10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

x Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

for the quarterly period ended June 30, 2015

OR

¨ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

for the transition period from to

Commission file number: 1-35509

TD Ameritrade Holding Corporation

(Exact name of registrant as specified in its charter)

Delaware	82-0543156
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

200 South 108th Avenue, Omaha, Nebraska, 68154

(Address of principal executive offices) (Zip Code)

(402) 331-7856

(Registrant’s telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months, and (2) has been subject to such filing requirements for the past 90 days.     Yes   x     No   ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months.     Yes  x     No   ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of "large accelerated filer," "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer	x	Accelerated filer	¨
Non-accelerated filer	¨ (Do not check if a smaller reporting company)	Smaller reporting company	¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    

Yes  ¨    No  x

As of July 29, 2015, there were 543,180,721 outstanding shares of the registrant’s common stock.

TD AMERITRADE HOLDING CORPORATION

INDEX

		Page No.
	PART I – FINANCIAL INFORMATION
Item 1.	Financial Statements
	Review Report of Independent Registered Public Accounting Firm	3
	Condensed Consolidated Balance Sheets	4
	Condensed Consolidated Statements of Income	5
	Condensed Consolidated Statements of Comprehensive Income	6
	Condensed Consolidated Statements of Cash Flows	7
	Notes to Condensed Consolidated Financial Statements	9
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	32
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	48
Item 4.	Controls and Procedures	49
	PART II – OTHER INFORMATION
Item 1.	Legal Proceedings	49
Item 1A.	Risk Factors	49
Item 2.	Unregistered Sales of Equity Securities, Use of Proceeds and Issuer Purchases of Equity Securities	49
Item 6.	Exhibits	50
	Signatures	51

2

PART I – FINANCIAL INFORMATION

Item 1. – Financial Statements

REVIEW REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

The Board of Directors and Shareholders

TD Ameritrade Holding Corporation

We have reviewed the condensed consolidated balance sheet of TD Ameritrade Holding Corporation and subsidiaries (the Company) as of June 30, 2015, and the related condensed consolidated statements of income and comprehensive income for the three-month and nine-month periods ended June 30, 2015 and 2014, and the condensed consolidated statements of cash flows for the nine-month periods ended June 30, 2015 and 2014. These financial statements are the responsibility of the Company’s management.

We conducted our review in accordance with the standards of the Public Company Accounting Oversight Board (United States). A review of interim financial information consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the Public Company Accounting Oversight Board (United States), the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.

Based on our review, we are not aware of any material modifications that should be made to the condensed consolidated financial statements referred to above for them to be in conformity with U.S. generally accepted accounting principles.

We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the consolidated balance sheet of TD Ameritrade Holding Corporation and subsidiaries as of September 30, 2014, and the related consolidated statements of income, comprehensive income, stockholders’ equity, and cash flows for the year then ended (not presented herein) and we expressed an unqualified audit opinion on those consolidated financial statements in our report dated November 21, 2014. In our opinion, the accompanying condensed consolidated balance sheet of TD Ameritrade Holding Corporation and subsidiaries as of September 30, 2014, is fairly stated, in all material respects, in relation to the consolidated balance sheet from which it has been derived.

/s/ ERNST & YOUNG LLP

Chicago, Illinois

August 7, 2015

3

TD AMERITRADE HOLDING CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

	June 30, 2015			September 30, 2014
	(In millions)
ASSETS
Cash and cash equivalents	$	2,233		$	1,460
Cash and investments segregated and on deposit for regulatory purposes	4,425			5,116
Receivable from brokers, dealers and clearing organizations	1,144			1,108
Receivable from clients, net	12,868			11,639
Receivable from affiliates	107			99
Other receivables, net	141			147
Securities owned, at fair value	412			332
Property and equipment at cost, net	531			543
Goodwill	2,467			2,467
Acquired intangible assets, net	684			751
Other assets	147			169
Total assets	$	25,159		$	23,831
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities:
Payable to brokers, dealers and clearing organizations	$	2,414		$	2,421
Payable to clients	15,070			14,497
Accounts payable and other liabilities	568			595
Payable to affiliates	6			5
Notes payable	—			150
Long-term debt	1,810			1,101
Deferred income taxes	298			314
Total liabilities	20,166			19,083
Stockholders’ equity:
Preferred stock, $0.01 par value; 100 million shares authorized, none issued	—			—
Common stock, $0.01 par value; one billion shares authorized; 631 million shares issued; June 30, 2015 - 543 million shares outstanding; September 30, 2014 - 545 million shares outstanding	6			6
Additional paid-in capital	1,638			1,618
Retained earnings	4,904			4,551
Treasury stock, common, at cost: June 30, 2015 - 88 million shares; September 30, 2014 - 86 million shares	(1,529		)	(1,409		)
Accumulated other comprehensive loss	(26		)	(18		)
Total stockholders’ equity	4,993			4,748
Total liabilities and stockholders’ equity	$	25,159		$	23,831

See notes to condensed consolidated financial statements.

4

TD AMERITRADE HOLDING CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

	Three Months Ended June 30,						Nine Months Ended June 30,
	2015			2014			2015			2014
	(In millions, except per share amounts)
Revenues:
Transaction-based revenues:
Commissions and transaction fees	$	328		$	317		$	1,036		$	1,019
Asset-based revenues:
Interest revenue	158			150			472			426
Brokerage interest expense	(2		)	(1		)	(5		)	(5		)
Net interest revenue	156			149			467			421
Insured deposit account fees	209			202			620			612
Investment product fees	85			79			253			226
Total asset-based revenues	450			430			1,340			1,259
Other revenues	16			16			39			49
Net revenues	794			763			2,415			2,327
Operating expenses:
Employee compensation and benefits	202			189			608			565
Clearing and execution costs	36			35			108			98
Communications	31			29			92			84
Occupancy and equipment costs	40			39			121			116
Depreciation and amortization	23			24			69			71
Amortization of acquired intangible assets	22			22			67			68
Professional services	43			42			120			117
Advertising	54			48			199			205
Other	18			19			66			57
Total operating expenses	469			447			1,450			1,381
Operating income	325			316			965			946
Other expense (income):
Interest on borrowings	13			6			30			18
Gain on sale of investments	(7		)	—			(7		)	—
Other	—			—			1			—
Total other expense (income)	6			6			24			18
Pre-tax income	319			310			941			928
Provision for income taxes	122			120			344			352
Net income	$	197		$	190		$	597		$	576
Earnings per share - basic	$	0.36		$	0.34		$	1.10		$	1.05
Earnings per share - diluted	$	0.36		$	0.34		$	1.09		$	1.04
Weighted average shares outstanding - basic	544			551			544			551
Weighted average shares outstanding - diluted	547			555			547			555
Dividends declared per share	$	0.15		$	0.12		$	0.45		$	0.86

See notes to condensed consolidated financial statements.

5

TD AMERITRADE HOLDING CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

	Three Months Ended   June 30,						Nine Months Ended   June 30,
	2015			2014			2015			2014
	(In millions)
Net income	$	197		$	190		$	597		$	576
Other comprehensive income (loss), before tax:
Cash flow hedging instruments:
Net unrealized loss	—			(15		)	(15		)	(24		)
Reclassification adjustment for portion of realized loss amortized to net income	1			—			3			—
Total other comprehensive income (loss), before tax	1			(15		)	(12		)	(24		)
Income tax effect	(1		)	6			4			9
Total other comprehensive income (loss), net of tax	—			(9		)	(8		)	(15		)
Comprehensive income	$	197		$	181		$	589		$	561

See notes to condensed consolidated financial statements.

6

TD AMERITRADE HOLDING CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

	Nine Months Ended June 30,
	2015			2014
	(In millions)
Cash flows from operating activities:
Net income	$	597		$	576
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	69			71
Amortization of acquired intangible assets	67			68
Deferred income taxes	(11		)	(5		)
Gain on sale of investments	(7		)	—
Stock-based compensation	27			24
Excess tax benefits on stock-based compensation	(14		)	(9		)
Other, net	2			—
Changes in operating assets and liabilities:
Cash and investments segregated and on deposit for regulatory purposes	691			636
Receivable from brokers, dealers and clearing organizations	(36		)	33
Receivable from clients, net	(1,229		)	(2,247		)
Receivable from/payable to affiliates, net	(7		)	2
Other receivables, net	6			9
Securities owned, at fair value	(79		)	(48		)
Other assets	34			(40		)
Payable to brokers, dealers and clearing organizations	(7		)	564
Payable to clients	573			1,082
Accounts payable and other liabilities	(33		)	(64		)
Net cash provided by operating activities	643			652
Cash flows from investing activities:
Purchase of property and equipment	(58		)	(54		)
Purchase of short-term investments	(503		)	(1		)
Proceeds from sale and maturity of short-term investments	501			1
Proceeds from sale of investments	10			13
Other	3			1
Net cash used in investing activities	(47		)	(40		)

(Continued on following page)

See notes to condensed consolidated financial statements.

7

TD AMERITRADE HOLDING CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS – (Continued)

(Unaudited)

	Nine Months Ended June 30,
	2015			2014
	(In millions)
Cash flows from financing activities:
Proceeds from issuance of long-term debt	$	1,248		$	—
Payment of debt issuance costs	(11		)	—
Principal payments on long-term debt	(544		)	—
Proceeds from notes payable	—			230
Principal payments on notes payable	(150		)	(80		)
Payment of cash dividends	(244		)	(474		)
Proceeds from exercise of stock options: Nine months ended June 30, 2015 - 0.7 million shares; 2014 - 0.4 million shares	12			7
Purchase of treasury stock: Nine months ended June 30, 2015 - 4.5 million shares; 2014 - 3.5 million shares	(148		)	(106		)
Excess tax benefits on stock-based compensation	14			9
Net cash provided by (used in) financing activities	177			(414		)
Net increase in cash and cash equivalents	773			198
Cash and cash equivalents at beginning of period	1,460			1,062
Cash and cash equivalents at end of period	$	2,233		$	1,260
Supplemental cash flow information:
Interest paid	$	23		$	22
Income taxes paid	$	355		$	367

See notes to condensed consolidated financial statements.

8

TD AMERITRADE HOLDING CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

For the Three Month and Nine Month Periods EndedJune 30, 2015 and 2014

(Unaudited)

1. BASIS OF PRESENTATION

The condensed consolidated financial statements include the accounts of TD Ameritrade Holding Corporation (the "Parent") and its wholly-owned subsidiaries (collectively, the "Company"). Intercompany balances and transactions have been eliminated.

These financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC") and, in the opinion of management, reflect all adjustments, which are all of a normal recurring nature, necessary to present fairly the financial position, results of operations and cash flows for the periods presented in conformity with U.S. generally accepted accounting principles ("GAAP"). These financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s annual report filed on Form 10-K for the fiscal year ended September 30, 2014.

Recently Adopted Accounting Pronouncements

ASU 2014-11 — During fiscal 2015, the Company adopted Accounting Standards Update ("ASU") 2014-11, Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures. The amendments in ASU 2014-11 require entities to account for repurchase-to-maturity transactions and linked repurchase financings as secured borrowings, which is consistent with the accounting for other repurchase agreements. The new accounting requirements became effective for the Company on January 1, 2015, and did not result in any accounting changes because the Company does not act as a transferor in repurchase-to-maturity transactions or linked repurchase financings. In addition, the amendments require new disclosures, including information regarding collateral pledged in securities lending transactions and similar transactions that are accounted for as secured borrowings. On April 1, 2015, the Company prospectively adopted the new disclosure requirements related to collateral pledged in transactions that are accounted for as secured borrowings. Adoption of ASU 2014-11 resulted only in certain additional disclosures presented in Note 9.

Recently Issued Accounting Pronouncements

ASU 2014-09 — In May 2014, the Financial Accounting Standards Board ("FASB") issued ASU 2014-09, Revenue from Contracts with Customers, to clarify the principles of recognizing revenue from contracts with customers and to improve financial reporting by creating common revenue recognition guidance for U.S. GAAP and International Financial Reporting Standards. This ASU will supersede the revenue recognition requirements in Accounting Standards Codification ("ASC") Topic 605, Revenue Recognition, and most industry-specific guidance. Entities are required to apply the following steps when recognizing revenue under ASU 2014-09: (1) identify the contract(s) with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract; and, (5) recognize revenue when (or as) the entity satisfies a performance obligation. This ASU also requires additional disclosures related to the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts. An entity may apply the amendments by using one of the following two methods: (1) retrospective application to each prior reporting period presented or (2) a modified retrospective approach, requiring the standard be applied only to the most current period presented, with the cumulative effect of initially applying the standard recognized at the date of initial application. The effective date was recently deferred for one year to annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. Therefore, ASU 2014-09 will be effective for the Company's fiscal year beginning October 1, 2018. Early adoption is permitted as of the original effective date (annual reporting periods beginning after December 15, 2016). The Company is currently assessing the impact that ASU 2014-09 will have on the Company's financial statements and evaluating which adoption method to apply.

ASU 2015-03 — In April 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs. To simplify the presentation of debt issuance costs, the amendments in ASU 2015-03 require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. ASU 2015-03 requires retrospective application and is effective for annual reporting periods beginning after December 15, 2015, including interim periods within that reporting period. Therefore, ASU 2015-03 will be effective for the Company's fiscal year beginning October 1, 2016. Early adoption is permitted. The adoption of ASU 2015-03 will change the location where debt issuance costs are presented in the balance sheet and is not expected to have any other impact on the Company's financial statements. As of June 30, 2015, the Company had debt issuance costs, related to recognized debt liabilities, of approximately $12 million, which are included in other assets on the Condensed Consolidated Balance Sheet.

9

2. CASH AND CASH EQUIVALENTS

The Company’s cash and cash equivalents is summarized in the following table (dollars in millions):

	June 30, 2015		September 30, 2014
Corporate	$	1,117	$	298
Broker-dealer subsidiaries	975		1,090
Futures commission merchant subsidiary	42		—
Trust company subsidiary	72		53
Investment advisory subsidiaries	27		19
Total	$	2,233	$	1,460

Capital requirements may limit the amount of cash available for dividend from the broker-dealer, futures commission merchant ("FCM") and trust company subsidiaries to the parent company. Most of the trust company cash and cash equivalents arises from client transactions in the process of settlement, and therefore is generally not available for corporate purposes. Cash and cash equivalents of the investment advisory subsidiaries is generally not available for corporate purposes.

3. CASH AND INVESTMENTS SEGREGATED AND ON DEPOSIT FOR REGULATORY PURPOSES

Cash and investments segregated and on deposit for regulatory purposes consists of the following (dollars in millions):

	June 30, 2015		September 30, 2014
U.S. government debt securities	$	2,305	$	3,070
Reverse repurchase agreements (collateralized by U.S. government debt securities)	1,236		1,193
Cash in demand deposit accounts	646		617
Cash on deposit with futures commission merchants	163		186
U.S. government debt securities on deposit with futures commission merchant	75		50
Total	$	4,425	$	5,116

4. INCOME TAXES

The Company’s effective income tax rate for the nine months ended June 30, 2015 was 36.6%, compared to 37.9% for the nine months ended June 30, 2014. The provision for income taxes for the nine months ended June 30, 2015 was lower than normal primarily due to $20 million of favorable resolutions of state income tax matters. This favorably impacted the Company's earnings for the nine months ended June 30, 2015 by approximately four cents per share. The provision for income taxes for the nine months ended June 30, 2014 includes $9 million of favorable resolutions of state income tax matters, partially offset by $2 million of unfavorable deferred income tax adjustments resulting from state income tax law changes. These items had a net favorable impact on the Company’s earnings for the nine months ended June 30, 2014 of approximately one cent per share.

5. NOTES PAYABLE AND LONG-TERM DEBT

Notes payable and long-term debt consist of the following (dollars in millions):

June 30, 2015	Face Value		Unamortized Discount			Fair Value Adjustment (1)		Net Carrying Value
Long-term debt:
Senior Notes:
5.600% Notes due 2019	$	500	$	—		$	33	$	533
2.950% Notes due 2022	750		(2		)	—		748
3.625% Notes due 2025	500		—			4		504
Secured Loan:
Variable-rate Note due 2019	25		—			—		25
Total long-term debt	$	1,775	$	(2	)	$	37	$	1,810

10

September 30, 2014	Face Value		Unamortized Discount		Fair Value Adjustment (1)		Net Carrying Value
Notes payable:
Parent Revolving Facility	$	150	$	—	$	—	$	150
Long-term debt:
Senior Notes:
4.150% Notes due 2014	500		—		2		502
5.600% Notes due 2019	500		—		30		530
Secured Loan:
Variable-rate Note due 2019	69		—		—		69
Subtotal – Long-term debt	1,069		—		32		1,101
Total notes payable and long-term debt	$	1,219	$	—	$	32	$	1,251

(1) Fair value adjustments relate to changes in the fair value of the debt while in a fair value hedging relationship. See "Fair Value Hedging" below.

