividend is payable on March 28, 2016 to shareholders of record at the close of business on March 14, 2016. 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:


		Foreign				Accumulated
		Currency		Employee		Other
		Translation		Benefit Plan		Comprehensive
		Adjustments (1)		Adjustments(2)		Loss

	(in millions)
Gross balance, December 31, 2014	$	(1,015)	$	(37)	$	(1,052)
Income taxes		355		15		370
Net balance, December 31, 2014	$	(660)	$	(22)	$	(682)

Gross balance, December 31, 2015	$	(1,298)	$	(35)	$	(1,333)
Income taxes		455		14		469
Net balance, December 31, 2015	$	(843)	$	(21)	$	(864)

⁽¹⁾

Amounts include cumulative gains (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 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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Fair Value of Financial Instruments [Abstract]

Earnings Per Share

12 Months Ended

Dec. 31, 2015

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,
	2015		2014			2013

	(in millions, except share and per share amounts)
Numerator:
Net income attributable to common shareholders	$	428	$	414	$	385
Denominator:
Weighted-average common shares outstanding for basic earnings per share		167,285,450		168,926,733		166,932,103
Weighted-average effect of dilutive securities:
Employee equity awards		3,638,981		3,727,839		3,969,766
Contingent issuance of common stock(1)		358,840		364,277		364,277	-
Weighted-average common shares outstanding for diluted earnings per share		171,283,271		173,018,849		171,266,146
Basic and diluted earnings per share:
Basic earnings per share	$	2.56	$	2.45	$	2.30
Diluted earnings per share	$	2.50	$	2.39	$	2.25

(1) See “Non-Cash Contingent Consideration,” of Note 18, “Commitments, Contingencies and Guarantees,” for further discussion.

Stock options to purchase 2,626,487 shares of common stock and 5,207,423 shares of restricted stock and PSUs were outstanding at December 31, 2015. For the year ended December 31, 2015, we included all of the outstanding stock options and 4,842,383 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 shares of restricted stock and PSUs are antidilutive, and as such, they were properly excluded.

Stock options to purchase 3,316,782 shares of common stock and 5,405,837 shares of restricted stock and PSUs were outstanding at December 31, 2014. For the year ended December 31, 2014, we included 3,198,842 of the outstanding stock options and 4,836,518 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 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.

Fair Value of Financial Instruments

12 Months Ended

Dec. 31, 2015

Fair Value of Financial Instruments

15. Fair Value of Financial Instruments

The following table presents our financial assets that are measured at fair value on a recurring basis as of December 31, 2015 and 2014. We did not have any financial liabilities measured at fair value on a recurring basis as of December 31, 2015 and 2014.



	December 31, 2015
	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)	$	201	$	189	$	12	$	-
Default fund and margin deposit investments(2)		1,556		1,253		303		-
Total	$	1,757	$	1,442	$	315	$	-

	December 31, 2014
	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)	$	174	$	171	$	3	$	-
Default fund and margin deposit investments(2)		2,148		664		1,484		-
Total	$	2,322	$	835	$	1,487	$	-

(1) As of December 31, 2015 and December 31, 2014, Level 1 financial investments, at fair value were primarily comprised of trading securities, mainly highly rated European government debt securities. Of these securities, $166 million as of December 31, 2015 and $159 million as of December 31, 2014 are assets utilized to meet regulatory capital requirements, primarily for the clearing operations at Nasdaq Clearing. As of December 31, 2015 and 2014, Level 2 financial investments, at fair value were primarily comprised of available-for-sale investment securities in short-term commercial paper.

(2) Default fund and margin deposit investments include cash contributions invested by Nasdaq Clearing, in accordance with its investment policy, either in highly rated European, and to a lesser extent, U.S. government debt securities, time deposits or reverse repurchase agreements with highly rated government debt securities as collateral. Of the total balance of $2,228 million recorded in the Consolidated Balance Sheets as of December 31, 2015, $303 million of cash contributions have been invested in reverse repurchase agreements and $1,253 million of cash contributions have been invested in highly rated European, and to a lesser extent, U.S. government debt securities. The remainder of this balance is held in cash. Of the total balance of $2,194 million recorded in the Consolidated Balance Sheets as of December 31, 2014, $1,484 million of cash contributions have been invested in reverse repurchase agreements and $664 million of cash contributions have been invested in highly rated European, and to a lesser extent, U.S. government debt securities and time deposits. The remainder of this balance is held in cash. See Note 16, “Clearing Operations,” for further discussion of default fund contributions and margin deposits.

There were no transfers of assets between Level 1 and Level 2 of the fair value hierarchy as of December 31, 2015 and 2014.

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, accounts payable and accrued expenses, Section 31 fees payable to SEC, accrued personnel costs, and certain other current liabilities.

In addition, our investments in OCC, EuroCCP N.V. and TOM are accounted for under the equity method of accounting and our investments in Borsa Istanbul and LCH are carried at cost. See “Equity Method Investments,” and “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 $2.5 billion at both December 31, 2015 and 2014. 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.

Clearing Operations

12 Months Ended

Dec. 31, 2015

Clearing Operations [Abstract]

Clearing Operations

16. Clearing Operations

Nasdaq Clearing

Nasdaq Clearing is authorized and supervised under EMIR as a 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, resale and repurchase contracts, power derivatives, emission allowance derivatives, freight and fuel oil derivatives, iron ore derivatives and seafood derivatives.

Through our clearing operations in the financial markets, which include the resale and repurchase market, the commodities markets, and the seafood market, Nasdaq Clearing is the legal counterparty for, and guarantees the fulfillment of, each contract cleared. These contracts are not used by Nasdaq Clearing for the purpose of trading on its own behalf. As the legal counterparty of each transaction, Nasdaq Clearing bears the counterparty risk between the purchaser and seller in the contract. In its guarantor role, Nasdaq Clearing has precisely equal and offsetting claims to and from clearing members on opposite sides of each contract, standing as the CCP on every contract cleared. In accordance with the rules and regulations of Nasdaq Clearing, 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 Clearing’s default fund and margin requirements.

Nasdaq Clearing maintains four member sponsored default funds: one related to financial markets, one related to commodities markets, one related to the seafood market, and a mutualized fund. Under this structure, Nasdaq Clearing and its clearing members must contribute to the total regulatory capital related to the clearing operations of Nasdaq Clearing. This structure applies an initial separation of default fund contributions for the financial, commodities and seafood markets in order to create a buffer for each market’s counterparty risks. Simultaneously, a mutualized default fund provides capital efficiencies to Nasdaq Clearing’s members with regard to total regulatory capital required. See “Default Fund Contributions” below for further discussion of Nasdaq 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 Clearing and its clearing members.

Default Fund Contributions and Margin Deposits

As of December 31, 2015, clearing member default fund contributions and margin deposits were as follows:



	December 31, 2015
	Cash Contributions(1)		Non-Cash Contributions		Total Contributions

	(in millions)
Default fund contributions	$	359	$	89	$	448
Margin deposits		1,869		4,946		6,815
Total	$	2,228	$	5,035	$	7,263

(1) As of December 31, 2015, in accordance with its investment policy, Nasdaq Clearing has invested cash contributions of $303 million in reverse repurchase agreements and $1,253 million in highly rated government debt securities. The remainder of this balance is held in cash.

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 more than one market, contributions must be made to all markets’ default funds in which the member is active. Clearing members’ eligible contributions may include cash and non-cash contributions. Cash contributions received are held in cash or invested by Nasdaq Clearing, in accordance with its investment policy, either in highly rated government debt securities, time deposits or reverse repurchase agreements with highly rated government debt securities as collateral. Nasdaq Clearing maintains and manages all cash deposits related to margin collateral. All risks and rewards of collateral ownership, including interest, belong to Nasdaq Clearing. Clearing members’ cash contributions are included in default funds and margin deposits in the Consolidated Balance Sheets as both a current asset and a current liability. Non-cash contributions include highly rated government debt securities that must meet specific criteria approved by Nasdaq Clearing. Non-cash contributions are pledged assets that are not recorded in the Consolidated Balance Sheets as Nasdaq Clearing does not take legal ownership of these assets and the risks and rewards remain with the clearing members. These balances may fluctuate over time due to changes in the amount of deposits required and whether members choose to provide cash or non-cash contributions. Assets pledged are held at a nominee account in Nasdaq Clearing’s name for the benefit of the clearing members and are immediately accessible by Nasdaq Clearing in the event of a default. In addition to clearing members’ required contributions to the default funds, Nasdaq 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, 2015, Nasdaq Clearing committed capital totaling $124 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 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.

Margin Deposits

Nasdaq Clearing requires all clearing members to provide collateral, which may consist of cash and non-cash contributions, to guarantee performance on the clearing members’ open positions, or initial margin. In addition, clearing members must also provide collateral to cover the daily margin call if needed See “Default Fund Contributions” above for further discussion of cash and non-cash contributions.

Nasdaq Clearing maintains and manages all cash deposits related to margin collateral. All risks and rewards of collateral ownership, including interest, belong to Nasdaq Clearing. These cash deposits are recorded in default funds and margin deposits in the Consolidated Balance Sheets as both a current asset and current liability. Pledged margin collateral is not recorded in our Consolidated Balance Sheets as all risks and rewards of collateral ownership, including interest, belong to the counterparty. Assets pledged are held at a nominee account in Nasdaq Clearing’s name for the benefit of the clearing members and are immediately accessible by Nasdaq Clearing in the event of a default.

Nasdaq Clearing marks to market all outstanding contracts and requires payment from clearing members whose positions have lost value. The mark-to-market process helps identify any clearing members that may not be able to satisfy their financial obligations in a timely manner allowing Nasdaq Clearing the ability to mitigate the risk of a clearing member defaulting due to exceptionally large losses. In the event of a default, Nasdaq Clearing can access the defaulting member’s margin deposits to cover the defaulting member’s losses.

Regulatory Capital and Risk Management Calculations

Nasdaq Clearing manages risk through a comprehensive counterparty risk management framework, which is comprised of policies, procedures, standards and resources. The level of regulatory capital is determined in accordance with Nasdaq 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 Clearing is the legal counterparty for each contract traded and thereby guarantees the fulfillment of each contract. Nasdaq Clearing accounts for this guarantee as a performance guarantee. We determine the fair value of the performance guarantee by considering daily settlement of contracts and other margining and default fund requirements, the risk management program, historical evidence of default payments, and the estimated probability of potential default payouts. The calculation is determined using proprietary risk management software that simulates gains and losses based on historical market prices, extreme but plausible market scenarios, volatility and other factors present at that point in time for those particular unsettled contracts. Based on this analysis, the estimated liability was nominal and no liability was recorded as of December 31, 2015.

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



	December 31, 2015
	(in millions)
Commodity and seafood options, futures and forwards(1)(2)(3)	$	1,908
Fixed-income options and futures(2)(3)		591
Stock options and futures(2)(3)		210
Index options and futures(2)(3)		145
Total	$	2,854

(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 Clearing for the years ended December 31, 2015 and 2014 was as follows:



	December 31, 2015		December 31, 2014
Commodity and seafood options, futures and forwards(1)		2,745,954		2,394,710
Fixed-income options and futures		19,631,917		20,130,657
Stock options and futures		33,519,064		32,236,023
Index options and futures		49,779,173		42,871,645
Total		105,676,108		97,633,035

(1) The total volume in cleared power related to commodity contracts was 1,496 Terawatt hours (TWh) for the year ended December 31, 2015 and 1,564 TWh for the year ended December 31, 2014.

The outstanding contract value of resale and repurchase agreements was $1.1 billion as of December 31, 2015 and $6.2 billion at December 31, 2014. The total number of contracts cleared was 7,908,873 for the year ended December 31, 2015 and was 4,292,282 for the year ended December 31, 2014.

Power of Assessment

To further strengthen the contingent financial resources of the clearinghouse, Nasdaq Clearing has power of assessment that provides the ability to collect additional funds from its clearing members to cover a defaulting member’s remaining obligations up to the limits established under the terms of the clearinghouse rules. The power of assessment corresponds to 100.0% of the clearing member’s aggregate contribution to the financial, commodities and seafood 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 Clearing, which totaled $21 million at December 31, 2015;

•a loss sharing pool related only to the financial market that is contributed to by clearing members and only applies if the defaulting member’s portfolio includes interest rate swap products;

•specific market default fund where the loss occurred (i.e., the financial, commodities, or seafood market), which includes capital contributions of both the clearing members and Nasdaq Clearing on a pro-rata basis;

•senior capital contributed to each specific market by Nasdaq Clearing, calculated in accordance with clearinghouse rules, which totaled $24 million at December 31, 2015; and

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

If additional funds are needed after utilization of the mutualized default fund, then Nasdaq Clearing will utilize its power of assessment and additional capital contributions will be required by non-defaulting members up to the limits established under the terms of the clearinghouse rules.

Leases

12 Months Ended

Dec. 31, 2015

Leases [Abstract]

Leases

17. Leases

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.

As of December 31, 2015, 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:
2016	$	84	$	6	$	78
2017		52		4		48
2018		47		3		44
2019		45		3		42
2020		36		3		33
Thereafter		83		8		75
Total future minimum lease payments	$	347	$	27	$	320

Rent expense for operating leases (net of sublease income of $5 million in 2015 and $4 million in both 2014 and 2013) was $88 million in 2015, $93 million in 2014 and $92 million in 2013.

Commitments, Contingencies and Guarantees	12 Months Ended
Commitments, Contingencies and Guarantees	Dec. 31, 2015
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 $13 million at December 31, 2015 and $14 million at December 31, 2014. As discussed in “Other Credit Facilities,” of Note 9, “Debt Obligations,” at December 31, 2015, credit facilities, which are available in multiple currencies, primarily Swedish Krona, totaled $202 million in available liquidity, none of which was utilized. At December 31, 2014, credit facilities, which were available in multiple currencies, primarily Swedish Krona, totaled $236 million ($197 million in available liquidity and $39 million for default protection), of which $7 million was utilized. Execution Access is an introducing broker which operates the eSpeed trading platform for U.S. Treasury securities. Execution Access has a clearing arrangement with Cantor Fitzgerald. As of December 31, 2015, 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 the Fixed Income Clearing Corporation. Execution Access assumes the counterparty risk of clients that do not clear through the Fixed Income Clearing Corporation. 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. Counterparties that do not clear through the Fixed Income Clearing Corporation are subject to a credit due diligence process and may be 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 $11 million as of December 31, 2015 and $13 million at December 31, 2014. These guarantees are primarily related to obligations for our rental and leasing contracts as well as performance guarantees on certain market technology contracts 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 have provided a guarantee related to lease obligations for The Nasdaq Entrepreneurial Center Inc., or the Entrepreneurial Center, which opened in the third quarter of 2015. The Entrepreneurial Center is a not-for-profit organization designed to convene, connect and engage aspiring and current entrepreneurs. This entity is not included in the consolidated financial statements of Nasdaq. We believe that the potential for us to be required to make payments under these arrangements is unlikely. Accordingly, no contingent liability is recorded in the Consolidated Balance Sheets for the above guarantees. In connection with Nasdaq NLX, we entered into agreements with certain members which may have required us to make payments if certain financial goals were achieved. In July 2015, all agreements were settled for an immaterial amount. Non-Cash Contingent Consideration As part of the eSpeed purchase price consideration, we have agreed to future annual issuances of 992,247 shares of Nasdaq common stock which approximated certain tax benefits associated with the transaction. Such contingent future issuances of Nasdaq common stock will be paid ratably through 2027 if Nasdaq’s total gross revenues equal or exceed $25 million in each such year. The contingent future issuances of Nasdaq common stock are subject to anti-dilution protections and acceleration upon certain events. Other Transactions Chi-X Canada In December 2015, we agreed to acquire Chi-X Canada for $110 million. In February 2016, we completed the acquisition. Chi-X Canada is part of our Market Services and Information Services segments. Marketwired In February 2016, we acquired Marketwired, a newswire operator and press release distributer for C$150 million. Marketwired is part of our Corporate Solutions business. Escrow Agreement In connection with a prior acquisition we entered into an escrow agreement to secure the payments of post-closing adjustments and to ensure other closing conditions. At December 31, 2015, this escrow agreement provides for future payments of $9 million and is included in other current liabilities in the Consolidated Balance Sheets. Routing Brokerage Activities One of our broker-dealer subsidiaries, Nasdaq Execution Services provides a guarantee to securities clearinghouses and exchanges under its standard membership agreements, which require members to guarantee the performance of other members. If a member becomes unable to satisfy its obligations to a clearinghouse or exchange, other members would be required to meet its shortfalls. To mitigate these performance risks, the exchanges and clearinghouses often require members to post collateral, as well as meet certain minimum financial standards. Nasdaq Execution Services’ maximum potential liability under these arrangements cannot be quantified. However, we believe that the potential for Nasdaq Execution Services to be required to make payments under these arrangements is unlikely. Accordingly, no contingent liability is recorded in the 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, Inc. IPO that occurred on May 18, 2012. As described in our Annual Report on Form 10-K for the year ended December 31, 2012, we were 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 May 22, 2015, the parties executed a stipulation of settlement, and on November 9, 2015, the trial court entered an order approving the settlement. Facebook and other defendants in a separate class action alleging securities fraud intervened in the proceeding relating to the settlement for the purpose of clarifying its potential effect on their own case, and have appealed one aspect of the court’s order. We and the class plaintiffs with whom we have settled had informed the trial court that either the approved settlement language or the alternative language being advocated by the Facebook defendants is acceptable to the settling parties. 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. In April 2015, we reached an agreement to settle the claims asserted by the member organization by allowing it to file a claim under the accommodation plan that had been established for claims by other members. We established a reserve of $31 million to cover the costs of these settlements. During the second half of 2015, we recorded an insurance recovery which offset the loss reserve. As previously disclosed, we are a defendant in a putative class action, Rabin v. NASDAQ OMX PHLX LLC, et al., No. 15-551 (E.D. Pa.) filed February 5, 2015 in the United States District Court for the Eastern District of Pennsylvania. Our motion to dismiss the complaint is currently pending with the court. We believe the claims to be without merit and intend to litigate them vigorously. We believe that the legal actions filed against Nasdaq are without merit and intend to defend them vigorously. We also are named as one of many defendants in City of Providence v. BATS Global Markets, Inc., et al., 14 Civ. 2811 (S.D.N.Y.), which was filed on April 18, 2014 in the United States District Court for the Southern District of New York. The district court appointed lead counsel, who filed an amended complaint on September 2, 2014. The amended complaint names as defendants seven national exchanges, as well as Barclays PLC, which operated a private alternative trading system. On behalf of a putative class of securities traders, the plaintiffs allege that the defendants engaged in a scheme to manipulate the markets through high-frequency trading; the amended complaint asserts claims against us under Section 10(b) of the Exchange Act and Rule 10b-5, as well as under Section 6(b) of the Exchange Act. We filed a motion to dismiss the amended complaint on November 3, 2014. In response, the plaintiffs filed a second amended complaint on November 24, 2014, which names the same defendants and alleges essentially the same violations. We then filed a motion to dismiss the second amended complaint on January 23, 2015. The district court heard oral argument on the motion on June 18, 2015. On August 26, 2015, the district court entered an order dismissing the second amended complaint in its entirety with prejudice, concluding that most of the plaintiffs’ theories were foreclosed by absolute immunity and, in any event, that the plaintiffs failed to state any claim. The plaintiffs have appealed the judgment of dismissal to the United States Court of Appeals for the Second Circuit. On January 9, 2015, the court consolidated this case in a multi-district litigation proceeding under the heading In re Barclays Liquidity Cross and High Frequency Trading Litigation, 14-md-02589 (S.D.N.Y). The consolidated cases bring claims against Barclays PLC and Barclays Capital alleging that certain marketing materials about Barclays LX contained false or misleading statements. Although the Providence matter has been consolidated with the Barclays matter, separate motions to dismiss will be filed for each case. Given the preliminary nature of the proceedings, we are unable to estimate what, if any, liability may result from this litigation. However, we believe the claims to be without merit and intend to litigate them vigorously. In addition, we are named as one of many exchange defendants in Lanier v. BATS Exchange Inc., et al., 14 Civ. 3745 (S.D.N.Y.), Lanier v. BATS Exchange Inc., et al., 14 Civ. 3865 (S.D.N.Y.), and Lanier v. Bats Exchange Inc., 14 Civ. 3866 (S.D.N.Y.), which were filed between May 23, 2014 and May 30, 2014 in the United States District Court for the Southern District of New York. The plaintiff is the same in each of these cases, and the three complaints contain substantially similar allegations. On behalf of a putative class of subscribers for market data provided by national exchanges, the plaintiff alleges that the exchanges provided data more quickly to certain market participants than to others, supposedly in breach of the exchanges’ plans for dissemination of market data and subscriber agreements executed under those plans. The complaint asserts contractual theories under state law based on these alleged breaches. On September 29, 2014, we filed a motion to dismiss the complaints. The district court heard oral argument on the motion on January 16, 2015. On April 28, 2015, the district court entered an order dismissing the complaints in their entirety with prejudice, concluding that they are foreclosed by the Exchange Act and, in any event, do not state a claim under the contracts. The plaintiff has appealed the judgment of dismissal to the United States Court of Appeals for the Second Circuit. The Second Circuit has scheduled oral argument for March 3, 2016. A decision remains pending. Given the preliminary nature of the proceedings, we are unable to estimate what, if any, liability may result from this litigation. However, we believe the claims to be without merit and intend to litigate them vigorously. Except as disclosed above and in prior reports filed under the Exchange Act, we are not currently a party to any litigation or proceeding that we believe could have a material adverse effect on our business, consolidated financial condition, or operating results. However, from time to time, we have been threatened with, or named as a defendant in, lawsuits or involved in regulatory proceedings. 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, 2015

