Collateralized Transactions (Tables)

3 Months Ended

Feb. 28, 2021

Collateralized Transactions [Abstract]

Schedule of Collateralized Financing Transactions

The following tables set forth the carrying value of securities lending arrangements, repurchase agreements and obligation to return securities received as collateral, at fair value, by class of collateral pledged (in thousands):

	February 28, 2021
	Securities Lending Arrangements		Repurchase Agreements		Total
Collateral Pledged:
Corporate equity securities	$	2,067,474	$	245,823	$	2,313,297
Corporate debt securities	372,966		2,113,427		2,486,393
Mortgage-backed and asset-backed securities	—		1,378,273		1,378,273
U.S. government and federal agency securities	20,353		9,417,370		9,437,723
Municipal securities	—		138,344		138,344
Sovereign obligations	58,284		2,584,304		2,642,588
Loans and other receivables	—		981,487		981,487
Total	$	2,519,077	$	16,859,028	$	19,378,105

	November 30, 2020
	Securities Lending Arrangements		Repurchase Agreements		Obligation To Return Securities Received As Collateral, at fair value		Total
Collateral Pledged:
Corporate equity securities	$	1,371,978	$	157,912	$	7,517	$	1,537,407
Corporate debt securities	369,218		1,869,844		—		2,239,062
Mortgage-backed and asset-backed securities	—		1,547,140		—		1,547,140
U.S. government and federal agency securities	14,789		7,149,992		—		7,164,781
Municipal securities	—		278,470		—		278,470
Sovereign obligations	54,763		2,763,032		—		2,817,795
Loans and other receivables	—		1,392,883		—		1,392,883
Total	$	1,810,748	$	15,159,273	$	7,517	$	16,977,538

The following tables set forth the carrying value of securities lending arrangements, repurchase agreements and obligation to return securities received as collateral, at fair value, by remaining contractual maturity (in thousands):

	February 28, 2021
	Overnight and Continuous		Up to 30 Days		31-90 Days		Greater than 90 Days		Total
Securities lending arrangements	$	1,080,237	$	—	$	482,281	$	956,559	$	2,519,077
Repurchase agreements	7,711,109		3,146,550		3,313,696		2,687,673		16,859,028
Total	$	8,791,346	$	3,146,550	$	3,795,977	$	3,644,232	$	19,378,105

	November 30, 2020
	Overnight and Continuous		Up to 30 Days		31-90 Days		Greater than 90 Days		Total
Securities lending arrangements	$	636,256	$	59,735	$	459,455	$	655,302	$	1,810,748
Repurchase agreements	5,510,476		1,747,526		5,019,885		2,881,386		15,159,273
Obligation to return securities received as collateral, at fair value	7,517		—		—		—		7,517
Total	$	6,154,249	$	1,807,261	$	5,479,340	$	3,536,688	$	16,977,538

Offsetting Assets

The following tables provide information regarding repurchase agreements, securities borrowing and lending arrangements and securities received as collateral, at fair value, and obligation to return securities received as collateral, at fair value, that are recognized in our Consolidated Statements of Financial Condition and 1) the extent to which, under enforceable master netting arrangements, such balances are presented net in our 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).

	February 28, 2021
	Gross Amounts		Netting in Consolidated Statement of Financial Condition		Net Amounts in Consolidated Statement of Financial Condition		Additional Amounts Available for Setoff (1)		Available Collateral (2)		Net Amount (3)
Assets:
Securities borrowing arrangements	$	7,150,657	$	—	$	7,150,657	$	(567,061)	$	(1,984,216)	$	4,599,380
Reverse repurchase agreements	16,331,676		(9,651,392)		6,680,284		(283,889)		(6,328,407)		67,988
Liabilities:
Securities lending arrangements	$	2,519,077	$	—	$	2,519,077	$	(567,061)	$	(1,908,973)	$	43,043
Repurchase agreements	16,859,028		(9,651,392)		7,207,636		(283,889)		(6,408,994)		514,753

	November 30, 2020
	Gross Amounts		Netting in Consolidated Statement of Financial Condition		Net Amounts in Consolidated Statement of Financial Condition		Additional Amounts Available for Setoff (1)		Available Collateral (2)		Net Amount (4)
Assets:
Securities borrowing arrangements	$	6,934,762	$	—	$	6,934,762	$	(395,342)	$	(1,706,046)	$	4,833,374
Reverse repurchase agreements	11,939,773		(6,843,004)		5,096,769		(412,327)		(4,578,560)		105,882
Securities received as collateral, at fair value	7,517		—		7,517		—		—		7,517
Liabilities:
Securities lending arrangements	$	1,810,748	$	—	$	1,810,748	$	(395,342)	$	(1,397,550)	$	17,856
Repurchase agreements	15,159,273		(6,843,004)		8,316,269		(412,327)		(7,122,422)		781,520
Obligation to return securities received as collateral, at fair value	7,517		—		7,517		—		—		7,517

(1)Under master netting agreements with our counterparties, we have the legal right of offset with a counterparty, which incorporates all of the counterparty’s outstanding rights and obligations under the arrangement. These balances reflect additional credit risk mitigation that is available by a counterparty in the event of a counterparty’s default, but which are not netted in the balance sheet because other netting provisions of U.S. GAAP are not met.

