Derivative Financial Instruments (Tables)

6 Months Ended

May 31, 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 May 31, 2014 and November 30, 2013 categorized by type of derivative contract.

	M ay 31, 2014 (1)
	Assets					Liabilities
	Fair Value			Number of Contracts		Fair Value			Number of Contracts
Interest rate contracts
Exchange-traded	$	1,828			44,290	$	704			64,517
Cleared OTC		876,853			2,650		930,315			2,386
Bilateral OTC		793,513			1,913		747,723			830
Foreign exchange contracts
Exchange-traded		166			53,799		339			50,513
Bilateral OTC		474,467			11,146		488,424			12,430
Equity contracts
Exchange-traded		543,402			1,818,081		541,357			1,750,939
Bilateral OTC		10,220			2,531		13,856			850
Commodity contracts
Exchange-traded		68,481			844,560		69,765			837,632
Bilateral OTC		128,079			4,330		151,310			4,082
Credit contracts
Cleared OTC		3,386			4		6,550			9
Bilateral OTC		1,295			15		23,022			31
Total gross derivative assets/ liabilities:
Exchange-traded		613,877					612,165
Cleared OTC		880,239					936,865
Bilateral OTC		1,407,574					1,424,335
Amounts offset in the Consolidated Statements of Financial Condition (2):
Exchange-traded		(606,007	)				(606,007	)
Cleared OTC		(875,817	)				(889,732	)
Bilateral OTC		(1,166,683	)				(1,251,338	)
Net amounts per Consolidated Statements of Financial Condition (3)	$	253,183				$	226,288

(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
				Number of					Number of
	Fair Value			Contracts		Fair Value			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					1,581,979
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 and six months ended May 31, 2014, and for the three months ended May 31, 2013 and February 28, 2013 (in thousands):

	Successor									Predecessor
	Three Months Ended			Six Months Ended			Three Months Ended			Three Months Ended
Gains (Losses)	May 31, 2014			May 31, 2014			May 31, 2013			February 28, 2013
Interest rate contracts	$	(49,738	)	$	(49,946	)	$	29,381		$	38,936
Foreign exchange contracts		(4,281	)		1,156			4,135			11,895
Equity contracts		(73,529	)		(164,630	)		33,892			(22,021	)
Commodity contracts		21,794			37,980			21,513			19,585
Credit contracts		(11,441	)		(15,330	)		(11,010	)		(3,742	)
Total	$	(117,195	)	$	(190,770	)	$	77,911		$	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 May 31, 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	$	52,226	$	1,435	$	—	$	—		$	53,661
Equity swaps and options		1,297		—		—		—			1,297
Total return swaps		6,559		—		—		—			6,559
Foreign currency forwards, swaps and options		85,715		15,283		51		(14,167	)		86,882
Interest rate swaps, options and forwards		80,802		114,082		129,218		(70,493	)		253,609
Total	$	226,599	$	130,800	$	129,269	$	(84,660	)		402,008
Cross product counterparty netting											(17,810	)
Total OTC derivative assets included in Financial instruments owned										$	384,198

(1) At May 31, 2014, we held exchange traded derivative assets and other credit agreements with a fair value of $11.6 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 May 31, 2014, cash collateral received was $143.0 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	$	78,158	$	9,117	$	—	$	—		$	87,275
Credit default swaps		51		8,744		898		—			9,693
Equity swaps and options		—		—		9,300		—			9,300
Total return swaps		2,200		—		—		—			2,200
Foreign currency forwards, swaps and options		88,516		16,380		—		(14,167	)		90,729
Interest rate swaps, options and forwards		56,392		111,734		166,652		(70,493	)		264,285
Total	$	225,317	$	145,975	$	176,850	$	(84,660	)		463,482
Cross product counterparty netting											(17,810	)
Total OTC derivative liabilities included in Financial instruments sold, not yet purchased										$	445,672

(1) At May 31, 2014, we held exchange traded derivative liabilities and other credit agreements with a fair value of $22.2 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 May 31, 2014, cash collateral pledged was $241.6 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 May 31, 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	$	179,090
BBB- to BBB+		52,347
BB+ or lower		82,789
Unrated		69,972
Total	$	384,198

(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.