Business Segments [Abstract]

Business Segments

19. Business Segments

We manage, operate and provide our products and services in four business segments: Market Services, Listing Services, Information Services and Technology Solutions. See Note 1, “Organization and Nature of Operations,” to the consolidated financial statements for further discussion of our reportable segments.

Our management allocates resources, assesses performance and manages these businesses as four separate segments. We evaluate the performance of our segments based on several factors, of which the primary financial measure is operating income. Results of individual businesses are presented based on our management accounting practices and structure. Certain amounts are allocated to corporate items in our managements reports based on the decision that those activities should not be used to evaluate the segment’s operating performance. Since management does not consider intangible asset amortization expense for the purpose of evaluating the performance of the business or its managers or when making decisions to allocate resources, such expenses are shown in corporate items in our management reports. See below for further discussion.

The following table presents certain information regarding our operating segments for the years ended December 31, 2015, 2014 and 2013:



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

2015
Total revenues	$	2,084	$	264	$	512	$	543	$	-	$	3,403
Transaction-based expenses		(1,313)		-		-		-		-		(1,313)
Revenues less transaction-based expenses		771		264		512		543		-		2,090
Depreciation and amortization		64		9		14		51		-		138
Operating income (loss)(1)		413		113		365		84		(255)		720
Total assets(2)		6,906		235		2,456		1,093		1,171		11,861
Purchase of property and equipment		53		16		11		53		-		133

2014
Total revenues	$	2,229	$	238	$	473	$	560	$	-	$	3,500
Transaction-based expenses		(1,433)		-		-		-		-		(1,433)
Revenues less transaction-based expenses		796		238		473		560		-		2,067
Depreciation and amortization		80		6		13		38		-		137
Operating income (loss)(3)		413		95		348		75		(177)		754
Total assets(2)		7,437		222		2,296		1,124		992		12,071
Purchase of property and equipment		50		21		12		57		-		140

2013
Total revenues	$	2,072	$	228	$	436	$	475	$	-	$	3,211
Transaction-based expenses		(1,316)		-		-		-		-		(1,316)
Revenues less transaction-based expenses		756		228		436		475		-		1,895
Depreciation and amortization		79		3		11		29		-		122
Operating income (loss)(4)		361		93		325		57		(148)		688
Total assets(2)		7,816		262		2,557		1,108		820		12,563
Purchase of property and equipment		47		5		9		54		-		115

(1) The 2015 corporate items and eliminations primarily include:

•restructuring charges of $172 million. See Note 3, “Restructuring Charges,” for further discussion;

•amortization expense of acquired intangible assets of $62 million;

• reversal of previously recorded VAT receivables no longer deemed collectible of $12 million; and

• merger and strategic initiatives expense of $10 million primarily related to certain strategic initiatives and our acquisition of DWA.

(2) Total assets decreased $210 million at December 31, 2015 compared with December 31, 2014 primarily due to a decrease in goodwill and intangible assets, net reflecting the impact of changes in foreign exchange rates and amortization. In addition, as discussed in “Intangible Asset Impairment Charges,” of Note 5, “Goodwill and Acquired Intangible Assets,” the decrease is also due to a $119 million indefinite-lived intangible asset impairment charge recorded in 2015. These decreases were partially offset by an increase in non-current deferred tax assets primarily due to the income tax benefits of net foreign currency translation losses which are recorded in accumulated other comprehensive loss within stockholders’ equity in the Consolidated Balance Sheets. Total assets decreased $492 million at December 31, 2014 compared with December 31, 2013 primarily due to a decrease in goodwill and intangible assets, net reflecting the impact of changes in foreign exchange rates and amortization, partially offset by an increase in default funds and margin deposits.

(3) The 2014 corporate items and eliminations primarily include:

•merger and strategic initiatives expense of $81 million primarily related to our acquisitions of the TR Corporate businesses and eSpeed and a charge of $23 million related to the reversal of a receivable under a tax sharing agreement with an unrelated party;

• amortization expense of acquired intangible assets of $69 million;

sublease loss reserve of $11 million; and

•loss on extinguishment of debt of $11 million, reflecting $9 million related to the early extinguishment of our 4.00% senior notes in June 2014 and $2 million related to the refinancing of our 2011 credit facility.

(4) 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;

•amortization expense of acquired intangible assets of $63 million;

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

•restructuring charges of $9 million.

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 2015, 2014 and 2013. 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)
2015:
United States	$	2,408	$	217
All other countries(1)		995		106
Total	$	3,403	$	323

2014:
United States	$	2,524	$	198
All other countries(1)		976		94
Total	$	3,500	$	292

2013:
United States	$	2,386	$	166
All other countries(1)		825		102
Total	$	3,211	$	268

(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 2015, 2014 and 2013.

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.

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Schedule II-Valuation and Qualifying Accounts [Abstract]

Schedule II-Valuation and Qualifying Accounts

12 Months Ended

Dec. 31, 2015

Schedule II-Valuation and Qualifying Accounts

Schedule II—Valuation and Qualifying Accounts

Three Years Ended December 31, 2015

(in millions)


	Reserve for Bad Debts
	2015		2014		2013

Balance at beginning of period	$	16	$	9	$	5
Additions:
Charges to income		3		13		5
Deductions:
Charges for which reserves were provided		(5)		(6)		(1)
Balance at end of period	$	14	$	16	$	9

Summary of Significant Accounting Policies (Policy)	12 Months Ended
Summary of Significant Accounting Policies (Policy)	Dec. 31, 2015
Summary of Significant Accounting Policies [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, its wholly-owned subsidiaries and other entities in which Nasdaq has a controlling financial interest. Intercompany accounts and transactions have been eliminated. 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 “Equity Method Investments,” of Note 6, “Investments,” for further discussion of our equity method investments. Certain 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. See Note 20, “Subsequent Events,” for further discussion.
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 90 days or less at the time of purchase. Such equivalent investments included in cash and cash equivalents in the Consolidated Balance Sheets were $157 million as of December 31, 2015 and $278 million as of December 31, 2014. 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 $56 million as of December 31, 2015 and $49 million as of December 31, 2014, 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, 2015, current restricted cash primarily includes restricted cash held at SecondMarket related to customer funds held in connection with privately negotiated securities transactions for the exclusive benefit of the customer and cash held for regulatory purposes for our trading and clearing businesses. As of December 31, 2014, current restricted cash primarily includes cash held for regulatory purposes for our trading and clearing businesses.
Financial Investments	Financial Investments Financial investments, at fair value are primarily comprised of trading securities, mainly highly rated European government debt securities. Trading securities are bought principally to meet regulatory capital requirements for Nasdaq 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. Financial investments 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 in the Consolidated Balance Sheets. 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 financial investments that are classified as available-for-sale 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. 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 “Fair Value Measurements,” below 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 provision for bad debts is included in general, administrative and other expense in the Consolidated Statements of Income. 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 $14 million as of December 31, 2015 and $16 million as of December 31, 2014.
Default Funds and Margin Deposits	Default Funds and Margin Deposits Nasdaq 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 Clearing. Non-cash contributions are pledged assets that are not recorded in the Consolidated Balance Sheets as Nasdaq Clearing does not take legal ownership of these assets and the risks and rewards remain with the clearing members.
Derivative Financial Instruments and Hedging Activities	Derivative Financial Instruments and Hedging Activities Non-Designated Derivatives We 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, 2015 and 2014, 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 remeasurement of the 2021 Notes into U.S. dollars is recorded within accumulated other comprehensive loss in the Consolidated Balance Sheets. See “3.875% Senior Unsecured Notes,” of Note 9, “Debt Obligations,” for further discussion.
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 and Indefinite-Lived Intangible Assets	Goodwill and Indefinite-Lived Intangible Assets 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. For purposes of performing our goodwill impairment test, our five reporting units are the Market Services segment, the Listing Services segment, the Information Services segment, and the two businesses comprising the Technology Solutions segment: Corporate Solutions and Market Technology. Goodwill impairment testing is performed annually in the fourth quarter of our fiscal year using carrying amounts as of October 1, or more frequently if conditions exist that indicate that the asset 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. Goodwill impairment testing 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. 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. We also evaluate indefinite-lived intangible assets for impairment annually in the fourth quarter of our fiscal year using carrying amounts as of October 1, or more frequently whenever events or changes in circumstances indicate that the fair value of the asset may be less than its carrying amount. Such evaluation includes determining the fair value of the asset and comparing the fair value of the asset with 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 and the excess earnings 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. If the fair value of the indefinite-lived intangible asset is less than its carrying amount, an impairment charge is recognized in an amount equal to the difference. See “Intangible Asset Impairment Charges,” of Note 5, “Goodwill and Acquired Intangible Assets,” for further discussion. For goodwill and indefinite-lived intangible assets impairment testing, we have the option to first perform a qualitative assessment to determine whether it is more likely than not that the fair value of a reporting unit or indefinite-lived intangible asset is less than the carrying amount. 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 we must perform additional testing of the reporting unit or indefinite-lived intangible asset. Otherwise, we conclude that no impairment is indicated and further testing is not performed. There was no impairment of goodwill for the years ended December 31, 2015, 2014 and 2013. As discussed in “Intangible Asset Impairment Charges,” of Note 5, “Goodwill and Acquired Intangible Assets,” we recorded a pre-tax, non-cash indefinite-lived intangible asset impairment charge of $119 million in 2015. There was no other impairment of indefinite-lived intangible assets for the years ended December 31, 2015, 2014 and 2013. However, disruptions to our business and events, such as economic weakness or unexpected significant declines in the operating results of any of our reporting units or businesses, may result in goodwill or indefinite-lived intangible asset impairment charges in the future.
Valuation of Other Long-Lived Assets	Valuation of Other Long-Lived Assets We review our other long-lived assets, such as finite-lived intangible assets and property and equipment for potential impairment 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 an 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 the 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. See “Intangible Asset Impairment Charges,” of Note 5, “Goodwill and Acquired Intangible Assets,” for further discussion of impairment charges recorded on our finite-lived intangible assets.
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. We evaluate our cost method investments for other-than-temporary declines in value by considering a variety of factors such as the earnings capacity of the investment.
Revenue Recognition and Transaction-Based Expenses	Revenue Recognition and Transaction-Based Expenses Market Services Revenues Market services revenues include equity derivative trading and clearing revenues, cash equity trading revenues, fixed income, currency and commodities trading and clearing revenues, and access and broker services revenues. Equity Derivative Trading and Clearing Revenues In our equity derivative markets, we earn trading and clearing revenues which are variable. In the U.S., trading revenues are based on traded volumes, and recognized when executed. The principal types of equity derivative contracts traded are equity options, ETF options, index options and foreign currency options. In the U.S., we record execution revenues from transactions on a gross basis as revenues and record related expenses as transaction-based expenses, as we have certain risk associated with trade execution. In Europe, equity derivative trading and clearing revenues are based on the volume and value of traded and cleared contracts, and recognized when executed or when contracts are cleared. The principal types of equity derivative contracts traded and cleared are stock options and futures and index options and futures. Equity Derivative Trading and Clearing Transaction-Based Expenses For U.S. equity derivative trading, we credit a portion of the per share execution charge to the market participant that provides the liquidity and record the transaction rebate as a transaction-based expense 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. In the U.S., 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 equity 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 equity derivative trading and clearing transaction-based expenses 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 transaction-based expenses, there is no impact on our revenues less transaction-based expenses. 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 may, 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. The exchanges that comprise Nasdaq Nordic and Nasdaq Baltic do not have any revenue sharing agreements or transaction-based expenses, such as transaction rebates and brokerage, clearance and exchange fees. Cash Equity Trading Revenues 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 in NASDAQ-listed and other listed securities 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. equity derivative trading and clearing, we record cash equity trading revenues from transactions on a gross basis as revenues and record related expenses as transaction-based expenses, as we have certain risk associated with trade execution. For further discussion see “Equity Derivative Trading and Clearing Transaction-Based Expenses” above. For NASDAQ and Nasdaq PSX, we credit a portion of the per share execution charge to the market participant that provides the liquidity and for Nasdaq 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 transaction-based expenses 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 above in “Equity Derivative Trading and Clearing Transaction-Based Expenses,” 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 transaction-based expenses when incurred. As discussed above, in the U.S., under our Limitation of Liability Rule and procedures, we may, 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. In our European markets, we charge transaction fees for executing trades on the exchanges that comprise Nasdaq Nordic and Nasdaq Baltic. These transaction fees are charged per executed order and as per value traded. The exchanges that comprise Nasdaq Nordic and Nasdaq Baltic do not have any revenue sharing agreements or transaction-based expenses, such as transaction rebates and brokerage, clearance and exchange fees. Fixed Income, Currency and Commodities Trading and Clearing Revenues Fixed income trading revenues are primarily earned from trading of U.S. Treasury securities and other fixed income products. 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. Currency and commodities trading and clearing revenues are primarily earned from trading and clearing of energy, emission allowance, freight, seafood and other commodity products. Trading and clearing revenues are based on the volume and value of traded and cleared contracts, and recognized when executed or when contracts are cleared. In addition, Nasdaq Commodities members are billed an annual fee which is recognized ratably over the following 12-month period. We also generate clearing revenues for OTC traded derivatives, 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 connection with our collateral management process in our Nasdaq Clearing operations, we recognize interest income on cash contributions that we manage when earned. 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 cabinet space and power to house their own equipment within our data centers. 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. Broker Services Our broker services operations offer technology and customized securities administration solutions to financial participants in our Nasdaq Nordic markets. The primary services offered are 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 Listing services revenues primarily include annual fees, initial listing fees and listing of additional shares fees. Annual Fees In the U.S., annual fees are charged based on the number of outstanding shares of companies listed in the U.S. at the end of the prior year and are recognized ratably over the following 12-month period. European annual fees, which are received from companies listed on our Nasdaq Nordic and Nasdaq Baltic exchanges and Nasdaq First North, are directly related to the listed companies’ market capitalization on a trailing 12-month basis. Initial Listing Fees Initial listing fees pertain to our U.S. market and are generally based on the number of shares that a company initially lists and are recognized on a straight-line basis over estimated service periods of six years, based on our historical listing experience and projected future listing duration. Listing of Additional Shares Fees Listing of additional shares fees pertain to our U.S. market and are paid by listed companies in connection with corporate actions involving the issuance of new shares to be listed, such as stock splits and sales of additional securities. These fees are recognized on a straight-line basis over estimated service periods of four years, based on our historical listing experience and projected future listing duration. Listing of additional share fees are expected to decline and will be phased out by January 2018 as a result of the implementation of our new fee program for our U.S. markets. See “All-Inclusive Annual Listing Fee Program” below for further discussion. All-Inclusive Annual Listing Fee Program Nasdaq announced an all-inclusive annual listing fee program for companies listed in the U.S. which became effective in 2015. Under this new program, listed companies pay an annual fee which includes all listing-related activities, including listing of additional shares. All listed companies will be subject to the all-inclusive program beginning in January 2018, but can elect to opt-in to this program prior to January 2018. These revenues will be recognized ratably over the following 12-month period. Information Services Revenues Information services revenues include data products revenues and index licensing and services revenues. Data Products Revenues Data products revenues are earned from U.S. and European proprietary data products and index data products. In the U.S., we also earn revenues from U.S. tape plans. We collect and process information from our exchanges and earn revenues as a distributor of our own 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. Data products revenues are subscription-based and are recognized on a monthly basis net of amounts due under revenue sharing arrangements with market participants. We also generate revenues from our Nasdaq indexes that consist of Global Index Data Services, which delivers 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. Revenues from U.S. tape plans include eligible UTP Plan revenues that are shared among UTP Plan participants and are presented on a net basis. Under the revenue sharing provision of the UTP Plan, we are permitted to deduct costs associated with acting as the administrator of the UTP Plan 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 BX and Nasdaq 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. Data Products Revenue Sharing The most significant component of data products revenues recorded on a net basis is the UTP Plan revenue sharing in the U.S. All indicators of gross versus 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 administrator for the UTP Plan, in addition to being a participant in the UTP Plan. In our unique role as administrator, 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 Nordic and Nasdaq Baltic do not have any data products revenue sharing agreements. Index Licensing and Services Revenues We develop and license Nasdaq branded indexes, associated derivatives and financial products as part of our Global Index Family. Revenues primarily include license fees from these branded indexes, associated derivatives and financial products in the U.S. and abroad. 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 Technology Solutions revenues include corporate solutions revenues and market technology revenues. Corporate Solutions Revenues Corporate solutions revenues primarily include subscription and transaction-based income from our Investor Relations, Public Relations, Multimedia Solutions and Governance products. Subscription-based revenues earned are recognized ratably over the contract period, generally one to two years in length. As part of the 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 enterprise governance, risk management and compliance software 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 develop technology solutions, license the right to use software, and provide post-contract support and other 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 enter into agreements to modify the system solutions sold by Nasdaq after delivery has occurred. These revenues are recognized when earned. In addition, we 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.
Earnings Per Share	Earnings Per Share We present both basic and diluted earnings per share. Basic earnings per share is computed by dividing net income attributable to Nasdaq by the weighted average number of common shares outstanding for the period. Diluted earnings per share is computed by dividing net income attributable to Nasdaq 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 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 stockholders’ equity and included in common stock in treasury, at cost in the Consolidated Balance Sheets. Most shares repurchased under our share repurchase program are retired and cancelled, and the remaining shares are available for general corporate purposes. 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, mortality rate, 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 share-based awards made to employees based on estimated fair values. Share-based awards, or equity awards, include employee stock options, restricted stock and PSUs. Restricted stock awards generally refer to restricted stock units. We generally recognize compensation expense for equity awards on a straight-line basis over the requisite service period of the award. We estimate the fair value of PSUs granted under our total shareholder return, or TSR, program using the Monte Carlo simulation model, as these awards contain a market condition. Assumptions used in the Monte Carlo simulation model include the weighted average risk-free rate and the expected volatility. The risk-free interest rate for periods within the expected life of the award is based on the U.S. Treasury yield curve in effect at the time of grant. 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. See Note 12, “Share-Based Compensation,” for further discussion.
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. Capitalized internal use software costs are amortized on a straight-line basis over the estimated useful lives of the software, not to exceed three years. Amortization of these costs 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 beginning when a product’s technological feasibility has been established and ending when a product is available for general release. Unamortized capitalized costs are included in data processing equipment and software, within property and equipment, net in the Consolidated Balance Sheets. Technological feasibility is established upon completion of a detailed program design or, in its absence, completion. 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.
Fair Value Measurements	Fair Value Measurements Fair value is defined as the price that would be received from selling an asset or paid to transfer a liability, or the exit price, in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be either recorded or disclosed at fair value, we consider the principal or most advantageous market in which we would transact, and we also consider assumptions that market participants would use when pricing the asset or liability. 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’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.
Income Tax matters	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 Announced Accounting Pronouncements	Recently Issued Accounting Pronouncements ASU 2016-01 In January 2016, the FASB issued ASU 2016-01, “Recognition and Measurement of Financial Assets and Financial Liabilities.” This new standard requires that most equity investments be measured at fair value, with subsequent changes in fair value recognized in net income. Under this new guidance, Nasdaq will no longer be able to recognize unrealized holding gains and losses on equity securities classified today as available-for-sale in accumulated other comprehensive income within stockholders’ equity. This new standard does not change the guidance for classifying and measuring investments in debt securities and loans. This new guidance also impacts financial liabilities accounted for under the fair value option and affects the presentation and disclosure requirements for financial assets and liabilities. This new standard is effective for us on January 1, 2018. Early adoption is not permitted. We do not anticipate a material impact on our consolidated financial statements at the time of adoption of this new standard. ASU 2015-17 In November 2015, the FASB issued ASU 2015-17, “Balance Sheet Classification of Deferred Taxes,” which eliminates the current requirement to present deferred tax liabilities and assets as current and noncurrent in a classified balance sheet. Instead, Nasdaq will be required to classify all deferred tax liabilities and assets as noncurrent. This new standard is effective for us on January 1, 2017. Early adoption is permitted and the standard may be applied either prospectively or retrospectively to all periods presented. We plan to retrospectively adopt this standard in the first quarter of 2016. We do not anticipate a material impact on our consolidated financial statements at the time of adoption of this new standard. ASU 2014-09 In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers,” which supersedes the revenue recognition guidance in ASC 605, “Revenue Recognition.” The new revenue recognition standard sets forth a five-step revenue recognition model to determine when and how revenue is recognized. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration it expects to receive in exchange for those goods or services. The standard also requires more detailed disclosures. The standard provides alternative methods of initial adoption. On July 9, 2015, the FASB approved the deferral of the effective date of the new revenue recognition standard by one year. As a result, this new standard will now be effective for us on January 1, 2018. Early adoption as of the original effective date is permitted. We are currently evaluating this standard and our existing revenue recognition policies to determine which contracts in the scope of the guidance will be affected by the new requirements and what impact this standard will have on our consolidated financial statements upon adoption. At this time, we do not intend to adopt this standard early and we have not yet determined if we will select the full retrospective or the modified retrospective implementation method upon adoption

