0001120193-23-000017 | 10-Q | XBRL Viewer

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Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2023	Apr. 26, 2023
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
Document Transition Report	false
Entity File Number	001-38855
Entity Registrant Name	Nasdaq, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	52-1165937
Entity Address, Address Line One	151 W. 42nd Street,
Entity Address, City or Town	New York,
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10036
City Area Code	212
Local Phone Number	401 8700
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		490,766,832
Entity Central Index Key	0001120193
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Amendment Flag	false
Common Stock, $0.01 par value per share
Entity Information [Line Items]
Title of 12(b) Security	Common Stock, $0.01 par value per share
Trading Symbol	NDAQ
Security Exchange Name	NASDAQ
0.900% Senior Notes due 2033
Entity Information [Line Items]
Title of 12(b) Security	0.900% Senior Notes due 2033
Trading Symbol	NDAQ33
Security Exchange Name	NASDAQ
0.875% Senior Notes due 2030
Entity Information [Line Items]
Title of 12(b) Security	0.875% Senior Notes due 2030
Trading Symbol	NDAQ30
Security Exchange Name	NASDAQ
1.75% Senior Notes due 2029
Entity Information [Line Items]
Title of 12(b) Security	1.75% Senior Notes due 2029
Trading Symbol	NDAQ29
Security Exchange Name	NASDAQ

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 373	$ 502
Restricted cash and cash equivalents	57	22
Default funds and margin deposits (including restricted cash and cash equivalents of $6,412 and $6,470, respectively)	7,055	7,021
Financial investments	197	181
Receivables, net	666	677
Other current assets	192	201
Total current assets	8,540	8,604
Property and equipment, net	529	532
Goodwill	8,103	8,099
Intangible assets, net	2,545	2,581
Operating lease assets	427	444
Other non-current assets	631	608
Total assets	20,775	20,868
Current liabilities:
Accounts payable and accrued expenses	183	185
Section 31 fees payable to SEC	125	243
Accrued personnel costs	157	243
Deferred revenue	664	357
Other current liabilities	173	122
Default funds and margin deposits	7,055	7,021
Short-term debt	347	664
Total current liabilities	8,704	8,835
Long-term debt	4,762	4,735
Deferred tax liabilities, net	463	456
Operating lease liabilities	442	452
Other non-current liabilities	225	226
Total liabilities	14,596	14,704
Commitments and contingencies
Nasdaq stockholders’ equity:
Common stock, $0.01 par value, 900,000,000 shares authorized, shares issued: 512,113,066 at March 31, 2023 and 513,157,630 at December 31, 2022; shares outstanding: 489,851,097 at March 31, 2023 and 491,592,491 at December 31, 2022	5	5
Additional paid-in capital	1,312	1,445
Common stock in treasury, at cost: 22,261,969 shares at March 31, 2023 and 21,565,139 shares at December 31, 2022	(555)	(515)
Accumulated other comprehensive loss	(2,006)	(1,991)
Retained earnings	7,411	7,207
Total Nasdaq stockholders’ equity	6,167	6,151
Noncontrolling interests	12	13
Total equity	6,179	6,164
Total liabilities and equity	$ 20,775	$ 20,868

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022	Aug. 26, 2022	Mar. 31, 2022
Statement of Financial Position [Abstract]
Restricted cash and cash equivalents (default funds and margin deposits)	$ 6,412	$ 6,470		$ 5,398
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	900,000,000	900,000,000
Common stock, shares issued (in shares)	512,113,066	513,157,630
Common stock, shares outstanding (in shares)	489,851,097	491,592,491		493,000,000
Common stock in treasury (in shares)	22,261,969	21,565,139

Condensed Consolidated Statements of Income (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenues:
Total revenues	$ 1,533	$ 1,535
Transaction-based expenses:
Transaction-based expenses	(619)	(643)
Revenues less transaction-based expenses	914	892
Operating expenses:
Compensation and benefits	256	254
Professional and contract services	32	35
Computer operations and data communications	54	50
Occupancy	39	27
General, administrative and other	14	21
Marketing and advertising	9	10
Depreciation and amortization	69	67
Regulatory	9	8
Merger and strategic initiatives	2	15
Restructuring charges	18	0
Total operating expenses	502	487
Operating income	412	405
Interest income	6	0
Interest expense	(36)	(32)
Other expense	0	(6)
Net income from unconsolidated investees	14	7
Income before income taxes	396	374
Income tax provision	95	91
Net income	301	283
Net loss attributable to noncontrolling interests	1	1
Net income attributable to Nasdaq	$ 302	$ 284
Per share information:
Basic earnings per share (in dollars per share)	$ 0.62	$ 0.57
Diluted earnings per share (in dollars per share)	0.61	0.57
Cash dividends declared per common share (in dollars per share)	$ 0.20	$ 0.18
Transaction rebates
Transaction-based expenses:
Transaction-based expenses	$ (487)	$ (581)
Brokerage, clearance and exchange fees
Transaction-based expenses:
Transaction-based expenses	(132)	(62)
Operating Segments \| Market Platforms
Revenues:
Total revenues	1,032	1,039
Transaction-based expenses:
Transaction-based expenses	(619)	(643)
Revenues less transaction-based expenses	413	396
Operating expenses:
Operating income	229	213
Operating Segments \| Capital Access Platforms
Revenues:
Total revenues	416	419
Transaction-based expenses:
Revenues less transaction-based expenses	416	419
Operating expenses:
Operating income	226	232
Operating Segments \| Anti-Financial Crime
Revenues:
Total revenues	84	72
Transaction-based expenses:
Revenues less transaction-based expenses	84	72
Operating expenses:
Operating income	23	15
Reconciling Items
Revenues:
Total revenues	$ 1	$ 5

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)
$ in Millions

3 Months Ended

Mar. 31, 2023

Mar. 31, 2022

Statement of Comprehensive Income [Abstract]

Net income

$ 301

$ 283

Other comprehensive loss:

Foreign currency translation losses

(21)

(68)

Income tax benefit (expense)

^[1]

(15)

Foreign currency translation, net

(15)

(83)

Comprehensive income

286

200

Comprehensive loss attributable to noncontrolling interests

Comprehensive income attributable to Nasdaq

$ 287

$ 201

[1]	Primarily relates to the tax effect of unrealized gains and losses on Euro denominated notes.

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income (loss) and other comprehensive income (loss), attributable to noncontrolling interests. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

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+ Details

Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Millions	Total	Share repurchase program	Total Nasdaq stockholders’ equity	Common stock	Additional paid-in capital	Additional paid-in capital Share repurchase program	Additional paid-in capital ASR agreement	Common stock in treasury, at cost	Accumulated other comprehensive loss	Retained earnings	Noncontrolling interests
Beginning balance (in shares) at Dec. 31, 2021				500,000,000
Beginning balance at Dec. 31, 2021				$ 5	$ 1,949			$ (437)	$ (1,587)	$ 6,465	$ 10
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share repurchase program (in shares)						(2,000,000)	(6,000,000)
Share repurchase program						$ (142)	$ (325)
Share-based compensation (in shares)					2,000,000
Share-based compensation					$ 25
Other employee stock activity (in shares)								(1,000,000)
Other employee stock activity								$ (52)
Other comprehensive loss									(83)
Net income attributable to Nasdaq	$ 283									284
Cash dividends declared per common share										(89)
Net activity related to noncontrolling interests											(1)
Ending balance (in shares) at Mar. 31, 2022	493,000,000
Ending balance at Mar. 31, 2022	$ 6,022		$ 6,013		1,507			(489)	(1,670)	6,660	9
Beginning balance (in shares) at Dec. 31, 2022	491,592,491			492,000,000
Beginning balance at Dec. 31, 2022	$ 6,164			$ 5	$ 1,445			$ (515)	(1,991)	7,207	13
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share repurchase program (in shares)		(2,610,000)				(3,000,000)
Share repurchase program		$ (159)				$ (159)
Share-based compensation (in shares)					2,000,000
Share-based compensation					$ 26
Other employee stock activity (in shares)								(1,000,000)
Other employee stock activity								$ (40)
Other comprehensive loss									(15)
Net income attributable to Nasdaq	$ 301									302
Cash dividends declared per common share										(98)
Net activity related to noncontrolling interests											(1)
Ending balance (in shares) at Mar. 31, 2023	489,851,097
Ending balance at Mar. 31, 2023	$ 6,179		$ 6,167		$ 1,312			$ (555)	$ (2,006)	$ 7,411	$ 12

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

3 Months Ended

Mar. 31, 2023

Mar. 31, 2022

Cash flows from operating activities:

Net income

$ 301

$ 283

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

Depreciation and amortization

Share-based compensation

Deferred income taxes

Non-cash restructuring charges

Net income from unconsolidated investees

(14)

(7)

Other reconciling items included in net income

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

Receivables, net

(39)

Other assets

Accounts payable and accrued expenses

(10)

Section 31 fees payable to SEC

(118)

(9)

Accrued personnel costs

(86)

(82)

Deferred revenue

300

292

Other liabilities

Net cash provided by operating activities

565

605

Cash flows from investing activities:

Purchases of securities

(198)

(102)

Proceeds from sales and redemptions of securities

184

Purchases of property and equipment

(40)

(35)

^[1]

(89)

(372)

Other investing activities

Net cash used in investing activities

(133)

(390)

Cash flows from financing activities:

Repayments of commercial paper, net

(317)

(420)

Proceeds from issuances of debt, net of issuance costs

541

Dividends paid

(98)

(89)

(40)

(52)

Default funds and margin deposits

856

Other financing activities

(1)

Net cash provided by (used in) financing activities

(613)

368

Effect of exchange rate changes on cash and cash equivalents and restricted cash and cash equivalents

(164)

Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents

(152)

419

Cash and cash equivalents, restricted cash and cash equivalents at beginning of period

6,994

5,496

Cash and cash equivalents, restricted cash and cash equivalents at end of period

6,842

5,915

Reconciliation of Cash, Cash Equivalents and Restricted Cash and Cash Equivalents

Cash and cash equivalents

373

486

Restricted cash and cash equivalents

Restricted cash and cash equivalents (default funds and margin deposits)

6,412

5,398

Total

6,842

5,915

Supplemental Disclosure Cash Flow Information

Interest paid

Income taxes paid, net of refund

Share repurchase program

Cash flows from financing activities:

Repurchase of Common Stock And ASR Agreement

(159)

(142)

ASR agreement

Cash flows from financing activities:

Repurchase of Common Stock And ASR Agreement

$ 0

$ (325)

[1]	Includes purchases and proceeds from sales and redemptions related to the default funds and margin deposits of our clearing operations. For further information, see "Default Fund Contributions and Margin Deposits," within Note 14, "Clearing Operations."

Organization and Nature of Operations	3 Months Ended
Organization and Nature of Operations	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Nature of Operations	ORGANIZATION AND NATURE OF OPERATIONS Nasdaq is a global technology company serving the capital markets and other industries. Our diverse offerings of data, analytics, software and services enable clients to optimize and execute their business vision with confidence. In September 2022, we announced a new organizational structure which aligns our businesses more closely with the foundational shifts that are driving the evolution of the global financial system. In order to amplify our strategy, we aligned the Company more closely with evolving client needs. As a result, our four previous business segments, Market Technology, Investment Intelligence, Corporate Platforms and Market Services, have been changed to align with our new corporate structure that now includes three business segments: Capital Access Platforms, Market Platforms, and Anti-Financial Crime. Market Platforms Our Market Platforms segment includes our Trading Services and Marketplace Technology businesses. Our Trading Services business primarily includes revenues from equity derivatives trading, cash equity trading, Nordic fixed income trading & clearing, Nordic commodities and U.S. Tape plans data. We operate multiple exchanges and other marketplace facilities across several asset classes, including derivatives, commodities, cash equity, debt, structured products and ETPs. In addition, in certain countries where we operate exchanges, we also provide clearing, settlement and central depository services. Our transaction-based platforms provide market participants with the ability to access, process, display and integrate orders and quotes. The platforms allow the routing and execution of buy and sell orders as well as the reporting of transactions, providing fee-based revenues. In September 2022, we announced our planned launch of a new digital assets business to power the digital asset ecosystem. Nasdaq’s offering is subject to regulatory approval in applicable jurisdictions. Our Trading Services business also includes our carbon removal offering through Puro.earth, a Finnish-based leading carbon crediting platform, in which Nasdaq holds a majority stake. Our Marketplace Technology business includes our trade management services and our market technology businesses. Trade management services provides market participants with a wide variety of alternatives for connecting to and accessing our markets for a fee. Our marketplaces may be accessed via a number of different protocols used for quoting, order entry, trade reporting and connectivity to various data feeds. We also provide colocation services to market participants, whereby we offer firms cabinet space and power to house their own equipment and servers within our data centers. Additionally, we offer a number of wireless connectivity offerings between select data centers using millimeter wave and microwave technology. In June 2022, we completed the wind-down of our Nordic broker services business. Our market technology business is a leading global technology solutions provider and partner to exchanges, clearing organizations, central securities depositories, regulators, banks, brokers, buy-side firms and corporate businesses. Our solutions are utilized by leading markets in the U.S., Europe and Asia as well as emerging markets in the Middle East, Latin America, and Africa. Capital Access Platforms Our Capital Access Platforms segment includes our Data & Listing Services, Index and Workflow & Insights businesses. Our Data business sells and distributes historical and real-time market data to the sell-side, the institutional investing community, retail online brokers, proprietary trading firms and other venues, as well as internet portals and data distributors. Our data products can enhance transparency of market activity within our exchanges and provide critical information to professional and non-professional investors globally. Additionally, our Nasdaq Cloud Data Service provides a flexible and efficient method of delivery for real-time exchange data and other financial information. Our Listing Services business operates in the U.S. and Europe on a variety of listing platforms around the world to provide multiple global capital raising solutions for public companies. Our main listing markets are The Nasdaq Stock Market and the Nasdaq Nordic and Nasdaq Baltic exchanges. Through Nasdaq First North, our Nordic and Baltic operations also offer alternative marketplaces for smaller companies and growth companies. As of March 31, 2023, there were 4,163 total listings on The Nasdaq Stock Market, including 539 ETPs. The combined market capitalization was approximately $22.2 trillion. In Europe, the Nasdaq Nordic and Nasdaq Baltic exchanges, together with Nasdaq First North, were home to 1,250 listed companies with a combined market capitalization of approximately $2.0 trillion. Our Index business develops and licenses Nasdaq-branded indexes and financial products. We also license cash-settled options, futures and options on futures on our indexes. As of March 31, 2023, 387 ETPs listed on 26 exchanges in over 20 countries tracked a Nasdaq index and accounted for $366 billion in AUM. Workflow & Insights includes our analytics and corporate solutions businesses. Our analytics business provides asset managers, investment consultants and institutional asset owners with information and analytics to make data-driven investment decisions, deploy their resources more productively, and provide liquidity solutions for private funds. Through our eVestment and Solovis solutions, we provide a suite of cloud-based solutions that help institutional investors and consultants conduct pre-investment due diligence, and monitor their portfolios post-investment. The eVestment platform also enables asset managers to efficiently distribute information about their firms and funds to asset owners and consultants worldwide. Through the Solovis platform, endowments, foundations, pensions and family offices transform how they collect and aggregate investment data, analyze portfolio performance, model and predict future outcomes, and share meaningful portfolio insights with key stakeholders. The Nasdaq Fund Network and Nasdaq Data Link are additional platforms in our suite of investment data analytics offerings and data management tools. Our corporate solutions business includes our Investor Relations Intelligence, ESG Solutions and Governance Solutions products, which serve both public and private companies and organizations. Our public company clients can be companies listed on our exchanges or other U.S. and global exchanges. Our private company clients include a diverse group of organizations ranging from family-owned companies, government organizations, law firms, privately held entities, and various non-profit organizations to hospitals and healthcare systems. We help organizations enhance their ability to understand and expand their global shareholder base, improve corporate governance, and navigate the evolving ESG landscape through our suite of advanced technology, analytics, reporting and consulting services. In June 2022, we acquired Metrio, a provider of ESG data collection, analytics and reporting services based in Montreal, Canada. We plan to integrate Metrio’s SaaS platform into our suite of ESG solutions. Anti-Financial Crime Our Anti-Financial Crime segment provides cloud-based anti-financial crime management solutions to help financial institutions detect, investigate, and report money laundering and financial fraud. Our Anti-Financial Crime segment also includes Nasdaq Trade Surveillance, a SaaS solution designed for brokers and other market participants to assist them in complying with market rules, regulations and internal market surveillance policies, and Nasdaq Market Surveillance, a market surveillance solution for markets and regulators.

