279

^[1]

253

^[1]

Receivables, net

308

298

Deferred tax assets

Open clearing contracts:

Resale agreements, at contract value

1,566

4,037

3,745

3,441

Other current assets

110

Total current assets

6,573

8,510

Non-current restricted cash

105

Property and equipment, net

193

164

Non-current deferred tax assets

392

433

Goodwill

5,061

5,127

Intangible assets, net

1,648

1,719

Other non-current assets

119

149

Accounts payable and accrued expenses

14,091

^[2]

16,207

^[2]

Current liabilities:

164

142

Section 31 fees payable to SEC

106

Accrued personnel costs

132

122

Deferred revenue

124

122

Other current liabilities

121

119

Deferred tax liabilities

Open clearing contracts:

Repurchase agreements, at contract value

1,566

4,037

3,745

3,441

Current portion of debt obligations

140

Total current liabilities

6,030

8,231

Debt obligations

2,072

2,181

Non-current deferred tax liabilities

670

698

Non-current deferred revenue

154

170

Other non-current liabilities

179

198

Total liabilities

9,105

11,478

Commitments and contingencies

NASDAQ OMX stockholders' equity:

Common stock, $0.01 par value, 300,000,000 shares authorized, shares issued: 213,398,111 at December 31, 2011 and 213,370,086 at December 31, 2010; shares outstanding: 173,552,939 at December 31, 2011 and 175,782,683 at December 31, 2010

Preferred stock, 30,000,000 shares authorized, series A convertible preferred stock: shares issued: 1,600,000 at December 31, 2011 and December 31, 2010; shares outstanding: none at December 31, 2011 and December 31, 2010

Additional paid-in capital

3,793

3,780

Common stock in treasury, at cost: 39,845,172 shares at December 31, 2011 and 37,587,403 shares at December 31, 2010

(860)

(796)

Accumulated other comprehensive loss

(350)

(272)

Retained earnings

2,391

2,004

Total NASDAQ OMX stockholders' equity

4,976

4,718

Noncontrolling interests

Total equity

4,986

4,729

Total liabilities and equity

$ 14,091

$ 16,207

[1]

Primarily comprised of trading securities, mainly Swedish government debt securities, of $261 million as of December 31, 2011 and $220 million as of December 31, 2010. Of these securities, $212 million as of December 31, 2011 and $190 million as of December 31, 2010 are restricted assets to meet regulatory capital requirements primarily for NASDAQ OMX Stockholm's clearing operations. This balance also includes our available-for-sale investment security in DFM of $18 million as of December 31, 2011 and $33 million as of December 31, 2010. See Note 5, "Investments," for further discussion of our trading investment securities and available-for-sale investment security.

[2]

Total assets decreased $2.1 billion at December 31, 2011 as compared to December 31, 2010 primarily due to a decrease in open clearing contracts reflecting decreases in derivative positions, at fair value, partially offset by increases in resale agreements, at contract value within our Market Services segment. The decrease in derivative positions, at fair value primarily reflects significant reductions in price levels within our commodities markets, fewer open positions and decreased volatility within our derivative markets, as well as currency rate fluctuations. The increase in resale agreements, at contract value was primarily due to the mix of contracts outstanding between our clearing members, which allowed us to net or offset less of these contracts against one another at December 31, 2011 compared to December 31, 2010, partially offset by lower volume and currency rate fluctuations. Total assets increased $5.5 billion at December 31, 2010 as compared to December 31, 2009 primarily due to an increase in open clearing contracts reflecting increases in derivative positions, at fair value as well as increases in resale agreements, at contract value within our Market Services segment. The increase in derivative positions, at fair value primarily reflects increased activity and higher price levels on derivative positions in the energy market. The increase for resale agreements, at contract value reflects our new clearing business launched in 2010.

Consolidated Balance Sheets (Parenthetical) (USD $)	Dec. 31, 2011	Dec. 31, 2010
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	213,398,111	213,370,086
Common stock, shares outstanding	173,552,939	175,782,683
Preferred stock, shares authorized	30,000,000	30,000,000
Preferred stock, series A convertible preferred stock: shares issued	1,600,000	1,600,000
Preferred stock, series A convertible preferred stock: shares outstanding	0	0
Common stock in treasury, shares	39,845,172	37,587,403

Consolidated Statements Of Comprehensive Income [Abstract]

Total number of shares of common stock held by shareholders. May be all or portion of the number of common shares authorized. These shares represent the ownership interest of the common shareholders. Shares outstanding equals shares issued minus shares held in treasury and other adjustments, if any.

+ References+ Details

Consolidated Statements Of Income (USD $) In Millions, except Per Share data, unless otherwise specified	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Revenues:
Total revenues	$ 3,438	$ 3,197	$ 3,411
Cost of revenues:
Transaction rebates	(1,344)	(1,312)	(1,475)
Brokerage, clearance and exchange fees	(404)	(363)	(483)
Total cost of revenues	(1,748)	(1,675)	(1,958)
Revenues less transaction rebates, brokerage, clearance and exchange fees	1,690	1,522	1,453
Operating expenses:
Compensation and benefits	458	412	408
Marketing and advertising	24	20	15
Depreciation and amortization	109	103	104
Professional and contract services	90	78	76
Computer operations and data communications	65	58	58
Occupancy	91	88	81
Regulatory	35	35	32
Merger and strategic initiatives	38	4	17
General, administrative and other	84	93	59
Total operating expenses	994	891	850
Operating income	696	631	603
Interest income	11	9	13
Interest expense	(119)	(102)	(102)
Dividend and investment income	1	(3)	2
Asset impairment charge	(18)
Loss on divestiture of businesses		(11)
Income (loss) from unconsolidated investees, net	2	2	(107)
Loss on sale of investment security			(5)
Gain on sales of businesses			12
Debt conversion expense			(25)
Income before income taxes	573	526	391
Income tax provision	190	137	128
Net income	383	389	263
Net loss attributable to noncontrolling interests	4	6	3
Net income attributable to NASDAQ OMX	387	395	266
Basic and diluted earnings per share:
Basic earnings per share	$ 2.20	$ 1.94	$ 1.30
Diluted earnings per share	$ 2.15	$ 1.91	$ 1.25
Market Services [Member]
Revenues:
Total revenues	2,886	2,700	2,934
Issuer Services [Member]
Revenues:
Total revenues	369	344	330
Market Technology [Member]
Revenues:
Total revenues	183	152	145
Other [Member]
Revenues:
Total revenues		$ 1	$ 2

Consolidated Statements Of Comprehensive Income (USD $)
In Millions, unless otherwise specified

12 Months Ended

Dec. 31, 2011

Dec. 31, 2010

Dec. 31, 2009

Net income

$ 383

$ 389

$ 263

Net unrealized holding losses on available-for-sale investment securities:

Unrealized holding losses arising during the period

(15)

(3)

(5)

Income tax benefit, net of valuation allowance

^[1]

Reclassification adjustment for losses realized in net income on available-for-sale investment securities

Foreign currency translation gains (losses):

(2)

Net foreign currency translation gains (losses)

(120)

231

399

Foreign currency translation, tax

(98)

(184)

Unrealized gains (losses) on cash flow hedges:

(80)

133

215

Unrealized gains on cash flow hedges arising during the period

Income tax expense

(1)

Reclassification adjustment for loss realized in net income on cash flow hedges

Income tax benefit recognized in net income during the period

(3)

Employee benefit plan adjustment losses

Employee benefit plans:

(2)

(5)

(9)

Total other comprehensive income (loss), net of tax

(1)

(3)

(78)

134

213

Comprehensive income

305

523

476

Comprehensive loss attributable to noncontrolling interests

Comprehensive income attributable to NASDAQ OMX

$ 309

$ 529

$ 479

[1]	Amount includes cumulative gains and losses on our available-for-sale investment in DFM in 2010. In the fourth quarter of 2011, we recorded a non-cash, other-than-temporary impairment charge of $18 million related to our investment in DFM. See Note 5, "Investments," for further discussion.

Consolidated Statements Of Changes In Equity (USD $) In Millions, except Share data	Common Stock [Member]	Additional Paid-In Capital [Member]	Common Stock In Treasury At Cost [Member]	Accumulated Other Comprehensive Loss [Member]	Retained Earnings [Member]	Noncontrolling Interests [Member]	Total
Balance at Dec. 31, 2008	$ 2	$ 3,569	$ (10)	$ (619)	$ 1,344	$ 17	$ 4,303
Balance (in shares) at Dec. 31, 2008	201,896,700
Net income (loss)					266	(3)	263
Change in unrealized losses on derivative financial instruments that qualify as cash flow hedges, net of tax				1			1
Foreign currency translation, net of tax				215			215
Employee benefit plan adjustments, net of tax				(3)			(3)
Conversion into common stock		118					118
Conversion of Convertible Securities (in shares)	8,246,680
Early extinguishment of a portion of the 2013 Convertible Notes		(3)					(3)
Amortization and vesting of restricted stock and PSUs		20					20
Amortization and vesting of restricted stock and PSUs (in shares)	260,721
Stock options exercised, net		22					22
Stock options exercised, net (in shares)	814,575						814,575
Other issuances of common stock, net		7					7
Other issuances of common stock, net (in shares)	166,788
Purchases of subsidiary shares from noncontrolling interests		(2)				(5)	(7)
Sale of subsidiary shares to noncontrolling interests and other adjustments		5				3	8
Balance at Dec. 31, 2009	2	3,736	(10)	(406)	1,610	12	4,944
Balance (in shares) at Dec. 31, 2009	211,385,464
Net income (loss)					395	(6)	389
Change in unrealized losses on derivative financial instruments that qualify as cash flow hedges, net of tax							6
Reclassification adjustment for loss realized in net income on cash flow hedges, net of tax				6			6
Foreign currency translation, net of tax				133			133
Employee benefit plan adjustments, net of tax				(3)			(3)
Conversion into common stock		16			(1)		15
Conversion of Convertible Securities (in shares)	845,646
Amortization and vesting of restricted stock and PSUs		23	(4)				19
Amortization and vesting of restricted stock and PSUs (in shares)	579,759
Stock options exercised, net		5	9				14
Stock options exercised, net (in shares)	708,731						708,731
Other issuances of common stock, net		1	6				7
Other issuances of common stock, net (in shares)	94,730
Purchases of subsidiary shares from noncontrolling interests		(1)				(1)	(2)
Sale of subsidiary shares to noncontrolling interests and other adjustments						6	6
Unrealized holding losses on available-for-sale securities, net				(2)			(2)
Share repurchase program			(797)				(797)
Share repurchase program (in shares)	(37,831,647)						37,587,403
Balance at Dec. 31, 2010	2	3,780	(796)	(272)	2,004	11	4,729
Balance (in shares) at Dec. 31, 2010	175,782,683
Net income (loss)					387	(4)	383
Foreign currency translation, net of tax				(80)			(80)
Employee benefit plan adjustments, net of tax				(1)			(1)
Amortization and vesting of restricted stock and PSUs		14	8				22
Amortization and vesting of restricted stock and PSUs (in shares)	632,682
Stock options exercised, net		(5)	22				17
Stock options exercised, net (in shares)	1,030,721						1,030,721
Other issuances of common stock, net		13	6				19
Other issuances of common stock, net (in shares)	90,334
Sale of subsidiary shares to noncontrolling interests and other adjustments						3	3
Unrealized holding losses on available-for-sale securities, net				3			3
Tender offer related to the 2013 Convertible Notes		(9)					(9)
Share repurchase program			(100)				(100)
Share repurchase program (in shares)	(3,983,481)						39,845,172
Balance at Dec. 31, 2011	$ 2	$ 3,793	$ (860)	$ (350)	$ 2,391	$ 10	$ 4,986
Balance (in shares) at Dec. 31, 2011	173,552,939

Consolidated Statements Of Changes In Equity (Parenthetical) (USD $)
In Millions, unless otherwise specified

12 Months Ended

Dec. 31, 2011

Dec. 31, 2010

Dec. 31, 2009

Consolidated Statements Of Changes In Equity [Abstract]

Change in unrealized losses on derivative financial instruments that qualify as cash flow hedges, tax

$ (1)

Reclassification adjustment for loss realized in net income on cash flow hedges, tax

(3)

Foreign currency translation, tax

(98)

(184)

Conversion of convertible notes

3.75%

Employee benefit plan adjustments, tax

Net unrealized holding gains (losses) on available-for-sale securities, tax

$ 1

^[1]

$ 1

^[1]

[1]	Amount includes cumulative gains and losses on our available-for-sale investment in DFM in 2010. In the fourth quarter of 2011, we recorded a non-cash, other-than-temporary impairment charge of $18 million related to our investment in DFM. See Note 5, "Investments," for further discussion.

Tax effects of the increase (decrease) to accumulated comprehensive income during the period related to benefit plans. While for technical reasons this element has no balance attribute, the default assumption is a credit balance consistent with its label.

+ References+ Details

Tax effect of the adjustment that results from the process of translating subsidiary financial statements and foreign equity investments into functional currency of the reporting entity. While for technical reasons this element has no balance attribute, the default assumption is a credit balance consistent with its label.

+ References+ Details

Tax effect on reclassification adjustment for accumulated gains and losses from derivative instrument designated and qualifying as the effective portion of cash flow hedges included in accumulated comprehensive income that was realized in net income during the period.

+ References+ Details

Tax effect on the change in accumulated gains and losses from derivative instruments designated and qualifying as the effective portion of cash flow hedges. Includes an entity's share of an equity investee's Increase or Decrease in deferred hedging gains or losses.

+ References+ Details

Summary Of Significant Accounting Policies [Abstract]

Tax effect on gross appreciation or the gross loss in value of the total of unsold securities during the period being reported on.

+ References+ Details

Consolidated Statements Of Cash Flows (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Cash flows from operating activities:
Net income	$ 383	$ 389	$ 263
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization	109	103	104
Share-based compensation	36	33	35
Excess tax benefits related to share-based compensation	(10)	(2)	(4)
Loss on divestiture of businesses		11
Provision for bad debts	4	5	1
Charges related to debt extinguishment and refinancing	31	37
Gain on the early extinguishment of debt obligations			(4)
Deferred income taxes	4	(35)	(10)
Loss on sale of investment security			5
Gain on sales of businesses			(12)
Net (income) loss from unconsolidated investees	(2)	(2)	107
Debt conversion expense			25
Asset retirements and impairment charges	25	6	13
Amortization of debt issuance costs	6	6	11
Accretion of debt discounts	13	14	13
Other non-cash items included in net income	(10)	2	(2)
Net change in operating assets and liabilities, net of effects of acquisitions and divestitures:
Receivables, net	(11)	5	33
Other assets	69	(85)	119
Accounts payable and accrued expenses	24	4	(125)
Section 31 fees payable to SEC	24	(55)	88
Accrued personnel costs	10	2	(41)
Deferred revenue	(14)	14	4
Other liabilities	(22)	(12)	(41)
Net cash provided by operating activities	669	440	582
Cash flows from investing activities:
Purchases of trading securities	(533)	(237)	(607)
Purchase of equity method investment			(16)
Proceeds from sales and redemptions of trading securities	501	350	542
Proceeds from sales and redemptions of available-for-sale investment securities			25
Proceeds from sales of equity method investments		1	54
Acquisitions of businesses, net of cash acquired	(26)	(190)	(6)
Dispositions of businesses, net of cash disposed			14
Purchases of property and equipment	(88)	(42)	(59)
Net cash used in investing activities	(146)	(118)	(53)
Cash flows from financing activities:
Proceeds from debt obligations, net of debt issuance costs	700	2,409
Payments of debt obligations	(948)	(2,216)	(340)
Cash paid for repurchase of common stock	(100)	(797)
Purchases of noncontrolling interests		(2)	(6)
Proceeds from contributions of noncontrolling interests	3	3	7
Cash inducement payment			(9)
Issuances of common stock, net of treasury stock purchases	10	6	8
Excess tax benefits related to share-based compensation	10	2	4
Net cash used in financing activities	(325)	(595)	(336)
Effect of exchange rate changes on cash and cash equivalents	(7)	(6)	27
Net increase (decrease) in cash and cash equivalents	191	(279)	220
Cash and cash equivalents at beginning of period	315	594	374
Cash and cash equivalents at end of period	506	315	594
Cash paid for:
Interest	86	53	71
Income taxes, net of refund	$ 129	$ 148	$ 153

Organization And Nature Of Operations	12 Months Ended
Organization And Nature Of Operations	Dec. 31, 2011
Organization And Nature Of Operations [Abstract]
Organization And Nature Of Operations	1. Organization and Nature of Operations We are a leading global exchange group that delivers trading, clearing, exchange technology, regulatory, securities listing, and public company services across six continents. Our global offerings are diverse and include trading and clearing across multiple asset classes, market data products, financial indexes, capital formation solutions, financial services and market technology products and services. Our technology powers markets across the globe, supporting cash equity trading, derivatives trading, clearing, and settlement and many other functions. In the U.S., we operate The NASDAQ Stock Market, a registered national securities exchange. The NASDAQ Stock Market is the largest single cash equities securities market in the U.S. in terms of listed companies and in the world in terms of share value traded. As of December 31, 2011, The NASDAQ Stock Market was home to 2,680 listed companies with a combined market capitalization of approximately $4.4 trillion. In addition, in the U.S. we operate two additional cash equities trading markets, two options markets, a futures market and a derivatives clearinghouse. We also engage in riskless principal trading of OTC power and gas contracts. In Europe, we operate exchanges in Stockholm (Sweden), Copenhagen (Denmark), Helsinki (Finland), and Iceland as NASDAQ OMX Nordic, and exchanges in Tallinn (Estonia), Riga (Latvia) and Vilnius (Lithuania) as NASDAQ OMX Baltic. Collectively, the exchanges that comprise NASDAQ OMX Nordic and NASDAQ OMX Baltic offer trading in cash equities, bonds, structured products and ETFs, as well as trading and clearing of derivatives and clearing of resale and repurchase agreements. Through NASDAQ OMX First North, our Nordic and Baltic operations also offer alternative marketplaces for smaller companies. As of December 31, 2011, the exchanges that comprise NASDAQ OMX Nordic and NASDAQ OMX Baltic, together with NASDAQ OMX First North, were home to 776 listed companies with a combined market capitalization of approximately $0.9 trillion. We also operate NASDAQ OMX Armenia. In addition, NASDAQ OMX Commodities operates the world's largest power derivatives exchange, one of Europe's largest carbon exchanges, and together with Nord Pool Spot, N2EX, a marketplace for physical U.K. power contracts. In some of the countries where we operate exchanges, we also provide clearing, settlement and depository services. We manage, operate and provide our products and services in three business segments: Market Services, Issuer Services and Market Technology. Market Services Our Market Services segment includes our U.S. and European Transaction Services businesses, which include Access Services, as well as our Market Data and Broker Services businesses. We offer trading on multiple exchanges and facilities across several asset classes, including cash equities, derivatives, debt, commodities, structured products and ETFs. In addition, in some of the countries where we operate exchanges, we also provide clearing, settlement and depository services. *U.S. Transaction Services* In the U.S., we offer trading in cash equity securities, derivatives and ETFs on The NASDAQ Stock Market, The NASDAQ Options Market, NASDAQ OMX PHLX, NASDAQ OMX BX, NASDAQ OMX PSX and NFX, and engage in riskless principal trading of OTC power and gas contracts through NOCC. Our transaction-based platforms in the U.S. provide market participants with the ability to access, process, display and integrate orders and quotes for cash equity securities, derivatives and ETFs. The platforms allow the routing and execution of buy and sell orders as well as the reporting of transactions for cash equity securities, derivatives and ETFs, providing fee-based revenues. Cash Equities Trading The NASDAQ Stock Market is the largest single pool of liquidity for trading U.S.-listed cash equities, matching an average of approximately 18.1% of all U.S. cash equities volume for 2011. With NASDAQ OMX BX and NASDAQ OMX PSX, we offer a second and third quote within the U.S. cash equities marketplace, providing our customers enhanced trading choices and pricing flexibility. In 2011, NASDAQ OMX BX matched an average of approximately 2.1% of all U.S. cash equities volume and NASDAQ OMX PSX matched an average of approximately 1.0% of all U.S. cash equities volume. Derivative Trading and Clearing In the U.S., we operate The NASDAQ Options Market and NASDAQ OMX PHLX for the trading of equity options, ETF options, index options and foreign currency options. As of December 31, 2011, NASDAQ OMX PHLX, which operates a hybrid electronic and floor-based market, was the largest options market in the U.S. During the year ended December 31, 2011, NASDAQ OMX PHLX and The NASDAQ Options Market had an average combined market share of approximately 27.7% in the U.S. equity options market, consisting of approximately 23.1% at NASDAQ OMX PHLX and approximately 4.6% at The NASDAQ Options Market. Together, the combined market share of 27.7% represented the largest share of the U.S. equity options market and ETF options market. Our options trading platforms provide trading opportunities to both retail investors and algorithmic (high frequency) trading firms, who tend to prefer electronic trading, and institutional investors, who typically pursue more complex trading strategies and often prefer to trade on the floor. In the U.S., we also operate NFX. NFX offers trading of foreign currency futures which clear at OCC. Through IDCH, a division of our majority-owned subsidiary IDCG, we bring a centrally-cleared solution to the largest segment of the OTC derivatives marketplace, specifically interest rate derivatives. IDCH acts as the CCP for clearing interest rate swap products. IDCH utilizes NASDAQ OMX matching, risk, and clearing technology to clear and settle these interest rate derivative products. NASDAQ OMX also engages in riskless principal trading of OTC power and gas contracts through our subsidiary NOCC. *European Transaction Services* Nordic Transaction Services The exchanges that comprise NASDAQ OMX Nordic offer trading for cash equities and bonds, trading and clearing services for derivatives, and clearing services for resale and repurchase agreements. Our platform allows the exchanges to share the same trading system, which enables efficient cross-border trading and settlement, cross membership and a single source for Nordic market data. Trading is offered in Nordic securities such as cash equities and depository receipts, warrants, convertibles, rights, fund units, ETFs, bonds and other interest-related products. NASDAQ OMX Stockholm and NASDAQ OMX Copenhagen also offer trading in derivatives, such as stock options and futures, index options and futures, fixed-income options and futures and stock loans. Settlement and registration of cash trading takes place in Sweden, Finland, Denmark and Iceland via the local central securities depositories. NASDAQ OMX's trading offering also includes cash equities listed in Norway and Norwegian derivatives products. The offering is designed to provide lower trading costs and other benefits for customers seeking to trade all Nordic equity products on one platform. NASDAQ OMX has been the second largest market for trading in Norwegian stocks since 2009. Most of our cash equity trades on the exchanges that comprise NASDAQ OMX Nordic are centrally cleared by EMCF, a leading European clearinghouse in which we own a 22% equity stake. NASDAQ OMX Stockholm offers clearing services for fixed-income options and futures, stock options and futures and index options and futures by serving as the CCP. In doing so, we guarantee the completion of the transaction and market participants can thereby limit their counterparty risk. We also act as the counterparty for certain OTC contracts. In September 2010, NASDAQ OMX launched a clearing service for the resale and repurchase agreement market. As a result of an agreement between the Swedish Money Market Council and NASDAQ OMX, a large portion of the Swedish Interbank resale and repurchase market is cleared through NASDAQ OMX Stockholm. For further discussion of our Nordic clearing operations, see "Derivative Positions, at Fair Value," and "Resale and Repurchase Agreements, at Contract Value," of Note 2, "Summary of Significant Accounting Policies." Baltic Transaction Services NASDAQ OMX Baltic operations comprise the exchanges in Tallinn (Estonia), Riga (Latvia) and Vilnius (Lithuania). As of December 31, 2011, NASDAQ OMX owns NASDAQ OMX Tallinn and has majority ownerships in NASDAQ OMX Vilnius and NASDAQ OMX Riga. In addition, NASDAQ OMX Tallinn owns the central securities depository in Estonia, NASDAQ OMX Riga owns the central securities depository in Latvia, and NASDAQ OMX Helsinki and NASDAQ OMX Vilnius jointly own the central securities depository in Lithuania. The exchanges that comprise NASDAQ OMX Baltic offer their members trading, clearing, payment and custody services. Issuers, primarily large local companies, are offered listing and a distribution network for their securities. The securities traded are mainly cash equities, bonds and treasury bills. Clearing, payment and custody services are offered through the central securities depositories in Estonia, Latvia and Lithuania. In addition, in Estonia and Latvia, NASDAQ OMX offers registry maintenance of fund units included in obligatory pension funds, and in Estonia, NASDAQ OMX offers the maintenance of shareholder registers for listed companies. The Baltic central securities depositories offer a complete range of cross-border settlement services. Commodities Trading and Clearing NASDAQ OMX Commodities offers trading and clearing of international power derivatives and carbon products. NASDAQ OMX Commodities' offering includes the world's largest power derivatives exchange and one of Europe's largest carbon exchanges. NASDAQ OMX Commodities has 390 members across a wide range of energy producers and consumers, as well as financial institutions. NASDAQ OMX Commodities' offering is designed for banks, brokers, hedge funds and other financial institutions, as well as power utilities, industrial, manufacturing and oil companies. NASDAQ OMX Commodities offers clearing services for energy derivative and carbon product contracts by serving as the CCP. In doing so, we guarantee the completion of the transaction and market participants can thereby limit their counterparty risk. We also act as the counterparty for certain trades on OTC derivative contracts. NASDAQ OMX Commodities, together with Nord Pool Spot, operates N2EX, a marketplace for physical U.K. power contracts. For further discussion of our NASDAQ OMX Commodities clearing operations, see "Derivative Positions, at Fair Value," of Note 2, "Summary of Significant Accounting Policies." *Access Services* We provide market participants with several alternatives for accessing our markets for a fee. We provide co-location services to market participants whereby firms may lease space for equipment within our data center. These participants are charged monthly fees for cabinet space, connectivity and support. We also earn revenues from annual and monthly exchange membership and registration fees. Access Services revenues also include revenues from FTEN, which we acquired in December 2010. FTEN is a leading provider of RTRM solutions for the financial securities market. As a market leader in RTRM, FTEN provides broker-dealers and their clients the ability to manage risk more effectively in real-time, which leads to better utilization of capital as well as improved regulatory compliance. Revenues for FTEN services are primarily based on subscription agreements with customers. *Market Data* Market Data revenues are earned from U.S. tape plans and U.S. and European proprietary market data products. Net U.S. Tape Plans The NASDAQ Stock Market operates as the exclusive Securities Information Processor of the UTP Plan for the collection and dissemination of best bid and offer information and last transaction information from markets that quote and trade in NASDAQ-listed securities. The NASDAQ Stock Market, NASDAQ OMX BX and NASDAQ OMX PSX are participants in the UTP Plan and share in the net distribution of revenue according to the plan on the same terms as the other plan participants. In the role as the Securities Information Processor, The NASDAQ Stock Market collects and disseminates quotation and last sale information for all transactions in NASDAQ-listed securities whether traded on The NASDAQ Stock Market or other exchanges. We sell this information to market participants and to data distributors, who then provide the information to subscribers. After deducting costs associated with our role as an exclusive Securities Information Processor, as permitted under the revenue sharing provision of the UTP Plan, we distribute the tape revenues to the respective UTP Plan participants, including The NASDAQ Stock Market, NASDAQ OMX BX and NASDAQ OMX PSX, 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 Amex-listed securities are reported and disseminated in real time, and as such, we share in the tape revenues for information on NYSE- and NYSE Amex-listed securities. U.S. Market Data Products Our market data products enhance transparency and provide critical information to professional and non-professional investors. We collect, process and create information and earn revenues as a distributor of our own, as well as select third-party content. We provide varying levels of quote and trade information to market participants and to data distributors, who in turn provide subscriptions for this information. Our systems enable distributors to gain direct access to our market depth, index values, mutual fund valuation, order imbalances, market sentiment and other analytical data. We earn revenues primarily based on the number of data subscribers and distributors of our data. In December 2011, we acquired the business of RapiData, a leading provider of machine-readable economic news to trading firms and financial institutions. With this acquisition, we will deliver U.S. government and other economic news directly from the source to customers interested in receiving information in an electronic feed. European Market Data Products The exchanges that comprise NASDAQ OMX Nordic and NASDAQ OMX Baltic, as well as NASDAQ OMX Commodities, offer European market data products and services. These data products and services provide critical market transparency to professional and non-professional investors who participate in European marketplaces and, at the same time, give investors greater insight into these markets. European market data products and services are based on the trading information from the exchanges that comprise NASDAQ OMX Nordic and NASDAQ OMX Baltic, as well as NASDAQ OMX Commodities, for four classes of assets: cash equities, bonds, derivatives and commodities. We provide varying levels of quote and trade information to market participants and to data distributors, who in turn provide subscriptions for this information. We earn revenues primarily based on the number of data subscribers and distributors of our data. *Broker Services* Our Broker Services operations offer technology and customized securities administration solutions to financial participants in the Nordic market. Broker Services provides services through a registered securities company that is regulated by the SFSA. Services primarily consist of flexible back-office systems, which allow customers to entirely or partly outsource their company's back-office functions. We offer customer and account registration, business registration, clearing and settlement, corporate action handling for reconciliations and reporting to authorities. Available services also include direct settlement with the Nordic central securities depositories, real-time updating and communication via SWIFT to deposit banks. Revenues are based on a fixed basic fee for back-office brokerage services, such as administration or licensing, maintenance and operations, and a variable portion that depends on the number of transactions completed. Issuer Services Our Issuer Services segment includes our Global Listing Services and Global Index Group businesses. We offer capital raising solutions to companies around the globe and have more worldwide listings than any other global exchange group—approximately 3,500 companies representing approximately $5.3 trillion in total market value as of December 31, 2011. We operate a variety of listing platforms around the world to provide multiple global capital raising solutions for private and public companies. Our main listing markets are The NASDAQ Stock Market and the exchanges that comprise NASDAQ OMX Nordic and NASDAQ OMX Baltic. We offer a consolidated global listing application to companies to enable them to apply for listing on The NASDAQ Stock Market and the exchanges that comprise NASDAQ OMX Nordic and NASDAQ OMX Baltic, as well as NASDAQ Dubai. In addition, through our Corporate Solutions business, we offer companies access to innovative products and services that ease transparency, maximize board efficiency and facilitate corporate governance. *Global Listing Services* Our Global Listing Services business includes our U.S. Listings, European Listings and Corporate Solutions businesses. U.S. Listings Companies listed on The NASDAQ Stock Market represent a diverse array of industries including health care, consumer products, telecommunication services, information technology, financial services, industrials and energy. There are three types of fees applicable to companies that list on The NASDAQ Stock Market: an annual renewal fee, a listing of additional shares fees and an initial listing fee. Annual renewal fees for securities listed on The NASDAQ Stock Market are based on total shares outstanding. The fee for listing of additional shares is also based on the total shares outstanding, which we review quarterly, and the initial listing fee for securities listed on The NASDAQ Stock Market includes a listing application fee and a total shares outstanding fee. European Listings We also offer listings on the exchanges that comprise NASDAQ OMX Nordic and NASDAQ OMX Baltic. For smaller companies and growth companies, we offer access to the financial markets through the NASDAQ OMX First North alternative marketplaces. Revenues are generated through annual fees paid by companies listed on these exchanges, which are measured in terms of the listed company's market capitalization on a trailing 12-month basis. Our European listing customers are organizations such as companies, funds or governments. Customers issue securities in the forms of cash equities, depository receipts, warrants, ETFs, convertibles, rights, options, bonds and fixed-income related products. Corporate Solutions Our Corporate Solutions business provides customer support services, products and programs to customers, including companies listed on our exchanges. Through our Corporate Solutions offerings, companies gain access to innovative products and services that ease transparency, mitigate risk, maximize board efficiency and facilitate better corporate governance. Corporate Solutions revenues also include revenues from Glide Technologies, which we acquired in October 2011. Glide Technologies specializes in corporate communications and reputation management solutions. This acquisition allows us to offer a fully-integrated workflow solution for investor relations and public relations professionals. *Global Index Group* We are one of the world's leading index providers. We develop and license NASDAQ OMX branded indexes, associated derivatives and financial products as part of our Global Index Group business. We believe that these indexes and products leverage, extend and enhance the NASDAQ OMX brand. License fees for our trademark licenses vary by product based on a percentage of underlying assets, dollar value of a product issuance, number of products or number of contracts traded. In addition to generating licensing revenues, these products, particularly mutual funds and ETFs, lead to increased investments in companies listed on our global exchanges, which enhances our ability to attract new listings. We also license cash-settled options, futures and options on futures on our indexes. Market Technology Powering more than 70 markets in over 50 countries, our Market Technology segment is the world's leading technology solutions provider and partner to exchanges, clearing organizations and central securities depositories. Our technology business is also the sales channel for our complete global offering to other marketplaces. Market Technology provides technology solutions for trading, clearing, settlement, surveillance and information dissemination for markets with wide-ranging requirements, from the leading markets in the U.S., Europe and Asia to smaller African markets. Furthermore, the solutions we offer can handle all classes of assets, including cash equities, currencies, various interest-bearing securities, commodities, energy products and derivatives. Revenues are primarily derived from license, support and facility management revenues, delivery project revenues, as well as change request, advisory and broker surveillance revenues. License and support revenues are derived from the system solutions developed and sold by NASDAQ OMX. After we have developed and sold a system solution, the customer licenses the right to use the software and may require post contract support and other services. Facility management revenues are derived when NASDAQ OMX assumes responsibility for the continuous operation of a system platform for a customer. Delivery project revenues are derived from the installation phase of the system solutions developed and sold by NASDAQ OMX. The majority of our delivery projects involve individual adaptations to the specific requirements of the customer, such as those relating to functionality and capacity. Change request revenues include customer specific adaptations and modifications of the system solution sold by NASDAQ OMX after delivery has occurred. Advisory services are designed to support our customers' strategies and help them with critical decisions in a highly demanding business environment. Broker surveillance revenues are derived from surveillance solutions targeting brokers and regulators throughout the world. For further discussion of our segments, see Note 18, "Business Segments." For further discussion of our revenue recognition policies, see "Revenue Recognition and Cost of Revenues," of Note 2, "Summary of Significant Accounting Policies."

Summary Of Significant Accounting Policies

12 Months Ended

Dec. 31, 2011

Summary Of Significant Accounting Policies

2. Summary of Significant Accounting Policies

Basis of Presentation and Principles of Consolidation

The consolidated financial statements are prepared in accordance with U.S. GAAP. The financial statements include the accounts of NASDAQ OMX, its wholly-owned subsidiaries and other entities in which NASDAQ OMX has a controlling financial interest. All significant intercompany accounts and transactions have been eliminated in consolidation. We consolidate those entities in which we are the primary beneficiary of a variable-interest entity, or VIE, and entities where we have a controlling financial interest. We were not the primary beneficiary of any VIE for any of the three years in the period ended December 31, 2011. When NASDAQ OMX is not the primary beneficiary of a VIE or does not have a controlling interest in an entity but exercises 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 an investee from the most recent available financial statements on a lag. See Note 5, "Investments," for further discussion of our equity method investments.

We have evaluated subsequent events through the issuance date of this Annual Report on Form 10-K and determined that no events or transactions met the definition of a subsequent event for purposes of recognition or disclosure in the accompanying consolidated financial statements.

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

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 Translation

Foreign denominated assets and liabilities are remeasured into the functional currency at exchange rates in effect at the balance sheet date and recorded through the income statement. Gains or losses resulting from foreign currency transactions are remeasured using the rates on the dates on which those elements are recognized during the period, and are included in general, administrative and other expense in the Consolidated Statements of Income.

Translation gains or losses resulting from translating our subsidiaries' financial statements from the local functional currency to the reporting currency, net of tax, are included in accumulated other comprehensive loss within stockholders' equity in the Consolidated Balance Sheets. Assets and liabilities are translated at the balance sheet date while revenues and expenses are translated at the date the transaction occurs or at an applicable average rate.

Deferred taxes are not provided on cumulative translation adjustments where we expect earnings of a foreign subsidiary to be indefinitely reinvested. The income tax effect of currency translation adjustments related to foreign subsidiaries that are not considered indefinitely reinvested is recorded as a component of deferred taxes with an offset to accumulated other comprehensive loss within stockholders' equity in the Consolidated Balance Sheets.

Cash and Cash Equivalents

Cash and cash equivalents include cash in banks and all non-restricted highly liquid investments with original maturities of three months or less at the time of purchase. Such equivalent investments included in cash and cash equivalents in the Consolidated Balance Sheets were $361 million as of December 31, 2011 and $215 million as of December 31, 2010. 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, which was $43 million as of December 31, 2011 and $60 million as of December 31, 2010, 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. Non-current restricted cash was $105 million as of December 31, 2011 and 2010. As of December 31, 2011 and 2010, non-current restricted cash includes a deposit in the guaranty fund of IDCG of $80 million, which may consist of cash, cash equivalents, or short-term investments, and our $25 million capital injection to NOCC to improve its liquidity position. As of December 31, 2011 and 2010, a portion of IDCG's guaranty fund was invested in short-term reverse repurchase agreements. These reverse repurchase agreements, which totaled $4 million as of December 31, 2011 and $16 million as of December 31, 2010, are recorded at the contract amount plus accrued interest, which approximates fair value.

