7Baggers
Quarterly
Annual
    Unit: USD2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-03-31 2021-12-31 2021-09-30 2021-06-30 2021-03-31 2020-12-31 2020-09-30 2020-06-30 2020-03-31 2019-12-31 2019-09-30 2019-06-30 2019-03-31 2018-12-31 2018-09-30 2018-06-30 2018-03-31 2017-12-31 2017-09-30 2017-06-30 2017-03-31 2016-12-31 2016-09-30 2016-06-30 2016-03-31 2015-12-31 2015-09-30 2015-06-30 2015-03-31 2014-12-31 2014-09-30 2014-06-30 2014-03-31 
      
    		                                               
      operating activities:
    		                                               
      net income
    		831,000,000 865,000,000 812,000,000 709,000,000 671,000,000 639,000,000 783,000,000 390,000,000 559,000,000 815,000,000 674,000,000 440,000,000 -175,000,000 566,000,000 667,000,000 1,529,000,000 637,000,000 1,253,000,000 650,000,000 528,000,000 394,000,000 528,000,000 658,000,000 453,000,000 537,000,000 478,000,000 492,000,000 619,000,000 465,000,000 462,000,000 474,000,000 1,231,000,000 375,000,000 426,000,000 510,000,000 359,000,000 350,000,000 363,000,000 377,000,000 373,000,000 310,000,000 289,000,000 323,000,000 294,000,000 213,000,000 234,000,000 275,000,000 
      adjustments to reconcile net income to net cash from operating activities:
    		                                               
      depreciation and amortization
    		387,000,000 395,000,000 389,000,000 389,000,000 386,000,000 381,000,000 381,000,000 379,000,000 309,000,000 267,000,000 260,000,000 263,000,000 258,000,000 256,000,000 254,000,000 250,000,000 253,000,000 251,000,000 255,000,000 257,000,000 180,000,000 157,000,000 157,000,000 189,000,000 158,000,000 157,000,000 158,000,000 157,000,000 148,000,000 143,000,000 138,000,000 131,000,000 128,000,000 142,000,000 134,000,000 140,000,000 181,000,000 146,000,000 143,000,000 98,000,000 94,000,000 93,000,000 89,000,000 89,000,000 83,000,000 73,000,000 88,000,000 
      stock-based compensation
    		54,000,000 58,000,000 57,000,000 60,000,000 57,000,000 57,000,000 57,000,000 93,000,000 79,000,000 45,000,000 40,000,000 39,000,000 40,000,000 38,000,000 38,000,000 76,000,000 39,000,000 37,000,000 36,000,000 34,000,000 32,000,000 32,000,000 41,000,000 39,000,000 36,000,000 35,000,000 29,000,000 37,000,000 32,000,000 32,000,000 29,000,000 33,000,000 34,000,000 34,000,000 34,000,000 34,000,000 30,000,000 31,000,000 29,000,000 32,000,000 32,000,000 23,000,000 24,000,000 24,000,000 24,000,000 27,000,000 22,000,000 
      deferred taxes
    		197,000,000 -49,000,000 -60,000,000 57,000,000 -83,000,000 -66,000,000 -50,000,000 -82,000,000 -8,000,000 -156,000,000 -83,000,000 -78,000,000 -368,000,000 -61,000,000 -86,000,000 403,000,000 -20,000,000 176,000,000 -22,000,000 25,000,000 69,000,000 1,000,000 -3,000,000 19,000,000 -10,000,000 -14,000,000 -28,000,000 29,000,000 5,000,000 -1,000,000 -6,000,000 -709,000,000 69,000,000 -39,000,000 28,000,000 94,000,000 -29,000,000 19,000,000 30,000,000 -45,000,000 -25,000,000 -14,000,000 -24,000,000 78,000,000 -29,000,000 -2,000,000 -26,000,000 
      (gain)/loss on investments
    		-33,000,000                                               
      net (income)/losses from unconsolidated investees
    		-40,000,000 -6,000,000 -29,000,000                                             
      other
    		14,000,000 13,000,000 14,000,000 7,000,000 17,000,000 17,000,000 14,000,000 9,000,000 28,000,000 16,000,000 10,000,000 10,000,000 10,000,000 12,000,000 9,000,000 51,000,000 4,000,000 0 -10,000,000 23,000,000 -38,000,000 1,000,000 -11,000,000 -6,000,000 -8,000,000 -5,000,000 -21,000,000 -13,000,000 -7,000,000 -5,000,000 1,000,000 -9,000,000 -6,000,000 -6,000,000 -1,000,000 -8,000,000 -2,000,000 1,000,000 3,000,000 -1,000,000 1,000,000 -2,000,000 -15,000,000 -3,000,000 -14,000,000 -19,000,000 -10,000,000 
      changes in assets and liabilities:
    		                                               
