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Clearing Operations (Tables)
 12 Months Ended
Dec. 31, 2022
Due to and from Broker-Dealers and Clearing Organizations [Abstract]  
Schedule of Clearing Member Default Fund Contributions
As of December 31, 2022, clearing member default fund contributions and margin deposits were as follows:
 December 31, 2022
 Cash ContributionsNon-Cash ContributionsTotal Contributions
 (in millions)
Default fund contributions$1,345 $115 $1,460 
Margin deposits5,676 7,683 13,359 
Total$7,021 $7,798 $14,819 
Nasdaq Clearing has invested the total cash contributions of $7,021 million as of December 31, 2022 and $5,911 million as of December 31, 2021, in accordance with its investment policy as follows:
 December 31, 2022December 31, 2021
 (in millions)
Demand deposits$4,775 $3,061 
Central bank certificates1,695 2,013 
Restricted cash and cash equivalents$6,470 $5,074 
European government debt securities222 414 
Reverse repurchase agreements192 152 
Multilateral development bank debt securities137 271 
Investments$551 $837 
Total$7,021 $5,911 
Schedule of Derivative Contracts Outstanding
The following table presents the market value of derivative contracts outstanding prior to netting:
 December 31, 2022
 (in millions)
Commodity and seafood options, futures and forwards$654 
Fixed-income options and futures2,282 
Stock options and futures141 
Index options and futures43 
Total$3,120 
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 years ended December 31, 2022 and 2021:
Year Ended December 31,
 20222021
Commodity and seafood options, futures and forwards288,142 536,252 
Fixed-income options and futures21,992,124 23,140,918 
Stock options and futures18,619,950 20,308,811 
Index options and futures45,616,647 37,860,187 
Total86,516,863 81,846,168 
In the table above, the total volume in cleared power related to commodity contracts was 413 Terawatt hours (TWh) and 813 TWh for the years ended December 31, 2022 and 2021, respectively.