Deferred revenue represents cash payments received that are yet to be recognized as revenue. At September 30, 2011, we have estimated that our deferred revenue, which is primarily related to Global Listing Services and Market Technology revenues, will be recognized in the following years:


	Initial Listing Revenues		Listing of Additional Shares Revenues		Annual Renewal and Other Revenues		Market Technology Revenues⁽²⁾		Total
	(in millions)
Fiscal year ended:
2011⁽¹⁾	$	4	$	10	$	56	$	12	$	82
2012		13		33		3		39		88
2013		9		26		—		32		67
2014		6		14		—		21		41
2015		5		3		—		12		20
2016 and thereafter		3		—		—		9		12

	$	40	$	86	$	59	$	125	$	310

⁽¹⁾	Represents deferred revenue that is anticipated to be recognized over the remaining three months of 2011.

⁽²⁾	The timing of recognition of our deferred Market Technology revenues is dependent upon the completion of customization and any significant modifications made pursuant to existing contracts. As such, as it relates to these revenues, the timing represents our best estimate.

The changes in our deferred revenue during the nine months ended September 30, 2011 and 2010 are reflected in the following table.


	Initial Listing Revenues			Listing of Additional Shares Revenues			Annual Renewal and Other Revenues			Market Technology Revenues ⁽²⁾			Total
							(in millions)
Balance at January 1, 2011	$	42		$	83		$	21		$	146		$	292
Additions ⁽¹⁾		10			33			207			12			262
Amortization ⁽¹⁾		(12	)		(30	)		(169	)		(31	)		(242	)
Translation adjustment		—			—			—			(2	)		(2	)

Balance at September 30, 2011	$	40		$	86		$	59		$	125		$	310


Balance at January 1, 2010	$	46		$	76		$	18		$	125		$	265
Additions ⁽¹⁾		10			36			203			29			278
Amortization ⁽¹⁾		(14	)		(29	)		(159	)		(19	)		(221	)
Translation adjustment		—			—			—			3			3

Balance at September 30, 2010	$	42		$	83		$	62		$	138		$	325

⁽¹⁾	The additions and amortization for initial listing revenues, listing of additional shares revenues and annual renewal and other revenues primarily reflects Issuer Services revenues from U.S. listing revenues.

⁽²⁾

Market Technology deferred revenues include revenues from delivered client contracts in the support phase charged during the period. Under contract accounting, where customization and significant modifications to the software are made to meet the needs of our customers, total revenues, as well as costs incurred, are deferred until significant modifications are completed and delivered. Once delivered, deferred revenue and the related deferred costs are recognized over the post contract support period. We have included the deferral of costs in other current assets and other non-current assets in the Condensed Consolidated Balance Sheets. The amortization of Market Technology deferred revenue primarily includes revenues earned from client contracts recognized during the period.