      customer accounts receivable
    		104,000,000 231,000,000 -387,000,000 61,000,000 -17,000,000 92,000,000 -285,000,000 41,000,000 69,000,000 303,000,000 -484,000,000 92,000,000 105,000,000 303,000,000 -480,000,000 104,000,000 -35,000,000 229,000,000 -303,000,000 79,000,000 77,000,000 295,000,000 -600,000,000 67,000,000 -1,000,000 131,000,000 -227,000,000 75,000,000 29,000,000 111,000,000 -259,000,000 18,000,000 17,000,000 70,000,000 -240,000,000 23,000,000 69,000,000 72,000,000 -229,000,000 17,000,000 29,000,000 31,000,000 -122,000,000 43,000,000 -14,000,000 -33,000,000 -74,000,000 
      other current and non-current assets
    		-4,000,000 62,000,000 -38,000,000 -22,000,000 -33,000,000 25,000,000 -76,000,000 -6,000,000 31,000,000 22,000,000 -88,000,000 -26,000,000 -122,000,000 8,000,000 -56,000,000 -37,000,000 16,000,000 29,000,000 -108,000,000 -40,000,000 -4,000,000 -4,000,000 -35,000,000 -39,000,000 19,000,000 -12,000,000 15,000,000 -21,000,000 15,000,000 -7,000,000 -32,000,000 5,000,000 8,000,000 -34,000,000 -3,000,000 15,000,000 13,000,000 -8,000,000 -13,000,000 15,000,000 5,000,000 1,000,000 -26,000,000 -5,000,000 29,000,000 58,000,000 -12,000,000 
      section 31 fees payable
    		-409,000,000 149,000,000 -56,000,000 241,000,000 -128,000,000 137,000,000 -13,000,000 61,000,000 -155,000,000 55,000,000 -105,000,000 165,000,000 -114,000,000 122,000,000 -7,000,000 43,000,000 -149,000,000 40,000,000 -84,000,000 154,000,000 -263,000,000 151,000,000 27,000,000 104,000,000 -133,000,000 98,000,000 -35,000,000 84,000,000 -197,000,000 88,000,000 -8,000,000 97,000,000 -150,000,000 91,000,000 -40,000,000 97,000,000 -162,000,000 98,000,000 -19,000,000 85,000,000 -137,000,000 76,000,000 -45,000,000     
      deferred revenue
    		-152,000,000 -106,000,000 370,000,000 -140,000,000 -129,000,000 -97,000,000 393,000,000 -143,000,000 -152,000,000 -127,000,000 406,000,000 -157,000,000 -162,000,000 -119,000,000 411,000,000 -129,000,000 -116,000,000 -96,000,000 375,000,000 -118,000,000 -133,000,000 -119,000,000 372,000,000 -132,000,000 -115,000,000 -118,000,000 347,000,000 -123,000,000 -125,000,000 -94,000,000 343,000,000 -116,000,000 -108,000,000 -87,000,000 328,000,000 -102,000,000 -113,000,000 -81,000,000 338,000,000 -104,000,000 -106,000,000 -75,000,000 312,000,000 -79,000,000 -89,000,000 -94,000,000 320,000,000 
      other current and non-current liabilities
    		-34,000,000 -104,000,000 -106,000,000 145,000,000 141,000,000 8,000,000 -240,000,000 40,000,000 -26,000,000 -118,000,000 -12,000,000 156,000,000 170,000,000 -130,000,000 -36,000,000 80,000,000 -72,000,000 181,000,000 -55,000,000 179,000,000 123,000,000 -184,000,000 -86,000,000 83,000,000 17,000,000 -22,000,000 -76,000,000 64,000,000 134,000,000 -66,000,000 -107,000,000 104,000,000 -55,000,000 -172,000,000 37,000,000 -11,000,000 68,000,000 -135,000,000 -62,000,000 -49,000,000 -83,000,000 -106,000,000 -39,000,000 102,000,000 -283,000,000 158,000,000 29,000,000 
      total adjustments
    		84,000,000 641,000,000 154,000,000 797,000,000 227,000,000 557,000,000 226,000,000 579,000,000 209,000,000 337,000,000 -21,000,000 652,000,000 912,000,000 403,000,000 89,000,000 -536,000,000 -114,000,000 -380,000,000 84,000,000 538,000,000 43,000,000 330,000,000 -138,000,000 324,000,000 -37,000,000 250,000,000 162,000,000 179,000,000 34,000,000 201,000,000 99,000,000 -556,000,000 -63,000,000 61,000,000 101,000,000 282,000,000 55,000,000 143,000,000 220,000,000 48,000,000 -190,000,000 16,000,000 142,000,000 247,000,000 -137,000,000 102,000,000 246,000,000 
      net cash from operating activities
    		915,000,000 1,506,000,000 966,000,000 1,506,000,000 898,000,000 1,196,000,000 1,009,000,000 969,000,000 768,000,000 1,152,000,000 653,000,000 1,092,000,000 737,000,000 969,000,000 756,000,000 993,000,000 523,000,000 873,000,000 734,000,000 1,066,000,000 437,000,000 858,000,000 520,000,000 777,000,000 500,000,000 728,000,000 654,000,000 798,000,000 499,000,000 663,000,000 573,000,000 675,000,000 312,000,000 487,000,000 611,000,000  405,000,000 506,000,000 597,000,000         
      investing activities:
    		                                               
