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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, 2023December 31, 2022
(in millions)
Financial investments
$197 $181 
Equity method investments401 390 
Equity securities83 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.