Clearing Operations (Tables)

3 Months Ended

Mar. 31, 2022

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

Schedule of Clearing Member Default Fund Contributions

As of March 31, 2022, clearing member default fund contributions and margin deposits were as follows:

	March 31, 2022
	Cash Contributions		Non-Cash Contributions		Total Contributions
	(in millions)
Default fund contributions	$	736	$	133	$	869
Margin deposits	5,834		7,199		13,033
Total	$	6,570	$	7,332	$	13,902

Nasdaq Clearing has invested the total cash contributions of $6,570 million as of March 31, 2022 and $5,911 million as of December 31, 2021, in accordance with its investment policy as follows:

	March 31, 2022		December 31, 2021
	(in millions)
Demand deposits	$	4,270	$	3,061
Central bank certificates	1,128		2,013
Restricted cash and cash equivalents	$	5,398	$	5,074
European government debt securities	443		414
Reverse repurchase agreements	457		152
Multilateral development bank debt securities	272		271
Investments	$	1,172	$	837
Total	$	6,570	$	5,911

Schedule of Derivative Contracts Outstanding

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

	March 31, 2022
	(in millions)
Commodity and seafood options, futures and forwards	$	518
Fixed-income options and futures	1,345
Stock options and futures	228
Index options and futures	82
Total	$	2,173

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.

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, 2022 and 2021:

	March 31, 2022	March 31, 2021
Commodity and seafood options, futures and forwards	96,153	155,662
Fixed-income options and futures	6,594,330	6,404,204
Stock options and futures	5,113,644	6,306,308
Index options and futures	13,144,541	9,076,033
Total	24,948,668	21,942,207

In the table above, the total volume in cleared power related to commodity contracts was 135 Terawatt hours (TWh) and 250 TWh for the three months ended March 31, 2022 and 2021, respectively.