Fair Value of Financial Instruments (Tables)



	March 31, 2013
	Total		Level 1		Level 2		Level 3

	(in millions)
Financial Assets Measured at Fair Value on a Recurring Basis
Financial investments, at fair value⁽¹⁾	$	218	$	218	$	-	$	-
Default fund investments⁽²⁾		191		73		118		-
Total	$	409	$	291	$	118	$	-

	December 31, 2012
	Total		Level 1		Level 2		Level 3

	(in millions)
Financial Assets Measured at Fair Value on a Recurring Basis
Financial investments, at fair value⁽¹⁾	$	223	$	223	$	-	$	-
Default fund investments⁽²⁾		175		175		-		-
Total	$	398	$	398	$	-	$	-

⁽¹⁾ Primarily comprised of trading securities, mainly Swedish government debt securities, of $195 million as of March 31, 2013 and $201 million as of December 31, 2012. Of these securities, $141 million as of March 31, 2013 and $134 million as of December 31, 2012 are restricted assets to meet regulatory capital requirements primarily for clearing operations at NASDAQ OMX Nordic Clearing. This balance also includes our available-for-sale investment security in DFM valued at $23 million as of March 31, 2013 and $22 million as of December 31, 2012. See Note 6, “Investments,” for further discussion of our trading investment securities and available-for-sale investment security.

⁽²⁾ Default fund investments include cash contributions invested by NASDAQ OMX Nordic Clearing, in accordance with its investment policy, either in highly rated government debt securities or reverse repurchase agreements with highly rated government debt securities as collateral. As of March 31, 2013, $118 million of cash contributions have been invested in reverse repurchase agreements and $73 million of cash contributions have been invested in highly rated government debt securities. As of December 31, 2012, $175 million of cash contributions were invested in highly rated government debt securities. See Note 14, “Clearing Operations,” for further discussion of default fund contributions.

- Definition

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

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