Senior Notes - On October 17, 2014, the Company sold, through a public offering, $500 million aggregate principal amount of unsecured 3.625% Senior Notes due April 1, 2025 (the "2025 Notes"). Interest on the 2025 Notes will be payable in arrears semi-annually on April 1 and October 1 of each year. The Company used the net proceeds from the issuance of the 2025 Notes, together with cash on hand, to repay in full the outstanding principal under the Company's 4.150% Senior Notes (the "2014 Notes") that matured on December 1, 2014.

On March 4, 2015, the Company sold, through a public offering, $750 million aggregate principal amount of unsecured 2.950% Senior Notes due April 1, 2022 (the "2022 Notes"). Interest on the 2022 Notes will be payable in arrears semi-annually on April 1 and October 1 of each year, beginning on October 1, 2015. The Company issued the 2022 Notes for general corporate purposes, including liquidity for operational contingencies.

Fair Value Hedging – The Company is exposed to changes in the fair value of its fixed-rate Senior Notes resulting from interest rate fluctuations. To hedge a portion of this exposure, the Company has entered into fixed-for-variable interest rate swaps on its 5.600% Senior Notes due December 1, 2019 (the "2019 Notes") and 2025 Notes. Each fixed-for-variable interest rate swap has a notional amount of $500 million and a maturity date matching the maturity date of the respective Senior Notes. During December 2014, the Company paid in full the outstanding principal under the 2014 Notes and the interest rate swap on the 2014 Notes expired.

The interest rate swaps effectively change the fixed-rate interest on the 2019 Notes and 2025 Notes to variable-rate interest. Under the terms of the interest rate swap agreements, the Company receives semi-annual fixed-rate interest payments based on the same rates applicable to the Senior Notes, and makes quarterly variable-rate interest payments based on three-month LIBOR plus (a) 2.3745% for the swap on the 2019 Notes and (b) 1.1022% for the swap on the 2025 Notes. As of June 30, 2015, the weighted average effective interest rate on the aggregate principal balance of the 2019 Notes and 2025 Notes was 2.02%.

The interest rate swaps are accounted for as fair value hedges and qualify for the shortcut method of accounting. Changes in the payment of interest resulting from the interest rate swaps are recorded in interest on borrowings on the Condensed Consolidated Statements of Income. Changes in fair value of the interest rate swaps are completely offset by changes in fair value of the related notes, resulting in no effect on net income. The following table summarizes gains and losses resulting from changes in the fair value of interest rate swaps designated as fair value hedges and the hedged fixed-rate debt for the periods indicated (dollars in millions):

	Three Months Ended June 30,						Nine Months Ended June 30,
	2015			2014			2015			2014
Gain (loss) on fair value of interest rate swaps	$	(24	)	$	1		$	5		$	(11	)
Gain (loss) on fair value of hedged fixed-rate debt	24			(1		)	(5		)	11
Net gain (loss) recorded in interest on borrowings	$	—		$	—		$	—		$	—

Cash Flow Hedging – On January 17, 2014, the Company entered into forward-starting interest rate swap contracts with an aggregate notional amount of $500 million, to hedge against changes in the benchmark interest rate component of future interest payments resulting from the anticipated refinancing of the 2014 Notes. The Company designated the contracts as a cash flow hedge of the future interest payments.  

11

Under cash flow hedge accounting, until settlement the swap contracts are carried at fair value and, to the extent they are an effective hedge, any unrealized gains or losses are recorded in other comprehensive income (loss). Any ineffective portion of the unrealized gains or losses is immediately recorded into earnings. Upon settlement, any realized gain or loss that has been recorded in other comprehensive income (loss) is amortized into earnings over the term of the newly-issued fixed-rate debt.

On October 17, 2014, the Company sold $500 million of 2025 Notes as described under "Senior Notes" above, and paid approximately $45 million to settle the forward-starting interest rate swap contracts. As of October 17, 2014, the Company recorded $0.5 million of pre-tax loss immediately into earnings to reflect ineffectiveness resulting from the issuance of the 2025 Notes slightly earlier than forecast. As of June 30, 2015, the Company expects to amortize $4.4 million of pre-tax losses, that were reported in accumulated other comprehensive income (loss), into interest on borrowings on the Condensed Consolidated Statements of Income within the next 12 months.

The following table summarizes pre-tax losses resulting from changes in the fair value of the forward-starting interest rate swaps for the periods indicated (dollars in millions):

	Amount of Loss Recognized in Other Comprehensive Income (Loss) (Effective Portion)
	Three Months Ended June 30,					Nine Months Ended June 30,
	2015		2014			2015			2014
Forward-starting interest rate swaps	$	—	$	(15	)	$	(15	)	$	(24	)

Balance Sheet Impact of Hedging Instruments — The following table summarizes the fair value of outstanding derivatives designated as hedging instruments on the Condensed Consolidated Balance Sheets (dollars in millions):

	Balance Sheet Location	June 30, 2015		September 30, 2014
Interest rate contracts:
Pay-variable interest rate swaps designated as fair value hedges	Other assets	$	37	$	32
Forward-starting interest rate swaps designated as cash flow hedges	Accounts payable and other liabilities	$	—	$	(29	)

The interest rate swaps are subject to counterparty credit risk. Credit risk is managed by limiting activity to approved counterparties that meet a minimum credit rating threshold, by entering into credit support agreements, or by utilizing approved central clearing counterparties registered with the Commodity Futures Trading Commission ("CFTC"). The interest rate swaps require daily collateral coverage, in the form of cash or U.S. Treasury securities, for the aggregate fair value of the interest rate swaps (including accrued interest). As of June 30, 2015 and September 30, 2014, the pay-variable interest rate swap counterparties had pledged $39 million and $47 million of collateral, respectively, to the Company in the form of cash. A liability for collateral pledged to the Company in the form of cash is recorded in accounts payable and other liabilities on the Condensed Consolidated Balance Sheets. As of September 30, 2014 the Company had pledged $43 million of collateral to the forward-starting interest rate swap counterparties in the form of cash. An asset for collateral pledged to the swap counterparties in the form of cash is recorded in other assets on the Condensed Consolidated Balance Sheets.

TD Ameritrade Holding Corporation Credit Agreement — On June 11, 2014, the Parent entered into a credit agreement consisting of a senior unsecured revolving credit facility in the aggregate principal amount of $300 million (the "Parent Revolving Facility"). The maturity date of the Parent Revolving Facility is June 11, 2019.

The applicable interest rate under the Parent Revolving Facility is calculated as a per annum rate equal to, at the option of the Parent, (a) LIBOR plus an interest rate margin ("Parent LIBOR loans") or (b) (i) the highest of (x) the prime rate, (y) the federal funds effective rate plus 0.50% or (z) one-month LIBOR plus 1.00%, plus (ii) an interest rate margin ("Base Rate loans"). The interest rate margin ranges from 0.875% to 1.75% for Parent LIBOR loans and from 0% to 0.75% for Base Rate loans, determined by reference to the Company’s public debt ratings. The Parent is obligated to pay a commitment fee ranging from 0.10% to 0.25% on any unused amount of the Parent Revolving Facility, determined by reference to the Company's public debt ratings.

As of June 30, 2015, the interest rate margin would have been 1.25% for Parent LIBOR loans and 0.25% for Base Rate loans, and the commitment fee was 0.15%, each determined by reference to the Company's public debt ratings. There were no borrowings outstanding under the Parent Revolving Facility as of June 30, 2015. As of September 30, 2014, there was $150 million of borrowings outstanding under the Parent Revolving Facility, consisting of Parent LIBOR loans. As of September 30, 2014, the commitment fee was 0.15% and the interest rate margin was 1.25%, each determined by reference to the Company’s public debt ratings, and the interest rate was 1.40%, based on one-month LIBOR plus the interest rate margin.

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The obligations under the Parent Revolving Facility are guaranteed by TD Ameritrade Online Holdings Corp. ("TDAOH"), a wholly-owned subsidiary of the Company, and each "significant subsidiary" (as defined in SEC Rule 1-02(w) of Regulation S‑X) of the Parent, other than broker-dealer subsidiaries, FCM subsidiaries and controlled foreign corporations. Currently, the only subsidiary guarantor of the obligations under the Parent Revolving Facility is TDAOH.

The Parent Revolving Facility contains negative covenants that limit or restrict, subject to certain exceptions, the incurrence of liens, indebtedness of subsidiaries, mergers, consolidations, transactions with affiliates, change in nature of business and the sale of all or substantially all of the assets of the Company. The Parent is also required to maintain compliance with a maximum consolidated leverage ratio covenant and a minimum consolidated interest coverage ratio covenant, and the Company's broker-dealer and FCM subsidiaries are required to maintain compliance with a minimum regulatory net capital covenant. The Company was in compliance with all covenants under the Parent Revolving Facility as of June 30, 2015.

TD Ameritrade Clearing, Inc. Credit Agreement - On June 11, 2014, TD Ameritrade Clearing, Inc. ("TDAC"), the Company’s clearing broker-dealer subsidiary, entered into a credit agreement consisting of a senior unsecured revolving credit facility in the aggregate principal amount of $300 million (the "TDAC Revolving Facility"). The maturity date of the TDAC Revolving Facility is June 11, 2019.

The applicable interest rate under the TDAC Revolving Facility is calculated as a per annum rate equal to, at the option of TDAC, (a) LIBOR plus an interest rate margin ("TDAC LIBOR loans") or (b) the federal funds effective rate plus an interest rate margin ("Fed Funds Rate loans"). The interest rate margin ranges from 0.75% to 1.50% for both TDAC LIBOR loans and Fed Funds Rate loans, determined by reference to the Company’s public debt ratings. TDAC is obligated to pay a commitment fee ranging from 0.08% to 0.20% on any unused amount of the TDAC Revolving Facility, determined by reference to the Company’s public debt ratings. As of June 30, 2015, the interest rate margin would have been 1.00% for both TDAC LIBOR loans and Fed Funds Rate loans, and the commitment fee was 0.125%, each determined by reference to the Company’s public debt ratings. There were no borrowings outstanding under the TDAC Revolving Facility as of June 30, 2015 and September 30, 2014.

The TDAC Revolving Facility contains negative covenants that limit or restrict, subject to certain exceptions, the incurrence of liens, indebtedness of TDAC, mergers, consolidations, change in nature of business and the sale of all or substantially all of the assets of TDAC. TDAC is also required to maintain minimum tangible net worth and is required to maintain compliance with minimum regulatory net capital requirements. TDAC was in compliance with all covenants under the TDAC Revolving Facility as of June 30, 2015.

Intercompany Credit Agreements— During March 2015, the Parent entered into credit agreements with each of its primary broker-dealer and FCM subsidiaries as described below.

The intercompany credit agreement with TDAC was established on March 31, 2015 and will terminate on March 1, 2022. Under this agreement, TDAC may borrow up to $700 million in cash or securities from the Parent under a committed facility. In addition, the Parent is permitted, but under no obligation, to make loans of up to $300 million in cash or securities to TDAC under an uncommitted facility. Loans under both the committed and uncommitted facilities bear interest at the same rate as borrowings under the TDAC Revolving Facility and must be repaid with interest on or before the termination date.

The intercompany credit agreement with TD Ameritrade, Inc., the Company's introducing broker-dealer subsidiary, was established on March 31, 2015 and will terminate on March 1, 2022. Under this agreement, TD Ameritrade, Inc. may borrow up to $50 million in cash or securities from the Parent under a committed facility. In addition, the Parent is permitted, but under no obligation, to make loans of up to $300 million in cash or securities to TD Ameritrade, Inc. under an uncommitted facility. Loans under both the committed and uncommitted facilities bear interest at the same rate as borrowings under the TDAC Revolving Facility and must be repaid with interest on or before the termination date.

The intercompany credit agreement with TD Ameritrade Futures & Forex LLC ("TDAFF"), the Company's FCM subsidiary, was established on March 29, 2015 and has an initial term of five years. The agreement will automatically renew for an additional five-year term, unless either party provides notice to the other of its intent to terminate not less than 30 days before the end of the then current term. Under this agreement, TDAFF may borrow from the Parent, under a committed facility, up to 75% of TDAFF's "residual interest target" as determined by TDAFF in accordance with applicable rules and regulations. As of June 30, 2015, TDAFF's residual interest target was $18 million and the corresponding loan commitment amount was $13.5 million. Loans under this facility bear interest at the prime rate plus 1.00% and must be repaid with interest not later than 60 calendar days following the date of the borrowing.

There were no borrowings outstanding under any of the intercompany credit agreements as of June 30, 2015.

6. CAPITAL REQUIREMENTS

The Company’s broker-dealer subsidiaries are subject to the SEC Uniform Net Capital Rule (Rule 15c3-1 under the Securities Exchange Act of 1934, or the "Exchange Act"), administered by the SEC and the Financial Industry Regulatory Authority

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("FINRA"), which requires the maintenance of minimum net capital, as defined. Net capital and the related net capital requirement may fluctuate on a daily basis. TDAC, the Company’s clearing broker-dealer subsidiary, and TD Ameritrade, Inc., the Company’s introducing broker-dealer subsidiary, compute net capital under the alternative method as permitted by Rule 15c3-1. TDAC is required to maintain minimum net capital of the greater of $1.5 million, which is based on the type of business conducted by the broker-dealer, or 2% of aggregate debit balances arising from client transactions.

Under Rule 15c3-1, TD Ameritrade, Inc. is required to maintain minimum net capital of the greater of $250,000 or 2% of aggregate debit balances. Prior to May 20, 2015, as an FCM registered with the CFTC, TD Ameritrade, Inc. was also subject to CFTC Regulation 1.17 under the Commodity Exchange Act, administered by the CFTC and the National Futures Association ("NFA"), which requires the maintenance of minimum net capital of the greatest of (a) $1.0 million, (b) its futures risk-based capital requirement, equal to 8% of the total risk margin requirement for all futures positions carried by the FCM in client and nonclient accounts, or (c) its Rule 15c3-1 net capital requirement. TD Ameritrade, Inc. transferred its futures and foreign exchange business to TDAFF effective March 29, 2015 and withdrew its registration as an FCM effective May 20, 2015.

Under the alternative method, a broker-dealer may not repay any subordinated borrowings, pay cash dividends or make any unsecured advances or loans to its parent company or employees if such payment would result in a net capital amount of (a) less than 5% of aggregate debit balances, (b) less than 110% of its risk-based capital requirement under CFTC Regulation 1.17, or (c) less than 120% of its minimum dollar requirement. An FCM, such as TDAFF, that is not registered as a securities broker-dealer must provide notice to the CFTC if its net capital amounts to less than (a) 110% of its risk-based capital requirement under CFTC Regulation 1.17 or (b) less than 150% of its minimum dollar requirement. These broker-dealer and FCM net capital thresholds, which are specified in Exchange Act Rule 17a-11 and CFTC Regulation 1.12, are typically referred to as "early warning" net capital thresholds.

Net capital and net capital requirements for the Company’s broker-dealer subsidiaries are summarized in the following tables (dollars in millions):

TD Ameritrade Clearing, Inc.
Date	Net Capital		Required Net Capital (2% of Aggregate Debit Balances)		Net Capital in Excess of Required Net Capital		Net Capital in Excess of Early Warning Threshold (5% of Aggregate Debit Balances)		Ratio of Net Capital to Aggregate Debit Balances
June 30, 2015	$	1,533	$	307	$	1,226	$	766	9.99	%
September 30, 2014	$	1,569	$	280	$	1,289	$	868	11.19	%

TD Ameritrade, Inc.
Date	Net Capital		Required Net Capital (8% of Total Risk Margin or $250,000 Minimum Dollar Requirement)		Net Capital in Excess of Required Net Capital		Net Capital in Excess of Early Warning Threshold (110% or 120% of Required Net Capital)
June 30, 2015	$	264	$	—	$	264	$	263
September 30, 2014	$	347	$	17	$	330	$	328

During October 2014, TDAFF registered as an FCM with the CFTC. TDAFF is subject to CFTC Regulation 1.17 under the Commodity Exchange Act, which requires the maintenance of minimum net capital as described above. Net capital and net capital requirements for TDAFF are summarized in the following table (dollars in millions):

TD Ameritrade Futures & Forex LLC
Date	Net Capital		Required Net Capital (8% of Total Risk Margin)		Net Capital in Excess of Required Net Capital	Net Capital in Excess of Early Warning Threshold (110% of Required Net Capital)
June 30, 2015	$	57	$	11	46	$	45
September 30, 2014	N/A		N/A		N/A	N/A

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The Company’s non-depository trust company subsidiary, TD Ameritrade Trust Company ("TDATC"), is subject to capital requirements established by the State of Maine, which require TDATC to maintain minimum Tier 1 capital, as defined. TDATC’s Tier 1 capital was $30 million and $27 million as of June 30, 2015 and September 30, 2014, respectively, which exceeded the required Tier 1 capital by $14 million and $12 million, respectively.