Basis of Presentation and Principles of Consolidation	3 Months Ended
Basis of Presentation and Principles of Consolidation	Mar. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	BASIS OF PRESENTATION AND PRINCIPLES OF CONSOLIDATION The condensed consolidated financial statements are prepared in accordance with U.S. GAAP and include the accounts of Nasdaq, its wholly-owned subsidiaries and other entities in which Nasdaq has a controlling financial interest. When we do not have a controlling interest in an entity, but exercise significant influence over the entity’s operating and financial policies, such investment is accounted for under the equity method of accounting. We recognize our share of earnings or losses of an equity method investee based on our ownership percentage. See “Equity Method Investments,” of Note 6, “Investments,” for further discussion of our equity method investments. The accompanying condensed consolidated financial statements reflect all adjustments which are, in the opinion of management, necessary for a fair statement of the results. These adjustments are of a normal recurring nature. All significant intercompany accounts and transactions have been eliminated in consolidation. As permitted under U.S. GAAP, certain footnotes or other financial information can be condensed or omitted in the interim condensed consolidated financial statements. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with the consolidated financial statements and accompanying notes included in Nasdaq’s Form 10-K. The year-end condensed balance sheet data was derived from the audited financial statements, but does not include all disclosures required by U.S. GAAP. Certain prior year amounts have been reclassified to conform to the current year presentation. Accounting Estimates In preparing our condensed consolidated financial statements, we make assumptions, judgments and estimates that can have a significant impact on our revenue, operating income and net income, as well as on the value of certain assets and liabilities in our Condensed Consolidated Balance Sheets. At least quarterly, we evaluate our assumptions, judgments and estimates, and make changes as deemed necessary. Stock Split Effected in the Form of a Stock Dividend On August 26, 2022, we effected a 3-for-1 stock split of the Company's common stock in the form of a stock dividend to shareholders of record as of August 12, 2022. The par value per share of our common stock remains $0.01 per share. All references made with respect to a number of shares or per share amounts throughout this Quarterly Report on Form 10-Q have been retroactively adjusted to reflect the stock split. Subsequent Events There have been no subsequent events through the issuance date of this Quarterly Report on Form 10-Q that would require disclosure in, or adjustment to, the condensed consolidated financial statements.

Revenue From Contracts With Customers

3 Months Ended

Mar. 31, 2023

Revenue from Contract with Customer [Abstract]

Revenue From Contracts With Customers

REVENUE FROM CONTRACTS WITH CUSTOMERS

Disaggregation of Revenue

The following tables summarize the disaggregation of revenue by major product and service and by segment for the three months ended March 31, 2023 and 2022:


	Three Months Ended March 31,
	2023		2022
	(in millions)
Market Platforms
Trading Services, net	$	267	$	264
Marketplace Technology	146		132
Capital Access Platforms
Data & Listing Services	186		182
Index	110		122
Workflow & Insights	120		115
Anti-Financial Crime	84		72
Other revenues	1		5
Revenues less transaction-based expenses	$	914	$	892

Substantially all revenues from the Capital Access Platforms and Anti-Financial Crime segments as well as our Marketplace Technology business were recognized over time for the three months ended March 31, 2023 and 2022. For the three months ended March 31, 2023 and 2022 approximately 93.2% and 93.9%, respectively, of Trading Services revenues were recognized at a point in time and 6.8% and 6.1%, respectively, were recognized over time.

Contract Balances

Substantially all of our revenues are considered to be revenues from contracts with customers. The related accounts receivable balances are recorded in our Condensed Consolidated Balance Sheets as receivables, which are net of allowance for doubtful accounts of $15 million as of March 31, 2023 and December 31, 2022. There were no material upward or downward adjustments to the allowance during the three months ended March 31, 2023. We do not have obligations for warranties, returns or refunds to customers.

For the majority of our contracts with customers, except for our market technology and listing services contracts, our performance obligations range from three months to three years and there is no significant variable consideration.

Deferred revenue is the only significant contract asset or liability as of March 31, 2023. Deferred revenue represents consideration received that is yet to be recognized as revenue for unsatisfied performance obligations. Deferred revenue primarily represents our contract liabilities related to our fees for Annual and Initial Listings, Workflow & Insights, Market Technology and Anti-Financial Crime contracts. See Note 7, “Deferred Revenue,” for our discussion on deferred revenue balances, activity, and expected timing of recognition.

We do not have a material amount of revenue recognized from performance obligations that were satisfied in prior periods. We do not provide disclosures about transaction price allocated to unsatisfied performance obligations if contract durations are less than one year. For our initial listings, the transaction price allocated to remaining performance obligations is included in deferred revenue. For our Market Technology, Anti-Financial Crime, and Workflow & Insights contracts, the portion of transaction price allocated to unsatisfied performance obligations is presented in the table below. To the extent consideration has been received, unsatisfied performance obligations would be included in the table below as well as deferred revenue.

The following table summarizes the amount of the transaction price allocated to performance obligations that are unsatisfied, for contract durations greater than one year, as of March 31, 2023:


	Market Technology		Anti-Financial Crime		Workflow & Insights		Total
	(in millions)
Remainder of 2023	$	145	$	306	$	110	$	561
2024	163		267		97		527
2025	133		109		42		284
2026	97		36		13		146
2027	59		10		9		78
2028+	74		6		1		81
Total	$	671	$	734	$	272	$	1,677

DEFERRED REVENUE

Deferred revenue represents consideration received that is yet to be recognized as revenue. The changes in our deferred revenue during the three months ended March 31, 2023 are reflected in the following table:


	Balance at December 31, 2022		Additions		Revenue Recognized		Adjustments		Balance at March 31, 2023
	(in millions)
Market Platforms:
Market Technology	$	29	$	18	$	(17)	$	—	$	30
Capital Access Platforms:
Initial Listings	116		6		(10)		—		112
Annual Listings	2		272		(1)		(1)		272

Workflow & Insights	172		93		(72)		—		193
Anti-Financial Crime	108		51		(44)		—		115
Other	21		11		(6)		—		26
Total	$	448	$	451	$	(150)	$	(1)	$	748

In the above table:

•Additions primarily reflect deferred revenue billed in the current period, net of recognition.

•Revenue recognized includes revenue recognized during the current period that was included in the beginning balance.

•Adjustments reflect foreign currency translation adjustments.

•Other primarily includes deferred revenue from our Index business, data contracts and non-U.S. listing of additional shares fees. These fees are included in our Capital Access Platforms segment.

As of March 31, 2023, we estimate that our deferred revenue will be recognized in the following years:


Fiscal year ended:	2023		2024		2025		2026		2027		2028+		Total
	(in millions)
Market Platforms:
Market Technology	$	29	$	1	$	—	$	—	$	—	$	—	$	30
Capital Access Platforms:
Initial Listings	31		31		22		17		9		2		112
Annual Listings	272		—		—		—		—		—		272

Workflow & Insights	177		16		—		—		—		—		193
Anti-Financial Crime	105		10		—		—		—		—		115
Other	15		6		4		1		—		—		26
Total	$	629	$	64	$	26	$	18	$	9	$	2	$	748

In the above table, 2023 represents the remaining nine months of 2023.

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

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI https://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

+ Details

Acquisition	3 Months Ended
Acquisition	Mar. 31, 2023
Business Combination and Asset Acquisition [Abstract]
Acquisition	ACQUISITION 2022 Acquisition In June 2022, we acquired Metrio, a provider of ESG data collection, analytics and reporting services based in Montreal, Canada. We plan to integrate Metrio’s SaaS platform into our suite of ESG solutions. Metrio is part of our Workflow & Insight business in our Capital Access Platforms segment. Pro Forma Results and Acquisition-Related Costs The condensed consolidated financial statements for the three months ended March 31, 2023 include the financial results of the above acquisition from the date of the acquisition. Pro forma financial results have not been presented since this acquisition was not material to our financial results. Acquisition-related costs for the transaction described above were expensed as incurred and are included in merger and strategic initiatives expense in the Condensed Consolidated Statements of Income.

Goodwill and Acquired Intangible Assets

3 Months Ended

Mar. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Acquired Intangible Assets

GOODWILL AND ACQUIRED INTANGIBLE ASSETS

Goodwill

The following table presents the changes in goodwill by business segment during the three months ended March 31, 2023:


	(in millions)
Market Platforms
Balance at December 31, 2022	$	2,912



Foreign currency translation adjustments	(1)
Balance at March 31, 2023	$	2,911
Capital Access Platforms
Balance at December 31, 2022	$	4,178



Foreign currency translation adjustments	6
Balance at March 31, 2023	$	4,184
Anti-Financial Crime
Balance at December 31, 2022	$	1,009



Foreign currency translation adjustments	(1)
Balance at March 31, 2023	$	1,008

Total
Balance at December 31, 2022	$	8,099



Foreign currency translation adjustments	4
Balance at March 31, 2023	$	8,103

As of March 31, 2023, the amount of goodwill that is expected to be deductible for tax purposes in future periods is $35 million.

Goodwill represents the excess of purchase price over the value assigned to the net assets, including identifiable intangible assets, of a business acquired. Goodwill is allocated to our reporting units based on the assignment of the fair values of each reporting unit of the acquired company. We test goodwill for impairment at the reporting unit level annually, or in interim periods if certain events occur indicating that the carrying amount may be impaired, such as changes in the business climate, poor indicators of operating performance or the sale or disposition of a significant portion of a reporting unit. There was no impairment of goodwill for the three months ended March 31, 2023 and 2022; however, events such as prolonged economic weakness or unexpected significant declines in operating results of any of our reporting units or businesses may result in goodwill impairment charges in the future.

Acquired Intangible Assets

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


	March 31, 2023		December 31, 2022

Finite-Lived Intangible Assets	(in millions)
Gross Amount
Technology	$	304	$	304
Customer relationships	2,005		2,005
Trade names and other	58		60
Foreign currency translation adjustment	(210)		(209)
Total gross amount	$	2,157	$	2,160
Accumulated Amortization
Technology	$	(108)	$	(97)
Customer relationships	(806)		(778)
Trade names and other	(16)		(17)
Foreign currency translation adjustment	123		120
Total accumulated amortization	$	(807)	$	(772)
Net Amount
Technology	$	196	$	207
Customer relationships	1,199		1,227
Trade names and other	42		43
Foreign currency translation adjustment	(87)		(89)
Total finite-lived intangible assets	$	1,350	$	1,388

Indefinite-Lived Intangible Assets
Exchange and clearing registrations	$	1,257	$	1,257
Trade names	121		121
Licenses	52		52
Foreign currency translation adjustment	(235)		(237)
Total indefinite-lived intangible assets	$	1,195	$	1,193
Total intangible assets, net	$	2,545	$	2,581

There was no impairment of indefinite-lived intangible assets for the three months ended March 31, 2023 and 2022.

The following table presents our amortization expense for acquired finite-lived intangible assets:


	Three Months Ended March 31,
	2023		2022
	(in millions)
Amortization expense	$	38	$	40

The table below presents the estimated future amortization expense (excluding the impact of foreign currency translation adjustments of $87 million as of March 31, 2023) of acquired finite-lived intangible assets as of March 31, 2023:


	(in millions)
Remainder of 2023	$	119
2024	153
2025	151
2026	148
2027	147
2028+	719
Total	$	1,437

Investments

3 Months Ended

Mar. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Investments

INVESTMENTS

The following table presents the details of our investments:


	March 31, 2023		December 31, 2022
	(in millions)
Financial investments	$	197	$	181



Equity method investments	401		390
Equity securities	83		86

Financial Investments

Financial investments are comprised of trading securities, primarily highly rated European government debt securities, of which $126 million as of March 31, 2023 and $161 million as of December 31, 2022, are assets primarily utilized to meet regulatory capital requirements, mainly for our clearing operations at Nasdaq Clearing.

Equity Method Investments

We record our estimated pro-rata share of earnings or losses each reporting period and record any dividends as a reduction in the investment balance. As of March 31, 2023 and 2022, our equity method investments primarily included our 40.0% equity interest in OCC.

The carrying amounts of our equity method investments are included in other non-current assets in the Condensed Consolidated Balance Sheets. No impairments were recorded for the three months ended March 31, 2023 and 2022.

Net income recognized from our equity interest in the earnings and losses of these equity method investments, primarily OCC, was $14 million and $7 million for the three months ended March 31, 2023 and 2022, respectively. For the three months ended March 31, 2023, higher equity interest in the earnings of OCC, as compared to 2022, was primarily driven by elevated U.S. industry trading volumes, partially offset by a reduction in the clearing fee rate that OCC charges its customers.

Equity Securities

The carrying amounts of our equity securities are included in other non-current assets in the Condensed Consolidated Balance Sheets. We elected the measurement alternative for substantially all of our equity securities as they do not have a readily determinable fair value. No material adjustments were made to the carrying value of our equity securities for the three months ended March 31, 2023 and 2022. As of March 31, 2023 and December 31, 2022, our equity securities primarily represent various strategic investments made through our corporate venture program as well as investments acquired through various acquisitions.

Deferred Revenue

3 Months Ended

Mar. 31, 2023

Revenue from Contract with Customer [Abstract]

Deferred Revenue

REVENUE FROM CONTRACTS WITH CUSTOMERS

Disaggregation of Revenue

The following tables summarize the disaggregation of revenue by major product and service and by segment for the three months ended March 31, 2023 and 2022:


	Three Months Ended March 31,
	2023		2022
	(in millions)
Market Platforms
Trading Services, net	$	267	$	264
Marketplace Technology	146		132
Capital Access Platforms
Data & Listing Services	186		182
Index	110		122
Workflow & Insights	120		115
Anti-Financial Crime	84		72
Other revenues	1		5
Revenues less transaction-based expenses	$	914	$	892

Contract Balances

The following table summarizes the amount of the transaction price allocated to performance obligations that are unsatisfied, for contract durations greater than one year, as of March 31, 2023:


	Market Technology		Anti-Financial Crime		Workflow & Insights		Total
	(in millions)
Remainder of 2023	$	145	$	306	$	110	$	561
2024	163		267		97		527
2025	133		109		42		284
2026	97		36		13		146
2027	59		10		9		78
2028+	74		6		1		81
Total	$	671	$	734	$	272	$	1,677

DEFERRED REVENUE


	Balance at December 31, 2022		Additions		Revenue Recognized		Adjustments		Balance at March 31, 2023
	(in millions)
Market Platforms:
Market Technology	$	29	$	18	$	(17)	$	—	$	30
Capital Access Platforms:
Initial Listings	116		6		(10)		—		112
Annual Listings	2		272		(1)		(1)		272

Workflow & Insights	172		93		(72)		—		193
Anti-Financial Crime	108		51		(44)		—		115
Other	21		11		(6)		—		26
Total	$	448	$	451	$	(150)	$	(1)	$	748

In the above table:

•Additions primarily reflect deferred revenue billed in the current period, net of recognition.

•Revenue recognized includes revenue recognized during the current period that was included in the beginning balance.

•Adjustments reflect foreign currency translation adjustments.

•Other primarily includes deferred revenue from our Index business, data contracts and non-U.S. listing of additional shares fees. These fees are included in our Capital Access Platforms segment.

As of March 31, 2023, we estimate that our deferred revenue will be recognized in the following years:


Fiscal year ended:	2023		2024		2025		2026		2027		2028+		Total
	(in millions)
Market Platforms:
Market Technology	$	29	$	1	$	—	$	—	$	—	$	—	$	30
Capital Access Platforms:
Initial Listings	31		31		22		17		9		2		112
Annual Listings	272		—		—		—		—		—		272

Workflow & Insights	177		16		—		—		—		—		193
Anti-Financial Crime	105		10		—		—		—		—		115
Other	15		6		4		1		—		—		26
Total	$	629	$	64	$	26	$	18	$	9	$	2	$	748

In the above table, 2023 represents the remaining nine months of 2023.

- Definition

+ References

+ Details

Debt Obligations

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Debt obligations

DEBT OBLIGATIONS

The following table presents the changes in the carrying amount of our debt obligations during the three months ended March 31, 2023:


	December 31, 2022		Additions		Payments, Foreign Currency Translation and Accretion		March 31, 2023
	(in millions)
Short-term debt:
Commercial paper	$	664	$	565	$	(882)	$	347



Long-term debt - senior unsecured notes:
2026 Notes	498		—		—		498
2029 Notes	637		—		9		646
2030 Notes	637		—		8		645
2050 Notes	486		—		1		487
2031 Notes	644		—		—		644
2040 Notes	644		—		—		644
2033 Notes	653		—		9		662
2052 Notes	541		—		—		541
2022 Credit Facility	(5)		—		—		(5)
Total long-term debt	$	4,735	$	—	$	27	$	4,762
Total debt obligations	$	5,399	$	565	$	(855)	$	5,109

The long-term debt senior unsecured notes in the table above, and discussion below, are listed based on their issuance date.

Commercial Paper Program

Our U.S. dollar commercial paper program is supported by our 2022 Credit Facility, which provides liquidity support for the repayment of commercial paper issued through this program. See “2022 Credit Facility” below for further discussion. The effective interest rate of commercial paper issuances fluctuates as short term interest rates and demand fluctuate. The fluctuation of these rates may impact our interest expense. As of March 31, 2023, we had $347 million outstanding under our commercial paper program.

Senior Unsecured Notes

Our 2040 Notes were issued at par. All of our other outstanding senior unsecured notes were issued at a discount. As a result of the discount, the proceeds received from each issuance were less than the aggregate principal amount. As of March 31, 2023, the amounts in the table above reflect the aggregate principal amount, less the unamortized debt discount and the unamortized debt issuance costs, which are being accreted through interest expense over the life of the applicable notes. For our Euro denominated notes, the “Payments, Foreign Currency Translation and Accretion” column also includes the impact of foreign currency translation. Our senior unsecured notes are general unsecured obligations which rank equally with all of our existing and future unsubordinated obligations and are not guaranteed by any of our subsidiaries. The senior unsecured 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. The senior unsecured notes may be redeemed by Nasdaq at any time, subject to a make-whole amount.

Upon a change of control triggering event (as defined in the various supplemental indentures governing the applicable notes), 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.

2026 Notes

In June 2016, Nasdaq issued the 2026 Notes, which pay interest semi-annually at a rate of 3.85% per annum until June 30, 2026. Such interest rate may vary with Nasdaq’s debt rating, to the extent Nasdaq is downgraded below investment grade, up to a rate not to exceed 5.85%.

2029 Notes

In April 2019, Nasdaq issued the 2029 Notes, which pay interest annually at a rate of 1.75% per annum until March 28, 2029. Such interest rate may vary with Nasdaq’s debt rating, to the extent Nasdaq is downgraded below investment grade, up to a rate not to exceed 3.75%.

