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Derivative Financial Instruments (Tables)
 3 Months Ended
Feb. 28, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Fair Value and Related Number of Derivative Contracts Categorized by Type of Derivative Contract
The following tables present the fair value and related number of derivative contracts at February 28, 2015 and November 30, 2014 categorized by type of derivative contract and the platform on which these derivatives are transacted. The fair value of assets/liabilities represents our receivable/payable for derivative financial instruments, gross of counterparty netting and cash collateral received and pledged. See Note 6, Collateralized Transactions for information related to offsetting of certain secured financing transactions. The following tables also provide information regarding 1) the extent to which, under enforceable master netting arrangements, such balances are presented net in the Consolidated Statements of Financial Condition as appropriate under GAAP and 2) the extent to which other rights of setoff associated with these arrangements exist and could have an effect on our financial position (in thousands, except contract amounts).

 
February 28, 2015 (1)
 
Assets
 
Liabilities
 
Fair Value
 
Number of
Contracts
 
Fair Value
 
Number of
Contracts
Interest rate contracts
 
 
 
 
 
 
 
Exchange-traded
$
7,257

 
74,982

 
$
3,983

 
120,525

Cleared OTC
1,881,757

 
2,433

 
1,865,499

 
2,482

Bilateral OTC
799,302

 
1,420

 
764,478

 
1,126

Foreign exchange contracts
 
 
 
 
 
 
 
Exchange-traded
—

 
587

 
—

 
302

Bilateral OTC
1,366,539

 
13,551

 
1,327,400

 
12,565

Equity contracts
 
 
 
 
 
 
 
Exchange-traded
775,242

 
1,908,334

 
734,700

 
1,888,515

Bilateral OTC
60,811

 
1,528

 
103,898

 
909

Commodity contracts
 
 
 
 
 
 
 
Exchange-traded
88,501

 
937,820

 
67,164

 
943,863

Bilateral OTC
157,317

 
3,411

 
148,027

 
4,259

Credit contracts
 
 
 
 
 
 
 
Cleared OTC
79,540

 
102

 
84,075

 
88

Bilateral OTC
10,359

 
38

 
33,868

 
42

Total gross derivative assets/ liabilities:
 
 
 
 
 
 
 
Exchange-traded
871,000

 

 
805,847

 

Cleared OTC
1,961,297

 

 
1,949,574

 

Bilateral OTC
2,394,328

 

 
2,377,671

 

Amounts offset in the Consolidated
Statements of Financial Condition (2):
 
 
 
 
 
 
 
Exchange-traded
(804,823
)
 
 
 
(804,823
)
 
 
Cleared OTC
(1,903,362
)
 
 
 
(1,903,362
)
 
 
Bilateral OTC
(2,021,348
)
 
 
 
(2,102,566
)
 
 
Net amounts per Consolidated
Statements of Financial Condition (3)
$
497,092





$
322,341

 
 
 
(1)
Exchange traded derivatives include derivatives executed on an organized exchange. Cleared OTC derivatives include derivatives executed bilaterally and subsequently novated to and cleared through central clearing counterparties. Bilateral OTC derivatives include derivatives executed and settled bilaterally without the use of an organized exchange or central clearing counterparty.
(2)
Amounts netted include both netting by counterparty and for cash collateral paid or received.
(3)
We have not received or pledged additional collateral under master netting agreements and/or other credit support agreements that is eligible to be offset beyond what has been offset in the Consolidated Statements of Financial Condition.
 
November 30, 2014 (1)
 
Assets
 
Liabilities
 
Fair Value
 
Number of
Contracts
 
Fair Value
 
Number of
Contracts
Interest rate contracts
 
 
 
 
 
 
 
Exchange-traded
$
2,450

 
67,437

 
$
1,400

 
87,008

Cleared OTC
1,425,375

 
2,160

 
1,481,329

 
2,124

Bilateral OTC
871,982

 
1,908

 
809,962

 
729

Foreign exchange contracts
 
 
 
 
 
 
 
Exchange-traded
—

 
1,562

 
—

 
1,821

Bilateral OTC
1,514,881

 
11,299

 
1,519,349

 
10,931

Equity contracts
 
 
 
 
 
 
 
Exchange-traded
1,011,101

 
2,269,044

 
987,531

 
2,049,513

Bilateral OTC
39,889

 
2,463

 
70,484

 
1,956

Commodity contracts
 
 
 
 
 
 
 
Exchange-traded
62,091

 
1,027,542

 
51,145

 
1,015,894

Bilateral OTC
214,635

 
4,026

 
252,061

 
4,524

Credit contracts
 
 
 
 
 
 
 
Cleared OTC
17,831

 
27

 
23,264

 
22

Bilateral OTC
5,378

 
18

 
23,608

 
27

Total gross derivative assets/ liabilities:
 
 
 
 
 
 
 
Exchange-traded
1,075,642

 
 
 
1,040,076

 
 
Cleared OTC
1,443,206

 
 
 
1,504,593

 
 
Bilateral OTC
2,646,765

 
 
 
2,675,464

 
 
Amounts offset in the Consolidated
     Statements of Financial Condition (2):
 
 
 
 
 
 
 
Exchange-traded
(1,038,992
)
 
 
 
(1,038,992
)
 
 
Cleared OTC
(1,416,613
)
 
 
 
(1,416,613
)
 
 
Bilateral OTC
(2,303,740
)
 
 
 
(2,401,013
)
 