7. COMMITMENTS AND CONTINGENCIES

Legal and Regulatory Matters

Order Routing Litigation – Five putative class action complaints have been filed regarding TD Ameritrade’s routing of client orders. The cases are pending in the U.S. District Court for the District of Nebraska: Jay Zola et al. v. TDAmeritrade, Inc., et al.; Tyler Verdieck v. TDAmeritrade, Inc.; Bruce Lerner v. TDAmeritrade, Inc.; Michael Sarbacker v. TDAmeritrade Holding Corporation, et al.; Gerald Klein v. TDAmeritrade Holding Corporation, et al. The complaints in Zola, Klein and Sarbacker allege that the defendants failed to provide clients with "best execution" and routed orders to the market venue that paid the most for its order flow. The complaints in Verdieck and Lerner allege that the defendant routed its clients’ non-marketable limit orders to the venue paying the highest rates of maker rebates, and that clients did not receive best execution on these kinds of orders. The complaints variously include claims of breach of contract, breach of fiduciary duty, breach of the duty of best execution, fraud, negligent misrepresentation, violations of Section 10(b) and 20 of the Exchange Act and SEC Rule 10b-5, violation of Nebraska’s Consumer Protection Act, violation of Nebraska’s Uniform Deceptive Trade Practices Act, aiding and abetting, unjust enrichment and declaratory judgment. The complaints seek various kinds of relief including damages, restitution, disgorgement, injunctive relief, equitable relief and other relief. The Company intends to vigorously defend against these lawsuits. The Company is unable to predict the outcome or the timing of the ultimate resolution of these lawsuits, or the potential losses, if any, that may result.

Reserve Yield Plus Fund Litigation – During September 2008, The Reserve, an independent mutual fund company, announced that the net asset value of the Reserve Yield Plus Fund declined below $1.00 per share. The Yield Plus Fund was not a money market mutual fund, but its stated objective was to maintain a net asset value of $1.00 per share. TD Ameritrade, Inc.’s clients continue to hold shares in the Yield Plus Fund (now known as "Yield Plus Fund – In Liquidation"), which is being liquidated.

In November 2008, a purported class action lawsuit was filed with respect to the Yield Plus Fund. The lawsuit is captioned Ross v. Reserve Management Company, Inc. et al. and is pending in the U.S. District Court for the Southern District of New York. The Ross lawsuit is on behalf of persons who purchased shares of Reserve Yield Plus Fund. On November 20, 2009, the plaintiffs filed a first amended complaint naming as defendants the fund’s advisor, certain of its affiliates and the Company and certain of its directors, officers and shareholders as alleged control persons. The complaint alleges claims of violations of the federal securities laws and other claims based on allegations that false and misleading statements and omissions were made in the Reserve Yield Plus Fund prospectuses and in other statements regarding the fund. On March 19, 2015, the plaintiffs entered into an agreement with Reserve Management Company, Inc. and related defendants to settle the claims against them, subject to court approval. On March 26, 2015, the Company and the plaintiffs reached an agreement in principle to resolve the claims against the Company and its directors, officers and shareholders named as defendants, subject to definitive written terms that will require court approval. Under the agreement, the Company will make a cash contribution of $3.75 million toward a class settlement fund. All the parties entered into a stipulation of settlement as of June 4, 2015, subject to court approval, and filed a request for the Court’s preliminary approval of the settlement and approval of notices to class members.

Other Legal and Regulatory Matters – The Company is subject to a number of other lawsuits, arbitrations, claims and other legal proceedings in connection with its business. Some of these legal actions include claims for substantial or unspecified compensatory and/or punitive damages. In addition, in the normal course of business, the Company discusses matters with its regulators raised during regulatory examinations or otherwise subject to their inquiry. These matters could result in censures, fines, penalties or other sanctions. ASC 450, Loss Contingencies, governs the recognition and disclosure of loss contingencies, including potential losses from legal and regulatory matters. ASC 450 categorizes loss contingencies using three terms based on the likelihood of occurrence of events that result in a loss: "probable" means that "the future event or events are likely to occur;" "remote" means that "the chance of the future event or events occurring is slight;" and "reasonably possible" means that "the chance of the future event or events occurring is more than remote but less than likely." Under ASC 450, the Company accrues for losses that are considered both probable and reasonably estimable. The Company may incur losses in addition to the amounts accrued where the losses are greater than estimated by management, or for matters for which an unfavorable outcome is considered reasonably possible, but not probable.

The Company estimates that the aggregate range of reasonably possible losses in excess of amounts accrued is from $0 to $35 million as of June 30, 2015. This estimated aggregate range of reasonably possible losses is based upon currently available information for those legal and regulatory matters in which the Company is involved, taking into account the Company’s best estimate of reasonably possible losses for those cases as to which an estimate can be made. For certain cases, the Company does not believe an estimate can currently be made, as some cases are in preliminary stages and some cases have no specific amounts claimed. The Company’s estimate involves significant judgment, given the varying stages of the proceedings and the inherent

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uncertainty of predicting outcomes. The estimated range will change from time to time as the underlying matters, stages of proceedings and available information change. Actual losses may vary significantly from the current estimated range.

The Company believes, based on its current knowledge and after consultation with counsel, that the ultimate disposition of these legal and regulatory matters, individually or in the aggregate, is not likely to have a material adverse effect on the financial condition or cash flows of the Company. However, in light of the uncertainties involved in such matters, the Company is unable to predict the outcome or the timing of the ultimate resolution of these matters, or the potential losses, fines, penalties or equitable relief, if any, that may result, and it is possible that the ultimate resolution of one or more of these matters may be material to the Company’s results of operations for a particular reporting period.

Income Taxes

The Company’s federal and state income tax returns are subject to examination by taxing authorities. Because the application of tax laws and regulations to many types of transactions is subject to varying interpretations, amounts reported in the condensed consolidated financial statements could be significantly changed at a later date upon final determinations by taxing authorities. The Toronto-Dominion Bank ("TD") has agreed to indemnify the Company for tax obligations, if any, pertaining to activities of TD Waterhouse Group, Inc. ("TD Waterhouse") prior to the Company’s acquisition of TD Waterhouse in January 2006.

General Contingencies

In the ordinary course of business, there are various contingencies that are not reflected in the condensed consolidated financial statements. These include the Company’s broker-dealer and FCM subsidiaries’ client activities involving the execution, settlement and financing of various client securities, options, futures and foreign exchange transactions. These activities may expose the Company to credit risk in the event the clients are unable to fulfill their contractual obligations.

The Company extends margin credit and leverage to its clients. In margin transactions, the Company extends credit to the client, subject to various regulatory and internal margin requirements, collateralized by cash and securities in the client’s account. In connection with these activities, the Company also executes and clears client transactions involving the sale of securities not yet purchased ("short sales"). Such margin-related transactions may expose the Company to credit risk in the event a client’s assets are not sufficient to fully cover losses that the client may incur. Leverage involves securing a large potential future obligation with a lesser amount of cash and securities. The risks associated with margin credit and leverage increase during periods of rapid market movements, or in cases where leverage or collateral is concentrated and market movements occur. In the event the client fails to satisfy its obligations, the Company has the authority to purchase or sell financial instruments in the client’s account at prevailing market prices in order to fulfill the client’s obligations. However, during periods of rapid market movements, clients who utilize margin credit or leverage and who have collateralized their obligations with securities may find that the securities have a rapidly depreciating value and may not be sufficient to cover their obligations in the event of liquidation. The Company seeks to mitigate the risks associated with its client margin and leverage activities by requiring clients to maintain margin collateral in compliance with various regulatory and internal guidelines. The Company monitors required margin levels throughout each trading day and, pursuant to such guidelines, requires clients to deposit additional collateral, or to reduce positions, when necessary.

The Company loans securities temporarily to other broker-dealers in connection with its broker-dealer business. The Company receives cash as collateral for the securities loaned. Increases in securities prices may cause the market value of the securities loaned to exceed the amount of cash received as collateral. In the event the counterparty to these transactions does not return the loaned securities, the Company may be exposed to the risk of acquiring the securities at prevailing market prices in order to satisfy its client obligations. The Company mitigates this risk by requiring credit approvals for counterparties, by monitoring the market value of securities loaned on a daily basis and requiring additional cash as collateral when necessary, and by participating in a risk-sharing program offered through the Options Clearing Corporation ("OCC").

The Company borrows securities temporarily from other broker-dealers in connection with its broker-dealer business. The Company deposits cash as collateral for the securities borrowed. Decreases in securities prices may cause the market value of the securities borrowed to fall below the amount of cash deposited as collateral. In the event the counterparty to these transactions does not return the cash deposited, the Company may be exposed to the risk of selling the securities at prevailing market prices. The Company mitigates this risk by requiring credit approvals for counterparties, by monitoring the collateral values on a daily basis and requiring collateral to be returned by the counterparties when necessary, and by participating in a risk-sharing program offered through the OCC.

The Company transacts in reverse repurchase agreements (securities purchased under agreements to resell) in connection with its broker-dealer business. The Company’s policy is to take possession or control of securities with a market value in excess of the principal amount loaned, plus accrued interest, in order to collateralize resale agreements. The Company monitors the market value of the underlying securities that collateralize the related receivable on resale agreements on a daily basis and may require additional collateral when deemed appropriate.

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The Company has accepted collateral in connection with client margin loans and securities borrowed. Under applicable agreements, the Company is generally permitted to repledge securities held as collateral and use them to enter into securities lending arrangements. The following table summarizes the fair values of client margin securities and stock borrowings that were available to the Company to utilize as collateral on various borrowings or for other purposes, and the amount of that collateral loaned or repledged by the Company (dollars in billions):

	June 30, 2015		September 30, 2014
Client margin securities	$	17.9	$	16.2
Stock borrowings	0.8		1.0
Total collateral available	$	18.7	$	17.2
Collateral loaned	$	2.4	$	2.4
Collateral repledged	2.7		2.5
Total collateral loaned or repledged	$	5.1	$	4.9

The Company is subject to cash deposit and collateral requirements with clearinghouses based on its clients’ trading activity. The following table summarizes cash deposited with and securities pledged to clearinghouses by the Company (dollars in millions):

Assets	Balance Sheet Classification	June 30, 2015		September 30, 2014
Cash	Receivable from brokers, dealers and clearing organizations	$	284	$	104
U.S. government debt securities	Securities owned, at fair value	185		181
Total		$	469	$	285

Guarantees

The Company is a member of and provides guarantees to securities clearinghouses and exchanges in connection with client trading activities. Under related agreements, the Company is generally required to guarantee the performance of other members. Under these agreements, if a member becomes unable to satisfy its obligations to the clearinghouse, other members would be required to meet shortfalls. The Company’s liability under these arrangements is not quantifiable and could exceed the cash and securities it has posted to the clearinghouse as collateral. However, the potential for the Company to be required to make payments under these agreements is considered remote. Accordingly, no contingent liability is carried on the Condensed Consolidated Balance Sheets for these guarantees.

The Company clears its clients’ futures transactions on an omnibus account basis through unaffiliated clearing firms. The Company has agreed to indemnify the unaffiliated clearing firms for any loss that they may incur for the client transactions introduced to them by the Company.

See "Insured Deposit Account Agreement" in Note 12 for a description of a guarantee included in that agreement.

8. FAIR VALUE DISCLOSURES

Fair Value Measurement — Definition and Hierarchy

ASC 820-10, Fair Value Measurement, defines fair value as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the measurement date.

ASC 820-10 establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability, developed based on market data obtained from sources independent of the Company. Unobservable inputs reflect the Company’s own assumptions about the assumptions market participants would use in pricing the asset or liability, developed based on the best information available in the circumstances.

The fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three broad levels, as follows:

• Level 1— Quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access. This category includes active exchange-traded funds, money market mutual funds, mutual funds and equity securities.

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• Level 2— Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Such inputs include quoted prices in markets that are not active, quoted prices for similar assets and liabilities in active and inactive markets, inputs other than quoted prices that are observable for the asset or liability and inputs that are derived principally from or corroborated by observable market data by correlation or other means. This category includes most debt securities and other interest-sensitive financial instruments.

• Level 3 — Unobservable inputs for the asset or liability, where there is little, if any, observable market activity or data for the asset or liability.

The following tables present the Company’s fair value hierarchy for assets and liabilities measured at fair value on a recurring basis as of June 30, 2015 and September 30, 2014 (dollars in millions):

	As of June 30, 2015
	Level 1		Level 2		Level 3		Fair Value
Assets:
Cash equivalents:
Money market mutual funds	$	2,048	$	—	$	—	$	2,048
Investments segregated for regulatory purposes:
U.S. government debt securities	—		2,380		—		2,380
Securities owned:
Money market and other mutual funds	—		—		2		2
U.S. government debt securities	—		406		—		406
Other	1		3		—		4
Subtotal - Securities owned	1		409		2		412
Other assets:
Pay-variable interest rate swaps(1)	—		37		—		37
U.S. government debt securities	—		4		—		4
Auction rate securities	—		—		1		1
Subtotal - Other assets	—		41		1		42
Total assets at fair value	$	2,049	$	2,830	$	3	$	4,882
Liabilities:
Accounts payable and other liabilities:
Securities sold, not yet purchased:
Equity securities	$	13	$	—	$	—	$	13

(1) See "Fair Value Hedging" in Note 5 for details.

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	As of September 30, 2014
	Level 1		Level 2		Level 3		Fair Value
Assets:
Cash equivalents:
Money market mutual funds	$	1,284	$	—	$	—	$	1,284
Investments segregated for regulatory purposes:
U.S. government debt securities	—		3,120		—		3,120
Securities owned:
Money market and other mutual funds	—		—		1		1
U.S. government debt securities	—		326		—		326
Other	2		3		—		5
Subtotal - Securities owned	2		329		1		332
Other assets:
Pay-variable interest rate swaps(1)	—		32		—		32
U.S. government debt securities	—		4		—		4
Auction rate securities	—		—		1		1
Subtotal - Other assets	—		36		1		37
Total assets at fair value	$	1,286	$	3,485	$	2	$	4,773
Liabilities:
Accounts payable and other liabilities:
Forward-starting interest rate swaps(2)	$	—	$	29	$	—	$	29
Securities sold, not yet purchased:
Equity securities	1		—		—		1
Total liabilities at fair value	$	1	$	29	$	—	$	30

(1) See "Fair Value Hedging" in Note 5 for details.

(2) See "Cash Flow Hedging" in Note 5 for details.

There were no transfers between any levels of the fair value hierarchy during the periods covered by this report.

Valuation Techniques

In general, and where applicable, the Company uses quoted prices in active markets for identical assets or liabilities to determine fair value. This pricing methodology applies to the Company’s Level 1 assets and liabilities. If quoted prices in active markets for identical assets and liabilities are not available to determine fair value, then the Company uses quoted prices for similar assets and liabilities or inputs other than the quoted prices that are observable, either directly or indirectly. This pricing methodology applies to the Company’s Level 2 assets and liabilities.

Level 2 Measurements:

Debt Securities – Fair values for debt securities are based on prices obtained from an independent pricing vendor. The primary inputs to the valuation include quoted prices for similar assets in active markets, quoted prices for identical or similar assets in markets that are not active, contractual cash flows, benchmark yields and credit spreads. The Company validates the vendor pricing by periodically comparing it to pricing from another independent pricing service. The Company has not adjusted prices obtained from the independent pricing vendor for any periods presented in the condensed consolidated financial statements because no significant pricing differences have been observed.

Interest Rate Swaps – These derivatives are valued by the Company using a valuation model provided by a third party service that incorporates interest rate yield curves, which are observable for substantially the full term of the contract. The valuation model is widely accepted in the financial services industry and does not involve significant judgment because most of the inputs are

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observable in the marketplace. Credit risk is not an input to the valuation because in each case the Company or counterparty has possession of collateral, in the form of cash or U.S. Treasury securities, in amounts equal to or exceeding the fair value of the interest rate swaps. The Company validates the third party service valuations by comparing them to valuation models provided by the swap counterparties.