The 2029 Notes have been designated as a hedge of our net investment in certain foreign subsidiaries to mitigate the foreign exchange risk associated with certain investments in these subsidiaries. The increase in the carrying amount of $9 million noted in the “Payments, Foreign Currency Translation and Accretion” column in the table above primarily reflects the remeasurement of the 2029 Notes into U.S. dollars and is recorded in accumulated other comprehensive loss within Nasdaq's stockholders’ equity in the Condensed Consolidated Balance Sheets as of March 31, 2023.

2030 Notes

In February 2020, Nasdaq issued the 2030 Notes, which pay interest annually at a rate of 0.875% per annum until February 13, 2030.

The 2030 Notes were designated as a hedge of our net investment in certain foreign subsidiaries to mitigate the foreign exchange risk associated with certain investments in these subsidiaries. The increase in the carrying amount of $8 million noted in the “Payments, Foreign Currency Translation and Accretion” column in the table above primarily reflects the remeasurement of the 2030 Notes into U.S. dollars and is recorded in accumulated other comprehensive loss within Nasdaq's stockholders’ equity in the Condensed Consolidated Balance Sheets as of March 31, 2023.

2050 Notes

In April 2020, Nasdaq issued the 2050 Notes, which pay interest semi-annually at a rate of 3.25% per annum until April 28, 2050. Such rate may vary with Nasdaq's debt rating, to the extent Nasdaq is downgraded below investment grade, up to a rate not to exceed 5.25%.

2022, 2031 and 2040 Notes

In December 2020, Nasdaq issued the 2022, 2031 and 2040 Notes. The net proceeds were used to partially fund the acquisition of Verafin. In December 2022, the 2022 Notes were repaid in full.

2031 Notes

The 2031 Notes pay interest semi-annually at a rate of 1.650% per annum until January 15, 2031. Such interest rate may vary with Nasdaq's debt rating, to the extent Nasdaq is downgraded below investment grade, up to a rate not to exceed 3.65%.

2040 Notes

The 2040 Notes pay interest semi-annually at a rate of 2.500% per annum until December 21, 2040. Such interest rate may vary with Nasdaq's debt rating, to the extent Nasdaq is downgraded below investment grade, up to a rate not to exceed 4.50%.

2033 Notes

In July 2021, Nasdaq issued the 2033 Notes, which pay interest annually in arrears, at a rate of 0.900% per annum until July 30, 2033.

The 2033 Notes have been designated as a hedge of our net investment in certain foreign subsidiaries to mitigate the foreign exchange risk associated with certain investments in these subsidiaries. The increase in the carrying amount of $9 million noted in the “Payments, Foreign Currency Translation and Accretion” column in the table above primarily reflects the remeasurement of the 2033 Notes into U.S. dollars and is recorded in accumulated other comprehensive loss within Nasdaq stockholders’ equity in the Condensed Consolidated Balance Sheets as of March 31, 2023.

2052 Notes

In March 2022, Nasdaq issued $550 million aggregate principal amount of 3.950% senior notes due in 2052, which pay interest semi-annually in arrears, beginning on September 7, 2022. The interest rate of 3.950% may vary with Nasdaq's debt rating, to the extent Nasdaq is downgraded below investment grade, up to a rate not to exceed 5.950%.

Credit Facilities

2022 Credit Facility

In December 2020, Nasdaq entered into the 2020 Credit Facility, which replaced a former credit facility and consists of a $1.25 billion five-year revolving credit facility (with sublimits for non-dollar borrowings, swingline borrowings and letters of credit). We amended and restated the 2020 Credit Facility in December 2022 with a new maturity date of December 16, 2027. Nasdaq intends to use funds available under the 2022 Credit Facility for general corporate purposes and to provide liquidity support for the repayment of commercial paper issued through the commercial paper program. Nasdaq is permitted to repay borrowings under our 2022 Credit Facility at any time in whole or in part, without penalty.

As of March 31, 2023, no amounts were outstanding on the 2022 Credit Facility. The $(5) million balance represents unamortized debt issuance costs which are being accreted through interest expense over the life of the credit facility.

Borrowings under the revolving credit facility and swingline borrowings bear interest on the principal amount outstanding at a variable interest rate based on either the SOFR (or a successor rate to SOFR), the base rate (as defined in the 2022 credit agreement), or other applicable rate with respect to non-dollar borrowings, plus an applicable margin that varies with Nasdaq’s debt rating. We are charged commitment fees of 0.100% to 0.250%, depending on our credit rating, whether or not amounts have been borrowed. These commitment fees are included in interest expense and were not material for the three months ended March 31, 2023 and 2022.

The 2022 Credit Facility contains financial and operating covenants. Financial covenants include a maximum leverage ratio. Operating covenants include, among other things, limitations on Nasdaq’s ability to incur additional indebtedness, grant liens on assets, dispose of assets and make certain restricted payments. The facility also contains customary affirmative covenants, including access to financial statements, notice of defaults and certain other material events, maintenance of properties and insurance, and customary events of default, including cross-defaults to our material indebtedness.

The 2022 Credit Facility includes an option for Nasdaq to increase the available aggregate amount by up to $750 million, subject to the consent of the lenders funding the increase and certain other conditions.

Other Credit Facilities

Certain of our European subsidiaries have several other credit facilities, which are available in multiple currencies, primarily to support our Nasdaq Clearing operations in Europe, as well as to provide a cash pool credit line for one subsidiary. These credit facilities, in aggregate, totaled $185 million as of March 31, 2023 and $184 million as of December 31, 2022 in available liquidity, none of which was utilized. Generally, these facilities each have a one-year term. The amounts borrowed under these various credit facilities bear interest on the principal amount outstanding at a variable interest rate based on a base rate (as defined in the applicable credit agreement), plus an applicable margin. We are charged commitment fees (as defined in the applicable credit agreement), whether or not amounts have been borrowed. These commitment fees are included in interest expense and were not material for the three months ended March 31, 2023 and 2022.

These facilities include customary affirmative and negative operating covenants and events of default.

Debt Covenants

As of March 31, 2023, we were in compliance with the covenants of all of our debt obligations.

- Definition

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.

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+ Details

Retirement Plans

3 Months Ended

Mar. 31, 2023

Retirement Benefits [Abstract]

Retirement Plans

RETIREMENT PLANS

Defined Contribution Savings Plan

We sponsor a 401(k) which is a voluntary defined contribution savings plan, for U.S. employees. Employees are immediately eligible to make contributions to the plan and are also eligible for an employer contribution match at an amount equal to 100.0% of the first 6.0% of eligible employee contributions. The following table presents the savings plan expense for the three months ended March 31, 2023 and 2022, which is included in compensation and benefits expense in the Condensed Consolidated Statements of Income:


	Three Months Ended March 31,
	2023		2022
	(in millions)
Savings Plan expense	$	5	$	4

Pension and Supplemental Executive Retirement Plans

We maintain non-contributory, defined-benefit pension plans, non-qualified SERPs for certain senior executives and other post-retirement benefit plans for eligible employees in the U.S. 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. 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. The following table presents the total expense for these plans for the three months ended March 31, 2023 and 2022, which is included in compensation and benefits expense in the Condensed Consolidated Statements of Income:


	Three Months Ended March 31,
	2023		2022
	(in millions)
Retirement Plans expense	$	6	$	6

Nonqualified Deferred Compensation Plan

In June 2022, we established the Nasdaq, Inc. Deferred Compensation Plan, a nonqualified plan. This plan provides certain eligible employees with the opportunity to defer a portion of their annual salary and bonus up to certain approval limits. All deferrals and associated earnings are our general unsecured obligations and were immaterial for the three months ended March 31, 2023.

- Definition

The entire disclosure for retirement benefits.

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+ Details

Share-Based Compensation

3 Months Ended

Mar. 31, 2023

Share-Based Payment Arrangement [Abstract]

Share-Based Compensation

SHARE-BASED COMPENSATION

We have a share-based compensation program for employees and non-employee directors. Share-based awards granted under this program include restricted stock (consisting of restricted stock units), PSUs and stock options. For accounting purposes, we consider PSUs to be a form of restricted stock. Generally, annual employee awards are granted on April 1st of each year.

Summary of Share-Based Compensation Expense

The following table presents the total share-based compensation expense resulting from equity awards and the 15.0% discount for the ESPP for the three months ended March 31, 2023 and 2022, which is included in compensation and benefits expense in the Condensed Consolidated Statements of Income:


	Three Months Ended March 31,
	2023		2022
	(in millions)
Share-based compensation expense before income taxes	$	26	$	25

Common Shares Available Under Our Equity Plan

As of March 31, 2023, we had approximately 26.4 million shares of common stock authorized for future issuance under our Equity Plan.

Restricted Stock

We grant restricted stock to most employees. The grant date fair value of restricted stock awards is based on the closing stock price at the date of grant less the present value of future cash dividends. Restricted stock awards granted to employees below the manager level generally vest as to 33% on the first anniversary of the grant date, 33% on the second anniversary of the grant date, and the remainder on the third anniversary of the grant date. Restricted stock awards granted to employees at or above the manager level generally vest 33% on the second anniversary of the grant date, 33% on the third anniversary of the grant date, and the remainder on the fourth anniversary of the grant date.

Summary of Restricted Stock Activity

The following table summarizes our restricted stock activity for the three months ended March 31, 2023:


	Restricted Stock
	Number of Awards	Weighted-Average Grant Date Fair Value








Unvested at December 31, 2022	4,380,513	$	45.48
Granted	71,501	60.62
Vested	(35,940)	52.12
Forfeited	(48,789)	46.45
Unvested at March 31, 2023	4,367,285	$	45.66

As of March 31, 2023, $100 million of total unrecognized compensation cost related to restricted stock is expected to be recognized over a weighted-average period of 1.6 years.

PSUs

We grant three-year PSUs to certain eligible employees. PSUs are based on performance measures that impact the amount of shares that each recipient will receive upon vesting. Each eligible individual receives PSUs, subject to market conditions, with a three-year cumulative performance period that vest at the end of the performance period. Compensation cost is recognized over the three-year performance period, taking into account an estimated forfeiture rate, regardless of whether the market condition is satisfied, provided that the requisite service period has been completed. Performance will be determined by comparing Nasdaq’s TSR to two peer groups, each weighted 50.0%. The first peer group consists of exchange companies, and the second peer group consists of all companies in the S&P 500. Nasdaq’s relative performance ranking against each of these groups will determine the final number of shares delivered to each individual under the program. The award issuance under this program will be between 0.0% and 200.0% of the number of PSUs granted and will be determined by Nasdaq’s overall performance against both peer groups. However, if Nasdaq’s TSR is negative for the three-year performance period, regardless of TSR ranking, the award issuance will not exceed 100.0% of the number of PSUs granted. We estimate the fair value of PSUs granted under the three-year PSU program using the Monte Carlo simulation model, as these awards contain a market condition.

Grants of PSUs that were issued in 2020 with a three-year performance period exceeded the applicable performance parameters. As a result, an additional 764,748 units above the original target were granted in the first quarter of 2023 and were fully vested upon issuance.

Summary of PSU Activity

The following table summarizes our PSU activity for the three months ended March 31, 2023:


	PSUs

	Number of Awards	Weighted-Average Grant Date Fair Value








Unvested at December 31, 2022	1,966,542	$	56.44
Granted	764,748	37.16
Vested	(1,529,496)	37.16
Forfeited	(17,115)	63.93
Unvested at March 31, 2023	1,184,679	$	68.05

In the table above, the granted amount reflects additional awards granted based on overachievement of performance parameters.

As of March 31, 2023, total unrecognized compensation cost related to the PSU program is $36 million and is expected to be recognized over a weighted-average period of 1.3 years.

Stock Options

In January 2022, in connection with a new five year employment agreement, our Chief Executive Officer received an aggregate of 613,872 performance-based non-qualified stock options, which will vest as follows:

•50% will vest contingent upon the achievement of certain performance conditions; and

•50% will vest five years after the grant date, subject to continued employment through such date.

The fair value of stock options are estimated using the Black-Scholes option-pricing model. These options expire 10 years after the date of grant. There were no stock option awards granted for the three months ended March 31, 2023.

We had no stock option activity for the three months ended March 31, 2023. A summary of our outstanding and exercisable stock options at March 31, 2023 is as follows:


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













Outstanding at March 31, 2023	1,420,323	$	41.79	5.9	$	26
Exercisable at March 31, 2023	806,451	$	22.23	3.8	$	26

As of March 31, 2023, the aggregate pre-tax intrinsic value of the outstanding and exercisable stock options in the above table was $26 million and represents the difference between our closing stock price on March 31, 2023 of $54.67 and the exercise price, times the number of shares that would have been received by the option holder had the option holder exercised the stock options on that date. This amount can change based on the fair market value of our common stock. As of March 31, 2022, 0.8 million outstanding stock options were exercisable and the weighted-average exercise price was $22.23.

ESPP

We have an ESPP under which approximately 12.1 million shares of our common stock were available for future issuance as of March 31, 2023. 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. We record compensation expense related to the 15.0% discount that is given to our employees.

Nasdaq Stockholders’ Equity

3 Months Ended

Mar. 31, 2023

Equity [Abstract]

Nasdaq Stockholders' Equity

NASDAQ STOCKHOLDERS' EQUITY

Common Stock

As of March 31, 2023, 900,000,000 shares of our common stock were authorized, 512,113,066 shares were issued and 489,851,097 shares were outstanding. As of December 31, 2022, 900,000,000 shares of our common stock were authorized, 513,157,630 shares were issued and 491,592,491 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 shareholder to vote in excess of 5.0% of the then-outstanding shares of Nasdaq common stock.

Common Stock in Treasury, at Cost

We account for the purchase of treasury stock under the cost method with the shares of stock repurchased reflected as a reduction to Nasdaq stockholders’ equity and included in common stock in treasury, at cost in the Condensed Consolidated Balance Sheets. Shares repurchased under our share repurchase program are currently retired and canceled and are therefore not included in the common stock in treasury balance. If treasury shares are reissued, they are recorded at the average cost of the treasury shares acquired. We held 22,261,969 shares of common stock in treasury as of March 31, 2023 and 21,565,139 shares as of December 31, 2022, most of which are related to shares of our common stock withheld for the settlement of employee tax withholding obligations arising from the vesting of restricted stock and PSUs.

Share Repurchase Program

As of March 31, 2023, the remaining aggregate authorized amount under the existing share repurchase program was $491 million.

These repurchases may be made from time to time at prevailing market prices in open market purchases, privately-negotiated transactions, block purchase techniques, an accelerated share repurchase program or otherwise, as determined by our management. The repurchases are primarily funded from existing cash balances. The share repurchase program may be suspended, modified or discontinued at any time, and has no defined expiration date.

The following is a summary of our share repurchase activity, reported based on settlement date, for the three months ended March 31, 2023:


	Three Months Ended March 31, 2023

Number of shares of common stock repurchased	2,610,000
Average price paid per share	$	61.08
Total purchase price (in millions)	$	159

In the table above, the number of shares of common stock repurchased excludes an aggregate of 696,830 shares withheld upon the vesting of restricted stock and PSUs for the three months ended March 31, 2023.

As discussed above in “Common Stock in Treasury, at Cost,” shares repurchased under our share repurchase program are currently retired and cancelled.

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. As of March 31, 2023 and December 31, 2022, no shares of preferred stock were issued or outstanding.

Cash Dividends on Common Stock

During the first three months of 2023, our board of directors declared and paid the following cash dividends:

Declaration Date

Dividend Per
Common Share

Record Date

Total Amount Paid

Payment Date

(in millions)

January 24, 2023

0.20

March 17, 2023

March 31, 2023

The total amount paid of $98 million was recorded in retained earnings within Nasdaq's stockholders' equity in the Condensed Consolidated Balance Sheets at March 31, 2023.

In April 2023, the board of directors approved a regular quarterly cash dividend of $0.22 per share on our outstanding common stock, which reflects an increase of 10% from our most recent quarterly cash dividend of $0.20 per share. The dividend is payable on June 30, 2023 to shareholders of record at the close of business on June 16, 2023. The estimated aggregate payment of this dividend is $108 million. Future declarations of quarterly dividends and the establishment of future record and payment dates are subject to approval by the board of directors.

The board of directors maintains a dividend policy with the intention to provide stockholders with regular and increasing dividends as earnings and cash flows increase.

- Definition

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

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-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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-Paragraph 14
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Earnings Per Share

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

Earnings Per Share

EARNINGS PER SHARE

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


	Three Months Ended March 31,
	2023		2022
Numerator:	(in millions, except share and per share amounts)
Net income attributable to common shareholders	$	302	$	284
Denominator:
Weighted-average common shares outstanding for basic earnings per share	489,931,178		495,144,339

Weighted-average effect of dilutive securities - Employee equity awards	4,837,833		6,600,075

Weighted-average common shares outstanding for diluted earnings per share	494,769,011		501,744,414
Basic and diluted earnings per share:
Basic earnings per share	$	0.62	$	0.57
Diluted earnings per share	$	0.61	$	0.57

In the table above, employee equity awards from our PSU program, which are considered contingently issuable, are included in the computation of dilutive earnings per share on a weighted average basis when management determines that the applicable performance criteria would have been met if the performance period ended as of the date of the relevant computation.

Securities that were not included in the computation of diluted earnings per share because their effect was antidilutive were immaterial for the three months ended March 31, 2023 and 2022.

Fair Value of Financial Instruments

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

FAIR VALUE OF FINANCIAL INSTRUMENTS

The following tables present our financial assets and financial liabilities that were measured at fair value on a recurring basis as of March 31, 2023 and December 31, 2022.