Financial Investments

Financial investments, at fair value are primarily comprised of trading securities, mainly Swedish government debt securities, and our available-for-sale investment security in DFM. Trading securities are bought principally to meet regulatory capital requirements for NASDAQ OMX Stockholm's clearing operations and are generally sold in the near term. Changes in fair value of trading securities are included in dividend and investment income in the Consolidated Statements of Income. Equity securities that are classified as long-term available-for-sale investment securities are carried at fair value in the Consolidated Balance Sheets in other non-current assets with unrealized gains and losses, net of tax, reported in accumulated other comprehensive loss within stockholders' equity. Realized gains and losses on these securities are included in earnings upon disposition of the securities using the specific identification method. In addition, realized losses are recognized when management determines that a decline in value is other than temporary, which requires judgment regarding the amount and timing of recovery. Indicators of other-than-temporary impairment for debt securities include issuer downgrade, default, or bankruptcy. For equity securities we also consider the extent to which cost exceeds fair value, the duration of that difference, management's judgment about the issuer's current and prospective financial condition, as well as our intent and ability to hold the security until recovery of the unrealized losses. In addition, for equity securities we also consider the performance of the investee's stock price in relation to industry indexes and review the investee's credit profile.

In the fourth quarter of 2011, we recorded a pre-tax, other-than-temporary impairment loss on our investment security in DFM of $18 million. This charge is included in asset impairment in the Consolidated Statements of Income. We did not record any other-than-temporary impairment charges in 2010 or 2009.

Fair value of both available-for-sale and trading investment securities are 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, where the inputs to those models are based on observable market inputs. The inputs to the valuation models vary by the type of security being priced but are typically benchmark yields, reported trades, broker-dealer quotes, and prices of similar assets. Pricing models generally do not entail material subjectivity because the methodologies employed use inputs observed from active markets. See Note 14, "Fair Value of Financial Instruments," for further discussion of fair value measures.

Receivables, net

Our receivables are concentrated with our member firms, market data distributors, listed companies and market technology customers. Receivables are shown net of reserves for uncollectible accounts. The reserve for bad debts is maintained at a level that management believes to be sufficient to absorb estimated losses in the accounts receivable portfolio. The reserve is increased by the provision for bad debts which is charged against operating results and decreased by the amount of charge-offs, net of recoveries. The amount charged against operating results is based on several factors including, but not limited to, a continuous assessment of the collectability of each account, the length of time a receivable is past due and our historical experience with the particular customer. In circumstances where a specific customer's inability to meet its financial obligations is known (i.e., bankruptcy filings), we record a specific provision for bad debts against amounts due to reduce the receivable to the amount we reasonably believe will be collected. Due to changing economic, business and market conditions, we review the reserve for bad debts monthly and make changes to the reserve through the provision for bad debts as appropriate. If circumstances change (i.e., higher than expected defaults or an unexpected material adverse change in a major customer's ability to pay), our estimates of recoverability could be reduced by a material amount. Total reserves netted against receivables in the Consolidated Balance Sheets were $3 million as of December 31, 2011 and 2010.

Derivative Positions, at Fair Value

Through our clearing operations in the derivative markets with NASDAQ OMX Commodities and NASDAQ OMX Stockholm, we are the legal counterparty for each derivative position traded and thereby guarantee the fulfillment of each contract. We also act as the counterparty for certain trades on OTC derivative contracts. The derivatives are not used by NASDAQ OMX Commodities or NASDAQ OMX Stockholm for the purpose of trading on their own behalf. As the legal counterparty of each transaction, NASDAQ OMX Commodities and NASDAQ OMX Stockholm bear the counterparty risk between the purchaser and seller in the contract. The counterparty risks are measured using models that are agreed to with the Financial Supervisory Authority of the applicable country, which requires us to provide minimum guarantees and maintain certain levels of regulatory capital.

The structure and operations of NASDAQ OMX Commodities and NASDAQ OMX Stockholm differ from most other clearinghouses. NASDAQ OMX Commodities and NASDAQ OMX Stockholm are not member-owned organizations, do not maintain a guarantee fund to which members contribute and do not enforce loss sharing assessments amongst members. In addition, unlike most other clearinghouses, they do not record any margin deposits and guarantee funds in the Consolidated Balance Sheets, as all risks and rewards of collateral ownership, including interest, belongs to the counterparty. Market participants must provide collateral to cover the daily margin call as needed, which is in addition to the initial collateral placed when entering into the transaction. Acceptable collateral is cash and eligible securities in a pledged bank account and/or an on-demand guarantee. All collateral is maintained at a third-party custodian bank for the benefit of the clearing members and is accessible by NASDAQ OMX in the event of default. In addition, market participants must meet certain minimum financial standards to mitigate the risk if they become unable to satisfy their obligations. For NASDAQ OMX Commodities, trading on the contracts can take place up until the delivery period which can occur over a period of several years. For NASDAQ OMX Stockholm, following the completion of a transaction, settlement primarily takes place between parties by net cash settlement or with the exchange of securities and funds. For those transactions where there is an exchange of securities and funds, the transfer of ownership is registered and the securities are stored on the owner's behalf.

Proposed regulations, including the European Market Infrastructure Regulation, are expected to require CCPs to maintain a default fund to which clearing members of the CCP will have to contribute. In anticipation of these regulations, NASDAQ OMX Stockholm is currently preparing for the implementation of a member sponsored default fund with an expected launch date in March 2012. The level of regulatory capital will be determined in accordance with our regulatory capital policy, as approved by the SFSA. Clearing member contributions will be proportional to the exposures of each clearing member.

Resale and Repurchase Agreements, at Contract Value

Through our clearing operations in the resale and repurchase markets with NASDAQ OMX Stockholm, we are the legal counterparty for each resale and repurchase contract traded and thereby guarantee the fulfillment of each contract. We only clear these transactions once a bilateral contract between members has been entered into whereby the two members have agreed on all terms in the transaction. The resale and repurchase agreements are not used for financing purposes by NASDAQ OMX Stockholm. As the legal counterparty of each transaction, NASDAQ OMX Stockholm bears the counterparty risk between the purchaser and the seller in the resale and repurchase agreement.

The structure and operations for the resale and repurchase market are similar to the derivative markets for NASDAQ OMX Commodities and NASDAQ OMX Stockholm. As discussed above in "Derivative Positions, at Fair Value," NASDAQ OMX Commodities and NASDAQ OMX Stockholm are not member-owned organizations, do not maintain a guarantee fund to which members contribute and do not enforce loss sharing assessments amongst members. In addition, unlike most other clearinghouses, they do not record any margin deposits and guarantee funds in the Consolidated Balance Sheets, as all risks and rewards of collateral ownership, including interest, belong to the counterparty. For resale and repurchase agreements, collateral is not held by NASDAQ OMX Stockholm. All resale and repurchase clearing activities are transacted under our clearing member agreements that give us the right, in the event of default, to liquidate collateral pledged between the clearing members and to offset receivables and payables with the same counterparty.

Pledged collateral, which is transferred through NASDAQ OMX Stockholm at initiation of the bilateral contract between the two clearing member counterparties, primarily consists of Swedish government debt securities. Market participants must meet certain minimum financial standards to mitigate the risk if they become unable to satisfy their obligations. In the event that one of the participants cannot fulfill its obligation to deliver or receive the underlying security at the agreed upon price, NASDAQ OMX Stockholm is required to buy or sell the security in the open market to fulfill its obligation. In order to protect itself against a price movement in the value of the underlying security, or price risk, NASDAQ OMX Stockholm requires all participants to provide additional margin as needed, which is valued on a daily basis and is maintained at a third-party custodian bank for the benefit of the clearing members and is accessible by NASDAQ OMX Stockholm in the event of default.

Derivative Financial Instruments and Hedging Activities

We may hold derivative financial instruments that are designated and qualified for hedge accounting. Derivative financial instruments, which are designated or qualify for hedge accounting, are recognized in the balance sheets at fair value as either assets or liabilities. The fair value of our derivative financial instruments is determined using either market quotes or valuation models that are based upon the net present value of estimated future cash flows and incorporate current market data inputs. We report our derivative assets in either other current assets or other non-current assets and our derivative liabilities in either other current liabilities or other non-current liabilities in the Consolidated Balance Sheets depending on the terms of the contract. Any ineffectiveness is recorded in earnings. The accounting for the change in the fair value of a derivative financial instrument depends on its intended use and the resulting hedge designation, if any. As of December 31, 2011 and 2010, there were no derivative financial instruments that were designated or qualified for hedge accounting. As of December 31, 2009, our derivative financial instruments which were designated and qualified for hedge accounting were cash flow hedges of our floating rate debt. As such, the accounting for the change in fair value of the derivative was included in accumulated other comprehensive loss in the Consolidated Balance Sheets. In the first quarter of 2010, in connection with the repayment of our senior secured credit facilities in place as of December 31, 2009, we terminated our interest rate swaps and reclassified into earnings the unrealized loss of $9 million which was included in accumulated other comprehensive loss in the Consolidated Balance Sheets at December 31, 2009. This loss is included in general, administrative and other expense in the Consolidated Statements of Income for the year ended December 31, 2010. There was no material ineffectiveness recorded in earnings for each of the three years ended December 31, 2011. For further discussion of hedging activities, see below and Note 15, "Derivative Financial Instruments and Hedging Activities."

Derivative Financial Instruments that Qualify for Hedge Accounting

Derivative financial instruments that are entered into for hedging purposes are designated as such when we enter into the contract. For all derivative financial instruments that are designated for hedging activities, we formally document all of the hedging relationships between the hedge instruments and the hedged items at the inception of the relationships. We also formally document our risk management objectives and strategies for entering into the hedge transactions. We formally assess, at inception and on a quarterly basis, whether derivatives designated as hedges are highly effective in offsetting the fair value or cash flows of hedged items. If it is determined that a derivative is no longer highly effective as a hedge, we will discontinue the application of hedge accounting.

Non-Designated Derivatives

We also use derivatives as economic hedges that are not designed as accounting hedges or do not qualify for hedge accounting treatment. For derivative financial instruments that do not qualify for hedge accounting or are not designated as hedges, changes in fair value are reported in current period earnings. See Note 15, "Derivative Financial Instruments and Hedging Activities," 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 generally recognized over the estimated useful lives of the related assets. Estimated useful lives generally range from 10 to 40 years for buildings and improvements, two to five years for data processing equipment and software and five 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 6, "Property and Equipment, net," for further discussion.

Goodwill

Goodwill represents the excess of purchase price over the value assigned to the net tangible and identifiable intangible assets of a business acquired. Goodwill is allocated to our reporting units based on the assignment of the fair values of each reporting unit of the acquired company. We are required to test goodwill for impairment at the reporting unit level annually, or in interim periods if certain events occur indicating that the carrying amount may be impaired. We test for impairment during the fourth quarter of our fiscal year using carrying amounts as of October 1. In conducting the 2011 annual impairment test for goodwill, we first performed a qualitative assessment to determine whether it was more likely than not that the fair value of a reporting unit was less than the carrying amount as a basis for determining whether it was necessary to perform the two-step quantitative goodwill impairment test described in ASC Topic 350. The more-likely-than-not threshold is defined as having a likelihood of more than 50 percent. If, after assessing the totality of events or circumstances, we determine that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, then the two-step quantitative test for goodwill impairment is performed for the appropriate reporting units. Otherwise, we conclude that no impairment is indicated and the two-step quantitative test for goodwill impairment is not performed.

In conducting the initial qualitative assessment, we analyze actual and projected growth trends for each reporting unit, as well as historical performance versus plan and the results of prior quantitative tests performed. Additionally, each reporting unit assesses critical areas that may impact their business, including macroeconomic conditions and the related impact, market related exposures, competitive changes, new or discontinued products, changes in key personnel, or any other potential risks to their projected financial results.

If required, the quantitative goodwill impairment test is a two-step process performed at the reporting unit level. First, the fair value of each reporting unit is compared to its corresponding carrying amount, including goodwill. The fair value of each reporting unit is estimated using a combination of a discounted cash flow valuation, which incorporates assumptions regarding future growth rates, terminal values, and discount rates, as well as a guideline public company valuation, incorporating relevant trading multiples of comparable companies and other factors. The estimates and assumptions used consider historical performance and are consistent with the assumptions used in determining future profit plans for each reporting unit, which are approved by the our board of directors. If the first step results in the carrying amount exceeding the fair value of the reporting unit, then a second step must be completed in order to determine the amount of goodwill impairment that should be recorded, if any. In the second step, the implied fair value of the reporting unit's goodwill is determined by allocating the reporting unit's fair value to all of its assets and liabilities other than goodwill in a manner similar to a purchase price allocation. The implied fair value of the goodwill that results from the application of this second step is then compared to the carrying amount of the goodwill and an impairment charge is recorded for any difference.

There was no impairment of goodwill for the years ended December 31, 2011, 2010 and 2009. However, events such as economic weakness and unexpected significant declines in operating results of reporting units may result in goodwill impairment charges in the future. See Note 4, "Goodwill and Purchased Intangible Assets," for further discussion.

Intangible Assets, net

Intangible assets, net, primarily include exchange and clearing registrations, customer relationships, trade names, licenses and technology. Intangible assets with finite lives are amortized on a straight-line basis over their average estimated useful lives as follows:

•

Technology: 3—10 years

•

Customer relationships: 10—30 years

•

Other: 4—10 years

Intangible assets deemed to have indefinite useful lives are not amortized but instead are tested for impairment at least annually and more frequently whenever events or changes in circumstances indicate that the fair value of the asset may be less than its carrying amount. The fair value of indefinite-lived intangible assets is primarily determined on the basis of estimated discounted value, using the relief from royalty approach for trade names and the Greenfield Approach for exchange and clearing registrations and licenses, both of which incorporate assumptions regarding future revenue projections and discount rates. Similar to goodwill impairment testing, we test for impairment of indefinite-lived intangible assets during the fourth quarter of our fiscal year using carrying amounts as of October 1. If the carrying amount of the indefinite-lived intangible asset exceeds its fair value, an impairment charge is recorded for the difference. For finite-lived intangible assets subject to amortization, impairment is considered upon certain "triggering events" and is recognized if the carrying amount is not recoverable and exceeds the fair value of the intangible asset. There was no impairment of finite-lived or indefinite-lived intangible assets in the years ended December 31, 2011, 2010 and 2009. See Note 4, "Goodwill and Purchased Intangible Assets," for further discussion.

Valuation of Other Long-Lived Assets

We also assess potential impairments to our other long-lived assets, including property and equipment, when there is evidence that events or changes in circumstances indicate that the carrying amount of an asset may not be recovered. An impairment loss is recognized when the carrying amount of the long-lived asset exceeds its fair value and is not recoverable. The carrying amount of a long-lived asset is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset. Any required impairment loss is measured as the amount by which the carrying amount of a long-lived asset exceeds its fair value and is recorded as a reduction in the carrying amount of the related asset and a charge to operating results. We recorded asset impairment charges, primarily related to obsolete technology, of $2 million in 2010 and $13 million in 2009. These charges were recorded in general, administrative and other expense in the Consolidated Statements of Income. There was no impairment of other long-lived assets in 2011.

Equity Method Investments

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. In December 2009, we recorded impairment losses on equity method investments of $87 million related to our investments in NASDAQ Dubai and Agora-X. We also recognized a $19 million loss on the sale of our Orc shares during 2009. See Note 5, "Investments," for further discussion. No other impairments of equity method investments were recorded in 2011, 2010 or 2009.

Revenue Recognition and Cost of Revenues

Market Services Revenues

Transaction Services

U.S. Cash Equity Trading

U.S. cash equity trading revenues are variable, based on individual customer share volumes, and recognized as transactions occur. We charge transaction fees for executing cash equity trades in NASDAQ-listed and other listed securities on The NASDAQ Stock Market, NASDAQ OMX BX, and NASDAQ OMX PSX as well as on orders that are routed to other market venues for execution.

In the U.S., we record execution revenues from transactions on a gross basis in revenues and record related expenses as cost of revenues.

Under our Limitation of Liability Rule and procedures, we, subject to certain caps, provide compensation for losses directly resulting from the systems' actual failure to correctly process an order, quote, message or other data into our platform. We do not record a liability for any potential claims that may be submitted under the Limitation of Liability Rule unless they meet the provisions required in accordance with U.S. GAAP. As such, losses arising as a result of the rule are accrued and charged to expense only if the loss is probable and estimable. The Limitation of Liability Rule and procedures apply to both U.S. cash equity and U.S. derivative trading in the aggregate.

For The NASDAQ Stock Market and NASDAQ OMX PSX, we credit a portion of the per share execution charge to the market participant that provides the liquidity and for NASDAQ OMX BX, we credit a portion of the per share execution charge to the market participant that takes the liquidity. We record these credits as transaction rebates that are included in cost of revenues in the Consolidated Statements of Income. These transaction rebates are paid on a monthly basis and the amounts due are included in accounts payable and accrued expenses in the Consolidated Balance Sheets.

Also, we pay Section 31 fees to the SEC for supervision and regulation of securities markets. We pass these costs along to our customers through our cash equity trading fees. We collect the fees as a pass-through charge from organizations executing eligible trades on NASDAQ's, NASDAQ OMX BX's and NASDAQ OMX PSX's platforms, and we recognize these amounts in cost of revenues when incurred. Section 31 fees received are included in cash and cash equivalents in the Consolidated Balance Sheets at the time of receipt and, as required by law, the amount due to the SEC is remitted semiannually and recorded as Section 31 fees payable to the SEC in the Consolidated Balance Sheets until paid. Since the amount recorded in revenues is equal to the amount recorded in cost of revenues, there is no impact on our revenues less transaction rebates, brokerage, clearance and exchange fees. As we hold the cash received until payment to the SEC, we earn interest income on the related cash balances.

European Cash Equity Trading

We charge transaction fees for executing trades on the exchanges that comprise NASDAQ OMX Nordic and NASDAQ OMX Baltic. These transaction fees are charged per executed order and as per value traded.

The exchanges that comprise NASDAQ OMX Nordic and NASDAQ OMX Baltic do not have any revenue sharing agreements or cost of revenues, such as transaction rebates and brokerage, clearance and exchange fees.

U.S. Derivative Trading and Clearing

U.S. derivative trading and clearing revenues are variable, based on traded and cleared volumes, and recognized when executed or when contracts are cleared. The principal types of derivative contracts traded on NASDAQ OMX PHLX and The NASDAQ Options Market are equity options, ETF options, index options and currency options. We also operate NFX, which offers trading for foreign currency futures. Similar to U.S. cash equity trading, we record derivative trading and clearing revenues from transactions on a gross basis in revenues and record related expenses as cost of revenues, as we have certain risk associated with trade execution. For further discussion see "U.S. Cash Equity Trading" above.

As discussed under U.S. cash equity trading, for U.S. derivative trading and clearing, we also credit a portion of the per share execution charge to the market participant that provides the liquidity and record the transaction rebate as U.S. derivative trading and clearing cost of revenues in the Consolidated Statements of Income. These transaction rebates are paid on a monthly basis and the amounts due are included in accounts payable and accrued expenses in the Consolidated Balance Sheets.

Also, we pay Section 31 fees to the SEC for supervision and regulation of securities markets. We pass these costs along to our customers through our derivative trading and clearing fees. We collect the fees as a pass-through charge from organizations executing eligible trades on NASDAQ OMX PHLX and The NASDAQ Options Market platforms and we recognize these amounts in U.S. derivative trading and clearing cost of revenues when incurred.

Through NOCC, we engage in riskless principal trading of OTC power and gas contracts. Revenues are based on notional amounts or volume of power and gas transacted and/or delivered and are recognized upon settlement of the contracts.

As discussed above, in the U.S., our Limitation of Liability Rule and procedures apply to both U.S. cash equity and U.S. derivative trading and clearing in the aggregate. Under this rule, we, subject to certain caps, provide compensation for losses directly resulting from the systems' actual failure to correctly process an order, quote, message or other data into our platform.

European Derivative Trading and Clearing

European derivative trading and clearing revenues are also variable, based on the volume and value of traded and cleared contracts, and recognized when executed or when contracts are cleared. Derivative trading and clearing is conducted on NASDAQ OMX Stockholm and NASDAQ OMX Copenhagen. The principal types of derivative contracts traded are stock options and futures, index options and futures, fixed-income options and futures and stock loans. On NASDAQ OMX Stockholm, we offer clearing services for fixed-income options and futures, stock options and futures and index options and futures by serving as the CCP. In doing so, we guarantee the completion of the transaction and market participants can thereby limit their counterparty risk. We also act as the counterparty for certain OTC contracts.

On NASDAQ OMX Stockholm, we also offer clearing services for resale and repurchase agreements. Clearing revenues for resale and repurchase agreements are based on the value and length of the contract and are recognized when cleared.

European derivative trading and clearing revenues also include clearing revenues for commodities. NASDAQ OMX Commodities offers trading and clearing of international power derivatives and carbon products. Our trading and clearing revenues are variable, based on cleared volume, and recognized when contracts are traded or cleared. We also generate clearing revenues for contracts traded on the OTC derivative market which are also recognized when contracts are cleared. In addition, NASDAQ OMX Commodities members are billed an annual fee which is recognized ratably over the following 12-month period.

NASDAQ OMX Commodities and the exchanges that comprise NASDAQ OMX Nordic and NASDAQ OMX Baltic do not have any revenue sharing agreements or cost of revenues, such as transaction rebates and brokerage, clearance and exchange fees.

Access Services

We generate revenues by providing market participants with several alternatives for accessing our markets for a fee. The type of connectivity is determined by the level of functionality a customer needs. As a result, access services revenues vary depending on the type of connection provided to customers. We provide co-location services to market participants whereby firms may lease space for equipment within our data center. These participants are charged monthly fees for cabinet space, connectivity and support. We also earn revenues from annual and monthly exchange membership and registration fees. Revenues for providing access to our markets, co-location services and revenues for monthly exchange membership and registration fees are recognized on a monthly basis as the service is provided. Revenues from annual fees for exchange membership and registration fees are recognized ratably over the following 12-month period.

Access Services revenues also include revenues from FTEN, which we acquired in December 2010. FTEN is a leading provider of RTRM solutions for the financial securities market. As a market leader in RTRM, FTEN provides broker-dealers and their clients the ability to manage risk more effectively in real-time, which leads to better utilization of capital as well as improved regulatory compliance. Revenues for FTEN services are primarily based on subscription agreements with customers and are recognized when an arrangement exists, services are delivered to the customer, the selling price of the services to be provided under the arrangement is fixed or determinable, and collectability is reasonably assured. Most contracts include professional services, implementation fees, monthly subscription fees from customers accessing on-demand services, and customer support. Implementation fees are recorded to deferred revenue when billed and are recognized ratably over the remaining expected customer life. Monthly professional services, subscription, and usage fees are recognized in the month the service is provided.

Market Data

Market Data revenues are earned from U.S. tape plans and U.S. and European proprietary market data products.

Net U.S. Tape Plans

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. See "Market Data Revenue Sharing" below for further discussion of net reporting. Under the revenue sharing provision of the UTP Plan, we are permitted to deduct costs associated with acting as the exclusive Securities Information Processor from the total amount of tape revenues collected. After these costs are deducted from the tape revenues, we distribute to the respective UTP Plan participants, including The NASDAQ Stock Market, NASDAQ OMX BX and NASDAQ OMX PSX, their share of tape revenues based on a formula, required by Regulation NMS, that takes into account both trading and quoting activity. In addition, all quotes and trades in NYSE- and NYSE Amex-listed securities are reported and disseminated in real time, and as such, we share in the tape revenues for information on NYSE- and NYSE Amex-listed securities. Revenues from net U.S. tape plans are recognized on a monthly basis.

U.S. Market Data Products

We collect and process information and earn revenues as a distributor of our own market data as well as select third-party content. We provide varying levels of quote and trade information to market participants and to data distributors, who in turn sell subscriptions for this information to the public. We earn revenues primarily based on the number of data subscribers and distributors of our data. U.S. Market Data revenues are recognized on a monthly basis. These revenues, which are subscription based, are recorded net of amounts due under revenue sharing arrangements with market participants.

European Market Data Products

European Market Data revenues are based on the trading information from the exchanges that comprise NASDAQ OMX Nordic and NASDAQ OMX Baltic, as well as NASDAQ OMX Commodities, for four classes of securities: cash equities, bonds, derivatives and commodities. We provide varying levels of quote and trade information to market participants and to data distributors, who in turn provide subscriptions for this information. Revenues from European market data are subscription-based, are generated primarily based on the number of data subscribers and distributors of our data and are recognized on a monthly basis.

Market Data Revenue Sharing

The most significant component of Market Data revenues presented on a net basis is the UTP Plan revenue sharing in the U.S. All indicators of gross vs. net reporting under U.S. GAAP have been considered in analyzing the appropriate presentation of UTP Plan revenue sharing. However, the following are the primary indicators of net reporting:

•

Primary Obligor: We are the Securities Information Processor for the UTP Plan, in addition to being a participant in the UTP Plan. In our unique role as Securities Information Processor, we facilitate the collection and dissemination of revenues on behalf of the UTP Plan participants. As a participant, we share in the net distribution of revenues according to the plan on the same terms as all other plan participants.

•

Risk of Loss/Credit Risk: Risk of loss on the revenue is shared equally among plan participants according to the UTP Plan.

•

Price Latitude: The operating committee of the UTP Plan, which is comprised of representatives from each of the participants, including us solely in our capacity as a UTP Plan participant, is responsible for setting the level of fees to be paid by distributors and subscribers and taking action in accordance with the provisions of the UTP Plan, subject to SEC approval.

The exchanges that comprise NASDAQ OMX Nordic and NASDAQ OMX Baltic do not have any market data revenue sharing agreements or cost of revenues, such as transaction rebates and brokerage, clearance and exchange fees.

Broker Services

Our Broker Services operations offer technology and customized securities administration solutions to financial participants in the Nordic market. The primary services consist of flexible back-office systems which allow customers to entirely or partly outsource their company's back-office functions. Revenues from broker services are based on a fixed basic fee for administration or licensing, maintenance and operations, and a variable portion that depends on the number of transactions completed. Broker Services revenues are recognized on a continuous basis as services are rendered.

In November 2009, we sold our Broker Services operations in the United Kingdom to TD Waterhouse.

Issuer Services Revenues

Global Listing Services

U.S. Listing Services

Listing Services revenues in the U.S. include annual renewal fees, listing of additional shares fees and initial listing fees. Annual renewal fees do not require any judgments or assumptions by management as these amounts are recognized ratably over the following 12-month period. Listing of additional shares fees and initial listing fees are recognized on a straight-line basis over estimated service periods, which are four and six years, respectively, based on our historical listing experience and projected future listing duration.

European Listing Services

European listing fees, which are comprised of revenues derived from annual fees received from listed companies on our Nordic and Baltic exchanges and NASDAQ OMX First North, are directly related to the listed companies' market capitalization on a trailing 12-month basis. These revenues are recognized ratably over the following 12-month period.

Corporate Solutions

Global Listing Services revenues also include fees from Corporate Solutions. Revenues primarily include subscription income from Shareholder.com, Directors Desk and Glide Technologies, and fees from GlobeNewswire. Prior to October 2009, Corporate Solutions revenues also included commission income from our Carpenter Moore insurance agency business.

Fee income for services other than placement of insurance coverage is recognized as those services are provided. Shareholder.com revenues are based on subscription agreements with customers. Revenues from subscription agreements are recognized ratably over the contract period, generally one year in length. As part of subscription services, customers also are charged usage fees based upon actual usage of the services provided. Revenues from usage fees and other services are recognized when earned. Directors Desk revenues are based on subscriptions for online services for directors. Subscriptions are one year in length and revenues are recognized ratably over the year. Glide Technologies revenues are primarily based on subscription agreements with customers and are recognized ratably over the contract period, generally one year in length. GlobeNewswire generates fees primarily from wire distribution services, and revenues are recognized as services are provided. For our insurance agency business, commission income was recognized when coverage became effective, the premium due under the policy was known or could be reasonably estimated, and substantially all required services related to placing the insurance had been provided. Broker commission adjustments and commissions on premiums billed directly by underwriters were recognized when such amounts could be reasonably estimated.

Global Index Group

We develop and license NASDAQ OMX branded indexes, associated derivatives and financial products as part of our Global Index Group business. Revenues primarily include license fees from these branded indexes, associated derivatives and financial products in the U.S. and abroad. We also generate revenues by licensing and listing third-party structured products and third-party sponsored ETFs. We primarily have two types of license agreements: transaction-based licenses and asset-based licenses. Transaction-based licenses are generally renewable long-term agreements. Customers are charged based on transaction volume or a minimum contract amount, or both. If a customer is charged based on transaction volume, we recognize revenue when the transaction occurs. If a customer is charged based on a minimum contract amount, we recognize revenue on a pro-rata basis over the licensing term. Asset-based licenses are also generally long-term agreements. Customers are charged based on a percentage of assets under management for licensed products, per the agreement, on a monthly or quarterly basis. These revenues are recorded on a monthly or quarterly basis over the term of the license agreement.

Market Technology Revenues

Market Technology provides technology solutions for trading, clearing, settlement and information dissemination, and also offers facility management integration, surveillance solutions and advisory services. Revenues are derived primarily from license, support and facility management revenues, delivery project revenues, as well as change request, advisory and broker surveillance revenues.

We enter into multiple-element sales arrangements to provide technology solutions and services to our customers. In order to recognize revenues associated with each individual element of a multiple-element sales arrangement separately, we are required to establish the existence of VSOE of fair value for each element. When VSOE for individual elements of an arrangement cannot be established, revenue is generally deferred and recognized over either the final element of the arrangement or the entire term of the arrangement for which the services will be delivered.

License and support revenues are derived from the system solutions developed and sold by NASDAQ OMX and are generally entered into in multiple-element sales arrangements. After we have developed and sold a system solution, the customer licenses the right to use the software and may require post contract support and other services. Facility management revenues are also generally entered into in multiple-element sales arrangements and are derived when NASDAQ OMX assumes responsibility for the continuous operation of a system platform for a customer and receives facility management revenues which can be both fixed and volume-based. Revenues for license, support and facility management services are generally deferred and recognized over either the final element of the arrangement or the entire term of the arrangement for which the services will be delivered. We record the deferral of revenue associated with multiple-element sales arrangements in deferred revenue and non-current deferred revenue and the deferral of costs in other current assets and other non-current assets in the Consolidated Balance Sheets.

Delivery project revenues are derived from the installation phase of the system solutions developed and sold by NASDAQ OMX. The majority of our delivery projects involve individual adaptations to the specific requirements of the customer, such as those relating to functionality and capacity. We may customize our software technology and make significant modifications to the software to meet the needs of our customers, and as such, we account for these arrangements under contract accounting. Under contract accounting, when VSOE for valuing certain elements of an arrangement cannot be established, total revenues, as well as costs incurred, are deferred until the customization and significant modifications are complete and are then recognized over the post contract support period. We record the deferral of this revenue in deferred revenue and non-current deferred revenue and the deferral of costs in other current assets and other non-current assets in the Consolidated Balance Sheets.

Change request revenues include customer specific adaptations and modifications of the system solution sold by NASDAQ OMX after delivery has occurred. Change request revenues are recognized in revenue when earned. Advisory services are designed to support our customers' strategies and help them with critical decisions in a highly demanding business environment. Advisory services revenues are recognized in revenue when earned. Broker surveillance revenues are derived from surveillance solutions targeting brokers and regulators throughout the world. Broker surveillance revenues are subscription based and are recognized in revenue when earned.

Earnings Per Share

We present both basic and diluted EPS. Basic EPS is computed by dividing net income attributable to NASDAQ OMX adjusted for accretion on our series A convertible preferred stock by the weighted average number of common shares outstanding for the period. Diluted EPS is computed by dividing net income attributable to NASDAQ OMX adjusted for accretion on our series A convertible preferred stock and the interest impact of our 3.75% convertible notes, net of tax 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 consist primarily of convertible notes, employee stock options, restricted stock and PSUs. Common share equivalents are excluded from the computation in periods for which they have an anti-dilutive effect. Stock options for which the exercise price exceeds the average market price over the period are anti-dilutive and, accordingly, are excluded from the calculation. See Note 13, "Earnings Per Common Share," for further discussion.

Share-Based Compensation

Accounting for share-based compensation requires the measurement and recognition of compensation expense for all equity awards based on estimated fair values. We recognize compensation expense for equity awards on a straight-line basis over the requisite service period of the award. See Note 11, "Share-Based Compensation," for further discussion.

Advertising Costs

We expense advertising costs, which include media advertising and production costs, in the periods in which the costs are incurred. Media advertising and production costs included as marketing and advertising expense in the Consolidated Statements of Income totaled $7 million in 2011, $9 million in 2010 and $5 million for 2009.

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 two to five years. All other purchased software is charged to expense as incurred. We develop systems solutions for both internal and external use.

Certain costs incurred in connection with developing or obtaining internal use software are capitalized. Unamortized capitalized software development costs are included in data processing equipment and software, within property and equipment, net in the Consolidated Balance Sheets. Amortization of costs capitalized is included in depreciation and amortization expense in the Consolidated Statements of Income.

Certain costs of computer software to be sold, leased, or otherwise marketed as a separate product or as part of a product or process are capitalized after the product has reached technological feasibility. Technological feasibility is established upon completion of a detail program design or, in its absence, completion. Thereafter, all software production costs are capitalized. Prior to reaching technological feasibility, all costs are charged to expense. Capitalized costs are amortized on a straight-line basis over the remaining estimated economic life of the product and are included in depreciation and amortization expense in the Consolidated Statements of Income.

Leases

We expense rent from non-cancellable operating leases, net of sublease income, on a straight line basis, based on future minimum lease payments. The net costs are included in occupancy expense in the Consolidated Statements of Income. See Note 16, "Leases," for further discussion.

Income Taxes

We use the asset and liability method to provide 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

ASC Topic 820— In January 2010, the FASB issued amended guidance relating to ASC Topic 820. The amended guidance requires new disclosures as follows:

•

Amounts related to transfers in and out of Levels 1 and 2 shall be disclosed separately and the reasons for the transfers shall be described.

•

In the reconciliation for fair value measurements using significant unobservable inputs (Level 3), a reporting entity should present separately information about purchases, sales, issuances, and settlements on a gross basis.

The guidance also provides amendments that clarify existing disclosures related to the following:

•

Reporting fair value measurement disclosures for each class of assets and liabilities.

•

Providing disclosure surrounding the valuation techniques and inputs used to measure fair value for both Level 2 and Level 3 fair value measurements.

This accounting guidance was effective for us beginning on January 1, 2010, except for the disclosure requirements surrounding the reconciliation of Level 3 fair value measurements, which were effective for us on January 1, 2011. Since this guidance only requires additional disclosure, it did not affect our financial position or results of operations.

ASC Topic 220—In June 2011, the FASB issued amended guidance relating to ASC Topic 220, which eliminates the option to present the components of other comprehensive income as part of the statement of equity. Instead, the amended guidance requires entities to report components of comprehensive income in either a single continuous statement of comprehensive income containing two sections, net income and other comprehensive income, or in two separate but consecutive statements. This accounting guidance is effective for us on January 1, 2012 with early adoption permitted. We adopted this guidance as of June 30, 2011 and present two separate but consecutive statements presenting the components of comprehensive income. Since this guidance only required a change in the format of the presentation of comprehensive income, it did not affect our financial position or results of operations.

ASC Topic 350—In September 2011, the FASB issued amended guidance relating to ASC Topic 350, which affects all entities that have goodwill reported in the financial statements. The amended guidance permits an entity to first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than the carrying amount as a basis for determining whether it is necessary to perform the two-step quantitative goodwill impairment test described in ASC Topic 350. The more-likely-than-not threshold is defined as having a likelihood of more than 50 percent. If, after assessing the totality of events or circumstances, an entity determines that it is more likely than not that the fair value of a reporting unit exceeds its carrying amount, then performing the two-step impairment test is unnecessary. This accounting guidance is effective for us on January 1, 2012 with early adoption permitted. We adopted this guidance as of September 30, 2011 and used the qualitative assessment option for our annual goodwill impairment test performed for fiscal 2011. The testing procedures and results are described under "Goodwill" above. Since this guidance only changed the manner in which we assess goodwill for impairment, it did not affect our financial position or results of operations.

Acquisitions And Strategic Initiatives [Abstract]

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

+ References+ Details

Acquisitions And Strategic Initiatives

12 Months Ended

Dec. 31, 2011

Acquisitions And Strategic Initiatives

3. Acquisitions and Strategic Initiative

We completed the following acquisitions and strategic initiative in 2011, 2010 and 2009. Financial results of each transaction are included in our Consolidated Statements of Income from the dates of each acquisition or strategic initiative.