      capital expenditures
    		-62,000,000 -60,000,000 -85,000,000 -194,000,000 -79,000,000 -75,000,000 -58,000,000 -86,000,000 -43,000,000 -40,000,000 -21,000,000 -100,000,000 -55,000,000 -34,000,000 -36,000,000 -62,000,000 -22,000,000 -55,000,000 -40,000,000 -93,000,000 -66,000,000 -33,000,000 -15,000,000 -66,000,000 -30,000,000 -31,000,000 -26,000,000 -85,000,000 -16,000,000 -19,000,000 -14,000,000 -84,000,000 -55,000,000 -49,000,000 -32,000,000 -84,000,000 -70,000,000 -65,000,000 -31,000,000 -65,000,000 -33,000,000 -53,000,000 -39,000,000 -67,000,000 -47,000,000 -27,000,000 -31,000,000 
      free cash flows
    		853,000,000 1,446,000,000 881,000,000 1,312,000,000 819,000,000 1,121,000,000 951,000,000 883,000,000 725,000,000 1,112,000,000 632,000,000 992,000,000 682,000,000 935,000,000 720,000,000 931,000,000 501,000,000 818,000,000 694,000,000 973,000,000 371,000,000 825,000,000 505,000,000 711,000,000 470,000,000 697,000,000 628,000,000 713,000,000 483,000,000 644,000,000 559,000,000 591,000,000 257,000,000 438,000,000 579,000,000  335,000,000 441,000,000 566,000,000         
      capitalized software development costs
    		-107,000,000 -107,000,000 -104,000,000 -82,000,000 -87,000,000 -90,000,000 -87,000,000 -77,000,000 -80,000,000 -78,000,000 -64,000,000 -57,000,000 -66,000,000 -67,000,000 -67,000,000 -62,000,000 -66,000,000 -69,000,000 -76,000,000 -49,000,000 -58,000,000 -52,000,000 -44,000,000 -36,000,000 -39,000,000 -38,000,000 -39,000,000 -34,000,000 -37,000,000 -38,000,000 -37,000,000 -33,000,000 -35,000,000 -35,000,000 -34,000,000 -27,000,000 -27,000,000 -36,000,000 -25,000,000 -20,000,000 -23,000,000 -23,000,000 -21,000,000 -22,000,000 -16,000,000 -20,000,000 -20,000,000 
      purchases of invested margin deposits
    		-975,000,000 -998,000,000 -2,344,000,000 -533,000,000 0 -322,000,000 -536,000,000 -228,000,000 -589,000,000 -308,000,000 -463,000,000 0 -5,504,000,000 -780,000,000 -651,000,000                                 
      proceeds from invested margin deposits
    		1,258,000,000                                               
      cash paid for acquisitions, net of cash acquired
    		-6,000,000 -2,000,000 -11,000,000 -30,000,000 0   49,000,000 -10,242,000,000   -2,000,000 -21,000,000   -56,000,000 -4,000,000   -7,000,000 -9,188,000,000 -2,000,000 -249,000,000                     -427,000,000 0 -8,000,000 -142,000,000 
      proceeds from sale of promissory note
    		   0 0 0 75,000,000                                         
      purchases of equity and equity method investments
    		-1,000,000           -4,000,000 -26,000,000                                   
      purchases of restricted investments
    		-379,000,000 -131,000,000 -183,000,000 -98,000,000 1,000,000 -591,000,000 -64,000,000                                         
      proceeds from restricted investments
    		190,000,000                                               
      net cash from investing activities
    		    -73,000,000 -187,000,000 259,000,000 606,000,000 -10,547,000,000 -901,000,000 2,045,000,000   1,961,000,000 882,000,000    -116,000,000 -128,000,000 -9,310,000,000 -90,000,000 -302,000,000 -82,000,000 -110,000,000 -362,000,000 -40,000,000 -138,000,000 -799,000,000 -63,000,000 -755,000,000 -35,000,000 -82,000,000 317,000,000 -108,000,000    -59,000,000         
      financing activities:
    		                                               