Level 3 Measurements:

The Company has no material assets or liabilities classified as Level 3 of the fair value hierarchy.

Fair Value of Financial Instruments Not Recorded at Fair Value

Cash and cash equivalents, receivable from/payable to brokers, dealers and clearing organizations, receivable from/payable to clients, receivable from/payable to affiliates, other receivables, accounts payable and other liabilities and notes payable are short-term in nature and accordingly are carried at amounts that approximate fair value. Cash and cash equivalents include cash and highly-liquid investments with an original maturity of three months or less (categorized as Level 1 of the fair value hierarchy). Receivable from/payable to brokers, dealers and clearing organizations, receivable from/payable to clients, receivable from/payable to affiliates, other receivables, accounts payable and other liabilities and notes payable are recorded at or near their respective transaction prices and historically have been settled or converted to cash at approximately that value (categorized as Level 2 of the fair value hierarchy).

Cash and investments segregated and on deposit for regulatory purposes includes reverse repurchase agreements (securities purchased under agreements to resell). Reverse repurchase agreements are treated as collateralized financing transactions and are carried at amounts at which the securities will subsequently be resold, plus accrued interest. The Company’s reverse repurchase agreements generally have a maturity of seven days and are collateralized by U.S. Treasury securities in amounts exceeding the carrying value of the resale agreements. Accordingly, the carrying value of reverse repurchase agreements approximates fair value (categorized as Level 2 of the fair value hierarchy). In addition, this category includes cash held in demand deposit accounts and on deposit with futures commission merchants, for which the carrying values approximate the fair value (categorized as Level 1 of the fair value hierarchy). See Note 3 for a summary of cash and investments segregated and on deposit for regulatory purposes.

Long-term debt – As of June 30, 2015, the Company’s Senior Notes had an aggregate estimated fair value, based on quoted market prices (categorized as Level 1 of the fair value hierarchy), of approximately $1.819 billion, compared to the aggregate carrying value of the Senior Notes on the Condensed Consolidated Balance Sheet of $1.785 billion. As of September 30, 2014, the Company’s Senior Notes had an aggregate estimated fair value, based on quoted market prices, of approximately $1.081 billion, compared to the aggregate carrying value of the Senior Notes on the Condensed Consolidated Balance Sheet of $1.032 billion.

The carrying value of the Company's variable-rate secured loan approximates fair value because of the frequent repricing of the loan based on market interest rates (categorized as Level 2 of the fair value hierarchy).

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9. OFFSETTING ASSETS AND LIABILITIES

Substantially all of the Company’s reverse repurchase agreements, securities borrowing and securities lending activity and derivative financial instruments are transacted under master agreements that may allow for net settlement in the ordinary course of business, as well as offsetting of all contracts with a given counterparty in the event of default by one of the parties. However, for financial statement purposes, the Company does not net balances related to these financial instruments.

The following tables present information about the potential effect of rights of setoff associated with the Company’s recognized assets and liabilities as of June 30, 2015 and September 30, 2014 (dollars in millions):

	June 30, 2015
							Gross Amounts Not Offset in the Condensed Consolidated Balance Sheet
	Gross Amounts of Recognized Assets and Liabilities		Gross Amounts Offset in the Condensed Consolidated Balance Sheet		Net Amounts Presented in the Condensed Consolidated Balance Sheet		Financial Instruments(4)			Collateral Received or Pledged (Including Cash) (5)			Net Amount (6)
Assets:
Investments segregated for regulatory purposes:
Reverse repurchase agreements	$	1,236	$	—	$	1,236	$	—		$	(1,236	)	$	—
Receivable from brokers, dealers    and clearing organizations:
Deposits paid for securities borrowed (1)	846		—		846		(54		)	(776		)	16
Other assets:
Pay-variable interest rate swaps	37		—		37		—			(37		)	—
Total	$	2,119	$	—	$	2,119	$	(54	)	$	(2,049	)	$	16
Liabilities:
Payable to brokers, dealers and clearing organizations:
Deposits received for securities loaned (2)(3)	$	2,363	$	—	$	2,363	$	(54	)	$	(2,065	)	$	244

21

	September 30, 2014
							Gross Amounts Not Offset in the Condensed Consolidated Balance Sheet
	Gross Amounts of Recognized Assets and Liabilities		Gross Amounts Offset in the Condensed Consolidated Balance Sheet		Net Amounts Presented in the Condensed Consolidated Balance Sheet		Financial Instruments(4)			Collateral Received or Pledged (Including Cash) (5)			Net Amount (6)
Assets:
Investments segregated for regulatory purposes:
Reverse repurchase agreements	$	1,193	$	—	$	1,193	$	—		$	(1,193	)	$	—
Receivable from brokers, dealers and clearing organizations:
Deposits paid for securities borrowed (1)	995		—		995		(69		)	(900		)	26
Other assets:
Pay-variable interest rate swaps	32		—		32		—			(32		)	—
Total	$	2,220	$	—	$	2,220	$	(69	)	$	(2,125	)	$	26
Liabilities:
Payable to brokers, dealers and clearing organizations:
Deposits received for securities loaned (2)	$	2,384	$	—	$	2,384	$	(69	)	$	(2,015	)	$	300
Accounts payable and other liabilities:
Forward-starting interest rate swaps	29		—		29		—			(29		)	—
Total	$	2,413	$	—	$	2,413	$	(69	)	$	(2,044	)	$	300

(1) Included in the gross amounts of deposits paid for securities borrowed is $499 million and $616 million as of June 30, 2015 and September 30, 2014, respectively, transacted through a risk-sharing program with the OCC, which guarantees the return of cash to the Company. See "General Contingencies" in Note 7 for a discussion of the potential risks associated with securities borrowing transactions and how the Company mitigates those risks.

(2) Included in the gross amounts of deposits received for securities loaned is $685 million and $754 million as of June 30, 2015 and September 30, 2014, respectively, transacted through a risk-sharing program with the OCC, which guarantees the return of securities to the Company. See "General Contingencies" in Note 7 for a discussion of the potential risks associated with securities lending transactions and how the Company mitigates those risks.

(3) Substantially all of the Company's securities lending transactions have a continuous contractual term and, upon notice by either party, may be terminated within three business days. The following table summarizes the Company's gross liability for securities lending transactions by the class of securities loaned (dollars in millions):

	June 30, 2015
Deposits received for securities loaned:
Equity securities	$	2,132
Exchange-traded funds	137
Closed-end funds	57
Other	37
Total	$	2,363

(4) Amounts represent recognized assets and liabilities that are subject to enforceable master agreements with rights of setoff.

(5) Represents the fair value of collateral the Company had received or pledged under enforceable master agreements, limited for table presentation purposes to the net amount of the recognized assets due from or liabilities due to each counterparty. At June 30, 2015 and September 30, 2014, the Company had received total collateral with a fair value of $2,128 million

22

and $2,231 million, respectively, and pledged total collateral with a fair value of $2,117 million and $2,124 million, respectively.

(6) Represents the amount for which, in the case of net recognized assets, the Company had not received collateral, and in the case of net recognized liabilities, the Company had not pledged collateral.

10. ACCUMULATED OTHER COMPREHENSIVE LOSS

The following tables present the net change in fair value recorded in other comprehensive income (loss) before and after income tax for the periods indicated (dollars in millions):

	Three Months Ended June 30,
	2015							2014
	Before Tax		Tax Effect			Net of Tax		Before Tax			Tax Effect		Net of Tax
Cash flow hedging instruments:
Net unrealized loss	$	—	$	—		$	—	$	(15	)	$	6	$	(9	)
Reclassification adjustment for portion of realized loss amortized to net income (1)	1		(1		)	—		—			—		—
Other comprehensive income (loss)	$	1	$	(1	)	$	—	$	(15	)	$	6	$	(9	)

	Nine Months Ended June 30,
	2015									2014
	Before Tax			Tax Effect			Net of Tax			Before Tax			Tax Effect		Net of Tax
Cash flow hedging instruments:
Net unrealized loss	$	(15	)	$	5		$	(10	)	$	(24	)	$	9	$	(15	)
Reclassification adjustment for portion of realized loss amortized to net income (1)	3			(1		)	2			—			—		—
Other comprehensive loss	$	(12	)	$	4		$	(8	)	$	(24	)	$	9	$	(15	)

(1) The before tax reclassification adjustment amount and the related tax effect are included in interest on borrowings and provision for income taxes, respectively, on the Condensed Consolidated Statements of Income.

The following table presents after-tax changes in accumulated other comprehensive loss (dollars in millions):

	Three Months Ended June 30,						Nine Months Ended June 30,
	2015			2014			2015			2014
Cash flow hedging instruments:
Beginning balance	$	(26	)	$	(6	)	$	(18	)	$	—
Other comprehensive loss before reclassification	—			(9		)	(10		)	(15		)
Amount reclassified from accumulated other comprehensive loss	—			—			2			—
Current period change	—			(9		)	(8		)	(15		)
Ending balance	$	(26	)	$	(15	)	$	(26	)	$	(15	)

11. EARNINGS PER SHARE

The difference between the numerator and denominator used in the computation of basic and diluted earnings per share consists of common stock equivalent shares related to stock-based compensation for all periods presented. There were no material antidilutive awards for the three and nine months ended June 30, 2015 and 2014.

12. RELATED PARTY TRANSACTIONS

Transactions with TD and Affiliates

As a result of the Company’s acquisition of TD Waterhouse during fiscal 2006, TD became an affiliate of the Company. TD owned approximately 41% of the Company’s common stock as of June 30, 2015. Pursuant to the Stockholders Agreement among TD,

23

the Company and certain other stockholders, TD has the right to designate five of twelve members of the Company’s board of directors. The Company transacts business and has extensive relationships with TD and certain of its affiliates. Transactions with TD and its affiliates are discussed and summarized below.

Insured Deposit Account Agreement

The Company is party to an insured deposit account ("IDA") agreement with TD Bank USA, N.A. ("TD Bank USA"), TD Bank, N.A. and TD. Under the IDA agreement, TD Bank USA and TD Bank, N.A. (together, the "TD Depository Institutions") make available to clients of the Company FDIC-insured money market deposit accounts as either designated sweep vehicles or as non-sweep deposit accounts. The Company provides marketing, recordkeeping and support services for the TD Depository Institutions with respect to the money market deposit accounts. In exchange for providing these services, the TD Depository Institutions pay the Company an aggregate marketing fee based on the weighted average yield earned on the client IDA assets, less the actual interest paid to clients, a servicing fee to the TD Depository Institutions and the cost of FDIC insurance premiums.

The current IDA agreement became effective as of January 1, 2013 and has an initial term expiring July 1, 2018. It is automatically renewable for successive five-year terms, provided that it may be terminated by either the Company or the TD Depository Institutions by providing written notice of non-renewal at least two years prior to the initial expiration date or the expiration date of any subsequent renewal period.

The fee earned on the IDA agreement is calculated based on two primary components: (a) the yield on fixed-rate "notional" investments, based on prevailing fixed rates for identical balances and maturities in the interest rate swap market (generally LIBOR-based) at the time such investments were added to the IDA portfolio (including any adjustments required to adjust the variable rate leg of such swaps to a one-month reset frequency and the overall swap payment frequency to monthly) and (b) the yield on floating-rate investments. As of June 30, 2015, the IDA portfolio was comprised of approximately 77% fixed-rate notional investments and 23% floating-rate investments.

The IDA agreement provides that the Company may designate amounts and maturity dates for the fixed-rate notional investments in the IDA portfolio, subject to certain limitations. For example, if the Company designates that $100 million of deposits be invested in 5-year fixed-rate investments, and on the day such investment is confirmed by the TD Depository Institutions the prevailing fixed yield for the applicable 5-year U.S. dollar LIBOR-based swaps is 1.45%, then the Company will earn a gross fixed yield of 1.45% on that portion of the portfolio (before any deductions for interest paid to clients, the servicing fee to the TD Depository Institutions and the cost of FDIC insurance premiums). In the event that (1) the federal funds effective rate is established at 0.75% or greater and (2) the rate on 5-year U.S. dollar interest rate swaps is equal to or greater than 1.50% for 20 consecutive business days, then the rate earned by the Company on new fixed-rate notional investments will be reduced by 20% of the excess of the 5-year U.S. dollar swap rate over 1.50%, up to a maximum of 0.10%.

The yield on floating-rate investments is calculated daily based on the greater of the following rates published by the Federal Reserve: (1) the interest rate paid by Federal Reserve Banks on balances held in excess of required reserve balances and contractual clearing balances under Regulation D and (2) the daily effective federal funds rate.

The interest rates paid to clients are set by the TD Depository Institutions and are not linked to any index. The servicing fee to the TD Depository Institutions under the IDA agreement is equal to 25 basis points on the aggregate average daily balance in the IDA accounts, subject to adjustment as it relates to deposits of less than or equal to $20 billion kept in floating-rate investments or in fixed-rate notional investments with a maturity of up to 24 months ("short-term fixed-rate investments"). For floating-rate and short-term fixed-rate investments, the servicing fee is equal to the difference of the interest rate earned on the investments less the FDIC premiums paid (in basis points), divided by two. The servicing fee has a floor of 3 basis points (subject to adjustment from time to time to reflect material changes to the TD Depository Institutions’ leverage costs) and a maximum of 25 basis points.

In the event the marketing fee computation results in a negative amount, the Company must pay the TD Depository Institutions the negative amount. This effectively results in the Company guaranteeing the TD Depository Institutions revenue equal to the servicing fee on the IDA agreement, plus the reimbursement of FDIC insurance premiums. The marketing fee computation under the IDA agreement is affected by many variables, including the type, duration, principal balance and yield of the fixed-rate and floating-rate investments, the prevailing interest rate environment, the amount of client deposits and the yield paid on client deposits. Because a negative marketing fee computation would arise only if there were extraordinary movements in many of these variables, the maximum potential amount of future payments the Company could be required to make under this arrangement cannot be reasonably estimated. Management believes the potential for the marketing fee calculation to result in a negative amount is remote. Accordingly, no contingent liability is carried on the Condensed Consolidated Balance Sheets for the IDA agreement.

24

In addition, the Company has various other services agreements and transactions with TD and its affiliates. The following tables summarize revenues and expenses resulting from transactions with TD and its affiliates for the periods indicated (dollars in millions):

		Revenues from TD and Affiliates
	Statement of Income Classification	Three months ended   June 30,				Nine months ended   June 30,
Description		2015		2014		2015		2014
Insured Deposit Account Agreement	Insured deposit account fees	$	209	$	202	$	620	$	612
Referral and Strategic Alliance Agreement	Various	3		3		9		9
Other	Various	2		2		5		5
Total revenues		$	214	$	207	$	634	$	626

		Expenses to TD and Affiliates
	Statement of Income Classification	Three months ended   June 30,				Nine months ended   June 30,
Description		2015		2014		2015		2014
Canadian Call Center Services Agreement	Professional services	$	5	$	4	$	14	$	13
Other	Various	—		—		2		2
Total expenses		$	5	$	4	$	16	$	15

The following table summarizes the classification and amount of receivables from and payables to TD and its affiliates on the Condensed Consolidated Balance Sheets resulting from related party transactions (dollars in millions):

	June 30, 2015		September 30, 2014
Assets:
Receivable from brokers, dealers and clearing organizations	$	—	$	1
Receivable from affiliates	107		99
Liabilities:
Payable to brokers, dealers and clearing organizations	$	67	$	96
Payable to affiliates	6		5

Receivables from and payables to brokers, dealers and clearing organizations primarily relate to securities borrowing and lending activity and are settled in accordance with customary contractual terms. Receivables from and payables to TD affiliates resulting from client cash sweep activity are generally settled in cash the next business day. Other receivables from and payables to affiliates of TD are generally settled in cash on a monthly basis.

25

13. CONDENSED CONSOLIDATING FINANCIAL INFORMATION

The 2019 Notes are jointly and severally and fully and unconditionally guaranteed by TDAOH, a wholly-owned subsidiary of the Company. Presented below is condensed consolidating financial information for the Company, its guarantor subsidiary and its non-guarantor subsidiaries for the periods indicated. Because all other comprehensive income (loss) activity occurred on the parent company for all periods presented, condensed consolidating statements of comprehensive income are not presented.

