

	Initial Listing Revenues		Listing of Additional Shares Revenues		Annual Renewal and Other Revenues		Market Technology Revenues⁽²⁾		Total

	(in millions)
Fiscal year ended:
2013⁽¹⁾	$	8	$	28	$	137	$	58	$	231
2014		9		26		1		34		70
2015		8		15		-		23		46
2016		5		7		-		21		33
2017		3		-		-		11		14
2018 and thereafter		1		-		-		3		4
	$	34	$	76	$	138	$	150	$	398

⁽¹⁾ Represents deferred revenue that is anticipated to be recognized over the remaining nine months of 2013.

⁽²⁾ The timing of recognition of our deferred Market Technology revenues is dependent upon the completion of customization and any significant modifications made pursuant to existing contracts. As such, as it relates to these revenues, the timing represents our best estimate.

The changes in our deferred revenue during the three months ended March 31, 2013 and 2012 are reflected in the following table.



	Initial Listing Revenues		Listing of Additional Shares Revenues		Annual Renewal and Other Revenues		Market Technology Revenues⁽²⁾		Total

	(in millions)
Balance at January 1, 2013	$	36	$	78	$	32	$	149	$	295
Additions⁽¹⁾		2		8		168		16		194
Amortization⁽¹⁾		(4)		(10)		(55)		(20)		(89)
Translation adjustment		-		-		(7)		5		(2)
Balance at March 31, 2013	$	34	$	76	$	138	$	150	$	398

Balance at January 1, 2012	$	39	$	86	$	25	$	128	$	278
Additions⁽¹⁾		3		2		165		47		217
Amortization⁽¹⁾		(4)		(10)		(52)		(24)		(90)
Translation adjustment		-		-		-		5		5
Balance at March 31, 2012	$	38	$	78	$	138	$	156	$	410

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

⁽²⁾ Market Technology deferred revenues include revenues from delivered client contracts in the support phase charged during the period. Under contract accounting, where customization and significant modifications to the software are made to meet the needs of our customers, total revenues, as well as costs incurred, are deferred until significant modifications are completed and delivered. Once delivered, deferred revenue and the related deferred costs are recognized over the post contract support period. We have included the deferral of costs in other current assets and other non-current assets in the Condensed Consolidated Balance Sheets. The amortization of Market Technology deferred revenue primarily includes revenues earned from client contracts recognized during the period.