Short-Term Borrowings

3 Months Ended

Feb. 28, 2015

Debt Disclosure [Abstract]

Short-Term Borrowings

Short-Term Borrowings

Short-term borrowings include bank loans that are payable on demand, as well as borrowings under revolving credit facilities which must be repaid within one year or less. Bank loans are typically overnight loans used to finance financial instruments owned or clearing related balances, but are not part of our systemic funding model and generally bear interest at a spread over the federal funds rate. Short-term borrowings at February 28, 2015 and November 30, 2014 were $412.0 million and $12.0 million, respectively. At February 28, 2015, the interest rate on short-term borrowings outstanding is 1.34% per annum. Average daily short-term borrowings outstanding for the three months ended February 28, 2015 and February 28, 2014 were $39.0 million, and $12.0 million, respectively.