2011 Acquisitions

We completed the following acquisition during 2011:


	Purchase Consideration		Total Net Liabilities Acquired			Purchased Intangible Assets		Goodwill
	(in millions)
Glide Technologies	$	22	$	(2	)	$	4	$	20

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

The amounts in the table above represent the preliminary allocation of the purchase price and are subject to revision during the remainder of the measurement period, a period not to exceed 12 months from the acquisition date. Adjustments to the provisional values during the measurement period will be pushed back to the date of acquisition. Comparative information for periods after acquisition but before the period in which the adjustments are identified will be adjusted to reflect the effects of the adjustments as if they were taken into account as of the acquisition date. Changes to amounts recorded as assets and liabilities may result in a corresponding adjustment to goodwill. There were no adjustments to the provisional values for Glide Technologies during the year ended December 31, 2011.

Acquisition of the Business of RapiData

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

2010 Acquisitions

We completed the following acquisitions during 2010:


	Purchase Consideration		Total Net (Liabilities) Assets Acquired			Purchased Intangible Assets		Goodwill
	(in millions)
FTEN⁽¹⁾	$	110	$	(1	)	$	46	$	65
SMARTS⁽²⁾		77		(5	)		28		54
Nord Pool ASA⁽³⁾		17		7			2		8

Total for 2010	$	204	$	1		$	76	$	127

⁽¹⁾

In December 2010, we acquired FTEN, a leading provider of RTRM solutions for the financial securities market, for $110 million. FTEN purchase consideration included $11 million held in escrow to be paid in 2012, in accordance with the purchase agreement. We acquired net assets, at fair value, totaling $3 million and recorded a current deferred tax liability of $2 million and a non-current deferred tax liability of $16 million related to purchased intangible assets, and we also recorded a non-current deferred tax asset of $14 million related to net operating loss carry forwards, resulting in total net liabilities acquired of $1 million. The total deferred tax liabilities of $18 million represent the tax effect of the difference between the estimated assigned fair value of the acquired intangible assets ($46 million) and the tax basis ($0) of such assets. The estimated amount of $18 million is determined by multiplying the difference of $46 million by FTEN's effective tax rate of 39.55%. The purchased intangible assets of $46 million consisted of $23 million in customer relationships, $12 million in technology, $9 million for the FTEN trade name and $2 million related to non-compete agreements.

⁽²⁾

In August 2010, we acquired SMARTS, a leading technology provider of surveillance solutions to exchanges, regulators and brokers, to diversify our Market Technology business and enter the broker surveillance and compliance market. We completed our acquisition of SMARTS for $77 million, which included a $75 million initial purchase price as well as a $2 million working capital adjustment. SMARTS purchase consideration also included $11 million held in escrow to be paid in 2012 and 2013, in accordance with the purchase agreement. We acquired net assets, at fair value, totaling $3 million and recorded a current deferred tax liability of $1 million and a non-current deferred tax liability of $7 million related to purchased intangible assets, resulting in total net liabilities acquired of $5 million. The total deferred tax liabilities of $8 million represent the tax effect of the difference between the estimated assigned fair value of the acquired intangible assets ($28 million) and the tax basis ($0) of such assets. The estimated amount of $8 million is determined by multiplying the difference of $28 million by SMARTS' effective tax rate of 30%. The purchased intangible assets of $28 million consisted of $11 million in technology and $17 million in customer relationships.

⁽³⁾

In May 2010, we acquired Nord Pool, a derivatives trading market, for $17 million (101 million Norwegian Krone). We acquired net assets, at fair value, totaling $8 million and recorded a non-current deferred tax liability of $1 million related to purchased intangible assets, resulting in total net assets acquired of $7 million. Through this acquisition, we now hold a Norwegian exchange license and operate the Nordic power market and the European carbon market on one trading platform.

We finalized the allocation of the purchase price for FTEN in the fourth quarter of 2011, SMARTS in the third quarter of 2011, and Nord Pool in the second quarter of 2011. There were no adjustments to the provisional values for these acquisitions during the year ended December 31, 2011.

Acquisition of ZVM

In December 2010, we acquired ZVM, a provider of webcasting and investor relation communication services for companies in the Nordic region, for an immaterial amount. ZVM, which is the leading provider of webcasting services in Northern Europe, adds to the growing range of capabilities and services NASDAQ OMX offers public and private companies in the U.S. and Europe.

Acquisition of Assets of North American Energy Credit and Clearing Corp.

In March 2010, we purchased the assets of North American Energy Credit and Clearing Corp. for an immaterial amount. With this purchase, NASDAQ OMX expanded its presence in the OTC energy commodity markets. As previously discussed, the acquisition of these assets was effected through NOCC. In March 2010, we also provided cash of $25 million to NOCC to improve its liquidity position. As of December 31, 2011 and 2010, this amount is classified as non-current restricted cash in the Consolidated Balance Sheets.

2009 Strategic Initiative

Investment in European Multilateral Clearing Facility N.V.

In January 2009, we acquired a 22% stake in EMCF, a leading European clearinghouse, which is accounted for under the equity method of accounting.

Pro Forma Results and Acquisition-related Costs

The consolidated financial statements for the years ended December 31, 2011, 2010 and 2009 include the financial results of the above 2011, 2010 and 2009 acquisitions and strategic initiative from the date of each acquisition or strategic initiative. Pro forma financial results for the acquisitions completed in 2011 and 2010 and the strategic initiative completed in 2009 have not been presented since these acquisitions and the strategic initiative 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).

Goodwill And Purchased Intangible Assets [Abstract]

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-URI http://asc.fasb.org/extlink&oid=6909870&loc=d3e1524-128463

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

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-Name Emerging Issues Task Force (EITF)

-Number 88-16

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

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

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 141

-Paragraph 51, 52

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

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-Name Statement of Financial Accounting Standard (FAS)

-Number 141R

-Appendix F

-Paragraph F4

-Subparagraph e

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-Paragraph 67-73

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+ Details

Goodwill And Purchased Intangible Assets

12 Months Ended

Dec. 31, 2011

Goodwill And Purchased Intangible Assets

4. Goodwill and Purchased Intangible Assets

Goodwill

The following table presents the changes in goodwill by business segment during the year ended December 31, 2011:


	Market Services			Issuer Services			Market Technology			Total
	(in millions)
Balance at December 31, 2010	$	4,679		$	292		$	156		$	5,127
Goodwill acquired		—			20			—			20
Foreign currency translation adjustment		(77	)		(6	)		(3	)		(86	)

Balance at December 31, 2011	$	4,602		$	306		$	153		$	5,061

As of December 31, 2011, the amount of goodwill that is expected to be deductible for tax purposes in future periods is $96 million.

The goodwill acquired for Issuer Services shown above relates to our acquisition of Glide Technologies in October 2011. See Note 3, "Acquisitions and Strategic Initiatives," for further discussion.

Purchased Intangible Assets

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


	December 31, 2011											December 31, 2010
	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	$	42		$	(10	)	$	32			8	$	72		$	(41	)	$	31			6
Customer relationships		854			(196	)		658			21		853			(152	)		701			21
Other		6			(2	)		4			8		6			(1	)		5			8
Foreign currency translation adjustment		(25	)		4			(21	)				(15	)		4			(11	)

Total finite-lived intangible assets	$	877		$	(204	)	$	673				$	916		$	(190	)	$	726

*Indefinite-Lived Intangible Assets*
Exchange and clearing registrations	$	790		$	—		$	790				$	790		$	—		$	790
Trade names		181			—			181					181			—			181
Licenses		78			—			78					78			—			78
Foreign currency translation adjustment		(74	)		—			(74	)				(56	)		—			(56	)

Total indefinite-lived intangible assets	$	975		$	—		$	975				$	993		$	—		$	993

Total intangible assets	$	1,852		$	(204	)	$	1,648				$	1,909		$	(190	)	$	1,719

Amortization expense for purchased finite-lived intangible assets was $55 million for the year ended December 31, 2011 and $57 million for the years ended December 31, 2010 and 2009. The decrease in amortization expense in 2011 compared to 2010 was primarily due to a developed technology intangible asset purchased in connection with our acquisition of OMX AB in 2008 being fully amortized in February 2011, partially offset by intangible asset amortization expense on identifiable finite-lived intangible assets purchased in connection with the acquisitions of SMARTS and FTEN as well as certain subsidiaries of Nord Pool from the date of each acquisition.

The estimated future amortization expense (excluding the impact of foreign currency translation adjustments of $21 million as of December 31, 2011) of purchased finite-lived intangible assets as of December 31, 2011 is as follows:


	(in millions)
2012	$	53
2013		51
2014		49
2015		47
2016		43
2017 and thereafter		451

Total	$	694

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

+ References+ Details

Investments	12 Months Ended
Investments	Dec. 31, 2011
Investments [Abstract]
Investments	5. Investments Trading Securities Trading securities, which are included in financial investments, at fair value in the Consolidated Balance Sheets, were $261 million as of December 31, 2011 and $220 million as of December 31, 2010. These securities are primarily comprised of Swedish government debt securities, of which $212 million as of December 31, 2011 and $190 million as of December 31, 2010, are restricted assets to meet regulatory capital requirements primarily for NASDAQ OMX Stockholm's clearing operations. Available-for-Sale Investment Security *Investment in DFM* Our available-for-sale investment security, which is included in financial investments, at fair value in the Consolidated Balance Sheets, represents our investment in DFM. In May 2010, we completed the exchange of our equity interest in NASDAQ Dubai for a 1% investment in DFM. See "Investment in NASDAQ Dubai" below for further discussion. As of December 31, 2011, the cost basis of this investment security was $36 million and the fair value was $18 million. We reviewed the carrying amount of this investment security to determine whether an other-than-temporary decline in value existed as of December 31, 2011. We considered factors affecting the investee, factors affecting the industry the investee operates in and general market trends. We also considered the length of time the market value has been below the carrying amount and the near-term prospects for recovery of unrealized losses. Based on this review, we determined that the decline in value of this security below its carrying amount was other than temporary and we wrote down our investment to fair value resulting in an $18 million pre-tax, non-cash impairment charge, which is included in asset impairment charge in the Consolidated Statements of Income for the year ended December 31, 2011. As of December 31, 2010, the cost basis of this security was $36 million and the fair value was $33 million. The gross change of $3 million between the cost basis and fair value was reflected as an unrealized holding loss in accumulated other comprehensive loss in the Consolidated Balance Sheets, net of taxes. Equity Method Investments In general, the equity method of accounting is used when we own 20% to 50% of the outstanding voting stock and when we are able to exercise significant influence over the operating and financial policies of a company. Equity interest in our equity method investments was $27 million as of December 31, 2011 and December 31, 2010, which consisted primarily of our equity interest in EMCF, a leading European clearinghouse in which we own a 22% equity stake. Equity method investments are included in other non-current assets in the Consolidated Balance Sheets. Income (loss) recognized from our equity interest in the earnings and losses of these companies was a net gain of $2 million for the years ended December 31, 2011 and December 31, 2010, and a net loss of $107 million for the year ended December 31, 2009. The net loss during the year ended December 31, 2009 was primarily due to impairment charges relating to NASDAQ Dubai and Agora-X and the sale of our investment in Orc. See "Investment in NASDAQ Dubai," "Impairment of Agora-X," and "Investment in Orc Software," below for further discussion. Income (loss) recognized from our equity method investments is included in income (loss) from unconsolidated investees, net in the Consolidated Statements of Income. *Investment in NASDAQ Dubai* In May 2010, we participated in the realignment of the ownership structure of NASDAQ Dubai, in which NASDAQ Dubai became a wholly-owned subsidiary of DFM, a publicly traded company controlled by Borse Dubai. We received a 1% equity interest in DFM in exchange for our equity interest in NASDAQ Dubai. Our existing technology and trademark licensing arrangements with Borse Dubai and NASDAQ Dubai remain unchanged. In connection with the realignment of the ownership structure discussed above, a third-party specialist determined the fair value of NASDAQ Dubai. Based on this valuation, we determined our carrying value of NASDAQ Dubai was no longer recoverable and was in fact impaired, and we wrote down our investment to fair value which resulted in an $82 million pre-tax, non-cash impairment charge for the year ended December 31, 2009. At the time of the realignment in May 2010, we recorded a pre-tax, non cash loss of $1 million in income (loss) from unconsolidated investees, net in the Consolidated Statements of Income, which was based on the difference between the price of DFM common stock multiplied by the number of shares of DFM acquired and the carrying value of our investment in NASDAQ Dubai at the time of the exchange. NASDAQ Dubai and DFM are related parties, as both of them are primarily owned by Borse Dubai, our largest stockholder as of December 31, 2011. *Impairment of Agora-X* In 2009, we entered into an agreement to increase our investment in Agora-X from 20% to 85%. At that time, in evaluating the fair value of the total investment, it was determined that our carrying value of Agora-X was no longer recoverable and was in fact impaired, and we wrote down our investment to fair value which resulted in a pre-tax, non-cash impairment charge of $5 million. *Investment in Orc Software* During 2009, we sold shares representing 25.25% of the share capital of Orc to a group of Swedish and other international investors for $54 million in cash. As a result of the sale, we recognized a $19 million loss, which includes costs directly related to the sale, primarily broker fees. The loss is included in income (loss) from unconsolidated investees, net in the Consolidated Statements of Income for the year ended December 31, 2009.

Tabular disclosure of investments in certain debt and equity securities (and certain other trading assets) which include all debt and equity securities (other than those equity securities accounted for under the equity or cost methods of accounting) with readily determinable fair values. Other trading assets include assets that are carried on the balance sheet at fair value and held for trading purposes. A debt security represents a creditor relationship with an enterprise that is in the form of a security. Debt securities include, among other items, US Treasury securities, US government securities, municipal securities, corporate bonds, convertible debt, commercial paper, and all securitized debt instruments. An equity security represents an ownership interest in an enterprise or the right to acquire or dispose of an ownership interest in an enterprise at fixed or determinable prices. Equity securities include, among other things, common stock, certain preferred stock, warrant rights, call options, and put options, but do not include convertible debt. An entity may opt to provide the reader with additional narrative text to better understand the nature of investments in debt and equity securities (and other trading assets).

Property And Equipment, Net [Abstract]

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

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-Name Statement of Financial Accounting Standard (FAS)

-Number 115

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

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

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-Glossary Debt Security

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

-Topic 320

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-Glossary Equity Security

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

-Topic 320

+ Details

Property And Equipment, Net

12 Months Ended

Dec. 31, 2011

Property And Equipment, Net

6. Property and Equipment, net

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


	December 31,
	2011			2010
	(in millions)
Data processing equipment and software	$	392		$	348
Furniture, equipment and leasehold improvements		193			180

		585			528
Less: accumulated depreciation and amortization		(392	)		(364	)

Total property and equipment, net	$	193		$	164

Depreciation and amortization expense for property and equipment was $54 million for the year ended December 31, 2011, $46 million for the year ended December 31, 2010 and $47 million for the year ended December 31, 2009. The increase in depreciation and amortization expense in 2011 compared to 2010 is primarily due to depreciation on assets placed into service in 2011 related to data processing equipment and software, partially offset by assets being fully depreciated in 2011. These amounts are included in depreciation and amortization expense in the Consolidated Statements of Income.

As of December 31, 2011 and 2010, we do not own any real estate properties.

The entire disclosure for long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. This disclosure may include property plant and equipment accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives, income statement disclosures, assets held for sale and public utility disclosures.

+ References+ Details

Deferred Revenue

12 Months Ended

Dec. 31, 2011

Deferred Revenue [Abstract]

Deferred Revenue

7. Deferred Revenue

Deferred revenue represents cash payments received that are yet to be recognized as revenue. At December 31, 2011, we have estimated that our deferred revenue, which is primarily related to Global Listing Services and Market Technology revenues, will be recognized in the following years:


	Initial Listing Revenues		Listing of Additional Shares Revenues		Annual Renewal and Other Revenues		Market Technology Revenues⁽¹⁾		Total
	(in millions)
Fiscal year ended:
2012	$	13	$	36	$	25	$	50	$	124
2013		9		28		—		33		70
2014		7		16		—		21		44
2015		6		6		—		12		24
2016		3		—		—		7		10
2017 and thereafter		1		—		—		5		6

	$	39	$	86	$	25	$	128	$	278

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

The changes in our deferred revenue during the years ended December 31, 2011 and 2010 are reflected in the following table.


	Initial Listing Revenues			Listing of Additional Shares Revenues			Annual Renewal and Other Revenues			Market Technology Revenues⁽²⁾			Total
	(in millions)
Balance at January 1, 2010	$	46		$	76		$	18		$	125		$	265
Additions⁽¹⁾		14			46			222			32			314
Amortization⁽¹⁾		(18	)		(39	)		(219	)		(13	)		(289	)
Translation adjustment		—			—			—			2			2

Balance at December 31, 2010	$	42		$	83		$	21		$	146		$	292

Additions⁽¹⁾		13			43			219			49			324
Amortization⁽¹⁾		(16	)		(40	)		(214	)		(66	)		(336	)
Translation adjustment		—			—			(1	)		(1	)		(2	)

Balance at December 31, 2011	$	39		$	86		$	25		$	128		$	278

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

⁽²⁾

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

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

+ References+ Details

Debt Obligations

12 Months Ended

Dec. 31, 2011

Debt Obligations [Abstract]

Debt Obligations

8. Debt Obligations

The following table presents the changes in the carrying value of our debt obligations during the year ended December 31, 2011:


	December 31, 2010			Additions			Payments, Conversions, Accretion and Other			December 31, 2011
	(in millions)
3.75% convertible notes due October 22, 2012 (net of discount)⁽¹⁾	$	—		$	—		$	—		$	—
2.50% convertible senior notes due August 15, 2013⁽²⁾		388			—			(300	)		88
4.00% senior unsecured notes due January 15, 2015 (net of discount)⁽³⁾		398			—			1			399
5.55% senior unsecured notes due January 15, 2020 (net of discount)⁽³⁾		598			—			—			598
5.25% senior unsecured notes due January 16, 2018 (net of discount)⁽³⁾		367			—			—			367
$1.2 billion senior unsecured five-year credit facility:
$450 million senior unsecured term loan facility credit agreement due September 19, 2016 (average interest rate of 1.66% for the period September 19, 2011 through December 31, 2011)⁽⁴⁾		—			450			(11	)		439
$750 million revolving credit commitment due September 19, 2016 (average interest rate of 1.43% for the period October 19, 2011 through December 31, 2011)⁽⁴⁾		—			250			(24	)		226
$700 million senior unsecured term loan facility credit agreement repaid September 2011 (average interest rate of 2.25% for the period January 1, 2011 through September 19, 2011)⁽⁵⁾		570			—			(570	)		—

Total debt obligations		2,321			700			(904	)		2,117
Less current portion		(140	)		(45	)		140			(45	)

Total long-term debt obligations	$	2,181		$	655		$	(764	)	$	2,072

⁽¹⁾	As of December 31, 2011 and 2010, approximately $0.5 million aggregate principal amount of the 3.75% convertible notes remained outstanding.

⁽²⁾	See "2.50% Convertible Senior Notes" below for further discussion.

⁽³⁾	See "Senior Unsecured Notes" below for further discussion.

⁽⁴⁾	See "2011 Credit Facility" below for further discussion.

⁽⁵⁾	See "2010 Credit Facility" below for further discussion.

2.50% Convertible Senior Notes

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

The 2013 Convertible Notes are convertible in certain circumstances specified in the indenture for the notes. Upon conversion, holders will receive, at the election of NASDAQ OMX, cash, common stock or a combination of cash and common stock. It is our current intent and policy to settle the principal amount of the notes in cash. The conversion rate, subject to adjustment in certain events, is 18.1386 shares of common stock per $1,000 principal amount of notes, which is equivalent to a conversion price of approximately $55.13 per share of common stock. At December 31, 2011, the remaining aggregate principal amount outstanding of the 2013 Convertible Notes is convertible into 1,686,577 shares of our common stock. Subject to certain exceptions, if we undergo a "fundamental change" as described in the indenture, holders may require us to purchase their notes at a price equal to 100% of the principal amount of the notes, plus accrued and unpaid interest.

Tender Offer and Early Extinguishment of Debt

On September 20, 2011, we commenced a cash tender offer for any and all of the $428 million aggregate principal amount outstanding of the 2013 Convertible Notes, or the Offer. We offered to purchase the 2013 Convertible Notes at a price of $1,025 for each $1,000 of principal amount tendered, plus accrued and unpaid interest up to, but not including, October 19, 2011, the date of purchase. Holders representing approximately 78.3% of the aggregate principal amount of the outstanding 2013 Convertible Notes participated in the Offer resulting in the tender of $335 million of the aggregate outstanding principal amount of the 2013 Convertible Notes for a total purchase price of $346 million, which included the premium discussed above, accrued interest, and other costs. We funded the Offer with cash on hand and availability under the revolver in our 2011 Credit Facility. See "2011 Credit Facility" below for further discussion of our credit facility. As a result of the tender, in October 2011, we recorded a pre-tax charge of $25 million consisting of the write-off of the associated unamortized debt discount of $22 million, debt issuance costs of $2 million, as well as other costs of $1 million. This charge was recorded in general, administrative and other expense in the Consolidated Statements of Income for 2011. The 2013 Convertible Notes purchased pursuant to the Offer were cancelled and are no longer outstanding.

In 2009, we repurchased $47 million principal amount of the 2.50% convertible senior notes for a cash payment of $40 million and recognized a pre-tax gain on the early extinguishment of debt of $4 million (net of debt issuance and other costs of $1 million) which is recorded in general, administrative and other expense in the Consolidated Statements of Income for 2009.

The tender offer and early extinguishment of debt discussed above resulted in a remaining aggregate principal amount outstanding of the 2013 Convertible Notes of $93 million as of December 31, 2011.

Liability and Equity Components

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

The changes in the liability and equity components of the 2013 Convertible Notes during the years ended December 31, 2011 and 2010 are as follows:


	Liability Component									Equity Component
	(in millions)									(in millions)
	Principal Balance			Unamortized Debt Discount			Net Carrying Amount			Gross Equity Component			Deferred Taxes		Net Equity Component
December 31, 2009	$	428		$	54		$	374		$	80		$	32	$	48
Accretion of debt discount		—			(14	)		14			—			—		—

December 31, 2010	$	428		$	40		$	388		$	80		$	32	$	48
Accretion of debt discount		—			(13	)		13			—			—		—
Tender offer		(335	)		(22	)		(313	)		(9	)		—		(9	)

December 31, 2011	$	93		$	5		$	88		$	71		$	32	$	39

The unamortized debt discount on the convertible debt was $5 million as of December 31, 2011 and $40 million as of December 31, 2010 and is included in debt obligations in the Consolidated Balance Sheets. The remaining amount of $5 million will be accreted as part of interest expense through August 15, 2013, the maturity date of the convertible debt. The decrease in the unamortized debt discount in 2011 compared to 2010 is due to the write-off of $22 million associated with the Offer as discussed above and the accretion of the debt discount during 2011 of $13 million. The effective annual interest rate on the 2013 Convertible Notes was 6.53% for the years ended December 31, 2011, 2010 and 2009, which includes the accretion of the debt discount in addition to the annual contractual interest rate of 2.50%.

The equity component of the convertible debt included in additional paid-in capital in the Consolidated Balance Sheets was $39 million at December 31, 2011 and $48 million at December 31, 2010. The difference of $9 million reflects the cash paid in connection with the Offer, discussed above, that was attributable to the extinguishment of the equity component of the convertible debt.

Interest expense recognized on the 2013 Convertible Notes in the Consolidated Statements of Income for the years ended December 31, 2011, 2010 and 2009 is as follows:


	Year Ended December 31,
	2011		2010		2009
	(in millions)
Components of interest expense recognized on the 2013 Convertible Notes
Accretion of debt discount	$	13	$	14	$	13
Contractual interest		9		10		11

Total interest expense recognized on the 2013 Convertible Notes	$	22	$	24	$	24

Debt Issuance Costs

In 2008, in conjunction with the issuance of the 2013 Convertible Notes, we incurred debt issuance costs of $10 million. These costs, which were capitalized and included in other non-current assets in the Consolidated Balance Sheets, are being amortized over the life of the debt obligation. In connection with the Offer in October 2011, we recorded a pre-tax charge for the write-off of the associated debt issuance costs of $2 million for the year ended December 31, 2011. In connection with the early extinguishment of a portion of these notes in 2009, we recorded a pre-tax charge for the write-off of the associated debt issuance costs of $1 million for the year ended December 31, 2009. See "Tender Offer and Early Extinguishment of Debt" above for further discussion. Amortization expense, which is recorded as additional interest expense for these costs, was $1 million for the year ended December 31, 2011 and $2 million for the years ended December 31, 2010 and 2009.

Senior Unsecured Notes

4.00% and 5.55% Senior Unsecured Notes

In January 2010, NASDAQ OMX issued $1 billion of senior unsecured notes, or the Notes. The Notes were issued at a discount in two separate series consisting of $400 million aggregate principal amount of 4.00% senior notes due 2015, or the 2015 Notes, and $600 million aggregate principal amount of 5.55% senior notes due 2020, or the 2020 Notes. As a result of the discount, the proceeds received from the issuance were less than the aggregate principal amounts. As of December 31, 2011, the balance of $399 million for the 2015 Notes and the balance of $598 million for the 2020 Notes reflect the aggregate principal amounts, less the unamortized debt discount. The unamortized debt discount will be accreted through interest expense over the life of the Notes.

The 2015 Notes pay interest semiannually at a rate of 4.00% per annum until January 15, 2015, and the 2020 Notes pay interest semiannually at a rate of 5.55% per annum until January 15, 2020. The Notes are general unsecured obligations of ours and rank equally with all of our existing and future unsubordinated obligations. The Notes are not guaranteed by any of our subsidiaries. The Notes were issued under an indenture that, among other things, limits our ability to consolidate, merge or sell all or substantially all of our assets, create liens, and enter into sale and leaseback transactions.

Debt Issuance Costs

We incurred debt issuance and other costs of $8 million in connection with the issuance of the Notes. These costs, which are capitalized and included in other non-current assets in the Consolidated Balance Sheets, are being amortized over the life of the debt obligations. Amortization expense, which is recorded as additional interest expense for these costs, was $1 million for both the years ended December 31, 2011 and 2010.

5.25% Senior Unsecured Notes

In December 2010, NASDAQ OMX issued $370 million of 5.25% senior unsecured notes due January 16, 2018. We applied the net proceeds from the 2018 Notes of $367 million and cash on hand of $3 million to repay all amounts outstanding under our $400 million senior unsecured bridge facility, or the Bridge Facility, discussed below, as well as related fees.

The 2018 Notes were issued at a discount. As a result of the discount, the proceeds received from the issuance were less than the aggregate principal amount. As of December 31, 2011, the balance of $367 million reflects the aggregate principal amount, less the unamortized debt discount. The unamortized debt discount will be accreted through interest expense over the life of the 2018 Notes.

The 2018 Notes pay interest semiannually at a rate of 5.25% per annum until January 16, 2018 and such rate may vary with NASDAQ OMX's debt rating up to a rate not to exceed 7.25%. The 2018 Notes are general unsecured obligations of ours and rank equally with all of our existing and future unsubordinated obligations. They are not guaranteed by any of our subsidiaries. The 2018 Notes were issued under indentures that among other things, limit our ability to consolidate, merge or sell all or substantially all of our assets, create liens, and enter into sale and leaseback transactions. In addition, upon a change of control triggering event (as defined in the indenture), the terms require us to repurchase all or part of each holder's notes for cash equal to 101% of the aggregate principal amount purchased plus accrued and unpaid interest, if any.

Debt Issuance Costs

We incurred debt issuance costs of $3 million in connection with the issuance of the 2018 Notes. These costs, which are capitalized and included in other non-current assets in the Consolidated Balance Sheets, are being amortized over the life of the debt obligation. Amortization expense, which is recorded as additional interest expense for these costs, was immaterial for both the years ended December 31, 2011 and 2010.

Credit Facilities

2011 Credit Facility

In September 2011, NASDAQ OMX entered into a $1.2 billion senior unsecured five-year credit facility which matures on September 19, 2016. The 2011 Credit Facility consists of our 2016 Term loan of $450 million and a $750 million revolving credit commitment (including a swingline facility and letter of credit facility). NASDAQ OMX applied the $450 million in proceeds from the 2016 Term Loan to repay the remaining $450 million principal amount outstanding on our 2010 Credit Facility, as defined below. As a result, NASDAQ OMX terminated the associated credit agreement. See "2010 Credit Facility" below for further discussion.

In October 2011, we borrowed $250 million under the revolving credit commitment portion of the 2011 Credit Facility and utilized cash on hand of $96 million in order to fund the purchase of the 2013 Convertible Notes tendered in the Offer. In November 2011, we made an optional prepayment of $24 million on our revolving credit commitment. As a result, availability under the revolving credit commitment was $524 million as of December 31, 2011.

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

Under the 2011 Credit Facility, beginning in December 2011 we are required to pay quarterly principal payments equal to 2.50% of the aggregate original principal amounts borrowed under the 2016 Term Loan. In the fourth quarter of 2011, we made a required quarterly principal payment of $11 million on our 2016 Term Loan.

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

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

Debt Issuance Costs

We incurred debt issuance and other costs of $5 million in connection with the entry into the 2011 Credit Facility. These costs, which are capitalized and included in other non-current assets in the Consolidated Balance Sheets, are being amortized over the life of the 2011 Credit Facility. Amortization expense, which is recorded as additional interest expense for these costs, was immaterial for the year ended December 31, 2011.

2010 Credit Facility

In January 2010, NASDAQ OMX entered into a $950 million senior unsecured three-year credit facility, or the 2010 Credit Facility. The 2010 Credit Facility provided for a $250 million revolving credit commitment (including a swingline facility and letter of credit facility), a $350 million funded Tranche A term loan, or the Term Loan A, and a $350 million funded Tranche X term loan, or the Term Loan X and, together with Term Loan A, the Term Loans. The loans under the 2010 Credit Facility had a variable interest rate based on either the LIBOR or the Federal Funds Rate, plus an applicable margin that varied with NASDAQ OMX's debt rating.

NASDAQ OMX applied the net proceeds from the Notes, the $700 million funded Term Loans and cash on hand to repay all amounts outstanding under our senior secured credit facilities in place as of December 31, 2009 and related fees. As a result, NASDAQ OMX terminated the associated credit agreement.

Under our 2010 Credit Facility, we were required to pay quarterly principal payments of $35 million on our Term Loans. In the first half of 2011, we made required quarterly principal payments of $70 million, as well as an optional principal payment of $50 million on our Term Loans. In September 2011, we applied the proceeds of $450 million from the 2016 Term Loan discussed above, to repay the remaining $450 million principal amount outstanding on our Term Loans. As a result, NASDAQ OMX terminated the associated credit agreement. See "2011 Credit Facility" above for further discussion of the 2011 Credit Facility.

Debt Issuance and Other Costs

We incurred debt issuance and other costs of $13 million in connection with the entry into the 2010 Credit Facility. These costs, which were capitalized and included in other non-current assets in the Consolidated Balance Sheets, were being amortized over the life of the debt obligation. In September 2011, as a result of repayment of our 2010 Credit Facility, we recorded a pre-tax charge of $6 million, which primarily included the write-off of the remaining unamortized balance of debt issuance costs. This charge is included in general, administrative and other expense in the Consolidated Statements of Income for the year ended December 31, 2011. Amortization expense, which was recorded as additional interest expense for these costs, was $3 million for the year ended December 31, 2011 and $4 million for the year ended December 31, 2010.

Bridge Facility

In December 2010, NASDAQ OMX entered into the Bridge Facility, and borrowed $370 million to partially finance the purchase of our stock from Borse Dubai. See "Share Repurchase Programs and Share Repurchase from Borse Dubai," of Note 12, "NASDAQ OMX Stockholders' Equity," for further discussion of our share repurchase from Borse Dubai. We applied the net proceeds from the issuance of our 2018 Notes, discussed above, and cash on hand to repay all amounts outstanding under the Bridge Facility and terminated the Bridge Facility as of December 31, 2010. The effective interest rate on borrowings under the Bridge Facility was 1.76%.

Other Credit Facilities

In addition to the revolving credit commitment discussed above, we have credit facilities related to our clearinghouses in order to meet liquidity and regulatory requirements. At December 31, 2011, these credit facilities, which are available in multiple currencies, primarily Swedish Krona and U.S. dollar, totaled $447 million ($206 million in available liquidity and $241 million to satisfy regulatory requirements), none of which was utilized. At December 31, 2010, these facilities totaled $440 million ($196 million in available liquidity and $244 million to satisfy regulatory requirements), none of which was utilized.

Debt Covenants

At December 31, 2011, we were in compliance with the covenants of all of our debt obligations.

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

+ References+ Details

Income Taxes

12 Months Ended

Dec. 31, 2011

Income Taxes [Abstract]

Income Taxes

9. Income Taxes

The income tax provision consists of the following amounts:


	Year Ended December 31,
	2011			2010			2009
	(in millions)
Current income taxes:
Federal	$	129		$	116		$	96
State		34			36			32
Foreign		23			20			10

Total current income taxes		186			172			138

Deferred income taxes:
Federal		(18	)		(25	)		(26	)
State		—			(26	)		8
Foreign		22			16			8

Total deferred income taxes		4			(35	)		(10	)

Total income tax provision	$	190		$	137		$	128

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, 2011, the cumulative amount of undistributed earnings in these subsidiaries is approximately $60 million. We have the intent and ability to indefinitely reinvest the undistributed earnings of our non-U.S. subsidiaries.

A reconciliation of the income tax provision, based on the U.S. federal statutory rate, to our actual income tax provision for the years ended December 31, 2011, 2010 and 2009 is as follows:


	Year Ended December 31,
	2011			2010			2009
	(in millions)
Federal income tax provision at the statutory rate		35.0	%		35.0	%		35.0	%
State income tax provision, net of federal effect		3.3	%		4.2	%		6.6	%
Foreign income tax provision at a rate different than the federal rate		(3.8	)%		(3.2	)%		(3.6	)%
Earnings from foreign affiliates, not subject to tax		(3.4	)%		(3.5	)%		(4.8	)%
Nondeductible expenses		0.2	%		0.3	%		2.8	%
Change in deferred taxes due to change in tax rate⁽¹⁾		0.5	%		(3.0	)%		—
Excess capital loss carry back⁽¹⁾		—			(2.4	)%		—
Other, net		1.4	%		(1.4	)%		(3.3	)%

Actual income tax provision⁽¹⁾		33.2	%		26.0	%		32.7	%

⁽¹⁾

The higher effective tax rate in 2011 when compared to 2010 was primarily due to the impact of changes in tax laws in certain jurisdictions where NASDAQ OMX operates. Also, 2010 results included reductions in deferred tax liabilities due to a revised effective tax rate and a tax deduction for a capital loss. The lower effective tax rate in 2010 when compared to 2009 was primarily due to the restructuring of certain NASDAQ OMX subsidiaries. These transactions resulted in reductions in deferred tax liabilities due to a revised effective tax rate and a tax deduction for a capital loss.

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


	December 31,
	2011			2010
	(in millions)
Deferred tax assets:
Deferred revenues	$	30		$	28
U.S. federal net operating loss		15			20
Foreign net operating loss		99			104
State net operating loss		4			1
Compensation and benefits		88			77
Foreign currency translation		194			155
Lease reserves		19			8
Tax credits		19			5
Excess capital loss		—			64
Other		15			15

Gross deferred tax assets		483			477

Deferred tax liabilities:
Amortization of software development costs and depreciation		(40	)		(25	)
Amortization of acquired intangible assets		(629	)		(653	)
Accretion of debt discount		(4	)		(19	)
Other		(24	)		(27	)

Gross deferred tax liabilities		(697	)		(724	)

Net deferred tax liabilities before valuation allowance		(214	)		(247	)

Less: valuation allowance		(75	)		(31	)

Net deferred tax liabilities	$	(289	)	$	(278	)

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

In 2011, our U.S. federal net operating loss of $15 million, which includes $10 million related to the acquisition of FTEN in December 2010 and $5 million related to subsidiaries of OMX that are not included in our U.S. federal consolidated income tax return, will expire in years 2023-2031. Our foreign net operating loss of $99 million, as of December 31, 2011, includes $33 million that will expire in years 2018-2021 and $66 million that has no expiration date. Also, our state net operating loss of $4 million, as of December 31, 2011,will expire in years 2013-2031.

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


	Year Ended December 31,
	2011		2010		2009
	(in millions)
Domestic	$	392	$	393	$	325
Foreign		181		133		66

Income before income tax provision	$	573	$	526	$	391

In 2011, 2010 and 2009, we recorded income tax benefits of $10 million, $2 million and $4 million, respectively, primarily related to share-based compensation. These amounts were recorded as additional paid-in-capital in the Consolidated Balance Sheets.