	March 31, 2023
	Total		Level 1		Level 2		Level 3
	(in millions)

European government debt securities	$	110	$	110	$	—	$	—
State-owned enterprises and municipal securities	62		—		62		—
Swedish mortgage bonds	20		—		20		—
Corporate debt securities	5		—		5		—


Total assets at fair value	$	197	$	110	$	87	$	—

	December 31, 2022
	Total		Level 1		Level 2		Level 3
	(in millions)
European government debt securities	$	147	$	147	$	—	$	—
State-owned enterprises and municipal securities	7		—		7		—
Swedish mortgage bonds	20		—		20		—
Corporate debt securities	7		—		7		—

Total assets at fair value	$	181	$	147	$	34	$	—

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 and cash equivalents, receivables, net, certain other current assets, accounts payable and accrued expenses, Section 31 fees payable to SEC, accrued personnel costs, commercial paper and certain other current liabilities.

Our investment in OCC is accounted for under the equity method of accounting. We have elected the measurement alternative for the majority of our equity securities, which primarily represent various strategic investments made through our corporate venture program. See “Equity Method Investments,” and “Equity Securities,” of Note 6, “Investments,” for further discussion.

We also consider our debt obligations to be financial instruments. As of March 31, 2023, the majority of our debt obligations were fixed-rate obligations. We are exposed to changes in interest rates as a result of borrowings under our 2022 Credit Facility, as the interest rates on this facility have a variable rate depending on the maturity of the borrowing and the implied underlying reference rate. As of March 31, 2023, we had no outstanding borrowings under our 2022 Credit Facility. We are also exposed to changes in interest rates as a result of the amounts outstanding from the sale of commercial paper under our commercial paper program. As of March 31, 2023, we had $347 million outstanding under our commercial paper program. The fair value of our remaining debt obligations utilizing discounted cash flow analyses for our floating rate debt, and prevailing market rates for our fixed rate debt was $4.1 billion as of March 31, 2023 and $4.4 billion as of December 31, 2022. The discounted cash flow analyses are based on borrowing rates currently available to us for debt with similar terms and maturities. The fair value of our commercial paper as of March 31, 2023 approximated the carrying value since the rates of interest on this short-term debt approximated market rates. Our commercial paper and our fixed rate and floating rate debt are categorized as Level 2 in the fair value hierarchy.

For further discussion of our debt obligations, see Note 8, “Debt Obligations.”

Non-Financial Assets Measured at Fair Value on a Non-Recurring Basis

Our non-financial assets, which include goodwill, intangible assets, and other long-lived assets, are not required to be carried at fair value on a recurring basis. Fair value measures of non-financial assets are primarily used in the impairment analysis of these assets. Any resulting asset impairment would require that the non-financial asset be recorded at its fair value. Nasdaq uses Level 3 inputs to measure the fair value of the above assets on a non-recurring basis. As of March 31, 2023 and December 31, 2022, there were no non-financial assets measured at fair value on a non-recurring basis.

- Definition

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.

+ References + Details

Clearing Operations

3 Months Ended

Mar. 31, 2023

Due to and from Broker-Dealers and Clearing Organizations [Abstract]

Clearing Operations

CLEARING OPERATIONS

Nasdaq Clearing

Nasdaq Clearing is authorized and supervised under EMIR as a multi-asset clearinghouse by the SFSA. Such authorization is effective for all member states of the European Union and certain other non-member states that are part of the European Economic Area, including Norway. The clearinghouse acts as the CCP for exchange and OTC trades in equity derivatives, fixed income derivatives, resale and repurchase contracts, power derivatives, emission allowance derivatives, and seafood derivatives.

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

Nasdaq Clearing maintains three member sponsored default funds: one related to financial markets, one related to commodities markets and one related to the seafood market. Under this structure, Nasdaq Clearing and its clearing members must contribute to the total regulatory capital related to the clearing operations of Nasdaq Clearing. This structure applies an initial separation of default fund contributions for the financial, commodities and seafood markets in order to create a buffer for each market’s counterparty risks. See “Default Fund Contributions” below for further discussion of Nasdaq Clearing’s default fund. A power of assessment and a liability waterfall have also been implemented to further align risk between Nasdaq Clearing and its clearing members. See “Power of Assessment” and “Liability Waterfall” below for further discussion.

Default Fund Contributions and Margin Deposits

As of March 31, 2023, clearing member default fund contributions and margin deposits were as follows:


	March 31, 2023
	Cash Contributions		Non-Cash Contributions		Total Contributions
	(in millions)
Default fund contributions	$	1,320	$	107	$	1,427
Margin deposits	5,735		6,196		11,931
Total	$	7,055	$	6,303	$	13,358

Of the total default fund contributions of $1,427 million, Nasdaq Clearing can utilize $1,323 million as capital resources in the event of a counterparty default. The remaining balance of $104 million pertains to member posted surplus balances.

Our clearinghouse holds material amounts of clearing member cash deposits which are held or invested primarily to provide security of capital while minimizing credit, market and liquidity risks. While we seek to achieve a reasonable rate of return, we are primarily concerned with preservation of capital and managing the risks associated with these deposits.

Clearing member cash contributions are maintained in demand deposits held at central banks and large, highly rated financial institutions or secured through direct investments, primarily central bank certificates and highly rated European government debt securities with original maturities primarily one year or less, reverse repurchase agreements and multilateral development bank debt securities. Investments in reverse repurchase agreements range in maturity from 3 to 14 days and are secured with highly rated government securities and multilateral development banks. The carrying value of these securities approximates their fair value due to the short-term nature of the instruments and reverse repurchase agreements.

Nasdaq Clearing has invested the total cash contributions of $7,055 million as of March 31, 2023 and $7,021 million as of December 31, 2022, in accordance with its investment policy as follows:


	March 31, 2023		December 31, 2022
	(in millions)
Demand deposits	$	4,919	$	4,775
Central bank certificates	1,493		1,695
Restricted cash and cash equivalents	$	6,412	$	6,470
European government debt securities	211		222
Reverse repurchase agreements	312		192

Multilateral development bank debt securities	120		137
Investments	$	643	$	551
Total	$	7,055	$	7,021

In the table above, the change from December 31, 2022 to March 31, 2023 includes currency translation adjustments of $28 million for restricted cash and cash equivalents and $4 million for investments.

For the three months ended March 31, 2023 and 2022, investments related to default funds and margin deposits, net includes purchases of investment securities of $10,813 million and $10,647 million, respectively, and proceeds from sales and redemptions of investment securities of $10,725 million and $10,275 million, respectively.

In the investment activity related to default fund and margin contributions, we are exposed to counterparty risk related to reverse repurchase agreement transactions, which reflect the risk that the counterparty might become insolvent and, thus, fail to meet its obligations to Nasdaq Clearing. We mitigate this risk by only engaging in transactions with high credit quality reverse repurchase agreement counterparties and by

limiting the acceptable collateral under the reverse repurchase agreement to high quality issuers, primarily government securities and other securities explicitly guaranteed by a government. The value of the underlying security is monitored during the lifetime of the contract, and in the event the market value of the underlying security falls below the reverse repurchase amount, our clearinghouse may require additional collateral or a reset of the contract.

Default Fund Contributions

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

In addition to clearing members’ required contributions to the liability waterfall, Nasdaq Clearing is also required to contribute capital to the liability waterfall and overall regulatory capital as specified under its clearinghouse rules. As of March 31, 2023, Nasdaq Clearing committed capital totaling $124 million to the liability waterfall and overall regulatory capital, in the form of government debt securities, which are recorded as financial investments in the Condensed Consolidated Balance Sheets. The combined regulatory capital of the clearing members and Nasdaq Clearing is intended to secure the obligations of a clearing member exceeding such member’s own margin and default fund deposits and may be used to cover losses sustained by a clearing member in the event of a default.

Margin Deposits

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

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

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

Regulatory Capital and Risk Management Calculations

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

As mentioned above, Nasdaq Clearing is the legal counterparty for each contract cleared and thereby guarantees the fulfillment of each contract. Nasdaq Clearing accounts for this guarantee as a performance guarantee. We determine the fair value of the performance guarantee by considering daily settlement of contracts and other margining and default fund requirements, the risk management program, historical evidence of default payments, and the estimated probability of potential default payouts. The calculation is determined using proprietary risk management software that simulates gains and losses based on historical market prices, extreme but plausible market scenarios, volatility and other factors

present at that point in time for those particular unsettled contracts. Based on this analysis, excluding any liability related to the Nasdaq commodities clearing default (see discussion above), the estimated liability was nominal and no liability was recorded as of March 31, 2023.

Power of Assessment

To further strengthen the contingent financial resources of the clearinghouse, Nasdaq Clearing has power of assessment that provides the ability to collect additional funds from its clearing members to cover a defaulting member’s remaining obligations up to the limits established under the terms of the clearinghouse rules. The power of assessment corresponds to 230.0% of the clearing member’s aggregate contribution to the financial, commodities and seafood markets’ default funds.

Liability Waterfall

The liability waterfall is the priority order in which the capital resources would be utilized in the event of a default where the defaulting clearing member’s collateral and default fund contribution would not be sufficient to cover the cost to settle its portfolio. If a default occurs and the defaulting clearing member’s collateral, including cash deposits and pledged assets, is depleted, then capital is utilized in the following amount and order:

•junior capital contributed by Nasdaq Clearing, which totaled $40 million as of March 31, 2023;

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

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

•fully segregated senior capital for each specific market contributed by Nasdaq Clearing, calculated in accordance with clearinghouse rules, which totaled $18 million as of March 31, 2023.

If additional funds are needed after utilization of the liability waterfall, or if part of the waterfall has been utilized and needs to be replenished, then Nasdaq Clearing will utilize its power of assessment and additional capital contributions will be required by non-defaulting members up to the limits established under the terms of the clearinghouse rules.

During 2022, Nasdaq Clearing updated its recovery plan and rule book by introducing additional recovery tools, in accordance with the new European Union regulations for the recovery and resolution of central counterparties, which became effective during 2022.

In addition to the capital held to withstand counterparty defaults described above, Nasdaq Clearing also has committed capital of $66 million to ensure that it can handle an orderly wind-down of its operation, and that it is adequately protected against investment, operational, legal, and business risks.

Market Value of Derivative Contracts Outstanding

The following table presents the market value of derivative contracts outstanding prior to netting:


	March 31, 2023
	(in millions)
Commodity and seafood options, futures and forwards	$	354
Fixed-income options and futures	1,846
Stock options and futures	147
Index options and futures	31
Total	$	2,378

In the table above:

•We determined the fair value of our option contracts using standard valuation models that were based on market-based observable inputs including implied volatility, interest rates and the spot price of the underlying instrument.

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

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

Derivative Contracts Cleared

The following table presents the total number of derivative contracts cleared through Nasdaq Clearing for the three months ended March 31, 2023 and 2022:


	Three Months Ended March 31,
	2023	2022
Commodity and seafood options, futures and forwards	48,966	96,153
Fixed-income options and futures	4,769,546	6,594,330
Stock options and futures	6,080,134	5,113,644
Index options and futures	11,853,151	13,144,541
Total	22,751,797	24,948,668

In the table above, the total volume in cleared power related to commodity contracts was 86 Terawatt hours (TWh) and 135 TWh for the three months ended March 31, 2023 and 2022, respectively.

Resale and Repurchase Agreements Contracts Outstanding and Cleared

The outstanding contract value of resale and repurchase agreements was $1.4 billion and $1.0 billion as of March 31, 2023 and 2022, respectively. The total number of resale and repurchase agreements contracts cleared was 1,220,132 and 1,317,510 for the three months ended March 31, 2023 and 2022, respectively.

Leases

3 Months Ended

Mar. 31, 2023

Leases [Abstract]

Leases

LEASES

We have operating leases which are primarily real estate leases predominantly for our U.S. and European headquarters, data centers and for general office space. The following table provides supplemental balance sheet information related to Nasdaq's operating leases:


Leases	Balance Sheet Classification	March 31, 2023		December 31, 2022
		(in millions)
Assets:
Operating lease assets	Operating lease assets	$	427	$	444

Liabilities:
Current lease liabilities	Other current liabilities	$	57	$	54
Non-current lease liabilities	Operating lease liabilities	442		452
Total lease liabilities		$	499	$	506

The following table summarizes Nasdaq's lease cost:


	Three Months Ended March 31,
	2023		2022
	(in millions)
Operating lease cost	$	28	$	20
Variable lease cost	12		8
Sublease income	(1)		(1)
Total lease cost	$	39	$	27

In the table above, operating lease costs include short-term lease cost, which was immaterial.

During the quarter ended March 31, 2023, we initiated a review of our real estate and facility capacity requirements due to our new and evolving work models. As a result, we recorded impairment charges of $17 million, of which $10 million related to operating lease asset impairment and is included in operating lease cost in the table above, $2 million relates to exit costs and is included in variable lease cost in the table above and $5 million related to impairment of leasehold improvements which is recorded in depreciation and amortization expense in the Condensed Consolidated Statements of Income. We fully impaired our lease assets for locations that we vacated with no intention to sublease. Substantially all of the property, equipment and leasehold improvements associated with the vacated leased office space was fully impaired as there are no expected future cash flows for these items.

The following table reconciles the undiscounted cash flows for each of the first five years and total of the remaining years to the operating lease liabilities recorded in our Condensed Consolidated Balance Sheets.


	March 31, 2023
	(in millions)
Remainder of 2023	$	55
2024	72
2025	63
2026	51
2027	48
2028+	314
Total lease payments	603
Less: interest	(104)
Present value of lease liabilities	$	499

In the table above, interest is calculated using the interest rate for each lease. Present value of lease liabilities include the current portion of $57 million.

Total lease payments in the table above exclude $44 million of legally binding minimum lease payments for leases signed but not yet commenced.

The following table provides information related to Nasdaq's lease term and discount rate:


	March 31, 2023
Weighted-average remaining lease term (in years)	10.3

Weighted-average discount rate	3.7	%

The following table provides supplemental cash flow information related to Nasdaq's operating leases:


	Three Months Ended March 31,
	2023		2022
	(in millions)
Cash paid for amounts included in the measurement of operating lease liabilities	$	19	$	9

Lease assets obtained in exchange for operating lease liabilities	$	7	$	118

Income Taxes

3 Months Ended

Mar. 31, 2023

Income Tax Disclosure [Abstract]

Income Taxes

INCOME TAXES

Income Tax Provision

The following table presents our income tax provision and effective tax rate:


	Three Months Ended March 31,
	2023			2022
	(in millions)
Income tax provision	$	95		$	91
Effective tax rate	24.0		%	24.3		%

The effective tax rate may vary from period to period depending on, among other factors, the geographic and business mix of earnings and losses. These same and other factors, including history of pre-tax earnings and losses, are taken into account in assessing the ability to realize deferred tax assets.

Tax Audits

Nasdaq and its eligible subsidiaries file a consolidated U.S. federal income tax return, applicable state and local income tax returns and non-U.S. income tax returns. We are subject to examination by federal, state and local, and foreign tax authorities. Our federal income tax returns for the years 2018 through 2021 are subject to examination by the Internal Revenue Service. Several state tax returns are currently under examination by the respective tax authorities for the years 2012 through 2021. Non-U.S. tax returns are subject to examination by the respective tax authorities for the years 2017 through 2022.

