Consolidated Statements of Cash Flows - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Operating activities:
Net income	$ 1,311	$ 1,090
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	404	470
Stock-based compensation	102	90
Deferred taxes	58	20
Cetip realized investment gain, net	(114)	0
Other	(13)	2
Changes in assets and liabilities:
Customer accounts receivable	(153)	(88)
Other current and non-current assets	(29)	(8)
Section 31 fees payable	(99)	(83)
Deferred revenue	133	144
Other current and non-current liabilities	(190)	(129)
Total adjustments	99	418
Net cash provided by operating activities	1,410	1,508
Investing activities:
Capital expenditures	(136)	(166)
Capitalized software development costs	(104)	(88)
Cash received for divestitures (net of cash paid for acquisitions)	9	0
Proceeds from sale of Cetip, net	438	0
Decrease (increase) in restricted cash and investments	(80)	18
Other	0	(70)
Net cash provided by (used in) investing activities	127	(306)
Financing activities:
Repayments of commercial paper, net	(445)	(1,006)
Proceeds from debt facilities, net	985	0
Repayments of debt facilities	(850)	0
Repurchases of common stock	(709)	0
Dividends to shareholders	(358)	(307)
Payments relating to treasury shares received for restricted stock tax payments and stock option exercises	(85)	(51)
Acquisition of non-controlling interest and redeemable non-controlling interest	(55)	0
Other	(17)	(2)
Net cash used in financing activities	(1,534)	(1,366)
Effect of exchange rate changes on cash and cash equivalents	9	(5)
Net increase (decrease) in cash and cash equivalents	12	(169)
Cash and cash equivalents, beginning of period	407	627
Cash and cash equivalents, end of period	419	458
Supplemental cash flow disclosure:
Cash paid for income taxes	511	362
Cash paid for interest	$ 99	$ 92