This excerpt taken from the NDAQ 10-Q filed Nov 7, 2008.
Clearing and Depository Items
Clearing items represent cash, receivables and payables for open securities transactions cleared for participants through the Stock Clearing Corporation of Philadelphia, or SCCP, clearing system. NASDAQ OMX earns interest income on these cash balances. SCCP participants are required to contribute to the participants fund. Amounts are dependent on the nature and volume of services utilized by the participant. The fund is designed to provide security for participants obligations to SCCP and is available to protect against the possibility of certain losses and is necessary to meet participant fund requirements of National Securities Clearing Corporation, or NSCC, and/or the Depository Trust and Clearing Corporation, or DTCC. SCCP determined each participants contribution based on approved formulas and were applied to all SCCP participants on a uniform non-discriminatory basis.
Clearing and depository assets primarily include $6.1 million of cash of which $3.0 million is restricted cash. Clearing and depository liabilities primarily include participant fund deposits of $3.4 million and advances to corporate accounts of $2.9 million. The clearing and depository assets are included in other current assets and offsetting clearing and depository liabilities are included in other accrued liabilities in the Condensed Consolidated Balance Sheets.
On October 30, 2008, NASDAQ OMX announced that it will discontinue SCCP operations effective December 31, 2008. See Note 18, Subsequent Events, for further discussion.