      proceeds from debt issuances
    		   0 0                                           
      repayments of debt
    		0   0 0 -1,000,000,000 -600,000,000    -4,000,000                                     
      redemption of commercial paper
    		  -96,000,000    -38,000,000      0                                   
      repurchases of common stock
    		-398,000,000 -255,000,000 -241,000,000         0 0 -157,000,000 -475,000,000     0 -148,000,000 -400,000,000 -699,000,000 -340,000,000 -340,000,000 -340,000,000 -440,000,000 -139,000,000 -300,000,000 -459,000,000 -300,000,000 -240,000,000 -240,000,000 -240,000,000 -229,000,000     -55,000,000 -206,000,000 -203,000,000 -196,000,000 -197,000,000    
      dividends paid to stockholders
    		-276,000,000 -277,000,000 -278,000,000 -259,000,000 -261,000,000                                           
      change in cash and cash equivalent margin deposits and guaranty funds liability
    		-2,897,000,000 2,182,000,000 2,999,000,000 3,899,000,000 -1,453,000,000 5,568,000,000 -4,551,000,000                                         
      payments relating to treasury shares received for restricted stock tax payments and stock option exercises
    		-5,000,000 -3,000,000 -95,000,000 -4,000,000 -4,000,000 -2,000,000 -71,000,000 -25,000,000 -3,000,000 -1,000,000 -49,000,000 -1,000,000 -1,000,000 -2,000,000 -69,000,000 -1,000,000 -2,000,000 -2,000,000 -65,000,000 -2,000,000 0 -3,000,000 -69,000,000 -1,000,000 -4,000,000 -3,000,000 -57,000,000  -2,000,000 -4,000,000 -72,000,000 -3,000,000 -4,000,000 -4,000,000 -77,000,000 -3,000,000 -3,000,000 -1,000,000 -47,000,000 -3,000,000 -3,000,000 -3,000,000 -36,000,000 -6,000,000 -2,000,000 -1,000,000 -36,000,000 
      net cash from financing activities
    		    -2,331,000,000 5,136,000,000 -5,522,000,000      -2,865,000,000 5,560,000,000 13,678,000,000   -1,935,000,000 -583,000,000 -965,000,000 8,598,000,000 -478,000,000 -411,000,000 -502,000,000 -469,000,000 -186,000,000 -596,000,000 -444,000,000 282,000,000 -571,000,000 270,000,000 -437,000,000 -213,000,000 -770,000,000 -551,000,000  -335,000,000 -334,000,000 -697,000,000         
      effect of exchange rate changes on cash, cash equivalents, restricted cash and cash equivalents, and cash and cash equivalent margin deposits and guaranty funds
    		-5,000,000 25,000,000 10,000,000 -21,000,000 12,000,000 0 -5,000,000 14,000,000 -13,000,000 5,000,000 1,000,000                                     
      net increase in cash, cash equivalents, restricted cash and cash equivalents, and cash and cash equivalent margin deposits and guaranty funds
    		-2,959,000,000                                               
      cash, cash equivalents, restricted cash and cash equivalents, and cash and cash equivalent margin deposits and guaranty funds at beginning of period
    		0 0 84,503,000,000 0 0 0 80,750,000,000  0 0 150,343,000,000                                     
      cash, cash equivalents, restricted cash and cash equivalents, and cash and cash equivalent margin deposits and guaranty funds at end of period
    		-2,959,000,000 3,171,000,000 85,609,000,000 3,361,000,000 -1,494,000,000 6,145,000,000 76,491,000,000  -14,617,000,000 -15,279,000,000 110,691,000,000                                     
      supplemental cash flow disclosure:
    		                                               
