Deferred Revenue (Tables)

12 Months Ended

Dec. 31, 2016

Deferred Revenue Disclosure [Abstract]

The changes in our deferred revenue during the years ended December 31, 2016 and 2015 are reflected in the following table:



	Initial Listing Revenues			Listing of Additional Shares Revenues			Annual Renewal and Other Revenues			Market Technology Revenues			Total
	(in millions)
Balance at January 1, 2016	$	59		$	53		$	28		$	187		$	327
Additions	13			12			606			233			864
Amortization	(18		)	(28		)	(576		)	(227		)	(849		)
Translation adjustment	—			—			(1		)	(8		)	(9		)
Balance at December 31, 2016	$	54		$	37		$	57		$	185		$	333

Balance at January 1, 2015	$	54		$	78		$	52		$	208		$	392
Additions	21			10			403			192			626
Amortization	(16		)	(35		)	(424		)	(199		)	(674		)
Translation adjustment	—			—			(3		)	(14		)	(17		)
Balance at December 31, 2015	$	59		$	53		$	28		$	187		$	327

Estimated Deferred Revenue

At December 31, 2016, we estimate that our deferred revenue, which is primarily corporate services and market technology revenues, will be recognized in the following years:



	Initial Listing Revenues		Listing of Additional Shares Revenues		Annual Renewal and Other Revenues		Market Technology Revenues		Total
	(in millions)
Fiscal year ended:
2017	$	16	$	21	$	57	$	70	$	164
2018	14		11		—		36		61
2019	11		4		—		33		48
2020	8		1		—		30		39
2021	4		—		—		9		13
2022 and thereafter	1		—		—		7		8
	$	54	$	37	$	57	$	185	$	333