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Clearing Operations (Tables)

9 Months Ended

Sep. 30, 2018

Due to and from Broker-Dealers and Clearing Organizations [Abstract]

Schedule of Clearing Member Default Fund Contributions

As of September 30, 2018, clearing member default fund contributions and margin deposits were as follows:

	September 30, 2018
	Cash Contributions				Non-Cash Contributions				Total Contributions
	(in millions)
Default fund contributions	$	407			$	108			$	515
Margin deposits	3,812				3,922				7,734
Total	$	4,219			$	4,030			$	8,249

Schedule of Derivative Contracts Outstanding

The following table includes the market value of derivative contracts outstanding prior to netting:

	September 30, 2018
	(in millions)
Commodity and seafood options, futures and forwards(1)(2)(3)	$	1,106
Fixed-income options and futures(1)(2)	520
Stock options and futures(1)(2)	187
Index options and futures(1)(2)	91
Total	$	1,904

____________

⁽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 following table includes the total number of derivative contracts cleared through Nasdaq Clearing for the nine months ended September 30, 2018 and 2017:

	September 30, 2018			September 30, 2017
Commodity and seafood options, futures and forwards(1)	1,506,560			2,040,033
Fixed-income options and futures	16,833,278			14,788,850
Stock options and futures	17,735,228			20,070,584
Index options and futures	35,569,046			32,748,357
Total	71,644,112			69,647,824

____________

(1) The total volume in cleared power related to commodity contracts was 853 Terawatt hours (TWh) for the nine months ended September 30, 2018 and 911 TWh for the nine months ended September 30, 2017.

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Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

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