v2.4.0.8
Clearing Operations (Tables)
 9 Months Ended
Sep. 30, 2013
Clearing Operations [Abstract]  
Schedule of Clearing Member Default Fund Contributions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

September 30, 2013

 

 

Cash Contributions(1)(2)

 

Non-Cash Contributions

 

Total Contributions

 

 

 

 

 

 

 

 

 

 

 

 

(in millions)

Default fund contributions

 

$
239 

 

$
75 

 

$
314 

Margin deposits

 

 
1,695 

 

 
9,479 

 

 
11,174 

Total

 

$
1,934 

 

$
9,554 

 

$
11,488 

 

(1)As of September 30, 2013, in accordance with its investment policy, NASDAQ OMX Nordic Clearing has invested cash contributions of $1,229 million in reverse repurchase agreements and $663 million in highly rated government debt securities. The remainder of this balance is held in cash and term deposits.

(2)Pursuant to clearing member agreements, we pay interest on cash contributions to clearing members.    

Schedule of Derivative Contracts Outstanding

The market value of derivative contracts outstanding prior to netting was as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

September 30, 2013

 

 

(in millions)

Commodity forwards and options(1)(2)

 

$
769 

Fixed-income options and futures(2)(3)

 

 
297 

Stock options and futures(2)(3)

 

 
125 

Index options and futures(2)(3)

 

 
168 

Total

 

$
1,359 

 

(1)We determined the fair value of our forward contracts using standard valuation models that were based on market-based observable inputs including LIBOR rates and the spot price of the underlying instrument.

(2)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.

(3)We determined the fair value of our futures contracts based upon quoted market prices and average quoted market yields.

The total number of derivative contracts cleared through NASDAQ OMX Nordic Clearing for the nine months ended September 30, 2013 and 2012 was as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

September 30, 2013

 

September 30, 2012

Commodity forwards and options(1)

 

 
624,714 

 

 
644,589 

Fixed-income options and futures

 

 
21,131,906 

 

 
26,586,488 

Stock options and futures

 

 
23,200,139 

 

 
21,735,025 

Index options and futures

 

 
29,892,938 

 

 
32,833,238 

Total

 

 
74,849,697 

 

 
81,799,340 

 

(1)The total volume in cleared power related to commodity contracts was 1,247 Terawatt hours (TWh) for the nine months ended September 30, 2013 and 1,250 TWh for the nine months ended September 30, 2012.