CONDENSED CONSOLIDATING BALANCE SHEET

AS OF JUNE 30, 2015

(Unaudited)

	Parent		Guarantor Subsidiary		Non-Guarantor Subsidiaries		Eliminations			Total
	(In millions)
ASSETS
Cash and cash equivalents	$	956	$	2	$	1,275	$	—		$	2,233
Cash and investments segregated and on deposit for regulatory purposes	—		—		4,425		—			4,425
Receivable from brokers, dealers and clearing organizations	—		—		1,144		—			1,144
Receivable from clients, net	—		—		12,868		—			12,868
Investments in subsidiaries	5,808		5,694		—		(11,502		)	—
Receivable from affiliates	6		3		104		(6		)	107
Goodwill	—		—		2,467		—			2,467
Acquired intangible assets, net	—		146		538		—			684
Other, net	116		15		1,157		(57		)	1,231
Total assets	$	6,886	$	5,860	$	23,978	$	(11,565	)	$	25,159
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities:
Payable to brokers, dealers and clearing organizations	$	—	$	—	$	2,414	$	—		$	2,414
Payable to clients	—		—		15,070		—			15,070
Accounts payable and other liabilities	83		—		498		(13		)	568
Payable to affiliates	—		—		12		(6		)	6
Long-term debt	1,810		—		—		—			1,810
Deferred income taxes	—		52		290		(44		)	298
Total liabilities	1,893		52		18,284		(63		)	20,166
Stockholders’ equity	4,993		5,808		5,694		(11,502		)	4,993
Total liabilities and stockholders’ equity	$	6,886	$	5,860	$	23,978	$	(11,565	)	$	25,159

26

CONDENSED CONSOLIDATING BALANCE SHEET

AS OF SEPTEMBER 30, 2014

(Unaudited)

	Parent		Guarantor Subsidiary		Non-Guarantor Subsidiaries		Eliminations			Total
	(In millions)
ASSETS
Cash and cash equivalents	$	117	$	2	$	1,341	$	—		$	1,460
Cash and investments segregated and on deposit for regulatory purposes	—		—		5,116		—			5,116
Receivable from brokers, dealers and clearing organizations	—		—		1,108		—			1,108
Receivable from clients, net	—		—		11,639		—			11,639
Investments in subsidiaries	5,868		5,754		—		(11,622		)	—
Receivable from affiliates	11		2		97		(11		)	99
Goodwill	—		—		2,467		—			2,467
Acquired intangible assets, net	—		146		605		—			751
Other, net	156		16		1,073		(54		)	1,191
Total assets	$	6,152	$	5,920	$	23,446	$	(11,687	)	$	23,831
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities:
Payable to brokers, dealers and clearing organizations	$	—	$	—	$	2,421	$	—		$	2,421
Payable to clients	—		—		14,497		—			14,497
Accounts payable and other liabilities	153		—		455		(13		)	595
Payable to affiliates	—		—		16		(11		)	5
Notes payable	150		—		—		—			150
Long-term debt	1,101		—		—		—			1,101
Deferred income taxes	—		52		303		(41		)	314
Total liabilities	1,404		52		17,692		(65		)	19,083
Stockholders’ equity	4,748		5,868		5,754		(11,622		)	4,748
Total liabilities and stockholders’ equity	$	6,152	$	5,920	$	23,446	$	(11,687	)	$	23,831

27

CONDENSED CONSOLIDATING STATEMENT OF INCOME

THREE MONTHS ENDED JUNE 30, 2015

(Unaudited)

	Parent			Guarantor Subsidiary		Non-Guarantor Subsidiaries			Eliminations			Total
	(In millions)
Net revenues	$	5		$	—	$	794		$	(5	)	$	794
Operating expenses	4			—		470			(5		)	469
Operating income	1			—		324			—			325
Other expense (income)	13			—		(7		)	—			6
Income (loss) before income taxes and equity in income of subsidiaries	(12		)	—		331			—			319
Provision for (benefit from) income taxes	(5		)	—		127			—			122
Income (loss) before equity in income of subsidiaries	(7		)	—		204			—			197
Equity in income of subsidiaries	204			204		—			(408		)	—
Net income	$	197		$	204	$	204		$	(408	)	$	197

CONDENSED CONSOLIDATING STATEMENT OF INCOME

THREE MONTHS ENDED JUNE 30, 2014

(Unaudited)

	Parent			Guarantor Subsidiary		Non-Guarantor Subsidiaries		Eliminations			Total
	(In millions)
Net revenues	$	4		$	—	$	764	$	(5	)	$	763
Operating expenses	4			—		448		(5		)	447
Operating income	—			—		316		—			316
Other expense	6			—		—		—			6
Income (loss) before income taxes and equity in income of subsidiaries	(6		)	—		316		—			310
Provision for (benefit from) income taxes	(2		)	—		122		—			120
Income (loss) before equity in income of subsidiaries	(4		)	—		194		—			190
Equity in income of subsidiaries	194			194		—		(388		)	—
Net income	$	190		$	194	$	194	$	(388	)	$	190

28

CONDENSED CONSOLIDATING STATEMENT OF INCOME

NINE MONTHS ENDED JUNE 30, 2015

(Unaudited)

	Parent			Guarantor Subsidiary		Non-Guarantor Subsidiaries			Eliminations			Total
	(In millions)
Net revenues	$	13		$	—	$	2,415		$	(13	)	$	2,415
Operating expenses	11			—		1,452			(13		)	1,450
Operating income	2			—		963			—			965
Other expense (income)	31			—		(7		)	—			24
Income (loss) before income taxes and equity in income of subsidiaries	(29		)	—		970			—			941
Provision for (benefit from) income taxes	(11		)	—		355			—			344
Income (loss) before equity in income of subsidiaries	(18		)	—		615			—			597
Equity in income of subsidiaries	615			615		—			(1,230		)	—
Net income	$	597		$	615	$	615		$	(1,230	)	$	597

CONDENSED CONSOLIDATING STATEMENT OF INCOME

NINE MONTHS ENDED JUNE 30, 2014

(Unaudited)

	Parent			Guarantor Subsidiary			Non-Guarantor Subsidiaries		Eliminations			Total
	(In millions)
Net revenues	$	10		$	—		$	2,328	$	(11	)	$	2,327
Operating expenses	9			—			1,383		(11		)	1,381
Operating income	1			—			945		—			946
Other expense	18			—			—		—			18
Income (loss) before income taxes and equity in income of subsidiaries	(17		)	—			945		—			928
Provision for (benefit from) income taxes	(13		)	1			364		—			352
Income (loss) before equity in income of subsidiaries	(4		)	(1		)	581		—			576
Equity in income of subsidiaries	580			573			17		(1,170		)	—
Net income	$	576		$	572		$	598	$	(1,170	)	$	576

29

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

NINE MONTHS ENDED JUNE 30, 2015

(Unaudited)

	Parent			Guarantor Subsidiary		Non-Guarantor Subsidiaries			Total
	(In millions)
Net cash provided by (used in) operating activities	$	(12	)	$	—	$	655		$	643
Cash flows from investing activities:
Purchase of property and equipment	—			—		(58		)	(58		)
Proceeds from sale and maturity of short-term investments	500			—		1			501
Purchase of short-term investments	(502		)	—		(1		)	(503		)
Proceeds from sale of investments	1			—		9			10
Other	—			—		3			3
Net cash used in investing activities	(1		)	—		(46		)	(47		)
Cash flows from financing activities:
Proceeds from issuance of long-term debt	1,248			—		—			1,248
Payment of debt issuance costs	(11		)	—		—			(11		)
Principal payments on long-term debt	(544		)	—		—			(544		)
Principal payments on notes payable	(150		)	—		—			(150		)
Payment of cash dividends	(244		)	—		—			(244		)
Purchase of treasury stock	(148		)	—		—			(148		)
Other	26			—		—			26
Net cash provided by financing activities	177			—		—			177
Intercompany investing and financing activities, net	675			—		(675		)	—
Net increase (decrease) in cash and cash equivalents	839			—		(66		)	773
Cash and cash equivalents at beginning of period	117			2		1,341			1,460
Cash and cash equivalents at end of period	$	956		$	2	$	1,275		$	2,233

30

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

NINE MONTHS ENDED JUNE 30, 2014

(Unaudited)

	Parent			Guarantor Subsidiary			Non-Guarantor Subsidiaries			Total
	(In millions)
Net cash provided by (used in) operating activities	$	(80	)	$	1		$	731		$	652
Cash flows from investing activities:
Purchase of property and equipment	—			—			(54		)	(54		)
Proceeds from sale and maturity of short-term investments	—			—			1			1
Proceeds from sale of investments	13			—			—			13
Net cash provided by (used in) investing activities	13			—			(53		)	(40		)
Cash flows from financing activities:
Proceeds from notes payable	230			—			—			230
Principal payments on notes payable	(80		)	—			—			(80		)
Payment of cash dividends	(474		)	—			—			(474		)
Purchase of treasury stock	(106		)	—			—			(106		)
Other	16			—			—			16
Net cash used in financing activities	(414		)	—			—			(414		)
Intercompany investing and financing activities, net	455			(5		)	(450		)	—
Net increase (decrease) in cash and cash equivalents	(26		)	(4		)	228			198
Cash and cash equivalents at beginning of period	199			7			856			1,062
Cash and cash equivalents at end of period	$	173		$	3		$	1,084		$	1,260

31

Item 2. - Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion of the financial condition and results of operations of the Company should be read in conjunction with the Selected Financial Data and the Consolidated Financial Statements and Notes thereto included in the Company’s annual report on Form 10-K for the fiscal year ended September 30, 2014, and the Condensed Consolidated Financial Statements and Notes thereto contained in this quarterly report on Form 10-Q.

This discussion contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about our beliefs and expectations, are forward-looking statements. Forward-looking statements include statements preceded by, followed by or that include the words "may," "could," "would," "should," "believe," "expect," "anticipate," "plan," "estimate," "target," "project," "intend" and similar words or expressions. In particular, forward-looking statements contained in this discussion include our expectations regarding: the effect of client trading activity on our results of operations; the effect of changes in interest rates on our net interest spread; diluted earnings per share; our effective income tax rate; our capital and liquidity needs and our plans to finance such needs; and our clearinghouse deposit requirements.

The Company’s actual results could differ materially from those anticipated in such forward-looking statements. Important factors that may cause such differences include, but are not limited to: general economic and political conditions and other securities industry risks; fluctuations in interest rates; stock market fluctuations and changes in client trading activity; credit risk with clients and counterparties; increased competition; systems failures, delays and capacity constraints; network security risks; liquidity risk; new laws and regulations affecting our business; regulatory and legal matters and uncertainties and the other risks and uncertainties set forth under Item 1A. – Risk Factors of the Company’s annual report on Form 10-K for the fiscal year ended September 30, 2014. The forward-looking statements contained in this report speak only as of the date on which the statements were made. We undertake no obligation to publicly update or revise these statements, whether as a result of new information, future events or otherwise, except to the extent required by the federal securities laws.

The preparation of our financial statements requires us to make judgments and estimates that may have a significant impact upon our financial results. Note 1 of our Notes to Consolidated Financial Statements for the fiscal year ended September 30, 2014, contains a summary of our significant accounting policies, many of which require the use of estimates and assumptions. We believe that the following areas are particularly subject to management’s judgments and estimates and could materially affect our results of operations and financial position: valuation of goodwill and acquired intangible assets; estimates of effective income tax rates, uncertain tax positions, deferred income taxes and related valuation allowances; accruals for contingent liabilities; and valuation of guarantees. These areas are discussed in further detail under the heading "Critical Accounting Policies and Estimates" in Item 7 of our annual report on Form 10-K for the fiscal year ended September 30, 2014.

Unless otherwise indicated, the terms "we," "us," "our" or "Company" in this report refer to TD Ameritrade Holding Corporation and its wholly-owned subsidiaries. The term "GAAP" refers to U.S. generally accepted accounting principles.

GLOSSARY OF TERMS

In discussing and analyzing our business, we utilize several metrics and other terms that are defined in the following Glossary of Terms. Italics indicate other defined terms that appear elsewhere in the Glossary. The term "GAAP" refers to U.S. generally accepted accounting principles.

Activity rate — funded accounts — Average client trades per day during the period divided by the average number of funded accounts during the period.

Asset-based revenues — Revenues consisting of (1) net interest revenue, (2) insured deposit account fees and (3) investment product fees. The primary factors driving our asset-based revenues are average balances and average rates. Average balances consist primarily of average client margin balances, average segregated cash balances, average client credit balances, average client insured deposit account balances, average fee-based investment balances and average securities borrowing and securities lending balances. Average rates consist of the average interest rates and fees earned and paid on such balances.

Average client trades per funded account (annualized) — Total trades divided by the average number of funded accounts during the period, annualized based on the number of trading days in the fiscal year.

Average client trades per day — Total trades divided by the number of trading days in the period. This metric is also known as daily average revenue trades ("DARTs").

Average commissions and transaction fees per trade — Total commissions and transaction fee revenues as reported on the Company’s Consolidated Statements of Income (excluding clearing revenues from TD Waterhouse UK) divided by total trades for the period. Commissions and transaction fee revenues primarily consist of trading commissions, order routing revenue and markups on riskless principal transactions in fixed-income securities.

Basis point — When referring to interest rates, one basis point represents one one-hundredth of one percent.

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Beneficiary accounts — Brokerage accounts managed by a custodian, guardian, conservator or trustee on behalf of one or more beneficiaries. Examples include accounts maintained under the Uniform Gift to Minors Act (UGMA) or Uniform Transfer to Minors Act (UTMA), guardianship, conservatorship and trust arrangements and pension or profit plan for small business accounts.

Brokerage accounts — Accounts maintained by the Company on behalf of clients for securities brokerage activities. The primary types of brokerage accounts are cash accounts, margin accounts, IRA accounts and beneficiary accounts. Futures accounts are sub-accounts associated with a brokerage account for clients who wish to trade futures and/or options on futures.

Cash accounts — Brokerage accounts that do not have margin account approval.

Client assets — The total value of cash and securities in brokerage accounts.

Client cash and money market assets — The sum of all client cash balances, including client credit balances and client cash balances swept into insured deposit accounts or money market mutual funds.

Client credit balances — Client cash held in brokerage accounts, excluding balances generated by client short sales on which no interest is paid. Interest paid on client credit balances is a reduction of net interest revenue. Client credit balances are included in "payable to clients" on our Consolidated Balance Sheets.

Client margin balances — The total amount of cash loaned to clients in margin accounts. Such loans are secured by client assets. Interest earned on client margin balances is a component of net interest revenue. Client margin balances are included in "receivable from clients, net" on our Consolidated Balance Sheets.

Consolidated duration — The weighted average remaining years until maturity of our spread-based assets. For purposes of this calculation, floating rate balances are treated as having a one-month duration. Consolidated duration is used in analyzing our aggregate interest rate sensitivity.

Daily average revenue trades ("DARTs") — Total trades divided by the number of trading days in the period. This metric is also known as average client trades per day.

EBITDA — EBITDA (earnings before interest, taxes, depreciation and amortization) is a non-GAAP financial measure. We consider EBITDA to be an important measure of our financial performance and of our ability to generate cash flows to service debt, fund capital expenditures and fund other corporate investing and financing activities. EBITDA is used as the denominator in the consolidated leverage ratio calculation for covenant purposes under our holding company’s senior revolving credit facility. EBITDA eliminates the non-cash effect of tangible asset depreciation and amortization and intangible asset amortization. EBITDA should be considered in addition to, rather than as a substitute for, pre-tax income, net income and cash flows from operating activities.

EPS excluding amortization of intangible assets — Earnings per share ("EPS") excluding amortization of intangible assets is a non-GAAP financial measure. We define EPS excluding amortization of intangible assets as earnings (loss) per share, adjusted to remove the after-tax effect of amortization of acquired intangible assets. We consider EPS excluding amortization of intangible assets an important measure of our financial performance. Amortization of acquired intangible assets is excluded because we believe it is not indicative of underlying business performance. EPS excluding amortization of intangible assets should be considered in addition to, rather than as a substitute for, GAAP earnings per share.

EPS from ongoing operations — EPS from ongoing operations is a non-GAAP financial measure. We define EPS from ongoing operations as earnings (loss) per share, adjusted to remove any significant unusual gains or charges. We consider EPS from ongoing operations an important measure of the financial performance of our ongoing business. Unusual gains and charges are excluded because we believe they are not likely to be indicative of the ongoing operations of our business. EPS from ongoing operations should be considered in addition to, rather than as a substitute for, GAAP earnings per share.