Restructuring Charges (Tables)

12 Months Ended

Dec. 31, 2015

Restructuring Charges [Abstract]

Summary of Restructuring Charges



	Year Ended December 31,
	2015
	(in millions)
Rebranding of trade name	$	119
Severance		25
Facilities-related		-
Asset impairments		18
Other		10
Total restructuring charges	$	172

Restructuring Reserve


	Balance at January 1, 2015			Expense Incurred		Cash Payments	Balance at December 31, 2015

	(in millions)
Severance	$	-	$	25	$	(13)	$	12
Facilities-related		-		10		(10)		-
Total	$	-	$	35	$	(23)	$	12

Acquisitions (Tables)

12 Months Ended

Dec. 31, 2015

Dorsey, Wright & Associates, LLC or DWA [Member]

Acquisition of Businesses


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

	(in millions)
Dorsey, Wright & Associates, LLC	$	226	$	(26)	$	141	$	111

Acquired finite lived intangible assets in acquisition


			Estimated
			Average Remaining
	Value		Useful Life
Intangible assets:		(in millions)	(in years)
Trade name	$	108	Indefinite
Customer relationships		29	15 years
Technology		4	5 years
Total intangible assets	$	141

eSpeed [Member]

Acquisition of Businesses


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

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

Acquired finite lived intangible assets in 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]

Acquired finite lived intangible assets in 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 Acquired Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2015

Goodwill and Acquired Intangible Assets [Abstract]

Schedule of Changes in Goodwill



	Market Services		Listing Services		Information Services		Technology Solutions		Total

	(in millions)
Balance at December 31, 2014	$	3,081	$	114	$	1,794	$	549	$	5,538
Goodwill acquired		-		7		111		-		118
Foreign currency translation adjustment		(140)		(9)		(82)		(30)		(261)
Balance at December 31, 2015	$	2,941	$	112	$	1,823	$	519	$	5,395

Finite-Lived and Indefinite-Lived Intangible Assets



	December 31, 2015								December 31, 2014
	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	$	(23)	$	16		5	$	35	$	(16)	$	19		5
Customer relationships		1,038		(387)		651		20		1,009		(329)		680		20
Other		5		(4)		1		9		5		(3)		2		9
Foreign currency translation adjustment		(138)		43		(95)				(94)		26		(68)
Total finite-lived intangible assets	$	944	$	(371)	$	573			$	955	$	(322)	$	633

Indefinite-Lived Intangible Assets
Exchange and clearing registrations	$	790	$	-	$	790			$	790	$	-	$	790
Trade names		700		-		700				756		-		756
Licenses		51		-		51				51		-		51
Foreign currency translation adjustment		(155)		-		(155)				(153)		-		(153)
Total indefinite-lived intangible assets	$	1,386	$	-	$	1,386			$	1,444	$	-	$	1,444
Total intangible assets	$	2,330	$	(371)	$	1,959			$	2,399	$	(322)	$	2,077

Estimated Future Amortization Expense



	(in millions)
2016	$	66
2017		64
2018		61
2019		47
2020		46
2021 and thereafter		384
Total	$	668

Property and Equipment, net (Tables)

12 Months Ended

Dec. 31, 2015

Property and Equipment, net [Abstract]

Schedule of Property and Equipment, Net


		Year Ended December 31,
		2015		2014

	(in millions)
Data processing equipment and software	$	576	$	533
Furniture, equipment and leasehold improvements		254		227
Total property and equipment		830		760
Less: accumulated depreciation and amortization		(507)		(468)
Total property and equipment, net	$	323	$	292

Deferred Revenue (Tables)

12 Months Ended

Dec. 31, 2015

Deferred Revenue [Abstract]

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, 2015	$	54	$	78	$	13	$	247	$	392
Additions(1)		21		10		256		339		626
Amortization(1)		(16)		(35)		(250)		(373)		(674)
Translation adjustment		-		-		(3)		(14)		(17)
Balance at December 31, 2015	$	59	$	53	$	16	$	199	$	327

Balance at January 1, 2014	$	41	$	75	$	20	$	158	$	294
Additions(1)		27		42		226		536		831
Amortization(1)		(14)		(39)		(230)		(419)		(702)
Translation adjustment		-		-		(3)		(28)		(31)
Balance at December 31, 2014	$	54	$	78	$	13	$	247	$	392

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:
2016	$	16	$	27	$	16	$	68	$	127
2017		13		18		-		30		61
2018		12		7		-		28		47
2019		10		1		-		23		34
2020		6		-		-		22		28
2021 and thereafter		2		-		-		28		30
	$	59	$	53	$	16	$	199	$	327

Debt Obligations (Tables)

12 Months Ended

Dec. 31, 2015

Debt Obligations [Abstract]

Changes in Debt Obligations



	December 31, 2014		Additions		Payments, Accretion and Other		December 31, 2015

	(in millions)
5.55% senior unsecured notes due January 15, 2020 (1) (2)	$	596	$	-	$	1	$	597
5.25% senior unsecured notes due January 16, 2018 (1) (2)		368		-		-		368
3.875% senior unsecured notes due June 7, 2021 (1) (2)		720		-		(74)		646
4.25% senior unsecured notes due June 1, 2024 (1) (2)		494		-		1		495
$750 million revolving credit commitment due November 25, 2019 (average interest rate of 1.51% for the period January 1, 2015 through December 31, 2015)(3)		119		506		(367)		258
Total long-term debt obligations	$	2,297	$	506	$	(439)	$	2,364

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

(2) Net of unamortized debt discount and debt issuance costs.

(3) Net of unamortized debt issuance costs. See “2014 Credit Facility” below for further discussion.

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.

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6479336&loc=d3e64711-112823

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=34725769&loc=d3e28878-108400

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21538-112644

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28541-108399

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28551-108399

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21521-112644

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 22
-Article 5

Components of Income Tax Provision

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2015

Income Taxes [Abstract]


	Year Ended December 31,
	2015		2014		2013

	(in millions)
Current income taxes:
Federal	$	139	$	123	$	134
State		42		36		21
Foreign		36		28		33
Total current income taxes		217		187		188
Deferred income taxes:
Federal		(18)		(13)		13
State		(1)		(2)		11
Foreign		5		9		4
Total deferred income taxes		(14)		(6)		28
Total income tax provision	$	203	$	181	$	216

Reconciliation of Provision of Income Taxes


	Year Ended December 31,
	2015		2014		2013


Federal income tax provision at the statutory rate	35.0	%	35.0	%	35.0	%
State income tax provision, net of federal effect	3.9	%	3.4	%	2.9	%
Non-U.S. subsidiary earnings	(6.4)	%	(7.0)	%	(4.4)	%
Change in unrecognized tax benefits	0.3	%	(3.0)	%	4.8	%
Other, net	(0.6)	%	2.1	%	(2.3)	%
Actual income tax provision(1)	32.2	%	30.5	%	36.0	%

(1) The higher effective tax rate in 2015 when compared to 2014, and the lower effective tax rate in 2014 when compared to 2013, is primarily due to a decrease in unrecognized tax benefits in 2014.

Schedule of Deferred Tax Assets and Liabilities


		December 31,
		2015		2014

	(in millions)
Deferred tax assets:
Deferred revenues	$	46	$	36
U.S. federal net operating loss		5		2
Foreign net operating loss		92		99
State net operating loss		2		1
Compensation and benefits		86		96
Foreign currency translation		458		358
Sublease loss reserves		7		15
Tax credits		7		9
Other		25		26
Gross deferred tax assets		728		642

Deferred tax liabilities:
Amortization of software development costs and depreciation		(135)		(107)
Amortization of acquired intangible assets		(478)		(536)
Other		(13)		(20)
Gross deferred tax liabilities		(626)		(663)
Net deferred tax assets (liabilities) before valuation allowance		102		(21)
Less: valuation allowance		(85)		(90)
Net deferred tax assets (liabilities)	$	17	$	(111)

Domestic and Foreign Components of Income Before Income Tax Provision


	Year Ended December 31,
	2015		2014		2013

	(in millions)
Domestic	$	393	$	349	$	362
Foreign		237		245		238
Income before income tax provision	$	630	$	594	$	600

Reconciliation of Unrecognized Tax Benefits


	Year Ended December 31,
		2015		2014

	(in millions)
Beginning balance	$	41	$	58
Additions (reductions) as a result of tax positions taken in prior periods		3		(21)
Additions as a result of tax positions taken in the current period		3		5
Reductions related to settlements with taxing authorities		(2)		(1)
Reductions as a result of lapses of the applicable statute of limitations		(5)		-
Ending balance	$	40	$	41

Employee Benefits (Tables)

12 Months Ended

Dec. 31, 2015

Employee Benefits [Abstract]

Components of Net Periodic Benefit Cost



	Year Ended December 31,
	2015		2014		2013
	(in millions)
Components of net periodic benefit cost:
Interest cost	$	6	$	6	$	5
Expected return on plan assets		(5)		(5)		(5)
Recognized net actuarial loss		4		-		4
Curtailment loss		-		-		2
Net periodic benefit cost	$	5	$	1	$	6

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


	2015								2014
	Pension		SERP		Post-retirement		Total		Pension		SERP		Post-retirement		Total

Change in benefit obligation	(in millions)
Benefit obligation at beginning of year	$	104	$	33	$	2	$	139	$	91	$	30	$	3	$	124
Interest cost		5		1		-		6		4		2		-		6
Actuarial gains		-		(1)		-		(1)		-		-		(1)		(1)
Benefits paid		(6)		(1)		-		(7)		(3)		(2)		-		(5)
(Gains) losses due to change in discount rate		(2)		-		-		(2)		11		2		-		13
(Gains) losses due to change in mortality rate		(1)		-		-		(1)		1		1		-		2
Benefit obligation at end of year		100		32		2		134		104		33		2		139
Change in plan assets
Fair value of plan assets at beginning of year		76		-		-		76		75		-		-		75
Actual return on plan assets		-		-		-		-		4		-		-		4
Company contributions		-		1		-		1		-		2		-		2
Benefits paid		(6)		(1)		-		(7)		(3)		(2)		-		(5)
Fair value of plan assets at end of year		70		-		-		70		76		-		-		76
Underfunded status of the plans		(30)		(32)		(2)		(64)		(28)		(33)		(2)		(63)
Accumulated benefit obligation	$	100	$	32	$	2	$	134	$	104	$	33	$	2	$	139

Weighted-Average Actuarial Assumptions Net Benefit Obligations

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



	2015		2014
Discount rate:
Pension	4.3	%	4.2	%
SERP	4.3	%	4.2	%
Post-retirement	4.3	%	4.2	%

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


	2015		2014		2013
Discount rate:
Pension	4.2	%	4.9	%	4.0	%
SERP	4.2	%	4.9	%	4.0	%
Post-retirement	4.2	%	4.9	%	4.0	%
Expected return on plan assets:
Pension	7.3	%	7.3	%	7.8	%
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, 2015	Level 1		Level 2		Level 3

	(in millions)
Equity securities(2)	$	27	$	-	$	27	$	-
Fixed income securities(3)		30		3		27		-
Other investment strategies and cash(4)		13		-		-		13
Total benefit plan assets	$	70	$	3	$	54	$	13


		Total Benefit Plan Assets	Fair Value Measurements(1)
		as of December 31, 2014	Level 1		Level 2		Level 3
	(in millions)
Equity securities(2)	$	36	$	-	$	36	$	-
Fixed income securities(3)		27		4		23		-
Other investment strategies and cash(4)		13		-		-		13
Total benefit plan assets	$	76	$	4	$	59	$	13

(1) See “Fair Value Measurements,” of Note 2, “Summary of Significant Accounting Policies,” 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.