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. Examination outcomes and the timing of examination settlements are subject to uncertainty. Although the results of such examinations may have an impact on our unrecognized tax benefits, we do not anticipate that such impact will be material to our condensed consolidated financial position or results of operations, but may be material to our operating results for a particular period and the effective tax rate for that period. We do not expect the settlement of any tax audits to be material in the next twelve months.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

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+ Details

Commitments, Contingencies and Guarantees	3 Months Ended
Commitments, Contingencies and Guarantees	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments, Contingencies and Guarantees	COMMITMENTS, CONTINGENCIES AND GUARANTEES Guarantees Issued and Credit Facilities Available In addition to the default fund contributions and margin collateral pledged by clearing members discussed in Note 14, “Clearing Operations,” we have obtained financial guarantees and credit facilities, which are guaranteed by us through counter indemnities, to provide further liquidity related to our clearing businesses. Financial guarantees issued to us totaled $4 million as of March 31, 2023 and December 31, 2022. As discussed in “Other Credit Facilities,” of Note 8, “Debt Obligations,” we also have credit facilities primarily related to our Nasdaq Clearing operations, which are available in multiple currencies, and totaled $185 million as of March 31, 2023 and $184 million as of December 31, 2022 in available liquidity, none of which was utilized. Other Guarantees Through our clearing operations in the financial markets, Nasdaq Clearing is the legal counterparty for, and guarantees the performance of, its clearing members. See Note 14, “Clearing Operations,” for further discussion of Nasdaq Clearing performance guarantees. We have provided a guarantee related to lease obligations for The Nasdaq Entrepreneurial Center, Inc., which is a not-for-profit organization designed to convene, connect and engage aspiring and current entrepreneurs. This entity is not included in the condensed consolidated financial statements of Nasdaq. We believe that the potential for us to be required to make payments under these arrangements is unlikely. Accordingly, no contingent liability is recorded in the Condensed Consolidated Balance Sheets for the above guarantees. Routing Brokerage Activities One of our broker-dealer subsidiaries, Nasdaq Execution Services, provides a guarantee to securities clearinghouses and exchanges under its standard membership agreements, which require members to guarantee the performance of other members. If a member becomes unable to satisfy its obligations to a clearinghouse or exchange, other members would be required to meet its shortfalls. To mitigate these performance risks, the exchanges and clearinghouses often require members to post collateral, as well as meet certain minimum financial standards. Nasdaq Execution Services’ maximum potential liability under these arrangements cannot be quantified. However, we believe that the potential for Nasdaq Execution Services to be required to make payments under these arrangements is unlikely. Accordingly, no contingent liability is recorded in the Condensed Consolidated Balance Sheets for these arrangements. Legal and Regulatory Matters Armenian Stock Exchange Investigation As disclosed in our prior filings with the SEC, a former non-U.S. subsidiary of Nasdaq, NASDAQ OMX Armenia OJSC, operated the Armenian Stock Exchange and the Central Depository of Armenia, which are regulated by the Central Bank of Armenia under Armenian law. In accordance with the requirements of Armenian law, Mellat Bank SB CJSC, an Armenian entity that is designated under Executive Order 13382, was a market participant on the Armenian Stock Exchange and, as a result, paid participation and transaction fees to the Armenian Stock Exchange during the period from 2012-2014. In 2014, we voluntarily self-disclosed this matter to the U.S. Department of Treasury’s Office of Foreign Assets Control, or OFAC, and received authorization from OFAC to continue, if necessary, certain activities pertaining to Mellat Bank SB CJSC in Armenia in a limited manner. In 2015, Nasdaq sold a majority of its ownership of Nasdaq OMX Armenia OJSC, with the remaining minority interest sold in 2018. OFAC has been conducting an inquiry into the Armenian Stock Exchange matter described above and in our prior filings since 2016, and during the first quarter of 2021, we were advised that OFAC is considering a civil monetary penalty in connection with that matter. We are currently in discussions with OFAC. We believe our decision to voluntarily self-report this issue and our continued cooperation with OFAC, along with the permit we received from OFAC in connection with our transactions involving the Armenian Stock Exchange, will be mitigating factors with respect to the matter, and that any monetary fines or restrictions will not be material to our financial results. We cannot currently predict when our discussions with OFAC will conclude or the exact amount of any potential penalties imposed, but have accrued for an immaterial loss contingency. CFTC Matter In June 2022, NASDAQ Futures, Inc. (“NFX”), a non-operational, wholly-owned subsidiary of Nasdaq, received a telephonic “Wells Notice” from the staff of the CFTC relating to certain alleged potential violations by NFX of provisions of the Commodity Exchange Act and CFTC rules thereunder during the period beginning July 2015 through October 2018. The Wells Notice informed NFX that the CFTC staff has made, subject to consideration of NFX’s response, a preliminary determination to recommend that the CFTC authorize an enforcement action against NFX in connection with its former futures exchange business. Nasdaq sold NFX’s futures exchange business to a third-party in November 2019, including the portfolio of open interest in NFX contracts. During 2020, all remaining open interest in NFX contracts was migrated to other exchanges and NFX ceased operation. A Wells Notice is neither a formal charge of wrongdoing nor a final determination that the recipient has violated any law. NFX has submitted a response to the Wells Notice that contests all aspects of the CFTC staff’s position, and is engaged in discussions with the CFTC staff concerning a potential resolution to the investigation, which could include a settlement of the matter. While Nasdaq believes NFX has a meritorious defense to any claims alleged by the CFTC staff, we are unable to predict the outcome of this matter and it could have a negative effect on our operating results or reputation, which could be material. Accordingly, we are unable to reasonably estimate any potential loss or range of loss, and therefore, we have not accrued for a loss contingency. Other Matters Except as disclosed above and in prior reports filed under the Exchange Act, we are not currently a party to any litigation or proceeding that we believe could have a material adverse effect on our business, consolidated financial condition, or operating results. However, from time to time, we have been threatened with, or named as a defendant in, lawsuits or involved in regulatory proceedings. In the normal course of business, Nasdaq discusses matters with its regulators raised during regulatory examinations or otherwise subject to their inquiries. Management believes that censures, fines, penalties or other sanctions that could result from any ongoing examinations or inquiries will not have a material impact on its consolidated financial position or results of operations. However, we are unable to predict the outcome or the timing of the ultimate resolution of these matters, or the potential fines, penalties or injunctive or other equitable relief, if any, that may result from these matters. Tax Audits We are engaged in ongoing discussions and audits with taxing authorities on various tax matters, the resolutions of which are uncertain. Currently, there are matters that may lead to assessments, some of which may not be resolved for several years. Based on currently available information, we believe we have adequately provided for any assessments that could result from those proceedings where it is more likely than not that we will be assessed. We review our positions on these matters as they progress. See “Tax Audits,” of Note 16, “Income Taxes,” for further discussion.

Business Segments

3 Months Ended

Mar. 31, 2023

Segment Reporting [Abstract]

Business Segments

BUSINESS SEGMENTS

In 2022, we announced a new organizational structure, which aligns our businesses more closely with the foundational shifts that are driving the evolution of the global financial system. In order to amplify our strategy, we aligned the Company more closely with evolving client needs. During the fourth quarter of 2022, we began to manage, operate and provide our products and services in line with this new divisional structure. As a result, our four previous business segments, Market Technology, Investment Intelligence, Corporate Platforms and Market Services have been changed to align with our new corporate structure that includes three business segments: Market Platforms, Capital Access Platforms and Anti-Financial Crime. See Note 1, “Organization and Nature of Operations,” for further discussion of our reportable segments.

This Quarterly Report on Form 10-Q presents our results in alignment with the new corporate structure. All periods presented are restated to reflect the new structure.

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 operating income. Results of individual businesses are presented based on our management accounting practices and structure. Our chief operating decision maker does not review total assets or statements of income below operating income by segments as key performance metrics; therefore, such information is not presented below.

The following table presents certain information regarding our business segments for the three months ended March 31, 2023 and 2022:


	Three Months Ended March 31,
	2023		2022
Market Platforms	(in millions)
Total revenues	$	1,032	$	1,039
Transaction-based expenses	(619)		(643)
Revenues less transaction-based expenses	413		396

Operating income	229		213

Capital Access Platforms
Total revenues	416		419

Operating income	226		232

Anti-Financial Crime
Total revenues	84		72

Operating income	23		15

Corporate Items
Total revenues	1		5

Operating loss	(66)		(55)

Consolidated
Total revenues	$	1,533	$	1,535
Transaction-based expenses	(619)		(643)
Revenues less transaction-based expenses	$	914	$	892

Operating income	$	412	$	405

Certain amounts are allocated to Corporate Items in our management reports as we believe they do not contribute to a meaningful evaluation of a particular segment's ongoing operating performance. These items, which are presented in the table below, include the following:

•Amortization expense of acquired intangible assets: We amortize intangible assets acquired in connection with various acquisitions. Intangible asset amortization expense can vary from period to period due to episodic acquisitions completed, rather than from our ongoing business operations. As such, if intangible asset amortization is included in performance measures, it is more difficult to assess the day-to-day operating performance of the segments, and the relative operating performance of the segments between periods. Management does not consider intangible asset amortization expense for the purpose of evaluating the performance of our segments or their managers or when making decisions to allocate resources. Therefore, we believe performance measures excluding intangible asset amortization expense provide management with a useful representation of our segments' ongoing activity in each period.

•Merger and strategic initiatives expense: We have pursued various strategic initiatives and completed acquisitions and divestitures in recent years that have resulted in expenses which would not have otherwise been incurred. These expenses generally include integration costs, as well as legal, due diligence and other third-party transaction costs. The frequency and the amount of such expenses vary significantly based on the size, timing and complexity of the transaction. Management does not consider merger and strategic initiatives expense for the purpose of evaluating the performance of our segments or their managers or when making decisions to allocate resources. Therefore, we believe performance measures excluding merger and strategic initiatives expense provide management with a useful representation of our segments' ongoing activity in each period.

•Restructuring charges: In October 2022, following our September announcement to realign our segments and leadership, we initiated a divisional alignment program with a focus on realizing the full potential of this structure. See Note 19, “Restructuring Charges,” for further discussion of this plan. We believe performance measures excluding restructuring charges provide management with a useful representation of our segments' ongoing activity in each period.

•Revenues and expenses - divested/contributed businesses: For the three months ended March 31, 2022, other revenues include revenues related to our Nordic broker services business, for which we completed the wind-down in June 2022. Prior to the closing of the transaction, these revenues were included in our Market Platforms results. For the three months ended March 31, 2023 and 2022, other revenues also include a transitional services agreement associated with a divested business.

•Other items: We have included certain other charges or gains in corporate items, to the extent we believe they should be excluded when evaluating the ongoing operating performance of each individual segment. Other items primarily include:

◦for the three months ended March 31, 2023 impairment charges of $17 million related to our lease assets and leasehold improvements associated with vacating certain leased office space which are recorded in occupancy expense and depreciation and amortization expense in our Condensed Consolidated Statements of Income; and

◦for the three months ended March 31, 2023, insurance recoveries related to certain legal matters, which are recorded in professional and contract services and general, administrative and other expense in the Condensed Consolidated Statements of Income.

The following table summarizes our Corporate Items:


	Three Months Ended March 31,
	2023		2022
	(in millions)
Revenues - divested/contributed businesses	$	1	$	5
Expenses:
Amortization expense of acquired intangible assets	$	38	$	40
Merger and strategic initiatives expense	2		15
Restructuring charges	18		—
Lease Asset Impairments	17		—




Expenses - divested/contributed businesses	1		1
Other	(9)		4
Total expenses	67		60
Operating loss	$	(66)	$	(55)

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

- Definition

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

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+ Details

Restructuring Charges

3 Months Ended

Mar. 31, 2023

Restructuring and Related Activities [Abstract]

Restructuring Charges

RESTRUCTURING CHARGES

In October 2022, following our September announcement to realign our segments and leadership, we initiated a divisional alignment program with a focus on realizing the full potential of this structure. In connection with the program, we expect to incur $115 million to $145 million in pre-tax charges principally related to employee-related costs, consulting, asset impairments and contract terminations over a two-year period. Costs related to the divisional alignment program will be recorded as restructuring charges in the Condensed Consolidated Statements of Income.

The following table presents a summary of the divisional alignment program charges for the three months ended March 31, 2023.


	Three Months Ended March 31, 2023

	(in millions)
Asset impairment charges	$	12
Consulting services	3

Employee-related costs	3

Total restructuring charges	$	18

Basis of Presentation and Principles of Consolidation (Policies)	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation	The condensed consolidated financial statements are prepared in accordance with U.S. GAAP and include the accounts of Nasdaq, its wholly-owned subsidiaries and other entities in which Nasdaq has a controlling financial interest. When we do not have a controlling interest in an entity, but exercise significant influence over the entity’s operating and financial policies, such investment is accounted for under the equity method of accounting. We recognize our share of earnings or losses of an equity method investee based on our ownership percentage. See “Equity Method Investments,” of Note 6, “Investments,” for further discussion of our equity method investments.
Principles of Consolidation	The accompanying condensed consolidated financial statements reflect all adjustments which are, in the opinion of management, necessary for a fair statement of the results. These adjustments are of a normal recurring nature. All significant intercompany accounts and transactions have been eliminated in consolidation. As permitted under U.S. GAAP, certain footnotes or other financial information can be condensed or omitted in the interim condensed consolidated financial statements. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with the consolidated financial statements and accompanying notes included in Nasdaq’s Form 10-K. The year-end condensed balance sheet data was derived from the audited financial statements, but does not include all disclosures required by U.S. GAAP.
Reclassification	Certain prior year amounts have been reclassified to conform to the current year presentation.
Accounting Estimates	Accounting Estimates In preparing our condensed consolidated financial statements, we make assumptions, judgments and estimates that can have a significant impact on our revenue, operating income and net income, as well as on the value of certain assets and liabilities in our Condensed Consolidated Balance Sheets. At least quarterly, we evaluate our assumptions, judgments and estimates, and make changes as deemed necessary.
Stock Split Effected in the Form of a Stock Dividend	Stock Split Effected in the Form of a Stock Dividend On August 26, 2022, we effected a 3-for-1 stock split of the Company's common stock in the form of a stock dividend to shareholders of record as of August 12, 2022. The par value per share of our common stock remains $0.01 per share. All references made with respect to a number of shares or per share amounts throughout this Quarterly Report on Form 10-Q have been retroactively adjusted to reflect the stock split.
Subsequent Events	Subsequent EventsThere have been no subsequent events through the issuance date of this Quarterly Report on Form 10-Q that would require disclosure in, or adjustment to, the condensed consolidated financial statements.

Revenue From Contracts With Customers (Tables)

3 Months Ended

Mar. 31, 2023

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

The following tables summarize the disaggregation of revenue by major product and service and by segment for the three months ended March 31, 2023 and 2022:


	Three Months Ended March 31,
	2023		2022
	(in millions)
Market Platforms
Trading Services, net	$	267	$	264
Marketplace Technology	146		132
Capital Access Platforms
Data & Listing Services	186		182
Index	110		122
Workflow & Insights	120		115
Anti-Financial Crime	84		72
Other revenues	1		5
Revenues less transaction-based expenses	$	914	$	892

Schedule of Remaining Performance Obligation

The following table summarizes the amount of the transaction price allocated to performance obligations that are unsatisfied, for contract durations greater than one year, as of March 31, 2023:


	Market Technology		Anti-Financial Crime		Workflow & Insights		Total
	(in millions)
Remainder of 2023	$	145	$	306	$	110	$	561
2024	163		267		97		527
2025	133		109		42		284
2026	97		36		13		146
2027	59		10		9		78
2028+	74		6		1		81
Total	$	671	$	734	$	272	$	1,677

Goodwill and Acquired Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Changes in Goodwill

The following table presents the changes in goodwill by business segment during the three months ended March 31, 2023:


	(in millions)
Market Platforms
Balance at December 31, 2022	$	2,912



Foreign currency translation adjustments	(1)
Balance at March 31, 2023	$	2,911
Capital Access Platforms
Balance at December 31, 2022	$	4,178



Foreign currency translation adjustments	6
Balance at March 31, 2023	$	4,184
Anti-Financial Crime
Balance at December 31, 2022	$	1,009



Foreign currency translation adjustments	(1)
Balance at March 31, 2023	$	1,008

Total
Balance at December 31, 2022	$	8,099



Foreign currency translation adjustments	4
Balance at March 31, 2023	$	8,103

Schedule of Acquired Finite-Lived Intangible Assets

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


	March 31, 2023		December 31, 2022

Finite-Lived Intangible Assets	(in millions)
Gross Amount
Technology	$	304	$	304
Customer relationships	2,005		2,005
Trade names and other	58		60
Foreign currency translation adjustment	(210)		(209)
Total gross amount	$	2,157	$	2,160
Accumulated Amortization
Technology	$	(108)	$	(97)
Customer relationships	(806)		(778)
Trade names and other	(16)		(17)
Foreign currency translation adjustment	123		120
Total accumulated amortization	$	(807)	$	(772)
Net Amount
Technology	$	196	$	207
Customer relationships	1,199		1,227
Trade names and other	42		43
Foreign currency translation adjustment	(87)		(89)
Total finite-lived intangible assets	$	1,350	$	1,388

Indefinite-Lived Intangible Assets
Exchange and clearing registrations	$	1,257	$	1,257
Trade names	121		121
Licenses	52		52
Foreign currency translation adjustment	(235)		(237)
Total indefinite-lived intangible assets	$	1,195	$	1,193
Total intangible assets, net	$	2,545	$	2,581

Schedule of Acquired Indefinite-lived Intangible Assets

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


	March 31, 2023		December 31, 2022

Finite-Lived Intangible Assets	(in millions)
Gross Amount
Technology	$	304	$	304
Customer relationships	2,005		2,005
Trade names and other	58		60
Foreign currency translation adjustment	(210)		(209)
Total gross amount	$	2,157	$	2,160
Accumulated Amortization
Technology	$	(108)	$	(97)
Customer relationships	(806)		(778)
Trade names and other	(16)		(17)
Foreign currency translation adjustment	123		120
Total accumulated amortization	$	(807)	$	(772)
Net Amount
Technology	$	196	$	207
Customer relationships	1,199		1,227
Trade names and other	42		43
Foreign currency translation adjustment	(87)		(89)
Total finite-lived intangible assets	$	1,350	$	1,388

Indefinite-Lived Intangible Assets
Exchange and clearing registrations	$	1,257	$	1,257
Trade names	121		121
Licenses	52		52
Foreign currency translation adjustment	(235)		(237)
Total indefinite-lived intangible assets	$	1,195	$	1,193
Total intangible assets, net	$	2,545	$	2,581

Schedule of Finite-lived Intangible Assets Amortization Expense

The following table presents our amortization expense for acquired finite-lived intangible assets:


	Three Months Ended March 31,
	2023		2022
	(in millions)
Amortization expense	$	38	$	40

Schedule of Estimated Future Amortization Expense


	(in millions)
Remainder of 2023	$	119
2024	153
2025	151
2026	148
2027	147
2028+	719
Total	$	1,437

- Definition

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

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+ Details

Investments (Tables)

3 Months Ended

Mar. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Schedule of Investments

The following table presents the details of our investments:


	March 31, 2023		December 31, 2022
	(in millions)
Financial investments	$	197	$	181



Equity method investments	401		390
Equity securities	83		86

Deferred Revenue (Tables)

3 Months Ended

Mar. 31, 2023

Revenue from Contract with Customer [Abstract]

Schedule of Changes in Deferred Revenue

The changes in our deferred revenue during the three months ended March 31, 2023 are reflected in the following table:


	Balance at December 31, 2022		Additions		Revenue Recognized		Adjustments		Balance at March 31, 2023
	(in millions)
Market Platforms:
Market Technology	$	29	$	18	$	(17)	$	—	$	30
Capital Access Platforms:
Initial Listings	116		6		(10)		—		112
Annual Listings	2		272		(1)		(1)		272

Workflow & Insights	172		93		(72)		—		193
Anti-Financial Crime	108		51		(44)		—		115
Other	21		11		(6)		—		26
Total	$	448	$	451	$	(150)	$	(1)	$	748

In the above table:

•Additions primarily reflect deferred revenue billed in the current period, net of recognition.