Fee-based investment balances — Client assets invested in money market mutual funds, other mutual funds and Company programs such as AdvisorDirect® and Amerivest,® on which we earn fee revenues. Fee revenues earned on these balances are included in investment product fees on our Consolidated Statements of Income.

Funded accounts — All open client accounts with a total liquidation value greater than zero.

Futures accounts — Sub-accounts maintained by the Company on behalf of clients for trading in futures and/or options on futures. Each futures account must be associated with a brokerage account. Futures accounts are not counted separately for purposes of the Company’s client account metrics.

Insured deposit account — The Company is party to an Insured Deposit Account ("IDA") agreement with TD Bank USA, N.A. ("TD Bank USA"), TD Bank, N.A. and The Toronto-Dominion Bank ("TD"). Under the IDA agreement, TD Bank USA and TD Bank, N.A. (together, the "TD Depository Institutions") make available to clients of the Company FDIC-insured money market deposit accounts as either designated sweep vehicles or as non-sweep deposit accounts. The Company provides marketing, recordkeeping and support services for the TD Depository Institutions with respect to the money market deposit accounts. In

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exchange for providing these services, the TD Depository Institutions pay the Company an aggregate marketing fee based on the yield earned on the client IDA assets, less the actual interest paid to clients, a servicing fee to the TD Depository Institutions and the cost of FDIC insurance premiums.

Interest-earning assets — Consist of client margin balances,segregated cash, deposits paid on securities borrowing and other cash and interest-earning investment balances.

Interest rate-sensitive assets — Consist of spread-based assets and client cash invested in money market mutual funds.

Investment product fees — Revenues earned on fee-based investment balances. Investment product fees include fees earned on money market mutual funds, other mutual funds and through Company programs such as AdvisorDirect® and Amerivest®.

IRA accounts (Individual Retirement Arrangements) — A personal trust account for the exclusive benefit of a U.S. individual (or his or her beneficiaries) that provides tax advantages in accumulating funds to save for retirement or other qualified purposes. These accounts are subject to numerous restrictions on additions to and withdrawals from the account, as well as prohibitions against certain investments or transactions conducted within the account. The Company offers traditional, Roth, Savings Incentive Match Plan for Employees (SIMPLE) and Simplified Employee Pension (SEP) IRA accounts.

Liquid assets – management target — "Liquid assets – management target" is a non-GAAP financial measure. We define "liquid assets – management target" as the sum of (a) corporate cash and cash equivalents and short-term investments, excluding $750 million from the 2.950% Senior Notes issued on March 4, 2015 that is being maintained to provide liquidity for operational contingencies and (b) regulatory net capital of (i) our clearing broker-dealer subsidiary in excess of 10% of aggregate debit items and (ii) our introducing broker-dealer subsidiaries in excess of a minimum operational target established by management ($50 million in the case of our primary introducing broker-dealer, TD Ameritrade, Inc.). We include the excess capital of our broker-dealer subsidiaries in "liquid assets – management target," rather than simply including broker-dealer cash and cash equivalents, because capital requirements may limit the amount of cash available for dividend from the broker-dealer subsidiaries to the parent company. Excess capital, as defined under clause (b) above, is generally available for dividend from the broker-dealer subsidiaries to the parent company. "Liquid assets – management target" is based on more conservative measures of broker-dealer net capital than "liquid assets – regulatory threshold" (defined below) because we prefer to maintain significantly more conservative levels of net capital at the broker-dealer subsidiaries than the regulatory thresholds require. We consider "liquid assets – management target" to be a measure that reflects our liquidity that would be readily available for corporate investing and financing activities under normal operating circumstances. "Liquid assets – regulatory threshold" is a related metric that reflects our liquidity that would be available for corporate investing and financing activities under unusual operating circumstances, such as the need to provide funding for significant strategic business transactions. Our liquid assets metrics should be considered as supplemental measures of liquidity, rather than as substitutes for cash and cash equivalents.

Liquid assets – regulatory threshold — "Liquid assets – regulatory threshold" is a non-GAAP financial measure. We define "liquid assets – regulatory threshold" as the sum of (a) corporate cash and cash equivalents and short-term investments, excluding $750 million from the 2.950% Senior Notes issued on March 4, 2015 that is being maintained to provide liquidity for operational contingencies, (b) regulatory net capital of (i) our clearing broker-dealer subsidiary in excess of 5% of aggregate debit items and (ii) our introducing broker-dealer and futures commission merchant ("FCM") subsidiaries in excess of the applicable "early warning" net capital requirement and (c) Tier 1 capital of our trust company in excess of the minimum requirement. We include the excess capital of our broker-dealer, FCM and trust company subsidiaries in "liquid assets – regulatory threshold," rather than simply including broker-dealer, FCM and trust company cash and cash equivalents, because capital requirements may limit the amount of cash available for dividend from the broker-dealer, FCM and trust company subsidiaries to the parent company. Excess capital, as defined under clauses (b) and (c) above, is generally available for dividend from the broker-dealer, FCM and trust company subsidiaries to the parent company. We consider "liquid assets – regulatory threshold" to be a measure that reflects our liquidity that would be available for corporate investing and financing activities under unusual operating circumstances, such as the need to provide funding for significant strategic business transactions. "Liquid assets – management target" is a related metric that reflects our liquidity that would be readily available for corporate investing and financing activities under normal operating circumstances. Our liquid assets metrics should be considered as supplemental measures of liquidity, rather than as substitutes for cash and cash equivalents.

Liquidation value — The net value of a client’s account holdings as of the close of a regular trading session. Liquidation value includes client cash and the value of long security positions, less margin balances and the cost to buy back short security positions. It also includes the value of open futures, foreign exchange and options positions.

Margin accounts — Brokerage accounts in which clients may borrow from the Company to buy securities or for any other purpose, subject to regulatory and Company-imposed limitations.

Market fee-based investment balances — Client assets invested in mutual funds (except money market funds) and Company programs such as AdvisorDirect® and Amerivest,® on which we earn fee revenues that are largely based on a percentage of the

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market value of the investment. Market fee-based investment balances are a component of fee-based investment balances. Fee revenues earned on these balances are included in investment product fees on our Consolidated Statements of Income.

Net interest margin ("NIM") — A measure of the net yield on our average spread-based assets. Net interest margin is calculated for a given period by dividing the annualized sum of net interest revenue and insured deposit account fees by average spread-based assets.

Net interest revenue — Net interest revenue is interest revenues less brokerage interest expense. Interest revenues are generated by charges to clients on margin balances maintained in margin accounts, the investment of cash from operations and segregated cash and interest earned on securities borrowing/securities lending. Brokerage interest expense consists of amounts paid or payable to clients based on credit balances maintained in brokerage accounts and interest incurred on securities borrowing/securities lending. Brokerage interest expense does not include interest on Company non-brokerage borrowings.

Net new assets — Consists of total client asset inflows, less total client asset outflows, excluding activity from business combinations. Client asset inflows include interest and dividend payments and exclude changes in client assets due to market fluctuations. Net new assets are measured based on the market value of the assets as of the date of the inflows and outflows.

Net new asset growth rate (annualized) — Annualized net new assets as a percentage of client assets as of the beginning of the period.

Operating expenses excluding advertising — Operating expenses excluding advertising is a non-GAAP financial measure. Operating expenses excluding advertising consists of total operating expenses, adjusted to remove advertising expense. We consider operating expenses excluding advertising an important measure of the financial performance of our ongoing business. Advertising spending is excluded because it is largely at the discretion of the Company, can vary significantly from period to period based on market conditions and generally relates to the acquisition of future revenues through new accounts rather than current revenues from existing accounts. Operating expenses excluding advertising should be considered in addition to, rather than as a substitute for, total operating expenses.

Order routing revenue — Revenues generated from revenue-sharing arrangements with market destinations (also referred to as "payment for order flow"). Order routing revenue is a component of transaction-based revenues.

Securities borrowing — We borrow securities temporarily from other broker-dealers in connection with our broker-dealer business. We deposit cash as collateral for the securities borrowed, and generally earn interest revenue on the cash deposited with the counterparty. We also incur interest expense for borrowing certain securities.

Securities lending — We loan securities temporarily to other broker-dealers in connection with our broker-dealer business. We receive cash as collateral for the securities loaned, and generally incur interest expense on the cash deposited with us. We also earn revenue for lending certain securities.

Segregated cash — Client cash and investments segregated in compliance with Rule 15c3-3 of the Securities Exchange Act of 1934 (the Customer Protection Rule) and other regulations. Interest earned on segregated cash is a component of net interest revenue.

Spread-based assets — Client and brokerage-related asset balances, consisting of interest-earning assets and insured deposit account balances. Spread-based assets is used in the calculation of our net interest margin and our consolidated duration.

Total trades — Revenue-generating client securities trades, which are executed by the Company’s broker-dealer and FCM subsidiaries, excluding trades processed for TD Waterhouse UK. Total trades are a significant source of the Company’s revenues. Such trades include, but are not limited to, trades in equities, options, futures, foreign exchange, mutual funds and debt instruments. Trades generate revenue from commissions, markups on riskless principal transactions in fixed income securities, transaction fees and/or order routing revenue.

Trading days — Days in which the U.S. equity markets are open for a full trading session. Reduced exchange trading sessions are treated as half trading days.

Transaction-based revenues — Revenues generated from client trade execution, consisting primarily of commissions, markups on riskless principal transactions in fixed income securities, transaction clearing fees and order routing revenue.

RESULTS OF OPERATIONS

Conditions in the U.S. equity markets significantly impact the volume of our clients’ trading activity. There is a direct correlation between the volume of our clients’ trading activity and our results of operations. We cannot predict future trading volumes in the U.S. equity markets. If client trading activity increases, we expect that it would have a positive impact on our results of operations. If client trading activity declines, we expect that it would have a negative impact on our results of operations.

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Changes in average balances, especially client margin, credit, insured deposit account and mutual fund balances, may significantly impact our results of operations. Changes in interest rates also significantly impact our results of operations. We seek to mitigate interest rate risk by aligning the average duration of our interest-earning assets with that of our interest-bearing liabilities. We cannot predict the direction of interest rates or the levels of client balances. If interest rates rise, we generally expect to earn a larger net interest spread. Conversely, a falling interest rate environment generally would result in our earning a smaller net interest spread.

Financial Performance Metrics

Pre-tax income, net income, earnings per share and EBITDA are key metrics we use in evaluating our financial performance. EBITDA is a non-GAAP financial measure.

We consider EBITDA to be an important measure of our financial performance and of our ability to generate cash flows to service debt, fund capital expenditures and fund other corporate investing and financing activities. EBITDA is used as the denominator in the consolidated leverage ratio calculation for covenant purposes under our holding company’s senior revolving credit facility. EBITDA eliminates the non-cash effect of tangible asset depreciation and amortization and intangible asset amortization. EBITDA should be considered in addition to, rather than as a substitute for, pre-tax income, net income and cash flows from operating activities.

The following table sets forth EBITDA in dollars and as a percentage of net revenues for the periods indicated, and provides reconciliations to net income, which is the most directly comparable GAAP measure (dollars in millions):

	Three months ended June 30,										Nine months ended June 30,
	2015					2014					2015					2014
	$			% of Net Revenues		$			% of Net Revenues		$			% of Net Revenues		$			% of Net Revenues
EBITDA	$	377		47.5	%	$	362		47.4	%	$	1,107		45.8	%	$	1,085		46.6	%
Less:
Depreciation and amortization	(23		)	(2.9	)%	(24		)	(3.1	)%	(69		)	(2.9	)%	(71		)	(3.1	)%
Amortization of acquired intangible assets	(22		)	(2.8	)%	(22		)	(2.9	)%	(67		)	(2.8	)%	(68		)	(2.9	)%
Interest on borrowings	(13		)	(1.6	)%	(6		)	(0.8	)%	(30		)	(1.2	)%	(18		)	(0.8	)%
Provision for income taxes	(122		)	(15.4	)%	(120		)	(15.7	)%	(344		)	(14.2	)%	(352		)	(15.1	)%
Net income	$	197		24.8	%	$	190		24.9	%	$	597		24.7	%	$	576		24.8	%

Our EBITDA increased 2% for the first nine months of fiscal 2015 compared to the first nine months of fiscal 2014, primarily due to a 4% increase in net revenues and a $7 million gain on the sale of an investment, mostly offset by a 6% increase in operating expenses excluding depreciation and amortization during the first nine months of fiscal 2015. Detailed analysis of net revenues and operating expenses is presented later in this discussion.

Our diluted earnings per share increased 5% to $1.09 for the first nine months of fiscal 2015 compared to $1.04 for the first nine months of fiscal 2014, primarily due to higher EBITDA, a lower effective income tax rate during the first nine months of fiscal 2015 resulting from favorable resolutions of state income tax matters and a 1% decrease in average diluted shares outstanding as a result of our stock repurchase program, partially offset by higher interest on borrowings due to increases in our average debt outstanding and the average effective interest rate incurred on our debt. Based on current operating conditions, including the low interest rate environment, we expect our diluted earnings per share to be near the low end of our previously announced outlook range of $1.45 to $1.70 for the full fiscal year 2015.

Operating Metrics

Our largest sources of revenues are asset-based revenues and transaction-based revenues. For the first nine months of fiscal 2015, asset-based revenues and transaction-based revenues accounted for 55% and 43% of our net revenues, respectively. Asset-based revenues consist of (1) net interest revenue, (2) insured deposit account fees and (3) investment product fees. The primary factors driving our asset-based revenues are average balances and average rates. Average balances consist primarily of average client margin balances, average segregated cash balances, average client credit balances, average client insured deposit account balances, average fee-based investment balances and average securities borrowing and lending balances. Average rates consist of the average interest rates and fees earned and paid on such balances. The primary factors driving our transaction-based revenues are total client trades and average commissions and transaction fees per trade. We also consider client account and client asset metrics, although we believe they are generally of less significance to our results of operations for any particular period than our metrics for asset-based and transaction-based revenues.

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Asset-Based Revenue Metrics

We calculate the return on our interest-earning assets and our insured deposit account balances using a measure we refer to as net interest margin. Net interest margin is calculated for a given period by dividing the annualized sum of net interest revenue and insured deposit account fees by average spread-based assets. Spread-based assets consist of client and brokerage-related asset balances, including client margin balances, segregated cash, insured deposit account balances, deposits paid on securities borrowing and other cash and interest-earning investment balances. The following table sets forth net interest margin and average spread-based assets (dollars in millions):

	Three months ended   June 30,						Increase/ (Decrease)			Nine months ended   June 30,						Increase/ (Decrease)
	2015			2014						2015			2014
Average interest-earning assets	$	20,444		$	18,827		$	1,617		$	19,768		$	18,287		$	1,481
Average insured deposit account balances	74,844			72,430			2,414			74,911			72,713			2,198
Average spread-based balances	$	95,288		$	91,257		$	4,031		$	94,679		$	91,000		$	3,679
Net interest revenue	$	156		$	149		$	7		$	467		$	421		$	46
Insured deposit account fee revenue	209			202			7			620			612			8
Spread-based revenue	$	365		$	351		$	14		$	1,087		$	1,033		$	54
Avg. annualized yield—interest-earning assets	3.02		%	3.13		%	(0.11		)%	3.11		%	3.04		%	0.07		%
Avg. annualized yield—insured deposit account fees	1.10		%	1.10		%	0.00		%	1.09		%	1.11		%	(0.02		)%
Net interest margin (NIM)	1.51		%	1.52		%	(0.01		)%	1.51		%	1.50		%	0.01		%

The following tables set forth key metrics that we use in analyzing net interest revenue, which is a component of net interest margin (dollars in millions):

	Interest Revenue (Expense)				Increase/ (Decrease)			Interest Revenue (Expense)						Increase/ (Decrease)
	Three months ended   June 30,							Nine months ended   June 30,
	2015		2014					2015			2014
Segregated cash	$	1	$	2	$	(1	)	$	4		$	5		$	(1	)
Client margin balances	112		105		7			328			299			29
Securities lending/borrowing, net	43		42		1			135			117			18
Other cash and interest-earning investments	—		—		—			1			1			—
Client credit balances	—		—		—			(1		)	(1		)	—
Net interest revenue	$	156	$	149	$	7		$	467		$	421		$	46