      cash paid for income taxes
    		              90,000,000 248,000,000 395,000,000 283,000,000 131,000,000 84,000,000 83,000,000 348,000,000 127,000,000 100,000,000 161,000,000 218,000,000 78,000,000 109,000,000 78,000,000 202,000,000 144,000,000 83,000,000 82,000,000 364,000,000 65,000,000 98,000,000 87,000,000 219,000,000 56,000,000 123,000,000 186,000,000 182,000,000 51,000,000 73,000,000 50,000,000 169,000,000 46,000,000 
      cash paid for interest
    		              117,000,000 77,000,000 118,000,000 83,000,000 128,000,000 89,000,000 60,000,000 80,000,000 69,000,000 66,000,000 69,000,000 66,000,000 79,000,000 66,000,000 32,000,000 77,000,000 27,000,000 72,000,000 12,000,000 80,000,000 7,000,000 81,000,000 1,000,000 81,000,000 7,000,000 33,000,000 1,000,000 88,000,000 1,000,000 33,000,000 6,000,000 96,000,000 5,000,000 
      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 consolidated balance sheets:
    		                                               
      cash and cash equivalents
    		                0                               
      short-term restricted cash and cash equivalents
    		                                               
      long-term restricted cash and cash equivalents
    		                                               
      cash and cash equivalent margin deposits and guaranty funds
    		                                               
      total
    		                                               
      net cash provided by/(used in) investing activities
    		 1,068,000,000 -2,153,000,000              -94,000,000                               
      proceeds from commercial paper
    		                                               
      net cash provided by/(used in) financing activities
    		 572,000,000 2,283,000,000       -15,535,000,000 -42,351,000,000                                     
      loss on investments
    		    -2,000,000 0 3,000,000                                         
      proceeds from sales of invested margin deposits
    		  481,000,000 9,000,000 98,000,000 760,000,000 230,000,000 578,000,000 318,000,000 473,000,000 2,605,000,000 3,198,000,000 470,000,000 2,106,000,000 1,709,000,000                                 
      proceeds from sales of restricted investments
    		  100,000,000 -1,000,000 0 154,000,000 702,000,000                                         
      net increase/(decrease) in cash, cash equivalents, restricted cash and cash equivalents, and cash and cash equivalent margin deposits and guaranty funds
    		  1,106,000,000 3,361,000,000 -1,494,000,000     -15,279,000,000 -39,652,000,000                                     
      fair value loss on promissory note
    		                                               
      net incomees from and impairment of unconsolidated investees
    		       31,000,000                                        
      proceeds from the sale of equity investments
    		                                               
      proceeds from/(purchases of) other investments
    		                                               
      other investing activities
    		                                               
      (redemption of)/proceeds from commercial paper
    		   -841,000,000                                            
      other financing activities
    		                                               
      net incomees from unconsolidated investees
    		    18,000,000 3,000,000 42,000,000   30,000,000 35,000,000                                     
      (purchases of)/proceeds from sale of equity and equity method investments
    		                                               
      capital contributions from non-controlling interests
    		                                               
      dividends to stockholders
    		      -258,000,000 -242,000,000 -241,000,000 -236,000,000 -236,000,000 -213,000,000 -213,000,000 -213,000,000 -214,000,000 -186,000,000 -187,000,000 -187,000,000 -187,000,000 -169,000,000 -170,000,000 -164,000,000 -166,000,000 -154,000,000 -155,000,000 -155,000,000 -157,000,000 -138,000,000 -138,000,000 -139,000,000 -140,000,000                 
      net decrease in cash, cash equivalents, restricted cash and cash equivalents, and cash and cash equivalent margin deposits and guaranty funds
    		      -4,259,000,000                                         
      gain on deconsolidation of bakkt
    		                                               
      (gains)/losses on sale of investments
    		                                               
      proceeds from the sales of equity investments
    		                                               
      proceeds from debt offerings
    		                                               
      proceeds from/(redemption of) commercial paper
    		       -303,000,000       256,000,000 -312,000,000   -343,000,000 -55,000,000 1,760,000,000                           
      net cash (used in)/provided by financing activities
    		       -1,634,000,000                                        
      net (decrease)/increase in cash, cash equivalents, restricted cash and cash equivalents, and cash and cash equivalent margin deposits and guaranty funds
    		       -45,000,000                                        
      cash, cash equivalents, restricted cash and cash equivalents and cash and cash equivalent margin deposits and guaranty funds at beginning of year
    		                                               
      cash, cash equivalents, restricted cash and cash equivalents and cash and cash equivalent margin deposits and guaranty funds at end of year
    		                                               
      supplemental cash flow disclosures:
    		                                               
      loss/(gain) on sale of investments
    		                                               
      proceeds from sale of/(purchases of) equity and equity method investments
    		                                               
      proceeds from sale of euroclear investment
    		            0                                   
      purchases of investments
    		        -7,000,000                   -1,000,000 0 -1,000,000 -304,000,000                 
      proceeds from/(repayments of) debt facilities
    		        518,000,000                                       
      change in cash and cash equivalent margin deposits and guaranty funds
    		        -7,349,000,000 -15,321,000,000 -42,059,000,000 -17,996,000,000 -2,660,000,000 2,010,000,000 14,153,000,000                                 
      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:
    		                                               
