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Clearing Operations (Tables)

12 Months Ended

Dec. 31, 2025

As of December 31, 2025, clearing member default fund

contributions and margin deposits were as follows:

Nasdaq Clearing has invested the total cash contributions of

$5,842 million as of December 31, 2025 and $5,664 million

as of December 31, 2024, in accordance with its investment

policy as follows:


	December 31, 2025	December 31, 2024
	(in millions)
Demand deposits	$3,011	$3,616
Central bank certificates	109	767
Restricted cash and cash equivalents	$3,120	$4,383
European government debt securities	292	465
Reverse repurchase agreements	2,245	610
Multilateral development bank debt securities	185	206
Investments	$2,722	$1,281
Total	$5,842	$5,664

The following table presents the market value of derivative

contracts outstanding prior to netting:


	December 31, 2025
	(in millions)
Commodity forwards	$11
Fixed-income swaps and forwards	547
Stock options and forwards	449
Index options and forwards	77
Total	$1,084

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 years

ended December 31, 2025 and 2024:


	Year Ended December 31,
	2025	2024
Commodity and seafood options, futures and forwards	254,038	234,622
Fixed-income swaps, futures and forwards	17,175,844	18,830,460
Stock options, futures and forwards	24,666,818	23,530,035
Index options, futures and forwards	30,244,627	35,069,931
Total	72,341,327	77,665,048