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

As of December 31, 2011, we had $18 million of unrecognized benefits, of which $11 million would affect our effective tax rate if recognized. As of December 31, 2010, we had $12 million of unrecognized benefits, of which $8 million would affect our effective tax rate if recognized.

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


	Year Ended December 31,
	2011			2010
	(in millions)
Beginning balance	$	12		$	11
Additions as a result of tax positions taken in prior periods		6			1
Additions as a result of tax positions taken in the current period		3			2
Reductions related to settlements with taxing authorities		(2	)		(2	)
Reductions as a result of lapses of the applicable statute of limitations		(1	)		—

Ending balance	$	18		$	12

Our policy is to recognize interest and/or penalties related to income tax matters in income tax expense. As of December 31, 2011, we had accrued $5 million for interest and penalties, net of tax effect. As of December 31, 2010, we had accrued $4 million for interest and penalties, net of tax effect.

NASDAQ OMX and its eligible subsidiaries file a consolidated U.S. federal income tax return and applicable state and local income tax returns and non-U.S. income tax returns. Federal income tax returns for the years 2008 and 2009 are currently under audit by the Internal Revenue Service. The review of federal income tax returns for the years 2007 and 2010 is expected to commence in 2012. Several state tax returns are currently under examination by the respective tax authorities for the years 2000 through 2009 and we are subject to examination for 2010. Non-U.S. tax returns are subject to review by the respective tax authorities for the years 2003 through 2010. In 2011, we settled audits with various taxing jurisdictions and paid a total of $1 million with respect to the years 2006 through 2009. Since this amount was included in our unrecognized tax benefits as of December 31, 2010, such payments did not affect our 2011 effective tax rate. The outcome of these audits did not have a material impact on our financial position or results of operations. We anticipate that the amount of unrecognized tax benefits at December 31, 2011 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 in which such authority challenges certain interest expense deductions claimed by NASDAQ OMX in Finland for the year 2008. NASDAQ OMX's tax return position with respect to this deduction was previously reviewed and approved by the Finnish Tax Authority. The appeal also demands certain penalties be paid with regard to the company's tax return filing position. If the Finnish Tax Authority prevails in its challenge, additional tax and penalties for the years 2008-2011 would total approximately $23 million. We expect the Finnish Tax Authority to agree with our position once its review is completed and, as such, we believe it is unlikely NASDAQ OMX will be assessed any additional tax and penalties. Through December 31, 2011, we have recorded the tax benefits associated with the filing position.

In June 2009, NASDAQ OMX filed an application for an advance tax ruling with the Swedish Tax Council for Advance Tax Rulings. The application was filed to confirm whether certain interest expense is deductible for Swedish tax purposes under legislation that became effective on January 1, 2009. In June 2010, we received a favorable response from the Swedish Tax Council for Advance Tax Rulings in which all members of the Council agreed that the interest expense is deductible for Swedish tax purposes. The Swedish Tax Agency appealed the Council's ruling to the Swedish Supreme Administrative Court. In November 2011, the Swedish Supreme Administrative Court rendered a ruling consistent with the favorable ruling from the Swedish Tax Council for Advance Tax Rulings. Since we have recorded all tax benefits associated with this matter, the ruling did not affect our financial position or results of operations.

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

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

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 08

-Paragraph h

-Article 4

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

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 109

-Paragraph 136, 172

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

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

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 109

-Paragraph 43, 44, 45, 46, 47, 48, 49

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

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

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 15

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319

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-Name Accounting Standards Codification

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-Paragraph 9

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

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-Name Accounting Standards Codification

-Topic 235

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.4-08.(h))

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

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

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-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319

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

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-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319

+ Details

Employee Benefits

12 Months Ended

Dec. 31, 2011

Employee Benefits [Abstract]

Employee Benefits

10. Employee Benefits

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

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

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

Components of Net Periodic Benefit Cost

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


	Year Ended December 31,
	2011			2010			2009
	(in millions)
Components of net periodic benefit cost
Interest cost	$	6		$	7		$	7
Expected return on plan assets		(5	)		(5	)		(4	)
Recognized net actuarial (gain) loss		3			3			(2	)
Settlement loss recognized		—			1			1

Net periodic benefit cost	$	4		$	6		$	2

Benefit Obligations and Funded Status

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


	2011												2010
	Pension			SERP			Post- retirement			Total			Pension			SERP			Post- retirement			Total
	(in millions)
Change in benefit obligation
Benefit obligation at beginning of year	$	83		$	30		$	12		$	125		$	77		$	29		$	9		$	115
Interest cost		4			1			1			6			4			2			1			7
Actuarial losses (gains)		(1	)		—			(2	)		(3	)		—			—			1			1
Benefits paid		(3	)		(2	)		—			(5	)		(2	)		(2	)		—			(4	)
Settlements		—			—			—			—			(3	)		—			—			(3	)
Loss due to change in discount rate		3			1			—			4			7			1			1			9

Benefit obligation at end of year		86			30			11			127			83			30			12			125

Change in plan assets
Fair value of plan assets at beginning of year		65			—			—			65			58			—			—			58
Actual return on plan assets		(1	)		—			—			(1	)		7			—			—			7
Company contributions		1			2			—			3			5			2			—			7
Benefits paid		(3	)		(2	)		—			(5	)		(2	)		(2	)		—			(4	)
Settlements		—			—			—			—			(3	)		—			—			(3	)

Fair value of plan assets at end of year		62			—			—			62			65			—			—			65

Underfunded status of the plans		(24	)		(30	)		(11	)		(65	)		(18	)		(30	)		(12	)		(60	)

Accumulated benefit obligation	$	86		$	30		$	11		$	127		$	83		$	30		$	12		$	125

The total underfunded status of the NASDAQ OMX Benefit Plans of $65 million at December 31, 2011 and $60 million at December 31, 2010 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, 2012.

Actuarial Assumptions

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

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


	2011			2010
Discount rate:
Pension		5.00	%		5.25	%
SERP		5.00	%		5.25	%
Post-retirement		5.00	%		5.25	%
Rate of compensation increase:
Pension		N/A			N/A
SERP		N/A			N/A
Post-retirement		N/A			N/A

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


	2011			2010			2009
Discount rate:
Pension		5.25	%		5.75	%		7.00	%
SERP		5.25	%		5.75	%		7.00	%
Post-retirement		5.25	%		5.75	%		7.00	%
Rate of compensation increase:
Pension		N/A			N/A			N/A
SERP		N/A			N/A			N/A
Post-retirement		N/A			N/A			N/A
Expected return on plan assets:
Pension		8.00	%		8.00	%		8.00	%
SERP		N/A			N/A			N/A
Post-retirement		N/A			N/A			N/A

N/A—Not applicable

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

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

For 2012, the weighted-average assumed healthcare cost trend rate used for post-retirement measurement purposes for the NASDAQ OMX Benefit Plans is 9.5% to 10.0% prior to age 65 and 7.0% to 10.0% after age 65. A one percent increase or decrease in the assumed healthcare cost trend would have an immaterial effect on the post-retirement service and interest cost and post-retirement benefit obligation for both plans.

Plan Assets of the NASDAQ OMX Benefit Plans

NASDAQ OMX's Pension and 401(k) Committee, which is comprised of employees of NASDAQ OMX, has oversight responsibility for the plan assets of the NASDAQ OMX Benefit Plans. The investment policy and strategy of the plan assets, which was adopted by NASDAQ OMX's Pension and 401(k) Committee, is to provide for preservation of principal, both in nominal and real terms, in order to meet the long-term spending needs of the NASDAQ OMX Benefit Plans. We invest in securities per the target allocations stated below. Target allocations for plan assets as of December 31, 2011 were as follows:


	Target Allocation
Mutual funds⁽¹⁾		75	%
U.S. equity securities		10	%
Other investment strategies and cash		15	%

Total		100	%

⁽¹⁾	Securities are held in various classes of domestic, international and emerging market equity and fixed-income securities.

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

The fair value of the plan assets for the NASDAQ OMX Benefit Plans at December 31, 2011, by asset category and fair value hierarchy, are as follows:


	Total Benefit Plan Assets as of December 31, 2011		Fair Value Measurements⁽¹⁾
	Total Benefit Plan Assets as of December 31, 2011		Level 1		Level 2		Level 3
			(in millions)
Mutual funds⁽²⁾	$	47	$	47	$	—	$	—
U.S. equity securities		6		6		—		—
Other investment strategies and cash⁽³⁾		9		7		2		—

Total benefit plan assets	$	62	$	60	$	2	$	—

⁽¹⁾	See Note 14, "Fair Value of Financial Instruments," for further discussion of fair value measurements.

⁽²⁾	Securities are held in various classes of domestic, international and emerging market equity and fixed-income securities.

⁽³⁾	Includes cash and multi-strategy hedge funds. Securities held in multi-strategy hedge funds are held in multiple asset classes and include investments in equity and fixed-income securities, arbitrage investments and futures.

The expected rate of return on plan assets for the NASDAQ OMX Benefit Plans represents our long-term assessment of return expectations which may change based on significant shifts in economic and financial market conditions. The long-term rate of return on plan assets is derived from return assumptions determined based on asset classes held and weighted based on the current target allocation for each class. Over the long term, our investments in bond mutual funds are expected to return between 4% and 5%, investments in equity mutual funds and U.S. equity securities are expected to return between 7% and 9%, other investment strategies are expected to return between 7% and 8%, and cash is expected to return between 2% and 3%. While we considered the NASDAQ OMX Benefit Plans recent performance and other economic growth and inflation factors, which are supported by long-term historical data, the return expectations for each of these asset categories represents a long-term prospective return. Based on historical experience, the NASDAQ OMX Pension and 401(k) Committee expects that the plans' asset managers overall will provide a modest (1% per annum) premium to their respective market benchmark indexes.

Accumulated Other Comprehensive Income (Loss)

Accumulated other comprehensive income (loss), as of December 31, 2011, consisted of the following amounts that have yet to be recognized in net periodic benefit costs for the NASDAQ OMX Benefit Plans:


	Pension			SERP			Post- retirement		Total
	(in millions)
Unrecognized net actuarial gain/(loss)	$	(31	)	$	(3	)	$	1	$	(33	)
Income tax benefit		13			1			—		14

Employee benefit plan adjustments, net of tax	$	(18	)	$	(2	)	$	1	$	(19	)

Estimated Future Benefit Payments

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


	Pension		SERP		Post- retirement		Total
	(in millions)
Fiscal year ended:
2012	$	3	$	2	$	—	$	5
2013		3		11		1		15
2014		3		2		1		6
2015		4		3		1		8
2016		5		2		1		8
2017 through 2021		22		8		3		33

	$	40	$	28	$	7	$	75

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 $14 million in 2011, $13 million in 2010 and $14 million in 2009.

As part of the acquisition of certain subsidiaries of Nord Pool, we assumed the obligation for several pension plans providing benefits for these employees. Employees covered under these pension plans are entitled to defined future pension benefits based on the number of years of employment and pay at retirement age. The measurement date of the plan obligations is December 31. The projected benefit obligation was $15 million at December 31, 2011 and $14 million at December 31, 2010. The fair value of the plan assets was $7 million at December 31, 2011 and $6 million at December 31, 2010. The underfunded status of the plans was $8 million at both December 31, 2011 and 2010, and was included in other non-current liabilities in the Consolidated Balance Sheets. The benefit cost for these plans was $2 million in 2011, $1 million in 2010 and $3 million in 2009.

U.S. Defined Contribution Savings Plan

We sponsor a voluntary defined contribution savings plan, or 401(k) Plan, for U.S. employees. Employees are immediately eligible to make contributions to the plan and are also eligible for an employer contribution match at an amount equal to 100.0% of the first 4.0% of eligible employee contributions. Savings plan expense included in compensation and benefits expense in the Consolidated Statements of Income was $4 million in 2011, 2010 and 2009.

We have a profit-sharing contribution feature to our 401(k) plan which allows eligible U.S. employees to receive employer retirement contributions, or ERCs, when we meet our annual corporate goals. In addition, we have a supplemental ERC for select highly compensated employees whose ERCs are limited by the annual Internal Revenue Service compensation limit. ERC expense recorded in compensation and benefits expense in the Consolidated Statements of Income was $5 million in 2011 and $4 million in both 2010 and 2009.

Employee Stock Purchase Plan

We have an ESPP under which approximately 3.6 million shares of our common stock have been reserved for future issuance as of December 31, 2011.

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 2011, employees purchased 246,850 shares at a weighted-average price of $20.64, during 2010, employees purchased 242,865 shares at a weighted-average price of $15.08 and during 2009, employees purchased 201,559 shares at a weighted-average price of $17.68 under the ESPP. We recorded compensation expense of $1.2 million for the year ended December 31, 2011, $0.8 million for the year ended December 31, 2010 and $0.6 million for the year ended December 31, 2009 for the 15.0% discount that is given to our employees.

Share-Based Compensation

12 Months Ended

Dec. 31, 2011

Share-Based Compensation [Abstract]

Share-Based Compensation

11. Share-Based Compensation

We have a share-based compensation program that provides our board of directors broad discretion in creating employee equity incentives. Share-based awards, or equity awards, include employee stock options, restricted stock (which includes awards and 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 three- to five-year periods beginning on the date of the grant. Stock options are also generally time-based and expire ten years from the grant date. Stock option and restricted stock awards generally include performance-based accelerated vesting features based on achievement of specific levels of corporate performance. If NASDAQ OMX exceeds the applicable performance parameters, the grants vest on the third anniversary of the grant date, if NASDAQ OMX meets the applicable performance parameters, the grants vest on the fourth anniversary of the grant date, and if NASDAQ OMX does not meet the applicable performance parameters, the grants vest on the fifth anniversary of the grant date.

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

Stock Option Exchange Program

In May 2010, NASDAQ OMX shareholders approved a proposal to allow for a one-time voluntary stock option exchange program, designed to provide eligible employees an opportunity to exchange some or all of their eligible underwater stock options for a lesser amount of replacement stock options to be granted with a lower exercise price and a longer vesting period. Participants in the program were entitled to receive one replacement option for each 1.4 eligible options exchanged. Stock options eligible for the exchange were granted on or after January 1, 2006 and on or before June 30, 2008 with an exercise price greater than $30.00. The program commenced on July 7, 2010 and expired on August 3, 2010. A total of 0.8 million eligible stock options were tendered by employees, representing 90% of the total stock options eligible for exchange. On August 3, 2010, we granted 0.6 million new replacement stock options with an exercise price of $20.04, which was equal to the closing price of our common stock on that date. The replacement options are subject to a new vesting schedule and vest ratably in three equal annual installments on August 3, 2011 through August 3, 2013 and have a term of seven years. No incremental stock option expense was recognized for the replacement options as the fair value of the replacement options did not exceed the fair value of the exchanged options.

Summary of 2011 Equity Awards

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

During 2011, certain officers received grants of a target amount of 632,368 PSUs. Of these PSUs granted, 100,000 units are subject to a three-year performance period and vest at the end of the performance period. The remaining 532,368 units are subject to a one-year performance period and generally will vest ratably on an annual basis on December 31, 2012 through December 31, 2014. During 2011, certain grants exceeded the applicable performance parameters for the one-year performance PSUs. As a result, an additional 248,042 units were considered granted in February 2012.

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

Summary of 2010 Equity Awards

In March 2010, we granted non-qualified stock options and/or restricted stock to most active employees. Both the stock options and restricted stock granted included a performance-based accelerated vesting feature based on achievement of specific levels of corporate performance, as described above. In 2010, we achieved the applicable performance parameters, and therefore, we will continue to expense the grant over the four-year vesting period.

In 2010, certain officers received grants of 629,743 PSUs. Of these PSUs granted, 80,000 units are subject to a three-year performance period and vest at the end of the period. The remaining 549,743 units are subject to a one-year performance period and generally vest ratably on an annual basis on December 31, 2011 through December 31, 2013. During 2010, certain grants exceeded the applicable performance parameters for the one-year performance PSUs. As a result, an additional 19,142 units were considered granted in February 2011.

Summary of 2009 Equity Awards

In 2009, certain officers received grants of 105,641 PSUs. Of these PSUs granted, 80,000 units are subject to a three- year performance period and vest at the end of the period. The remaining 25,641 units were subject to a one-year performance period and vest ratably on an annual basis on December 31, 2010 through December 31, 2012. During 2009, we exceeded the applicable performance parameters for the one-year performance PSUs. As a result, an additional 12,308 units were considered granted in February 2010.

Also in 2009, certain officers received grants of 972,319 non-qualified stock options that expire ten years from the grant date. Of these options granted, 450,000 vested on December 31, 2011 and 450,000 will vest on December 31, 2012 and are not subject to any performance measures. The remaining 72,319 options granted included a performance based accelerated vesting feature based on us achieving specific levels of performance, as described above. In 2009, we achieved the applicable performance parameters, and therefore, we will continue to expense the grant over the four-year vesting period.

Additionally, certain officers received grants of restricted stock of 725,000 in 2009. Of these grants, 675,000 vested 30% on June 30, 2011 and 70% will vest on June 30, 2012. The remaining 50,000 grants of restricted stock will vest on March 31, 2012.

Common Shares Available Under Our Equity Plan

As of December 31, 2011, we had approximately 6.1 million shares of common stock authorized for future issuance under our Equity Plan.

Summary of Share-Based Compensation Expense

The following table shows the total share-based compensation expense resulting from equity awards and the 15.0% discount for the ESPP for the years ended December 31, 2011, 2010 and 2009 in the Consolidated Statements of Income:


	Year Ended December 31,
	2011			2010			2009
	(in millions)
Share-based compensation expense before income taxes	$	36		$	33		$	35
Income tax benefit		(14	)		(13	)		(14	)

Share-based compensation expense after income taxes	$	22		$	20		$	21

We estimated the fair value of stock option awards using the Black-Scholes valuation model with the following assumptions:


	Year Ended December 31,
	2011			2010			2009
Expected life (in years)		5			5			5
Weighted-average risk free interest rate		2.16	%		2.03	%		2.52	%
Expected volatility		27.0	%		32.0	%		36.0	%
Dividend yield		—			—			—
Weighted-average fair value at grant date	$	7.06		$	6.30		$	7.40

Our computation of expected life is based on historical exercise patterns. The 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. Our computation of expected volatility is based on a market-based implied volatility. Our credit facilities limit our ability to pay dividends. Before our credit facilities were in place, it was not our policy to declare or pay cash dividends on our common stock.

Summary of Stock Option Activity

A summary of stock option activity for the years ended December 31, 2011, 2010 and 2009 is as follows:


	Stock Options Outstanding
	Number of Stock Options			Weighted- Average Exercise Price
Outstanding at January 1, 2009		10,726,905		$	18.08
Granted⁽¹⁾		1,018,155			21.13
Exercised		(814,575	)		7.93
Forfeited or expired		(723,614	)		32.32

Outstanding at December 31, 2009		10,206,871		$	18.18
Granted⁽¹⁾		1,855,979			19.87
Exercised		(708,731	)		9.23
Forfeited or expired		(395,148	)		29.87
Stock option exchange program⁽²⁾		(846,129	)		38.96

Outstanding at December 31, 2010		10,112,842		$	16.92
Granted⁽¹⁾		1,267,430			25.28
Exercised		(1,030,721	)		9.68
Forfeited or expired		(425,516	)		26.85

Outstanding at December 31, 2011		9,924,035		$	18.33

⁽¹⁾

Stock options granted in 2011 and 2010 primarily reflect our company-wide equity grants issued in March 2011 and 2010, which include a performance-based accelerated vesting feature based on achievement of specific levels of corporate performance, as described above. Stock options granted in 2010 also include the issuance of replacement stock options in connection with our stock option exchange program. See "Stock Option Exchange Program" above for further discussion. Stock options granted in 2009 primarily reflect awards issued to certain officers, as described above.

⁽²⁾	Represents stock options tendered in our stock option exchange program. See "Stock Option Exchange Program" above for further discussion.

We received net cash proceeds of $10 million from the exercise of approximately 1,030,721 stock options for the year ended December 31, 2011, received net cash proceeds of $7 million from the exercise of approximately 708,731 stock options for the year ended December 31, 2010, and received net cash proceeds of $6 million from the exercise of approximately 814,575 stock options for the year ended December 31, 2009. We present excess tax benefits from the exercise of stock options, if any, as financing cash flows.

The following table summarizes significant ranges of outstanding and exercisable stock options as of December 31, 2011:


Range of Exercise Prices	Number of Stock Options		Weighted- Average Remaining Contractual Term (in years)		Weighted- Average Exercise Price		Aggregate Intrinsic Value (in millions)		Number Exercisable		Weighted- Average Remaining Contractual Term (in years)		Weighted- Average Exercise Price		Aggregate Intrinsic Value (in millions)
$ 5.28 -$ 7.34		1,880,750		1.75	$	5.91	$	35		1,880,750		1.75	$	5.91	$	35
$ 7.35 -$ 8.34		1,289,076		3.12	$	7.35		22		1,289,076		3.12	$	7.35		22
$ 8.35 -$10.24		668,682		2.13	$	8.84		10		668,682		2.13	$	8.84		10
$10.25 - $14.49		19,520		0.31	$	13.00		—		19,520		0.31	$	13.00		—
$14.50 -$19.69		116,691		7.64	$	19.20		1		17,742		5.69	$	18.16		—
$19.70 -$25.01		2,582,940		8.25	$	20.48		10		663,864		7.87	$	20.96		2
$25.02 -$30.09		2,080,919		8.46	$	25.27		—		67,621		5.82	$	26.86		—
$30.10 -$35.91		9,631		5.35	$	31.78		—		9,235		5.28	$	31.72		—
$35.92 -$38.99		1,121,420		5.19	$	35.93		—		1,041,420		5.19	$	35.93		—
$39.00 -$42.28		52,472		5.58	$	40.91		—		52,472		5.58	$	40.91		—
$42.29 -$48.81		101,934		6.20	$	45.38		—		101,934		6.20	$	45.38		—

Total		9,924,035		5.58	$	18.33	$	78		5,812,316		3.59	$	15.02	$	69

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 30, 2011 of $24.51 and the exercise price, times the number of shares) based on stock options with an exercise price less than NASDAQ OMX's closing price of $24.51 as of December 30, 2011, 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, 2011 was 4.5 million. As of December 31, 2010, 6.1 million outstanding stock options were exercisable and the weighted-average exercise price was $13.19.

Total fair value of stock options vested was $6 million for the year ended December 31, 2011 and $5 million for the year ended December 31, 2010. The total pre-tax intrinsic value of stock options exercised was $15 million during 2011, $8 million during 2010 and $10 million during 2009.

At December 31, 2011, $12 million of total unrecognized compensation cost related to stock options is expected to be recognized over a weighted-average period of 1.7 years.

Summary of Restricted Stock and PSU Activity

The following table summarizes our restricted stock and PSU activity for the years ended December 31, 2011, 2010 and 2009:


	Restricted Stock					PSUs
	Number of Awards			Weighted- Average Grant Date Fair Value		Number of Awards			Weighted- Average Grant Date Fair Value
Unvested balances at January 1, 2009		1,884,472		$	32.23		631,968		$	33.87
Granted		861,919	⁽¹⁾		20.79		105,641	⁽¹⁾		22.77
Vested		(260,721)			34.27		—			—
Forfeited		(276,922)			32.53		(184,927)			34.37

Unvested balances at December 31, 2009		2,208,748		$	27.48		552,682		$	31.59
Granted		1,223,921	⁽²⁾		19.80		714,328	⁽¹⁾		20.31
Vested		(459,759)			39.89		(120,000)			33.19
Forfeited		(213,819)			26.87		(48,381)			27.79

Unvested balances at December 31, 2010		2,759,091		$	22.00		1,098,629		$	24.25
Granted		1,393,373	⁽²⁾		25.31		651,510	⁽¹⁾		25.14
Vested		(353,235)			24.26		(279,447)			28.70
Forfeited		(427,896)			22.28		(155,512)			27.94

Unvested balances at December 31, 2011		3,371,333		$	23.10		1,315,180		$	23.33

⁽¹⁾	PSUs granted in 2011, 2010 and 2009 and restricted stock granted in 2009 primarily reflect awards issued to certain officers, as described above.

⁽²⁾	Restricted stock granted in 2011 and 2010 primarily reflect our company wide grants issued in March 2011 and 2010 which include a performance-based accelerated vesting feature based on achievement of specific levels of corporate performance, as described above.

At December 31, 2011, $53 million of total unrecognized compensation cost related to restricted stock and PSUs is expected to be recognized over a weighted-average period of 1.8 years.

NASDAQ OMX Stockholders' Equity [Abstract]

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

+ References+ Details

NASDAQ OMX Stockholders' Equity

12 Months Ended

Dec. 31, 2011

NASDAQ OMX Stockholders' Equity

12. NASDAQ OMX Stockholders' Equity

Common Stock

At December 31, 2011, 300,000,000 shares of our common stock were authorized, 213,398,111 shares were issued and 173,552,939 shares were outstanding. The holders of common stock are entitled to one vote per share, except that our certificate of incorporation limits the ability of any person to vote in excess of 5.0% of the then-outstanding shares of NASDAQ OMX common stock. This limitation does not apply to persons exempted from this limitation by our board of directors prior to the time such person owns more than 5.0% of the then-outstanding shares of NASDAQ OMX common stock.

Common Stock in Treasury, at Cost

We account for the purchase of treasury stock under the cost method with the shares of stock repurchased reflected as a reduction to NASDAQ OMX stockholders' equity and included in common stock in treasury, at cost in the Consolidated Balance Sheets. When treasury shares are reissued, they are recorded at the average cost of the treasury shares acquired. We held 39,845,172 shares of common stock in treasury as of December 31, 2011 and 37,587,403 shares as of December 31, 2010. The increase during the year ended December 31, 2011 was primarily due to our share repurchase program partially offset by shares of common stock in treasury reissued under our share-based compensation program. See "Share Repurchase Programs and Share Repurchase from Borse Dubai" below for further discussion of our share repurchase programs and Note 11, "Share-Based Compensation," for further discussion of our share-based compensation program.

Share Repurchase Programs and Share Repurchase from Borse Dubai

In October 2011, our board of directors approved a share repurchase program authorizing NASDAQ OMX to repurchase in the aggregate up to $300 million of our outstanding common stock. These purchases may be made from time to time at prevailing market prices in open market purchases, privately-negotiated transactions, block purchase techniques or otherwise, as determined by our management. The purchases will be funded from existing cash balances. The share repurchase program may be suspended, modified or discontinued at any time. During the fourth quarter of 2011, we repurchased 3,983,481 shares of our common stock at an average price of $25.10, for an aggregate purchase price of $100 million.

Under the share repurchase program authorized by our board of directors during 2010, we were authorized to repurchase up to $550 million of our outstanding common stock. During 2010, we repurchased 15,050,647 shares of our common stock at an average price of $19.95, for an aggregate purchase price of $300 million. In December 2010, our board of directors also approved the repurchase of 22,781,000 shares of our common stock from Borse Dubai for $21.82 per share for an aggregate purchase price of approximately $497 million. The share repurchase from Borse Dubai expanded, accelerated and completed this share repurchase program. The shares repurchased under the share repurchase program and from Borse Dubai are available for general corporate purposes.

Other Repurchases of Common Stock

For the year ended December 31, 2011, we repurchased 210,745 shares of our common stock in settlement of employee tax withholding obligations due upon the vesting of restricted stock.

Preferred Stock

Our certificate of incorporation authorizes the issuance of 30,000,000 shares of preferred stock, par value $0.01 per share, issuable from time to time in one or more series. At December 31, 2011 and 2010, 1,600,000 shares of series A convertible preferred stock were issued and none were outstanding.

In 2009, as an inducement for the conversion of our 3.75% convertible notes, we agreed to pay the holders and certain of their affiliates an aggregate amount of $9 million in cash and to issue to the holders 1,600,000 shares of our series A convertible preferred stock, with an aggregate initial liquidation preference amount of $16 million. Conversion of the series A convertible preferred stock was contingent upon shareholder approval and did not represent an unconditional obligation to transfer assets. In accordance with U.S. GAAP, if the conversion and subsequent issuance of equity shares is not solely in the control of the issuer and the instrument does not represent an unconditional obligation to transfer assets, permanent equity classification is not permitted. Therefore, we recorded the fair value of the series A convertible preferred stock of $15 million as temporary equity in the Consolidated Balance Sheets as of December 31, 2009. The series A convertible preferred stock was accreted through retained earnings, through the date of shareholder approval, up to the aggregate liquidation preference amount of $16 million.

In May 2010, the shareholders approved the conversion of the series A convertible preferred stock into common stock. The series A convertible preferred stock automatically converted into 845,646 shares of common stock based on the initial liquidation preference amount of $16 million and the average daily volume weighted-average price of $18.92 of NASDAQ OMX's common stock during the 10 day period immediately preceding the date on which the results of the shareholder vote was calculated. The changes in our series A convertible preferred stock during the year ended December 31, 2010 are as follows:


	Series A Convertible Preferred Stock
	(in millions)
Balance as of December 31, 2009	$	15
Accretion for the year ended December 31, 2010		1
Conversion into common stock		(16	)

Balance as of December 31, 2010	$	—

Accumulated Other Comprehensive Loss

Accumulated other comprehensive loss is composed of unrealized holding gains and losses on available-for-sale investment securities, foreign currency translation adjustments and employee benefit plan adjustments.

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


	Unrealized Holding Gains (Losses) on Available-For-Sale Investment Securities⁽¹⁾			Foreign Currency Translation Adjustments⁽²⁾			Employee Benefit Plan Adjustments⁽³⁾			Accumulated Other Comprehensive Loss
Gross balance, December 31, 2010	$	(3	)	$	(407	)	$	(31	)	$	(441	)
Income taxes		1			155			13			169

Net balance, December 31, 2010	$	(2	)	$	(252	)	$	(18	)	$	(272	)

Gross balance, December 31, 2011	$	—		$	(527	)	$	(33	)	$	(560	)
Income taxes		1			195			14			210

Net balance, December 31, 2011	$	1		$	(332	)	$	(19	)	$	(350	)

⁽¹⁾	Amount includes cumulative gains and losses on our available-for-sale investment in DFM in 2010. In the fourth quarter of 2011, we recorded a non-cash, other-than-temporary impairment charge of $18 million related to our investment in DFM. See Note 5, "Investments," for further discussion.

⁽²⁾	Amounts include cumulative gains and losses on foreign currency translation adjustments from non-U.S. subsidiaries for which the functional currency is other than the U.S. dollar.

⁽³⁾	Amounts primarily represent unrecognized net actuarial gains (losses) related to the NASDAQ OMX Benefit Plans.

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

Earnings Per Common Share [Abstract]

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+ Details

Earnings Per Common Share

12 Months Ended

Dec. 31, 2011

Earnings Per Common Share

13. Earnings Per Common Share

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


	Year Ended December 31,
	2011		2010			2009
	(in millions, except share and per share amounts)
Numerator:
Net income attributable to NASDAQ OMX	$	387	$	395		$	266
Accretion of series A convertible preferred stock				(1	)

Net income attributable to common shareholders for basic earnings per share	$	387	$	394		$	266
Interest impact of 3.75% convertible notes, net of tax							2

Net income attributable to common shareholders for diluted earnings per share	$	387	$	394		$	268

Denominator:
Weighted-average common shares outstanding for basic earnings per share⁽¹⁾		176,331,819		202,975,623			204,698,277

Weighted-average effect of dilutive securities:
Employee equity awards		3,644,946		3,504,550			3,772,645
3.75% convertible notes assumed converted into common stock		34,482		34,482			6,066,985

Weighted-average common shares outstanding for diluted earnings per share⁽¹⁾		180,011,247		206,514,655			214,537,907

Basic and diluted earnings per share:
Basic earnings per share	$	2.20	$	1.94		$	1.30

Diluted earnings per share	$	2.15	$	1.91		$	1.25

⁽¹⁾

The decrease in the weighted-average common shares outstanding for basic and diluted earnings per share primarily reflects the weighted-average impact of the share repurchase from Borse Dubai and other purchases related to our share repurchase programs completed in 2011 and 2010. See "Share Repurchase Programs and Share Repurchase from Borse Dubai," of Note 12, "NASDAQ OMX Stockholders' Equity," for further discussion.

Stock options to purchase 9,924,035 shares of common stock, 4,686,513 shares of restricted stock and PSUs, and convertible notes convertible into 34,482 shares of common stock were outstanding at December 31, 2011. For the year ended December 31, 2011, we included 6,506,899 of the outstanding stock options and 4,053,698 shares of restricted stock and PSUs in the computation of diluted earnings per share, on a weighted-average basis, as their inclusion was dilutive. The remaining stock options and shares of restricted stock and PSUs are antidilutive, and as such, they were properly excluded.

For the year ended December 31, 2010, the weighted-average common shares outstanding for basic earnings per share include the weighted-average impact of our share repurchase program and our share repurchase from Borse Dubai. For the year ended December 31, 2010, we repurchased 15,050,647 shares of our common stock through our share repurchase program and 22,781,000 shares of our common stock through the share repurchase from Borse Dubai. In addition, for the year ended December 31, 2010, the weighted-average common shares outstanding for basic earnings per share include the weighted-average impact of 845,646 shares of our common stock that were issued in connection with the conversion of our series A convertible preferred stock in the second quarter of 2010. See "Share Repurchase Programs and Share Repurchase from Borse Dubai," and "Preferred Stock," of Note 12, "NASDAQ OMX Stockholders' Equity," for further discussion.

Stock options to purchase 10,112,842 shares of common stock, 3,857,720 shares of restricted stock and PSUs, and convertible notes convertible into 34,482 shares of common stock were outstanding at December 31, 2010. For the year ended December 31, 2010, we included 4,873,543 of the outstanding stock options and 1,086,998 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 10,206,871 shares of common stock, 2,761,430 shares of restricted stock and PSUs, and convertible notes convertible into 34,482 shares of common stock were outstanding at December 31, 2009. For the year ended December 31, 2009, we included 5,601,324 of the outstanding stock options and 1,134,138 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.

In September 2009, most of the holders of our outstanding 3.75% convertible notes converted their remaining outstanding notes into common stock in accordance with the terms of the notes, which resulted in the issuance of an aggregate of 8,246,680 shares of our common stock. The 3.75% convertible notes are accounted for under the if-converted method, as we previously have settled the convertible notes in shares of our common stock. For the year ended December 31, 2011 and 2010, all of the shares underlying the remaining outstanding 3.75% convertible notes were included in the computation of diluted earnings per share, as their inclusion was dilutive.

The 2.50% convertible senior notes are accounted for under the treasury stock method as it is our intent and policy to settle the principal amount of the notes in cash. Based on the settlement structure of the 2.50% convertible senior notes, which permits the principal amount to be settled in cash and the conversion premium to be settled in shares of our common stock or cash, we will reflect the impact of the convertible spread portion of the convertible notes in the diluted calculation using the treasury stock method. For the years ended December 31, 2011, 2010 and 2009, the conversion spread of our 2.50% convertible senior notes was out of the money, and as such, they were properly excluded from the computation of diluted earnings per share.

Fair Value Of Financial Instruments [Abstract]

The entire disclosure for earnings per share.

+ References+ Details

Fair Value Of Financial Instruments

12 Months Ended

Dec. 31, 2011

Fair Value Of Financial Instruments

14. Fair Value of Financial Instruments

Fair Value Measurement—Definition and Hierarchy

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

•

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

•

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

•

Level 3—Instruments whose significant value drivers are unobservable.

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

The following table presents for each of the above hierarchy levels, our financial assets and liabilities that are measured at fair value on a recurring basis as of December 31, 2011 and December 31, 2010.


	As of December 31, 2011
	Total		Level 1		Level 2		Level 3
	(in millions)
Financial Assets Measured at Fair Value on a Recurring Basis
Derivative positions, at fair value⁽¹⁾	$	1,566	$	—	$	1,566	$	—
Financial investments, at fair value⁽²⁾		279		279		—		—

Total	$	1,845	$	279	$	1,566	$	—

Financial Liabilities Measured at Fair Value on a Recurring Basis
Derivative positions, at fair value⁽¹⁾	$	1,566	$	—	$	1,566	$	—

Total	$	1,566	$	—	$	1,566	$	—


	As of December 31, 2010
	Total		Level 1		Level 2		Level 3
	(in millions)
Financial Assets Measured at Fair Value on a Recurring Basis
Derivative positions, at fair value⁽¹⁾	$	4,037	$	—	$	4,037	$	—
Financial investments, at fair value⁽²⁾		253		253		—		—

Total	$	4,290	$	253	$	4,037	$	—

Financial Liabilities Measured at Fair Value on a Recurring Basis
Derivative positions, at fair value⁽¹⁾	$	4,037	$	—	$	4,037	$	—

Total	$	4,037	$	—	$	4,037	$	—

⁽¹⁾

Represents net amounts associated with our clearing operations in the derivative markets with NASDAQ OMX Commodities and NASDAQ OMX Stockholm. Receivables and payables attributable to outstanding derivative positions have been netted to the extent that such a legal offset right exists and, at the same time, that it is our intention to settle these items. See "Derivative Positions, at Fair Value" below for further discussion.

