Derivative Financial Instruments (Tables)

3 Months Ended

Feb. 28, 2014

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 February 28, 2014 and November 30, 2013 categorized by type of derivative contract.  

	February 28, 2014 (1)
	Assets					Liabilities
	Fair Value			Number of Contracts		Fair Value			Number of Contracts
Interest rate contracts
Exchange-traded	$	4,265			40,007	$	7,670			47,510
Cleared OTC		519,964			2,222		523,532			1,964
Bilateral OTC		711,837			1,190		677,525			612
Foreign exchange contracts
Exchange-traded		29			56,669		68			66,613
Bilateral OTC		582,894			9,665		622,707			11,809
Equity contracts
Exchange-traded		423,076			1,441,414		421,531			1,446,583
Bilateral OTC		3,640			96		13,418			104
Commodity contracts
Exchange-traded		26,851			678,154		27,547			698,329
Bilateral OTC		106,004			4,062		88,289			3,173
Credit contracts
Cleared OTC		13,695			17		15,545			14
Bilateral OTC		3,961			19		12,239			26
Total gross derivative assets/ liabilities:
Exchange-traded		454,221					456,816
Cleared OTC		533,659					539,077
Bilateral OTC		1,408,336					1,414,178
Amounts offset in the Consolidated Statements of Financial Condition (2):
Exchange-traded		(448,484	)				(448,484	)
Cleared OTC		(522,286	)				(514,335	)
Bilateral OTC		(1,201,747	)				(1,258,747	)
Net amounts per Consolidated Statements of Financial Condition (3)	$	223,699				$	188,505

(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, 2013 (1)
	Assets					Liabilities
	Fair Value			Number of Contracts		Fair Value			Number of Contracts
Interest rate contracts
Exchange-traded	$	8,696			57,344	$	3,846			68,268
Cleared OTC		432,667			5,402		396,422			7,730
Bilateral OTC		724,613			1,221		730,897			1,340
Foreign exchange contracts
Exchange-traded		33			111,229		40			104,205
Bilateral OTC		653,739			7,478		693,618			8,212
Equity contracts
Exchange-traded		495,069			1,742,195		465,110			1,800,467
Bilateral OTC		6,715			148		9,875			136
Commodity contracts
Exchange-traded		27,185			785,718		33,661			780,358
Bilateral OTC		114,095			11,811		139,458			8,359
Credit contracts
Cleared OTC		49,531			49		51,632			46
Bilateral OTC		2,339			16		8,131			19
Total gross derivative assets/ liabilities:
Exchange-traded		530,983					502,657
Cleared OTC		482,198					448,054
Bilateral OTC		1,501,501					1,582,979
Amounts offset in the Consolidated Statements of Financial Condition (2):
Exchange-traded		(489,375	)				(489,375	)
Cleared OTC		(446,520	)				(445,106	)
Bilateral OTC		(1,317,694	)				(1,418,130	)
Net amounts per Consolidated Statements of Financial Condition (3)	$	261,093				$	180,079

(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.

Unrealized and Realized Gains (Losses) on Derivative Contracts

The following table presents unrealized and realized gains (losses) on derivative contracts for the three months ended February 28, 2014 and 2013 (in thousands):

	Three Months Ended
Gains (Losses)	February 28, 2014			February 28, 2013
Interest rate contracts	$	(208	)	$	38,936
Foreign exchange contracts		5,437			11,895
Equity contracts		(91,101	)		(22,021	)
Commodity contracts		16,186			19,585
Credit contracts		(3,889	)		(3,742	)
Total	$	(73,575	)	$	44,653

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 as of February 28, 2014 (in thousands):

	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	$	41,185	$	132	$	—	$	—		$	41,317
Credit default swaps		—		436		—		—			436
Equity swaps and options		1,446		—		—		—			1,446
Total return swaps		3,612		—		—		(34	)		3,578
Foreign currency forwards, swaps and options		117,738		18,721		36		(17,246	)		119,249
Interest rate swaps, options and forwards		67,280		108,067		116,922		(60,576	)		231,693
Total	$	231,261	$	127,356	$	116,958	$	(77,856	)		397,719
Cross product counterparty netting											(9,332	)
Total OTC derivative assets included in Financial instruments owned										$	388,387

(1) At February 28, 2014, we held exchange traded derivative assets and other credit agreements with a fair value of $11.1 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 February 28, 2014, cash collateral received was $176.1 million.

(3) Amounts represent the netting of receivable balances with payable balances for the same counterparty within product category 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	$	23,585	$	108	$	—	$	—		$	23,693
Credit default swaps		2,116		4,512		66		—			6,694
Equity swaps and options		—		—		11,006		—			11,006
Total return swaps		1,706		34		—		(34	)		1,706
Foreign currency forwards, swaps and options		153,068		23,466		—		(17,246	)		159,288
Interest rate swaps, options and forwards		24,764		108,398		132,889		(60,576	)		205,475
Total	$	205,239	$	136,518	$	143,961	$	(77,856	)		407,862
Cross product counterparty netting											(9,332	)
Total OTC derivative liabilities included in Financial instruments sold, not yet purchased										$	398,530

(1) At February 28, 2014, we held exchange traded derivative liabilities and other credit agreements with a fair value of $15.2 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 February 28, 2014, cash collateral pledged was $225.2 million.

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

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

Counterparty Credit Quality with Respect to Fair Value of OTC Derivatives Assets

At February 28, 2014, 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	$	242,672
BBB- to BBB+		8,093
BB+ or lower		80,870
Unrated		56,752
Total	$	388,387

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