

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

	(in millions)
Fiscal year ended:
2014(1)	$	9	$	26	$	148	$	65	$	248
2015		11		25		2		38		76
2016		9		17		-		30		56
2017		6		7		-		30		43
2018		5		-		-		25		30
2019 and thereafter		3		-		-		42		45
	$	43	$	75	$	150	$	230	$	498

(1) Represents deferred revenue that is anticipated to be recognized over the remaining nine months of 2014.

(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 three months ended March 31, 2014 and 2013 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, 2014	$	41	$	75	$	26	$	152	$	294
Additions(1)		5		10		197		209		421
Amortization(1)		(3)		(10)		(73)		(130)		(216)
Translation adjustment		-		-		-		(1)		(1)
Balance at March 31, 2014	$	43	$	75	$	150	$	230	$	498

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

(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. The additions to Technology Solutions revenues during the three months ended March 31, 2014 include $75 million related to the Borsa Istanbul market technology agreement. See “Cost Method Investments,” of Note 6, “Investments,” for further discussion.

(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, which are primarily billed quarterly in advance. 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.