      gain on sale of euroclear investment
    		            0                                   
      gains on equity investments
    		                                               
      net incomees/(income) from and impairment of unconsolidated investees
    		                                               
      proceeds from other investments
    		                                               
      common stock issued for acquisition
    		                   0                            
      gain on sale of coinbase investment
    		               0 0                               
      gain on equity investments
    		               0                                
      net incomees/(income) from unconsolidated investees
    		            1,055,000,000 15,000,000 42,000,000                                 
      impairment of bakkt investment
    		                                               
      proceeds from sale of coinbase investment
    		                                               
      proceeds from debt facilities
    		            2,705,000,000       0 7,157,000,000   -1,000,000    0    -1,000,000                
      repayments of debt facilities
    		               2,000,000    -746,000,000 -2,000,000       0    0              -929,000,000 -161,000,000 
      effect of exchange rate changes on cash and cash equivalents, restricted cash and cash equivalents, and cash and cash equivalent margin deposits and guaranty funds
    		            -22,000,000 -18,000,000 -1,000,000                                 
      net increase in cash and cash equivalents, restricted cash and cash equivalents, and cash and cash equivalent margin deposits and guaranty funds
    		            -7,354,000,000 8,472,000,000 15,315,000,000                                 
      cash and cash equivalents, restricted cash and cash equivalents, and cash and cash equivalent margin deposits and guaranty funds at beginning of period
    		            0 0 147,976,000,000                                 
      cash and cash equivalents, restricted cash and cash equivalents, and cash and cash equivalent margin deposits and guaranty funds at end of period
    		            -7,354,000,000 8,472,000,000 163,291,000,000                                 
      reconciliation of the components of cash and cash equivalents, restricted cash and cash equivalents, and cash and cash equivalent margin deposits and guaranty funds to the balance sheet:
    		                                               
      return of capital from equity method investment
    		                       16,000,000 0 0 44,000,000                     
      purchase of equity method investment
    		               -94,000,000 0                               
      proceeds from the sale of coinbase investment
    		               0 0                               
      proceeds from sale of invested margin deposits
    		                                               
      cash, cash equivalents, restricted cash and cash equivalents, and cash and cash equivalent margin deposits and guaranty funds at beginning of year
    		                                               
      cash, cash equivalents, restricted cash and cash equivalents, and cash and cash equivalent margin deposits and guaranty funds at end of year
    		                                               
      effect of exchange rate changes on cash, cash equivalents and restricted cash and cash equivalents
    		                  -1,000,000  5,000,000 5,000,000 -9,000,000  -3,000,000 0 1,000,000  0 -7,000,000 2,000,000                 
      net increase/(decrease) in cash, cash equivalents, and restricted cash and cash equivalents
    		                                               
      cash, cash equivalents, and restricted cash and cash equivalents, beginning of period
    		                0 0 1,991,000,000  0 0 2,188,000,000  0 0 1,872,000,000  0 0 1,568,000,000                 
      cash, cash equivalents, and restricted cash and cash equivalents, end of period
    		                15,000,000 21,000,000 2,025,000,000  -270,000,000 295,000,000 1,986,000,000  -82,000,000 180,000,000 1,891,000,000  -18,000,000 22,000,000 1,658,000,000                 
      property and equipment
    		                -2,000,000                               
      goodwill
    		                5,000,000                               
      identifiable intangibles
    		                0                               
      other assets and liabilities
    		                -3,000,000                               
      deferred tax liabilities on identifiable intangibles
    		                0                               
      total purchase price allocation
    		                                               
      net increase in cash, cash equivalents, and restricted cash and cash equivalents
    		                 21,000,000 34,000,000 -20,000,000 -270,000,000 295,000,000 -202,000,000 199,000,000 -82,000,000 180,000,000 19,000,000 210,000,000 -18,000,000 22,000,000 90,000,000                 
      total preliminary purchase price allocation
    		                                               
      proceeds from investments
    		                   -1,000,000 2,000,000 -3,000,000 6,000,000                         
      gain on acquisition of remaining mers interest
    		                                               
      purchases of equity investments
    		                                               
      acquisition of non-controlling interest
    		                                               
      proceeds from issuance of redeemable non-controlling interest
    		                                               
      effect of exchange rate changes on cash, cash equivalents, and restricted cash and cash equivalents
    		                                               
