Commitments, Contingencies and Guarantees (Tables)

9 Months Ended

Aug. 31, 2013

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

The following table summarizes our commitments associated with our capital market and asset management business activities at August 31, 2013 (in millions):

	Expected Maturity Date
					2015		2017		2019
					and		and		and		Maximum
	2013		2014		2016		2018		Later		Payout
Equity commitments (1)	$	0.3	$	1.7	$	7.2	$	0.8	$	444.8	$	454.8
Loan commitments (1)		4.2		7.6		354.7		114.0		—		480.5
Mortgage-related commitments		507.1		213.2		796.2		—		—		1,516.5
Forward starting reverse repos and repos		848.8		—		—		—		—		848.8
	$	1,360.4	$	222.5	$	1,158.1	$	114.8	$	444.8	$	3,300.6

(1) Equity and loan commitments are presented by contractual maturity date. The amounts are however available on demand.

Credit Exposure from Loan Commitments

The table below presents our credit exposure from our loan commitments, including funded amounts, summarized by period of expiration as of August 31, 2013. Credit exposure is based on the external credit ratings of the underlyings or referenced assets of our loan commitments. Since commitments associated with these business activities may expire unused, they do not necessarily reflect the actual future cash funding requirements (in millions):

							Total		Corporate
							Corporate		Lending
	0 – 12				Greater Than		Lending		Exposure at		Corporate Lending
Credit Ratings	Months		1 – 5 Years		5 Years		Exposure (1)		Fair Value (2)		Commitments (3)
Non-investment grade	$	—	$	48.2	$	—	$	48.2	$	8.0	$	40.2
Unrated		26.8		613.8		—		640.6		200.3		440.3
Total	$	26.8	$	662.0	$	—	$	688.8	$	208.3	$	480.5

(1) Total corporate lending exposure represents the potential loss assuming the fair value of funded loans and lending commitments were zero.

(2) The corporate lending exposure includes $211.0 million of funded loans included in Financial instruments owned – Loans and Loans to and investments in related parties, and a $2.7 million net liability related to lending commitments recorded in Financial instruments sold – Derivatives and Financial instruments owned – Derivatives in the Consolidated Statement of Financial Condition as of August 31, 2013.

(3) Amounts represent the notional amount of unfunded lending commitments.

Guarantees

The following table summarizes the notional amounts associated with our derivative contracts meeting the definition of a guarantee under U.S. GAAP at August 31, 2013 (in millions):

	Expected Maturity Date
					2015		2017		2019		Notional/
					and		and		and		Maximum
Guarantee Type	2013		2014		2016		2018		Later		Payout
Derivative contracts - non-credit related	$	831,159.5	$	7,556.1	$	2,974.8	$	1.2	$	523.0	$	842,214.6
Written derivative contracts - credit related		—		—		—		1,184.0		—		1,184.0
Total derivative contracts	$	831,159.5	$	7,556.1	$	2,974.8	$	1,185.2	$	523.0	$	843,398.6

External Credit Ratings of Underlying or Referenced Assets for Credit Related Derivatives Contracts

At August 31, 2013 the external credit ratings of the underlyings or referenced assets for our credit related derivatives contracts (in millions):

	External Credit Rating
									Below				Notional/
	AAA/								Investment				Maximum
	Aaa		AA/Aa		A		BBB/Baa		Grade		Unrated		Payout
Credit related derivative contracts:
Index credit default swaps	$	1,115.0	$	—	$	—	$	—	$	—	$	—	$	1,115.0
Single name credit default swaps		7.0		—		—		49.5		12.5		—		69.0