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Clearing Operations (Tables)
 3 Months Ended
Mar. 31, 2020
Due to and from Broker-Dealers and Clearing Organizations [Abstract]  
Schedule of Clearing Member Default Fund Contributions
As of March 31, 2020, clearing member default fund contributions and margin deposits were as follows:
 March 31, 2020
 Cash ContributionsNon-Cash ContributionsTotal Contributions
 (in millions)
Default fund contributions
$414  $91  $505  
Margin deposits2,827  3,967  6,794  
Total$3,241  $4,058  $7,299  
Nasdaq Clearing has invested the total cash contributions of $3,241 million as of March 31, 2020 and $2,996 million as of December 31, 2019, in accordance with its investment policy as follows:
 March 31, 2020December 31, 2019
 (in millions)
Demand deposits
$1,069  $1,328  
Central bank certificates1,024  896  
European government debt securities
388  508  
Reverse repurchase agreements
482  116  
Supranationals and state owned enterprise debt securities
278  148  
Total
$3,241  $2,996  
Schedule of Derivative Contracts Outstanding
The following table includes the market value of derivative contracts outstanding prior to netting:
 March 31, 2020
 (in millions)
Commodity and seafood options, futures and forwards(1)(2)(3)
$382  
Fixed-income options and futures(1)(2)
711  
Stock options and futures(1)(2)
312  
Index options and futures(1)(2)
172  
Total$1,577  
____________
(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 three months ended March 31, 2020 and 2019:
 March 31, 2020March 31, 2019
Commodity and seafood options, futures and forwards(1)(2)
198,870  146,249  
Fixed-income options and futures
5,842,771  5,404,135  
Stock options and futures6,089,250  6,854,813  
Index options and futures18,995,403  11,743,268  
Total31,126,294  24,148,465  
____________
(1) The total volume in cleared power related to commodity contracts was 292 Terawatt hours (TWh) for the three months ended March 31, 2020 and 250 TWh for the three months ended March 31, 2019.
(2) As discussed in our 2019 Form 10-K, in November 2019, Nasdaq sold the core assets of NFX to a third-party and the freight contracts with open interest are being migrated from NFX to other exchanges.