Change in Level 3 plan assets

The change in Level 3 plan assets for the year ended December 31, 2015 is as follows:


	December 31, 2014			Net Unrealized Gains (Losses)	December 31, 2015

Other investment strategies:	(in millions)
Real estate investment	$	5	$	1	$	6
Hedge fund investment		8		(1)		7
Total other investment strategies	$	13	$	-	$	13

Accumulated Other Comprehensive Income (Loss)


	Pension		SERP		Post-retirement		Total

	(in millions)
Unrecognized net gain (loss)	$	(41)	$	(1)	$	7	$	(35)
Income tax benefit (expense)		16		1		(3)		14
Employee benefit plan adjustment, net of tax	$	(25)	$	-	$	4	$	(21)

Estimated Future Benefit Payments


	Pension		SERP		Post-retirement		Total

Fiscal Year Ended:	(in millions)
2016	$	4	$	4	$	-	$	8
2017		4		6		-		10
2018		5		2		-		7
2019		5		3		-		8
2020		5		3		1		9
2021 through 2025		26		8		1		35
	$	49	$	26	$	2	$	77

Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2015

Share-Based Compensation [Abstract]

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



	Year Ended December 31,
	2015		2014


Weighted-average risk free interest rate		0.81%		0.78%
Expected volatility(1)		21.5%		28.4%
Weighted-average grant date share price	$	50.97	$	36.94
Weighted-average fair value at grant date	$	64.08	$	42.80

Summary of Share-Based Compensation Expense


	Year Ended December 31,
	2015		2014		2013

	(in millions)
Share-based compensation expense before income taxes	$	68	$	62	$	47
Income tax benefit		(28)		(26)		(19)
Share-based compensation expense after income taxes	$	40	$	36	$	28

Summary of Stock Option Activity


	Number of Stock Options(1)		Weighted-Average Exercise Price


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
Exercised		(1,578,050)		20.31
Forfeited or expired		(31,690)		24.23
Outstanding at December 31, 2014		3,316,782	$	27.56
Exercised		(682,054)		26.84
Forfeited or expired		(8,241)		28.53
Outstanding at December 31, 2015		2,626,487	$	27.74

(1) No stock option awards were granted for the years ended December 31, 2015, 2014 and 2013.

Summary of Significant Ranges of Outstanding and Exercisable Stock Options


					Outstanding and Exercisable

					Number of	Weighted-Average Remaining		Weighted-Average		Aggregate Intrinsic
Range of Exercise Prices					Stock Options	Contractual Term (in years)		Exercise Price		Value (in millions)
$	17.36	-	$	24.94	1,203,865	3.51	$	21.11	$	45
$	24.95	-	$	35.91	378,061	4.35		25.32		12
$	35.92	-	$	45.38	1,044,561	0.99		36.27		23
								0
	Total				2,626,487	2.63	$	27.74	$	80

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, 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
Granted		1,196,441	(1)		36.87		882,637	(2)		40.34
Vested		(1,529,792)			23.29		(442,781)			27.75
Forfeited		(299,889)			29.87		(142,850)			28.75
Unvested balances at December 31, 2014		3,193,230		$	30.99		2,212,607		$	32.69
Granted		823,950	(1)		49.26		855,825	(2)		49.32
Vested		(370,998)			29.90		(1,084,382)			24.33
Forfeited		(302,444)			34.34		(120,365)			36.43
Unvested balances at December 31, 2015		3,343,738		$	35.36		1,863,685		$	47.57

(1) Restricted stock granted in 2015, 2014 and 2013 primarily reflects our company wide grants as described above.

(2) PSUs granted in 2015, 2014 and 2013 primarily reflect awards issued to certain officers, as described above.

Nasdaq Stockholders’ Equity (Tables)

12 Months Ended

Dec. 31, 2015

Nasdaq Stockholders’ Equity [Abstract]

Schedule of Dividends Declared

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

January 26, 2015	$	0.15	March 13, 2015	$	25	March 27, 2015
April 21, 2015	$	0.25	June 12, 2015	$	42	June 26, 2015
July 23, 2015	$	0.25	September 11, 2015	$	41	September 25, 2015
October 22, 2015	$	0.25	December 14, 2015	$	41	December 28, 2015

(1) These amounts were recorded in retained earnings in the Consolidated Balance Sheets at December 31, 2015.

Components of Accumulated Other Comprehensive Loss


		Foreign				Accumulated
		Currency		Employee		Other
		Translation		Benefit Plan		Comprehensive
		Adjustments (1)		Adjustments(2)		Loss

	(in millions)
Gross balance, December 31, 2014	$	(1,015)	$	(37)	$	(1,052)
Income taxes		355		15		370
Net balance, December 31, 2014	$	(660)	$	(22)	$	(682)

Gross balance, December 31, 2015	$	(1,298)	$	(35)	$	(1,333)
Income taxes		455		14		469
Net balance, December 31, 2015	$	(843)	$	(21)	$	(864)

⁽¹⁾

Amounts include cumulative gains (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 Benefit Plans.

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2015

Earnings Per Share [Abstract]

Summary of Computation of Basic and Diluted Earnings Per Share


	Year Ended December 31,
	2015		2014			2013

	(in millions, except share and per share amounts)
Numerator:
Net income attributable to common shareholders	$	428	$	414	$	385
Denominator:
Weighted-average common shares outstanding for basic earnings per share		167,285,450		168,926,733		166,932,103
Weighted-average effect of dilutive securities:
Employee equity awards		3,638,981		3,727,839		3,969,766
Contingent issuance of common stock(1)		358,840		364,277		364,277	-
Weighted-average common shares outstanding for diluted earnings per share		171,283,271		173,018,849		171,266,146
Basic and diluted earnings per share:
Basic earnings per share	$	2.56	$	2.45	$	2.30
Diluted earnings per share	$	2.50	$	2.39	$	2.25

(1) See “Non-Cash Contingent Consideration,” of Note 18, “Commitments, Contingencies and Guarantees,” for further discussion.

Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2015

Fair Value of Financial Instruments [Abstract]

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



	December 31, 2015
	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)	$	201	$	189	$	12	$	-
Default fund and margin deposit investments(2)		1,556		1,253		303		-
Total	$	1,757	$	1,442	$	315	$	-

	December 31, 2014
	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)	$	174	$	171	$	3	$	-
Default fund and margin deposit investments(2)		2,148		664		1,484		-
Total	$	2,322	$	835	$	1,487	$	-

Clearing Operations (Tables)

12 Months Ended

Dec. 31, 2015

Clearing Operations [Abstract]

Schedule of Clearing Member Default Fund Contributions



	December 31, 2015
	Cash Contributions(1)		Non-Cash Contributions		Total Contributions

	(in millions)
Default fund contributions	$	359	$	89	$	448
Margin deposits		1,869		4,946		6,815
Total	$	2,228	$	5,035	$	7,263

Schedule of Derivative Contracts Outstanding

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



	December 31, 2015
	(in millions)
Commodity and seafood options, futures and forwards(1)(2)(3)	$	1,908
Fixed-income options and futures(2)(3)		591
Stock options and futures(2)(3)		210
Index options and futures(2)(3)		145
Total	$	2,854

(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



	December 31, 2015		December 31, 2014
Commodity and seafood options, futures and forwards(1)		2,745,954		2,394,710
Fixed-income options and futures		19,631,917		20,130,657
Stock options and futures		33,519,064		32,236,023
Index options and futures		49,779,173		42,871,645
Total		105,676,108		97,633,035

(1) The total volume in cleared power related to commodity contracts was 1,496 Terawatt hours (TWh) for the year ended December 31, 2015 and 1,564 TWh for the year ended December 31, 2014.

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.

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Future Minimum Lease Payments

Leases (Tables)

12 Months Ended

Dec. 31, 2015

Leases [Abstract]


		Gross Lease		Sublease		Net Lease
		Commitments		Income		Commitments
	(in millions)
Year ending December 31:
2016	$	84	$	6	$	78
2017		52		4		48
2018		47		3		44
2019		45		3		42
2020		36		3		33
Thereafter		83		8		75
Total future minimum lease payments	$	347	$	27	$	320

Business Segments (Tables)

12 Months Ended

Dec. 31, 2015

Business Segments [Abstract]

Schedule of Operating Segments



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

2015
Total revenues	$	2,084	$	264	$	512	$	543	$	-	$	3,403
Transaction-based expenses		(1,313)		-		-		-		-		(1,313)
Revenues less transaction-based expenses		771		264		512		543		-		2,090
Depreciation and amortization		64		9		14		51		-		138
Operating income (loss)(1)		413		113		365		84		(255)		720
Total assets(2)		6,906		235		2,456		1,093		1,171		11,861
Purchase of property and equipment		53		16		11		53		-		133

2014
Total revenues	$	2,229	$	238	$	473	$	560	$	-	$	3,500
Transaction-based expenses		(1,433)		-		-		-		-		(1,433)
Revenues less transaction-based expenses		796		238		473		560		-		2,067
Depreciation and amortization		80		6		13		38		-		137
Operating income (loss)(3)		413		95		348		75		(177)		754
Total assets(2)		7,437		222		2,296		1,124		992		12,071
Purchase of property and equipment		50		21		12		57		-		140

2013
Total revenues	$	2,072	$	228	$	436	$	475	$	-	$	3,211
Transaction-based expenses		(1,316)		-		-		-		-		(1,316)
Revenues less transaction-based expenses		756		228		436		475		-		1,895
Depreciation and amortization		79		3		11		29		-		122
Operating income (loss)(4)		361		93		325		57		(148)		688
Total assets(2)		7,816		262		2,557		1,108		820		12,563
Purchase of property and equipment		47		5		9		54		-		115

(1) The 2015 corporate items and eliminations primarily include:

•restructuring charges of $172 million. See Note 3, “Restructuring Charges,” for further discussion;

•amortization expense of acquired intangible assets of $62 million;

• reversal of previously recorded VAT receivables no longer deemed collectible of $12 million; and

• merger and strategic initiatives expense of $10 million primarily related to certain strategic initiatives and our acquisition of DWA.

(3) The 2014 corporate items and eliminations primarily include:

• amortization expense of acquired intangible assets of $69 million;

sublease loss reserve of $11 million; and

(4) 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;

•amortization expense of acquired intangible assets of $63 million;

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

•restructuring charges of $9 million.

Revenues and property and equipment, net by geographic area


				Property and
		Total		Equipment,
		Revenues		Net
	(in millions)
2015:
United States	$	2,408	$	217
All other countries(1)		995		106
Total	$	3,403	$	323

2014:
United States	$	2,524	$	198
All other countries(1)		976		94
Total	$	3,500	$	292

2013:
United States	$	2,386	$	166
All other countries(1)		825		102
Total	$	3,211	$	268

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

Organization and Nature of Operations (Details) $ in Billions	12 Months Ended
	Dec. 31, 2015 USD ($) item segment country customer
Organization And Basis Of Presentation [Line Items]
Operations in number of continents	6
Number of operating segments \| segment	4
Market Services [Member] \| Cash Equities Trading Markets [Member]
Organization And Basis Of Presentation [Line Items]
Number of exchanges	3
Market Services [Member] \| Options Markets [Member]
Organization And Basis Of Presentation [Line Items]
Number of exchanges	3
Listing Services [Member]
Organization And Basis Of Presentation [Line Items]
Total number of U.S. listed companies	2,859
Approximate combined market capitalization, U.S. \| $	$ 8.3
Total number of listed companies within Nordic and Baltic exchanges	852
Approximate combined market capitalization within Nordic and Baltic exchanges \| $	$ 1.3
Information Services [Member]
Organization And Basis Of Presentation [Line Items]
Number of exchange traded products licensed to Nasdaq's Indexes	222
Assets management value \| $	$ 114.0
Technology Solutions Revenues [Member]
Organization And Basis Of Presentation [Line Items]
Number of clients \| customer	9,500
Number of exchanges	70
Services Provided Over Number Of Countries \| country	50

Summary of Significant Accounting Policies (Details)	12 Months Ended
Summary of Significant Accounting Policies (Details)	Dec. 31, 2015 USD ($) item segment	Dec. 31, 2014 USD ($)	Dec. 31, 2013 USD ($)	Dec. 31, 2012 USD ($)
Summary Of Significant Accounting Policies [Line Items]
Cash and cash equivalents	$ 301,000,000	$ 427,000,000	$ 398,000,000	$ 497,000,000
Restricted cash	56,000,000	49,000,000
Reserves netted against receivables	$ 14,000,000	16,000,000
Number of types of license agreements \| item	2
Number of Reporting Units \| segment	5
Number of businesses comprising technology solutions segment \| segment	2
Goodwill, impairment loss	$ 0	0	0
Impairment Of Intangible Assets Finitelived			14,000,000
Percentage of indefinite-lived intangible assets impairment	50.00%
Cost method investment, ownership percentage	20.00%
Debt Issuance Cost		16,000,000
Rebranding of Trade Name [Member]
Summary Of Significant Accounting Policies [Line Items]
Impairment Of Intangible Assets Finitelived	$ 119,000,000
Initial Listing [Member]
Summary Of Significant Accounting Policies [Line Items]
Listings estimated useful life	6 years
Additional Shares Listing [Member]
Summary Of Significant Accounting Policies [Line Items]
Listings estimated useful life	4 years
Customer Relationships [Member]
Summary Of Significant Accounting Policies [Line Items]
Impairment Of Intangible Assets Finitelived		38,000,000	7,000,000
Other [Member]
Summary Of Significant Accounting Policies [Line Items]
Impairment Of Intangible Assets Finitelived	$ 0	0	$ 0
Computer Software, Intangible Asset [Member]
Summary Of Significant Accounting Policies [Line Items]
Intangible assets estimated useful lives	5 years
Cash Equivalents [Member]
Summary Of Significant Accounting Policies [Line Items]
Cash and cash equivalents	$ 157,000,000	$ 278,000,000
Maturities	90 days
Minimum [Member]
Summary Of Significant Accounting Policies [Line Items]
Equity method investment, ownership percentage	20.00%
Maximum [Member]
Summary Of Significant Accounting Policies [Line Items]
Equity method investment, ownership percentage	50.00%
Buildings and improvements [Member] \| Minimum [Member]
Summary Of Significant Accounting Policies [Line Items]
Property and equipment estimated useful life	10 years
Buildings and improvements [Member] \| Maximum [Member]
Summary Of Significant Accounting Policies [Line Items]
Property and equipment estimated useful life	40 years
Data Processing Equipment and Software [Member] \| Minimum [Member]
Summary Of Significant Accounting Policies [Line Items]
Property and equipment estimated useful life	2 years
Data Processing Equipment and Software [Member] \| Maximum [Member]
Summary Of Significant Accounting Policies [Line Items]
Property and equipment estimated useful life	5 years
Furniture and Equipment [Member] \| Minimum [Member]
Summary Of Significant Accounting Policies [Line Items]
Property and equipment estimated useful life	5 years
Furniture and Equipment [Member] \| Maximum [Member]
Summary Of Significant Accounting Policies [Line Items]
Property and equipment estimated useful life	10 years
Capitalized Costs [Member] \| Minimum [Member]
Summary Of Significant Accounting Policies [Line Items]
Intangible assets estimated useful lives	3 years

Restructuring Charges (Narrative) (Details) $ in Millions	3 Months Ended	12 Months Ended
Restructuring Charges (Narrative) (Details) $ in Millions	Mar. 31, 2013 USD ($) employee	Dec. 31, 2015 USD ($) employee	Dec. 31, 2013 USD ($)	Dec. 31, 2012 USD ($)
Restructuring Cost and Reserve [Line Items]
Estimated recognize pre-tax restructuring charges		$ 190
Restructuring charges	$ 9	172	$ 9
Pre-tax savings		20
Expected annualized savings		23
Number of positions eliminated \| employee	31
Release of sublease loss reserve		(23)
Severance [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 6	$ 25
Number of positions eliminated \| employee		230
Release of sublease loss reserve		$ (13)
Facilities-related [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges	1
Release of sublease loss reserve		$ (10)
Leasing Arrangement [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges		(10)
Asset impairments [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges	1	18
Rebranding of Trade Name [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges		119
Other Restructuring [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 1	10
Facility Consolidation [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges		$ 10
2012 Restructuring Plan [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges			$ 53	$ 53

Restructuring Charges (Summary of Restructuring Charges) (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2013	Dec. 31, 2015	Dec. 31, 2013
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	$ 9	$ 172	$ 9
Rebranding of Trade Name [Member]
Restructuring Cost and Reserve [Line Items]
Total restructuring charges		119
Severance [Member]
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	6	$ 25
Facilities-related [Member]
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	1
Asset impairments [Member]
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	1	$ 18
Other Restructuring [Member]
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	$ 1	$ 10

