We manage, operate and provide our products and services in three business segments: Market Services, Issuer Services, and Market Technology.

Our Market Services segment includes our U.S. and European Transaction Services businesses and our Market Data business, which are interrelated because the Transaction Services businesses generate the quote and trade information that we sell to market participants and data distributors. Market Services also includes our Broker Services business, which offers technology and customized securities administration solutions to financial participants in the Nordic markets.

Our Issuer Services segment includes our Global Listing Services and Global Index Group businesses. The companies listed on The NASDAQ Stock Market and our Nordic and Baltic exchanges represent a diverse array of industries. This diversity of companies listed on NASDAQ OMX markets allows us to develop and license NASDAQ OMX branded indexes, associated derivatives, and financial products as part of our Global Index Group. The Global Listing Services business also includes our Corporate Solutions business, which generates revenues through our shareholder, directors, newswire, and other services.

Our Market Technology segment delivers technology and services to marketplaces, brokers, and regulators throughout the world. Market Technology provides technology solutions for trading, clearing, settlement and information dissemination, and also offers facility management integration, surveillance solutions, and advisory services.

Our management allocates resources, assesses performance and manages these businesses as three separate segments. We evaluate the performance of our segments based on several factors, of which the primary financial measure is income before income taxes. Results of individual businesses are presented based on our management accounting practices and our management structure. Certain amounts are allocated to corporate items in our management reports based on the decision that those activities should not be used to evaluate the segment's operating performance. These amounts include, but are not limited to, amounts related to mergers, strategic initiatives, and financing activities. See below for further discussion.

The following table presents certain information regarding these operating segments for the three and nine months ended September 30, 2011 and 2010.


	Market Services			Issuer Services		Market Technology		Corporate Items and Eliminations			Consolidated
	(in millions)
Three months ended September 30, 2011
Total revenues	$	808		$	92	$	46	$	—		$	946
Cost of revenues		(508	)		—		—		—			(508	)

Revenues less transaction rebates, brokerage, clearance and exchange fees		300			92		46		—			438

Income (loss) before income taxes ⁽¹⁾	$	146		$	28	$	4	$	(8	)	$	170


Three months ended September 30, 2010
Total revenues	$	634		$	85	$	38	$	—		$	757
Cost of revenues		(385	)		—		—		—			(385	)

Revenues less transaction rebates, brokerage, clearance and exchange fees		249			85		38		—			372

Income before income taxes	$	111		$	30	$	1	$	1		$	143


Nine months ended September 30, 2011
Total revenues	$	2,190		$	276	$	135	$	—		$	2,601
Cost of revenues		(1,332	)		—		—		—			(1,332	)

Revenues less transaction rebates, brokerage, clearance and exchange fees		858			276		135		—			1,269

Income (loss) before income taxes ⁽ ¹ ⁾	$	393		$	90	$	10	$	(40	)	$	453


Nine months ended September 30, 2010
Total revenues	$	2,052		$	255	$	106	$	1		$	2,414
Cost of revenues		(1,293	)		—		—		—			(1,293	)

Revenues less transaction rebates, brokerage, clearance and exchange fees		759			255		106		1			1,121

Income (loss) before income taxes ⁽ ² ⁾	$	335		$	90	$	5	$	(52	)	$	378

⁽¹⁾

Corporate items and eliminations for the three and nine months ended September 30, 2011 primarily include merger and strategic initiatives expense as well as costs incurred in connection with the termination of our 2010 Credit Facility. See "2010 Credit Facility," of Note 8, "Debt Obligations," for further discussion.

⁽²⁾

Corporate items and eliminations for the nine months ended September 30, 2010 primarily include charges of $40 million related to the repayment of our senior secured credit facilities in place as of December 31, 2009 and $11 million related to loss on divestiture of businesses as a result of our decision to close the businesses of both NASDAQ OMX Europe, or NEURO, ($6 million) and Agora-X LLC, or Agora-X, ($5 million).

For further discussion of our segments' results, see "Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations—Segment Operating Results."