•Revenue recognized includes revenue recognized during the current period that was included in the beginning balance.

•Adjustments reflect foreign currency translation adjustments.

•Other primarily includes deferred revenue from our Index business, data contracts and non-U.S. listing of additional shares fees. These fees are included in our Capital Access Platforms segment.

Schedule of Estimated Deferred Revenue

As of March 31, 2023, we estimate that our deferred revenue will be recognized in the following years:


Fiscal year ended:	2023		2024		2025		2026		2027		2028+		Total
	(in millions)
Market Platforms:
Market Technology	$	29	$	1	$	—	$	—	$	—	$	—	$	30
Capital Access Platforms:
Initial Listings	31		31		22		17		9		2		112
Annual Listings	272		—		—		—		—		—		272

Workflow & Insights	177		16		—		—		—		—		193
Anti-Financial Crime	105		10		—		—		—		—		115
Other	15		6		4		1		—		—		26
Total	$	629	$	64	$	26	$	18	$	9	$	2	$	748

Debt Obligations (Tables)

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Schedule of Changes in Debt Obligations

The following table presents the changes in the carrying amount of our debt obligations during the three months ended March 31, 2023:


	December 31, 2022		Additions		Payments, Foreign Currency Translation and Accretion		March 31, 2023
	(in millions)
Short-term debt:
Commercial paper	$	664	$	565	$	(882)	$	347



Long-term debt - senior unsecured notes:
2026 Notes	498		—		—		498
2029 Notes	637		—		9		646
2030 Notes	637		—		8		645
2050 Notes	486		—		1		487
2031 Notes	644		—		—		644
2040 Notes	644		—		—		644
2033 Notes	653		—		9		662
2052 Notes	541		—		—		541
2022 Credit Facility	(5)		—		—		(5)
Total long-term debt	$	4,735	$	—	$	27	$	4,762
Total debt obligations	$	5,399	$	565	$	(855)	$	5,109

The long-term debt senior unsecured notes in the table above, and discussion below, are listed based on their issuance date.

Retirement Plans (Tables)

3 Months Ended

Mar. 31, 2023

Retirement Benefits [Abstract]

Schedule of Defined Contribution Plan Disclosures

The following table presents the savings plan expense for the three months ended March 31, 2023 and 2022, which is included in compensation and benefits expense in the Condensed Consolidated Statements of Income:


	Three Months Ended March 31,
	2023		2022
	(in millions)
Savings Plan expense	$	5	$	4

The following table presents the total expense for these plans for the three months ended March 31, 2023 and 2022, which is included in compensation and benefits expense in the Condensed Consolidated Statements of Income:


	Three Months Ended March 31,
	2023		2022
	(in millions)
Retirement Plans expense	$	6	$	6

Share-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2023

Share-Based Payment Arrangement [Abstract]

Summary of Share-Based Compensation Expense


	Three Months Ended March 31,
	2023		2022
	(in millions)
Share-based compensation expense before income taxes	$	26	$	25

Summary of Restricted Stock Activity

The following table summarizes our restricted stock activity for the three months ended March 31, 2023:


	Restricted Stock
	Number of Awards	Weighted-Average Grant Date Fair Value








Unvested at December 31, 2022	4,380,513	$	45.48
Granted	71,501	60.62
Vested	(35,940)	52.12
Forfeited	(48,789)	46.45
Unvested at March 31, 2023	4,367,285	$	45.66

Summary of PSU Activity

The following table summarizes our PSU activity for the three months ended March 31, 2023:


	PSUs

	Number of Awards	Weighted-Average Grant Date Fair Value








Unvested at December 31, 2022	1,966,542	$	56.44
Granted	764,748	37.16
Vested	(1,529,496)	37.16
Forfeited	(17,115)	63.93
Unvested at March 31, 2023	1,184,679	$	68.05

Summary of Stock Option Activity

A summary of our outstanding and exercisable stock options at March 31, 2023 is as follows:


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













Outstanding at March 31, 2023	1,420,323	$	41.79	5.9	$	26
Exercisable at March 31, 2023	806,451	$	22.23	3.8	$	26

Nasdaq Stockholders’ Equity (Tables)

3 Months Ended

Mar. 31, 2023

Equity [Abstract]

Schedule of Common Stock in Treasury

The following is a summary of our share repurchase activity, reported based on settlement date, for the three months ended March 31, 2023:


	Three Months Ended March 31, 2023

Number of shares of common stock repurchased	2,610,000
Average price paid per share	$	61.08
Total purchase price (in millions)	$	159

Schedule of Dividends Declared

During the first three months of 2023, our board of directors declared and paid the following cash dividends:

Declaration Date

Dividend Per
Common Share

Record Date

Total Amount Paid

Payment Date

(in millions)

January 24, 2023

0.20

March 17, 2023

March 31, 2023

Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

Schedule of Computation of Basic and Diluted Earnings Per Share

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


	Three Months Ended March 31,
	2023		2022
Numerator:	(in millions, except share and per share amounts)
Net income attributable to common shareholders	$	302	$	284
Denominator:
Weighted-average common shares outstanding for basic earnings per share	489,931,178		495,144,339

Weighted-average effect of dilutive securities - Employee equity awards	4,837,833		6,600,075

Weighted-average common shares outstanding for diluted earnings per share	494,769,011		501,744,414
Basic and diluted earnings per share:
Basic earnings per share	$	0.62	$	0.57
Diluted earnings per share	$	0.61	$	0.57

Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Schedule of Financial Assets Measured at Fair Value on Recurring Basis

The following tables present our financial assets and financial liabilities that were measured at fair value on a recurring basis as of March 31, 2023 and December 31, 2022.


	March 31, 2023
	Total		Level 1		Level 2		Level 3
	(in millions)

European government debt securities	$	110	$	110	$	—	$	—
State-owned enterprises and municipal securities	62		—		62		—
Swedish mortgage bonds	20		—		20		—
Corporate debt securities	5		—		5		—


Total assets at fair value	$	197	$	110	$	87	$	—

	December 31, 2022
	Total		Level 1		Level 2		Level 3
	(in millions)
European government debt securities	$	147	$	147	$	—	$	—
State-owned enterprises and municipal securities	7		—		7		—
Swedish mortgage bonds	20		—		20		—
Corporate debt securities	7		—		7		—

Total assets at fair value	$	181	$	147	$	34	$	—

Clearing Operations (Tables)

3 Months Ended

Mar. 31, 2023

Due to and from Broker-Dealers and Clearing Organizations [Abstract]

Schedule of Clearing Member Default Fund Contributions

As of March 31, 2023, clearing member default fund contributions and margin deposits were as follows:


	March 31, 2023
	Cash Contributions		Non-Cash Contributions		Total Contributions
	(in millions)
Default fund contributions	$	1,320	$	107	$	1,427
Margin deposits	5,735		6,196		11,931
Total	$	7,055	$	6,303	$	13,358

Nasdaq Clearing has invested the total cash contributions of $7,055 million as of March 31, 2023 and $7,021 million as of December 31, 2022, in accordance with its investment policy as follows:


	March 31, 2023		December 31, 2022
	(in millions)
Demand deposits	$	4,919	$	4,775
Central bank certificates	1,493		1,695
Restricted cash and cash equivalents	$	6,412	$	6,470
European government debt securities	211		222
Reverse repurchase agreements	312		192

Multilateral development bank debt securities	120		137
Investments	$	643	$	551
Total	$	7,055	$	7,021

Schedule of Derivative Contracts Outstanding

The following table presents the market value of derivative contracts outstanding prior to netting:


	March 31, 2023
	(in millions)
Commodity and seafood options, futures and forwards	$	354
Fixed-income options and futures	1,846
Stock options and futures	147
Index options and futures	31
Total	$	2,378

In the table above:

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

Schedule of Derivative Contracts Cleared

The following table presents the total number of derivative contracts cleared through Nasdaq Clearing for the three months ended March 31, 2023 and 2022:


	Three Months Ended March 31,
	2023	2022
Commodity and seafood options, futures and forwards	48,966	96,153
Fixed-income options and futures	4,769,546	6,594,330
Stock options and futures	6,080,134	5,113,644
Index options and futures	11,853,151	13,144,541
Total	22,751,797	24,948,668

In the table above, the total volume in cleared power related to commodity contracts was 86 Terawatt hours (TWh) and 135 TWh for the three months ended March 31, 2023 and 2022, respectively.

- Definition

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.

+ References

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+ Details

Leases (Tables)

3 Months Ended

Mar. 31, 2023

Leases [Abstract]

Schedule of Balance Sheet Information

The following table provides supplemental balance sheet information related to Nasdaq's operating leases:


Leases	Balance Sheet Classification	March 31, 2023		December 31, 2022
		(in millions)
Assets:
Operating lease assets	Operating lease assets	$	427	$	444

Liabilities:
Current lease liabilities	Other current liabilities	$	57	$	54
Non-current lease liabilities	Operating lease liabilities	442		452
Total lease liabilities		$	499	$	506

Schedule of Lease Cost, Lease Term and Discount Rate

The following table summarizes Nasdaq's lease cost:


	Three Months Ended March 31,
	2023		2022
	(in millions)
Operating lease cost	$	28	$	20
Variable lease cost	12		8
Sublease income	(1)		(1)
Total lease cost	$	39	$	27

The following table provides information related to Nasdaq's lease term and discount rate:


	March 31, 2023
Weighted-average remaining lease term (in years)	10.3

Weighted-average discount rate	3.7	%

The following table provides supplemental cash flow information related to Nasdaq's operating leases:


	Three Months Ended March 31,
	2023		2022
	(in millions)
Cash paid for amounts included in the measurement of operating lease liabilities	$	19	$	9

Lease assets obtained in exchange for operating lease liabilities	$	7	$	118

Schedule of Operating Lease Liabilities


	March 31, 2023
	(in millions)
Remainder of 2023	$	55
2024	72
2025	63
2026	51
2027	48
2028+	314
Total lease payments	603
Less: interest	(104)
Present value of lease liabilities	$	499

Income Taxes (Tables)

3 Months Ended

Mar. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Income Tax Provision and Effective Tax Rate

The following table presents our income tax provision and effective tax rate:


	Three Months Ended March 31,
	2023			2022
	(in millions)
Income tax provision	$	95		$	91
Effective tax rate	24.0		%	24.3		%

Business Segments (Tables)

3 Months Ended

Mar. 31, 2023

Segment Reporting [Abstract]

Schedule of Operating Segments

The following table presents certain information regarding our business segments for the three months ended March 31, 2023 and 2022:


	Three Months Ended March 31,
	2023		2022
Market Platforms	(in millions)
Total revenues	$	1,032	$	1,039
Transaction-based expenses	(619)		(643)
Revenues less transaction-based expenses	413		396

Operating income	229		213

Capital Access Platforms
Total revenues	416		419

Operating income	226		232

Anti-Financial Crime
Total revenues	84		72

Operating income	23		15

Corporate Items
Total revenues	1		5

Operating loss	(66)		(55)

Consolidated
Total revenues	$	1,533	$	1,535
Transaction-based expenses	(619)		(643)
Revenues less transaction-based expenses	$	914	$	892

Operating income	$	412	$	405

Schedule of Corporate Items

The following table summarizes our Corporate Items:


	Three Months Ended March 31,
	2023		2022
	(in millions)
Revenues - divested/contributed businesses	$	1	$	5
Expenses:
Amortization expense of acquired intangible assets	$	38	$	40
Merger and strategic initiatives expense	2		15
Restructuring charges	18		—
Lease Asset Impairments	17		—




Expenses - divested/contributed businesses	1		1
Other	(9)		4
Total expenses	67		60
Operating loss	$	(66)	$	(55)

Restructuring Charges (Tables)

3 Months Ended

Mar. 31, 2023

Restructuring and Related Activities [Abstract]

Schedule of Restructuring Charges

The following table presents a summary of the divisional alignment program charges for the three months ended March 31, 2023.


	Three Months Ended March 31, 2023

	(in millions)
Asset impairment charges	$	12
Consulting services	3

Employee-related costs	3

Total restructuring charges	$	18

Organization and Nature of Operations (Details) $ in Billions		1 Months Ended	3 Months Ended
	Aug. 31, 2022 segment	Sep. 30, 2022 segment	Mar. 31, 2023 USD ($) company
Organization And Basis Of Presentation [Line Items]
Number of operating segments (in segments) \| segment	4	3
Investment Intelligence
Organization And Basis Of Presentation [Line Items]
Number of exchange traded products licensed to Nasdaq's Indexes (in exchange traded products)			387
Number of equity exchanges (in exchanges)			26
Number of countries services are provided (in countries)			20
Assets management value \| $			$ 366
United States \| Capital Access Platforms
Organization And Basis Of Presentation [Line Items]
Total number of listings on The Nasdaq Stock Market (in companies)			4,163
ETPs and other listings listed on Nasdaq Stock Market (in companies)			539
Approximate combined market capitalization \| $			$ 22,200
Europe \| Capital Access Platforms
Organization And Basis Of Presentation [Line Items]
Approximate combined market capitalization \| $			$ 2,000
Total number of listed companies within Nordic and Baltic exchanges (in companies)			1,250

Basis of Presentation and Principles of Consolidation (Details)	Aug. 26, 2022 $ / shares	Mar. 31, 2023 $ / shares	Dec. 31, 2022 $ / shares
Accounting Policies [Abstract]
Stock split conversion ratio	3
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01	$ 0.01

Revenue From Contracts With Customers (Revenue by Product, Service and Segment) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Disaggregation of Revenue [Line Items]
Revenues less transaction-based expenses	$ 914	$ 892
Operating Segments \| Market Platforms
Disaggregation of Revenue [Line Items]
Revenues less transaction-based expenses	413	396
Operating Segments \| Capital Access Platforms
Disaggregation of Revenue [Line Items]
Revenues less transaction-based expenses	416	419
Operating Segments \| Anti-Financial Crime
Disaggregation of Revenue [Line Items]
Revenues less transaction-based expenses	84	72
Operating Segments \| Trading Services, net \| Market Platforms
Disaggregation of Revenue [Line Items]
Revenues less transaction-based expenses	267	264
Operating Segments \| Marketplace Technology \| Market Platforms
Disaggregation of Revenue [Line Items]
Revenues less transaction-based expenses	146	132
Operating Segments \| Data & Listing Services \| Capital Access Platforms
Disaggregation of Revenue [Line Items]
Revenues less transaction-based expenses	186	182
Operating Segments \| Index \| Capital Access Platforms
Disaggregation of Revenue [Line Items]
Revenues less transaction-based expenses	110	122
Operating Segments \| Workflow & Insights \| Capital Access Platforms
Disaggregation of Revenue [Line Items]
Revenues less transaction-based expenses	120	115
Operating Segments \| Anti-Financial Crime \| Anti-Financial Crime
Disaggregation of Revenue [Line Items]
Revenues less transaction-based expenses	84	72
Reconciling Items \| Other revenues
Disaggregation of Revenue [Line Items]
Revenues less transaction-based expenses	$ 1	$ 5

Revenue From Contracts With Customers (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Allowance for doubtful accounts	$ 15		$ 15
Minimum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, period	3 months
Maximum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, period	3 years
Trading Services, net \| Market Platforms \| Services Transferred at a Point in Time
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue recognized (as a percentage)	93.20%	93.90%
Trading Services, net \| Market Platforms \| Services Transferred Over Time
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue recognized (as a percentage)	6.80%	6.10%

Goodwill and Acquired Intangible Assets (Schedule of Changes in Goodwill) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)
Goodwill [Roll Forward]
Balance at beginning of period	$ 8,099
Foreign currency translation adjustments	4
Balance at end of period	8,103
Market Platforms
Goodwill [Roll Forward]
Balance at beginning of period	2,912
Foreign currency translation adjustments	(1)
Balance at end of period	2,911
Capital Access Platforms
Goodwill [Roll Forward]
Balance at beginning of period	4,178
Foreign currency translation adjustments	6
Balance at end of period	4,184
Anti-Financial Crime
Goodwill [Roll Forward]
Balance at beginning of period	1,009
Foreign currency translation adjustments	(1)
Balance at end of period	$ 1,008

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Goodwill and Acquired Intangible Assets (Narrative) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Indefinite-lived Intangible Assets [Line Items]
Amount of goodwill expected to be deductible for tax purposes	$ 35,000,000
Goodwill, impairment loss	0	$ 0
Impairment of indefinite-lived intangible assets	0	$ 0
Finite-lived intangible assets, net	1,350,000,000		$ 1,388,000,000
Foreign Currency Translation Adjustment
Indefinite-lived Intangible Assets [Line Items]
Finite-lived intangible assets, net	$ (87,000,000)		$ (89,000,000)