      cash, cash equivalents, and restricted cash and cash equivalents at beginning of year
    		                                               
      cash, cash equivalents, and restricted cash and cash equivalents at end of year
    		                                               
      standard/description
    		                                               
      asu no. 2016-13, financial instruments - measurement of credit losses on financial instruments, applies to all financial instruments carried at amortized cost including held-to-maturity debt securities and accounts receivable. it requires financial assets carried at amortized cost to be presented at the net amount expected to be collected and requires entities to record credit losses through an allowance for credit losses on available-for-sale debt securities.
    		                                               
      asu 2017-04, simplifying the test for goodwill impairment, removes the second step of the goodwill impairment test, which requires a hypothetical purchase price allocation if the fair value of a reporting unit is less than its carrying value. goodwill impairment will now be measured using the difference between the carrying value and the fair value of the reporting unit, and any loss recognized should not exceed the total amount of goodwill allocated to that reporting unit.
    		                                               
      asu 2018-15, customer's accounting for implementation costs incurred in a cloud computing arrangement that is a service contract, helps entities evaluate the accounting for fees paid by a customer in a cloud computing arrangement by providing guidance for determining when an arrangement includes a software license and is solely a hosted service. customers will now apply the same criteria for capitalizing implementation costs as they would for a software license arrangement. the guidance also prescribes the balance sheet, income statement, and cash flow classification of the capitalized implementation costs and related amortization expense, and requires additional quantitative and qualitative disclosures.
    		                                               
      asu no. 2019-12, simplifying the accounting for income taxes, eliminates certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. it clarifies that single-member limited liability companies, and other similar disregarded entities that are not subject to income tax, are not required to recognize an allocation of consolidated income tax expense in their separate financial statements. further, it simplifies the accounting for franchise taxes, enacted changes in tax laws or rates and transactions that result in a step-up in the tax basis of goodwill.
    		                                               
      proceeds from commercial paper, net of repayments
    		                      503,000,000   293,000,000 54,000,000                     
      1.
    		                                               
      cetip realized investment gain
    		                               0 0 62,000,000 -176,000,000             
      trayport gain
    		                                               
      proceeds from sale of cetip
    		                               0 0               
      cash received from divestitures
    		                                               
      proceeds from/(repayments of) commercial paper
    		                       -7,000,000                        
      acquisition of non-controlling interest and redeemable non-controlling interest
    		                           0    -119,000,000 0               
      cash paid for acquisitions
    		                        0 -333,000,000 -19,000,000                     
      operating activities
    		                                               
      investing activities
    		                                               
      financing activities
    		                                               
      repayments of commercial paper
    		                           -248,000,000     24,000,000 -352,000,000 -117,000,000             
      payments relating to treasury shares
    		                                               
      supplemental cash flow disclosure
    		                                               
      supplemental non-cash investing and financing activity
    		                                               
      treasury stock retirement
    		                                               
      cash paid for acquisitions, net of cash received for divestiture
    		                            -746,000,000 -5,000,000 -400,000,000                 
      proceeds from (repayments of) commercial paper
    		                             23,000,000 789,000,000        -543,000,000         
      amortization of fair market value premium on nyse notes
    		                                       0 0 -11,000,000 -12,000,000     
      purchases of cost and equity method investments
    		                                               
      proceeds from term deposits
    		                                               
      dividends to shareholders
    		                               -118,000,000 -119,000,000 -119,000,000 -120,000,000 -102,000,000 -102,000,000 -103,000,000 -102,000,000 -89,000,000 -84,000,000 -85,000,000 -73,000,000 -74,000,000 -74,000,000 -75,000,000 -76,000,000 
      purchase of subsidiary shares from non-controlling interest
    		                                       0 0   0    
      supplemental non-cash investing and financing activities
    		                                               