(2)Includes securities received or paid under collateral arrangements with counterparties that could be liquidated in the event of a counterparty default and thus offset against a counterparty’s rights and obligations under the respective repurchase agreements or securities borrowing or lending arrangements.

(3)Amounts include $4,511.4 million of securities borrowing arrangements, for which we have received securities collateral of $4,383.8 million, and $505.0 million of repurchase agreements, for which we have pledged securities collateral of $520.2 million, which are subject to master netting agreements, but we have not determined the agreements to be legally enforceable.

(4)Amounts include $4,757.8 million of securities borrowing arrangements, for which we have received securities collateral of $4,617.0 million, and $720.0 million of repurchase agreements, for which we have pledged securities collateral of $733.9 million, which are subject to master netting agreements, but we have not determined the agreements to be legally enforceable.

Offsetting Liabilities

The following tables provide information regarding repurchase agreements, securities borrowing and lending arrangements and securities received as collateral, at fair value, and obligation to return securities received as collateral, at fair value, that are recognized in our Consolidated Statements of Financial Condition and 1) the extent to which, under enforceable master netting arrangements, such balances are presented net in our 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).

	February 28, 2021
	Gross Amounts		Netting in Consolidated Statement of Financial Condition		Net Amounts in Consolidated Statement of Financial Condition		Additional Amounts Available for Setoff (1)		Available Collateral (2)		Net Amount (3)
Assets:
Securities borrowing arrangements	$	7,150,657	$	—	$	7,150,657	$	(567,061)	$	(1,984,216)	$	4,599,380
Reverse repurchase agreements	16,331,676		(9,651,392)		6,680,284		(283,889)		(6,328,407)		67,988
Liabilities:
Securities lending arrangements	$	2,519,077	$	—	$	2,519,077	$	(567,061)	$	(1,908,973)	$	43,043
Repurchase agreements	16,859,028		(9,651,392)		7,207,636		(283,889)		(6,408,994)		514,753

	November 30, 2020
	Gross Amounts		Netting in Consolidated Statement of Financial Condition		Net Amounts in Consolidated Statement of Financial Condition		Additional Amounts Available for Setoff (1)		Available Collateral (2)		Net Amount (4)
Assets:
Securities borrowing arrangements	$	6,934,762	$	—	$	6,934,762	$	(395,342)	$	(1,706,046)	$	4,833,374
Reverse repurchase agreements	11,939,773		(6,843,004)		5,096,769		(412,327)		(4,578,560)		105,882
Securities received as collateral, at fair value	7,517		—		7,517		—		—		7,517
Liabilities:
Securities lending arrangements	$	1,810,748	$	—	$	1,810,748	$	(395,342)	$	(1,397,550)	$	17,856
Repurchase agreements	15,159,273		(6,843,004)		8,316,269		(412,327)		(7,122,422)		781,520
Obligation to return securities received as collateral, at fair value	7,517		—		7,517		—		—		7,517

(1)Under master netting agreements with our counterparties, we have the legal right of offset with a counterparty, which incorporates all of the counterparty’s outstanding rights and obligations under the arrangement. These balances reflect additional credit risk mitigation that is available by a counterparty in the event of a counterparty’s default, but which are not netted in the balance sheet because other netting provisions of U.S. GAAP are not met.

(2)Includes securities received or paid under collateral arrangements with counterparties that could be liquidated in the event of a counterparty default and thus offset against a counterparty’s rights and obligations under the respective repurchase agreements or securities borrowing or lending arrangements.

(3)Amounts include $4,511.4 million of securities borrowing arrangements, for which we have received securities collateral of $4,383.8 million, and $505.0 million of repurchase agreements, for which we have pledged securities collateral of $520.2 million, which are subject to master netting agreements, but we have not determined the agreements to be legally enforceable.

(4)Amounts include $4,757.8 million of securities borrowing arrangements, for which we have received securities collateral of $4,617.0 million, and $720.0 million of repurchase agreements, for which we have pledged securities collateral of $733.9 million, which are subject to master netting agreements, but we have not determined the agreements to be legally enforceable.