Restructuring Charges (Restructuring Reserve) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2015 USD ($)
Restructuring and Related Cost [Abstract]
Expenses Incurred	$ 35
Cash payments	(23)
Balance at end of period	12
Severance [Member]
Restructuring and Related Cost [Abstract]
Expenses Incurred	25
Cash payments	(13)
Balance at end of period	12
Facilities-related [Member]
Restructuring and Related Cost [Abstract]
Expenses Incurred	10
Cash payments	$ (10)

Acquisitions (2015 Acquisitions Dorsey, Wright & Associates) (Narrative) (Details) - USD ($) $ in Millions		1 Months Ended	2 Months Ended	12 Months Ended
	Jan. 30, 2015	Jan. 31, 2015	Mar. 31, 2015	Dec. 31, 2015	Dec. 31, 2013	Dec. 31, 2014	Jun. 28, 2013
Business Acquisition [Line Items]
Business acquisition, working capital adjustments					$ 484
Acquired intangible assets				$ 141	715
Goodwill				5,395		$ 5,538
Credit facility, proceeds				$ 406
Trade names [Member]
Business Acquisition [Line Items]
Acquired intangible assets							$ 578
Technology [Member]
Business Acquisition [Line Items]
Acquired intangible assets					16		16
Estimated Average Remaining Useful Life				5 years
Customer Relationships [Member]
Business Acquisition [Line Items]
Acquired intangible assets					$ 121		$ 121
Estimated Average Remaining Useful Life				15 years
Dorsey, Wright & Associates, LLC or DWA [Member]
Business Acquisition [Line Items]
Purchase consideration	$ 226			$ 226
Business acquisition, cash paid	225
Net assets Acquired	8
Business acquisition, working capital adjustments	1
Net liabilities assumed	26
Acquired intangible assets				141
Goodwill				$ 111
Deferred Tax Liabilities Noncurrent	33
Deferred Tax Liabilities Current	$ 1
Dorsey, Wright & Associates, LLC or DWA [Member] \| Revolving Credit Facility [Member]
Business Acquisition [Line Items]
Credit facility, proceeds		$ 100	$ 100
Dorsey, Wright & Associates, LLC or DWA [Member] \| Trade names [Member] \| Income Approach Valuation Technique [Member]
Business Acquisition [Line Items]
Discount rate				17.00%
Discounted cash flows tax effect				36.50%
Amortization period of intangible assets for tax purposes				15 years
Dorsey, Wright & Associates, LLC or DWA [Member] \| Technology [Member] \| Income Approach Valuation Technique [Member]
Business Acquisition [Line Items]
Discount rate				17.00%
Discounted cash flows tax effect				36.50%
Amortization period of intangible assets for tax purposes				15 years
Pre tax royalty rate				15.00%
Dorsey, Wright & Associates, LLC or DWA [Member] \| Customer Relationships [Member] \| Income Approach Valuation Technique [Member]
Business Acquisition [Line Items]
Discount rate				17.50%
Premium rate				0.50%
Discounted cash flows tax effect				36.50%
Amortization period of intangible assets for tax purposes				15 years
Customer relationships intangible assets, estimated percentage of revenues				100.00%
Dorsey, Wright & Associates, LLC or DWA [Member] \| Maximum [Member] \| Technology [Member]
Business Acquisition [Line Items]
Royalty rate, profit split				30.00%
Dorsey, Wright & Associates, LLC or DWA [Member] \| Maximum [Member] \| Customer Relationships [Member] \| Income Approach Valuation Technique [Member]
Business Acquisition [Line Items]
Customer relationships intangible assets, period of growth				6 years
Dorsey, Wright & Associates, LLC or DWA [Member] \| Minimum [Member] \| Technology [Member]
Business Acquisition [Line Items]
Royalty rate, profit split				25.00%
Dorsey, Wright & Associates, LLC or DWA [Member] \| Minimum [Member] \| Customer Relationships [Member] \| Income Approach Valuation Technique [Member]
Business Acquisition [Line Items]
Customer relationships intangible assets, period of growth				3 years

Acquisitions (2013 Acquisition eSpeed) (Narrative) (Details)
$ in Millions

3 Months Ended

12 Months Ended

Dec. 31, 2014

USD ($)

Dec. 31, 2015

USD ($)

Dec. 31, 2014

USD ($)

Dec. 31, 2013

USD ($)

segment

Jun. 28, 2013

USD ($)

Contingent future issuance of common stock, amount

$ 141

$ 715

$ 484

Contingent future issuance of common stock, shares | shares

^[1]

358,840

364,277

Customer Relationships [Member]

$ 14

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

121

$ 121

20 years

$ 38

Technology [Member]

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

5 years

Trade names [Member]

578

eSpeed [Member]

Purchase consideration

1,239

1,200

Net assets acquired

Business acquisition, cash paid

715

$ 715

755

Contingent future issuance of common stock, amount

$ 484

Contingent future issuance of common stock, shares | shares

992,247

Consolidated Amount of Revenue required to triger annual issuance of Nasdaq common stock

$ 25

Number of reportable segments | segment

eSpeed [Member] | Customer Relationships [Member]

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

13 years

eSpeed [Member] | Customer Relationships [Member] | Income Approach Valuation Technique [Member]

$ 38

Discounted cash flows tax effect

Discount rate

10.00%

40.00%

Amortization period of intangible assets for tax purposes

15 years

Customer relationships intangible assets, percentage of current revenues

10.00%

Customer relationships intangible assets, estimated percentage of revenues

100.00%

eSpeed [Member] | Technology [Member]

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

5 years

eSpeed [Member] | Technology [Member] | Income Approach Valuation Technique [Member]

Discounted cash flows tax effect

Discount rate

10.00%

40.00%

Amortization period of intangible assets for tax purposes

15 years

Pre tax royalty rate

5.00%

eSpeed [Member] | Trade names [Member] | Income Approach Valuation Technique [Member]

Discounted cash flows tax effect

Discount rate

10.00%

40.00%

Amortization period of intangible assets for tax purposes

15 years

Minimum [Member] | eSpeed [Member] | Customer Relationships [Member] | Income Approach Valuation Technique [Member]

Customer relationships intangible assets, period of growth

4 years

Minimum [Member] | eSpeed [Member] | Technology [Member] | Income Approach Valuation Technique [Member]

Royalty rate, profit split

25.00%

Maximum [Member] | eSpeed [Member] | Customer Relationships [Member] | Income Approach Valuation Technique [Member]

Customer relationships intangible assets, period of growth

5 years

Maximum [Member] | eSpeed [Member] | Technology [Member] | Income Approach Valuation Technique [Member]

Royalty rate, profit split

33.00%

[1]	See "Non-Cash Contingent Consideration," of Note 18, "Commitments, Contingencies and Guarantees," for further discussion.

Acquisitions (2013 Acquisition TR Businesses) (Narrative) (Details) - USD ($) $ in Millions		3 Months Ended	12 Months Ended
	May. 31, 2013	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Jun. 28, 2013
Business Acquisition [Line Items]
Acquired intangible assets			$ 141		$ 715
Non-cash merger and strategic initiatives				$ 20
Merger and strategic initiatives			10	$ 81	22
Credit facility, additional borrowings			$ 406
2011 Credit Facility [Member]
Business Acquisition [Line Items]
Credit facility, additional borrowings					50
Customer Relationships [Member]
Business Acquisition [Line Items]
Acquired intangible assets					121	$ 121
Total finite-lived intangible assets, Weighted-Average Useful Life (in Years)			20 years	20 years
Technology [Member]
Business Acquisition [Line Items]
Acquired intangible assets					16	16
Total finite-lived intangible assets, Weighted-Average Useful Life (in Years)			5 years	5 years
Trade names [Member]
Business Acquisition [Line Items]
Acquired intangible assets						$ 578
TR Corporate Solutions Businesses [Member]
Business Acquisition [Line Items]
Business acquisition, cash paid	$ 366
Purchase consideration	390				366
Business acquisition, working capital adjustments	24
Net liabilities assumed	37
Acquired intangible assets	91				91
Non-cash merger and strategic initiatives		$ 18
Net assets acquired					$ (37)
TR Corporate Solutions Businesses [Member] \| Customer Relationships [Member]
Business Acquisition [Line Items]
Acquired intangible assets	89
Assumed annual revenue attrition percentage					10.00%
TR Corporate Solutions Businesses [Member] \| Customer Relationships [Member] \| Income Approach Valuation Technique [Member]
Business Acquisition [Line Items]
Discounted cash flows tax effect					40.00%
Amortization period of intangible assets for tax purposes			15 years
Percentage of present value of cash flows generated by each customer relationship based on the estimated remaining useful life					90.00%
TR Corporate Solutions Businesses [Member] \| Technology [Member]
Business Acquisition [Line Items]
Acquired intangible assets	$ 2
TR Corporate Solutions Businesses [Member] \| Technology [Member] \| Income Approach Valuation Technique [Member]
Business Acquisition [Line Items]
Discount rate					11.00%
Discounted cash flows tax effect					40.00%
Amortization period of intangible assets for tax purposes			15 years
TR Corporate Solutions Businesses [Member] \| Webhosting [Member] \| Income Approach Valuation Technique [Member]
Business Acquisition [Line Items]
Pre tax royalty rate					1.50%
TR Corporate Solutions Businesses [Member] \| Public Relations And Multimedia [Member] \| Income Approach Valuation Technique [Member]
Business Acquisition [Line Items]
Pre tax royalty rate					0.50%
Minimum [Member] \| TR Corporate Solutions Businesses [Member] \| Customer Relationships [Member] \| Income Approach Valuation Technique [Member]
Business Acquisition [Line Items]
Discount rate					11.00%
Minimum [Member] \| TR Corporate Solutions Businesses [Member] \| Technology [Member]
Business Acquisition [Line Items]
Total finite-lived intangible assets, Weighted-Average Useful Life (in Years)			2 years
Maximum [Member] \| TR Corporate Solutions Businesses [Member] \| Customer Relationships [Member] \| Income Approach Valuation Technique [Member]
Business Acquisition [Line Items]
Discount rate					11.50%
Maximum [Member] \| TR Corporate Solutions Businesses [Member] \| Technology [Member]
Business Acquisition [Line Items]
Total finite-lived intangible assets, Weighted-Average Useful Life (in Years)			5 years

Acquisitions (2013 Acquisition of Dutch Cash Equities and Equity Derivatives Trading Volume) (Narrative) (Details) - TOM [Member]	Dec. 31, 2015	Apr. 30, 2013
Business Acquisition [Line Items]
Percentage of acquired ownership interest		25.00%
Option to acquire additional ownership percentage	25.10%

Acquisitions (Acquisition of Businesses) (Details) - USD ($) $ in Millions	Dec. 31, 2015	Jan. 30, 2015	Dec. 31, 2014	Dec. 31, 2013	Jun. 28, 2013	May. 31, 2013
Business Acquisition [Line Items]
Acquired intangible assets	$ 141			$ 715
Goodwill	5,395		$ 5,538
eSpeed [Member]
Business Acquisition [Line Items]
Purchase consideration				1,239	$ 1,200
Net assets acquired				5	5
Acquired intangible assets				715	$ 715
Goodwill				519
TR Corporate Solutions Businesses [Member]
Business Acquisition [Line Items]
Purchase consideration				366		$ 390
Net assets acquired				(37)
Acquired intangible assets				91		$ 91
Goodwill				$ 312
Dorsey, Wright & Associates, LLC or DWA [Member]
Business Acquisition [Line Items]
Purchase consideration	226	$ 226
Net assets acquired	(26)
Acquired intangible assets	141
Goodwill	$ 111

Acquisitions (Purchased finite lived intangible assets acquired in the acquisition) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2013	Jun. 28, 2013	May. 31, 2013
Finite Lived And Indefinite Lived Intangible Assets [Line Items]
Acquired intangible assets	$ 141	$ 715
eSpeed [Member]
Finite Lived And Indefinite Lived Intangible Assets [Line Items]
Acquired intangible assets		715	$ 715
TR Corporate Solutions Businesses [Member]
Finite Lived And Indefinite Lived Intangible Assets [Line Items]
Acquired intangible assets		91		$ 91
Customer Relationships [Member]
Finite Lived And Indefinite Lived Intangible Assets [Line Items]
Estimated Average Remaining Useful Life	15 years
Finite-lived Intangible Assets Acquired	$ 29
Acquired intangible assets		121	121
Customer Relationships [Member] \| TR Corporate Solutions Businesses [Member]
Finite Lived And Indefinite Lived Intangible Assets [Line Items]
Finite-lived Intangible Assets Acquired		89
Acquired intangible assets				89
Customer Relationships [Member] \| TR Corporate Solutions Businesses [Member] \| Minimum [Member]
Finite Lived And Indefinite Lived Intangible Assets [Line Items]
Estimated Average Remaining Useful Life	9 years
Customer Relationships [Member] \| TR Corporate Solutions Businesses [Member] \| Maximum [Member]
Finite Lived And Indefinite Lived Intangible Assets [Line Items]
Estimated Average Remaining Useful Life	14 years
Customer Relationships [Member] \| Market Services [Member]
Finite Lived And Indefinite Lived Intangible Assets [Line Items]
Estimated Average Remaining Useful Life	13 years
Finite-lived Intangible Assets Acquired		105
Customer Relationships [Member] \| Information Services [Member]
Finite Lived And Indefinite Lived Intangible Assets [Line Items]
Estimated Average Remaining Useful Life	13 years
Finite-lived Intangible Assets Acquired		16
Technology [Member]
Finite Lived And Indefinite Lived Intangible Assets [Line Items]
Estimated Average Remaining Useful Life	5 years
Finite-lived Intangible Assets Acquired	$ 4
Acquired intangible assets		16	$ 16
Technology [Member] \| TR Corporate Solutions Businesses [Member]
Finite Lived And Indefinite Lived Intangible Assets [Line Items]
Finite-lived Intangible Assets Acquired		2
Acquired intangible assets				$ 2
Technology [Member] \| TR Corporate Solutions Businesses [Member] \| Minimum [Member]
Finite Lived And Indefinite Lived Intangible Assets [Line Items]
Estimated Average Remaining Useful Life	2 years
Technology [Member] \| TR Corporate Solutions Businesses [Member] \| Maximum [Member]
Finite Lived And Indefinite Lived Intangible Assets [Line Items]
Estimated Average Remaining Useful Life	5 years
Technology [Member] \| Market Services [Member]
Finite Lived And Indefinite Lived Intangible Assets [Line Items]
Estimated Average Remaining Useful Life	5 years
Finite-lived Intangible Assets Acquired		14
Technology [Member] \| Information Services [Member]
Finite Lived And Indefinite Lived Intangible Assets [Line Items]
Estimated Average Remaining Useful Life	5 years
Finite-lived Intangible Assets Acquired		2
Trade names [Member]
Finite Lived And Indefinite Lived Intangible Assets [Line Items]
Indefinite-lived Intangible Assets Acquired	$ 108
Acquired intangible assets		578
Trade names [Member] \| Market Services [Member]
Finite Lived And Indefinite Lived Intangible Assets [Line Items]
Indefinite-lived Intangible Assets Acquired		528
Trade names [Member] \| Information Services [Member]
Finite Lived And Indefinite Lived Intangible Assets [Line Items]
Indefinite-lived Intangible Assets Acquired		$ 50

Goodwill and Acquired Intangible Assets (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Schedule of Goodwill and Intangible Assets [Line Items]
Goodwill expected to be deductible in future periods		$ 896
Amortization expense for purchased finite-lived intangible assets		62	$ 69	$ 63
Future amortization expense, impact of foreign currency translation adjustments		95
Non-cash intangible asset impairment charges				14
Rebranding of Trade Name [Member]
Schedule of Goodwill and Intangible Assets [Line Items]
Non-cash intangible asset impairment charges		119
Customer Relationships [Member]
Schedule of Goodwill and Intangible Assets [Line Items]
Non-cash intangible asset impairment charges			38	7
Trade names [Member]
Schedule of Goodwill and Intangible Assets [Line Items]
Non-cash intangible asset impairment charges				7
eSpeed [Member]
Schedule of Goodwill and Intangible Assets [Line Items]
Goodwill expected to be deductible in future periods		542
eSpeed [Member] \| Customer Relationships [Member]
Schedule of Goodwill and Intangible Assets [Line Items]
Non-cash intangible asset impairment charges	$ 38
eSpeed [Member] \| Customer Relationships [Member] \| Income Approach Valuation Technique [Member]
Schedule of Goodwill and Intangible Assets [Line Items]
Finite lived intangible, fair value	$ 71		$ 71
TR Corporate Solutions Businesses [Member]
Schedule of Goodwill and Intangible Assets [Line Items]
Goodwill expected to be deductible in future periods		258
FTEN [Member] \| Customer Relationships [Member] \| Income Approach Valuation Technique [Member]
Schedule of Goodwill and Intangible Assets [Line Items]
Finite lived intangible, fair value				$ 4
Other Aquisitions [Member]
Schedule of Goodwill and Intangible Assets [Line Items]
Goodwill expected to be deductible in future periods		$ 96

Goodwill and Acquired Intangible Assets (Schedule of Changes in Goodwill) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2015 USD ($)
Goodwill [Line Items]
Balance	$ 5,538
Goodwill acquired	118
Foreign currency translation adjustment	(261)
Balance	5,395
Market Services [Member]
Goodwill [Line Items]
Balance	3,081
Foreign currency translation adjustment	(140)
Balance	2,941
Listing Services [Member]
Goodwill [Line Items]
Balance	114
Goodwill acquired	7
Foreign currency translation adjustment	(9)
Balance	112
Information Services [Member]
Goodwill [Line Items]
Balance	1,794
Goodwill acquired	111
Foreign currency translation adjustment	(82)
Balance	1,823
Technology Solutions Revenues [Member]
Goodwill [Line Items]
Balance	549
Foreign currency translation adjustment	(30)
Balance	$ 519

