Derivative Financial Instruments (Tables)

12 Months Ended

Nov. 30, 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 November 30, 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).

	November 30, 2015 (1)
	Assets				Liabilities
	Fair Value			Number of Contracts	Fair Value			Number of Contracts
Interest rate contracts:
Exchange-traded	$	998		52,605	$	364		70,672
Cleared OTC	2,213,730			2,742	2,202,836			2,869
Bilateral OTC	695,365			1,401	646,758			1,363
Foreign exchange contracts:
Exchange-traded	—			441	—			112
Bilateral OTC	472,544			7,675	470,649			7,292
Equity contracts:
Exchange-traded	955,287			3,054,315	1,004,699			2,943,657
Bilateral OTC	61,004			1,039	81,085			1,070
Commodity contracts:
Exchange-traded	—			1,726	—			1,684
Credit contracts:
Cleared OTC	621			39	841			44
Bilateral OTC	16,977			100	59,314			135
Total gross derivative assets/ liabilities:
Exchange-traded	956,285				1,005,063
Cleared OTC	2,214,351				2,203,677
Bilateral OTC	1,245,890				1,257,806
Amounts offset in the Consolidated Statements of Financial Condition (2):
Exchange-traded	(938,482		)		(938,482		)
Cleared OTC	(2,184,438		)		(2,184,438		)
Bilateral OTC	(1,042,526		)		(1,135,078		)
Net amounts per Consolidated Statements of Financial Condition (3)	$	251,080			$	208,548

(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 net unrealized and realized gains (losses) on derivative contracts:

	Successor									Predecessor
Gains (Losses)	Year Ended   November 30, 2015			Year Ended   November 30, 2014			Nine Months   Ended   November 30,   2013			Three Months   Ended   February 28,   2013
Interest rate contracts	$	(37,601	)	$	(149,587	)	$	132,397		$	45,875
Foreign exchange contracts	36,101			39,872			5,514			12,228
Equity contracts	(137,636		)	(327,978		)	(21,216		)	(20,938		)
Commodity contracts	21,409			58,746			45,546			19,585
Credit contracts	(14,397		)	(23,934		)	(18,098		)	(3,886		)
Total	$	(132,124	)	$	(402,881	)	$	144,143		$	52,864

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 November 30, 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	$	4,628	$	14,713	$	—	$	—		$	19,341
Equity swaps and options	26,278		7,112		—		(3,782		)	29,608
Credit default swaps	—		6,022		—		(2,839		)	3,183
Total return swaps	8,648		252		—		(1		)	8,899
Foreign currency forwards, swaps and options	82,382		15,780		—		(7,462		)	90,700
Interest rate swaps, options and forwards	57,655		158,874		63,816		(43,881		)	236,464
Total	$	179,591	$	202,753	$	63,816	$	(57,965	)	388,195
Cross product counterparty netting										(13,063		)
Total OTC derivative assets included in Financial      instruments owned										$	375,132

(1) At November 30, 2015, we held exchange traded derivative assets and other credit agreements with a fair value of $20.4 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 November 30, 2015, cash collateral received was $144.4 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.

	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	$	4,628	$	—	$	—	$	—		$	4,628
Equity swaps and options	4,880		28,516		3,046		(3,782		)	32,660
Credit default swaps	—		2,628		31,982		(2,839		)	31,771
Total return swaps	22,644		774		2,540		(1		)	25,957
Foreign currency forwards, swaps and options	98,726		12,255		—		(7,462		)	103,519
Fixed income forwards	2,522		—		—		—			2,522
Interest rate swaps, options and forwards	41,938		91,139		89,934		(43,881		)	179,130
Total	$	175,338	$	135,312	$	127,502	$	(57,965	)	380,187
Cross product counterparty netting										(13,063		)
Total OTC derivative liabilities included in Financial      instruments sold, not yet purchased										$	367,124

(1) At November 30, 2015, we held exchange traded derivative liabilities and other credit agreements with a fair value of $78.4 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 November 30, 2015, cash collateral pledged was $237.0 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.

Counterparty Credit Quality with Respect to Fair Value of OTC Derivatives Assets

At November 30, 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	$	188,146
BBB- to BBB+	76,471
BB+ or lower	50,581
Unrated	59,934
Total	$	375,132

(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.