Clearing Operations (Tables)

6 Months Ended

Jun. 30, 2026

As of June 30, 2026, clearing member default fund

contributions and margin deposits were as follows:

Nasdaq Clearing has invested the total cash contributions of

$2,323 million as of June 30, 2026 and $5,842 million as of

December 31, 2025, in accordance with its investment policy

as follows:


	June 30, 2026	December 31, 2025
	(in millions)
Demand deposits	$233	$3,011
Central bank certificates	21	109
Restricted cash and cash equivalents	$254	$3,120
European government debt securities	337	292
Reverse repurchase agreements	1,514	2,245
Multilateral development bank debt securities	218	185
Investments	$2,069	$2,722
Total	$2,323	$5,842

The following table presents the market value of derivative

contracts outstanding prior to netting:


	June 30, 2026
	(in millions)
Fixed-income swaps and forwards	$872
Stock options and forwards	387
Index options and forwards	165
Total	$1,424

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 six months

ended June 30, 2026 and 2025:


	Six Months Ended June 30,
	2026	2025
Commodity futures and forwards	59,986	137,217
Fixed-income swaps, futures and forwards	9,502,827	8,657,081
Stock options, futures and forwards	13,473,382	11,785,557
Index options, futures and forwards	15,311,951	17,290,381
Total	38,348,146	37,870,236