Consolidated Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Operating activities:
Net income	$ 1,489	$ 1,233
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	527	510
Stock-based compensation	85	76
Deferred taxes	(239)	(147)
Gain on sale of Euroclear investment	0	(41)
Net losses from unconsolidated investees	65	57
Other	26	21
Changes in assets and liabilities:
Customer accounts receivable	(181)	(177)
Other current and non-current assets	(66)	(48)
Section 31 fees payable	(50)	115
Deferred revenue	279	292
Other current and non-current liabilities	(130)	(166)
Total adjustments	316	492
Net cash provided by operating activities	1,805	1,725
Investing activities:
Capital expenditures	(61)	(70)
Capitalized software development costs	(142)	(134)
Purchases of invested margin deposits	(771)	(1,431)
Proceeds from sales of invested margin deposits	3,078	3,815
Cash paid for acquisitions, net of cash acquired	(5)	(36)
Purchases of equity and equity method investments	(6)	(43)
Proceeds from sale of Euroclear investment	0	741
Purchases of investments	(949)	0
Other	0	1
Net cash provided by investing activities	1,144	2,843
Financing activities:
Proceeds from/(repayments of) debt facilities, net	(4)
Proceeds from/(repayments of) debt facilities, net		5,186
Redemption of commercial paper, net	0	(1,012)
Capital contributions from non-controlling interests	9	0
Repurchases of common stock	0	(632)
Dividends to stockholders	(472)	(427)
Change in cash and cash equivalent margin deposits and guaranty funds	(57,380)	16,163
Payments relating to treasury shares received for restricted stock tax payments and stock option exercises	(50)	(71)
Other	11	31
Net cash provided by/(used in) financing activities	(57,886)	19,238
Effect of exchange rate changes on cash, cash equivalents, restricted cash and cash equivalents, and cash and cash equivalent margin deposits and guaranty funds	6	(19)
Net increase/(decrease) in cash, cash equivalents, restricted cash and cash equivalents, and cash and cash equivalent margin deposits and guaranty funds	(54,931)	23,787
Cash, cash equivalents, restricted cash and cash equivalents, and cash and cash equivalent margin deposits and guaranty funds at beginning of period	150,343	147,976
Cash, cash equivalents, restricted cash and cash equivalents, and cash and cash equivalent margin deposits and guaranty funds at end of period	95,412	171,763
Supplemental cash flow disclosure:
Cash paid for income taxes	536	524
Cash paid for interest	341	226
Reconciliation of the components of cash, cash equivalents, restricted cash and cash equivalents, and cash and cash equivalent margin deposits and guaranty funds to the balance sheet:
Cash and cash equivalents	2,877	830
Short-term restricted cash and cash equivalents	5,413	6,045
Long-term restricted cash and cash equivalents	205	405
Cash and cash equivalent margin deposits and guaranty funds	86,917	164,483
Total	$ 95,412	$ 171,763