Goodwill and Acquired Intangible Assets (Finite-Lived and Indefinite-Lived Intangible Assets) (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Gross Amount	$ 2,157	$ 2,160
Accumulated Amortization	(807)	(772)
Net Amount	1,350	1,388
Indefinite-lived Intangible Assets [Line Items]
Indefinite-Lived Intangible Assets	1,195	1,193
Intangible assets, net	2,545	2,581
Exchange and clearing registrations
Indefinite-lived Intangible Assets [Line Items]
Indefinite-Lived Intangible Assets	1,257	1,257
Trade names
Indefinite-lived Intangible Assets [Line Items]
Indefinite-Lived Intangible Assets	121	121
Licenses
Indefinite-lived Intangible Assets [Line Items]
Indefinite-Lived Intangible Assets	52	52
Foreign currency translation adjustment
Indefinite-lived Intangible Assets [Line Items]
Indefinite-Lived Intangible Assets	(235)	(237)
Technology
Finite-Lived Intangible Assets [Line Items]
Gross Amount	304	304
Accumulated Amortization	(108)	(97)
Net Amount	196	207
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Amount	2,005	2,005
Accumulated Amortization	(806)	(778)
Net Amount	1,199	1,227
Trade names and other
Finite-Lived Intangible Assets [Line Items]
Gross Amount	58	60
Accumulated Amortization	(16)	(17)
Net Amount	42	43
Foreign currency translation adjustment
Finite-Lived Intangible Assets [Line Items]
Gross Amount	(210)	(209)
Accumulated Amortization	123	120
Net Amount	$ (87)	$ (89)

Goodwill and Acquired Intangible Assets (Finite-Lived Intangible Assets Amortization Expense) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 38	$ 40

Goodwill and Acquired Intangible Assets (Estimated Future Amortization Expense) (Details) $ in Millions	Mar. 31, 2023 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2023	$ 119
2024	153
2025	151
2026	148
2027	147
2028+	719
Total	$ 1,437

Investments (Schedule of Investments) (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Financial investments	$ 197	$ 181
Equity method investments	401	390
Equity securities	$ 83	$ 86

Investments (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
Investments (Narrative) (Details) - USD ($) $ in Millions	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Investments, Debt and Securities [Line Items]
Net income from unconsolidated investees	$ 14	$ 7
OCC
Investments, Debt and Securities [Line Items]
Equity method investment, ownership percentage	40.00%	40.00%
Foreign Government Debt Securities
Investments, Debt and Securities [Line Items]
Trading securities	$ 126		$ 161

Deferred Revenue (Changes in Deferred Revenue) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)
Change in Contract with Customer Liability [Roll Forward]
Beginning balance	$ 448
Additions	451
Revenue Recognized	(150)
Adjustments	(1)
Ending balance	748
Market Technology
Change in Contract with Customer Liability [Roll Forward]
Beginning balance	29
Additions	18
Revenue Recognized	(17)
Adjustments	0
Ending balance	30
Initial Listings
Change in Contract with Customer Liability [Roll Forward]
Beginning balance	116
Additions	6
Revenue Recognized	(10)
Adjustments	0
Ending balance	112
Annual Listings
Change in Contract with Customer Liability [Roll Forward]
Beginning balance	2
Additions	272
Revenue Recognized	(1)
Adjustments	(1)
Ending balance	272
Workflow & Insights
Change in Contract with Customer Liability [Roll Forward]
Beginning balance	172
Additions	93
Revenue Recognized	(72)
Adjustments	0
Ending balance	193
Anti-Financial Crime
Change in Contract with Customer Liability [Roll Forward]
Beginning balance	108
Additions	51
Revenue Recognized	(44)
Adjustments	0
Ending balance	115
Other
Change in Contract with Customer Liability [Roll Forward]
Beginning balance	21
Additions	11
Revenue Recognized	(6)
Adjustments	0
Ending balance	$ 26

Deferred Revenue (Estimated Deferred Revenue) (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Fiscal Year Ended [Abstract]
2023	$ 629
2024	64
2025	26
2026	18
2027	9
2028+	2
Total	748	$ 448
Market Technology
Fiscal Year Ended [Abstract]
2023	29
2024	1
2025	0
2026	0
2027	0
2028+	0
Total	30	29
Initial Listings
Fiscal Year Ended [Abstract]
2023	31
2024	31
2025	22
2026	17
2027	9
2028+	2
Total	112	116
Annual Listings
Fiscal Year Ended [Abstract]
2023	272
2024	0
2025	0
2026	0
2027	0
2028+	0
Total	272	2
Workflow & Insights
Fiscal Year Ended [Abstract]
2023	177
2024	16
2025	0
2026	0
2027	0
2028+	0
Total	193	172
Anti-Financial Crime
Fiscal Year Ended [Abstract]
2023	105
2024	10
2025	0
2026	0
2027	0
2028+	0
Total	115	108
Other
Fiscal Year Ended [Abstract]
2023	15
2024	6
2025	4
2026	1
2027	0
2028+	0
Total	$ 26	$ 21

Debt Obligations (Changes in Debt Obligations) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)
Changes in Long-Term Debt Obligations [Roll Forward]
Total long-term debt at beginning of period	$ 4,735
Additions	0
Payments, Foreign Currency Translation and Accretion	27
Total long-term debt at end of period	4,762
Changes In Debt Obligations [Roll Forward]
Total debt obligations at beginning of period	5,399
Additions	565
Payments, Foreign Currency Translation and Accretion	(855)
Total debt obligations at end of period	5,109
2022 Credit Facility
Changes in Long-Term Debt Obligations [Roll Forward]
Unamortized debt issuance expense, beginning balance	(5)
Additions	0
Payments, Foreign Currency Translation and Accretion	0
Unamortized debt issuance expense, ending balance	(5)
2026 Notes \| Senior Notes
Changes in Long-Term Debt Obligations [Roll Forward]
Long-term debt obligations at beginning of period	498
Additions	0
Payments, Foreign Currency Translation and Accretion	0
Long-term debt obligations at end of period	498
2029 Notes \| Senior Notes
Changes in Long-Term Debt Obligations [Roll Forward]
Long-term debt obligations at beginning of period	637
Additions	0
Payments, Foreign Currency Translation and Accretion	9
Long-term debt obligations at end of period	646
2030 Notes \| Senior Notes
Changes in Long-Term Debt Obligations [Roll Forward]
Long-term debt obligations at beginning of period	637
Additions	0
Payments, Foreign Currency Translation and Accretion	8
Long-term debt obligations at end of period	645
2050 Notes \| Senior Notes
Changes in Long-Term Debt Obligations [Roll Forward]
Long-term debt obligations at beginning of period	486
Additions	0
Payments, Foreign Currency Translation and Accretion	1
Long-term debt obligations at end of period	487
2031 Notes \| Senior Notes
Changes in Long-Term Debt Obligations [Roll Forward]
Long-term debt obligations at beginning of period	644
Additions	0
Payments, Foreign Currency Translation and Accretion	0
Long-term debt obligations at end of period	644
2040 Notes \| Senior Notes
Changes in Long-Term Debt Obligations [Roll Forward]
Long-term debt obligations at beginning of period	644
Additions	0
Payments, Foreign Currency Translation and Accretion	0
Long-term debt obligations at end of period	644
2033 Notes \| Senior Notes
Changes in Long-Term Debt Obligations [Roll Forward]
Long-term debt obligations at beginning of period	653
Additions	0
Payments, Foreign Currency Translation and Accretion	9
Long-term debt obligations at end of period	662
2052 Notes \| Senior Notes
Changes in Long-Term Debt Obligations [Roll Forward]
Long-term debt obligations at beginning of period	541
Additions	0
Payments, Foreign Currency Translation and Accretion	0
Long-term debt obligations at end of period	541
Commercial paper
Changes In Short-Term Debt Obligations [Roll Forward]
Short-term debt - commercial paper beginning balance	664
Additions	565
Payments, Foreign Currency Translation and Accretion	(882)
Short-term debt - commercial paper ending balance	$ 347

Debt Obligations (Commercial Paper Program) (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Commercial paper
Short-term Debt [Line Items]
Short-term debt	$ 347	$ 664

Debt Obligations (Senior Unsecured Notes) (Details)	3 Months Ended
Debt Obligations (Senior Unsecured Notes) (Details)	Mar. 31, 2023
Senior Notes
Debt Instrument [Line Items]
Aggregate principal amount purchased plus accrued and unpaid interest	101.00%

Debt Obligations (2026 Notes) (Details) - 2026 Notes - Senior Notes	Jun. 30, 2016
Debt Instrument [Line Items]
Stated rate	3.85%
Maximum
Debt Instrument [Line Items]
Maximum interest rate on debt instrument	5.85%

Debt Obligations (2029 Notes) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Apr. 30, 2019
Debt Instrument [Line Items]
Decrease (increase) in carrying amount	$ (27)
2029 Notes \| Senior Notes
Debt Instrument [Line Items]
Stated rate		1.75%
Decrease (increase) in carrying amount	$ (9)
2029 Notes \| Senior Notes \| Maximum
Debt Instrument [Line Items]
Maximum interest rate on debt instrument		3.75%

Debt Obligations (2030 Notes) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Feb. 29, 2020
Debt Instrument [Line Items]
Decrease (increase) in carrying amount	$ (27)
2030 Notes
Debt Instrument [Line Items]
Stated rate		0.875%
2030 Notes \| Senior Notes
Debt Instrument [Line Items]
Decrease (increase) in carrying amount	$ (8)

Debt Obligations (2050 Notes) (Details) - 2050 Notes - Senior Notes	Apr. 30, 2020
Debt Instrument [Line Items]
Stated rate	3.25%
Maximum
Debt Instrument [Line Items]
Stated rate	5.25%

Debt Obligations (2022, 2031 and 2040 Notes) (Details) - Senior Notes	Mar. 31, 2023
2031 Notes
Debt Instrument [Line Items]
Stated rate	1.65%
2031 Notes \| Maximum
Debt Instrument [Line Items]
Maximum interest rate on debt instrument	3.65%
2040 Notes
Debt Instrument [Line Items]
Stated rate	2.50%
2040 Notes \| Maximum
Debt Instrument [Line Items]
Maximum interest rate on debt instrument	4.50%

Debt Obligations (2033 Notes) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Jul. 31, 2021
Debt Instrument [Line Items]
Decrease (increase) in carrying amount	$ (27)
2033 Notes
Debt Instrument [Line Items]
Stated rate		0.90%
2033 Notes \| Senior Notes
Debt Instrument [Line Items]
Decrease (increase) in carrying amount	$ (9)

Debt Obligations (2052 Notes) (Details) - 2052 Notes - Senior Notes $ in Millions	Mar. 31, 2022 USD ($)
Debt Instrument [Line Items]
Principal amount	$ 550
Minimum
Debt Instrument [Line Items]
Stated rate	3.95%
Maximum
Debt Instrument [Line Items]
Stated rate	5.95%

Debt Obligations (Credit Facilities) (Details) - 2022 Credit Facility - USD ($)	1 Months Ended	3 Months Ended
	Dec. 31, 2020	Mar. 31, 2023
Revolving Credit Facility
Debt Instrument [Line Items]
Utilized amount		$ 0
Unamortized debt issuance expense		(5,000,000)
Revolving Credit Facility
Debt Instrument [Line Items]
Credit facility, borrowing capacity	$ 1,250,000,000
Credit facility term	5 years
Option to increase available aggregate amount		$ 750,000,000
Revolving Credit Facility \| Minimum
Debt Instrument [Line Items]
Line of credit facility, commitment fee percentage		0.10%
Revolving Credit Facility \| Maximum
Debt Instrument [Line Items]
Line of credit facility, commitment fee percentage		0.25%

Debt Obligations (Other Credit Facilities) (Details) - Clearinghouse Credit Facilities - USD ($)	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Remaining amount available	$ 185,000,000	$ 184,000,000
Utilized amount	$ 0	$ 0
Credit facility term	1 year

- Definition

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

+ References + Details

Retirement Plans (Narrative) (Details)	3 Months Ended
Retirement Plans (Narrative) (Details)	Mar. 31, 2023	Mar. 31, 2022
Retirement Benefits [Abstract]
Employer contribution match, percent match	100.00%	100.00%
Employer contribution match, percentage of employee contribution	6.00%	6.00%

Retirement Plans (Cost of Retirement Plans) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Retirement Benefits [Abstract]
Savings Plan expense	$ 5	$ 4
Retirement Plans expense	$ 6	$ 6

Share-Based Compensation (Narrative) (Details) $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended		12 Months Ended
	Jan. 31, 2022 shares	Mar. 31, 2023 USD ($) peerGroup $ / shares shares	Mar. 31, 2022 $ / shares shares	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock shares reserved for future issuance (in shares)		26,400,000
Aggregate Intrinsic Value (in millions) \| $		$ 26
Share price (in dollars per share) \| $ / shares		$ 54.67
Stock options, exercisable (in shares)		806,451	800,000
Options exercisable, weighted average exercise price (in dollars per share) \| $ / shares		$ 22.23	$ 22.23
Employment Agreement
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	613,872	0
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Discount from market price (as a percent)		15.00%	15.00%
Common stock shares reserved for future issuance (in shares)		12,100,000
Maximum percentage of shares purchased from annual compensation		10.00%
Discount given to employees (as a percent)		15.00%
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation cost \| $		$ 100
Weighted-average period unrecognized compensation cost is expected to be recognized, in years		1 year 7 months 6 days
Restricted Stock \| Below Manager Level \| First Anniversary
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage (as a percent)		33.00%
Restricted Stock \| Below Manager Level \| Second Anniversary
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage (as a percent)		33.00%
Restricted Stock \| At or Above Manager Level \| Second Anniversary
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage (as a percent)		33.00%
Restricted Stock \| At or Above Manager Level \| Third Anniversary
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage (as a percent)		33.00%
PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation cost \| $		$ 36
Weighted-average period unrecognized compensation cost is expected to be recognized, in years		1 year 3 months 18 days
Expiration period		3 years		3 years
Performance period		3 years
Number of peer groups (in peer groups) \| peerGroup		2
Performance-based long-term incentive program weighted percentage		50.00%
Minimum payout (as a percent)		0.00%
Maximum payout (as a percent)		200.00%
Additional units granted above target (in shares)		764,748
PSUs, Negative TSR
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum payout (as a percent)		100.00%
Employee Stock Option \| Employment Agreement
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period	10 years
Agreement term	5 years
Employee Stock Option \| First Anniversary \| Employment Agreement
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage (as a percent)	50.00%
Employee Stock Option \| Second Anniversary \| Employment Agreement
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage (as a percent)	50.00%
Vesting period	5 years

Share-Based Compensation (Summary of Share-Based Compensation Expense) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share-Based Payment Arrangement [Abstract]
Share-based compensation expense before income taxes	$ 26	$ 25

Share-Based Compensation (Summary of Restricted Stock Activity) (Details) - Restricted Stock	3 Months Ended
	Mar. 31, 2023 $ / shares shares
Number of Awards
Unvested balances at beginning of period (in shares) \| shares	4,380,513
Granted (in shares) \| shares	71,501
Vested (in shares) \| shares	(35,940)
Forfeited (in shares) \| shares	(48,789)
Unvested balances at end of period (in shares) \| shares	4,367,285
Weighted-Average Grant Date Fair Value
Unvested balances at beginning of period (in dollars per share) \| $ / shares	$ 45.48
Granted (in dollars per share) \| $ / shares	60.62
Vested (in dollars per share) \| $ / shares	52.12
Forfeited (in dollars per share) \| $ / shares	46.45
Unvested balances at end of period (in dollars per share) \| $ / shares	$ 45.66

Share-Based Compensation (Summary of PSU Activity) (Details) - PSUs	3 Months Ended
	Mar. 31, 2023 $ / shares shares
Number of Awards
Unvested balances at beginning of period (in shares) \| shares	1,966,542
Granted (in shares) \| shares	764,748
Vested (in shares) \| shares	(1,529,496)
Forfeited (in shares) \| shares	(17,115)
Unvested balances at end of period (in shares) \| shares	1,184,679
Weighted-Average Grant Date Fair Value
Unvested balances at beginning of period (in dollars per share) \| $ / shares	$ 56.44
Granted (in dollars per share) \| $ / shares	37.16
Vested (in dollars per share) \| $ / shares	37.16
Forfeited (in dollars per share) \| $ / shares	63.93
Unvested balances at end of period (in dollars per share) \| $ / shares	$ 68.05

Share-Based Compensation (Summary of Stock Option Activity) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share-Based Payment Arrangement [Abstract]
Options outstanding (in shares)	1,420,323
Exercisable (in shares)	806,451	800,000
Weighted average exercise price, outstanding (in dollars per share)	$ 41.79
Options exercisable, weighted average exercise price (in dollars per share)	$ 22.23	$ 22.23
Weighted-average remaining contractual term, Outstanding (in years)	5 years 10 months 24 days
Weighted-average remaining contractual term, Exercisable (in years)	3 years 9 months 18 days
Aggregate Intrinsic Value (in millions)	$ 26
Aggregate Intrinsic Value, exercisable (in millions)	$ 26

Nasdaq Stockholders' Equity (Narrative) (Details) $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended
	Apr. 30, 2023 USD ($) $ / shares	Mar. 31, 2023 USD ($) vote $ / shares shares	Mar. 31, 2022 $ / shares shares	Dec. 31, 2022 vote $ / shares shares
Stockholders Equity [Line Items]
Common stock, shares authorized (in shares)		900,000,000		900,000,000
Common stock, shares issued (in shares)		512,113,066		513,157,630
Common stock, shares outstanding (in shares)		489,851,097	493,000,000	491,592,491
Common stock (in votes per share) \| vote		1		1
Common stock holder voting rights, maximum percentage of the then-outstanding shares of Nasdaq common stock		5.00%		5.00%
Common stock in treasury (in shares)		22,261,969		21,565,139
Authorized amount under share repurchase program \| $		$ 491
Preferred stock, shares authorized (in shares)		30,000,000		30,000,000
Preferred stock par value (in dollars per share) \| $ / shares		$ 0.01		$ 0.01
Preferred stock, shares issued (in shares)		0		0
Preferred stock, shares outstanding (in shares)		0		0
Payments of dividends \| $		$ 98
Cash dividends declared per common share (in dollars per share) \| $ / shares		$ 0.20	$ 0.18
Increase dividend rate, percentage		10.00%
Subsequent Event
Stockholders Equity [Line Items]
Cash dividends declared per common share (in dollars per share) \| $ / shares	$ 0.22
Dividends declared \| $	$ 108
Other Repurchases of Common Stock
Stockholders Equity [Line Items]
Number of shares of common stock repurchased (in shares)		696,830