	Average Balance				% Change		Average Balance				% Change
	Three months ended   June 30,						Nine months ended   June 30,
	2015		2014				2015		2014
Segregated cash	$	3,976	$	5,172	(23	)%	$	4,546	$	5,312	(14	)%
Client margin balances	12,498		10,980		14	%	11,944		10,258		16	%
Securities borrowing	966		1,011		(4	)%	943		1,084		(13	)%
Other cash and interest-earning investments	3,004		1,664		81	%	2,335		1,633		43	%
Interest-earning assets	$	20,444	$	18,827	9	%	$	19,768	$	18,287	8	%
Client credit balances	$	12,226	$	11,473	7	%	$	12,150	$	11,056	10	%
Securities lending	2,210		2,617		(16	)%	2,215		2,535		(13	)%
Interest-bearing liabilities	$	14,436	$	14,090	2	%	$	14,365	$	13,591	6	%

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	Avg. Annualized Yield (Cost)				Net Yield Increase/ (Decrease)		Avg. Annualized Yield (Cost)				Net Yield Increase/ (Decrease)
	Three months ended   June 30,						Nine months ended   June 30,
	2015		2014				2015		2014
Segregated cash	0.11	%	0.14	%	(0.03	)%	0.13	%	0.13	%	0.00	%
Client margin balances	3.56	%	3.79	%	(0.23	)%	3.62	%	3.85	%	(0.23	)%
Other cash and interest-earning investments	0.03	%	0.06	%	(0.03	)%	0.04	%	0.07	%	(0.03	)%
Client credit balances	(0.01	)%	(0.01	)%	0.00	%	(0.01	)%	(0.01	)%	0.00	%
Net interest revenue	3.02	%	3.13	%	(0.11	)%	3.11	%	3.04	%	0.07	%

The following tables set forth key metrics that we use in analyzing investment product fee revenues (dollars in millions):

	Fee Revenue				Increase/ (Decrease)		Fee Revenue				Increase/ (Decrease)
	Three months ended   June 30,						Nine months ended   June 30,
	2015		2014				2015		2014
Money market mutual fund	$	—	$	—	$	—	$	—	$	—	$	—
Market fee-based investment balances	85		79		6		253		226		27
Total investment product fees	$	85	$	79	$	6	$	253	$	226	$	27

	Average Balance				% Change		Average Balance				% Change
	Three months ended   June 30,						Nine months ended   June 30,
	2015		2014				2015		2014
Money market mutual fund	$	5,573	$	5,212	7	%	$	5,599	$	5,254	7	%
Market fee-based investment balances	155,699		133,338		17	%	150,093		128,957		16	%
Total fee-based investment balances	$	161,272	$	138,550	16	%	$	155,692	$	134,211	16	%

	Average Annualized Yield				Increase/ (Decrease)		Average Annualized Yield				Increase/ (Decrease)
	Three months ended   June 30,						Nine months ended   June 30,
	2015		2014				2015		2014
Money market mutual fund	0.00	%	0.00	%	0.00	%	0.00	%	0.00	%	0.00	%
Market fee-based investment balances	0.22	%	0.24	%	(0.02	)%	0.22	%	0.23	%	(0.01	)%
Total investment product fees	0.21	%	0.23	%	(0.02	)%	0.21	%	0.22	%	(0.01	)%

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Transaction-Based Revenue Metrics

The following table sets forth several key metrics regarding client trading activity, which we utilize in measuring and evaluating performance and the results of our operations:

	Three months ended   June 30,						% Change		Nine months ended   June 30,						% Change
	2015			2014					2015			2014
Total trades (in millions)	27.33			25.29			8	%	85.21			81.37			5	%
Average client trades per day	433,759			401,468			8	%	455,642			435,123			5	%
Average client trades per funded account (annualized)	16.7			16.2			3	%	17.8			17.9			(1	)%
Activity rate—funded accounts	6.7		%	6.5		%	3	%	7.1		%	7.1		%	0	%
Trading days	63.0			63.0			0	%	187.0			187.0			0	%
Average commissions and transaction fees per trade (1)	$	11.99		$	12.52		(4	)%	$	12.16		$	12.51		(3	)%
Order routing revenue (in millions)	$	71		$	72		(1	)%	$	223		$	226		(1	)%
Average order routing revenue per trade (2)	$	2.59		$	2.85		(9	)%	$	2.62		$	2.78		(6	)%

(1) Average commissions and transaction fees per trade excludes the TD Waterhouse UK business.

(2) Average order routing revenue per trade is included in average commissions and transaction fees per trade.

Client Account and Client Asset Metrics

The following table sets forth certain metrics regarding client accounts and client assets, which we use to analyze growth and trends in our client base:

	Three months ended   June 30,						% Change		Nine months ended   June 30,						% Change
	2015			2014					2015			2014
Funded accounts (beginning of period)	6,467,000			6,146,000			5	%	6,301,000			5,993,000			5	%
Funded accounts (end of period)	6,551,000			6,237,000			5	%	6,551,000			6,237,000			5	%
Percentage change during period	1		%	1		%			4		%	4		%
Client assets (beginning of period, in billions)	$	695.3		$	617.1		13	%	$	653.1		$	555.9		17	%
Client assets (end of period, in billions)	$	702.3		$	650.2		8	%	$	702.3		$	650.2		8	%
Percentage change during period	1		%	5		%			8		%	17		%
Net new assets (in billions)	$	11.7		$	13.4		(13	)%	$	46.8		$	40.0		17	%
Net new assets annualized growth rate	7		%	9		%			10		%	10		%

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Condensed Consolidated Statements of Income Data

The following table summarizes certain data from our Condensed Consolidated Statements of Income for analysis purposes (dollars in millions):

	Three months ended June 30,						% Change		Nine months ended June 30,						% Change
	2015			2014					2015			2014
Revenues:
Transaction-based revenues:
Commissions and transaction fees	$	328		$	317		3	%	$	1,036		$	1,019		2	%
Asset-based revenues:
Interest revenue	158			150			5	%	472			426			11	%
Brokerage interest expense	(2		)	(1		)	100	%	(5		)	(5		)	0	%
Net interest revenue	156			149			5	%	467			421			11	%
Insured deposit account fees	209			202			3	%	620			612			1	%
Investment product fees	85			79			8	%	253			226			12	%
Total asset-based revenues	450			430			5	%	1,340			1,259			6	%
Other revenues	16			16			0	%	39			49			(20	)%
Net revenues	794			763			4	%	2,415			2,327			4	%
Operating expenses:
Employee compensation and benefits	202			189			7	%	608			565			8	%
Clearing and execution costs	36			35			3	%	108			98			10	%
Communications	31			29			7	%	92			84			10	%
Occupancy and equipment costs	40			39			3	%	121			116			4	%
Depreciation and amortization	23			24			(4	)%	69			71			(3	)%
Amortization of acquired intangible assets	22			22			0	%	67			68			(1	)%
Professional services	43			42			2	%	120			117			3	%
Advertising	54			48			13	%	199			205			(3	)%
Other	18			19			(5	)%	66			57			16	%
Total operating expenses	469			447			5	%	1,450			1,381			5	%
Operating income	325			316			3	%	965			946			2	%
Other expense (income):
Interest on borrowings	13			6			117	%	30			18			67	%
Gain on sale of investments	(7		)	—			N/A		(7		)	—			N/A
Other	—			—			N/A		1			—			N/A
Total other expense (income)	6			6			0	%	24			18			33	%
Pre-tax income	319			310			3	%	941			928			1	%
Provision for income taxes	122			120			2	%	344			352			(2	)%
Net income	$	197		$	190		4	%	$	597		$	576		4	%
Other information:
Effective income tax rate	38.2		%	38.7		%			36.6		%	37.9		%
Average debt outstanding	$	1,783		$	1,101		62	%	$	1,500		$	1,086		38	%
Effective interest rate incurred on borrowings	2.87		%	2.20		%			2.69		%	2.22		%

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Three-Month Periods Ended June 30, 2015 and 2014

Net Revenues

Commissions and transaction fees increased3% to $328 million, primarily due to increased client trading activity, partially offset by lower average commissions and transaction fees per trade. Average client trades per day increased8% to 433,759 for the third quarter of fiscal 2015 compared to 401,468 for the third quarter of the prior year. Average client trades per funded account (annualized) were 16.7 for the third quarter of fiscal 2015 compared to 16.2 for the third quarter of the prior year. Average commissions and transaction fees per trade decreased to $11.99 for the third quarter of fiscal 2015 from $12.52 for the third quarter of the prior year, primarily due to a 9%decrease in average order routing revenue per trade, a higher percentage of reduced commission trades, including negotiated rates for our active trader clients, and a higher percentage of futures trades, which earn lower average commissions and transaction fees per trade and do not generate order routing revenue.

Asset-based revenues, which consists of net interest revenue, insured deposit account fees and investment product fees, increased5% to $450 million for the third quarter of fiscal 2015, primarily due to a 4%increase in average spread-based assets and a 17%increase in average market fee-based investment balances, partially offset by a decrease of 1 basis point in the net interest margin earned on spread-based assets and the deferral of $4 million of revenue during the third quarter of fiscal 2015 related to an Amerivest^® fee rebate offer, as described below. Our net interest margin was 1.51% for the third quarter of fiscal 2015, compared to 1.52% for the third quarter of the prior year, primarily due to a lower average yield earned on client margin balances. The following paragraphs provide further analysis of the components of asset-based revenues.

Net interest revenue increased5% to $156 million, due primarily to a 14%increase in average client margin balances, partially offset by a decrease of 23 basis points in the average yield earned on client margin balances. Most of the growth in average client margin balances has come from clients with larger margin balances and lower negotiated interest rates.

Insured deposit account fees increased3% to $209 million, due to a 3%increase in average client IDA balances. IDA balances have grown more slowly than our net new client asset annualized growth rate, which was 10% for the first nine months of fiscal 2015, as client participation in the market has resulted in a relatively low percentage of total client assets being held in cash. For more information about the IDA agreement, please see Note 12 – RELATED PARTY TRANSACTIONS under Item 1, Financial Statements – Notes to Condensed Consolidated Financial Statements.

Investment product fees increased8% to $85 million, primarily due to a 17%increase in average market fee-based investment balances, partially offset by the deferral of $4 million of revenue during the third quarter of fiscal 2015 related to an Amerivest^® fee rebate offer. For client assets subject to the Amerivest^® fee rebate offer, if the model portfolio in which the client is invested experiences two consecutive quarters of negative performance (before advisory fees), the Company will refund the advisory fees for both quarters to the client. Several of the portfolios experienced negative performance for the third quarter of fiscal 2015, therefore recognition of the revenue for the related advisory fees was deferred.

Operating Expenses

Employee compensation and benefits expense increased7% to $202 million, primarily due to an increase in average headcount related to strategic growth initiatives, higher incentive-based compensation related to Company and individual performance and an increase of approximately $2 million in severance costs related to staff reductions during the third quarter of fiscal 2015. The average number of full-time equivalent employees increased to 5,884 for the third quarter of fiscal 2015 compared to 5,620 for the third quarter of the prior year.

Communications expense increased7% to $31 million, primarily due to increased costs for quotes and market information.

Advertising expense increased13% to $54 million. We generally adjust our level of advertising spending in relation to stock market activity and other market conditions in an effort to maximize the number of new accounts while minimizing the advertising cost per new account. We find trading volumes in the stock market to be an effective indicator of self-directed investor engagement. When self-directed investors are actively engaged in the stock market, we tend to experience more success with our advertising, resulting in a lower cost per new account. We also find that self-directed investors tend to demonstrate more interest in financial products and services during certain times of the year, such as in the months immediately preceding the annual April tax filing deadline, and less interest during certain other times, such as the summer months. In addition, in periods when advertising market demand is weak, we may adjust our spending to take advantage of attractive advertising rates.

Other operating expenses decreased5% to $18 million, as higher litigation, arbitration and regulatory losses were more than offset by approximately $8 million of insurance recoveries during the third quarter of fiscal 2015 related to prior losses.

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Other Expense and Income Taxes

Interest on borrowings increased117% to $13 million, primarily due to a 62% increase in average debt outstanding and an increase of 67 basis points in the average effective interest rate incurred on our debt. On March 4, 2015, we issued $750 million of 2.950% Senior Notes due April 1, 2022 for general corporate purposes, including liquidity for operational contingencies.

Our effective income tax rate was 38.2% for the third quarter of fiscal 2015, compared to 38.7% for the third quarter of the prior year. We expect our effective income tax rate to range from 38% to 39% for the remainder of fiscal 2015, excluding the effect of any adjustments related to remeasurement or resolution of uncertain tax positions. However, we expect to experience some volatility in our quarterly and annual effective income tax rate because current accounting rules for uncertain tax positions require that any change in measurement of a tax position taken in a prior tax year be recognized as a discrete event in the period in which the change occurs.

Nine-Month Periods Ended June 30, 2015 and 2014

Net Revenues

Commissions and transaction fees increased2% to $1.04 billion, primarily due to increased client trading activity, partially offset by lower average commissions and transaction fees per trade. Average client trades per day increased5% to 455,642 for the first nine months of fiscal 2015 compared to 435,123 for the first nine months of the prior year. Average commissions and transaction fees per trade decreased to $12.16 for the first nine months of fiscal 2015 from $12.51 for the first nine months of the prior year, primarily due to a 6%decrease in average order routing revenue per trade, a higher percentage of reduced commission trades, including negotiated rates for our active trader clients, and a higher percentage of futures trades, which earn somewhat lower average commissions and transaction fees per trade and do not generate order routing revenue.

Asset-based revenues increased6% to $1.34 billion for the first nine months of fiscal 2015, primarily due to a 4%increase in average spread-based assets, a 16%increase in average market fee-based investment balances and increased net interest revenue from our securities borrowing/lending program. Our net interest margin was 1.51% for the first nine months of fiscal 2015, compared to 1.50% for the first nine months of the prior year, as increased net interest revenue from our securities borrowing/lending program was partially offset by lower average yields earned on client margin and insured deposit account balances. The following paragraphs provide further analysis of the components of asset-based revenues.

Net interest revenue increased11% to $467 million, due primarily to a 16%increase in average client margin balances and an $18 millionincrease in net interest revenue from our securities borrowing/lending program, partially offset by a decrease of 23 basis points in the average yield earned on client margin balances. Most of the growth in average client margin balances has come from clients with larger margin balances and lower negotiated interest rates.

Insured deposit account fees increased1% to $620 million, primarily due to a 3%increase in average client IDA balances, partially offset by a decrease of 2 basis points in the average yield earned on the IDA assets. IDA balances have grown more slowly than our net new client asset annualized growth rate, which was 10% for the first nine months of fiscal 2015, as client participation in the market has resulted in a relatively low percentage of total client assets being held in cash.

Investment product fees increased12% to $253 million, primarily due to a 16%increase in average market fee-based investment balances, partially offset by the deferral of $4 million of revenue during the third quarter of fiscal 2015 related to an Amerivest^® fee rebate offer.

Other revenues decreased20% to $39 million, primarily due to lower client education revenue and unfavorable fair market value adjustments to U.S. government debt securities held for investment purposes by our broker-dealer subsidiaries.

Operating Expenses

Employee compensation and benefits expense increased8% to $608 million, primarily due to an increase in average headcount related to strategic growth initiatives and higher incentive-based compensation related to Company and individual performance. The average number of full-time equivalent employees increased to 5,860 for the first nine months of fiscal 2015 compared to 5,536 for the first nine months of the prior year.

Clearing and execution costs increased10% to $108 million, primarily due to a higher percentage of futures trades, which cost more to execute, fee increases by the Options Clearing Corporation that became effective April 1, 2014 and higher overall client trading volumes.

Communications expense increased10% to $92 million, primarily due to increased costs for quotes and market information.

Occupancy and equipment costs increased4% to $121 million, primarily due to upgrades to our technology infrastructure.

Advertising expense decreased3% to $199 million, primarily due to additional spending during the second quarter of the prior year in connection with our sponsorship of the Winter Olympics.

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Other operating expenses increased16% to $66 million, primarily due to increased litigation, arbitration and regulatory losses and travel expenses. These increases were partially offset by a $3 million recovery of money market funds from the final distribution of The Reserve Primary Fund during the first quarter of fiscal 2015 and approximately $8 million of insurance recoveries related to previous losses during the third quarter of fiscal 2015.

Other Expense and Income Taxes

Interest on borrowings increased 67% to $30 million, primarily due to a 38% increase in average debt outstanding and an increase of 47 basis points in the average effective interest rate incurred on our debt. On October 17, 2014, we issued $500 million of 3.625% Senior Notes due April 1, 2025, for purposes of refinancing our $500 million of 4.150% Senior Notes due December 1, 2014. In addition, on March 4, 2015, we issued $750 million of 2.950% Senior Notes due April 1, 2022 for general corporate purposes, including liquidity for operational contingencies. The timing of the issuance and maturity dates related to the debt refinancing, along with the issuance of the 2.950% Senior Notes, contributed to the increase in average debt outstanding during the first nine months of fiscal 2015.