⁽²⁾

Open Clearing Contracts at NASDAQ OMX Commodities and NASDAQ OMX Stockholm

Derivative Positions, at Fair Value

The structure and operations of NASDAQ OMX Commodities and NASDAQ OMX Stockholm differ from most other clearinghouses. NASDAQ OMX Commodities and NASDAQ OMX Stockholm are not member-owned organizations, do not maintain a guarantee fund to which members contribute and do not enforce loss sharing assessments amongst members. In addition, unlike most other clearinghouses, they do not record any margin deposits and guarantee funds in the Consolidated Balance Sheets, as all risks and rewards of collateral ownership, including interest, belong to the counterparty. Market participants must provide collateral to cover the daily margin call as needed, which is in addition to the initial collateral placed when entering into the transaction. Acceptable collateral is cash and eligible securities in a pledged bank account and/or an on-demand guarantee. All collateral is maintained at a third-party custodian bank for the benefit of the clearing members and is accessible by NASDAQ OMX in the event of default. In addition, market participants must meet certain minimum financial standards to mitigate the risk if they become unable to satisfy their obligations. For NASDAQ OMX Commodities, trading on the contracts can take place up until the delivery period which can occur over a period of several years. For NASDAQ OMX Stockholm, following the completion of a transaction, settlement primarily takes place between parties by net cash settlement or with the exchange of securities and funds. For those transactions where there is an exchange of securities and funds, the transfer of ownership is registered and the securities are stored on the owner's behalf.

The fair value of these derivative contracts with NASDAQ OMX Commodities and NASDAQ OMX Stockholm is reported gross in the Consolidated Balance Sheets as a receivable pertaining to the purchasing party and a payable pertaining to the selling party. Such receivables and payables attributable to outstanding derivative positions have been netted to the extent that such a legal offset right exists and, at the same time, that it is our intention to settle these items. Our derivative positions, at fair value in the Consolidated Balance Sheets were $1,566 million at December 31, 2011 and $4,037 million at December 31, 2010. See "Collateral Received for Clearing Operations, Guarantees Issued and Credit Facilities Available," of Note 17, "Commitments, Contingencies and Guarantees," for further discussion of our guarantees on the fulfillment of these contracts and collateral received.

The following table presents the fair value of our outstanding derivative positions at December 31, 2011 and 2010 prior to netting:


	December 31, 2011				December 31, 2010
	Asset		Liability		Asset		Liability
	(in millions)
Commodity forwards and options^{(1) (2)}	$	1,152	$	1,152	$	3,437	$	3,437
Fixed-income options and futures^{(2) (3)}		272		272		578		578
Stock options and futures^{(2) (3)}		197		197		237		237
Index options and futures^{(2) (3)}		137		137		208		208

Total	$	1,758	$	1,758	$	4,460	$	4,460

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

⁽²⁾	We determine the fair value of our option contracts using standard valuation models that are based on market-based observable inputs including implied volatility, interest rates and the spot price of the underlying instrument.

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

Resale and Repurchase Agreements, at Contract Value

We record resale and repurchase agreements at contract value plus interest gross in the Consolidated Balance Sheets as a receivable pertaining to the purchasing party and a payable pertaining to the selling party. Such receivables and payables attributable to outstanding resale and repurchase agreements have been netted to the extent that such a legal offset right exists and, at the same time, that it is our intention to settle these items. Our resale and repurchase agreements, at contract value in the Consolidated Balance Sheets, were $3,745 million at December 31, 2011 and $3,441 million at December 31, 2010. The resale and repurchase agreements are recorded at their contractual amounts plus interest which approximates fair value, as the fair value of these items is not materially sensitive to shifts in market interest rates because of the short-term nature of these instruments and/or variable interest rates or to credit risk because the resale and repurchase agreements are fully collateralized. The resale and repurchase agreements generally mature in less than 30 days. See "Collateral Received for Clearing Operations, Guarantees Issued and Credit Facilities Available," of Note 17, "Commitments, Contingencies and Guarantees," for further discussion of our guarantees on the fulfillment of these contracts and collateral received.

Financial Instruments Not Measured at Fair Value on a Recurring Basis

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

We also consider our debt obligations to be financial instruments. Based on borrowing rates currently available to us for debt with similar terms and maturities and a Black-Scholes valuation technique that is utilized to calculate the convertible option value for the 3.75% convertible notes and the 2013 Convertible Notes, the fair value of our debt utilizing discounted cash flow analyses was $2.3 billion at December 31, 2011 and $2.4 billion at December 31, 2010. For further discussion of our debt obligations, see Note 8, "Debt Obligations."

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

Derivative Financial Instruments And Hedging Activities [Abstract]

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Derivative Financial Instruments And Hedging Activities

12 Months Ended

Dec. 31, 2011

Derivative Financial Instruments And Hedging Activities

15. Derivative Financial Instruments and Hedging Activities

In the ordinary course of business, we may enter into various types of derivative contracts. These derivative contracts include:

•

Futures and foreign currency forward contracts which are commitments to buy or sell at a future date a financial instrument, commodity or currency at a contracted price and may be settled in cash or through delivery.

•

Interest rate swap contracts which are agreements between two parties to exchange one stream of future interest payments for another based on a specified principal amount over a set period of time.

•

Foreign currency option contracts which give the purchaser, for a fee, the right, but not the obligation, to buy or sell within a limited time a financial instrument or currency at a contracted price that may also be settled in cash, based on differentials between specified indices or prices.

NASDAQ OMX may use these derivative financial instruments to manage exposure to various market risks, primarily foreign currency exchange rate fluctuations and changes in interest rates on our variable rate debt. Such instruments are an integral component of our market risk and related asset/liability management strategy and processes.

Fair Value Hedges

Depending on market conditions, we may use foreign currency future, forward and option contracts to limit our exposure to foreign currency exchange rate fluctuations on contracted revenue streams (hedged item) relating to our Market Technology sales. When the contracted revenue streams meet the definition of a firm commitment, these derivative contracts may be designated as fair value hedges if the applicable hedge criteria are met. Changes in fair value on the derivatives and the related hedged items are recognized in the Consolidated Statements of Income. As of December 31, 2011 and 2010, there were no outstanding fair value hedges.

Cash Flow Hedges

In the third quarter of 2008, we entered into interest rate swap agreements that effectively converted $200 million of our senior secured credit facilities in place as of December 31, 2009, which was floating rate debt, to a fixed rate basis through August 2011, thus reducing the impact of interest rate changes on future interest expense. As of December 31, 2009, these interest rate swaps were in a net liability position of $9 million and were recorded in other non-current liabilities in the Consolidated Balance Sheets. In the first quarter of 2010, in connection with the repayment of our senior secured credit facilities in place as of December 31, 2009, we terminated our interest rate swaps and reclassified into earnings the unrealized loss of $9 million which was included in accumulated other comprehensive loss in the Consolidated Balance Sheets at December 31, 2009. This loss is included in general, administrative and other expense in the Consolidated Statements of Income for the year ended December 31, 2010.

All derivative contracts used to manage interest rate risk are measured at fair value and are recorded in assets or liabilities as appropriate with the offset in accumulated other comprehensive loss within NASDAQ OMX stockholders' equity in the Consolidated Balance Sheets. Any hedge ineffectiveness would impact earnings through interest expense. There was no material hedge ineffectiveness recorded in earnings for the years ended December 31, 2011, 2010 and 2009. As of December 31, 2011 and 2010, there were no outstanding cash flow hedges.

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 remeasuring our investment in foreign subsidiaries. As of December 31, 2011 and 2010, there were no outstanding net investment hedges.

Derivatives Not Designated as Hedges

NASDAQ OMX may also enter into economic hedges that either do not qualify or are not designated for hedge accounting treatment. This type of hedge is undertaken when hedge accounting requirements cannot be achieved or management decides not to apply hedge accounting.

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.

We did not enter into any material economic hedges that did not qualify or were not designated for hedge accounting during the years ended December 31, 2011, 2010 and 2009. As of December 31, 2011 and 2010, the fair value amounts of our derivative instruments was immaterial.

The following table presents the fair value amounts and balance sheet location of our derivative instruments prior to netting as of December 31, 2009.


	December 31, 2009 Fair Value
	Asset		Liability
	(in millions)
*Derivatives Designated as Hedging Instruments*
Cash flow hedges
Interest rate swaps	$	—	$	9	⁽¹⁾

*Derivatives Not Designated as Hedging Instruments*
Foreign exchange contracts		—		1	⁽²⁾

Total derivatives not designated as hedging instruments		—		1

Total derivatives	$	—	$	10

⁽¹⁾	Included in other non-current liabilities in the Consolidated Balance Sheets.

⁽²⁾	Included in other current liabilities in the Consolidated Balance Sheets.

The entire disclosure for the entity's entire derivative instruments and hedging activities. Describes an entity's risk management strategies, derivatives in hedging activities and non-hedging derivative instruments, the assets, obligations, liabilities, revenues and expenses arising therefrom, and the amounts of and methodologies and assumptions used in determining the amounts of such items.

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+ Details

Leases

12 Months Ended

Dec. 31, 2011

Leases [Abstract]

Leases

16. Leases

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

As of December 31, 2011, future minimum lease payments under non-cancelable operating leases (net of sublease income) are as follows:


	Gross Lease Commitments		Sublease Income		Net Lease Commitments
	(in millions)
Year ending December 31:
2012	$	81	$	5	$	76
2013		70		5		65
2014		64		5		59
2015		63		3		60
2016		58		3		55
Thereafter		196		12		184

Total future minimum lease payments	$	532	$	33	$	499

Rent expense for operating leases (net of sublease income of $4 million in 2011, $5 million in 2010 and $3 million in 2009) was $87 million in 2011, $78 million in 2010 and $72 million in 2009.

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

+ References+ Details

Commitments, Contingencies And Guarantees	12 Months Ended
Commitments, Contingencies And Guarantees	Dec. 31, 2011
Commitments, Contingencies And Guarantees [Abstract]
Commitments, Contingencies And Guarantees	17. Commitments, Contingencies and Guarantees Collateral Received for Clearing Operations, Guarantees Issued and Credit Facilities Available *Collateral Received for Clearing Operations* Through our clearing operations in the derivative markets with NASDAQ OMX Commodities, NASDAQ OMX Stockholm and IDCG, as well as riskless principal trading at NOCC and the resale and repurchase market with NASDAQ OMX Stockholm, we are the legal counterparty for each position traded and thereby guarantee the fulfillment of each contract. The derivatives are not used by the above entities for the purpose of trading on their own behalf and the resale and repurchase agreements are not used for financing purposes by NASDAQ OMX Stockholm. The structure and operations of NASDAQ OMX Commodities and NASDAQ OMX Stockholm differ from other clearinghouses. See "Derivative Positions, at Fair Value," and "Resale and Repurchase Agreements, at Contract Value," of Note 14, "Fair Value of Financial Instruments," for further discussion. We require market participants at NASDAQ OMX Commodities and NASDAQ OMX Stockholm to provide collateral and meet certain minimum financial standards to mitigate the risk if they become unable to satisfy their obligations. Total customer pledged collateral with NASDAQ OMX Commodities and NASDAQ OMX Stockholm was $5.0 billion at December 31, 2011 and $8.7 billion at December 31, 2010. This pledged collateral is held by a third-party custodian bank for the benefit of the clearing members and is accessible by NASDAQ OMX in the event of default. NASDAQ OMX Commodities and NASDAQ OMX Stockholm do not receive any interest on these funds as the risks and rewards of collateral ownership, including interest, belong to the counterparty. We also require market participants at IDCG and NOCC to meet certain minimum financial standards to mitigate the risk that they become unable to satisfy their obligations and to provide collateral to cover the daily margin call as needed. Customer pledged cash collateral held by IDCG and NOCC, which was $9 million at December 31, 2011 and $15 million at December 31, 2010, is included in restricted cash with an offsetting liability included in other current liabilities in the Consolidated Balance Sheets, as the risks and rewards of collateral ownership, including interest income, belong to IDCG and NOCC. Clearing member pledged cash collateral, included in IDCG's guaranty fund, was $8 million at both December 31, 2011 and December 31, 2010. This cash is included in non-current restricted cash with an offsetting liability included in other non-current liabilities in the Consolidated Balance Sheets, as the risks and rewards of collateral ownership, including interest income, belong to IDCG. *Guarantees Issued and Credit Facilities Available* In addition to the collateral pledged by market participants discussed above, 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 $4 million at December 31, 2011 and $5 million at December 31, 2010. At December 31, 2011, credit facilities, which are available in multiple currencies, primarily Swedish Krona and U.S. dollar, totaled $447 million ($206 million in available liquidity and $241 million to satisfy regulatory requirements), none of which was utilized. At December 31, 2010, these facilities totaled $440 million ($196 million in available liquidity and $244 million to satisfy regulatory requirements), none of which was utilized. 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 $17 million as of December 31, 2011 and $18 million as of December 31, 2010. These guarantees primarily related to obligations for our rental and leasing contracts. In addition, for certain Market Technology contracts, we have provided performance guarantees of $6 million as of December 31, 2011 and December 31, 2010 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 also provided a $25 million guarantee to our wholly-owned subsidiary, NOCC, to cover potential losses in the event of customer defaults, net of any collateral posted against such losses. We believe that the potential for us to be required to make payments under these arrangements is unlikely. Accordingly, no contingent liability is recorded in the Consolidated Balance Sheets for the above guarantees. Escrow Agreements In connection with our acquisitions of FTEN, SMARTS and Glide Technologies, we entered into escrow agreements to secure the payments of post-closing adjustments and other closing conditions. At December 31, 2011, these escrow agreements provide for future payments of $29 million and are included in other current liabilities and other non-current liabilities in the Consolidated Balance Sheets. Brokerage Activities Our broker-dealer subsidiaries, Nasdaq Execution Services and NASDAQ Options Services, provide guarantees to securities clearinghouses and exchanges under their standard membership agreements, which require members to guarantee the performance of other members. If a member becomes unable to satisfy its obligations to a clearinghouse or exchange, other members would be required to meet its shortfalls. To mitigate these performance risks, the exchanges and clearinghouses often require members to post collateral, as well as meet certain minimum financial standards. Nasdaq Execution Services' and NASDAQ Options Services' maximum potential liability under these arrangements cannot be quantified. However, we believe that the potential for Nasdaq Execution Services and NASDAQ Options Services to be required to make payments under these arrangements is unlikely. Accordingly, no contingent liability is recorded in the Consolidated Balance Sheets for these arrangements. Litigation We may be subject to claims arising out of the conduct of our business. We are not currently a party to any litigation that we believe could have a material adverse effect on our business, 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.

Business Segments

12 Months Ended

Dec. 31, 2011

Business Segments [Abstract]

Business Segments

18. Business Segments

We manage, operate and provide our products and services in three business segments: Market Services, Issuer Services, and Market Technology.

Our Market Services segment includes our U.S. and European Transaction Services businesses, which includes Access Services, as well as our Market Data business, which are interrelated because the Transaction Services businesses generate the quote and trade information that we sell to market participants and data distributors. Market Services also includes our Broker Services business, which offers technology and customized securities administration solutions to financial participants in the Nordic markets.

Our Issuer Services segment includes our Global Listing Services and Global Index Group businesses. The companies listed on The NASDAQ Stock Market and our Nordic and Baltic exchanges represent a diverse array of industries. This diversity of companies listed on NASDAQ OMX markets allows us to develop and license NASDAQ OMX branded indexes, associated derivatives, and financial products as part of our Global Index Group. The Global Listing Services business also includes our Corporate Solutions business, which generates revenues through our shareholder, directors, newswire, and other services.

Our Market Technology segment is the world's leading technology solutions provider and partner to exchanges, clearing organizations and central securities depositories. Our technology business is also the sales channel for our complete global offering to other marketplaces. Market Technology provides technology solutions for trading, clearing, settlement and information dissemination, and also offers facility management integration, surveillance solutions, and advisory services.

Our management allocates resources, assesses performance and manages these businesses as three separate segments. We evaluate the performance of our segments based on several factors, of which the primary financial measure is income before income taxes. Results of individual businesses are presented based on our management accounting practices and our management structure. Certain amounts are allocated to corporate items in our management reports based on the decision that those activities should not be used to evaluate the segment's operating performance. These amounts include, but are not limited to, amounts related to mergers, strategic initiatives, long-term asset impairment, and financing activities. See below for further discussion.

The following table presents certain information regarding these operating segments for the years ended December 31, 2011, 2010 and 2009.


	Market Services			Issuer Services		Market Technology		Corporate Items and Eliminations			Consolidated
	(in millions)
2011
Total revenues	$	2,886		$	369	$	183	$	—		$	3,438
Cost of revenues		(1,748	)		—		—		—			(1,748	)

Revenues less transaction rebates, brokerage, clearance and exchange fees		1,138			369		183		—			1,690

Depreciation and amortization		81			10		15		3			109
Net interest expense		73			24		11		—			108
Income (loss) before income taxes		519			118		19		(83	)⁽²⁾		573
Total assets⁽¹⁾		12,145			707		347		892			14,091
Purchases of property and equipment		58			14		14		2			88

2010
Total revenues	$	2,700		$	344	$	152	$	1		$	3,197
Cost of revenues		(1,675	)		—		—		—			(1,675	)

Revenues less transaction rebates, brokerage, clearance and exchange fees		1,025			344		152		1			1,522

Depreciation and amortization		77			17		5		4			103
Net interest expense		63			21		9		—			93
Income (loss) before income taxes		450			119		11		(54	)⁽³⁾		526
Total assets⁽¹⁾		14,331			714		415		747			16,207
Purchases of property and equipment		29			4		7		2			42



2009
Total revenues	$	2,934		$	330	$	145	$	2		$	3,411
Cost of revenues		(1,958	)		—		—		—			(1,958	)

Revenues less transaction rebates, brokerage, clearance and exchange fees		976			330		145		2			1,453

Depreciation and amortization		84			11		6		3			104
Net interest expense		59			20		9		1			89
Income (loss) before income taxes		408			110		14		(141	)⁽⁴⁾		391
Total assets⁽¹⁾		8,453			692		260		1,317			10,722
Purchases of property and equipment		46			4		9		—			59

⁽¹⁾

⁽²⁾

The 2011 corporate items and eliminations primarily include:

•

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

•

Debt extinguishment and refinancing charges of $31 million. See "2.50% Convertible Senior Notes," and "2011 Credit Facility," of Note 8, "Debt Obligations," for further discussion; and

•

An asset impairment charge of $18 million. See "Available-for-Sale Investment Security," of Note 5, "Investments," for further discussion.

⁽³⁾

The 2010 corporate items and eliminations primarily include:

•

Debt extinguishment and refinancing charges of $40 million. which included the write-off of the remaining unamortized balance of debt issuance costs incurred in conjunction with our senior secured credit facilities in place as of December 31, 2009 of $28 million, costs to terminate our float-to-fixed interest rate swaps previously designated as a cash flow hedge of $9 million and other costs of $3 million; and

•

$11 million related to loss on divestiture of businesses as a result of our decision to close the businesses of both NEURO ($6 million) and Agora-X ($5 million).

⁽⁴⁾

The 2009 corporate items and eliminations primarily include:

•

loss from unconsolidated investees, net of $107 million which is mainly comprised of $87 million related to impairment charges recorded on our equity method investments in NASDAQ Dubai ($82 million) and Agora-X ($5 million) and a loss of $19 million on the sale of our 25.25% share capital in Orc. See "Investment in NASDAQ Dubai," and "Impairment of Agora-X," as well as "Investment in Orc Software," of Note 5, "Investments," for further discussion;

•

debt conversion expense of $25 million related to an inducement for the conversion of our 3.75% convertible notes; and

•

loss of $5 million on the sale of an available-for-sale investment security in Oslo, which was acquired as part of our business combination with OMX AB.

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 2011, 2010 and 2009. Revenues are classified based upon the location of the customer. Property and equipment information is based on the physical location of the assets.


	Total Revenues		Property and Equipment, Net
	(in millions)
2011:
United States	$	2,707	$	125
All other countries		731		68

Total	$	3,438	$	193

2010:
United States	$	2,564	$	99
All other countries		633		65

Total	$	3,197	$	164

2009:
United States	$	2,744	$	102
All other countries		667		62

Total	$	3,411	$	164

No single customer accounted for 10.0% or more of our revenues in 2011, 2010 and 2009.

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

Valuation and Qualifying Accounts [Abstract]

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-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

-SubTopic 10

-Section 50

-Paragraph 40

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

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

-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

-SubTopic 10

-Section 50

-Paragraph 31

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

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

-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

-SubTopic 10

-Section 50

-Paragraph 10

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

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

-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

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-Section 50

-Paragraph 30

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

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

-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

-SubTopic 10

-Section 50

-Paragraph 41

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

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

-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

-SubTopic 10

-Section 50

-Paragraph 29

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

+ Details

Valuation And Qualifying Accounts

12 Months Ended

Dec. 31, 2011

Valuation And Qualifying Accounts

Schedule II—Valuation and Qualifying Accounts

Three Years Ended December 31, 2011

(in millions)


	Reserve for Bad Debts
	2011			2010			2009
Balance at beginning of period	$	3		$	3		$	9
Additions:
Charges to income		2			5			1
Recoveries of amounts previously written-off		1			1			2
Deductions:
Charges for which reserves were provided		(3	)		(6	)		(9	)

Balance at end of period	$	3		$	3		$	3

Summary Of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2011

Summary Of Significant Accounting Policies [Abstract]

Basis Of Presentation And Principles Of Consolidation

Basis of Presentation and Principles of Consolidation

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

Use Of Estimates

Use of Estimates

Foreign Currency Translation

Foreign Currency Translation

Cash And Cash Equivalents

Cash and Cash Equivalents

Restricted Cash

Restricted Cash

Financial Investments

Financial Investments

Receivables, Net

Receivables, net

Derivative Positions, At Fair Value

Derivative Positions, at Fair Value

Resale And Repurchase Agreements, At Contract Value

Resale and Repurchase Agreements, at Contract Value

Derivative Financial Instruments And Hedging Activities

Derivative Financial Instruments and Hedging Activities

Derivative Financial Instruments that Qualify for Hedge Accounting

Non-Designated Derivatives

Property And Equipment, Net

Property and Equipment, net

Goodwill

Goodwill

Intangible Assets, Net

Intangible Assets, net

•

Technology: 3—10 years

•

Customer relationships: 10—30 years

•

Other: 4—10 years

Valuation Of Other Long-Lived Assets

Valuation of Other Long-Lived Assets

Equity Method Investments

Equity Method Investments

Revenue Recognition And Cost Of Revenues

Revenue Recognition and Cost of Revenues

Market Services Revenues

Transaction Services

U.S. Cash Equity Trading

In the U.S., we record execution revenues from transactions on a gross basis in revenues and record related expenses as cost of revenues.

European Cash Equity Trading

We charge transaction fees for executing trades on the exchanges that comprise NASDAQ OMX Nordic and NASDAQ OMX Baltic. These transaction fees are charged per executed order and as per value traded.

U.S. Derivative Trading and Clearing

European Derivative Trading and Clearing

Access Services

Market Data

Market Data revenues are earned from U.S. tape plans and U.S. and European proprietary market data products.

Net U.S. Tape Plans

U.S. Market Data Products

European Market Data Products

Market Data Revenue Sharing

•

Risk of Loss/Credit Risk: Risk of loss on the revenue is shared equally among plan participants according to the UTP Plan.

•

Broker Services

In November 2009, we sold our Broker Services operations in the United Kingdom to TD Waterhouse.

Issuer Services Revenues

Global Listing Services

U.S. Listing Services

European Listing Services

Corporate Solutions

Global Index Group

Market Technology Revenues

Earnings Per Share

Earnings Per Share

Share-Based Compensation

Share-Based Compensation

Advertising Costs

Advertising Costs

Software Costs

Software Costs

Leases

Leases

Income Taxes

Income Taxes

Acquisitions And Strategic Initiatives (Tables)

12 Months Ended

Dec. 31, 2011

Acquisitions And Strategic Initiatives [Abstract]

Summary Of The Allocation Of The Total Purchase Consideration

We completed the following acquisition during 2011:


	Purchase Consideration		Total Net Liabilities Acquired			Purchased Intangible Assets		Goodwill
	(in millions)
Glide Technologies	$	22	$	(2	)	$	4	$	20

We completed the following acquisitions during 2010:


	Purchase Consideration		Total Net (Liabilities) Assets Acquired			Purchased Intangible Assets		Goodwill
	(in millions)
FTEN⁽¹⁾	$	110	$	(1	)	$	46	$	65
SMARTS⁽²⁾		77		(5	)		28		54
Nord Pool ASA⁽³⁾		17		7			2		8

Total for 2010	$	204	$	1		$	76	$	127

⁽¹⁾

⁽²⁾

⁽³⁾

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

Goodwill And Purchased Intangible Assets [Abstract]

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

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 141

-Paragraph 51

-Subparagraph a

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

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

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 141

-Paragraph 52

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

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

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 141R

-Paragraph 68

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

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

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 141R

-Appendix F

-Paragraph F4

-Subparagraph e

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

-Publisher FASB

-Name Accounting Standards Codification

-Topic 805

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6909870&loc=d3e1392-128463

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

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-Name Accounting Standards Codification

-Topic 805

-SubTopic 10

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=6909870&loc=d3e1486-128463

+ Details

Goodwill And Purchased Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2011

Schedule Of Changes In Goodwill


	Market Services			Issuer Services			Market Technology			Total
	(in millions)
Balance at December 31, 2010	$	4,679		$	292		$	156		$	5,127
Goodwill acquired		—			20			—			20
Foreign currency translation adjustment		(77	)		(6	)		(3	)		(86	)

Balance at December 31, 2011	$	4,602		$	306		$	153		$	5,061

Finite-Lived And Indefinite-Lived Intangible Assets


	December 31, 2011											December 31, 2010
	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	$	42		$	(10	)	$	32			8	$	72		$	(41	)	$	31			6
Customer relationships		854			(196	)		658			21		853			(152	)		701			21
Other		6			(2	)		4			8		6			(1	)		5			8
Foreign currency translation adjustment		(25	)		4			(21	)				(15	)		4			(11	)

Total finite-lived intangible assets	$	877		$	(204	)	$	673				$	916		$	(190	)	$	726

*Indefinite-Lived Intangible Assets*
Exchange and clearing registrations	$	790		$	—		$	790				$	790		$	—		$	790
Trade names		181			—			181					181			—			181
Licenses		78			—			78					78			—			78
Foreign currency translation adjustment		(74	)		—			(74	)				(56	)		—			(56	)

Total indefinite-lived intangible assets	$	975		$	—		$	975				$	993		$	—		$	993

Total intangible assets	$	1,852		$	(204	)	$	1,648				$	1,909		$	(190	)	$	1,719

Estimated Future Amortization Expense


	(in millions)
2012	$	53
2013		51
2014		49
2015		47
2016		43
2017 and thereafter		451

Total	$	694

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

+ References+ Details

Property And Equipment, Net [Abstract]

Tabular disclosure of goodwill by reportable segment and in total. Disclosure details may include, but are not limited to, the carrying amount of goodwill, goodwill acquired during the year, goodwill impairment losses recognized, goodwill written-off due to the sale of a business unit, goodwill not yet allocated, and any other changes to goodwill.

+ References+ Details

Property And Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2011

Schedule Of Property And Equipment, Net


	December 31,
	2011			2010
	(in millions)
Data processing equipment and software	$	392		$	348
Furniture, equipment and leasehold improvements		193			180

		585			528
Less: accumulated depreciation and amortization		(392	)		(364	)

Total property and equipment, net	$	193		$	164

Estimated Deferred Revenue

Tabular disclosure of the useful life and salvage value of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software.

+ References+ Details

Deferred Revenue (Tables)

12 Months Ended

Dec. 31, 2011

Deferred Revenue [Abstract]


	Initial Listing Revenues		Listing of Additional Shares Revenues		Annual Renewal and Other Revenues		Market Technology Revenues⁽¹⁾		Total
	(in millions)
Fiscal year ended:
2012	$	13	$	36	$	25	$	50	$	124
2013		9		28		—		33		70
2014		7		16		—		21		44
2015		6		6		—		12		24
2016		3		—		—		7		10
2017 and thereafter		1		—		—		5		6

	$	39	$	86	$	25	$	128	$	278

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

Change In Deferred Revenue


	Initial Listing Revenues			Listing of Additional Shares Revenues			Annual Renewal and Other Revenues			Market Technology Revenues⁽²⁾			Total
	(in millions)
Balance at January 1, 2010	$	46		$	76		$	18		$	125		$	265
Additions⁽¹⁾		14			46			222			32			314
Amortization⁽¹⁾		(18	)		(39	)		(219	)		(13	)		(289	)
Translation adjustment		—			—			—			2			2

Balance at December 31, 2010	$	42		$	83		$	21		$	146		$	292

Additions⁽¹⁾		13			43			219			49			324
Amortization⁽¹⁾		(16	)		(40	)		(214	)		(66	)		(336	)
Translation adjustment		—			—			(1	)		(1	)		(2	)

Balance at December 31, 2011	$	39		$	86		$	25		$	128		$	278

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

⁽²⁾

Debt Obligations (Tables)

12 Months Ended

Dec. 31, 2011

Debt Obligations [Abstract]

Changes In Debt Obligations


	December 31, 2010			Additions			Payments, Conversions, Accretion and Other			December 31, 2011
	(in millions)
3.75% convertible notes due October 22, 2012 (net of discount)⁽¹⁾	$	—		$	—		$	—		$	—
2.50% convertible senior notes due August 15, 2013⁽²⁾		388			—			(300	)		88
4.00% senior unsecured notes due January 15, 2015 (net of discount)⁽³⁾		398			—			1			399
5.55% senior unsecured notes due January 15, 2020 (net of discount)⁽³⁾		598			—			—			598
5.25% senior unsecured notes due January 16, 2018 (net of discount)⁽³⁾		367			—			—			367
$1.2 billion senior unsecured five-year credit facility:
$450 million senior unsecured term loan facility credit agreement due September 19, 2016 (average interest rate of 1.66% for the period September 19, 2011 through December 31, 2011)⁽⁴⁾		—			450			(11	)		439
$750 million revolving credit commitment due September 19, 2016 (average interest rate of 1.43% for the period October 19, 2011 through December 31, 2011)⁽⁴⁾		—			250			(24	)		226
$700 million senior unsecured term loan facility credit agreement repaid September 2011 (average interest rate of 2.25% for the period January 1, 2011 through September 19, 2011)⁽⁵⁾		570			—			(570	)		—

Total debt obligations		2,321			700			(904	)		2,117
Less current portion		(140	)		(45	)		140			(45	)

Total long-term debt obligations	$	2,181		$	655		$	(764	)	$	2,072

⁽¹⁾	As of December 31, 2011 and 2010, approximately $0.5 million aggregate principal amount of the 3.75% convertible notes remained outstanding.

⁽²⁾	See "2.50% Convertible Senior Notes" below for further discussion.

⁽³⁾	See "Senior Unsecured Notes" below for further discussion.

⁽⁴⁾	See "2011 Credit Facility" below for further discussion.

⁽⁵⁾	See "2010 Credit Facility" below for further discussion.

Changes In The Liability And Equity Components Of Convertible Senior Notes


	Liability Component									Equity Component
	(in millions)									(in millions)
	Principal Balance			Unamortized Debt Discount			Net Carrying Amount			Gross Equity Component			Deferred Taxes		Net Equity Component
December 31, 2009	$	428		$	54		$	374		$	80		$	32	$	48
Accretion of debt discount		—			(14	)		14			—			—		—

December 31, 2010	$	428		$	40		$	388		$	80		$	32	$	48
Accretion of debt discount		—			(13	)		13			—			—		—
Tender offer		(335	)		(22	)		(313	)		(9	)		—		(9	)

December 31, 2011	$	93		$	5		$	88		$	71		$	32	$	39

Interest Expense Recognized On 2.25% Convertible Senior Notes In The Condensed Consolidated Statements Of Income


	Year Ended December 31,
	2011		2010		2009
	(in millions)
Components of interest expense recognized on the 2013 Convertible Notes
Accretion of debt discount	$	13	$	14	$	13
Contractual interest		9		10		11

Total interest expense recognized on the 2013 Convertible Notes	$	22	$	24	$	24

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

Components Of Income Tax Provision

+ Details

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2011

Income Taxes [Abstract]


	Year Ended December 31,
	2011			2010			2009
	(in millions)
Current income taxes:
Federal	$	129		$	116		$	96
State		34			36			32
Foreign		23			20			10

Total current income taxes		186			172			138

Deferred income taxes:
Federal		(18	)		(25	)		(26	)
State		—			(26	)		8
Foreign		22			16			8

Total deferred income taxes		4			(35	)		(10	)

Total income tax provision	$	190		$	137		$	128

Reconciliation Of Provision Of Income Taxes


	Year Ended December 31,
	2011			2010			2009
	(in millions)
Federal income tax provision at the statutory rate		35.0	%		35.0	%		35.0	%
State income tax provision, net of federal effect		3.3	%		4.2	%		6.6	%
Foreign income tax provision at a rate different than the federal rate		(3.8	)%		(3.2	)%		(3.6	)%
Earnings from foreign affiliates, not subject to tax		(3.4	)%		(3.5	)%		(4.8	)%
Nondeductible expenses		0.2	%		0.3	%		2.8	%
Change in deferred taxes due to change in tax rate⁽¹⁾		0.5	%		(3.0	)%		—
Excess capital loss carry back⁽¹⁾		—			(2.4	)%		—
Other, net		1.4	%		(1.4	)%		(3.3	)%

Actual income tax provision⁽¹⁾		33.2	%		26.0	%		32.7	%

⁽¹⁾

Schedule Of Deferred Tax Assets And Liabilities


	December 31,
	2011			2010
	(in millions)
Deferred tax assets:
Deferred revenues	$	30		$	28
U.S. federal net operating loss		15			20
Foreign net operating loss		99			104
State net operating loss		4			1
Compensation and benefits		88			77
Foreign currency translation		194			155
Lease reserves		19			8
Tax credits		19			5
Excess capital loss		—			64
Other		15			15

Gross deferred tax assets		483			477

Deferred tax liabilities:
Amortization of software development costs and depreciation		(40	)		(25	)
Amortization of acquired intangible assets		(629	)		(653	)
Accretion of debt discount		(4	)		(19	)
Other		(24	)		(27	)

Gross deferred tax liabilities		(697	)		(724	)

Net deferred tax liabilities before valuation allowance		(214	)		(247	)

Less: valuation allowance		(75	)		(31	)

Net deferred tax liabilities	$	(289	)	$	(278	)

Domestic And Foreign Components Of Income Before Income Tax Provision


	Year Ended December 31,
	2011		2010		2009
	(in millions)
Domestic	$	392	$	393	$	325
Foreign		181		133		66

Income before income tax provision	$	573	$	526	$	391

Reconciliation Of Unrecognized Tax Benefits


	Year Ended December 31,
	2011			2010
	(in millions)
Beginning balance	$	12		$	11
Additions as a result of tax positions taken in prior periods		6			1
Additions as a result of tax positions taken in the current period		3			2
Reductions related to settlements with taxing authorities		(2	)		(2	)
Reductions as a result of lapses of the applicable statute of limitations		(1	)		—

Ending balance	$	18		$	12

Components Of Net Periodic Benefit Cost

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

+ References+ Details

Employee Benefits (Tables)

12 Months Ended

Dec. 31, 2011

Employee Benefits [Abstract]


	Year Ended December 31,
	2011			2010			2009
	(in millions)
Components of net periodic benefit cost
Interest cost	$	6		$	7		$	7
Expected return on plan assets		(5	)		(5	)		(4	)
Recognized net actuarial (gain) loss		3			3			(2	)
Settlement loss recognized		—			1			1

Net periodic benefit cost	$	4		$	6		$	2

Reconciliation Of Changes In Benefit Obligation And Fair Value Of Plan Assets


	2011												2010
	Pension			SERP			Post- retirement			Total			Pension			SERP			Post- retirement			Total
	(in millions)
Change in benefit obligation
Benefit obligation at beginning of year	$	83		$	30		$	12		$	125		$	77		$	29		$	9		$	115
Interest cost		4			1			1			6			4			2			1			7
Actuarial losses (gains)		(1	)		—			(2	)		(3	)		—			—			1			1
Benefits paid		(3	)		(2	)		—			(5	)		(2	)		(2	)		—			(4	)
Settlements		—			—			—			—			(3	)		—			—			(3	)
Loss due to change in discount rate		3			1			—			4			7			1			1			9

Benefit obligation at end of year		86			30			11			127			83			30			12			125

Change in plan assets
Fair value of plan assets at beginning of year		65			—			—			65			58			—			—			58
Actual return on plan assets		(1	)		—			—			(1	)		7			—			—			7
Company contributions		1			2			—			3			5			2			—			7
Benefits paid		(3	)		(2	)		—			(5	)		(2	)		(2	)		—			(4	)
Settlements		—			—			—			—			(3	)		—			—			(3	)

Fair value of plan assets at end of year		62			—			—			62			65			—			—			65

Underfunded status of the plans		(24	)		(30	)		(11	)		(65	)		(18	)		(30	)		(12	)		(60	)

Accumulated benefit obligation	$	86		$	30		$	11		$	127		$	83		$	30		$	12		$	125

Weighted-Average Assumptions Used To Determine Benefit Obligations


	2011			2010
Discount rate:
Pension		5.00	%		5.25	%
SERP		5.00	%		5.25	%
Post-retirement		5.00	%		5.25	%
Rate of compensation increase:
Pension		N/A			N/A
SERP		N/A			N/A
Post-retirement		N/A			N/A

Weighted Average Actuarial Assumptions For Net Benefit Cost


	2011			2010			2009
Discount rate:
Pension		5.25	%		5.75	%		7.00	%
SERP		5.25	%		5.75	%		7.00	%
Post-retirement		5.25	%		5.75	%		7.00	%
Rate of compensation increase:
Pension		N/A			N/A			N/A
SERP		N/A			N/A			N/A
Post-retirement		N/A			N/A			N/A
Expected return on plan assets:
Pension		8.00	%		8.00	%		8.00	%
SERP		N/A			N/A			N/A
Post-retirement		N/A			N/A			N/A

N/A—Not applicable

Target Allocations For Plan Assets


	Target Allocation
Mutual funds⁽¹⁾		75	%
U.S. equity securities		10	%
Other investment strategies and cash		15	%

Total		100	%

⁽¹⁾	Securities are held in various classes of domestic, international and emerging market equity and fixed-income securities.

