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Derivative Financial Instruments (Tables)
 9 Months Ended
Aug. 31, 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 August 31, 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. 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 U.S. 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).

 
August 31, 2015 (1)
 
Assets
 
Liabilities
 
Fair Value
 
Number of
Contracts
 
Fair Value
 
Number of
Contracts
Interest rate contracts:
 
 
 
 
 
 
 
Exchange-traded
$
1,806

 
74,381

 
$
1,930

 
104,483

Cleared OTC
1,930,070

 
3,195

 
1,911,702

 
2,822

Bilateral OTC
683,237

 
2,051

 
613,344

 
898

Foreign exchange contracts:
 
 
 
 
 
 
 
Exchange-traded
—

 
419

 
—

 
407

Bilateral OTC
777,346

 
10,234

 
795,572

 
9,809

Equity contracts:
 
 
 
 
 
 
 
Exchange-traded
1,286,149

 
3,082,363

 
1,148,639

 
3,082,310

Bilateral OTC
88,463

 
1,017

 
143,041

 
967

Commodity contracts:
 
 
 
 
 
 
 
Exchange-traded
—

 
253,123

 
—

 
252,949

Bilateral OTC
38,418

 
488

 
23,161

 
544

Credit contracts:
 
 
 
 
 
 
 
Cleared OTC
43,456

 
103

 
42,246

 
88

Bilateral OTC
14,825

 
93

 
44,530

 
99

Total gross derivative assets/ liabilities:
 
 
 
 
 
 
 
Exchange-traded
1,287,955

 

 
1,150,569

 

Cleared OTC
1,973,526

 

 
1,953,948

 

Bilateral OTC
1,602,289

 

 
1,619,648

 

Amounts offset in the Consolidated
Statements of Financial Condition (2):
 
 
 
 
 
 
 
Exchange-traded
(1,146,698
)
 
 
 
(1,146,698
)
 
 
Cleared OTC
(1,924,391
)
 
 
 
(1,924,391
)
 
 
Bilateral OTC
(1,323,858
)
 
 
 
(1,433,433
)
 
 
Net amounts per Consolidated
Statements of Financial Condition (3)
$
468,823





$
219,643

 
 
 
(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 and nine months ended August 31, 2015 and 2014 (in thousands):

 
Three Months Ended
 
Nine Months Ended
Gains (Losses)
August 31, 2015
 
August 31, 2014
 
August 31, 2015
 
August 31, 2014
Interest rate contracts
$
25,308

 
$
(3,803
)
 
$
580

 
$
(70,288
)
Foreign exchange contracts
6,893

 
6,697

 
30,417

 
9,046

Equity contracts
68,649

 
(49,422
)
 
28,008

 
(219,584
)
Commodity contracts
(4,757
)
 
(4,991
)
 
15,480

 
32,989

Credit contracts
(4,375
)
 
(1,330
)
 
(612
)
 
(16,953
)
Total
$
91,718

 
$
(52,849
)
 
$
73,873

 
$
(264,790
)
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 August 31, 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
$
9,025

 
$
1,112

 
$
14,037

 
$
—

 
$
24,174

Equity swaps and options
33,975

 
8,486

 
2,316

 
—

 
44,777

Credit default swaps
54

 
4,084

 
2,224

 
(1,832
)
 
4,530

Total return swaps
23,005

 
4

 
—

 
(180
)
 
22,829

Foreign currency forwards, swaps and options
165,529

 
21,372

 
—

 
(11,252
)
 
175,649

Interest rate swaps, options and forwards
70,025

 
158,272

 
77,267

 
(34,593
)
 
270,971

Total
$
301,613

 
$
193,330

 
$
95,844

 
$
(47,857
)
 
542,930

Cross product counterparty netting
 
 
 
 
 
 
 
 
(10,029
)
Total OTC derivative assets included in Financial
     instruments owned
 
 
 
 
 
 
 
 
$
532,901


(1)
At August 31, 2015, we held exchange traded derivative assets and other credit agreements with a fair value of $144.2 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 August 31, 2015, cash collateral received was $208.3 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
$
2,959

 
$
—

 
$
5,470

 
$
—

 
$
8,429

Equity swaps and options
16,909

 
39,538

 
9,139

 
—

 
65,586

Credit default swaps
—

 
1,519

 
11,016

 
(1,832
)
 
10,703

Total return swaps
54,507

 
1,927

 
1,967

 
(180
)
 
58,221

Foreign currency forwards, swaps and options
157,468

 
48,147

 
—

 
(11,252
)
 
194,363

Fixed income forwards
342

 
—

 
—

 
—

 
342

Interest rate swaps, options and forwards
47,137

 
86,081

 
85,610

 
(34,593
)
 
184,235

Total
$
279,322

 
$
177,212

 
$
113,202

 
$
(47,857
)
 
521,879

Cross product counterparty netting
 
 
 
 
 
 
 
 
(10,029
)
Total OTC derivative liabilities included in Financial
     instruments sold, not yet purchased
 
 
 
 
 
 
 
 
$
511,850


(1)
At August 31, 2015, we held exchange traded derivative liabilities and other credit agreements with a fair value of $25.6 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 August 31, 2015, cash collateral pledged was $317.8 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 August 31, 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
$
256,142

BBB- to BBB+
124,498

BB+ or lower
74,834

Unrated
77,427

Total
$
532,901


(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.