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Commitments, Contingencies and Guarantees (Tables)
 6 Months Ended
May. 31, 2015
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies
The following table summarizes our commitments associated with our capital market and asset management business activities at May 31, 2015 (in millions):
 
Expected Maturity Date
 
 
 
2015
 
2016
 
2017 and
2018
 
2019 and
2020
 
2021 and
Later
 
Maximum
Payout
Equity commitments (1)
$
—

 
$
9.2

 
$
0.9

 
$
—

 
$
257.7

 
$
267.8

Loan commitments (1)
34.3

 
475.7

 
387.4

 
60.1

 
—

 
957.5

Mortgage-related and other purchase commitments
909.9

 
1,330.6

 
499.1

 
—

 
—

 
2,739.6

Underwriting commitments
36.9

 
—

 
—

 
—

 
—

 
36.9

Forward starting reverse repos and repos
2,384.4

 
—

 
—

 
—

 
—

 
2,384.4

Other unfunded commitments (1)
30.0

 
—

 
—

 
6.0

 
37.5

 
73.5

 
$
3,395.5


$
1,815.5


$
887.4


$
66.1


$
295.2


$
6,459.7

(1)
Equity, loan and other unfunded commitments are presented by contractual maturity date. The amounts are however available on demand.
Credit Exposure from Loan Commitments
The table below presents our credit exposure from our loan commitments, including funded amounts, summarized by period of expiration at May 31, 2015. Credit exposure is based on the external credit ratings of the underlyings or referenced assets of our loan commitments. Since commitments associated with these business activities may expire unused, they do not necessarily reflect the actual future cash funding requirements (in millions):
Credit Ratings
 
2015
 
2016-2020
 
2021 and
Later
 
Total
Corporate
Lending
Exposure (1)
 
Corporate
Lending
Exposure at Fair
Value (2)
 
Corporate
Lending
Commitments (3)
Non-investment grade.
 
$
—

 
$
171.9

 
$
—

 
$
171.9

 
$
9.7

 
$
162.2

Unrated
 
115.0

 
864.6

 
—

 
979.6

 
184.3

 
795.3

Total
 
$
115.0


$
1,036.5


$
—


$
1,151.5


$
194.0


$
957.5


(1)
Total corporate lending exposure represents the potential loss assuming the fair value of funded loans and lending commitments were zero.
(2)
The corporate lending exposure at fair value includes $215.3 million of funded loans included in Financial instruments owned—Loans and Loans to and investments in related parties, and a $21.3 million net liability related to lending commitments recorded in Financial instruments sold, not yet purchased—Derivatives and Financial instruments owned—Derivatives in the Consolidated Statement of Financial Condition at May 31, 2015.
(3)
Represents the notional amount of unfunded lending commitments.
Guarantees
The following table summarizes the notional amounts associated with our derivative contracts meeting the definition of a guarantee under U.S. GAAP at May 31, 2015 (in millions):
 
Expected Maturity Date
 
 
Guarantee Type:
2015
 
2016
 
2017 and
2018
 
2019
and
2020
 
2021 and Later
 
Notional/
Maximum
Payout
Derivative contracts—non-credit related
$
28,156.7

 
$
3,319.6

 
$
614.6

 
$
644.4

 
$
430.6

 
$
33,165.9

Written derivative contracts—credit related
2.0

 
—

 
—

 
1,436.3

 
20.0

 
1,458.3

Total derivative contracts
$
28,158.7

 
$
3,319.6

 
$
614.6

 
$
2,080.7

 
$
450.6

 
$
34,624.2
External Credit Ratings of Underlying or Referenced Assets for Credit Related Derivatives Contracts
At May 31, 2015 the external credit ratings of the underlyings or referenced assets for our credit related derivatives contracts (in millions):
 
External Credit Rating
 
 
 
AAA/
Aaa
 
AA/Aa
 
A
 
BBB/
Baa
 
Below
Investment
Grade
 
Unrated
 
Notional/
Maximum
Payout
Credit related derivative contracts:
 
 
 
 
 
 
 
 
 
 
 
 
 
Index credit default swaps
$
1,324.3

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
1,324.3

Single name credit default swaps
$
—

 
$
—

 
$
22.0

 
$
24.0

 
$
88.0

 
$
—

 
$
134.0