Fair Value Of Plan Assets By Asset Category And Fair Value Hierarchy


	Total Benefit Plan Assets as of December 31, 2011		Fair Value Measurements⁽¹⁾
	Total Benefit Plan Assets as of December 31, 2011		Level 1		Level 2		Level 3
			(in millions)
Mutual funds⁽²⁾	$	47	$	47	$	—	$	—
U.S. equity securities		6		6		—		—
Other investment strategies and cash⁽³⁾		9		7		2		—

Total benefit plan assets	$	62	$	60	$	2	$	—

⁽¹⁾	See Note 14, "Fair Value of Financial Instruments," for further discussion of fair value measurements.

⁽²⁾	Securities are held in various classes of domestic, international and emerging market equity and fixed-income securities.

⁽³⁾	Includes cash and multi-strategy hedge funds. Securities held in multi-strategy hedge funds are held in multiple asset classes and include investments in equity and fixed-income securities, arbitrage investments and futures.

Accumulated Other Comprehensive Income (Loss)


	Pension			SERP			Post- retirement		Total
	(in millions)
Unrecognized net actuarial gain/(loss)	$	(31	)	$	(3	)	$	1	$	(33	)
Income tax benefit		13			1			—		14

Employee benefit plan adjustments, net of tax	$	(18	)	$	(2	)	$	1	$	(19	)

Estimated Future Benefit Payments


	Pension		SERP		Post- retirement		Total
	(in millions)
Fiscal year ended:
2012	$	3	$	2	$	—	$	5
2013		3		11		1		15
2014		3		2		1		6
2015		4		3		1		8
2016		5		2		1		8
2017 through 2021		22		8		3		33

	$	40	$	28	$	7	$	75

Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2011

Share-Based Compensation [Abstract]

Total Share-Based Compensation Expense Resulting From Equity Awards


	Year Ended December 31,
	2011			2010			2009
	(in millions)
Share-based compensation expense before income taxes	$	36		$	33		$	35
Income tax benefit		(14	)		(13	)		(14	)

Share-based compensation expense after income taxes	$	22		$	20		$	21

Schedule Of Weighted-Average Assumptions Stock Option Awards


	Year Ended December 31,
	2011			2010			2009
Expected life (in years)		5			5			5
Weighted-average risk free interest rate		2.16	%		2.03	%		2.52	%
Expected volatility		27.0	%		32.0	%		36.0	%
Dividend yield		—			—			—
Weighted-average fair value at grant date	$	7.06		$	6.30		$	7.40

Summary Of Stock Option


	Stock Options Outstanding
	Number of Stock Options			Weighted- Average Exercise Price
Outstanding at January 1, 2009		10,726,905		$	18.08
Granted⁽¹⁾		1,018,155			21.13
Exercised		(814,575	)		7.93
Forfeited or expired		(723,614	)		32.32

Outstanding at December 31, 2009		10,206,871		$	18.18
Granted⁽¹⁾		1,855,979			19.87
Exercised		(708,731	)		9.23
Forfeited or expired		(395,148	)		29.87
Stock option exchange program⁽²⁾		(846,129	)		38.96

Outstanding at December 31, 2010		10,112,842		$	16.92
Granted⁽¹⁾		1,267,430			25.28
Exercised		(1,030,721	)		9.68
Forfeited or expired		(425,516	)		26.85

Outstanding at December 31, 2011		9,924,035		$	18.33

⁽¹⁾

⁽²⁾	Represents stock options tendered in our stock option exchange program. See "Stock Option Exchange Program" above for further discussion.

Summary Of Significant Ranges Of Outstanding And Exercisable Stock Options


Range of Exercise Prices	Number of Stock Options		Weighted- Average Remaining Contractual Term (in years)		Weighted- Average Exercise Price		Aggregate Intrinsic Value (in millions)		Number Exercisable		Weighted- Average Remaining Contractual Term (in years)		Weighted- Average Exercise Price		Aggregate Intrinsic Value (in millions)
$ 5.28 -$ 7.34		1,880,750		1.75	$	5.91	$	35		1,880,750		1.75	$	5.91	$	35
$ 7.35 -$ 8.34		1,289,076		3.12	$	7.35		22		1,289,076		3.12	$	7.35		22
$ 8.35 -$10.24		668,682		2.13	$	8.84		10		668,682		2.13	$	8.84		10
$10.25 - $14.49		19,520		0.31	$	13.00		—		19,520		0.31	$	13.00		—
$14.50 -$19.69		116,691		7.64	$	19.20		1		17,742		5.69	$	18.16		—
$19.70 -$25.01		2,582,940		8.25	$	20.48		10		663,864		7.87	$	20.96		2
$25.02 -$30.09		2,080,919		8.46	$	25.27		—		67,621		5.82	$	26.86		—
$30.10 -$35.91		9,631		5.35	$	31.78		—		9,235		5.28	$	31.72		—
$35.92 -$38.99		1,121,420		5.19	$	35.93		—		1,041,420		5.19	$	35.93		—
$39.00 -$42.28		52,472		5.58	$	40.91		—		52,472		5.58	$	40.91		—
$42.29 -$48.81		101,934		6.20	$	45.38		—		101,934		6.20	$	45.38		—

Total		9,924,035		5.58	$	18.33	$	78		5,812,316		3.59	$	15.02	$	69

Summary Of Restricted Stock


	Restricted Stock					PSUs
	Number of Awards			Weighted- Average Grant Date Fair Value		Number of Awards			Weighted- Average Grant Date Fair Value
Unvested balances at January 1, 2009		1,884,472		$	32.23		631,968		$	33.87
Granted		861,919	⁽¹⁾		20.79		105,641	⁽¹⁾		22.77
Vested		(260,721)			34.27		—			—
Forfeited		(276,922)			32.53		(184,927)			34.37

Unvested balances at December 31, 2009		2,208,748		$	27.48		552,682		$	31.59
Granted		1,223,921	⁽²⁾		19.80		714,328	⁽¹⁾		20.31
Vested		(459,759)			39.89		(120,000)			33.19
Forfeited		(213,819)			26.87		(48,381)			27.79

Unvested balances at December 31, 2010		2,759,091		$	22.00		1,098,629		$	24.25
Granted		1,393,373	⁽²⁾		25.31		651,510	⁽¹⁾		25.14
Vested		(353,235)			24.26		(279,447)			28.70
Forfeited		(427,896)			22.28		(155,512)			27.94

Unvested balances at December 31, 2011		3,371,333		$	23.10		1,315,180		$	23.33

⁽¹⁾	PSUs granted in 2011, 2010 and 2009 and restricted stock granted in 2009 primarily reflect awards issued to certain officers, as described above.

⁽²⁾	Restricted stock granted in 2011 and 2010 primarily reflect our company wide grants issued in March 2011 and 2010 which include a performance-based accelerated vesting feature based on achievement of specific levels of corporate performance, as described above.

NASDAQ OMX Stockholders' Equity [Abstract]

Tabular disclosure of option exercise prices, by grouped ranges, including the upper and lower limits of the price range, the number of shares under option, weighted average exercise price and remaining contractual option terms.

+ References+ Details

NASDAQ OMX Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2011

Series A Convertible Preferred Stock Activity


	Series A Convertible Preferred Stock
	(in millions)
Balance as of December 31, 2009	$	15
Accretion for the year ended December 31, 2010		1
Conversion into common stock		(16	)

Balance as of December 31, 2010	$	—

Components Of Accumulated Other Comprehensive Loss


	Unrealized Holding Gains (Losses) on Available-For-Sale Investment Securities⁽¹⁾			Foreign Currency Translation Adjustments⁽²⁾			Employee Benefit Plan Adjustments⁽³⁾			Accumulated Other Comprehensive Loss
Gross balance, December 31, 2010	$	(3	)	$	(407	)	$	(31	)	$	(441	)
Income taxes		1			155			13			169

Net balance, December 31, 2010	$	(2	)	$	(252	)	$	(18	)	$	(272	)

Gross balance, December 31, 2011	$	—		$	(527	)	$	(33	)	$	(560	)
Income taxes		1			195			14			210

Net balance, December 31, 2011	$	1		$	(332	)	$	(19	)	$	(350	)

⁽¹⁾	Amount includes cumulative gains and losses on our available-for-sale investment in DFM in 2010. In the fourth quarter of 2011, we recorded a non-cash, other-than-temporary impairment charge of $18 million related to our investment in DFM. See Note 5, "Investments," for further discussion.

⁽²⁾	Amounts include cumulative gains and losses on foreign currency translation adjustments from non-U.S. subsidiaries for which the functional currency is other than the U.S. dollar.

⁽³⁾	Amounts primarily represent unrecognized net actuarial gains (losses) related to the NASDAQ OMX Benefit Plans.

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

Earnings Per Common Share [Abstract]

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+ Details

Earnings Per Common Share (Tables)

12 Months Ended

Dec. 31, 2011

Schedule Of The Computation Of Basic And Diluted Earnings Per Share


	Year Ended December 31,
	2011		2010			2009
	(in millions, except share and per share amounts)
Numerator:
Net income attributable to NASDAQ OMX	$	387	$	395		$	266
Accretion of series A convertible preferred stock				(1	)

Net income attributable to common shareholders for basic earnings per share	$	387	$	394		$	266
Interest impact of 3.75% convertible notes, net of tax							2

Net income attributable to common shareholders for diluted earnings per share	$	387	$	394		$	268

Denominator:
Weighted-average common shares outstanding for basic earnings per share⁽¹⁾		176,331,819		202,975,623			204,698,277

Weighted-average effect of dilutive securities:
Employee equity awards		3,644,946		3,504,550			3,772,645
3.75% convertible notes assumed converted into common stock		34,482		34,482			6,066,985

Weighted-average common shares outstanding for diluted earnings per share⁽¹⁾		180,011,247		206,514,655			214,537,907

Basic and diluted earnings per share:
Basic earnings per share	$	2.20	$	1.94		$	1.30

Diluted earnings per share	$	2.15	$	1.91		$	1.25

⁽¹⁾

Fair Value Of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2011

Fair Value Of Financial Instruments [Abstract]

Schedule Of Financial Assets And Liabilities Measured At Fair Value On A Recurring Basis


	As of December 31, 2011
	Total		Level 1		Level 2		Level 3
	(in millions)
Financial Assets Measured at Fair Value on a Recurring Basis
Derivative positions, at fair value⁽¹⁾	$	1,566	$	—	$	1,566	$	—
Financial investments, at fair value⁽²⁾		279		279		—		—

Total	$	1,845	$	279	$	1,566	$	—

Financial Liabilities Measured at Fair Value on a Recurring Basis
Derivative positions, at fair value⁽¹⁾	$	1,566	$	—	$	1,566	$	—

Total	$	1,566	$	—	$	1,566	$	—


	As of December 31, 2010
	Total		Level 1		Level 2		Level 3
	(in millions)
Financial Assets Measured at Fair Value on a Recurring Basis
Derivative positions, at fair value⁽¹⁾	$	4,037	$	—	$	4,037	$	—
Financial investments, at fair value⁽²⁾		253		253		—		—

Total	$	4,290	$	253	$	4,037	$	—

Financial Liabilities Measured at Fair Value on a Recurring Basis
Derivative positions, at fair value⁽¹⁾	$	4,037	$	—	$	4,037	$	—

Total	$	4,037	$	—	$	4,037	$	—

⁽¹⁾

⁽²⁾

Schedule Of Fair Value Of Outstanding Derivative Positions


	December 31, 2011				December 31, 2010
	Asset		Liability		Asset		Liability
	(in millions)
Commodity forwards and options^{(1) (2)}	$	1,152	$	1,152	$	3,437	$	3,437
Fixed-income options and futures^{(2) (3)}		272		272		578		578
Stock options and futures^{(2) (3)}		197		197		237		237
Index options and futures^{(2) (3)}		137		137		208		208

Total	$	1,758	$	1,758	$	4,460	$	4,460

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

⁽²⁾	We determine the fair value of our option contracts using standard valuation models that are based on market-based observable inputs including implied volatility, interest rates and the spot price of the underlying instrument.

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

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

+ References+ Details

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.

Derivative Financial Instruments And Hedging Activities [Abstract]

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+ Details

Derivative Financial Instruments And Hedging Activities (Tables)

12 Months Ended

Dec. 31, 2011

Fair Value Amounts And Balance Sheet Location Of Our Derivative Instruments


	December 31, 2009 Fair Value
	Asset		Liability
	(in millions)
*Derivatives Designated as Hedging Instruments*
Cash flow hedges
Interest rate swaps	$	—	$	9	⁽¹⁾

*Derivatives Not Designated as Hedging Instruments*
Foreign exchange contracts		—		1	⁽²⁾

Total derivatives not designated as hedging instruments		—		1

Total derivatives	$	—	$	10

⁽¹⁾	Included in other non-current liabilities in the Consolidated Balance Sheets.

⁽²⁾	Included in other current liabilities in the Consolidated Balance Sheets.

Tabular disclosure of the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments, assets, and liabilities. Such certain disclosures about the financial instruments, assets, and liabilities include: (1) the fair value of the required items together with their carrying amounts (as appropriate) and (2) the methodology and assumptions used in developing such estimates of fair value.

Future Minimum Lease Payments

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-Name Statement of Financial Accounting Standard (FAS)

-Number 159

-Paragraph 18

-Subparagraph c(2), d, e, f

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

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

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 159

-Paragraph 19

-Subparagraph a, b, c(1), d(1)

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

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

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

-Paragraph 10

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=6947722&loc=d3e13433-108611

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

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

-Paragraph 11

-URI http://asc.fasb.org/extlink&oid=6947722&loc=d3e13467-108611

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

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

-Paragraph 12

-URI http://asc.fasb.org/extlink&oid=6947722&loc=d3e13476-108611

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

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

-Paragraph 30

-Subparagraph (a)

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

+ Details

Leases (Tables)

12 Months Ended

Dec. 31, 2011

Leases [Abstract]


	Gross Lease Commitments		Sublease Income		Net Lease Commitments
	(in millions)
Year ending December 31:
2012	$	81	$	5	$	76
2013		70		5		65
2014		64		5		59
2015		63		3		60
2016		58		3		55
Thereafter		196		12		184

Total future minimum lease payments	$	532	$	33	$	499

Business Segments (Tables)

12 Months Ended

Dec. 31, 2011

Business Segments [Abstract]

Schedule Of Operating Segments


	Market Services			Issuer Services		Market Technology		Corporate Items and Eliminations			Consolidated
	(in millions)
2011
Total revenues	$	2,886		$	369	$	183	$	—		$	3,438
Cost of revenues		(1,748	)		—		—		—			(1,748	)

Revenues less transaction rebates, brokerage, clearance and exchange fees		1,138			369		183		—			1,690

Depreciation and amortization		81			10		15		3			109
Net interest expense		73			24		11		—			108
Income (loss) before income taxes		519			118		19		(83	)⁽²⁾		573
Total assets⁽¹⁾		12,145			707		347		892			14,091
Purchases of property and equipment		58			14		14		2			88

2010
Total revenues	$	2,700		$	344	$	152	$	1		$	3,197
Cost of revenues		(1,675	)		—		—		—			(1,675	)

Revenues less transaction rebates, brokerage, clearance and exchange fees		1,025			344		152		1			1,522

Depreciation and amortization		77			17		5		4			103
Net interest expense		63			21		9		—			93
Income (loss) before income taxes		450			119		11		(54	)⁽³⁾		526
Total assets⁽¹⁾		14,331			714		415		747			16,207
Purchases of property and equipment		29			4		7		2			42



2009
Total revenues	$	2,934		$	330	$	145	$	2		$	3,411
Cost of revenues		(1,958	)		—		—		—			(1,958	)

Revenues less transaction rebates, brokerage, clearance and exchange fees		976			330		145		2			1,453

Depreciation and amortization		84			11		6		3			104
Net interest expense		59			20		9		1			89
Income (loss) before income taxes		408			110		14		(141	)⁽⁴⁾		391
Total assets⁽¹⁾		8,453			692		260		1,317			10,722
Purchases of property and equipment		46			4		9		—			59

⁽¹⁾

⁽²⁾

The 2011 corporate items and eliminations primarily include:

•

Debt extinguishment and refinancing charges of $31 million. See "2.50% Convertible Senior Notes," and "2011 Credit Facility," of Note 8, "Debt Obligations," for further discussion; and

•

An asset impairment charge of $18 million. See "Available-for-Sale Investment Security," of Note 5, "Investments," for further discussion.

⁽³⁾

The 2010 corporate items and eliminations primarily include:

•

$11 million related to loss on divestiture of businesses as a result of our decision to close the businesses of both NEURO ($6 million) and Agora-X ($5 million).

⁽⁴⁾

The 2009 corporate items and eliminations primarily include:

•

debt conversion expense of $25 million related to an inducement for the conversion of our 3.75% convertible notes; and

•

loss of $5 million on the sale of an available-for-sale investment security in Oslo, which was acquired as part of our business combination with OMX AB.

Revenue By Geographical Area


	Total Revenues		Property and Equipment, Net
	(in millions)
2011:
United States	$	2,707	$	125
All other countries		731		68

Total	$	3,438	$	193

2010:
United States	$	2,564	$	99
All other countries		633		65

Total	$	3,197	$	164

2009:
United States	$	2,744	$	102
All other countries		667		62

Total	$	3,411	$	164

Tabular disclosure of the names of foreign countries from which revenue is material and the amount of revenue from external customers attributed to those countries. An entity may also provide subtotals of geographic information about groups of countries.

+ References+ Details

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

+ References+ Details

Organization And Nature Of Operations (Details) (USD $) In Trillions, unless otherwise specified	12 Months Ended						12 Months Ended		12 Months Ended
	Dec. 31, 2011	Jan. 31, 2009 EMCF [Member]	Dec. 31, 2011 NASDAQ OMX BX [Member]	Dec. 31, 2011 NASDAQ OMX PHLX [Member]	Dec. 31, 2011 NASDAQ Options Market [Member]	Dec. 31, 2011 NASDAQ OMX NORDIC [Member] EMCF [Member]	Dec. 31, 2011 NASDAQ OMX Commodities [Member]	Dec. 31, 2011 NASDAQ OMX PSX Commodities [Member]	Dec. 31, 2011 Market Technology [Member]
Operations in number of continents	6
Total number of U.S. listed companies	2,680
Home to listed companies with a combined market capitalization	$ 4.4
Total number of listed companies within Nordic and Baltic exchanges	776
Approximate combined market capitalization	0.9
U.S. cash equities volume, percentage	18.10%		2.10%					1.00%
Market share in the U.S. equity options market	27.70%			23.10%	4.60%
Percentage of share in U.S. equity and ETF options market	27.70%
Equity method investment, ownership percentage		22.00%				22.00%
Number of members							390
Market Technology segment delivers services, exchanges	70
Market Technology segment delivers services, countries									50
Number of world wide listed companies	3,500
Approximate market value	$ 5.3

Summary Of Significant Accounting Policies (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009	Dec. 31, 2008
Cash and cash equivalents	$ 506	$ 506	$ 315	$ 594	$ 374
Restricted cash	43	43	60
Non-current restricted cash	105	105	105
Reverse repurchase agreement amount		4	16
NOCC non-current restricted cash			25
Other-than-temporary impairment loss on investment security	18	18
Reserves netted against receivables	3	3	3
Accumulated other comprehensive loss, unrealized loss on interest rate swap				9
Goodwill, impairment loss		0	0	0
Impairment of finite-lived intangible assets		0	0	0
Impairment of other long-lived assets		0	2	13
Equity method investment impairment charges		25	6	13
Other impairments of equity method investments			0	0
Loss on the sale of our Orc shares				107
Gain on sales of businesses				12
Media advertising and production costs		7	9	5
Convertible notes, stated interest percentage	3.75%	3.75%	3.75%	3.75%
Investment In DFM [Member]
Other-than-temporary impairment loss on investment security		18
IDCG's Guaranty Fund [Member]
Non-current restricted cash	80	80	80
Capital Injection To NOCC [Member]
Non-current restricted cash	25	25	25
Investment In NASDAQ Dubai [Member]
Equity method investment impairment charges				87
Cash In Bank And Non-Restricted Highly Liquid Investments [Member]
Cash and cash equivalents	361	361	215
Cash in banks and non-restricted highly liquid investments with original maturities	3	3
Orc Shares [Member]
Loss on the sale of our Orc shares				$ 19
Technology [Member]
Intangible assets estimated useful lives, minimum		3
Intangible assets estimated useful lives, maximum		10
Customer Relationships [Member]
Intangible assets estimated useful lives, minimum		10
Intangible assets estimated useful lives, maximum		30
Other Intangible Assets [Member]
Intangible assets estimated useful lives, minimum		4
Intangible assets estimated useful lives, maximum		10
Buildings And Building Improvements [Member]
Property and equipment estimated useful life, minimum		10
Property and equipment estimated useful life, maximum		40
Furniture And Equipment [Member]
Property and equipment estimated useful life, minimum		5
Property and equipment estimated useful life, maximum		10
Data Processing Equipment [Member]
Property and equipment estimated useful life, minimum		2
Property and equipment estimated useful life, maximum		5
Maximum [Member]
Equity method investment, ownership percentage	50.00%	50.00%
Minimum [Member]
Equity method investment, ownership percentage	20.00%	20.00%
Threshold percentage for two step goodwill impairment test		50.00%

Acquisitions And Strategic Initiatives (Narrative) (Details) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Jan. 31, 2009 EMCF [Member]	Dec. 31, 2011 NOCC [Member]
Adjustments to provisional values	$ 0
NOCC non-current restricted cash		25
Non-current restricted cash	$ 105	$ 105		$ 25
Equity method investment, ownership percentage			22.00%

Total Net (Liabilities) Assets Acquired

The percentage of ownership of common stock or equity participation in the investee accounted for under the equity method of accounting.

+ References+ Details

Acquisitions And Strategic Initiatives (Summary Of The Allocation Of The Total Purchase Consideration) (Details)
In Millions, unless otherwise specified

12 Months Ended

1 Months Ended

Dec. 31, 2011

USD ($)

Dec. 31, 2010

USD ($)

Dec. 31, 2010

FTEN [Member]

USD ($)

Aug. 31, 2010

SMARTS [Member]

USD ($)

Dec. 31, 2010

SMARTS [Member]

USD ($)

Dec. 31, 2010

Nord Pool ASA [Member]

USD ($)

May 31, 2010

Nord Pool ASA [Member]

USD ($)

May 31, 2010

Nord Pool ASA [Member]

NOK

Dec. 31, 2011

Glide Technologies [Member]

USD ($)

Oct. 31, 2011

Glide Technologies [Member]

USD ($)

Business Acquisition [Line Items]

Purchase Consideration

$ 204

$ 110

^[1]

$ 77

^[2]

$ 17

^[3]

$ 17

101

$ 22

(1)

^[1]

(5)

^[2]

^[3]

(2)

Purchased Intangible Assets

^[1]

^[2]

^[3]

Goodwill

127

^[1]

^[2]

^[3]

SMARTS acquisition initial purchase price

Purchase consideration to be paid out of escrow in 2012

SMARTS acquisition working capital adjustment

Total acquired net assets at fair value

Acquisition recorded as current deferred tax liability

Acquisition recorded as non-current deferred tax liability

Acquisition recorded as non-current deferred tax asset

Total deferred tax liability

Tax basis of intangible asset acquired

Acquisition effective tax rate

39.55%

30.00%

Acquired intangible asset in technology

Acquired intangible asset in trade name

Acquired intangible asset in non-compete agreements

Acquired intangible asset in customer relationships

$ 23

$ 17

[1]	In December 2010, we acquired FTEN, a leading provider of RTRM solutions for the financial securities market, for $110 million. FTEN purchase consideration included $11 million held in escrow to be paid in 2012, in accordance with the purchase agreement. We acquired net assets, at fair value, totaling $3 million and recorded a current deferred tax liability of $2 million and a non-current deferred tax liability of $16 million related to purchased intangible assets, and we also recorded a non-current deferred tax asset of $14 million related to net operating loss carry forwards, resulting in total net liabilities acquired of $1 million. The total deferred tax liabilities of $18 million represent the tax effect of the difference between the estimated assigned fair value of the acquired intangible assets ($46 million) and the tax basis ($0) of such assets. The estimated amount of $18 million is determined by multiplying the difference of $46 million by FTEN's effective tax rate of 39.55%. The purchased intangible assets of $46 million consisted of $23 million in customer relationships, $12 million in technology, $9 million for the FTEN trade name and $2 million related to non-compete agreements.
[2]	In August 2010, we acquired SMARTS, a leading technology provider of surveillance solutions to exchanges, regulators and brokers, to diversify our Market Technology business and enter the broker surveillance and compliance market. We completed our acquisition of SMARTS for $77 million, which included a $75 million initial purchase price as well as a $2 million working capital adjustment. SMARTS purchase consideration also included $11 million held in escrow to be paid in 2012 and 2013, in accordance with the purchase agreement. We acquired net assets, at fair value, totaling $3 million and recorded a current deferred tax liability of $1 million and a non-current deferred tax liability of $7 million related to purchased intangible assets, resulting in total net liabilities acquired of $5 million. The total deferred tax liabilities of $8 million represent the tax effect of the difference between the estimated assigned fair value of the acquired intangible assets ($28 million) and the tax basis ($0) of such assets. The estimated amount of $8 million is determined by multiplying the difference of $28 million by SMARTS' effective tax rate of 30%. The purchased intangible assets of $28 million consisted of $11 million in technology and $17 million in customer relationships.
[3]	In May 2010, we acquired Nord Pool, a derivatives trading market, for $17 million (101 million Norwegian Krone). We acquired net assets, at fair value, totaling $8 million and recorded a non-current deferred tax liability of $1 million related to purchased intangible assets, resulting in total net assets acquired of $7 million. Through this acquisition, we now hold a Norwegian exchange license and operate the Nordic power market and the European carbon market on one trading platform.

Goodwill And Purchased Intangible Assets (Narrative) (Details) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Acquired Finite-Lived Intangible Assets [Line Items]
Goodwill expected to be deductible in future periods	$ 96
Finite-lived intangible assets, amortization expense	55	57	57
Foreign Currency Translation Adjustment [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Net intangible assets	$ (21)	$ (11)

The cumulative amount of the estimated future tax effects attributable to the difference between the tax basis of tax-deductible goodwill and the basis of goodwill computed in accordance with generally accepted accounting principles. The difference in basis will increase future taxable income when such difference reverses.

+ References+ Details

Goodwill And Purchased Intangible Assets (Schedule Of Changes In Goodwill) (Details) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2011
Goodwill [Line Items]
Balance at December 31, 2010	$ 5,127
Goodwill acquired	20
Foreign currency translation adjustment	(86)
Balance at December 31, 2011	5,061
Market Services [Member]
Goodwill [Line Items]
Balance at December 31, 2010	4,679
Foreign currency translation adjustment	(77)
Balance at December 31, 2011	4,602
Issuer Services [Member]
Goodwill [Line Items]
Balance at December 31, 2010	292
Goodwill acquired	20
Foreign currency translation adjustment	(6)
Balance at December 31, 2011	306
Market Technology [Member]
Goodwill [Line Items]
Balance at December 31, 2010	156
Foreign currency translation adjustment	(3)
Balance at December 31, 2011	$ 153

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

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

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 142

-Paragraph 45

-Subparagraph e

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

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

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 142

-Paragraph 43

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

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

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 141R

-Paragraph 68

-Subparagraph l

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

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

-Publisher FASB

-Name Accounting Standards Codification

-Topic 350

-SubTopic 20

-Section 45

-Paragraph 1

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

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

-Publisher FASB

-Name Accounting Standards Codification

-Topic 350

-SubTopic 20

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6905597&loc=d3e13816-109267

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

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 141R

-Paragraph 72

-Subparagraph d

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

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

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 142

-Paragraph 45

-Subparagraph e

-Clause 1

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

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

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 141R

-Paragraph 34

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

+ Details

Schedule of Investments [Line Items]

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

+ References+ Details

Goodwill And Purchased Intangible Assets (Finite-Lived And Indefinite-Lived Intangible Assets) (Details) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010
Acquired Finite-Lived Intangible Assets [Line Items]
Accumulated Amortization	$ (204)	$ (190)
Total intangible assets, Gross Amount	1,852	1,909
Total intangible assets, Net Assets	1,648	1,719
Exchange And Clearing Registrations [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Total indefinite-lived intangible assets, Gross Amount	790	790
Total indefinite-lived intangible assets, Net Amount	790	790
Trade Names [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Total indefinite-lived intangible assets, Gross Amount	181	181
Total indefinite-lived intangible assets, Net Amount	181	181
Licenses [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Total indefinite-lived intangible assets, Gross Amount	78	78
Total indefinite-lived intangible assets, Net Amount	78	78
Foreign Currency Translation Adjustment [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Total indefinite-lived intangible assets, Gross Amount	(74)	(56)
Total indefinite-lived intangible assets, Net Amount	(74)	(56)
Indefinite-Lived Intangible Assets [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Total indefinite-lived intangible assets, Gross Amount	975	993
Total indefinite-lived intangible assets, Net Amount	975	993
Technology [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Total finite-lived intangible assets, Gross Amount	42	72
Accumulated Amortization	(10)	(41)
Total finite-lived intangible assets, Net Assets	32	31
Total finite-lived intangible assets, Weighted Average Useful Life (in Years)	8	6
Customer Relationships [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Total finite-lived intangible assets, Gross Amount	854	853
Accumulated Amortization	(196)	(152)
Total finite-lived intangible assets, Net Assets	658	701
Total finite-lived intangible assets, Weighted Average Useful Life (in Years)	21	21
Other [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Total finite-lived intangible assets, Gross Amount	6	6
Accumulated Amortization	(2)	(1)
Total finite-lived intangible assets, Net Assets	4	5
Total finite-lived intangible assets, Weighted Average Useful Life (in Years)	8	8
Foreign Currency Translation Adjustment [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Total finite-lived intangible assets, Gross Amount	(25)	(15)
Accumulated Amortization	4	4
Total finite-lived intangible assets, Net Assets	(21)	(11)
Finite-Lived Intangible Assets [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Total finite-lived intangible assets, Gross Amount	877	916
Accumulated Amortization	(204)	(190)
Total finite-lived intangible assets, Net Assets	$ 673	$ 726

Goodwill And Purchased Intangible Assets (Estimated Future Amortization Expense) (Details) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2011
Goodwill And Purchased Intangible Assets [Abstract]
2012	$ 53
2013	51
2014	49
2015	47
2016	43
2017 and thereafter	451
Total	$ 694

Investments (Details) (USD $)
In Millions, unless otherwise specified

3 Months Ended

12 Months Ended

1 Months Ended

12 Months Ended

6 Months Ended

12 Months Ended

Dec. 31, 2011

Dec. 31, 2010

Dec. 31, 2009

May 31, 2010

NASDAQ Dubai [Member]

Dec. 31, 2009

NASDAQ Dubai [Member]

Jun. 30, 2009

Orc Software [Member]

Dec. 31, 2009

Orc Software [Member]

Dec. 31, 2009

Agora-X [Member]

Dec. 31, 2011

EMCF [Member]

Dec. 31, 2010

EMCF [Member]

Dec. 31, 2011

Trading Securities [Member]

Dec. 31, 2010

Trading Securities [Member]

Dec. 31, 2011

Restricted Assets [Member]

Dec. 31, 2010

Restricted Assets [Member]

Dec. 31, 2011

Investment In DFM [Member]

Dec. 31, 2010

Investment In DFM [Member]

May 31, 2010

Investment In DFM [Member]

Dec. 31, 2011

Maximum [Member]

Dec. 31, 2011

Minimum [Member]

Investment owned, percent of net assets

$ 279

^[1]

$ 279

^[1]

$ 253

^[1]

$ 261

$ 220

$ 212

$ 190

$ 18

$ 33

1.00%

Trading securities cost

Unrealized holding loss in accumulated other comprehensive loss

(15)

(3)

(5)

(3)

Equity method investment, ownership percentage

20.00%

22.00%

50.00%

20.00%

Equity interest equity method investments

Equity method investment, income (loss)

(107)

Non-cash impairment charge included in asset impairment charge

Income tax expense

190

137

128

Proceeds from sales of equity method investments

Percentage of shares sold

25.25%

Loss on sale of investment

$ 1

$ 19

Increase in ownership percentage

85.00%

[1]

Property And Equipment, Net (Details) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	$ 585	$ 528
Less: accumulated depreciation and amortization	(392)	(364)
Total property and equipment, net	193	164	164
Depreciation and amortization expense	54	46	47
Data Processing Equipment And Software [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	392	348
Furniture, Equipment And Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	$ 193	$ 180

The cumulative amount of depreciation, depletion and amortization (related to property, plant and equipment, but not including land) that has been recognized in the income statement.

+ References+ Details

Gross amount, at the balance sheet date, of long-lived physical assets used in the normal conduct of business and not intended for resale. This can include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software.

+ References+ Details

Tangible assets that are held by an entity for use in the production or supply of goods and services, for rental to others, or for administrative purposes and that are expected to provide economic benefit for more than one year; net of accumulated depreciation. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software.

+ References+ Details

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

Dec. 31, 2011

Deferred revenue estimated revenue to be recognized

$ 124

278

Initial Listing Revenues [Member]

Deferred revenue estimated revenue to be recognized

Listing Of Additional Shares Revenues [Member]

Deferred revenue estimated revenue to be recognized

Annual Renewal And Other Revenues [Member]

Deferred revenue estimated revenue to be recognized

2012

Market Technology [Member]

Deferred revenue estimated revenue to be recognized

^[1]

^[1]

^[1]

^[1]

^[1]

^[1]

$ 128

^[1]

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

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

12 Months Ended

Dec. 31, 2011

Dec. 31, 2010

$ 292

$ 265

324

^[1]

314

^[1]

(336)

^[1]

(289)

^[1]

Translation adjustment

(2)

278

292

Initial Listing Revenues [Member]

^[1]

(16)

^[1]

(18)

^[1]

Listing Of Additional Shares Revenues [Member]

^[1]

(40)

^[1]

(39)

^[1]

Annual Renewal And Other Revenues [Member]

219

^[1]

222

^[1]

(214)

^[1]

(219)

^[1]

Translation adjustment

(1)

Market Technology [Member]

146

^[2]

125

^[2]

^[1],[2]

(66)

^[1],[2]

(13)

^[1],[2]

Translation adjustment

(1)

^[2]

Total debt obligations, Additions

$ 128

^[2]

$ 146

^[2]

[1]

The additions and amortization for initial listing revenues, listing of additional shares revenues and annual renewal and other revenues primarily reflect Issuer Services revenues from U.S. listing revenues.

