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Derivative Financial Instruments (Tables)
 12 Months Ended
Nov. 30, 2016
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, 2016 and 2015 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, 2016 (1)
 
Assets
 
Liabilities
 
Fair Value
 
Number of Contracts
 
Fair Value
 
Number of Contracts
Interest rate contracts:
 
 
 
 
 
 
 
Exchange-traded
$
2,275

 
24,300

 
$
24

 
29,773

Cleared OTC
2,835,812

 
3,596

 
2,636,469

 
3,445

Bilateral OTC
444,159

 
1,136

 
522,965

 
1,627

Foreign exchange contracts:
 
 
 
 
 
 
 
Exchange-traded
—

 
376

 
—

 
686

Bilateral OTC
529,609

 
7,448

 
516,869

 
7,633

Equity contracts:
 
 
 
 
 
 
 
Exchange-traded
712,767

 
2,820,702

 
1,095,582

 
2,410,956

Bilateral OTC
72,041

 
1,077

 
67,033

 
1,191

Commodity contracts:
 
 
 
 
 
 
 
Exchange-traded
—

 
1,356

 
—

 
920

Credit contracts:
 
 
 
 
 
 
 
Cleared OTC
645

 
6

 
2,304

 
8

Bilateral OTC
19,225

 
213

 
25,503

 
184

Total gross derivative assets/ liabilities:
 
 
 
 
 
 
 
Exchange-traded
715,042

 
 
 
1,095,606

 
 
Cleared OTC
2,836,457

 
 
 
2,638,773

 
 
Bilateral OTC
1,065,034

 
 
 
1,132,370

 
 
Amounts offset in the Consolidated Statements of Financial Condition (2):
 
 
 
 
 
 
 
Exchange-traded
(691,009
)
 
 
 
(691,009
)
 
 
Cleared OTC
(2,751,650
)
 
 
 
(2,638,774
)
 
 
Bilateral OTC
(813,340
)
 
 
 
(899,431
)
 
 
Net amounts per Consolidated Statements of Financial Condition (3)
$
360,534

 
 
 
$
637,535

 
 
(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, 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 (4)
453,202

 
7,646

 
466,021

 
7,264

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

Bilateral OTC (4)
19,342

 
29

 
4,628

 
28

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.
(4)
Bilateral OTC commodity contracts increased in assets by a fair value of $19.3 million and by 29 contracts and in liabilities by a fair value of $4.6 million and by 28 contracts with corresponding decreases in bilateral OTC foreign exchange contracts from those amounts previously reported to correct for the classification of certain contracts. The total amount of bilateral OTC contracts remained unchanged.
Unrealized and Realized Gains (Losses) on Derivative Contracts
The following table presents unrealized and realized gains (losses) on derivative contracts (in thousands):
 
Year Ended November 30,
Gains (Losses)
2016
 
2015
 
2014
Interest rate contracts
$
(34,319
)
 
$
(37,601
)
 
$
(149,587
)
Foreign exchange contracts
18,122

 
36,101

 
39,872

Equity contracts
(650,815
)
 
(137,636
)
 
(327,978
)
Commodity contracts
1,310

 
21,409

 
58,746

Credit contracts
13,039

 
(14,397
)
 
(23,934
)
Total
$
(652,663
)
 
$
(132,124
)
 
$
(402,881
)
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, 2016 (in thousands):
 
OTC Derivative Assets (1) (2) (3)
 
0 – 12
 Months
 
1 – 5 Years
 
Greater Than 
5 Years
 
Cross-Maturity
Netting (4)
 
Total
Equity swaps and options
$
27,436

 
$
5,727

 
$
—

 
$
—

 
$
33,163

Credit default swaps
—

 
4,542

 
3,463

 
(1,588
)
 
6,417

Total return swaps
20,749

 
389

 
—

 
(200
)
 
20,938

Foreign currency forwards, swaps and options
95,052

 
35,988

 
—

 
(10,547
)
 
120,493

Interest rate swaps, options and forwards
120,053

 
189,153

 
134,507

 
(71,604
)
 
372,109

Total
$
263,290

 
$
235,799

 
$
137,970

 
$
(83,939
)
 
553,120

Cross product counterparty netting
 
 
 
 
 
 
 
 
(623
)
Total OTC derivative assets included in Financial instruments owned
 
 
 
 
 
 
 
 
$
552,497

(1)
At November 30, 2016, we held exchange traded derivative assets and other credit agreements with a fair value of $25.4 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, 2016, cash collateral received was $217.4 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
Equity swaps and options
$
10,993

 
$
20,354

 
$
—

 
$
—

 
$
31,347

Credit default swaps
16

 
1,594

 
7,147

 
(1,588
)
 
7,169

Total return swaps
12,088

 
2,407

 
—

 
(200
)
 
14,295

Foreign currency forwards, swaps and options
92,375

 
26,011

 
—

 
(10,547
)
 
107,839

Fixed income forwards
3,401

 
—

 
—

 
—

 
3,401

Interest rate swaps, options and forwards
108,085

 
121,975

 
92,029

 
(71,604
)
 
250,485

Total
$
226,958

 
$
172,341

 
$
99,176

 
$
(83,939
)
 
414,536

Cross product counterparty netting
 
 
 
 
 
 
 
 
(623
)
Total OTC derivative liabilities included in Financial instruments sold, not yet purchased
 
 
 
 
 
 
 
 
$
413,913

(1)
At November 30, 2016, we held exchange traded derivative liabilities and other credit agreements with a fair value of $414.2 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, 2016, cash collateral pledged was $190.6 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, 2016, 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
$
380,574

BBB- to BBB+
39,535

BB+ or lower
51,834

Unrated
80,554

Total
$
552,497

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