Goodwill and Acquired Intangible Assets (Finite-Lived and Indefinite-Lived Intangible Assets) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Finite Lived And Indefinite Lived Intangible Assets [Line Items]
Total Finite-Lived Intangible Assets, Gross Amount	$ 944	$ 955
Accumulated Amortization	(371)	(322)
Total	573	633
Total indefinite-lived intangible assets, Net Amount	1,386	1,444
Total Intangible Assets, Gross Amount	2,330	2,399
Total Intangible Assets, Net Amount	1,959	2,077
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	700	756
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	(155)	(153)
Technology [Member]
Finite Lived And Indefinite Lived Intangible Assets [Line Items]
Total Finite-Lived Intangible Assets, Gross Amount	39	35
Accumulated Amortization	(23)	(16)
Total	$ 16	$ 19
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	$ 1,038	$ 1,009
Accumulated Amortization	(387)	(329)
Total	$ 651	$ 680
Total finite-lived intangible assets, Weighted-Average Useful Life (in Years)	20 years	20 years
Other [Member]
Finite Lived And Indefinite Lived Intangible Assets [Line Items]
Total Finite-Lived Intangible Assets, Gross Amount	$ 5	$ 5
Accumulated Amortization	(4)	(3)
Total	$ 1	$ 2
Total finite-lived intangible assets, Weighted-Average Useful Life (in Years)	9 years	9 years
Foreign currency translation adjustment [Member]
Finite Lived And Indefinite Lived Intangible Assets [Line Items]
Total Finite-Lived Intangible Assets, Gross Amount	$ (138)	$ (94)
Accumulated Amortization	43	26
Total	$ (95)	$ (68)

Goodwill and Acquired Intangible Assets (Estimated Future Amortization Expense) (Details) $ in Millions	Dec. 31, 2015 USD ($)
Goodwill and Acquired Intangible Assets [Abstract]
2016	$ 66
2017	64
2018	61
2019	47
2020	46
2021 and thereafter	384
Total	$ 668

Investments (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
Investments (Details) - USD ($) $ in Millions	Mar. 31, 2015	Dec. 31, 2015	Dec. 31, 2013	Dec. 31, 2014	Mar. 31, 2014
Investments, Debt and Securities [Line Items]
Trading securities		$ 189		$ 171
Gain on sale of investment security			$ 30
Available for sale, fair value		12		3
Equity method investments		72		$ 25
Net income (loss) from unconsolidated investees		$ 17	$ (2)
Borsa Istanbul Cost Method Investment [Member]
Investments, Debt and Securities [Line Items]
Cost Method Investment Ownership Percentage		5.00%		5.00%
Cost method investment, original amount				$ 75	$ 75
LCH [Member]
Investments, Debt and Securities [Line Items]
Carrying cost of Investment		$ 132		$ 138
Cost Method Investment Ownership Percentage		5.00%		5.00%
Minimum [Member]
Investments, Debt and Securities [Line Items]
Equity Method Investment Ownership Percentage		20.00%
Maximum [Member]
Investments, Debt and Securities [Line Items]
Equity Method Investment Ownership Percentage		50.00%
Foreign Government Debt Securities [Member]
Investments, Debt and Securities [Line Items]
Trading securities		$ 166		$ 159
OCC [Member]
Investments, Debt and Securities [Line Items]
Net income (loss) from unconsolidated investees	$ 13
Period in which petitioners have to appeal		30 days
Payments to Acquire Equity Method Investments		$ 30
Total Committed Equity Contribution		$ 150
Annual dividend From Shareholders percentage		50.00%

Property and Equipment, net (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Property and Equipment, net [Abstract]
Depreciation and amortization expense	$ 76	$ 68	$ 59
Asset impairment charges	$ 18	$ 11

Property and Equipment, net (Schedule of Property and Equipment, Net) (Details) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 830	$ 760
Less: accumulated depreciation and amortization	(507)	(468)
Total property and equipment, net	323	292	$ 268
Data Processing Equipment and Software [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	576	533
Furniture, equipment and leasehold improvements [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 254	$ 227

Deferred Revenue (Changes in Deferred Revenue) (Details) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2015

Dec. 31, 2014

Mar. 31, 2014

$ 392

$ 294

^[1]

626

831

^[1]

(674)

(702)

Translation adjustment

(17)

(31)

Initial Listing Revenues [Member]

327

392

^[1]

^[1]

(16)

(14)

Listing of Additional Shares Revenues [Member]

^[1]

^[1]

(35)

(39)

Annual Renewal and Other Revenues [Member]

^[1]

256

226

^[1]

(250)

(230)

Translation adjustment

(3)

Technology Solutions Revenues [Member]

^[2]

247

158

^[1],[2]

339

536

^[1],[2]

(373)

(419)

Translation adjustment

^[2]

(14)

(28)

Borsa Istanbul Cost Method Investment [Member]

^[2]

$ 199

247

Cost Method Investments, Original Cost

$ 75

[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. The additions to technology solutions revenues in 2014 include $75 million related to the Borsa Istanbul market technology agreement. See "Cost Method Investments," of Note 6, "Investments," for further discussion.

[2]

Technology solutions deferred revenue primarily includes revenues from our corporate solutions subscription-based contracts, which are primarily billed quarterly in advance, and our market technology client contracts where customization and significant modifications to the software are made to meet the needs of our customers. For our market technology contracts, 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.

Deferred Revenue (Estimated Deferred Revenue) (Details) - USD ($)
$ in Millions

Dec. 31, 2015

Dec. 31, 2014

Dec. 31, 2013

Deferred revenue estimated revenue to be recognized

$ 127

327

$ 392

$ 294

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

2016

Technology Solutions Revenues [Member]

Deferred revenue estimated revenue to be recognized

^[1]

$ 199

$ 247

$ 158

[1]

Debt Obligations (5.55% Senior Unsecured Notes) (Details) - USD ($)

12 Months Ended

Dec. 31, 2015

Dec. 31, 2014

Jan. 31, 2010

Debt issuance cost

$ 16,000,000

Senior Notes [Member]

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

4.00%

Debt instrument, face amount

$ 600,000,000

5.55%

Jan. 15, 2020

^[1],[2]

$ 597,000,000

$ 596,000,000

[1]	Net of unamortized debt discount and debt issuance costs.
[2]	See "Senior Unsecured Notes" below for further discussion.

Debt Obligations (5.25% Senior Unsecured Notes) (Details) - Senior Notes [Member] - USD ($)

12 Months Ended

Dec. 31, 2015

Dec. 31, 2014

Dec. 31, 2010

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

4.00%

Debt instrument, face amount

$ 370,000,000

5.25%

Jan. 16, 2018

Maximum interest rate on debt instrument

^[1],[2]

$ 368,000,000

7.25%

Aggregate principal amount purchased plus accrued and unpaid interest

101.00%

[1]	Net of unamortized debt discount and debt issuance costs.
[2]	See "Senior Unsecured Notes" below for further discussion.

Debt Obligations (3.875% Senior Unsecured Notes) (Details) - Senior Notes [Member]
$ in Millions

12 Months Ended

Dec. 31, 2015

USD ($)

Dec. 31, 2014

USD ($)

Jun. 30, 2013

EUR (€)

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

4.00%

Debt Instrument Face Amount | €

^[1],[2]

$ 646

$ 720

€ 600,000,000

3.875%

Maximum interest rate on debt instrument

Jun. 07, 2021

5.875%

Aggregate principal amount purchased plus accrued and unpaid interest

101.00%

Foreign currency translation adjustment recorded in AOCI

$ 74

[1]	Net of unamortized debt discount and debt issuance costs.
[2]	See "Senior Unsecured Notes" below for further discussion.

Debt Obligations (4.25% Senior Unsecured Notes) (Details) - USD ($)

12 Months Ended

Dec. 31, 2015

Dec. 31, 2014

May. 31, 2014

Payments Of Debt Extinguishment Costs

$ 11,000,000

Debt issuance cost

$ 16,000,000

Senior Notes [Member]

Payments Of Debt Extinguishment Costs

4.00%

$ 9,000,000

Senior Notes [Member] | 4.25% Senior Unsecured Notes Due June 1 2024 [Member]

Debt instrument, face amount

^[1],[2]

$ 495,000,000

$ 494,000,000

$ 500,000,000

4.25%

Maximum interest rate on debt instrument

Jun. 01, 2024

6.25%

Aggregate principal amount purchased plus accrued and unpaid interest

101.00%

[1]	Net of unamortized debt discount and debt issuance costs.
[2]	See "Senior Unsecured Notes" below for further discussion.

Debt Obligations (2014 Credit Facility) (Details) - USD ($) $ in Millions	1 Months Ended	2 Months Ended	12 Months Ended
	Jan. 31, 2015	Mar. 31, 2015	Dec. 31, 2015
Debt Instrument [Line Items]
Credit facility, proceeds			$ 406
Revolving Credit Facility [Member] \| Dorsey, Wright & Associates, LLC or DWA [Member]
Debt Instrument [Line Items]
Credit facility, proceeds	$ 100	$ 100
Revolving Credit Facility [Member] \| $750 million revolving credit commitment due November 25, 2019 [Member]
Debt Instrument [Line Items]
Credit facility, borrowing capacity			750
Credit facility, additional borrowing capacity			500
Line Of Credit Facility Maximum Borrowing Capacity			750
Credit facility, outstanding amount			258
Repayments of credit facility			$ 369

The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

Debt Obligations (Other Credit Facilities) (Details) - Clearinghouse Credit Facilities [Member] - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Credit facility, borrowing capacity	$ 202	$ 236
Credit facility, available liquidity	$ 202	197
Credit facility satisfy regulatory requirements		39
Credit facility, outstanding amount		$ 7

Debt Obligations (Changes in Debt Obligations) (Details) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2015

Dec. 31, 2014

May. 31, 2014

Jun. 30, 2013

Dec. 31, 2010

Jan. 31, 2010

Total long-term debt obligations

$ 2,364

$ 2,297

506

(439)

Senior Notes [Member]

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

4.00%

^[1],[2]

597

$ 596

^[1],[2]

$ 1

Jan. 15, 2020

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

5.55%

^[1],[2]

$ 368

368

Jan. 16, 2018

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

5.25%

^[1],[2]

$ 646

720

^[1],[2]

$ (74)

Jun. 07, 2021

Senior Notes [Member] | 4.25% Senior Unsecured Notes Due June 1 2024 [Member]

3.875%

^[1],[2]

$ 495

494

^[1],[2]

$ 1

Jun. 01, 2024

Revolving Credit Facility [Member] | $750 million revolving credit commitment due November 25, 2019 [Member]

4.25%

^[2],[3]

$ 258

$ 119

^[2],[3]

506

Debt Instrument Interest Rate During Period

^[2],[3]

$ (367)

1.51%

Line Of Credit Facility Maximum Borrowing Capacity

Nov. 25, 2019

$ 750

[1]	Net of unamortized debt discount and debt issuance costs.
[2]	See "Senior Unsecured Notes" below for further discussion.
[3]	Net of unamortized debt issuance costs. See "2014 Credit Facility" below for further discussion.

Income Taxes (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income Tax Disclosure [Line Items]
Undistributed earnings			$ 121
U.S. federal net operating loss			5	$ 2
Foreign net operating loss			92	99
Net operating loss subject to expiration			59
Net operating loss not subject to expiration			33
State net operating loss			2	1
Tax credits			7	9
Income tax benefits primarily related to share-based compensation			34	9	$ 16
Unrecognized tax benefits that would impact effective tax rate			33	35
Interest and penalties related to income tax			7	6
Increase (decrease) in tax expense related to tax examination				21
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 expense (benefits) recorded			$ 12	$ 23
US Federal Tax Authority [Member] \| Minimum [Member]
Income Tax Disclosure [Line Items]
Federal income tax returns, year under review			2011
US Federal Tax Authority [Member] \| Maximum [Member]
Income Tax Disclosure [Line Items]
Federal income tax returns, year under review			2013
Foreign Tax Authority [Member] \| SE
Income Tax Disclosure [Line Items]
Unrecognized tax benefits that would impact effective tax rate			$ 5
Decrease in operating expenses associated with receivable under tax sharing agreement			(6)
Increase in tax expense related to receivable under tax sharing agreement	$ 12
Tax expense (benefits) recorded			(44)
Additional tax assessment			$ 6
Tax expense (benefits), per diluted share			$ (0.26)
Foreign Tax Authority [Member] \| FI
Income Tax Disclosure [Line Items]
Tax expense (benefits) recorded			$ (29)
Income taxes paid			40
Interest and penalties paid			$ 11
Foreign Tax Authority [Member] \| Scenario, Forecast [Member] \| SE
Income Tax Disclosure [Line Items]
Tax expense (benefits) recorded		$ 36
Tax expense (benefits), per diluted share		$ 0.21
Foreign Tax Authority [Member] \| Scenario, Forecast [Member] \| FI
Income Tax Disclosure [Line Items]
Tax expense		$ 35
Tax expense (benefits) recorded		$ 35
Tax expense (benefits), per diluted share		$ 0.21
Foreign Tax Authority [Member] \| Minimum [Member]
Income Tax Disclosure [Line Items]
Federal income tax returns, year under review			2008
Foreign Tax Authority [Member] \| Minimum [Member] \| Scenario, Forecast [Member] \| SE
Income Tax Disclosure [Line Items]
Quarterly recurring tax benefits		$ 1
Foreign Tax Authority [Member] \| Maximum [Member]
Income Tax Disclosure [Line Items]
Federal income tax returns, year under review			2014
Foreign Tax Authority [Member] \| Maximum [Member] \| Scenario, Forecast [Member] \| SE
Income Tax Disclosure [Line Items]
Quarterly recurring tax benefits		$ 2
State and local jurisdiction [Member] \| Minimum [Member]
Income Tax Disclosure [Line Items]
Federal income tax returns, year under review			2005
State and local jurisdiction [Member] \| Maximum [Member]
Income Tax Disclosure [Line Items]
Federal income tax returns, year under review			2013
Internal Revenue Service (IRS) [Member]
Income Tax Disclosure [Line Items]
Federal income tax returns, year under review			2014
Finnish Tax Authority [Member] \| Minimum [Member]
Income Tax Disclosure [Line Items]
Federal income tax returns, year under review			2009
Finnish Tax Authority [Member] \| Maximum [Member]
Income Tax Disclosure [Line Items]
Federal income tax returns, year under review			2011

Income Taxes (Components of Income Tax Provision) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income Taxes [Abstract]
Current income taxes, Federal	$ 139	$ 123	$ 134
Current income taxes, State	42	36	21
Current income taxes, Foreign	36	28	33
Total current income taxes	217	187	188
Deferred income taxes, Federal	(18)	(13)	13
Deferred income taxes, State	(1)	(2)	11
Deferred income taxes, Foreign	5	9	4
Total deferred income taxes	(14)	(6)	28
Total income tax provision	$ 203	$ 181	$ 216

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

12 Months Ended

Dec. 31, 2015

Dec. 31, 2014

Dec. 31, 2013

Income Taxes [Abstract]

Federal income tax provision at the statutory rate

35.00%

State income tax provision, net of federal effect

3.90%

3.40%

2.90%

Non-U.S. subsidiary earnings

(6.40%)

(7.00%)

(4.40%)

Change in unrecognized tax benefits

0.30%

(3.00%)

4.80%

Other, net

(0.60%)

2.10%

(2.30%)

Actual income tax provision

^[1]

32.20%

30.50%

36.00%

[1]	The higher effective tax rate in 2015 when compared to 2014, and the lower effective tax rate in 2014 when compared to 2013, is primarily due to a decrease in unrecognized tax benefits in 2014.