      common stock and vested stock options issued for acquisitions
    		                                               
      cash received for divestitures
    		                                -1,000,000               
      decrease (increase) in restricted cash and investments
    		                                     -72,000,000 -3,000,000  3,000,000 -23,000,000 34,000,000     
      effect of exchange rate changes on cash and cash equivalents
    		                                4,000,000 4,000,000 1,000,000 -4,000,000 2,000,000   -5,000,000 -1,000,000 3,000,000 -11,000,000 -19,000,000 -6,000,000 5,000,000 -1,000,000 
      net increase in cash and cash equivalents
    		                                    68,000,000 -78,000,000 -159,000,000  9,000,000 -74,000,000 100,000,000   1,093,000,000 3,000,000 
      cash and cash equivalents, beginning of period
    		                                0 0 407,000,000  0 0 627,000,000  0 0 652,000,000  0 0 961,000,000 
      cash and cash equivalents, end of period
    		                                21,000,000 38,000,000 360,000,000  68,000,000 -78,000,000 468,000,000  9,000,000 -74,000,000 752,000,000  -1,419,000,000 1,093,000,000 964,000,000 
      increase in restricted cash and investments
    		                                 -25,000,000 -64,000,000         -56,000,000 6,000,000 -51,000,000 -60,000,000 
      net decrease in cash and cash equivalents
    		                                 38,000,000 -47,000,000             
      cash received for divestiture
    		                                  22,000,000             
      less: income from discontinued operations, net of tax
    		                                            10,000,000 -19,000,000 -2,000,000 
      income from continuing operations
    		                                       373,000,000 310,000,000 289,000,000 323,000,000 294,000,000 223,000,000 215,000,000 273,000,000 
      adjustments to reconcile income from continuing operations to net cash from operating activities:
    		                                               
      net cash from operating activities from continuing operations
    		                                       421,000,000 120,000,000 305,000,000 465,000,000 541,000,000 86,000,000 317,000,000 519,000,000 
      proceeds from ipo and sale of euronext and sale of nyse technologies
    		                                               
      proceeds from term deposits and sales of available-for-sale investments
    		                                       5,000,000 0       
      purchases of term deposits and available-for-sale investments
    		                                               
      net cash from investing activities from continuing operations
    		                                       -4,144,000,000 -53,000,000 985,000,000 -86,000,000 -453,000,000 -1,162,000,000 1,900,000,000 -249,000,000 
      net cash from financing activities from continuing operations
    		                                       3,668,000,000 -57,000,000 -1,367,000,000 -268,000,000 -55,000,000 -333,000,000 -1,019,000,000 -266,000,000 
      net cash from operating activities from discontinued operations
    		                                           0 -4,000,000   
      net cash from investing activities from discontinued operations
    		                                           0 0   
      net cash from financing activities from discontinued operations
    		                                           0 0   
      cash and cash equivalents, beginning of year
    		                                               
      cash and cash equivalents, end of year
    		                                               
      decrease in restricted cash and investments
    		                                               
      repayments of debt facilities and commercial paper
    		                                    -225,000,000    237,000,000   216,000,000    
      distributions of profits to non-controlling interest
    		                                    -11,000,000 -1,000,000 -9,000,000 -3,000,000 -7,000,000 -2,000,000 -15,000,000 -2,000,000 -12,000,000 -10,000,000 -9,000,000 
      net cash provide by (used in) investing activities
    		                                               
      additional contribution to equity method investment
    		                                               
      less/plus: (income) income from discontinued operations, net of tax
    		                                               
      impairment loss on cetip investment
    		                                               
      additional contribution to equity method investee
    		                                       0 0 0 -60,000,000     
      proceeds from exercise of common stock options
    		                                       5,000,000 4,000,000 6,000,000 4,000,000 3,000,000 5,000,000 3,000,000 2,000,000 
      proceeds from ipo of euronext
    		                                               
      proceeds from sales of available-for-sale investments
    		                                           0 26,000,000 18,000,000 10,000,000 
      purchases of available-for-sale investments
    		                                            -1,302,000,000 4,000,000 -6,000,000 
      borrowings (repayments) of debt facilities and commercial paper
    		                                          35,000,000     
      expense recognized on early payoff of debt
    		                                               
      amortization of increase in fair market value of nyse notes
    		                                               
      pre-payment related to early payoff of debt
    		                                               
      excess tax benefits from stock-based compensation
    		                                            -5,000,000 -4,000,000 -14,000,000 
      income taxes payable
    		                                              67,000,000 
      accrued salaries and benefits
    		                                            33,000,000 5,000,000 -144,000,000 
      proceeds from sale of euronext and sales of nyse technologies businesses
    		                                               
      proceeds from sale of euronext
    		                                               
      net change in cash and cash equivalents from discontinued operations
    		                                               
      deferred revenue amortization
    		                                               
      issuance costs for debt facilities
    		                                               
      due to affiliate
    		                                               
      proceeds from ice to capitalize company
    		                                               
      issuance costs of debt facility
    		                                               
      net increase in cash
    		                                               
      cash, beginning of period
    		                                               
      cash, end of period
    		                                               
      item 3.
    		                                               
    The information provided in this report is taken from www.sec.gov and many other data providers. While we have conducted our best efforts to ensure that the parsed data is accurate, we cannot guarantee its accuracy. Please use caution and understand that any consequences of its use are your own responsibility.