7. Deferred Revenue

Deferred revenue represents cash payments received that are yet to be recognized as revenue. At September 30, 2013, we estimate that our deferred revenue, which is primarily related to Listing Services and Technology Solutions revenues, will be recognized in the following years:



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

	(in millions)
Fiscal year ended:
2013⁽¹⁾	$	3	$	10	$	60	$	36	$	109
2014		10		31		4		50		95
2015		9		20		-		29		58
2016		7		12		-		23		42
2017		5		3		-		15		23
2018 and thereafter		4		-		-		8		12
	$	38	$	76	$	64	$	161	$	339

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

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

The changes in our deferred revenue during the nine months ended September 30, 2013 and 2012 are reflected in the following table.



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

	(in millions)
Balance at January 1, 2013	$	36	$	78	$	32	$	149	$	295
Additions⁽¹⁾		12		28		215		156		411
Amortization⁽¹⁾		(10)		(30)		(177)		(155)		(372)
Translation adjustment		-		-		(6)		11		5
Balance at September 30, 2013	$	38	$	76	$	64	$	161	$	339

Balance at January 1, 2012	$	39	$	86	$	25	$	128	$	278
Additions⁽¹⁾		8		22		213		73		316
Amortization⁽¹⁾		(11)		(29)		(170)		(65)		(275)
Translation adjustment		-		-		1		5		6
Balance at September 30, 2012	$	36	$	79	$	69	$	141	$	325

(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) Technology Solutions deferred revenues primarily include revenues from our Market Technology delivered client contracts in the support phase charged during the period and our Corporate Solutions subscription based contracts. For our Market Technology contracts, 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. For these Market Technology contracts, 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 Technology Solutions deferred revenue primarily includes revenues earned from Market Technology client contracts and Corporate Solutions subscription based contracts recognized during the period.