Short-Term Borrowings

3 Months Ended

Feb. 28, 2014

Debt Disclosure [Abstract]

Short-Term Borrowings

Note 13. Short-Term Borrowings

Bank loans represent short-term borrowings that are payable on demand and generally bear interest at a spread over the federal funds rate. Bank loans are typically overnight loans used to finance financial instruments owned or clearing related balances, but are not part of our systemic funding model. Bank loans at February 28, 2014 and November 30, 2013 were $12.0 million and $12.0 million, respectively. At February 28, 2014, the interest rate on short-term borrowings outstanding is 0.64% per annum. Average daily bank loans outstanding for the three months ended February 28, 2014 and three months ended February 28, 2013 were $12.0 million and $110.0 million, respectively.