Income Taxes (Schedule of Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Income Taxes [Abstract]
Deferred revenues	$ 46	$ 36
U.S. federal net operating loss	5	2
Foreign net operating loss	92	99
State net operating loss	2	1
Compensation and benefits	86	96
Foreign currency translation	458	358
Sublease loss reserves	7	15
Tax credits	7	9
Other	25	26
Gross deferred tax assets	728	642
Amortization of software development costs and depreciation	(135)	(107)
Amortization of acquired intangible assets	(478)	(536)
Other	(13)	(20)
Gross deferred tax liabilities	(626)	(663)
Net deferred tax assets (liabilities) before valuation allowance	102	(21)
Less: valuation allowance	(85)	(90)
Net deferred tax assets (liabilities)	$ 17
Net deferred tax assets (liabilities)		$ (111)

Income Taxes (Domestic and Foreign Components of Income Before Income Tax Provision) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income Taxes [Abstract]
Domestic	$ 393	$ 349	$ 362
Foreign	237	245	238
Income before income tax provision	$ 630	$ 594	$ 600

Income Taxes (Reconciliation of Unrecognized Tax Benefits) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Income Taxes [Abstract]
Beginning balance	$ 41	$ 58
Additions (reductions) as a result of tax positions taken in prior periods	3
Additions (reductions) as a result of tax positions taken in prior periods		(21)
Additions as a result of tax positions taken in the current period	3	5
Reductions related to settlements with taxing authorities	(2)	(1)
Reductions as a result of lapses of the applicable statute of limitations	(5)
Ending balance	$ 40	$ 41

Employee Benefits (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2016
Defined Benefit Plan Disclosure [Line Items]
Funded status of the plans	$ (64)	$ (63)
Common stock shares reserved for future issuance	6,900,000
Scenario, Forecast [Member]
Defined Benefit Plan Disclosure [Line Items]
Funded status of the plans				$ 0
Pension [Member]
Defined Benefit Plan Disclosure [Line Items]
Employer contribution match, percent match	100.00%
Employer contribution match, percentage of employee contribution	6.00%	6.00%	4.00%
Defined contributions plan expense	$ 10	$ 9	$ 6
Employer retirement contributions [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined contributions plan expense		3	5
Non-U.S. Benefit Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Cost or expenses included in compensation and benefit expense	$ 17	$ 20	$ 19
Employee Stock Purchase Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Common stock shares reserved for future issuance	2,600,000
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	247,444	256,772	271,843
Weighted-average price of shares purchased	$ 40.95	$ 33.06	$ 24.12
Compensation expenses	$ 4	$ 4	$ 3
Rate of discount given to employees	15.00%
Minimum [Member] \| Equity Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Percentage of expected rate of return on plan assets	6.50%
Minimum [Member] \| Fixed income securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Percentage of expected rate of return on plan assets	3.10%
Minimum [Member] \| Other investment strategies and cash [Member]
Defined Benefit Plan Disclosure [Line Items]
Percentage of expected rate of return on plan assets	4.60%
Maximum [Member] \| Equity Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Percentage of expected rate of return on plan assets	10.60%
Maximum [Member] \| Fixed income securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Percentage of expected rate of return on plan assets	6.50%
Maximum [Member] \| Other investment strategies and cash [Member]
Defined Benefit Plan Disclosure [Line Items]
Percentage of expected rate of return on plan assets	6.90%

Employee Benefits (Components of Net Periodic Benefit Cost) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Employee Benefits [Abstract]
Interest cost	$ 6	$ 6	$ 5
Expected return on plan assets	(5)	(5)	(5)
Recognized net actuarial loss	4		4
Curtailment loss			2
Net periodic benefit cost	$ 5	$ 1	$ 6

Employee Benefits (Reconciliation of Changes in Benefit Obligation and Fair Value of Plan Assets) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Defined Benefit Plan Disclosure [Line Items]
Benefit obligation at beginning of year	$ 139	$ 124
Interest cost	6	6	$ 5
Actuarial gains	(1)	(1)
Benefits paid	(7)	(5)
(Gains) losses due to change in discount rate	(2)	13
(Gains) losses due to change in mortality rate	(1)	2
Benefit obligation at end of year	134	139	124
Fair value of plan assets at beginning of year	76	75
Actual return on plan assets		4
Company contributions	1	2
Fair value of plan assets at end of year	70	76	75
Underfunded status of the plans	(64)	(63)
Accumulated benefit obligation	134	139
Pension [Member]
Defined Benefit Plan Disclosure [Line Items]
Benefit obligation at beginning of year	104	91
Interest cost	5	4
Benefits paid	(6)	(3)
(Gains) losses due to change in discount rate	(2)	11
(Gains) losses due to change in mortality rate	(1)	1
Benefit obligation at end of year	100	104	91
Fair value of plan assets at beginning of year	76	75
Actual return on plan assets		4
Fair value of plan assets at end of year	70	76	75
Underfunded status of the plans	(30)	(28)
Accumulated benefit obligation	100	104
SERP [Member]
Defined Benefit Plan Disclosure [Line Items]
Benefit obligation at beginning of year	33	30
Interest cost	1	2
Actuarial gains	(1)
Benefits paid	(1)	(2)
(Gains) losses due to change in discount rate		2
(Gains) losses due to change in mortality rate		1
Benefit obligation at end of year	32	33	30
Company contributions	1	2
Underfunded status of the plans	(32)	(33)
Accumulated benefit obligation	32	33
Post-retirement [Member]
Defined Benefit Plan Disclosure [Line Items]
Benefit obligation at beginning of year	2	3
Actuarial gains		(1)
Benefit obligation at end of year	2	2	$ 3
Underfunded status of the plans	(2)	(2)
Accumulated benefit obligation	$ 2	$ 2

Employee Benefits (Weighted-Average Assumptions Used to Determine Benefit Obligations) (Details)	Dec. 31, 2015	Dec. 31, 2014
Pension [Member]
Defined Benefit Plan Disclosure [Line Items]
Discount rate	4.30%	4.20%
SERP [Member]
Defined Benefit Plan Disclosure [Line Items]
Discount rate	4.30%	4.20%
Post-retirement [Member]
Defined Benefit Plan Disclosure [Line Items]
Discount rate	4.30%	4.20%

Employee Benefits (Weighted-Average Actuarial Assumptions for Net benefit Cost) (Details)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Pension [Member]
Defined Benefit Plan Disclosure [Line Items]
Discount rate, net benefit cost	4.20%	4.90%	4.00%
Expected return on plan assets, net benefit cost	7.30%	7.30%	7.80%
SERP [Member]
Defined Benefit Plan Disclosure [Line Items]
Discount rate, net benefit cost	4.20%	4.90%	4.00%
Post-retirement [Member]
Defined Benefit Plan Disclosure [Line Items]
Discount rate, net benefit cost	4.20%	4.90%	4.00%

Employee Benefits (Target Allocations for Plan Assets) (Details)	12 Months Ended
	Dec. 31, 2015
Defined Benefit Plan Disclosure [Line Items]
Target allocation	100.00%
Equity Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Target allocation	40.00%
Fixed income securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Target allocation	44.00%
Other investment strategies and cash [Member]
Defined Benefit Plan Disclosure [Line Items]
Target allocation	16.00%

Employee Benefits (Fair Value of Plan Assets by Asset Category and Fair Value Hierarchy) (Details) - USD ($)
$ in Millions

Dec. 31, 2015

Dec. 31, 2014

Dec. 31, 2013

Equity Securities [Member]

$ 70

$ 76

$ 75

Fixed income securities [Member]

^[1]

Other investment strategies and cash [Member]

^[2]

^[3]

Level 1 [Member]

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

^[4]

^[2],[4]

Level 2 [Member]

Level 2 [Member] | Equity Securities [Member]

^[4]

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

^[1],[4]

^[2],[4]

Level 3 [Member]

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

^[4]

^[3],[4]

$ 13

[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 securities held in multi-strategy hedge funds, and securities held in real estate funds. Securities held in real estate funds include investments in a real estate ETF and an open-end commingled fund. Securities held in multi-strategy hedge funds are held in multiple asset classes and include investments in equity securities.
[4]	See "Fair Value Measurements," of Note 2, "Summary of Significant Accounting Policies," for further discussion of fair value measurements.

Employee Benefits (Change In Level 3 Plan Assets) (Details)
$ in Millions

12 Months Ended

Dec. 31, 2015

USD ($)

$ 76

Level 3 [Member]

^[1]

Level 3 [Member] | Real Estate [Member]

^[1]

Net unrealized gains

Level 3 [Member] | Hedge Fund Investment [Member]

Net unrealized gains

(1)

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

$ 7

[1]	See "Fair Value Measurements," of Note 2, "Summary of Significant Accounting Policies," for further discussion of fair value measurements.

Employee Benefits (Accumulated Other Comprehensive Income) (Loss) (Details) $ in Millions	Dec. 31, 2015 USD ($)
Defined Benefit Plan Disclosure [Line Items]
Unrecognized net gain (loss)	$ (35)
Income tax benefit (expense)	14
Employee benefit plan adjustment, net of tax	(21)
Pension [Member]
Defined Benefit Plan Disclosure [Line Items]
Unrecognized net gain (loss)	(41)
Income tax benefit (expense)	16
Employee benefit plan adjustment, net of tax	(25)
SERP [Member]
Defined Benefit Plan Disclosure [Line Items]
Unrecognized net gain (loss)	(1)
Income tax benefit (expense)	1
Post-retirement [Member]
Defined Benefit Plan Disclosure [Line Items]
Unrecognized net gain (loss)	7
Income tax benefit (expense)	(3)
Employee benefit plan adjustment, net of tax	$ 4

Employee Benefits (Estimated Future Benefit Payments) (Details) $ in Millions	Dec. 31, 2015 USD ($)
Defined Benefit Plan Disclosure [Line Items]
2016	$ 8
2017	10
2018	7
2019	8
2020	9
2021 through 2025	35
Estimated Future Benefit Payments	77
Pension [Member]
Defined Benefit Plan Disclosure [Line Items]
2016	4
2017	4
2018	5
2019	5
2020	5
2021 through 2025	26
Estimated Future Benefit Payments	49
SERP [Member]
Defined Benefit Plan Disclosure [Line Items]
2016	4
2017	6
2018	2
2019	3
2020	3
2021 through 2025	8
Estimated Future Benefit Payments	26
Post-retirement [Member]
Defined Benefit Plan Disclosure [Line Items]
2020	1
2021 through 2025	1
Estimated Future Benefit Payments	$ 2

Share-Based Compensation (Narrative) (Details)
$ / shares in Units, $ in Millions

1 Months Ended

3 Months Ended

12 Months Ended

Jul. 31, 2013

Mar. 31, 2016

Mar. 31, 2015

Mar. 31, 2014

Dec. 31, 2015

USD ($)

$ / shares

item

Dec. 31, 2014

USD ($)

$ / shares

Dec. 31, 2013

USD ($)

Common stock shares reserved for future issuance

6,900,000

Discount from market price

15.00%

Net cash proceeds from the exercise of stock options | $

$ 18

$ 32

$ 28

Stock options exercised in period

^[1]

682,054

1,578,050

2,346,220

Weighted-average grant date share price | $ / shares

$ 58.17

Stock options, exercisable

2,600,000

3,300,000

Weighted-average exercise price | $ / shares

$ 27.56

Total pre-tax intrinsic value of stock options exercised | $

$ 17

$ 33

$ 48

PSUs [Member]

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

Vesting period

3 years

Percentage of target amount granted, minimum

0.00%

Percentage of target amount granted, maximum

150.00%

Number of peer groups | item

Performance-based long-term incentive program weighted percentage

50.00%

Minimum payout

0.00%

Maximum payout

200.00%

Weighted-average grant date share price | $ / shares

^[2]

855,825

882,637

828,180

$ 50.97

$ 36.94

PSUs [Member] | Scenario, Adjustment [Member]

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

Maximum payout

100.00%

PSUs [Member] | Three-year performance period [Member]

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

PSUs [Member] | Three-year performance period [Member] | Scenario, Forecast [Member]

224,805

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

PSUs [Member] | One-year performance period [Member]

406,075

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

PSUs [Member] | One-year performance period [Member] | Scenario, Forecast [Member]

21,429

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

PSUs [Member] | One Year Performance Exceeded From 2013 Grant [Member]

87,582

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

PSUs [Member] | One Year Performance Exceeded From 2012 Grant [Member]

64,330

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

Restricted stock [Member]

28,028

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

General expiration period of stock options

10 years

Grant vesting period, expectation exceeds, years

3 years

Grant vesting period, expectation met, years

4 years

Grant vesting period, expectation not met, years

5 years

Restricted stock [Member] | Second Anniversary [Member]

^[3]

823,950

1,196,441

1,182,870

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

Vesting percentage

25.00%

Restricted stock [Member] | Third Anniversary [Member]

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

Vesting percentage

25.00%

Restricted stock [Member] | Fourth Anniversary [Member]

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

Vesting percentage

50.00%

Restricted stock and PSU's [Member]

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

Total unrecognized compensation cost | $

$ 88

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

1 year 7 months 6 days

Chief Executive Officer And Executive Vice Presidents [Member] | PSUs [Member]

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

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

100.00%

Senior Vice Presidents [Member] | PSUs [Member]

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

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

50.00%

Executive Officer [Member] | PSUs [Member]

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

Executive Officer [Member] | PSUs [Member] | Three-year performance period [Member]

800,152

609,591

818,307

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

Executive Officer [Member] | PSUs [Member] | One-year performance period [Member]

530,823

424,821

553,846

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

Minimum [Member] | Restricted stock [Member]

269,329

184,770

264,461

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

Vesting period

2 years

Maximum [Member] | Restricted stock [Member]

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

Vesting period

5 years

[1]	No stock option awards were granted for the years ended December 31, 2015, 2014 and 2013.
[2]	PSUs granted in 2015, 2014 and 2013 primarily reflect awards issued to certain officers, as described above.
[3]	Restricted stock granted in 2015, 2014 and 2013 primarily reflects our company wide grants as described above.

Shared-based Compensation (Schedule of Weighted- Average Assumptions Used to Determine Weighted-Average Fair Values) (Details) - $ / shares

12 Months Ended

Dec. 31, 2015

Dec. 31, 2014

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

Weighted-average grant date share price

$ 58.17

PSUs [Member]

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

Weighted-average risk free interest rate

0.81%

0.78%

Expected volatility

^[1],[2]

21.50%

28.40%

Weighted-average grant date share price

$ 50.97

$ 36.94

Weighted-average fair value at grant date

$ 64.08

$ 42.80

[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.
[2]	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	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Share-Based Compensation [Abstract]
Share-based compensation expense before income taxes	$ 68	$ 62	$ 47
Income tax benefit	(28)	(26)	(19)
Share-based compensation expense after income taxes	$ 40	$ 36	$ 28

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

12 Months Ended

Dec. 31, 2015

Dec. 31, 2014

Dec. 31, 2013

Share-Based Compensation [Abstract]

Number of Stock Options Outstanding, Beginning of period

^[1]

3,316,782

4,926,522

7,545,777

Number of Stock Options, Exercised

^[1]

(682,054)

(1,578,050)

(2,346,220)

Number of Stock Options, Forfeited or expired

^[1]

(8,241)

(31,690)

(273,035)

Number of Stock Options Outstanding, End of period

^[1]

2,626,487

3,316,782

4,926,522

Weighted-Average Exercise Price, Outstanding Beginning of period

$ 27.56

$ 25.21

$ 21.10

Weighted-Average Exercise Price, Exercised

26.84

20.31

12.05

Weighted-Average Exercise Price, Forfeited or expired

28.53

24.23

24.32

Weighted-Average Exercise Price, Outstanding End of period

$ 27.74

$ 27.56

$ 25.21

[1]	No stock option awards were granted for the years ended December 31, 2015, 2014 and 2013.

Share-Based Compensation (Summary of Significant Ranges of Outstanding and Exercisable Stock Options) (Details) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2015 USD ($) $ / shares shares
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Number of Stock Options \| shares	2,626,487
Weighted-Average Remaining Contractual Term	2 years 7 months 17 days
Weighted-Average Exercise Price	$ 27.74
Aggregate Intrinsic Value, Options Outstanding \| $	$ 80
$17.36 - 24.94 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Number of Stock Options \| shares	1,203,865
Weighted-Average Remaining Contractual Term	3 years 6 months 4 days
Weighted-Average Exercise Price	$ 21.11
Aggregate Intrinsic Value, Options Outstanding \| $	$ 45
Range of Exercise Prices, Lower Limit	$ 17.36
Range of Exercise Prices, Upper Limit	$ 24.94
$24.95 - 35.91 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Number of Stock Options \| shares	378,061
Weighted-Average Remaining Contractual Term	4 years 4 months 6 days
Weighted-Average Exercise Price	$ 25.32
Aggregate Intrinsic Value, Options Outstanding \| $	$ 12
Range of Exercise Prices, Lower Limit	$ 24.95
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 \| shares	1,044,561
Weighted-Average Remaining Contractual Term	11 months 27 days
Weighted-Average Exercise Price	$ 36.27
Aggregate Intrinsic Value, Options Outstanding \| $	$ 23
Range of Exercise Prices, Lower Limit	$ 35.92
Range of Exercise Prices, Upper Limit	$ 45.38

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

12 Months Ended

Dec. 31, 2015

Dec. 31, 2014

Dec. 31, 2013

Restricted stock [Member]

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

3,193,230

3,826,470

3,204,188

Number of Awards, Forfeited

^[1]

823,950

1,196,441

1,182,870

Number of Awards, Vested

(370,998)

(1,529,792)

(266,724)

(302,444)

(299,889)

(293,864)

Weighted-Average Grant Date Fair Value, Unvested balances

3,343,738

3,193,230

3,826,470

$ 30.99

$ 25.96

$ 23.20

Weighted-Average Grant Date Fair Value, Granted

49.26

36.87

32.69

Weighted-Average Grant Date Fair Value, Vested

29.90

23.29

23.77

Weighted-Average Grant Date Fair Value, Forfeited

34.34

29.87

24.40

Weighted-Average Grant Date Fair Value, Unvested balances

$ 35.36

$ 30.99

$ 25.96

PSUs [Member]

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

2,212,607

1,915,601

1,879,799

Number of Awards, Forfeited

^[2]

855,825

882,637

828,180

Number of Awards, Vested

(1,084,382)

(442,781)

(512,890)

(120,365)

(142,850)

(279,488)

Weighted-Average Grant Date Fair Value, Unvested balances

1,863,685

2,212,607

1,915,601

$ 32.69

$ 30.03

$ 23.14

Weighted-Average Grant Date Fair Value, Granted

49.32

40.34

39.68

Weighted-Average Grant Date Fair Value, Vested

24.33

27.75

22.68

Weighted-Average Grant Date Fair Value, Forfeited

36.43

28.75

25.77

Weighted-Average Grant Date Fair Value, Unvested balances

$ 47.57

$ 32.69

$ 30.03

[1]	Restricted stock granted in 2015, 2014 and 2013 primarily reflects our company wide grants as described above.
[2]	PSUs granted in 2015, 2014 and 2013 primarily reflect awards issued to certain officers, as described above.

