v2.4.0.8
Clearing Operations (Tables)
 3 Months Ended
Mar. 31, 2014
Clearing Operations [Abstract]  
Schedule of Clearing Member Default Fund Contributions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31, 2014

 

 

Cash Contributions(1)(2)

 

Non-Cash Contributions

 

Total Contributions

 

 

 

 

 

 

 

 

 

 

 

 

(in millions)

Default fund contributions

 

$
264 

 

$
128 

 

$
392 

Margin deposits

 

 
1,989 

 

 
7,495 

 

 
9,484 

Total

 

$
2,253 

 

$
7,623 

 

$
9,876 

 

(1)As of March 31, 2014, in accordance with its investment policy, NASDAQ OMX Nordic Clearing has invested cash contributions of $1,501 million in reverse repurchase agreements and $710 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:

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31, 2014

 

 

(in millions)

Commodity forwards and options(1)(2)

 

$
2,217 

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

 

 
332 

Stock options and futures(2)(3)

 

 
176 

Index options and futures(2)(3)

 

 
201 

Total

 

$
2,926 

 

(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.

Schedule of Derivative Contracts Cleared

The total number of derivative contracts cleared through NASDAQ OMX Nordic Clearing for the three months ended March 31, 2014 and 2013 was as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31, 2014

 

March 31, 2013

Commodity forwards and options(1)

 

 
246,134 

 

 
236,276 

Fixed-income options and futures

 

 
5,842,527 

 

 
8,827,632 

Stock options and futures

 

 
8,965,181 

 

 
8,487,497 

Index options and futures

 

 
10,125,937 

 

 
10,330,791 

Total

 

 
25,179,779 

 

 
27,882,196 

 

(1)The total volume in cleared power related to commodity contracts was 429 Terawatt hours (TWh) for the three months ended March 31, 2014 and 460 TWh for the three months ended March 31, 2013.