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Clearing Operations (Tables)
 3 Months Ended
Mar. 31, 2017
Due to and from Broker-Dealers and Clearing Organizations [Abstract]  
Schedule of Clearing Member Default Fund Contributions
As of March 31, 2017, clearing member default fund contributions and margin deposits were as follows:
 
March 31, 2017
 
Cash Contributions
 
Non-Cash Contributions
 
Total Contributions
 
(in millions)
Default fund contributions
$
334

 
$
99

 
$
433

Margin deposits
3,299

 
3,646

 
6,945

Total
$
3,633

 
$
3,745

 
$
7,378
Schedule of Derivative Contracts Outstanding
The market value of derivative contracts outstanding prior to netting was as follows:
 
March 31, 2017
 
(in millions)
Commodity and seafood options, futures and forwards(1)(2)(3)
$
550

Fixed-income options and futures(1)(2)
743

Stock options and futures(1)(2)
132

Index options and futures(1)(2)
101

Total
$
1,526

____________
(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 three months ended March 31, 2017 and 2016 was as follows:
 
March 31, 2017
 
March 31, 2016
Commodity and seafood options, futures and forwards(1)
726,739

 
907,921

Fixed-income options and futures
5,158,237

 
4,368,986

Stock options and futures
7,383,538

 
8,303,721

Index options and futures
11,315,176

 
14,685,731

Total
24,583,690

 
28,266,359

____________
(1)
The total volume in cleared power related to commodity contracts was 379 Terawatt hours (TWh) for the three months ended March 31, 2017 and 420 TWh for the three months ended March 31, 2016.