Clearing Operations (Tables)

9 Months Ended

Sep. 30, 2026

As of September 30, 2026, clearing member default fund

contributions and margin deposits were as follows:

Nasdaq Clearing has invested the total cash contributions of

$2,530 million as of September 30, 2026 and $5,842 million

as of December 31, 2025, in accordance with its investment

policy as follows:


	September 30, 2026	December 31, 2025
	(in millions)
Demand deposits	$715	$3,011
Central bank certificates	40	109
Restricted cash and cash equivalents	$755	$3,120
European government debt securities	417	292
Reverse repurchase agreements	1,311	2,245
Multilateral development bank debt securities	47	185
Investments	$1,775	$2,722
Total	$2,530	$5,842

The following table presents the market value of derivative

contracts outstanding prior to netting:


	September 30, 2026
	(in millions)
Fixed-income swaps and forwards	$961
Stock options and forwards	374
Index options and forwards	172
Total	$1,507

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 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.

The following table presents the total number of derivative

contracts cleared through Nasdaq Clearing for the nine

months ended September 30, 2026 and 2025:


	Nine Months Ended September 30,
	2026	2025
Commodity futures and forwards	59,986	191,088
Fixed-income swaps, futures and forwards	14,674,211	14,269,081
Stock options, futures and forwards	19,598,045	17,875,224
Index options, futures and forwards	21,983,458	23,362,390
Total	56,315,700	55,697,783