[2]

Debt Obligations (2.50% Convertible Senior Notes) (Narrative) (Details) (USD $)	0 Months Ended		1 Months Ended	3 Months Ended	12 Months Ended
	Sep. 20, 2011	Sep. 20, 2011	Oct. 31, 2011	Mar. 31, 2008	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009	Feb. 28, 2010	Dec. 31, 2008
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage					3.75%	3.75%	3.75%
U.S. marginal tax rate					35.00%	35.00%	35.00%
Amortization of financing costs and discounts					$ 6,000,000	$ 6,000,000	$ 11,000,000
Pre-tax gain on early extinguishment of debt							4,000,000
Charges related to debt extinguishment and refinancing					31,000,000	37,000,000
Percentage of principal amount of notes purchased if fundamental change is applied, maximum					100.00%
Accretion of debt discounts					13,000,000	14,000,000	13,000,000
2.50% Convertible Senior Notes Due August 15, 2013 [Member]
Debt Instrument [Line Items]
Conversion of stock issued, conversion rate				18.1386
Convertible notes, principal amount					1,000
Convertible notes, conversion price per share of common stock					$ 55.13
Debt instrument, interest rate, stated percentage				2.50%	2.50%			2.50%
Debt instrument convertible, number of equity instruments					1,686,577
Debt instrument, maturity date					Aug. 15, 2013
Debt instrument, unamortized discount					5,000,000	40,000,000
Interest expense					5,000,000
Debt instrument, convertible, effective interest rate					6.53%	6.53%	6.53%
Contractual interest rate					2.50%	2.50%	2.50%
Cash payment for repurchase of convertible senior notes	346,000,000						40,000,000
Equity component in convertible debt					39,000,000	48,000,000
Capitalized debt issuance costs			1,000,000				1,000,000		10,000,000
Amortization of financing costs and discounts					1,000,000	2,000,000	2,000,000
Debt instrument, principal outstanding				475,000,000
Extinguishment of debt, amount							47,000,000
Pre-tax gain on early extinguishment of debt							4,000,000
Debt issuance costs			1,000,000				1,000,000		10,000,000
Convertible notes, tender offer price		1,025
Convertible notes, principal amount tendered		1,000
Percentage of principal amount of debt instrument holder eligible for tender offer					78.30%
Charges related to debt extinguishment and refinancing			2,000,000		25,000,000		1,000,000
Write-off of the associated unamortized debt discount			22,000,000
Accretion of debt discounts					13,000,000	14,000,000	13,000,000
Liability Component [Member] \| 2.50% Convertible Senior Notes Due August 15, 2013 [Member]
Debt Instrument [Line Items]
Debt instrument, unamortized discount					5,000,000	40,000,000	54,000,000
Debt instrument, principal outstanding					93,000,000	428,000,000	428,000,000
Equity Component [Member] \| 2.50% Convertible Senior Notes Due August 15, 2013 [Member]
Debt Instrument [Line Items]
Debt instrument, excess of principal amount					71,000,000	80,000,000	80,000,000
Equity component in convertible debt					39,000,000	48,000,000	48,000,000
Gross Equity Component					$ 71,000,000	$ 80,000,000	$ 80,000,000

Debt Obligations (5.25% Senior Unsecured Notes) (Narrative) (Details) (USD $) In Millions, unless otherwise specified	12 Months Ended			1 Months Ended	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009	Dec. 31, 2010 5.25% Senior Unsecured Notes [Member]	Dec. 31, 2011 5.25% Senior Unsecured Notes [Member]	Sep. 30, 2011 5.25% Senior Unsecured Notes [Member]	Dec. 31, 2011 Senior Unsecured Bridge Facility [Member]	Dec. 31, 2010 Senior Unsecured Bridge Facility [Member]
Debt Instrument [Line Items]
Senior unsecured notes issued				$ 370
Bridge facility							400
Debt instrument, interest rate, stated percentage	3.75%	3.75%	3.75%		5.25%
Debt instrument, interest rate, effective percentage								1.76%
Proceeds from unsecured notes payable					367
Cash on hand from unsecured notes payable					3
Debt instrument, principal outstanding						367.0
Maximum interest rate on debt instrument					7.25%
Debt issuance costs					3.0
Amortization of financing costs and discounts	6	6	11
Other borrowings								370
Aggregate principal amount purchased plus accrued and unpaid interest	101.00%
Prepayment of revolving credit commitment					$ 24

Debt Obligations (4.00% And 5.55% Senior Unsecured Notes, Credit Facility) (Narrative) (Details) (USD $)	12 Months Ended							1 Months Ended			12 Months Ended		3 Months Ended		9 Months Ended		12 Months Ended			1 Months Ended	12 Months Ended					6 Months Ended	12 Months Ended	6 Months Ended	12 Months Ended	1 Months Ended	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009	Dec. 31, 2011 4.00% Senior Notes Due 2015 [Member]	Dec. 31, 2011 5.55% Senior Notes Due 2020 [Member]	Dec. 31, 2011 Clearinghouse Credit Facilities [Member]	Dec. 31, 2010 Clearinghouse Credit Facilities [Member]	Dec. 31, 2010 5.25% Senior Unsecured Notes [Member]	Dec. 31, 2011 5.25% Senior Unsecured Notes [Member]	Sep. 30, 2011 5.25% Senior Unsecured Notes [Member]	Dec. 31, 2011 2011 Credit Facility [Member]	Sep. 30, 2011 2011 Credit Facility [Member]	Sep. 30, 2011 2010 Credit Facility [Member]	Sep. 30, 2010 2010 Credit Facility [Member]	Sep. 30, 2011 2010 Credit Facility [Member]	Sep. 30, 2010 2010 Credit Facility [Member]	Dec. 31, 2010 2010 Credit Facility [Member]	Dec. 31, 2011 2010 Credit Facility [Member]	Jan. 31, 2010 2010 Credit Facility [Member]	Jan. 31, 2010 Senior Unsecured Notes [Member]	Dec. 31, 2011 Senior Unsecured Notes [Member]	Dec. 31, 2010 Senior Unsecured Notes [Member]	Dec. 31, 2011 Senior Unsecured Notes [Member] 2010 Credit Facility [Member]	Jan. 31, 2010 Tranche A Term Loan [Member]	Jan. 31, 2010 Tranche X Term Loan [Member]	Jun. 30, 2011 Quarterly Payments [Member] 2010 Credit Facility [Member]	Dec. 31, 2011 Quarterly Payments [Member] 2010 Credit Facility [Member]	Jun. 30, 2011 Optional Payments [Member] 2010 Credit Facility [Member]	Dec. 31, 2011 2016 Term Loan [Member]	Oct. 31, 2011 Revolving Credit Facility [Member] 2011 Credit Facility [Member]	Dec. 31, 2011 Revolving Credit Facility [Member] 2011 Credit Facility [Member]	Dec. 31, 2011 Revolving Credit Facility [Member] 2010 Credit Facility [Member]
Debt Instrument [Line Items]
Term loans quarterly payment											$ 11,000,000															$ 70,000,000	$ 35,000,000
Term loans, optional payment																												50,000,000
Senior unsecured notes issued								370,000,000												1,000,000,000
Debt instrument, interest rate, stated percentage	3.75%	3.75%	3.75%	4.00%	5.55%				5.25%
Debt instrument, maturity date																															Sep. 19, 2016
Total Credit Facility																								350,000,000	350,000,000				450,000,000
Credit facility, additional borrowings																														250,000,000
Credit facility, borrowing capacity						447,000,000	440,000,000					1,200,000,000							950,000,000
Credit facility, remaining capacity											524,000,000																				750,000,000	250,000,000
Proceed from term loan																													450,000,000
Quarterly principal repayment percentage											2.50%
Debt instrument, face amount				399,000,000	598,000,000
Debt instrument, principal outstanding				400,000,000	600,000,000					367,000,000											450,000,000		450,000,000								750,000,000
Debt issuance costs									3,000,000		5,000,000							13,000,000			8,000,000
Amortization expenses recorded as additional interest expense													3,000,000	1,000,000		3,000,000	4,000,000				1,000,000	1,000,000
Write off of deferred debt issuance cost	31,000,000	37,000,000											6,000,000		6,000,000
Amortization expense for debt issuance costs	6,000,000	6,000,000	11,000,000
Line of credit facility, available liquidity						206,000,000	196,000,000
Credit facility satisfy regulatory requirements						241,000,000	244,000,000
Cash on hand used																															96,000,000
Credit facility, available capacity											$ 524,000,000																				$ 750,000,000	$ 250,000,000

Debt Obligations (Changes In Debt Obligations) (Details) (USD $)

12 Months Ended

3 Months Ended

12 Months Ended

Dec. 31, 2011

Dec. 31, 2010

Dec. 31, 2009

Dec. 31, 2011

3.75% Convertible Notes Due October 22, 2012 [Member]

Dec. 31, 2010

3.75% Convertible Notes Due October 22, 2012 [Member]

Dec. 31, 2011

2.50% Convertible Senior Notes Due August 15, 2013 [Member]

Dec. 31, 2010

2.50% Convertible Senior Notes Due August 15, 2013 [Member]

Feb. 28, 2010

2.50% Convertible Senior Notes Due August 15, 2013 [Member]

Mar. 31, 2008

2.50% Convertible Senior Notes Due August 15, 2013 [Member]

Dec. 31, 2011

4.00% Senior Unsecured Notes Due January 15, 2015 [Member]

Dec. 31, 2010

4.00% Senior Unsecured Notes Due January 15, 2015 [Member]

Dec. 31, 2011

5.55% Senior Unsecured Notes Due January 15, 2020 [Member]

Dec. 31, 2010

5.55% Senior Unsecured Notes Due January 15, 2020 [Member]

Dec. 31, 2011

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

Dec. 31, 2010

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

Dec. 31, 2011

$450 Million Senior Unsecured Term Loan Facility Credit Agreement Due September 19, 2016 [Member]

Dec. 31, 2011

$750 Million Revolving Credit Commitment Due September 19, 2016 [Member]

Dec. 31, 2011

$700 Million Senior Unsecured Term Loan Facility Credit Agreement Due September 19, 2011 [Member]

Dec. 31, 2010

$700 Million Senior Unsecured Term Loan Facility Credit Agreement Due September 19, 2011 [Member]

Dec. 31, 2011

2011 Credit Facility [Member]

Dec. 31, 2011

Senior Unsecured Term Loan Facility [Member]

2016 Term Loan [Member]

Dec. 31, 2011

Revolving Credit Facility [Member]

2011 Credit Facility [Member]

Dec. 31, 2011

Revolving Credit Facility [Member]

2011 Credit Facility [Member]

Debt Instrument [Line Items]

Total debt obligations

$ 2,117,000,000

$ 2,321,000,000

^[1]

$ 88,000,000

^[2]

$ 388,000,000

^[2]

$ 399,000,000

^[3]

$ 398,000,000

^[3]

$ 598,000,000

^[3]

$ 598,000,000

^[3]

$ 367,000,000

^[3]

$ 367,000,000

^[3]

$ 439,000,000

^[4]

$ 226,000,000

^[4]

$ 570,000,000

^[5]

700,000,000

450,000,000

^[4]

250,000,000

^[4]

Less current portion

(45,000,000)

(140,000,000)

Total long-term debt obligations, Additions

655,000,000

Less current portion, Additions

(45,000,000)

Less current portion Payments, Conversion, Accretion and Other

140,000,000

Debt obligations

2,072,000,000

2,181,000,000

Unsecured debt

1,200,000,000

Debt instrument, increase, additional borrowings

^[1]

Payments, Conversions, Accretion and Other

^[1]

(300,000,000)

^[2]

1,000,000

^[3]

(11,000,000)

^[4]

(24,000,000)

^[4]

(570,000,000)

^[5]

Total debt obligations, Payments, Conversions, Accretion and Other

(904,000,000)

Total debt obligations ending balance

2,117,000,000

2,321,000,000

^[1]

88,000,000

^[2]

388,000,000

^[2]

399,000,000

^[3]

398,000,000

^[3]

598,000,000

^[3]

598,000,000

^[3]

367,000,000

^[3]

367,000,000

^[3]

439,000,000

^[4]

226,000,000

^[4]

570,000,000

^[5]

Debt instrument, interest rate

3.75%

2.50%

4.00%

5.55%

5.25%

Debt instrument, interest rate during period

2.25%

1.66%

1.43%

Debt instrument, maturity date

Oct. 22, 2012

Aug. 15, 2013

Jan. 15, 2015

Jan. 15, 2020

Jan. 16, 2018

Sep. 19, 2011

Sep. 19, 2016

Debt instrument, principal outstanding

500,000

475,000,000

700,000,000

450,000,000

750,000,000

Total long-term debt obligations, payments, conversions, accretion and other

$ (764,000,000)

[1]	As of December 31, 2011 and 2010, approximately $0.5 million aggregate principal amount of the 3.75% convertible notes remained outstanding.
[2]	See "2.50% Convertible Senior Notes" below for further discussion.
[3]	See "Senior Unsecured Notes" below for further discussion.
[4]	See "2011 Credit Facility" below for further discussion.
[5]	See "2010 Credit Facility" below for further discussion.

Debt Obligations (Changes In The Liability And Equity Components Of Convertible Senior Notes) (Details) (USD $)
In Millions, unless otherwise specified

12 Months Ended

Dec. 31, 2011

Dec. 31, 2010

Dec. 31, 2011

2.50% Convertible Senior Notes Due August 15, 2013 [Member]

Dec. 31, 2010

2.50% Convertible Senior Notes Due August 15, 2013 [Member]

Mar. 31, 2008

2.50% Convertible Senior Notes Due August 15, 2013 [Member]

Dec. 31, 2011

Liability Component [Member]

2.50% Convertible Senior Notes Due August 15, 2013 [Member]

Dec. 31, 2010

Liability Component [Member]

2.50% Convertible Senior Notes Due August 15, 2013 [Member]

Dec. 31, 2009

Liability Component [Member]

2.50% Convertible Senior Notes Due August 15, 2013 [Member]

Dec. 31, 2011

Equity Component [Member]

2.50% Convertible Senior Notes Due August 15, 2013 [Member]

Dec. 31, 2010

Equity Component [Member]

2.50% Convertible Senior Notes Due August 15, 2013 [Member]

Dec. 31, 2009

Equity Component [Member]

2.50% Convertible Senior Notes Due August 15, 2013 [Member]

Dec. 31, 2011

Debt Tender Offer [Member]

Liability Component [Member]

2.50% Convertible Senior Notes Due August 15, 2013 [Member]

Dec. 31, 2011

Debt Tender Offer [Member]

Equity Component [Member]

2.50% Convertible Senior Notes Due August 15, 2013 [Member]

Debt Instrument [Line Items]

Principal Balance

$ 475.0

$ 93.0

$ 428.0

$ (335.0)

Unamortized Debt Discount

(22)

Accretion of Debt Discount, Unamortized Debt Discount

(13)

(14)

Accretion of Debt Discount, Net Carrying Amount

Net Carrying Amount

2,117

2,321

^[1]

388

^[1]

388

374

(313)

Gross Equity Component

(9)

Deferred Taxes

Early extinguishment of a portion of convertible senior notes

$ 39

$ 48

$ 39

$ 48

$ (9)

[1]	See "2.50% Convertible Senior Notes" below for further discussion.

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

+ References+ Details

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

+ References+ Details

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

+ References+ Details

The amount as of the balance sheet date of the estimated future tax effects attributable to differences between the methods used to account for financing arrangements for tax purposes and under generally accepted accounting principles which will increase future taxable income when such differences reverse.

+ References+ Details

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

+ References+ Details

Debt Obligations (Interest Expense Recognized On Convertible Senior Notes In The Condensed Consolidated Statements Of Income) (Details) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Debt Instrument [Line Items]
Accretion of debt discounts	$ 13	$ 14	$ 13
2.50% Convertible Senior Notes Due August 15, 2013 [Member]
Debt Instrument [Line Items]
Accretion of debt discounts	13	14	13
Contractual interest	9	10	11
Total interest expense recognized on the 2013 Convertible Notes	$ 22	$ 24	$ 24

Federal income tax provision at the statutory rate

The component of interest expense representing the noncash expenses charged against earnings in the period to amortize debt discount and premium associated with the related debt instruments. Excludes amortization of financing costs. Alternate caption: Noncash Interest Expense.

+ References+ Details

Income Taxes (Narrative) (Details) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Income Tax [Line Items]
Undistributed earnings	$ 60
Net operating loss	66
Income tax benefits	190	137	128
Unrecognized benefits	18	12	11
Effective tax rate, if recognized	11	8
Interest and penalties related to income tax	5	4
Income taxes paid	129	148	153
Income taxes, net of refund	129	148	153
Finnish Tax Authority [Member]
Income Tax [Line Items]
Recognized interest, penalties	23
FTEN [Member]
Income Tax [Line Items]
Net operating loss	10
NASDAQ OMX [Member]
Income Tax [Line Items]
Net operating loss	5
Foreign [Member]
Income Tax [Line Items]
Net operating loss	99
State And Local Jurisdiction [Member]
Income Tax [Line Items]
Net operating loss	4
State Net Operating Loss [Member]
Income Tax [Line Items]
Operating loss carry forward expiration start date	2013
Operating loss carry forward expiration end date	2031
U.S. Federal Operating Loss [Member]
Income Tax [Line Items]
Net operating loss	15
Operating loss carry forward expiration start date	2023
Operating loss carry forward expiration end date	2031
Foreign Net Operating Loss [Member]
Income Tax [Line Items]
Net operating loss	33
Operating loss carry forward expiration start date	2018
Operating loss carry forward expiration end date	2021
Taxing Jurisdictions [Member]
Income Tax [Line Items]
Income taxes paid	1
Income taxes, net of refund	1
Share-based Compensation [Member]
Income Tax [Line Items]
Income tax benefits	$ 10	$ 2	$ 4

Income Taxes (Components Of Income Tax Provision) (Details) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Income Taxes [Abstract]
Current income taxes, Federal	$ 129	$ 116	$ 96
Current income taxes, State	34	36	32
Current income taxes, Foreign	23	20	10
Total current income taxes	186	172	138
Deferred income taxes, Federal	(18)	(25)	(26)
Deferred income taxes, State		(26)	8
Deferred income taxes, Foreign	22	16	8
Total deferred income taxes	4	(35)	(10)
Total income tax provision	$ 190	$ 137	$ 128

Income Taxes (Reconciliation Of Provision Of Income Taxes) (Details)

12 Months Ended

Dec. 31, 2011

Dec. 31, 2010

Dec. 31, 2009

Income Taxes [Abstract]

35.00%

State income tax provision, net of federal effect

3.30%

4.20%

6.60%

Foreign income tax provision at a rate different than the federal rate

(3.80%)

(3.20%)

(3.60%)

Earnings from foreign affiliates, not subject to tax

(3.40%)

(3.50%)

(4.80%)

Nondeductible expenses

0.20%

0.30%

2.80%

Change in deferred taxes due to change in tax rate

0.50%

^[1]

(3.00%)

^[1]

Excess capital loss carry back

(2.40%)

^[1]

Other, net

1.40%

(1.40%)

(3.30%)

Actual income tax provision

33.20%

^[1]

26.00%

^[1]

32.70%

^[1]

[1]

Income Taxes (Schedule Of Deferred Tax Assets And Liabilities) (Details) (USD $) In Millions, unless otherwise specified	Dec. 31, 2011	Dec. 31, 2010
Income Taxes [Abstract]
Deferred revenues	$ 30	$ 28
U.S. federal net operating loss	15	20
Foreign net operating loss	99	104
State net operating loss	4	1
Compensation and benefits	88	77
Foreign currency translation	194	155
Lease reserves	19	8
Tax credits	19	5
Excess capital loss		64
Other	15	15
Gross deferred tax assets	483	477
Amortization of software development costs and depreciation	(40)	(25)
Amortization of acquired intangible assets	(629)	(653)
Accretion of debt discount	(4)	(19)
Other	(24)	(27)
Gross deferred tax liabilities	(697)	(724)
Net deferred tax liabilities before valuation allowance	(214)	(247)
Less: valuation allowance	(75)	(31)
Net deferred tax liabilities	$ (289)	$ (278)

Income Taxes (Domestic And Foreign Components Of Income Before Income Tax Provision) (Details) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Income Taxes [Abstract]
Domestic	$ 392	$ 393	$ 325
Foreign	181	133	66
Income before income taxes	$ 573	$ 526	$ 391

Income Taxes (Reconciliation Of Unrecognized Tax Benefits) (Details) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010
Income Taxes [Abstract]
Beginning balance	$ 12	$ 11
Additions as a result of tax positions taken in prior periods	6	1
Additions as a result of tax positions taken in the current period	3	2
Reductions related to settlements with taxing authorities	(2)	(2)
Reductions as a result of lapses of the applicable statute of limitations	(1)
Ending balance	$ 18	$ 12

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

12 Months Ended

Dec. 31, 2011

Dec. 31, 2010

Dec. 31, 2009

Other non-current liabilities and accrued personnel costs

$ 65

$ 60

Underfunded status of the plans

(65)

(60)

Percentage of expected premium on plan assets

1.00%

Common stock shares reserved for future issuance

Benefit cost

6,100,000

Non-U.S. Benefit Plans [Member]

Underfunded status of the plans

Cost or expenses included in compensation and benefit expense

Projected benefit obligation

Benefit cost

U.S. Defined Contribution Savings Plan [Member]

Cost or expenses included in compensation and benefit expense

Percentage of employer contributions

100.00%

Percentage of eligible employee contributions receiving employer contributions

4.00%

Employer Retirement Contributions [Member]

Cost or expenses included in compensation and benefit expense

Share-based Compensation [Member]

Common stock shares reserved for future issuance

3,600,000

Offering periods for ESPP shares, months

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

246,850

242,865

201,559

Weighted-average price of shares purchased

$ 20.64

$ 15.08

$ 17.68

Compensation expenses

1.2

0.8

0.6

Rate of discount given to employees

15.00%

Minimum [Member]

Percentage of post-retirement measurement for below age sixty five

9.50%

Percentage of post-retirement measurement for after age sixty five

7.00%

Maximum [Member]

Percentage of post-retirement measurement for below age sixty five

10.00%

Percentage of post-retirement measurement for after age sixty five

10.00%

Bond Mutual Funds [Member] | Minimum [Member]

Percentage of expected rate of return on plan assets

4.00%

Bond Mutual Funds [Member] | Maximum [Member]

Percentage of expected rate of return on plan assets

5.00%

U.S. Equity Securities [Member]

U.S. Equity Securities [Member] | Minimum [Member]

Percentage of expected rate of return on plan assets

7.00%

U.S. Equity Securities [Member] | Maximum [Member]

Percentage of expected rate of return on plan assets

9.00%

Other Investment Strategies And Cash [Member]

$ 9

^[1]

Other Investment Strategies And Cash [Member] | Minimum [Member]

Percentage of expected rate of return on plan assets

7.00%

Other Investment Strategies And Cash [Member] | Maximum [Member]

Percentage of expected rate of return on plan assets

8.00%

Cash [Member] | Minimum [Member]

Percentage of expected rate of return on plan assets

2.00%

Cash [Member] | Maximum [Member]

Percentage of expected rate of return on plan assets

3.00%

[1]	Includes cash and multi-strategy hedge funds. Securities held in multi-strategy hedge funds are held in multiple asset classes and include investments in equity and fixed-income securities, arbitrage investments and futures.

Employee Benefits (Components Of Net Periodic Benefit Cost) (Details) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Pension And Other Benefit Programs [Abstract]
Interest cost	$ 6	$ 7	$ 7
Expected return on plan assets	(5)	(5)	(4)
Recognized net actuarial (gain) loss	3	3	(2)
Settlement loss recognized		1	1
Net periodic benefit cost	$ 4	$ 6	$ 2

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

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

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 132R

-Paragraph 5

-Subparagraph h

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

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

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 106

-Paragraph 518

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

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

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 87

-Paragraph 264

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

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

-Publisher FASB

-Name Accounting Standards Codification

-Topic 715

-SubTopic 20

-Section 50

-Paragraph 1

-Subparagraph (h)(3)

-URI http://asc.fasb.org/extlink&oid=6962843&loc=d3e1928-114920

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

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Expected Return on Plan Assets

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

-Topic 715

-SubTopic 30

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

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Expected Return on Plan Assets

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

-Topic 715

-SubTopic 60

+ Details

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

+ References+ Details

The amount of net gain (loss) recognized in net periodic benefit cost as a result of an irrevocable action that relieves the employer (or the plan) of primary responsibility for a benefit obligation and eliminates significant risks related to the obligation and the assets used to effect the settlement. Examples of transactions that constitute a settlement include (a) making lump-sum cash payments to plan participants in exchange for their rights to receive specified benefits and (b) purchasing nonparticipating annuity contracts to cover vested benefits.

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

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 132R

-Paragraph 5

-Subparagraph h

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

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

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 106

-Paragraph 518

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

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

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 87

-Paragraph 264

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

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

-Publisher FASB

-Number 88

-Name Statement of Financial Accounting Standard (FAS)

-Paragraph 3

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

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

-Publisher FASB

-Name Accounting Standards Codification

-Topic 715

-SubTopic 20

-Section 50

-Paragraph 1

-Subparagraph (h)(7)

-URI http://asc.fasb.org/extlink&oid=6962843&loc=d3e1928-114920

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

-Publisher FASB

-Name Accounting Standards Codification

-Topic 715

-SubTopic 30

-Section 15

-Paragraph 6

-Subparagraph (a)(1)

-URI http://asc.fasb.org/extlink&oid=6412315&loc=d3e8001-114927

+ Details

Employee Benefits (Reconciliation Of Changes In Benefit Obligation And Fair Value Of Plan Assets) (Details) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Defined Benefit Plan Disclosure [Line Items]
Benefit obligation at beginning of year	$ 125	$ 115
Interest cost	6	7	7
Actuarial losses (gains)	(3)	1
Benefits paid	(5)	(4)
Settlements		(3)
Loss due to change in discount rate	4	9
Benefit obligation at end of year	127	125	115
Fair value of plan assets at beginning of year	65	58
Actual return on plan assets	(1)	7
Company contributions	3	7
Settlements		(3)
Fair value of plan assets at end of year	62	65	58
Underfunded status of the plans	(65)	(60)
Accumulated benefit obligation	127	125
Pension [Member]
Defined Benefit Plan Disclosure [Line Items]
Benefit obligation at beginning of year	83	77
Interest cost	4	4
Actuarial losses (gains)	(1)
Benefits paid	(3)	(2)
Settlements		(3)
Loss due to change in discount rate	3	7
Benefit obligation at end of year	86	83
Fair value of plan assets at beginning of year	65	58
Actual return on plan assets	(1)	7
Company contributions	1	5
Settlements		(3)
Fair value of plan assets at end of year	62	65
Underfunded status of the plans	(24)	(18)
Accumulated benefit obligation	86	83
SERP [Member]
Defined Benefit Plan Disclosure [Line Items]
Benefit obligation at beginning of year	30	29
Interest cost	1	2
Benefits paid	(2)	(2)
Loss due to change in discount rate	1	1
Benefit obligation at end of year	30	30
Company contributions	2	2
Underfunded status of the plans	(30)	(30)
Accumulated benefit obligation	30	30
Post-Retirement [Member]
Defined Benefit Plan Disclosure [Line Items]
Benefit obligation at beginning of year	12	9
Interest cost	1	1
Actuarial losses (gains)	(2)	1
Loss due to change in discount rate		1
Benefit obligation at end of year	11	12
Underfunded status of the plans	(11)	(12)
Accumulated benefit obligation	$ 11	$ 12

Employee Benefits (Weighted-Average Assumptions Used To Determine Benefit Obligations) (Details)	Dec. 31, 2011	Dec. 31, 2010
Defined Benefit Plan Disclosure [Line Items]
Rate of compensation increase	0.00%	0.00%
Pension [Member]
Defined Benefit Plan Disclosure [Line Items]
Discount rate	5.00%	5.25%
SERP [Member]
Defined Benefit Plan Disclosure [Line Items]
Discount rate	5.00%	5.25%
Rate of compensation increase	0.00%	0.00%
Post-Retirement [Member]
Defined Benefit Plan Disclosure [Line Items]
Discount rate	5.00%	5.25%
Rate of compensation increase	0.00%	0.00%

Employee Benefits (Weighted Average Actuarial Assumptions For Net benefit Cost) (Details)	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Pension [Member]
Defined Benefit Plan Disclosure [Line Items]
Discount rate, net benefit cost	5.25%	5.75%	7.00%
Rate of compensation increase, net benefit cost	0.00%	0.00%	0.00%
Expected return on plan assets, net benefit cost	8.00%	8.00%	8.00%
SERP [Member]
Defined Benefit Plan Disclosure [Line Items]
Discount rate, net benefit cost	5.25%	5.75%	7.00%
Rate of compensation increase, net benefit cost	0.00%	0.00%	0.00%
Expected return on plan assets, net benefit cost	0.00%	0.00%	0.00%
Post-Retirement [Member]
Defined Benefit Plan Disclosure [Line Items]
Discount rate, net benefit cost	5.25%	5.75%	7.00%
Rate of compensation increase, net benefit cost	0.00%	0.00%	0.00%
Expected return on plan assets, net benefit cost	0.00%	0.00%	0.00%

An assumption as to the rate of return on plan assets reflecting the average rate of earnings expected on the funds invested or to be invested to provide for the benefits included in the benefit obligation.

+ References+ Details

Employee Benefits (Target Allocations For Plan Assets) (Details)

12 Months Ended

Dec. 31, 2011

Target allocations for plan assets

100.00%

Mutual Funds [Member]

Target allocations for plan assets

75.00%

^[1]

U.S. Equity Securities [Member]

Target allocations for plan assets

10.00%

Other Investment Strategies And Cash [Member]

Other investment strategies and cash

15.00%

[1]	Securities are held in various classes of domestic, international and emerging market equity and fixed-income securities.

Employee Benefits (Fair Value Of Plan Assets By Asset Category And Fair Value Hierarchy) (Details) (USD $)
In Millions, unless otherwise specified

Dec. 31, 2011

Dec. 31, 2010

Dec. 31, 2009

$ 62

$ 65

$ 58

Level 1 [Member]

^[1]

Level 2 [Member]

^[1]

Level 3 [Member]

^[1]

Mutual Funds [Member]

^[2]

Mutual Funds [Member] | Level 1 [Member]

^[1],[2]

Mutual Funds [Member] | Level 3 [Member]

^[1],[2]

U.S. Equity Securities [Member]

U.S. Equity Securities [Member] | Level 1 [Member]

^[1]

U.S. Equity Securities [Member] | Level 3 [Member]

^[1]

Other Investment Strategies And Cash [Member]

^[3]

Other Investment Strategies And Cash [Member] | Level 1 [Member]

^[1],[3]

Other Investment Strategies And Cash [Member] | Level 2 [Member]

^[1],[3]

Other Investment Strategies And Cash [Member] | Level 3 [Member]

^[1],[3]

[1]	See Note 14, "Fair Value of Financial Instruments," for further discussion of fair value measurements.
[2]	Securities are held in various classes of domestic, international and emerging market equity and fixed-income securities.
[3]	Includes cash and multi-strategy hedge funds. Securities held in multi-strategy hedge funds are held in multiple asset classes and include investments in equity and fixed-income securities, arbitrage investments and futures.

Assets, usually stocks, bonds, and other investments, that have been segregated and restricted (usually in a trust) to provide benefits, at their fair value as of the measurement date. Plan assets include amounts contributed by the employer (and by employees for a contributory plan) and amounts earned from investing the contributions, less benefits paid. If a plan has liabilities other than for benefits, those non-benefit obligations may be considered as reductions of plan assets.

+ References+ Details

Employee Benefits (Accumulated Other Comprehensive Income (Loss)) (Details) (USD $)
In Millions, unless otherwise specified

Dec. 31, 2011

Dec. 31, 2010

$ (33)

(19)

^[1]

(18)

^[1]

Pension [Member]

(31)

(18)

SERP [Member]

(3)

(2)

Post-Retirement [Member]

$ 1

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

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

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

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

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 130

-Paragraph 26

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

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

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 132R

-Paragraph 5

-Subparagraph i

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

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

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 158

-Paragraph 7

-Subparagraph c

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

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

-Publisher FASB

-Name Accounting Standards Codification

-Topic 220

-SubTopic 10

-Section 45

-Paragraph 11

-URI http://asc.fasb.org/extlink&oid=6920043&loc=d3e637-108580

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

-Publisher FASB

-Name Accounting Standards Codification

-Topic 220

-SubTopic 10

-Section 45

-Paragraph 14

-URI http://asc.fasb.org/extlink&oid=6920043&loc=d3e681-108580

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

-Publisher FASB

-Name Accounting Standards Codification

-Topic 220

-SubTopic 10

-Section 45

-Paragraph 13

-URI http://asc.fasb.org/extlink&oid=6920043&loc=d3e653-108580

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

-Publisher FASB

-Name Accounting Standards Codification

-Topic 715

-SubTopic 20

-Section 50

-Paragraph 1

-Subparagraph (i)

-URI http://asc.fasb.org/extlink&oid=6962843&loc=d3e1928-114920

+ Details

Employee Benefits (Estimated Future Benefit Payments) (Details) (USD $) In Millions, unless otherwise specified	Dec. 31, 2011
Defined Benefit Plan Disclosure [Line Items]
2012	$ 5
2013	15
2014	6
2015	8
2016	8
2017 through 2021	33
Estimated Future Benefit Payments	75
Pension [Member]
Defined Benefit Plan Disclosure [Line Items]
2012	3
2013	3
2014	3
2015	4
2016	5
2017 through 2021	22
Estimated Future Benefit Payments	40
SERP [Member]
Defined Benefit Plan Disclosure [Line Items]
2012	2
2013	11
2014	2
2015	3
2016	2
2017 through 2021	8
Estimated Future Benefit Payments	28
Post-Retirement [Member]
Defined Benefit Plan Disclosure [Line Items]
2013	1
2014	1
2015	1
2016	1
2017 through 2021	3
Estimated Future Benefit Payments	$ 7

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

0 Months Ended

12 Months Ended

0 Months Ended

12 Months Ended

1 Months Ended

2 Months Ended

12 Months Ended

0 Months Ended

12 Months Ended

Aug. 03, 2010

Dec. 31, 2011

years

Dec. 31, 2010

Dec. 31, 2009

Dec. 31, 2011

Stock Options [Member]

Dec. 31, 2011

Non-Qualified Stock Options [Member]

Dec. 31, 2009

Non-Qualified Stock Options [Member]

Dec. 31, 2011

Deferred Compensation, Share-Based Payments [Member]

Feb. 28, 2010

PSUs [Member]

Feb. 24, 2012

PSUs [Member]

Dec. 31, 2011

PSUs [Member]

Dec. 31, 2010

PSUs [Member]

Dec. 31, 2009

PSUs [Member]

Dec. 31, 2009

Restricted Stock [Member]

Dec. 31, 2011

Three Year Performance Period [Member]

PSUs [Member]

Dec. 31, 2010

Three Year Performance Period [Member]

PSUs [Member]

Dec. 31, 2009

Three Year Performance Period [Member]

PSUs [Member]

Dec. 31, 2011

One Year Performance Period [Member]

PSUs [Member]

Dec. 31, 2010

One Year Performance Period [Member]

PSUs [Member]

Dec. 31, 2009

One Year Performance Period [Member]

PSUs [Member]

Aug. 03, 2010

Stock Option Exchange Program [Member]

Dec. 31, 2011

Stock Option Exchange Program [Member]

Dec. 31, 2010

Stock Option Exchange Program [Member]

Option exchange ratio

1.4

Range of exercise prices, lower limit

$ 30.00

Stock option date of expiration

August 3, 2010

Stock options tendered by employees

800,000

Percentage of stock options eligible for exchange

90.00%

Stock options, granted

1,267,430

^[1]

1,855,979

^[1]

1,018,155

^[1]

600,000

Exercise price

$ 15.02

$ 20.04

Vesting period (in years)

Stock option expense

Restricted stock vesting range, minimum (in years)

Restricted stock vesting range, maximum (in years)

Stock options generally expire, period in years

Grants vest on anniversary if performance met, year

fourth

Grants vest on anniversary if performance not met, year

fifth

Percentage of target amount granted, Minimum

0.00%

Percentage of target amount granted, Maximum

150.00%

Grants received by certain executive officers and a select group of non officer employees

972,319

632,368

629,743

105,641

725,000

100,000

80,000

532,368

549,743

25,641

Performance period of grants received, years

Additional PSUs

12,308

248,042

19,142

Options vested out of granted

675,000

Percentage of options vested in second year

30.00%

Percentage of options vested in third year

70.00%

Options vested out of granted in future period

72,319

50,000

Options vested out of granted in current year

450,000

Options vested out of granted in second year

450,000

Expiration period of stock options received by executive officers

Discount for the ESPP

15.00%

Net cash proceeds from the exercise of stock options

$ 10

$ 7

$ 6

Exercise of stock options

1,030,721

708,731

814,575

Closing stock price

$ 24.51

Total number of in-the-money stock options exercisable

4,500,000

Weighted-average exercise price

$ 13.19

Stock options, exercisable

6,100,000

Total fair value of stock options vested

Total pre-tax intrinsic value of stock options exercised

Total unrecognized compensation cost related to stock options

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

1.7

1.8

Employee service share-based compensation, unrecognized compensation costs on nonvested awards

$ 12

$ 53

Common stock shares reserved for future issuance

6,100,000

[1]

Share-Based Compensation (Total Share-Based Compensation Expense Resulting From Equity Awards) (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Share-Based Compensation [Abstract]
Share-based compensation expense before income taxes	$ 36	$ 33,000	$ 35,000
Income tax benefit	(14)	(13,000)	(14,000)
Share-based compensation expense after income taxes	$ 22	$ 20,000	$ 21,000

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

+ References+ Details

Share-Based Compensation (Schedule Of Weighted-Average Assumptions Stock Option Awards) (Details) (USD $)	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Share-Based Compensation [Abstract]
Expected life (in years)	5	5	5
Weighted-average risk free interest rate	2.16%	2.03%	2.52%
Expected volatility	27.00%	32.00%	36.00%
Dividend yield
Weighted-average fair value at grant date	$ 7.06	$ 6.30	$ 7.40

The period of time an equity-based award is expected to be outstanding. An equity-based award's expected term is generally determined based on, among other factors, the instrument's contractual term and the effects of employees' expected exercise and post-vesting employment termination behavior.

