Collateralized Transactions (Tables)

3 Months Ended

Feb. 28, 2014

Banking And Thrift [Abstract]

Fair Value of Securities Received as Collateral

The fair value of securities received as collateral at February 28, 2014 and November 30, 2013 that pertains to our securities financing activities at February 28, 2014 and November 30, 2013 are as follows (in thousands):

	February 28, 2014		November 30, 2013
Carrying amount:
Securities purchased under agreements to resell	$	4,448,531	$	3,746,920
Securities borrowed		6,119,935		5,359,846
Securities received as collateral		1,051		11,063
Total assets on Consolidated Statement of Financial Condition		10,569,517		9,117,829
Netting of securities purchased under agreements to resell (1)		8,572,185		8,968,529
		19,141,702		18,086,358
Fair value of additional collateral received (2)		4,321,796		3,866,577
Fair value of securities received as collateral	$	23,463,498	$	21,952,935

(1) Represents the netting of securities purchased under agreements to resell with securities sold under agreements to repurchase balances for the same counterparty under legally enforceable netting agreements.

(2) Includes 1) collateral received from customers for margin balances unrelated to arrangements for securities purchased under agreements to resell or securities borrowed with a fair value of $1,498.6 million and $1,182.1 million at February 28, 2014 and November 30, 2013, respectively, of which $600.0 million and $596.2 million had been rehypothecated, 2) collateral received on securities for securities transactions of $2,877.5 million and $2,656.9 million at February 28, 2014 and November 30, 2013, respectively and 3) differences in collateral required as compared to reverse repurchase and securities borrowed contract amounts.

Summary of Repurchase Agreements and Securities Borrowing and Lending Arrangements

The following tables provide information regarding repurchase agreements and securities borrowing and lending arrangements that are recognized in the Consolidated Statement of Financial Condition and 1) the extent to which, under enforceable master netting arrangements, such balances are presented net in the Consolidated Statement of Financial Condition as appropriate under 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. See Note 7, Derivative Financial Instruments, for information related to offsetting of derivatives.

	February 28, 2014
(in thousands)	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	$	6,119,935		—			6,119,935		(655,539	)		(1,197,430	)	$	4,266,966
Reverse repurchase agreements	$	13,020,716		(8,572,185	)		4,448,531		(196,671	)		(4,197,094	)	$	54,766
Liabilities
Securities lending arrangements	$	3,082,032		—			3,082,032		(655,539	)		(2,384,307	)	$	42,186
Repurchase agreements	$	19,349,250		(8,572,185	)		10,777,065		(196,671	)		(9,247,075	)	$	1,333,319

(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 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 $4,202.5 million of securities borrowing arrangements, for which we have received securities collateral of $4,076.5 million, and $1,325.0 million of repurchase agreements, for which we have pledged securities collateral of $1,358.3 million, which are subject to master netting agreements but we have not yet determined the agreements to be legally enforceable.

	November 30, 2013
(in thousands)	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	$	5,359,846		—			5,359,846		(530,293	)		(957,140	)	$	3,872,413
Reverse repurchase agreements	$	12,715,449		(8,968,529	)		3,746,920		(590,754	)		(3,074,540	)	$	81,626
Liabilities
Securities lending arrangements	$	2,506,122		—			2,506,122		(530,293	)		(1,942,271	)	$	33,558
Repurchase agreements	$	19,748,374		(8,968,529	)		10,779,845		(590,754	)		(8,748,641	)	$	1,440,450

(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 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 $3,818.4 million of securities borrowing arrangements, for which we have received securities collateral of $3,721.8 million, and $1,410.0 million of repurchase agreements