 
Net amounts per Consolidated
     Statements of Financial Condition (3)
$
406,268

 
 
 
$
363,515

 
 

(1)
Exchange traded derivatives include derivatives executed on an organized exchange. Cleared OTC derivatives include derivatives executed bilaterally and subsequently novated to and cleared through central clearing counterparties. Bilateral OTC derivatives include derivatives executed and settled bilaterally without the use of an organized exchange or central clearing counterparty.
(2)
Amounts netted include both netting by counterparty and for cash collateral paid or received.
(3)
We have not received or pledged additional collateral under master netting agreements and/or other credit support agreements that is eligible to be offset beyond what has been offset in the Consolidated Statements of Financial Condition.
Unrealized and Realized Gains (Losses) on Derivative Contracts
The following table presents unrealized and realized gains (losses) on derivative contracts for the three months ended February 28, 2015 and 2014 (in thousands):

 
Three Months Ended
Gains (Losses)
February 28, 2015

 
February 28, 2014
Interest rate contracts
$
(42,793
)
 
$
(5,118
)
Foreign exchange contracts
15,172

 
6,067

Equity contracts
71,041

 
(96,236
)
Commodity contracts
14,491

 
16,186

Credit contracts
(6,042
)
 
(3,878
)
Total
$
51,869

 
$
(82,979
)
Remaining Contract Maturity of Fair Value of OTC Derivative Assets and Liabilities
The following tables set forth by remaining contract maturity the fair value of OTC derivative assets and liabilities at February 28, 2015 (in thousands):
 
OTC Derivative Assets (1) (2) (3)
 
0 – 12 Months
 
1 – 5 Years
 
Greater Than 
5 Years
 
Cross-Maturity
Netting (4)
 
Total
Commodity swaps, options and forwards
$
57,079

 
$
2,674

 
$
23,599

 
$
(2,915
)
 
$
80,437

Equity swaps and options
8,894

 
31,585

 
5,657

 
—

 
46,136

Credit default swaps
—

 
—

 
7,442

 
(254
)
 
7,188

Total return swaps
10,135

 
377

 
—

 
(299
)
 
10,213

Foreign currency forwards, swaps and options
376,842

 
48,591

 
90

 
(23,179
)
 
402,344

Interest rate swaps, options and forwards
45,809

 
178,897

 
125,598

 
(68,866
)
 
281,438

Total
$
498,759

 
$
262,124

 
$
162,386

 
$
(95,513
)
 
827,756

Cross product counterparty netting
 
 
 
 
 
 
 
 
(21,605
)
Total OTC derivative assets included in Financial
     instruments owned
 
 
 
 
 
 
 
 
$
806,151


(1)
At February 28, 2015, we held exchange traded derivative assets and other credit agreements with a fair value of $67.9 million, which are not included in this table.
(2)
OTC derivative assets in the table above are gross of collateral received. OTC derivative assets are recorded net of collateral received on the Consolidated Statements of Financial Condition. At February 28, 2015, cash collateral received was $377.0 million.
(3)
Derivative fair values include counterparty netting within product category.
(4)
Amounts represent the netting of receivable balances with payable balances for the same counterparty within product category across maturity categories.

 
OTC Derivative Liabilities (1) (2) (3)
 
0 – 12 Months
 
1 – 5 Years
 
Greater Than 
5 Years
 
Cross-Maturity
Netting (4)
 
Total
Commodity swaps, options and forwards
$
68,406

 
$
254

 
$
5,377

 
$
(2,915
)
 
$
71,122

Equity swaps and options
4,670

 
59,118

 
19,452

 
—

 
83,240

Credit default swaps
254

 
6,242

 
2,103

 
(254
)
 
8,345

Total return swaps
15,733

 
1,412

 
—

 
(299
)
 
16,846

Foreign currency forwards, swaps and options
326,435

 
60,213

 
—

 
(23,179
)
 
363,469

Fixed income forwards
431

 
—

 
—

 
—

 
431

Interest rate swaps, options and forwards
50,381

 
106,084

 
143,283

 
(68,866
)
 
230,882

Total
$
466,310

 
$
233,323

 
$
170,215

 
$
(95,513
)
 
774,335

Cross product counterparty netting
 
 
 
 
 
 
 
 
(21,605
)
Total OTC derivative liabilities included in Financial
     instruments sold, not yet purchased
 
 
 
 
 
 
 
 
$
752,730


(1)
At February 28, 2015, we held exchange traded derivative liabilities and other credit agreements with a fair value of $28.0 million, which are not included in this table.
(2)
OTC derivative liabilities in the table above are gross of collateral pledged. OTC derivative liabilities are recorded net of collateral pledged on the Consolidated Statements of Financial Condition. At February 28, 2015, cash collateral pledged was $458.4 million.
(3)
Derivative fair values include counterparty netting within product category.
(4)
Amounts represent the netting of receivable balances with payable balances for the same counterparty within product category across maturity categories.
Counterparty Credit Quality with Respect to Fair Value of OTC Derivatives Assets
At February 28, 2015, the counterparty credit quality with respect to the fair value of our OTC derivatives assets was as follows (in thousands):
Counterparty credit quality (1):
 
A- or higher
$
508,060

BBB- to BBB+
107,645

BB+ or lower
94,772

Unrated
95,674

Total
$
806,151


(1)
We utilize internal credit ratings determined by our Risk Management. Credit ratings determined by Risk Management use methodologies that produce ratings generally consistent with those produced by external rating agencies.