Nasdaq Stockholders' Equity (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	12 Months Ended
	Jan. 31, 2015	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Sep. 30, 2012
Stockholders Equity [Line Items]
Common stock, shares authorized		300,000,000	300,000,000
Common stock, shares issued		167,241,734	170,325,304
Common stock, shares outstanding		164,324,270	168,795,263
Common stock holder voting rights, maximum percentage of the then-outstanding shares of Nasdaq common stock		5.00%
Common stock in treasury, shares		2,917,464	1,530,041
Share repurchase program, authorized amount			$ 500		$ 300
Remaining authorized share repurchase amounts under repurchase program		$ 159
Treasury shares acquired		7,191,685	4,592,194
Average per share price of repurchased stock		$ 52.44	$ 38.85
Aggregate purchase price		$ 377	$ 178	$ 10
Preferred stock, shares authorized		30,000,000
Preferred stock par value		$ 0.01
Cash dividend per share		$ 0.90	$ 0.58	$ 0.52
Dividend declared, date payable		Mar. 28, 2016
Dividend declared, record date		Mar. 14, 2016
Series A Preferred Stock [Member]
Stockholders Equity [Line Items]
Preferred stock, series A convertible preferred stock: shares issued		0	0
Preferred stock, series A convertible preferred stock: shares outstanding		0	0
Other Repurchases of Common Stock [Member]
Stockholders Equity [Line Items]
Treasury shares acquired		656,703
Subsequent Event [Member]
Stockholders Equity [Line Items]
Cash dividend per share	$ 0.25

Nasdaq Stockholders' Equity (Schedule of Dividends Declared) (Details) - USD ($)
$ / shares in Units, $ in Millions

12 Months Ended

Oct. 22, 2015

Jul. 23, 2015

Apr. 21, 2015

Jan. 26, 2015

Dec. 31, 2015

Dec. 31, 2014

Dec. 31, 2013

$ 0.90

$ 0.58

$ 0.52

Mar. 14, 2016

$ 149

$ 98

$ 87

January 26, 2015 [Member]

Mar. 28, 2016

Jan. 26, 2015

$ 0.15

Mar. 13, 2015

^[1]

$ 25

Mar. 27, 2015

April 21, 2015 [Member]

Apr. 21, 2015

$ 0.25

Jun. 12, 2015

^[1]

$ 42

Jun. 26, 2015

July 23, 2015 [Member]

Jul. 23, 2015

$ 0.25

Sep. 11, 2015

^[1]

$ 41

October 22, 2015 [Member]

Sep. 25, 2015

Oct. 22, 2015

$ 0.25

Dec. 14, 2015

^[1]

$ 41

Foreign Currency Translation Adjustments [Member]

Dec. 28, 2015

[1]	These amounts were recorded in retained earnings in the Consolidated Balance Sheets at December 31, 2015

Nasdaq Stockholders' Equity (Components of Accumulated Other Comprehensive Loss) (Details) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2015

Dec. 31, 2014

Gross balance

$ (1,333)

$ (1,052)

Income taxes

469

370

Net balance

(864)

(682)

Gross balance

^[1]

(1,298)

(1,015)

Income taxes

^[1]

455

355

Net balance

^[1]

(843)

(660)

Employee Benefit Plan Adjustments [Member]

Gross balance

^[2],[3]

(35)

(37)

Income taxes

^[2],[3]

Net balance

^[2],[3]

$ (21)

$ (22)

[1]	Amounts include cumulative gains (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 include cumulative gains (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 Benefit Plans.
[3]	Amounts primarily represent unrecognized net actuarial gains (losses) related to the Nasdaq Benefit Plans

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.

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

Earnings Per Share (Narrative) (Details) - shares

12 Months Ended

Dec. 31, 2015

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2012

Stock options to purchase shares

^[1]

2,626,487

3,316,782

4,926,522

7,545,777

Diluted shares outstanding

3,638,981

3,727,839

3,969,766

Common stock [Member]

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

Stock options to purchase shares

2,626,487

3,316,782

4,926,522

Restricted stock and PSU's [Member]

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

Stock options to purchase shares

5,207,423

5,405,837

5,742,071

Diluted shares outstanding

4,842,383

4,836,518

5,238,843

Employee Stock Option [Member]

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

Diluted shares outstanding

3,198,842

3,677,618

[1]	No stock option awards were granted for the years ended December 31, 2015, 2014 and 2013.

Earnings Per Share (Summary of Computation of Basic and Diluted Earnings Per Share) (Details) - USD ($)
$ / shares in Units, $ in Millions

12 Months Ended

Dec. 31, 2015

Dec. 31, 2014

Dec. 31, 2013

Earnings Per Share [Abstract]

Net income attributable to common shareholders

$ 428

$ 414

$ 385

Weighted-average common shares outstanding for basic earnings per share

167,285,450

168,926,733

166,932,103

Employee equity awards

3,638,981

3,727,839

3,969,766

Contingent issuance of common stock

^[1]

358,840

364,277

Weighted-average common shares outstanding for diluted earnings per share

171,283,271

173,018,849

171,266,146

Basic earnings per share

$ 2.56

$ 2.45

$ 2.30

Diluted earnings per share

$ 2.50

$ 2.39

$ 2.25

[1]	See "Non-Cash Contingent Consideration," of Note 18, "Commitments, Contingencies and Guarantees," for further discussion.

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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]

Fair Value of Financial Instruments (Narrative) (Details) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Fair Value of Financial Instruments [Abstract]
Fair value of debt utilizing discounted cash flow analyses	$ 2,500,000,000	$ 2,500,000,000
Transfers from between level 1 and level 2	$ 0	$ 0

Fair Value of Financial Instruments (Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis) (Details) - USD ($)
$ in Millions

Dec. 31, 2015

Dec. 31, 2014

^[1]

$ 201

$ 174

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

^[2]

1,556

2,148

Total

1,757

2,322

Level 1 [Member]

^[1]

189

171

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

^[2]

1,253

664

Total

1,442

835

Level 2 [Member]

^[1]

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

^[2]

303

1,484

Total

$ 315

$ 1,487

[1]

[2]

Default fund and margin deposit investments include cash contributions invested by Nasdaq Clearing, in accordance with its investment policy, either in highly rated European, and to a lesser extent, U.S. government debt securities, time deposits or reverse repurchase agreements with highly rated government debt securities as collateral. Of the total balance of $2,228 million recorded in the Consolidated Balance Sheets as of December 31, 2015, $303 million of cash contributions have been invested in reverse repurchase agreements and $1,253 million of cash contributions have been invested in highly rated European, and to a lesser extent, U.S. government debt securities. The remainder of this balance is held in cash. Of the total balance of $2,194 million recorded in the Consolidated Balance Sheets as of December 31, 2014, $1,484 million of cash contributions have been invested in reverse repurchase agreements and $664 million of cash contributions have been invested in highly rated European, and to a lesser extent, U.S. government debt securities and time deposits. The remainder of this balance is held in cash. See Note 16, "Clearing Operations," for further discussion of default fund contributions and margin deposits.There were no transfers of assets between Level 1 and Level 2 of the fair value hierarchy as of December 31, 2015 and 2014.

Fair Value of Financial Instruments (Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Additional Information) (Details) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2015

Dec. 31, 2014

^[1]

$ 201

$ 174

2,228

2,194

Foreign Government Debt Securities [Member]

^[2]

1,556

2,148

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

US Government Debt Securities [Member]

166

159

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

Highly Rated Government Debt Securities

303

1,484

$ 1,253

$ 664

[1]

[2]

Clearing Operations (Narrative) (Details)
$ in Millions

12 Months Ended

Dec. 31, 2015

USD ($)

contract

item

Dec. 31, 2014

USD ($)

contract

Number of member sponsored default funds | item

Marketable Securities Current

^[1]

$ 201

$ 174

NASDAQ Nordic Clearing [Member]

^[2]

1,556

2,148

Outstanding contract value of resale and repurchase agreements

$ 1,100

$ 6,200

Total number of derivative contracts cleared | contract

7,908,873

4,292,282

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

100.00%

Marketable Securities Current

$ 124

Liability Waterfall [Member]

Junior capital, cash deposits and pledged assets

Senior capital, cash deposits and pledged assets

$ 24

[1]

[2]

Clearing Operations (Schedule of Clearing Member Default Fund Contributions And Margin Deposits) (Details)
$ in Millions

Dec. 31, 2015

USD ($)

Default fund contributions

$ 448

Margin deposits

6,815

Default fund contributions and margin deposits

7,263

Cash Contributions [Member]

Default fund contributions

359

^[1],[2]

Margin deposits

1,869

^[1],[2]

Default fund contributions and margin deposits

2,228

^[1],[2]

Non-Cash Contributions [Member]

Default fund contributions

Margin deposits

4,946

Default fund contributions and margin deposits

$ 5,035

[1]
[2]	As of December 31, 2015, in accordance with its investment policy, Nasdaq Clearing has invested cash contributions of $303 million in reverse repurchase agreements and $1,253 million in highly rated government debt securities. The remainder of this balance is held in cash.

Clearing Operations (Schedule of Derivative Contracts Outstanding) (Details)
$ in Millions

Dec. 31, 2015

USD ($)

contract

Dec. 31, 2014

contract

$ 2,854

Commodity forwards and options [Member]

105,676,108

97,633,035

^[1],[2],[3]

$ 1,908

Fixed-income options and futures [Member]

^[4]

2,745,954

2,394,710

^[2],[3]

$ 591

Stock options and futures [Member]

19,631,917

20,130,657

^[2],[3]

$ 210

Index options and futures [Member]

33,519,064

32,236,023

^[2],[3]

$ 145

Commitments and Contingencies Disclosure [Line Items]

49,779,173

42,871,645

[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 futures contracts based upon quoted market prices and average quoted market yields.
[3]	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.
[4]	The total volume in cleared power related to commodity contracts was 1,496 Terawatt hours (TWh) for the year ended December 31, 2015 and 1,564 TWh for the year ended December 31, 2014.

Leases - (Future Minimum Lease Payments) (Details) $ in Millions	Dec. 31, 2015 USD ($)
Gross Lease Commitments [Member]
Operating Leased Assets [Line Items]
2016	$ 84
2017	52
2018	47
2019	45
2020	36
Thereafter	83
Total future minimum lease payments	347
Sublease Income [Member]
Operating Leased Assets [Line Items]
2016	6
2017	4
2018	3
2019	3
2020	3
Thereafter	8
Total future minimum lease payments	27
Net Lease Commitments [Member]
Operating Leased Assets [Line Items]
2016	78
2017	48
2018	44
2019	42
2020	33
Thereafter	75
Total future minimum lease payments	$ 320

Commitments, Contingencies and Guarantees (Details)
CAD in Millions, $ in Millions

1 Months Ended

12 Months Ended

Feb. 29, 2016

CAD

Feb. 29, 2016

USD ($)

Dec. 31, 2015

USD ($)

Dec. 31, 2014

USD ($)

Dec. 31, 2013

Mar. 31, 2014

Financial guarantees obtained

$ 13

$ 14

Contingent future issuance of common stock, shares | shares

^[1]

358,840

364,277

Margin deposits contributed to Cantor Fitzgerald

$ 19

Legal Reserve [Member]

Commitments and Contingencies Disclosure [Line Items]

Litigation amount

$ 31

Maximum [Member]

Commitments and Contingencies Disclosure [Line Items]

Equity method investment, ownership percentage

50.00%

BWise [Member]

Commitments and Contingencies Disclosure [Line Items]

Percentage of acquired ownership interest

28.00%

Chi-X Canada [Member] | Subsequent Event [Member]

Commitments and Contingencies Disclosure [Line Items]

Business acquisition

$ 110

Marketwired [Member] | Subsequent Event [Member]

Commitments and Contingencies Disclosure [Line Items]

Business acquisition | CAD

CAD 150

eSpeed [Member]

Commitments and Contingencies Disclosure [Line Items]

Contingent future issuance of common stock, shares | shares

992,247

Consolidated Amount of Revenue required to triger annual issuance of Nasdaq common stock

$ 25

Clearinghouse Credit Facilities [Member]

Commitments and Contingencies Disclosure [Line Items]

Credit facilities, total

202

$ 236

Credit facility, available liquidity

202

197

Credit facility, regulatory requirements amount

Credit facility, outstanding amount

Escrow Agreement [Member]

Commitments and Contingencies Disclosure [Line Items]

Contingency, accrual

Property Lease Guarantee [Member]

Commitments and Contingencies Disclosure [Line Items]

Other guarantees

$ 11

$ 13

[1]	See "Non-Cash Contingent Consideration," of Note 18, "Commitments, Contingencies and Guarantees," for further discussion.

Business Segments (Narrative) (Details) $ in Millions	3 Months Ended	12 Months Ended
Business Segments (Narrative) (Details) $ in Millions	Mar. 31, 2013 USD ($)	Dec. 31, 2015 USD ($) item customer segment country	Dec. 31, 2014 USD ($) customer	Dec. 31, 2013 USD ($) customer
Segment Reporting Information [Line Items]
Number of operating segments \| segment		4
Voluntary Accommodation Program				$ 44
Merger expenses		$ 10	$ 81	22
Impairment Of Intangible Assets Finitelived				14
Sublease loss reserve			11
Extinguishment of debt			11
SEC matter expense				10
Total restructuring charges	$ 9	172		$ 9
Increase (decrease) in total assets		(210)	492
Reversal of VAT refund receivables		$ 12	$ 23
Number of customer accounted for more than 10% of revenues \| customer		0	0	0
Amortization Of Intangible Assets		$ 62	$ 69	$ 63
Rebranding of Trade Name [Member]
Segment Reporting Information [Line Items]
Impairment Of Intangible Assets Finitelived		119
Total restructuring charges		$ 119
Sales Revenue, Net [Member]
Segment Reporting Information [Line Items]
Concentration Risk, Percentage		10.00%	10.00%	10.00%
Market Services [Member] \| Cash Equities Trading Markets [Member]
Segment Reporting Information [Line Items]
Number of exchanges \| item		3
Market Services [Member] \| Options Markets [Member]
Segment Reporting Information [Line Items]
Number of exchanges \| item		3
Listing Services [Member]
Segment Reporting Information [Line Items]
Total number of U.S. listed companies \| item		2,859
Approximate combined market capitalization, U.S.		$ 8,300
Total number of listed companies within Nordic and Baltic exchanges \| item		852
Approximate combined market capitalization within Nordic and Baltic exchanges		$ 1,300
Information Services [Member]
Segment Reporting Information [Line Items]
Assets management value		$ 114,000
Technology Solutions Revenues [Member]
Segment Reporting Information [Line Items]
Number of exchanges \| item		70
Number of clients \| customer		9,500
Services Provided Over Number Of Countries \| country		50
Senior Notes [Member]
Segment Reporting Information [Line Items]
Debt instrument, interest rate			4.00%
Extinguishment of debt			$ 9
Revolving Credit Facility [Member]
Segment Reporting Information [Line Items]
Extinguishment of debt			$ 2

Business Segments (Schedule of Operating Segments) (Details) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2015

Dec. 31, 2014

Dec. 31, 2013

Transaction-based expenses

$ 3,403

$ 3,500

$ 3,211

(1,313)

(1,433)

(1,316)

2,090

2,067

1,895

138

^[1]

137

122

720

^[2]

754

^[1]

688

^[3]

^[4]

11,861

12,071

12,563

Corporate Items and Eliminations [Member]

133

140

^[1]

115

(255)

^[2]

(177)

^[1]

(148)

^[3]

^[4]

1,171

992

820

Market Services [Member]

Transaction-based expenses

2,084

2,229

2,072

(1,313)

(1,433)

(1,316)

771

796

756

^[1]

413

^[2]

413

^[1]

361

^[3]

^[4]

6,906

7,437

7,816

Listing Services [Member]

^[1]

264

238

228

264

238

228

^[1]

113

^[2]

^[1]

^[3]

^[4]

235

222

262

Information Services [Member]

^[1]

512

473

436

512

473

436

^[1]

365

^[2]

348

^[1]

325

^[3]

^[4]

2,456

2,296

2,557

Technology Solutions Revenues [Member]

^[1]

543

560

475

543

560

475

^[1]

^[2]

^[1]

^[3]

^[4]

1,093

1,124

1,108

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

$ 53

$ 57

^[1]

$ 54

[1]	The 2014 corporate items and eliminations primarily include: • merger and strategic initiatives expense of $81 million primarily related to our acquisitions of the TR Corporate businesses and eSpeed and a charge of $23 million related to the reversal of a receivable under a tax sharing agreement with an unrelated party; • amortization expense of acquired intangible assets of $69 million;sublease loss reserve of $11 million; and• loss on extinguishment of debt of $11 million, reflecting $9 million related to the early extinguishment of our 4.00% senior notes in June 2014 and $2 million related to the refinancing of our 2011 credit facility.
[2]	The 2015 corporate items and eliminations primarily include:• restructuring charges of $172 million. See Note 3, "Restructuring Charges," for further discussion;• amortization expense of acquired intangible assets of $62 million;• reversal of previously recorded VAT receivables no longer deemed collectible of $12 million; and• merger and strategic initiatives expense of $10 million primarily related to certain strategic initiatives and our acquisition of DWA.
[3]	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; • amortization expense of acquired intangible assets of $63 million;• expenses paid with respect to an SEC matter of $10 million; and • restructuring charges of $9 million.
[4]	Total assets decreased $210 million at December 31, 2015 compared with December 31, 2014 primarily due to a decrease in goodwill and intangible assets, net reflecting the impact of changes in foreign exchange rates and amortization. In addition, as discussed in "Intangible Asset Impairment Charges," of Note 5, "Goodwill and Acquired Intangible Assets," the decrease is also due to a $119 million indefinite-lived intangible asset impairment charge recorded in 2015. These decreases were partially offset by an increase in non-current deferred tax assets primarily due to the income tax benefits of net foreign currency translation losses which are recorded in accumulated other comprehensive loss within stockholders' equity in the Consolidated Balance Sheets. Total assets decreased $492 million at December 31, 2014 compared with December 31, 2013 primarily due to a decrease in goodwill and intangible assets, net reflecting the impact of changes in foreign exchange rates and amortization, partially offset by an increase in default funds and margin deposits.

Business Segments (Revenues and Property and Equipment, net by Geographical Area) (Detail) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2015

Dec. 31, 2014

Dec. 31, 2013

$ 3,403

$ 3,500

$ 3,211

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

323

292

268

United States [Member]

2,408

2,524

2,386

All other countries [Member]

217

198

166

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

^[1]

995

976

825