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v3.22.1

Clearing Operations (Tables) | 3 Months Ended
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Mar. 31, 2022
Due to and from Broker-Dealers and Clearing Organizations [Abstract] |
Schedule of Clearing Member Default Fund Contributions | As of March 31, 2022, clearing member default fund contributions and margin deposits were as follows:
| March 31, 2022
| Cash Contributions |  | Non-Cash Contributions |  | Total Contributions
| (in millions)
Default fund contributions | $ | 736 |  |  | $ | 133 |  |  | $ | 869 |
Margin deposits | 5,834 |  |  | 7,199 |  |  | 13,033 |
Total | $ | 6,570 |  |  | $ | 7,332 |  |  | $ | 13,902 |
Nasdaq Clearing has invested the total cash contributions of $6,570 million as of March 31, 2022 and $5,911 million as of December 31, 2021, in accordance with its investment policy as follows:
| March 31, 2022 |  | December 31, 2021
| (in millions)
Demand deposits | $ | 4,270 |  |  | $ | 3,061 |
Central bank certificates | 1,128 |  |  | 2,013 |
Restricted cash and cash equivalents | $ | 5,398 |  |  | $ | 5,074 |
European government debt securities | 443 |  |  | 414 |
Reverse repurchase agreements | 457 |  |  | 152 |
Multilateral development bank debt securities | 272 |  |  | 271 |
Investments | $ | 1,172 |  |  | $ | 837 |
Total | $ | 6,570 |  |  | $ | 5,911 |
Schedule of Derivative Contracts Outstanding | The following table presents the market value of derivative contracts outstanding prior to netting:
| March 31, 2022
| (in millions)
Commodity and seafood options, futures and forwards | $ | 518 |
Fixed-income options and futures | 1,345 |
Stock options and futures | 228 |
Index options and futures | 82 |
Total | $ | 2,173 |
In the table above: •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. •We determined the fair value of our futures contracts based upon quoted market prices and average quoted market yields. •We determined the fair value of our forward contracts using standard valuation models that were based on market-based observable inputs including benchmark rates and the spot price of the underlying instrument.
Schedule of Derivative Contracts Cleared | The following table presents the total number of derivative contracts cleared through Nasdaq Clearing for the three months ended March 31, 2022 and 2021:
| March 31, 2022 |  | March 31, 2021
Commodity and seafood options, futures and forwards | 96,153 |  |  | 155,662 |
Fixed-income options and futures | 6,594,330 |  |  | 6,404,204 |
Stock options and futures | 5,113,644 |  |  | 6,306,308 |
Index options and futures | 13,144,541 |  |  | 9,076,033 |
Total | 24,948,668 |  |  | 21,942,207 |
In the table above, the total volume in cleared power related to commodity contracts was 135 Terawatt hours (TWh) and 250 TWh for the three months ended March 31, 2022 and 2021, respectively.

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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5624163-113959 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5580258-113959 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=125515794&loc=d3e41620-113959 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5579245-113959 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=125515794&loc=d3e41638-113959 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=125515794&loc=d3e41678-113959 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=125515794&loc=d3e41641-113959 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5579240-113959 + Details
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