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Clearing Operations (Tables)

12 Months Ended

Dec. 31, 2018

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

Schedule of Clearing Member Default Fund Contributions

As of December 31, 2018, clearing member default fund contributions and margin deposits were as follows:

	December 31, 2018
	Cash Contributions				Non-Cash Contributions				Total Contributions
	(in millions)
Default fund contributions	$	370			$	129			$	499
Margin deposits	4,372				3,073				7,445
Total	$	4,742			$	3,202			$	7,944

Schedule of Derivative Contracts Outstanding

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

	December 31, 2018
	(in millions)
Commodity and seafood options, futures and forwards(1)(2)(3)	$	1,196
Fixed-income options and futures(1)(2)	600
Stock options and futures(1)(2)	271
Index options and futures(1)(2)	135
Total	$	2,202

____________

⁽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 years ended December 31, 2018 and 2017:

	December 31, 2018			December 31, 2017
Commodity and seafood options, futures and forwards(1)	1,649,912			2,824,188
Fixed-income options and futures	22,839,794			20,376,383
Stock options and futures	24,978,684			26,023,816
Index options and futures	49,038,297			44,928,284
Total	98,506,687			94,152,671

____________

(1) The total volume in cleared power related to commodity contracts was 1,067 Terawatt hours (TWh) for the year ended December 31, 2018 and 1,199 TWh for the year ended December 31, 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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