+ References+ Details

Stock Options Outstanding, Beginning of period

The estimated measure of the percentage by which a share price is expected to fluctuate during a period. Volatility also may be defined as a probability-weighted measure of the dispersion of returns about the mean. The volatility of a share price is the standard deviation of the continuously compounded rates of return on the share over a specified period. That is the same as the standard deviation of the differences in the natural logarithms of the stock prices plus dividends, if any, over the period.

+ References+ Details

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

12 Months Ended

Dec. 31, 2011

Dec. 31, 2010

Dec. 31, 2009

Share-Based Compensation [Abstract]

10,112,842

10,206,871

10,726,905

Stock Options, Granted

1,267,430

^[1]

1,855,979

^[1]

1,018,155

^[1]

Stock Options, Exercised

(1,030,721)

(708,731)

(814,575)

Stock Options, Forfeited or expired

(425,516)

(395,148)

(723,614)

Stock Options, Stock Option Exchange Program

(846,129)

^[2]

Stock Options Outstanding, End of period

9,924,035

10,112,842

10,206,871

Weighted Average Exercise Price, Beginning of period

$ 16.92

$ 18.18

$ 18.08

Weighted Average Exercise Price, Granted

$ 25.28

^[1]

$ 19.87

^[1]

$ 21.13

^[1]

Weighted Average Exercise Price, Exercised

$ 9.68

$ 9.23

$ 7.93

Weighted Average Exercise Price, Forfeited or expired

$ 26.85

$ 29.87

$ 32.32

Weighted Average Exercise Price, stock option exchange program

38.96

^[2]

Weighted Average Exercise Price, End of period

$ 18.33

$ 16.92

$ 18.18

[1]

[2]

Represents stock options tendered in our stock option exchange program. See "Stock Option Exchange Program" above for further discussion.

Share-Based Compensation (Summary Of Significant Ranges Of Outstanding And Exercisable Stock Options) (Details) (USD $) In Millions, except Share data, unless otherwise specified	12 Months Ended
	Dec. 31, 2011
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Number of Stock Options	9,924,035
Weighted-Average Remaining Contractual Term (in years)	5.58
Weighted-Average Exercise Price	$ 18.33
Aggregate Intrinsic Value	$ 78
Number Exercisable	5,812,316
Weighted-Average Remaining Contractual Term (in years)	3.59
Weighted-Average Exercise Price	$ 15.02
Aggregate Intrinsic Value	69
$ 5.28 - $ 7.34 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Range of Exercise Prices, Lower Limit	$ 5.28
Range of Exercise Prices, Upper Limit	$ 7.34
Number of Stock Options	1,880,750
Weighted-Average Remaining Contractual Term (in years)	1.75
Weighted-Average Exercise Price	$ 5.91
Aggregate Intrinsic Value	35
Number Exercisable	1,880,750
Weighted-Average Remaining Contractual Term (in years)	1.75
Weighted-Average Exercise Price	$ 5.91
Aggregate Intrinsic Value	35
$ 7.35 - $ 8.34 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Range of Exercise Prices, Lower Limit	$ 7.35
Range of Exercise Prices, Upper Limit	$ 8.34
Number of Stock Options	1,289,076
Weighted-Average Remaining Contractual Term (in years)	3.12
Weighted-Average Exercise Price	$ 7.35
Aggregate Intrinsic Value	22
Number Exercisable	1,289,076
Weighted-Average Remaining Contractual Term (in years)	3.12
Weighted-Average Exercise Price	$ 7.35
Aggregate Intrinsic Value	22
$ 8.35 - $10.24 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Range of Exercise Prices, Lower Limit	$ 8.35
Range of Exercise Prices, Upper Limit	$ 10.24
Number of Stock Options	668,682
Weighted-Average Remaining Contractual Term (in years)	2.13
Weighted-Average Exercise Price	$ 8.84
Aggregate Intrinsic Value	10
Number Exercisable	668,682
Weighted-Average Remaining Contractual Term (in years)	2.13
Weighted-Average Exercise Price	$ 8.84
Aggregate Intrinsic Value	10
$10.25 - $14.49 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Range of Exercise Prices, Lower Limit	$ 10.25
Range of Exercise Prices, Upper Limit	$ 14.49
Number of Stock Options	19,520
Weighted-Average Remaining Contractual Term (in years)	0.31
Weighted-Average Exercise Price	$ 13.00
Number Exercisable	19,520
Weighted-Average Remaining Contractual Term (in years)	0.31
Weighted-Average Exercise Price	$ 13.00
$14.50 - $19.69 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Range of Exercise Prices, Lower Limit	$ 14.50
Range of Exercise Prices, Upper Limit	$ 19.69
Number of Stock Options	116,691
Weighted-Average Remaining Contractual Term (in years)	7.64
Weighted-Average Exercise Price	$ 19.20
Aggregate Intrinsic Value	1
Number Exercisable	17,742
Weighted-Average Remaining Contractual Term (in years)	5.69
Weighted-Average Exercise Price	$ 18.16
$19.70 - $25.01 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Range of Exercise Prices, Lower Limit	$ 19.70
Range of Exercise Prices, Upper Limit	$ 25.01
Number of Stock Options	2,582,940
Weighted-Average Remaining Contractual Term (in years)	8.25
Weighted-Average Exercise Price	$ 20.48
Aggregate Intrinsic Value	10
Number Exercisable	663,864
Weighted-Average Remaining Contractual Term (in years)	7.87
Weighted-Average Exercise Price	$ 20.96
Aggregate Intrinsic Value	$ 2
$25.02 - $30.09 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Range of Exercise Prices, Lower Limit	$ 25.02
Range of Exercise Prices, Upper Limit	$ 30.09
Number of Stock Options	2,080,919
Weighted-Average Remaining Contractual Term (in years)	8.46
Weighted-Average Exercise Price	$ 25.27
Number Exercisable	67,621
Weighted-Average Remaining Contractual Term (in years)	5.82
Weighted-Average Exercise Price	$ 26.86
$30.10 - $35.91 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Range of Exercise Prices, Lower Limit	$ 30.10
Range of Exercise Prices, Upper Limit	$ 35.91
Number of Stock Options	9,631
Weighted-Average Remaining Contractual Term (in years)	5.35
Weighted-Average Exercise Price	$ 31.78
Number Exercisable	9,235
Weighted-Average Remaining Contractual Term (in years)	5.28
Weighted-Average Exercise Price	$ 31.72
$35.92 - $38.99 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Range of Exercise Prices, Lower Limit	$ 35.92
Range of Exercise Prices, Upper Limit	$ 38.99
Number of Stock Options	1,121,420
Weighted-Average Remaining Contractual Term (in years)	5.19
Weighted-Average Exercise Price	$ 35.93
Number Exercisable	1,041,420
Weighted-Average Remaining Contractual Term (in years)	5.19
Weighted-Average Exercise Price	$ 35.93
$39.00 - $42.28 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Range of Exercise Prices, Lower Limit	$ 39.00
Range of Exercise Prices, Upper Limit	$ 42.28
Number of Stock Options	52,472
Weighted-Average Remaining Contractual Term (in years)	5.58
Weighted-Average Exercise Price	$ 40.91
Number Exercisable	52,472
Weighted-Average Remaining Contractual Term (in years)	5.58
Weighted-Average Exercise Price	$ 40.91
$42.29 - $48.81 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Range of Exercise Prices, Lower Limit	$ 42.29
Range of Exercise Prices, Upper Limit	$ 48.81
Number of Stock Options	101,934
Weighted-Average Remaining Contractual Term (in years)	6.20
Weighted-Average Exercise Price	$ 45.38
Number Exercisable	101,934
Weighted-Average Remaining Contractual Term (in years)	6.20
Weighted-Average Exercise Price	$ 45.38

Share-Based Compensation (Summary Of Restricted Stock) (Details) (USD $)

12 Months Ended

Dec. 31, 2011

Dec. 31, 2010

Dec. 31, 2009

PSUs [Member]

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

Unvested, beginning balance

1,098,629

552,682

631,968

Stock, Granted

651,510

^[1]

714,328

^[1]

105,641

^[1]

Stock, Vested

(279,447)

(120,000)

Stock, Forfeited

(155,512)

(48,381)

(184,927)

Unvested, ending balance

1,315,180

1,098,629

552,682

Unvested, fair value, beginning of period

$ 24.25

$ 31.59

$ 33.87

Weighted-Average Grant Date Fair Value, Granted

$ 25.14

$ 20.31

$ 22.77

Weighted-Average Grant Date Fair Value, Vested

$ 28.70

$ 33.19

Weighted-Average Grant Date Fair Value, Forfeited

$ 27.94

$ 27.79

$ 34.37

Unvested, fair value, end of period

$ 23.33

$ 24.25

$ 31.59

Restricted Stock [Member]

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

Unvested, beginning balance

2,759,091

2,208,748

1,884,472

Stock, Granted

1,393,373

^[2]

1,223,921

^[2]

861,919

^[1]

Stock, Vested

(353,235)

(459,759)

(260,721)

Stock, Forfeited

(427,896)

(213,819)

(276,922)

Unvested, ending balance

3,371,333

2,759,091

2,208,748

Unvested, fair value, beginning of period

$ 22.00

$ 27.48

$ 32.23

Weighted-Average Grant Date Fair Value, Granted

$ 25.31

$ 19.80

$ 20.79

Weighted-Average Grant Date Fair Value, Vested

$ 24.26

$ 39.89

$ 34.27

Weighted-Average Grant Date Fair Value, Forfeited

$ 22.28

$ 26.87

$ 32.53

Unvested, fair value, end of period

$ 23.10

$ 22.00

$ 27.48

[1]	PSUs granted in 2011, 2010 and 2009 and restricted stock granted in 2009 primarily reflect awards issued to certain officers, as described above.
[2]	Restricted stock granted in 2011 and 2010 primarily reflect our company wide grants issued in March 2011 and 2010 which include a performance-based accelerated vesting feature based on achievement of specific levels of corporate performance, as described above.

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

+ References+ Details

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

+ References+ Details

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

+ References+ Details

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

+ References+ Details

NASDAQ OMX Stockholders' Equity (Narrative) (Details) (USD $) In Millions, except Share data, unless otherwise specified	1 Months Ended		3 Months Ended	12 Months Ended
	May 31, 2010	Sep. 30, 2009	Dec. 31, 2011	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009	Oct. 12, 2011
Stockholders Equity [Line Items]
Common stock, shares authorized			300,000,000	300,000,000	300,000,000
Common stock, shares issued			213,398,111	213,398,111	213,370,086
Common stock, shares outstanding			173,552,939	173,552,939	175,782,683
Common stock in treasury, shares			39,845,172	39,845,172	37,587,403
Common stock holder voting rights			5.00%	5.00%
Board of Directors authorized share repurchase program							$ 300
Cash paid for repurchase of common stock				100	797
Treasury shares acquired			3,983,481
Preferred stock, shares authorized			30,000,000	30,000,000	30,000,000
Preferred stock par value			$ 0.01	$ 0.01
Preferred stock, series A convertible preferred stock: shares issued			1,600,000	1,600,000	1,600,000
Preferred stock, series A convertible preferred stock: shares outstanding			0	0	0
Convertible notes, stated interest percentage			3.75%	3.75%	3.75%	3.75%
Aggregate purchase price of common stock			100
Aggregate purchase price			860	860	796
Cash payment to affiliates						(9)
Series A convertible preferred stock, initial liquidation preference amount						16
Fair value of series A convertible preferred stock						15
Conversion of Convertible Securities (in shares)	845,646	8,246,680
Average daily volume weighted-average price per share	$ 18.92
Non-cash impairment charge included in asset impairment charge			18	18
Borse Dubai [Member]
Stockholders Equity [Line Items]
Number of shares approved for repurchase by the Board of Directors					22,781,000
Average price of repurchased stock					$ 21.82
Conversion of Convertible Securities (in shares)					22,781,000
Series A Preferred Stock [Member]
Stockholders Equity [Line Items]
Preferred stock, series A convertible preferred stock: shares issued			1,600,000	1,600,000	1,600,000
Preferred stock, series A convertible preferred stock: shares outstanding			0	0	0
Share Repurchase Program [Member]
Stockholders Equity [Line Items]
Board of Directors authorized share repurchase program					550
Number of shares approved for repurchase by the Board of Directors					15,050,647
Cash paid for repurchase of common stock					300
Treasury shares acquired					15,050,647
Average price of repurchased stock			$ 25.10		$ 19.95
Share Repurchase Program [Member] \| Borse Dubai [Member]
Stockholders Equity [Line Items]
Aggregate purchase price					$ 497
Other Repurchases Of Common Stock [Member]
Stockholders Equity [Line Items]
Treasury shares acquired				210,745

NASDAQ OMX Stockholders' Equity (Series A Convertible Preferred Stock Activity) (Details) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2010	Dec. 31, 2009
Stockholders Equity [Line Items]
Balance as of December 31, 2009	$ 15
Accretion for the year ended December 31, 2010	1
Conversion into common stock	(15)	(118)
Balance as of December 31, 2010		15
Additional Paid-In Capital [Member]
Stockholders Equity [Line Items]
Conversion into common stock	$ (16)	$ (118)

The gross value of stock issued during the period upon the conversion of convertible securities.

+ References+ Details

NASDAQ OMX Stockholders' Equity [Abstract]

The carrying value (book value) of an entity's issued and outstanding stock which is not included within permanent equity in Stockholders Equity. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. If convertible, the issuer does not control the actions or events necessary to issue the maximum number of shares that could be required to be delivered under the conversion option if the holder exercises the option to convert the stock to another class of equity. If the security is a warrant or a rights issue, the warrant or rights issue is considered to be temporary equity if the issuer cannot demonstrate that it would be able to deliver upon the exercise of the option by the holder in all cases. Includes stock with a put option held by an ESOP and stock redeemable by a holder only in the event of a change in control of the issuer.

+ References+ Details

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

12 Months Ended

Dec. 31, 2011

Dec. 31, 2010

Unrealized Holding Gains (Losses) on Available-For-Sale Investment Securities, Gross balance

$ (3)

^[1]

Income tax benefit, net of valuation allowance

^[1]

Unrealized Holding Gains(Losses) on Available-For-Sale Investment Securities, Net balance

^[1]

(2)

^[1]

Foreign Currency Translation Adjustments, Gross balance

(527)

^[2]

(407)

^[2]

Foreign Currency Translation Adjustments, Income taxes

195

^[2]

155

^[2]

Foreign Currency Translation Adjustments, Net balance

(332)

^[2]

(252)

^[2]

Employee Benefit Plan Adjustments, Gross balance

(33)

^[3]

(31)

^[3]

Employee Benefit Plan Adjustments, Income taxes

^[3]

Employee Benefit Plan Adjustment, Net balance

(19)

^[3]

(18)

^[3]

Accumulated Other Comprehensive Loss, Gross balance

(560)

(441)

Accumulated Other Comprehensive Loss, Income taxes

210

169

Accumulated Other Comprehensive Loss, Net balance

$ (350)

$ (272)

[1]	Amount includes cumulative gains and losses on our available-for-sale investment in DFM in 2010. In the fourth quarter of 2011, we recorded a non-cash, other-than-temporary impairment charge of $18 million related to our investment in DFM. See Note 5, "Investments," for further discussion.
[2]	Amounts include cumulative gains and losses on foreign currency translation adjustments from non-U.S. subsidiaries for which the functional currency is other than the U.S. dollar.
[3]	Amounts primarily represent unrecognized net actuarial gains (losses) related to the NASDAQ OMX Benefit Plans.

Earnings Per Common Share (Narrative) (Details)	1 Months Ended		3 Months Ended	12 Months Ended				12 Months Ended										12 Months Ended
Earnings Per Common Share (Narrative) (Details)	May 31, 2010	Sep. 30, 2009	Dec. 31, 2011	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009	Dec. 31, 2008	Dec. 31, 2011 Common Stock [Member]	Dec. 31, 2010 Common Stock [Member]	Dec. 31, 2009 Common Stock [Member]	Dec. 31, 2011 Convertible Common Stock [Member]	Dec. 31, 2010 Convertible Common Stock [Member]	Dec. 31, 2009 Convertible Common Stock [Member]	Dec. 31, 2010 Share Repurchase Program [Member]	Dec. 31, 2011 Restricted Stock And PSU [Member]	Dec. 31, 2010 Restricted Stock And PSU [Member]	Dec. 31, 2009 Restricted Stock And PSU [Member]	Dec. 31, 2009 Restricted Stock And PSU [Member] Common Stock [Member]	Dec. 31, 2010 Borse Dubai [Member]	Dec. 31, 2011 3.75% Convertible Notes Due October 22, 2012 [Member]	Dec. 31, 2011 3.75% Convertible Notes Due October 22, 2012 [Member] Convertible Debt Securities [Member]	Dec. 31, 2011 2.50% Convertible Senior Notes Due August 15, 2013 [Member]	Feb. 28, 2010 2.50% Convertible Senior Notes Due August 15, 2013 [Member]	Mar. 31, 2008 2.50% Convertible Senior Notes Due August 15, 2013 [Member]
Earnings Per Share Basic And Diluted [Line Items]
Stock options to purchase shares			9,924,035	9,924,035	10,112,842	10,206,871	10,726,905	9,924,035	10,112,842	10,206,871					4,686,513	3,857,720	2,761,430
Incremental common shares attributable to conversion of debt securities				34,482	34,482	6,066,985					34,482	34,482	34,482
Weighted average number diluted shares outstanding								6,506,899	4,873,543	5,601,324					4,053,698	1,086,998		1,134,138
Debt instrument, interest rate, stated percentage			3.75%	3.75%	3.75%	3.75%														3.75%	3.75%	2.50%	2.50%	2.50%
Treasury shares acquired			3,983,481											15,050,647
Number of shares approved for repurchase by the Board of Directors														15,050,647					22,781,000
Issuance of shares of common stock	845,646	8,246,680																	22,781,000

The number of shares reserved for issuance under stock option agreements awarded under the plan that validly exist and are outstanding as of the balance sheet date, including vested options.

+ References+ Details

Number of shares issued during the period as a result of the conversion of convertible securities.

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

-Publisher AICPA

-Name Accounting Principles Board Opinion (APB)

-Number 12

-Paragraph 10

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

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

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 04

-Article 3

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

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 129

-Paragraph 4, 5

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

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

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 29, 30

-Article 5

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

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.3-04)

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

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

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section 50

-Paragraph 2

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

Reference 7: 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 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.29-30)

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

+ Details

Earnings Per Share Basic And Diluted [Line Items]

The sum of dilutive potential common shares or units used in the calculation of the diluted per-share or per-unit computation.

+ References+ Details

Earnings Per Common Share (Schedule Of The Computation Of Basic And Diluted Earnings Per Share) (Details) (USD $)
In Millions, except Share data, unless otherwise specified

12 Months Ended

Dec. 31, 2011

Dec. 31, 2010

Dec. 31, 2009

Net income attributable to NASDAQ OMX

$ 387

$ 395

$ 266

Accretion of series A convertible preferred stock

(1)

Net income attributable to common shareholders for basic earnings per share

387

394

266

Interest impact of 3.75% convertible notes, net of tax

Net income attributable to common shareholders for diluted earnings per share

$ 387

$ 394

$ 268

Weighted-average common shares outstanding for basic earnings per share

176,331,819

^[1]

202,975,623

^[1]

204,698,277

^[1]

3.75% convertible notes assumed converted into common stock

34,482

6,066,985

Weighted-average common shares outstanding for diluted earnings per share

180,011,247

^[1]

206,514,655

^[1]

214,537,907

^[1]

Basic earnings per share

$ 2.20

$ 1.94

$ 1.30

Diluted earnings per share

$ 2.15

$ 1.91

$ 1.25

Employee Equity Awards [Member]

Earnings Per Share Basic And Diluted [Line Items]

Employee equity awards

3,644,946

3,504,550

3,772,645

[1]

Fair Value Of Financial Instruments (Narrative) (Details) (USD $)	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative positions, at fair value	$ 1,566,000,000	$ 4,037,000,000
Debt instrument, interest rate, stated percentage	3.75%	3.75%	3.75%
Financial instrument resale and repurchase agreements at contract value	3,745,000,000	3,441,000,000
Resale and repurchase agreements maturities, days	30
3.75% Convertible Notes [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, interest rate, stated percentage	3.75%
2013 Convertible Notes [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of debt utilizing discounted cash flow analyses	$ 2,300,000,000	$ 2,400,000,000

Fair Value Of Financial Instruments (Schedule Of Financial Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Details) (USD $)
In Millions, unless otherwise specified

Dec. 31, 2011

Dec. 31, 2010

Dec. 31, 2009

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

$ 1,566

^[1]

$ 4,037

279

^[2]

253

^[2]

1,845

4,290

Total liabilities fair value

1,566

^[2]

4,037

1,566

4,037

Financial Liabilities Measured at Fair Value on a Recurring Basis

Level 1 [Member]

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

279

^[2]

253

^[2]

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

279

253

Level 2 [Member]

1,566

^[1]

4,037

1,566

4,037

Total liabilities fair value

1,566

^[2]

4,037

1,566

4,037

Level 3 [Member]

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

^[1]

^[2]

Total liabilities fair value

^[2]

Trading Securities [Member]

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

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

261

220

Restricted Assets [Member]

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

212

190

Investment In DFM [Member]

$ 18

$ 33

[1]

[2]

Derivative instrument obligations meeting the definition of a liability which the Company is a party to as of the balance sheet date.

+ References+ Details

Fair Value Of Financial Instruments (Schedule Of Fair Value Of Outstanding Derivative Positions) (Details) (USD $)
In Millions, unless otherwise specified

Dec. 31, 2011

Dec. 31, 2010

$ 1,758

$ 4,460

1,758

4,460

Commodity Forwards And Options [Member]

1,152

^[1],[2]

3,437

^[1],[2]

1,152

^[1],[2]

3,437

^[1],[2]

Fixed-Income Options And Futures [Member]

272

^[2],[3]

578

^[2],[3]

272

^[2],[3]

578

^[2],[3]

Stock Options And Futures [Member]

197

^[2],[3]

237

^[2],[3]

197

^[2],[3]

237

^[2],[3]

Index Options And Futures [Member]

137

^[2],[3]

208

^[2],[3]

$ 137

^[2],[3]

$ 208

^[2],[3]

[1]	We determine the fair value of our forward contracts using standard valuation models that are based on market-based observable inputs including LIBOR rates and the spot price of the underlying instrument.
[2]	We determine the fair value of our option contracts using standard valuation models that are based on market-based observable inputs including implied volatility, interest rates and the spot price of the underlying instrument.
[3]	We determine the fair value of our future contracts based upon quoted market prices and average quoted market yields.

Fair value of derivative asset, presented on a gross basis even when the derivative instrument is subject to master netting arrangements and qualifies for net presentation in the statement of financial position.

+ References+ Details

Fair value of derivative liability, presented on a gross basis even when the derivative instrument is subject to master netting arrangements and qualifies for net presentation in the statement of financial position.

+ References+ Details

Derivative Financial Instruments And Hedging Activities (Narrative) (Details) (USD $)	12 Months Ended
	Dec. 31, 2010	Dec. 31, 2009	Dec. 31, 2011
Derivative Financial Instruments And Hedging Activities [Abstract]
Interest rate swap agreements that effectively converted senior credit facilities		$ 200,000,000
Interest rate swaps in a net liability position		9,000,000
Reclassification adjustment for loss realized in net income on cash flow hedges	9,000,000	9,000,000
Outstanding fair value hedges	0		0
Outstanding cash flow hedges	0		0
Outstanding net investment hedges	$ 0		$ 0

Pre tax reclassification adjustment for accumulated gains and losses from derivative instrument designated and qualifying as the effective portion of cash flow hedges included in accumulated comprehensive income that was realized in net income during the period. A cash flow hedge is a hedge of the exposure to variability in the cash flows of a recognized asset or liability or a forecasted transaction that is attributable to a particular risk.

Interest rate swaps, Asset

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

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 130

-Paragraph 24

-Subparagraph b

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

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

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 133

-Paragraph 31, 46

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

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

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 130

-Paragraph 18, 19

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

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

-Publisher FASB

-Name Accounting Standards Codification

-Topic 220

-SubTopic 10

-Section 45

-Paragraph 11

-URI http://asc.fasb.org/extlink&oid=6920043&loc=d3e637-108580

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

-Publisher FASB

-Name Accounting Standards Codification

-Topic 220

-SubTopic 10

-Section 45

-Paragraph 16

-URI http://asc.fasb.org/extlink&oid=6920043&loc=d3e709-108580

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

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Reclassification Adjustments

-URI http://asc.fasb.org/extlink&oid=6522872

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

-Publisher FASB

-Name Accounting Standards Codification

-Topic 220

-SubTopic 10

-Section 45

-Paragraph 17

-URI http://asc.fasb.org/extlink&oid=6920043&loc=d3e716-108580

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

-Publisher FASB

-Name Accounting Standards Codification

-Topic 220

-SubTopic 10

-Section 45

-Paragraph 15

-URI http://asc.fasb.org/extlink&oid=6920043&loc=d3e689-108580

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

-Publisher FASB

-Name Accounting Standards Codification

-Topic 220

-SubTopic 10

-Section 55

-Paragraph 2

-Subparagraph (d)

-URI http://asc.fasb.org/extlink&oid=6920433&loc=d3e998-108581

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

-Publisher AICPA

-Name Accounting Research Bulletin (ARB)

-Number 51

-Paragraph 38

-Subparagraph c(3)

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

+ Details

Derivative Financial Instruments And Hedging Activities (Fair Value Amounts And Balance Sheet Location Of Our Derivative Instruments) (Details) (USD $)
In Millions, unless otherwise specified

Dec. 31, 2009

Derivative [Line Items]

Interest rate swaps, Liability

^[1]

Total derivatives not designated as hedging instruments, Asset

Total derivatives not designated as hedging instruments, Liability

Total derivatives, Assets

Total derivatives, Liability

Foreign Exchange Contract [Member]

Derivative [Line Items]

Total derivatives not designated as hedging instruments, Asset

Total derivatives not designated as hedging instruments, Liability

$ 1

^[2]

[1]	Included in other non-current liabilities in the Consolidated Balance Sheets.
[2]	Included in other current liabilities in the Consolidated Balance Sheets.

Fair values as of the balance sheet date of all assets resulting from contracts that meet the criteria of being accounted for as derivative instruments, net of the effects of master netting arrangements.

+ References+ Details

Derivative instrument obligations meeting the definition of a liability which the Company is a party to as of the balance sheet date.

+ References+ Details

Leases (Future Minimum Lease Payments) (Details) (USD $) In Millions, unless otherwise specified	Dec. 31, 2011
Leases [Abstract]
Gross Lease Commitments, 2012	$ 81
Gross Lease Commitments, 2013	70
Gross Lease Commitments, 2014	64
Gross Lease Commitments, 2015	63
Gross Lease Commitments, 2016	58
Gross Lease Commitments, Thereafter	196
Gross lease commitments, Total	532
Sublease Income, 2012	5
Sublease Income, 2013	5
Sublease Income, 2014	5
Sublease Income, 2015	3
Sublease Income, 2016	3
Sublease Income, Thereafter	12
Sublease Income, Total	33
Net Lease Commitments, 2012	76
Net Lease Commitments, 2013	65
Net Lease Commitments, 2014	59
Net Lease Commitments, 2015	60
Net Lease Commitments, 2016	55
Net Lease Commitments, Thereafter	184
Net Lease Commitments, Total	$ 499

Commitments, Contingencies And Guarantees (Details) (USD $)	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010
Loss Contingencies [Line Items]
Credit facility used	$ 0
Other guarantees	17,000,000	18,000,000
Securities held as collateral, at fair value	8,000,000	8,000,000
Escrow agreements	29,000,000
NASDAQ OMX Commodities And NASDAQ OMX Stockholm [Member]
Loss Contingencies [Line Items]
Customer collateral pledged to NASDAQ OMX in event of customer default	5,000,000,000	8,700,000,000
Performance Guarantees [Member]
Loss Contingencies [Line Items]
Other guarantees	6,000,000	6,000,000
Wholly-Owned Subsidiary [Member]
Loss Contingencies [Line Items]
Other guarantees	25,000,000
Cash collateral for borrowed securities	9,000,000	15,000,000
Brokerage Activities [Member]
Loss Contingencies [Line Items]
Contingent liability	0
Clearinghouse Credit Facilities [Member]
Loss Contingencies [Line Items]
Total Credit Facility	4,000,000	5,000,000
Credit facilities, total	447,000,000	440,000,000
Line of credit facility, available liquidity	206,000,000	196,000,000
Credit facility, regulatory requirements amount	241,000,000	244,000,000
Contingent liability	$ 0

Business Segments (Schedule Of Operating Segments) (Details) (USD $)

12 Months Ended

Dec. 31, 2011

Dec. 31, 2010

Dec. 31, 2009

Revenues less transaction rebates, brokerage, clearance and exchange fees

$ 3,438,000,000

$ 3,197,000,000

$ 3,411,000,000

Cost of revenues

(1,748,000,000)

(1,675,000,000)

(1,958,000,000)

1,690,000,000

1,522,000,000

1,453,000,000

109,000,000

103,000,000

104,000,000

108,000,000

93,000,000

89,000,000

573,000,000

526,000,000

391,000,000

14,091,000,000

^[1]

16,207,000,000

^[1]

10,722,000,000

^[1]

Increase decrease in assets

88,000,000

42,000,000

59,000,000

5,500,000,000

Repayments of secured debt

11,000,000

31,000,000

37,000,000

Merger expenses

38,000,000

4,000,000

17,000,000

Debt instrument, interest rate, stated percentage

3.75%

Loss on sale of investment

25,000,000

6,000,000

13,000,000

107,000,000

Debt conversion expense

25,000,000

Loss on sale of investment security

(5,000,000)

Loss on Sale of Investments

19,000,000

NEURO [Member]

(6,000,000)

Agora-X [Member]

(5,000,000)

5,000,000

NEURO And Agora-X [Member]

11,000,000

NASDAQ Dubai [Member]

82,000,000

NASDAQ Dubai And Agora-X [Member]

87,000,000

Market Services [Member]

Revenues less transaction rebates, brokerage, clearance and exchange fees

2,886,000,000

2,700,000,000

2,934,000,000

Cost of revenues

(1,748,000,000)

(1,675,000,000)

(1,958,000,000)

1,138,000,000

1,025,000,000

976,000,000

81,000,000

77,000,000

84,000,000

73,000,000

63,000,000

59,000,000

519,000,000

450,000,000

408,000,000

12,145,000,000

^[1]

14,331,000,000

^[1]

8,453,000,000

^[1]

Increase decrease in assets

58,000,000

29,000,000

46,000,000

2,100,000,000

Issuer Services [Member]

Revenues less transaction rebates, brokerage, clearance and exchange fees

369,000,000

344,000,000

330,000,000

369,000,000

344,000,000

330,000,000

10,000,000

17,000,000

11,000,000

24,000,000

21,000,000

20,000,000

118,000,000

119,000,000

110,000,000

707,000,000

^[1]

714,000,000

^[1]

692,000,000

^[1]

14,000,000

4,000,000

Market Technology [Member]

Revenues less transaction rebates, brokerage, clearance and exchange fees

183,000,000

152,000,000

145,000,000

183,000,000

152,000,000

145,000,000

15,000,000

5,000,000

6,000,000

11,000,000

9,000,000

19,000,000

11,000,000

14,000,000

347,000,000

^[1]

415,000,000

^[1]

260,000,000

^[1]

14,000,000

7,000,000

9,000,000

Corporate Items And Eliminations [Member]

Revenues less transaction rebates, brokerage, clearance and exchange fees

1,000,000

2,000,000

1,000,000

2,000,000

3,000,000

4,000,000

3,000,000

1,000,000

(83,000,000)

^[2]

(54,000,000)

^[3]

(141,000,000)

^[4]

892,000,000

^[1]

747,000,000

^[1]

1,317,000,000

^[1]

2,000,000

Senior Secured Credit Facilities [Member]

Repayments of secured debt

31,000,000

40,000,000

Merger expenses

$ 38,000,000

[1]	Total assets decreased $2.1 billion at December 31, 2011 as compared to December 31, 2010 primarily due to a decrease in open clearing contracts reflecting decreases in derivative positions, at fair value, partially offset by increases in resale agreements, at contract value within our Market Services segment. The decrease in derivative positions, at fair value primarily reflects significant reductions in price levels within our commodities markets, fewer open positions and decreased volatility within our derivative markets, as well as currency rate fluctuations. The increase in resale agreements, at contract value was primarily due to the mix of contracts outstanding between our clearing members, which allowed us to net or offset less of these contracts against one another at December 31, 2011 compared to December 31, 2010, partially offset by lower volume and currency rate fluctuations. Total assets increased $5.5 billion at December 31, 2010 as compared to December 31, 2009 primarily due to an increase in open clearing contracts reflecting increases in derivative positions, at fair value as well as increases in resale agreements, at contract value within our Market Services segment. The increase in derivative positions, at fair value primarily reflects increased activity and higher price levels on derivative positions in the energy market. The increase for resale agreements, at contract value reflects our new clearing business launched in 2010.
[2]	The 2011 corporate items and eliminations primarily include: • Merger and strategic initiative costs of $38 million primarily related to costs incurred for advisors, bank commitment fees, legal and other professional services related to our joint proposal to acquire NYSE Euronext, as well as costs related to our acquisition of Glide Technologies in October 2011; • Debt extinguishment and refinancing charges of $31 million. See "2.50% Convertible Senior Notes," and "2011 Credit Facility," of Note 8, "Debt Obligations," for further discussion; and • An asset impairment charge of $18 million. See "Available-for-Sale Investment Security," of Note 5, "Investments," for further discussion.
[3]	The 2010 corporate items and eliminations primarily include: • Debt extinguishment and refinancing charges of $40 million. which included the write-off of the remaining unamortized balance of debt issuance costs incurred in conjunction with our senior secured credit facilities in place as of December 31, 2009 of $28 million, costs to terminate our float-to-fixed interest rate swaps previously designated as a cash flow hedge of $9 million and other costs of $3 million; and • $11 million related to loss on divestiture of businesses as a result of our decision to close the businesses of both NEURO ($6 million) and Agora-X ($5 million).
[4]	The 2009 corporate items and eliminations primarily include: • loss from unconsolidated investees, net of $107 million which is mainly comprised of $87 million related to impairment charges recorded on our equity method investments in NASDAQ Dubai ($82 million) and Agora-X ($5 million) and a loss of $19 million on the sale of our 25.25% share capital in Orc. See "Investment in NASDAQ Dubai," and "Impairment of Agora-X," as well as "Investment in Orc Software," of Note 5, "Investments," for further discussion; • debt conversion expense of $25 million related to an inducement for the conversion of our 3.75% convertible notes; and • loss of $5 million on the sale of an available-for-sale investment security in Oslo, which was acquired as part of our business combination with OMX AB.

Business Segments (Revenue By Geographical Area) (Details) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Segment Reporting Information [Line Items]
Total revenues	$ 3,438	$ 3,197	$ 3,411
Property and equipment, net	193	164	164
Number of customers	0	0	0
Minimum revenue accounted percentage	10.00%	10.00%	10.00%
United States [Member]
Segment Reporting Information [Line Items]
Total revenues	2,707	2,564	2,744
Property and equipment, net	125	99	102
All Other Countries [Member]
Segment Reporting Information [Line Items]
Total revenues	731	633	667
Property and equipment, net	$ 68	$ 65	$ 62