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Clearing Operations (Tables)
 12 Months Ended
Dec. 31, 2016
Due to and from Broker-Dealers and Clearing Organizations [Abstract]  
Schedule of Clearing Member Default Fund Contributions
As of December 31, 2016, clearing member default fund contributions and margin deposits were as follows:
 
December 31, 2016
 
Cash Contributions
 
Non-Cash Contributions
 
Total Contributions
 
(in millions)
Default fund contributions
$
314

 
$
89

 
$
403

Margin deposits
2,987

 
3,713

 
6,700

Total
$
3,301

 
$
3,802

 
$
7,103
Schedule of Derivative Contracts Outstanding
The market value of derivative contracts outstanding prior to netting was as follows:
 
December 31, 2016
 
(in millions)
Commodity and seafood options, futures and forwards(1)(2)(3)
$
613

Fixed-income options and futures(1)(2)
727

Stock options and futures(1)(2)
151

Index options and futures(1)(2)
116

Total
$
1,607

____________
(1) 
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.
(2) 
We determined the fair value of our futures contracts based upon quoted market prices and average quoted market yields.
(3) 
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.
Schedule of Derivative Contracts Cleared
The total number of derivative contracts cleared through Nasdaq Clearing for the years ended December 31, 2016 and 2015 was as follows:
 
December 31, 2016
 
December 31, 2015
Commodity and seafood options, futures and forwards(1)
3,530,746

 
3,055,073

Fixed-income options and futures
14,639,065

 
19,631,917

Stock options and futures
28,496,143

 
33,455,560

Index options and futures
50,636,527

 
49,771,223

Total
97,302,481

 
105,913,773

____________
(1)
The total volume in cleared power related to commodity contracts was 1,658 Terawatt hours (TWh) for the year ended December 31, 2016 and 1,496 TWh for the year ended December 31, 2015.