Nasdaq Stockholders' Equity (Common Stock in Treasury) (Details) - Share repurchase program $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($) $ / shares shares
Dividends Payable [Line Items]
Number of shares of common stock repurchased (in shares) \| shares	2,610,000
Average price paid per share (in dollars per share) \| $ / shares	$ 61.08
Total purchase price (in millions) \| $	$ 159

Nasdaq Stockholders' Equity (Schedule of Dividends Declared) (Details) - USD ($) $ / shares in Units, $ in Millions			3 Months Ended
	Mar. 31, 2023	Jan. 24, 2023	Mar. 31, 2023	Mar. 31, 2022
Dividends Payable [Line Items]
Dividend per common share (in dollars per share)			$ 0.20	$ 0.18
Dividend Declaration Date, First Quarter
Dividends Payable [Line Items]
Dividend per common share (in dollars per share)		$ 0.20
Total Amount Paid	$ 98

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Numerator:
Net income attributable to common shareholders	$ 302	$ 284
Denominator:
Weighted-average common shares outstanding for basic earnings per share (in shares)	489,931,178	495,144,339
Weighted-average effect of dilutive securities- Employee equity awards (in shares)	4,837,833	6,600,075
Weighted-average common shares outstanding for diluted earnings per share (in shares)	494,769,011	501,744,414
Basic and diluted earnings per share:
Basic earnings per share (in dollars per share)	$ 0.62	$ 0.57
Diluted earnings per share (in dollars per share)	$ 0.61	$ 0.57
Securities excluded from the computation of diluted earnings per share (in shares)	0	0

Fair Value of Financial Instruments (Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis) (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Debt Securities [Abstract]
Financial investments	$ 197	$ 181
Fair Value, Measurements, Recurring
Debt Securities [Abstract]
Financial investments	197	181
Fair Value, Measurements, Recurring \| Level 1
Debt Securities [Abstract]
Financial investments	110	147
Fair Value, Measurements, Recurring \| Level 2
Debt Securities [Abstract]
Financial investments	87	34
Fair Value, Measurements, Recurring \| Level 3
Debt Securities [Abstract]
Financial investments	0	0
Fair Value, Measurements, Recurring \| European government debt securities
Debt Securities [Abstract]
Financial investments	110	147
Fair Value, Measurements, Recurring \| European government debt securities \| Level 1
Debt Securities [Abstract]
Financial investments	110	147
Fair Value, Measurements, Recurring \| European government debt securities \| Level 2
Debt Securities [Abstract]
Financial investments	0	0
Fair Value, Measurements, Recurring \| European government debt securities \| Level 3
Debt Securities [Abstract]
Financial investments	0	0
Fair Value, Measurements, Recurring \| State-owned enterprises and municipal securities
Debt Securities [Abstract]
Financial investments	62	7
Fair Value, Measurements, Recurring \| State-owned enterprises and municipal securities \| Level 1
Debt Securities [Abstract]
Financial investments	0	0
Fair Value, Measurements, Recurring \| State-owned enterprises and municipal securities \| Level 2
Debt Securities [Abstract]
Financial investments	62	7
Fair Value, Measurements, Recurring \| State-owned enterprises and municipal securities \| Level 3
Debt Securities [Abstract]
Financial investments	0	0
Fair Value, Measurements, Recurring \| Corporate debt securities
Debt Securities [Abstract]
Financial investments	5	7
Fair Value, Measurements, Recurring \| Corporate debt securities \| Level 1
Debt Securities [Abstract]
Financial investments	0	0
Fair Value, Measurements, Recurring \| Corporate debt securities \| Level 2
Debt Securities [Abstract]
Financial investments	5	7
Fair Value, Measurements, Recurring \| Corporate debt securities \| Level 3
Debt Securities [Abstract]
Financial investments	0	0
Fair Value, Measurements, Recurring \| Swedish mortgage bonds
Debt Securities [Abstract]
Financial investments	20	20
Fair Value, Measurements, Recurring \| Swedish mortgage bonds \| Level 1
Debt Securities [Abstract]
Financial investments	0	0
Fair Value, Measurements, Recurring \| Swedish mortgage bonds \| Level 2
Debt Securities [Abstract]
Financial investments	20	20
Fair Value, Measurements, Recurring \| Swedish mortgage bonds \| Level 3
Debt Securities [Abstract]
Financial investments	$ 0	$ 0

Fair Value of Financial Instruments (Narrative) (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value assets	$ 0	$ 0
Fair Value, Measurements, Nonrecurring \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of debt utilizing discounted cash flow analyses	4,100,000,000	4,400,000,000
Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term debt	347,000,000	$ 664,000,000
Revolving Credit Facility \| 2022 Credit Facility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Utilized amount	$ 0

Clearing Operations (Narrative) (Details)	3 Months Ended
Clearing Operations (Narrative) (Details)	Mar. 31, 2023 USD ($) fund contract	Mar. 31, 2022 USD ($) contract	Dec. 31, 2022 USD ($)
Clearing Operations [Line Items]
Number of member sponsored default funds (in funds) \| fund	3
Default fund contributions	$ 1,427,000,000
Default fund contributions and margin deposits	13,358,000,000
Payments for default funds and margin deposits	(10,813,000,000)	$ (10,647,000,000)
Proceeds from default funds and margin deposits	10,725,000,000	10,275,000,000
Liability due to market default	0
Liability Waterfall
Clearing Operations [Line Items]
Junior capital, cash deposits and pledged assets	40,000,000
Senior capital, cash deposits and pledged assets	18,000,000
Committed capital	66,000,000
Utilize as Capital Resources
Clearing Operations [Line Items]
Default fund contributions	1,323,000,000
Utilize as Member Posted Surplus Balance
Clearing Operations [Line Items]
Default fund contributions	104,000,000
Nasdaq Clearing Members Cash Contributions
Clearing Operations [Line Items]
Default fund contributions	1,320,000,000
Default fund contributions and margin deposits	7,055,000,000		$ 7,021,000,000
Restricted Cash and Equivalents
Clearing Operations [Line Items]
Currency translation adjustment	28,000,000
Investments
Clearing Operations [Line Items]
Currency translation adjustment	$ 4,000,000
Minimum
Clearing Operations [Line Items]
Reverse purchase agreements, maturity range	3 days
Maximum
Clearing Operations [Line Items]
Reverse purchase agreements, maturity range	14 days
Nasdaq Clearing
Clearing Operations [Line Items]
Committed capital	$ 124,000,000
Power of assessment of the clearing member's contribution to the financial markets and commodities markets default funds (as a percent)	230.00%
Contract value of resale and repurchase agreements	$ 1,400,000,000	$ 1,000,000,000
Total number of derivative contracts cleared (in contracts) \| contract	1,220,132	1,317,510

Clearing Operations (Schedule of Clearing Member Default Fund Contributions And Margin Deposits) (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Clearing Operations [Line Items]
Default fund contributions	$ 1,427
Margin deposits	11,931
Total	13,358
Cash Contributions
Clearing Operations [Line Items]
Default fund contributions	1,320
Margin deposits	5,735
Total	7,055	$ 7,021
Non-Cash Contributions
Clearing Operations [Line Items]
Default fund contributions	107
Margin deposits	6,196
Total	$ 6,303

Clearing Operations (Investment Policy) (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Clearing Operations [Line Items]
Default funds and margin deposits assets	$ 7,055	$ 7,021
Restricted Cash and Equivalents
Clearing Operations [Line Items]
Default funds and margin deposits assets	6,412	6,470
Demand deposits
Clearing Operations [Line Items]
Default funds and margin deposits assets	4,919	4,775
Central bank certificates
Clearing Operations [Line Items]
Default funds and margin deposits assets	1,493	1,695
Investments
Clearing Operations [Line Items]
Default funds and margin deposits assets	643	551
European government debt securities
Clearing Operations [Line Items]
Default funds and margin deposits assets	211	222
Reverse repurchase agreements
Clearing Operations [Line Items]
Default funds and margin deposits assets	312	192
Multilateral development bank debt securities
Clearing Operations [Line Items]
Default funds and margin deposits assets	$ 120	$ 137

Clearing Operations (Schedule of Derivative Contracts) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($) TWh contract	Mar. 31, 2022 TWh contract
Clearing Operations [Line Items]
Market value of derivative contracts \| $	$ 2,378
Total number of cleared contracts (in contracts) \| contract	22,751,797	24,948,668
Total volume in cleared power, in Terawatt hours (TWh) \| TWh	86	135
Commodity and seafood options, futures and forwards
Clearing Operations [Line Items]
Market value of derivative contracts \| $	$ 354
Total number of cleared contracts (in contracts) \| contract	48,966	96,153
Fixed-income options and futures
Clearing Operations [Line Items]
Market value of derivative contracts \| $	$ 1,846
Total number of cleared contracts (in contracts) \| contract	4,769,546	6,594,330
Stock options and futures
Clearing Operations [Line Items]
Market value of derivative contracts \| $	$ 147
Total number of cleared contracts (in contracts) \| contract	6,080,134	5,113,644
Index options and futures
Clearing Operations [Line Items]
Market value of derivative contracts \| $	$ 31
Total number of cleared contracts (in contracts) \| contract	11,853,151	13,144,541

Leases (Summary of Supplemental Balance Sheet Information Related to Operating Leases) (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Assets:
Operating lease assets	$ 427	$ 444
Liabilities:
Current lease liabilities	$ 57	$ 54
Current lease liability, statement of financial position [Extensible Enumeration]	Other current liabilities	Other current liabilities
Non-current lease liabilities	$ 442	$ 452
Total lease liabilities	$ 499	$ 506

Leases (Leases Cost) (Details) - USD ($) $ in Millions	3 Months Ended
Leases (Leases Cost) (Details) - USD ($) $ in Millions	Mar. 31, 2023	Mar. 31, 2022
Leases [Abstract]
Operating lease cost	$ 28	$ 20
Variable lease cost	12	8
Sublease income	(1)	(1)
Total lease cost	$ 39	$ 27

Leases (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
Leases (Narrative) (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Lease Asset Impairments	$ 17
Operating lease, impairment loss	10
Exit costs	2
Impairment of leasehold	5
Current lease liabilities	57	$ 54
Lease liability for lease not yet commenced	$ 44

Leases (Operating Lease Maturity) (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Remainder of 2023	$ 55
2024	72
2025	63
2026	51
2027	48
2028+	314
Total lease payments	603
Less: interest	(104)
Present value of lease liabilities	$ 499	$ 506

Leases (Leases Terms and Discount Rate) (Details)	Mar. 31, 2023
Leases [Abstract]
Weighted-average remaining lease term (in years)	10 years 3 months 18 days
Weighted-average discount rate	3.70%

Leases (Supplemental Cash Flow Information) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Leases [Abstract]
Cash paid for amounts included in the measurement of operating lease liabilities	$ 19	$ 9
Lease assets obtained in exchange for operating lease liabilities	$ 7	$ 118

Income Taxes - Provision and Effective Rate (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Income tax provision	$ 95	$ 91
Effective tax rate	24.00%	24.30%

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Commitments, Contingencies and Guarantees (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Commitments and Contingencies Disclosure [Line Items]
Financial guarantees obtained	$ 4,000,000	$ 4,000,000
Clearinghouse Credit Facilities
Commitments and Contingencies Disclosure [Line Items]
Credit facility, available liquidity	185,000,000	184,000,000
Utilized amount	0	0
Clearinghouse Credit Facilities \| Commercial Paper and Letter Of Credit
Commitments and Contingencies Disclosure [Line Items]
Utilized amount	$ 0	$ 0

- Definition

+ References + Details

Business Segments (Narrative) (Details) $ in Millions		1 Months Ended	3 Months Ended
Business Segments (Narrative) (Details) $ in Millions	Aug. 31, 2022 segment	Sep. 30, 2022 segment	Mar. 31, 2023 USD ($)	Mar. 31, 2022 segment
Segment Reporting [Abstract]
Number of operating segments (in segments)	4	3
Number of reportable segments (in segments)				3
Lease Asset Impairments \| $			$ 17

Business Segments (Schedule of Operating Segments) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Segment Reporting Information [Line Items]
Total revenues	$ 1,533	$ 1,535
Transaction-based expenses	(619)	(643)
Revenues less transaction-based expenses	914	892
Operating income (loss)	412	405
Operating Segments \| Market Platforms
Segment Reporting Information [Line Items]
Total revenues	1,032	1,039
Transaction-based expenses	(619)	(643)
Revenues less transaction-based expenses	413	396
Operating income (loss)	229	213
Operating Segments \| Capital Access Platforms
Segment Reporting Information [Line Items]
Total revenues	416	419
Revenues less transaction-based expenses	416	419
Operating income (loss)	226	232
Operating Segments \| Anti-Financial Crime
Segment Reporting Information [Line Items]
Total revenues	84	72
Revenues less transaction-based expenses	84	72
Operating income (loss)	23	15
Corporate Items
Segment Reporting Information [Line Items]
Total revenues	1	5
Revenues less transaction-based expenses	1	5
Operating income (loss)	$ (66)	$ (55)

Business Segments (Corporate Items) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Segment Reporting Information [Line Items]
Revenues - divested/contributed businesses	$ 1,533	$ 1,535
Expenses:
Amortization expense of acquired intangible assets	38	40
Merger and strategic initiatives expense	2	15
Restructuring charges	18	0
Lease Asset Impairments	17
Operating loss	412	405
Corporate Items
Segment Reporting Information [Line Items]
Revenues - divested/contributed businesses	1	5
Expenses:
Amortization expense of acquired intangible assets	38	40
Merger and strategic initiatives expense	2	15
Restructuring charges	18	0
Lease Asset Impairments	17	0
Expenses - divested/contributed businesses	1	1
Other	(9)	4
Total expenses	67	60
Operating loss	$ (66)	$ (55)

Restructuring Charges (Narrative) (Details) $ in Millions	1 Months Ended
Restructuring Charges (Narrative) (Details) $ in Millions	Oct. 31, 2022 USD ($)
Restructuring Cost and Reserve [Line Items]
Restructuring, period of recognition	2 years
Minimum \| Division Realignment
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost	$ 115
Maximum \| Division Realignment
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost	$ 145

Restructuring Charges (Summary of Restructuring Plan) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	$ 18	$ 0
Asset impairment charges
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	12
Consulting services
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	3
Employee-related costs
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	$ 3

Revenue From Contracts With Customers (Remaining Performance Obligation) (Details) $ in Millions	Mar. 31, 2023 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation	$ 1,677
Market Platforms \| Market Technology
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation	671
Anti-Financial Crime \| Anti-Financial Crime
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation	734
Capital Access Platforms \| Workflow & Insights
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation	272
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation	$ 561
Revenue, remaining performance obligation, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01 \| Market Platforms \| Market Technology
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation	$ 145
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01 \| Anti-Financial Crime \| Anti-Financial Crime
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation	$ 306
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01 \| Capital Access Platforms \| Market Technology
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01 \| Capital Access Platforms \| Anti-Financial Crime
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01 \| Capital Access Platforms \| Workflow & Insights
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation	$ 110
Revenue, remaining performance obligation, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation	$ 527
Revenue, remaining performance obligation, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 \| Market Platforms \| Market Technology
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation	$ 163
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 \| Anti-Financial Crime \| Anti-Financial Crime
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation	$ 267
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 \| Capital Access Platforms \| Market Technology
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 \| Capital Access Platforms \| Anti-Financial Crime
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 \| Capital Access Platforms \| Workflow & Insights
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation	$ 97
Revenue, remaining performance obligation, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation	$ 284
Revenue, remaining performance obligation, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 \| Market Platforms \| Market Technology
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation	$ 133
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 \| Anti-Financial Crime \| Anti-Financial Crime
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation	$ 109
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 \| Capital Access Platforms \| Market Technology
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 \| Capital Access Platforms \| Anti-Financial Crime
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 \| Capital Access Platforms \| Workflow & Insights
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation	$ 42
Revenue, remaining performance obligation, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation	$ 146
Revenue, remaining performance obligation, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 \| Market Platforms \| Market Technology
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation	$ 97
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 \| Anti-Financial Crime \| Anti-Financial Crime
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation	$ 36
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 \| Capital Access Platforms \| Market Technology
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 \| Capital Access Platforms \| Anti-Financial Crime
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 \| Capital Access Platforms \| Workflow & Insights
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation	$ 13
Revenue, remaining performance obligation, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation	$ 78
Revenue, remaining performance obligation, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 \| Market Platforms \| Market Technology
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation	$ 59
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 \| Anti-Financial Crime \| Anti-Financial Crime
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation	$ 10
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 \| Capital Access Platforms \| Market Technology
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 \| Capital Access Platforms \| Anti-Financial Crime
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 \| Capital Access Platforms \| Workflow & Insights
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation	$ 9
Revenue, remaining performance obligation, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation	$ 81
Revenue, remaining performance obligation, period
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01 \| Market Platforms \| Market Technology
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation	$ 74
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01 \| Anti-Financial Crime \| Anti-Financial Crime
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation	$ 6
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01 \| Capital Access Platforms \| Market Technology
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, period
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01 \| Capital Access Platforms \| Anti-Financial Crime
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, period
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01 \| Capital Access Platforms \| Workflow & Insights
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation	$ 1
Revenue, remaining performance obligation, period