Derivative Financial Instruments (Tables)

3 Months Ended

Feb. 29, 2012

Derivative Financial Instruments [Abstract]

Fair value and related number of derivative contracts categorized by predominant risk exposure

	February 29, 2012
	Assets					Liabilities
	Fair Value			Number of Contracts		Fair Value			Number of Contracts
Interest rate contracts	$	661,432			70,211	$	761,325			91,670
Foreign exchange contracts		568,890			95,875		509,077			103,197
Equity contracts		430,378			2,290,852		375,577			1,532,515
Commodity contracts		343,201			398,344		346,624			403,997
Credit contracts		21,357			41		22,689			39
Total		2,025,258			2,855,323		2,015,292			2,131,418
Counterparty/cash-collateral netting		(1,713,102	)				(1,814,047	)
Total per Consolidated Statement of Financial Condition	$	312,156				$	201,245

	November 30, 2011
	Assets					Liabilities
	Fair Value			Number of Contracts		Fair Value			Number of Contracts
Interest rate contracts	$	542,221			63,751	$	636,692			66,027
Foreign exchange contracts		1,009,765			102,578		1,015,900			119,780
Equity contracts		638,228			2,364,390		548,195			2,119,165
Commodity contracts		725,927			434,428		598,166			421,330
Credit contracts		60,756			59		35,718			39
Total		2,976,897			2,965,206		2,834,671			2,726,341
Counterparty/cash-collateral netting		(2,451,004	)				(2,585,634	)
Total per Consolidated Statement of Financial Condition	$	525,893				$	249,037

Unrealized and realized gains and (losses) on derivative contracts

	Three Months Ended
	February 29, 2012 Gains (Losses)			February 28, 2011 Gains (Losses)
Interest rate contracts	$	(16,235	)	$	6,808
Foreign exchange contracts		1,161			(5,025	)
Equity contracts		(30,112	)		(60,917	)
Commodity contracts		20,680			20,531
Credit contracts		(15,227	)		(2,441	)
Total	$	(39,733	)	$	(41,044	)

Remaining contract maturity of the fair value of OTC derivative assets and liabilities

	OTC derivative assets(1)(2)(4)
	0-12 Months		1-5 Years		Greater Than 5 Years		Cross-Maturity Netting(3)			Total
Commodity swaps, options and forwards	$	66,715	$	3,098	$	—	$	(524	)	$	69,289
Credit default swaps		—		9,300		7,155		(386	)		16,069
Equity swaps and options		1,357		—		—		—			1,357
Total return swaps		473		—		152		—			625
Foreign currency forwards, swaps and options		168,188		34,270		—		(480	)		201,978
Fixed income forwards		2,261		—		—		—			2,261
Interest rate swaps and options		14,838		31,688		127,825		(44,217	)		130,134
Total	$	253,832	$	78,356	$	135,132	$	(45,607	)		421,713
Cross product counterparty netting											(18,033	)
Total OTC derivative assets included in Financial instruments owned										$	403,680

(1) At February 29, 2012, we held exchange traded derivative assets and other credit enhancements of $69.0 million.

(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 February 29, 2012, cash collateral received was $160.5 million.

(3) Amounts represent the netting of receivable balances with payable balances within product category for the same counterparty across maturity categories.

(4) Derivative fair values include counterparty netting within product category.

	OTC derivative liabilities(1)(2)(4)
	0-12 Months		1-5 Years		Greater Than 5 Years		Cross-Maturity Netting(3)			Total
Commodity swaps, options and forwards	$	63,984	$	5,630	$	—	$	(524	)	$	69,090
Equity swaps and options		307		7,372		—		—			7,679
Credit default swaps		386		5,627		9,502		(386	)		15,129
Total return swaps		571		—		—		—			571
Foreign currency forwards, swaps and options		114,715		27,934		—		(480	)		142,169
Interest rate swaps and options		29,164		95,693		155,837		(44,217	)		236,477
Total	$	209,127	$	142,256	$	165,339	$	(45,607	)		471,115
Cross product counterparty netting											(18,033	)
Total OTC derivative liabilities included in Financial instruments sold, not yet purchased										$	453,082

(1) At February 29, 2012, we held exchange traded derivative liabilities and other credit enhancements of $9.5 million.

(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 February 29, 2012, cash collateral pledged was $261.4 million.

(3) Amounts represent the netting of receivable balances with payable balances within product category for the same counterparty across maturity categories.

(4) Derivative fair values include counterparty netting within product category.

Counterparty credit quality with respect to the fair value of OTC derivatives assets

Counterparty credit quality(1):
A- or higher	$	253,270
BBB- to BBB+		54,596
BB+ or lower		89,835
Unrated		5,979
Total	$	403,680

(1) We utilize the credit ratings of external rating agencies when available. When external credit ratings are not available, we may utilize internal credit ratings determined by our credit risk management. Credit ratings determined by credit risk management use methodologies that produce ratings generally consistent with those produced by external rating agencies.