Our effective income tax rate was 36.6% for the first nine months of fiscal 2015, compared to 37.9% for the first nine months of the prior year. The effective income tax rate for the first nine months of fiscal 2015 was lower than normal primarily due to $20 million of favorable resolutions of state income tax matters. This favorably impacted our earnings for the first nine months of fiscal 2015 by approximately four cents per share. The effective income tax rate for the first nine months of the prior year includes $9 million of favorable resolutions of state income tax matters, partially offset by $2 million of unfavorable deferred income tax adjustments resulting from state income tax law changes. These items had a net favorable impact on our earnings for the first nine months of the prior year of approximately one cent per share.

LIQUIDITY AND CAPITAL RESOURCES

As a holding company, TD Ameritrade Holding Corporation conducts substantially all of its business through its operating subsidiaries, principally its broker-dealer and futures commission merchant subsidiaries.

We have historically financed our liquidity and capital needs primarily through the use of funds generated from subsidiary operations and from borrowings under our credit agreements. We have also issued common stock and long-term debt to finance mergers and acquisitions and for other corporate purposes. Our liquidity needs during the first nine months of fiscal 2015 were financed primarily from our subsidiaries’ earnings, cash on hand and borrowings. We plan to finance our capital and liquidity needs during the remainder of fiscal 2015 primarily from our subsidiaries’ earnings, cash on hand and borrowings.

On October 17, 2014, we sold, through a public offering, $500 million aggregate principal amount of unsecured 3.625% Senior Notes due April 1, 2025. We used the net proceeds from the issuance of the 3.625% Senior Notes, together with cash on hand, to repay in full the $500 million of outstanding principal under our 4.150% Senior Notes that matured on December 1, 2014.

In addition, on March 4, 2015, we sold, through a public offering, $750 million aggregate principal amount of unsecured 2.950% Senior Notes due April 1, 2022. We issued the 2.950% Senior Notes for general corporate purposes, including liquidity for operational contingencies. Liquidity for operational contingencies could be used, for example, to fund our deposit requirements with clearinghouses. These requirements, which are based on our clients’ trading activity, have been increasing and we expect them to continue to increase. Our cash deposited with and securities pledged to clearinghouses increased to $469 million as of June 30, 2015, compared to $285 million as of September 30, 2014. Under periods of systemic market stress, clearing fund deposit requirements could increase substantially. In addition, we expect that proposed changes by the Options Clearing Corporation ("OCC") to the aggregate size of and allocation methodology for its clearing fund will result in additional increases in our clearinghouse deposit requirements.

Dividends from our subsidiaries are the primary source of liquidity for the parent company. Some of our subsidiaries are subject to requirements of the Securities and Exchange Commission ("SEC"), the Financial Industry Regulatory Authority ("FINRA"), the Commodity Futures Trading Commission ("CFTC"), the National Futures Association ("NFA") and other regulators relating to liquidity, capital standards and the use of client funds and securities, which may limit funds available for the payment of dividends to the parent company.

Broker-dealer and Futures Commission Merchant Subsidiaries

Our broker-dealer and FCM subsidiaries are subject to regulatory requirements that are intended to ensure their liquidity and general financial soundness. Under the SEC’s Uniform Net Capital Rule (Rule 15c3-1 under the Securities Exchange Act of 1934, or the "Exchange Act"), our broker-dealer subsidiaries are required to maintain, at all times, at least the minimum level of net capital required under Rule 15c3-1. For our clearing broker-dealer subsidiary, this minimum net capital level is determined by a calculation described in Rule 15c3-1 that is primarily based on the broker-dealer’s "aggregate debits," which primarily are a function of client margin balances at the clearing broker-dealer. Since our aggregate debits may fluctuate significantly, our minimum

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net capital requirements may also fluctuate significantly from period to period. The parent company may make cash capital contributions to our broker-dealer and FCM subsidiaries, if necessary, to meet minimum net capital requirements.

Each of our broker-dealer subsidiaries may not repay any subordinated borrowings, pay cash dividends or make any unsecured advances or loans to its parent company or employees if such payment would result in a net capital amount of (a) less than 5% of aggregate debit balances or (b) less than 120% of its minimum dollar requirement. TD Ameritrade Futures & Forex LLC ("TDAFF"), our FCM subsidiary that is not registered as a securities broker-dealer, must provide notice to the CFTC if its net capital amounts to less than (a) 110% of its risk-based capital requirement under CFTC Regulation 1.17 or (b) less than 150% of its minimum dollar requirement. These broker-dealer and FCM net capital thresholds, which are specified in Rule 17a-11 under the Exchange Act and CFTC Regulation 1.12, are typically referred to as "early warning" net capital thresholds. As of June 30, 2015, our broker-dealer and FCM subsidiaries had net capital as follows (dollars in millions):

	Net Capital		Early Warning Threshold		Net Capital in Excess of Early Warning Threshold
TD Ameritrade Clearing, Inc.	$	1,533	$	767	$	766
TD Ameritrade, Inc.	$	264	$	1	$	263
TD Ameritrade Futures & Forex LLC	$	57	$	12	$	45

Our clearing broker-dealer subsidiary, TD Ameritrade Clearing, Inc. ("TDAC"), engages in activities such as settling client securities transactions with clearinghouses, extending credit to clients through margin lending, securities lending and borrowing transactions and processing client cash sweep transactions to and from insured deposit accounts and money market mutual funds. These types of broker-dealer activities require active daily liquidity management.

Most of TDAC’s assets are readily convertible to cash, consisting primarily of cash and investments segregated for the exclusive benefit of clients, receivables from clients and receivables from brokers, dealers and clearing organizations. Cash and investments segregated for the exclusive benefit of clients may be held in cash, reverse repurchase agreements (collateralized by U.S. Treasury securities), U.S. Treasury securities and other qualified securities. Receivables from clients consist of margin loans, which are demand loan obligations secured by readily marketable securities. Receivables from brokers, dealers and clearing organizations primarily arise from current open transactions, which usually settle or can be settled within a few business days.

TDAC is subject to cash deposit and collateral requirements with clearinghouses such as the Depository Trust & Clearing Corporation ("DTCC") and the OCC, which may fluctuate significantly from time to time based on the nature and size of our clients’ trading activity. TDAC had $469 million and $284 million of cash and investments deposited with clearing organizations for the clearing of client equity and option trades as of June 30, 2015 and September 30, 2014, respectively.

TDAC’s liquidity needs relating to client trading and margin borrowing are met primarily through cash balances in client brokerage accounts, which were $14.9 billion and $14.2 billion as of June 30, 2015 and September 30, 2014, respectively. Cash balances in client brokerage accounts not used for client trading and margin borrowing activity are not generally available for other liquidity purposes and must be segregated for the exclusive benefit of clients under Rule 15c3-3 of the Exchange Act. TDAC had $4.1 billion and $4.8 billion of cash and investments segregated in special reserve bank accounts for the exclusive benefit of clients under Rule 15c3-3 as of June 30, 2015 and September 30, 2014, respectively.

For general liquidity needs, TDAC also maintains a senior unsecured revolving credit facility in an aggregate principal amount of $300 million. This facility is described in Note 5 – NOTES PAYABLE AND LONG-TERM DEBT – TD Ameritrade Clearing, Inc. Credit Agreement under Item 1, Financial Statements – Notes to Condensed Consolidated Financial Statements. There were no borrowings outstanding on this facility as of June 30, 2015 and September 30, 2014.

In addition, during March 2015, we established intercompany credit agreements under which the broker-dealer and FCM subsidiaries may borrow from the parent company. The intercompany credit agreement with TDAC provides for committed loans of up to $700 million and uncommitted loans of up to $300 million. The intercompany credit agreements are described in Note 5 – NOTES PAYABLE AND LONG-TERM DEBT – Intercompany Credit Agreements under Item 1, Financial Statements – Notes to Condensed Consolidated Financial Statements. There were no borrowings outstanding under any of the intercompany credit agreements as of June 30, 2015.

Liquid Assets

We consider our liquid assets metrics to be important measures of our liquidity and of our ability to fund corporate investing and financing activities. Our liquid assets metrics are considered non-GAAP financial measures. We include the excess capital of our broker-dealer, FCM and trust company subsidiaries in the calculation of our liquid assets metrics, rather than simply including broker-dealer, FCM and trust company cash and cash equivalents, because capital requirements may limit the amount of cash available for dividend from the broker-dealer, FCM and trust company subsidiaries to the parent company. Excess capital, as

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defined below, is generally available for dividend from the broker-dealer, FCM and trust company subsidiaries to the parent company. The liquid assets metrics should be considered as supplemental measures of liquidity, rather than as substitutes for cash and cash equivalents.

We define "liquid assets – management target" as the sum of (a) corporate cash and cash equivalents and short-term investments, excluding $750 million from the 2.950% Senior Notes issued on March 4, 2015 that is being maintained to provide liquidity for operational contingencies and (b) regulatory net capital of (i) our clearing broker-dealer subsidiary in excess of 10% of aggregate debit items and (ii) our introducing broker-dealer subsidiaries in excess of a minimum operational target established by management ($50 million in the case of our primary introducing broker-dealer, TD Ameritrade, Inc.). "Liquid assets – management target" is based on more conservative measures of broker-dealer net capital than "liquid assets – regulatory threshold" (defined below) because we prefer to maintain significantly more conservative levels of net capital at the broker-dealer subsidiaries than the regulatory thresholds require. We consider "liquid assets – management target" to be a measure that reflects our liquidity that would be readily available for corporate investing or financing activities under normal operating circumstances.

We define "liquid assets – regulatory threshold" as the sum of (a) corporate cash and cash equivalents and short-term investments, excluding $750 million from the 2.950% Senior Notes issued on March 4, 2015 that is being maintained to provide liquidity for operational contingencies, (b) regulatory net capital of (i) our clearing broker-dealer subsidiary in excess of 5% of aggregate debit items and (ii) our introducing broker-dealer and FCM subsidiaries in excess of the applicable "early warning" net capital requirement and (c) Tier 1 capital of our trust company in excess of the minimum requirement. For more information about the regulatory capital requirements of our broker-dealer, FCM and trust subsidiaries, please see Note 6 – CAPITAL REQUIREMENTS under Item 1, Financial Statements – Notes to Condensed Consolidated Financial Statements. We consider "liquid assets – regulatory threshold" to be a measure that reflects our liquidity that would be available for corporate investing or financing activities under unusual operating circumstances, such as the need to provide funding for significant strategic business transactions.

The following table sets forth a reconciliation of cash and cash equivalents, which is the most directly comparable GAAP measure, to our liquid assets metrics (dollars in millions):

	Liquid Assets - Management Target									Liquid Assets - Regulatory Threshold
	Jun. 30,			Sept. 30,						Jun. 30,			Sept. 30,
	2015			2014			Change			2015			2014			Change
Cash and cash equivalents	$	2,233		$	1,460		$	773		$	2,233		$	1,460		$	773
Less:   Non-corporate cash and cash equivalents	(1,116		)	(1,162		)	46			(1,116		)	(1,162		)	46
Corporate cash and cash equivalents	1,117			298			819			1,117			298			819
Less: Corporate liquidity maintained for operational contingencies	(750		)	—			(750		)	(750		)	—			(750		)
Excess corporate cash and cash equivalents	367			298			69			367			298			69
Excess trust company Tier 1 capital	—			—			—			14			12			2
Excess broker-dealer and FCM regulatory net capital	214			464			(250		)	1,074			1,196			(122		)
Liquid assets	$	581		$	762		$	(181	)	$	1,455		$	1,506		$	(51	)

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The changes in liquid assets are summarized as follows (dollars in millions):

	Liquid Assets
	Management Target			Regulatory Threshold
Liquid assets as of September 30, 2014	$	762		$	1,506
Plus:    EBITDA(1)	1,107			1,107
Proceeds from issuance of long-term debt (2)	498			498
Proceeds from exercise of stock options	12			12
Proceeds from the sale of investments	10			10
Other investing activities	3			3
Less:    Income taxes paid	(355		)	(355		)
Interest paid	(23		)	(23		)
Purchase of property and equipment	(58		)	(58		)
Principal payments on long-term debt	(544		)	(544		)
Principal payments on notes payable	(150		)	(150		)
Payment of cash dividends	(244		)	(244		)
Purchase of treasury stock	(148		)	(148		)
Payment of debt issuance costs	(11		)	(11		)
Additional net capital requirement due to increase in aggregate debits	(133		)	(67		)
Change in net capital related to daily futures client cash sweep	(62		)	(62		)
Transfer of futures and foreign exchange business to TDAFF (3)	(51		)	—
Other changes in working capital and regulatory net capital	(32		)	(19		)
Liquid assets as of June 30, 2015	$	581		$	1,455

(1) See "Financial Performance Metrics" earlier in this section for a description of EBITDA.

(2) Excludes $750 million from the 2.950% Senior Notes issued on March 4, 2015 that is being maintained to provide liquidity for operational contingencies.

(3) On March 29, 2015, we transferred our futures and foreign exchange business from TD Ameritrade, Inc. to TDAFF. The regulatory net capital associated with the futures and foreign exchange business was part of the net capital in excess of TD Ameritrade Inc.'s $50 million liquid assets - management target prior to the transfer, but management no longer considers it to be available for liquid assets – management target purposes as part of a separately regulated FCM entity.

Loan Facilities

The following summarizes changes to our loan facilities during fiscal 2015.

Senior Notes – On October 17, 2014, we sold, through a public offering, $500 million aggregate principal amount of unsecured 3.625% Senior Notes due April 1, 2025 (the "2025 Notes"). Interest on the 2025 Notes will be payable in arrears semi-annually on April 1 and October 1 of each year. We used the net proceeds from the issuance of the 2025 Notes, together with cash on hand, to repay in full the $500 million of outstanding principal under the 4.150% Senior Notes (the "2014 Notes") that matured on December 1, 2014. In addition, on March 4, 2015, we sold, through a public offering, $750 million aggregate principal amount of unsecured 2.950% Senior Notes due April 1, 2022 (the "2022 Notes"). Interest on the 2022 Notes will be payable in arrears semi-annually on April 1 and October 1 of each year. We issued the 2022 Notes for general corporate purposes, including liquidity for operational contingencies.

Fair Value Hedging – On November 19, 2014, we entered into a fixed-for-variable interest rate swap on the 2025 Notes for a notional amount of $500 million, with a maturity date matching the maturity date of the 2025 Notes. Under the terms of this interest rate swap agreement, we receive semi-annual fixed-rate interest payments based on the same rate applicable to the 2025 Notes, and make quarterly variable-rate interest payments based on three-month LIBOR plus 1.1022%. For more information regarding the fixed-for-variable interest rate swaps on certain of our Senior Notes, see Note 5 – NOTES PAYABLE AND LONG-TERM DEBT – Fair Value Hedging under Item 1, Financial Statements – Notes to Condensed Consolidated Financial Statements.

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Intercompany Credit Agreements – During March 2015, we established intercompany credit agreements under which our broker-dealer and FCM subsidiaries may borrow from the parent company. For additional information about the intercompany credit agreements, see Note 5 – NOTES PAYABLE AND LONG-TERM DEBT – Intercompany Credit Agreements under Item 1, Financial Statements – Notes to Condensed Consolidated Financial Statements.

Stock Repurchase Program

On October 20, 2011, our board of directors authorized the repurchase of up to 30 million shares of our common stock. During the third quarter of fiscal 2015, we repurchased approximately 0.1 million shares at a weighted average purchase price of $36.75 per share. From the inception of this stock repurchase authorization through June 30, 2015, we have repurchased approximately 15.0 million shares at a weighted average purchase price of $26.96 per share. As of June 30, 2015, we had approximately 15.0 million shares remaining on the stock repurchase authorization.

Cash Dividends

We declared a $0.15 per share quarterly cash dividend on our common stock during each quarter of fiscal 2015. We paid a total of $244 million to fund the quarterly cash dividends declared during the first nine months of fiscal 2015. We expect to pay approximately $81 million on August 18, 2015 to fund the fourth quarter dividend.

CONTRACTUAL OBLIGATIONS

The following items constitute material changes in our contractual obligations outside the ordinary course of business since September 30, 2014:

During the first quarter of fiscal 2015, we refinanced our $500 million of 4.150% Senior Notes that matured on December 1, 2014 by issuing $500 million of 3.625% Senior Notes due April 1, 2025. During the second quarter of fiscal 2015, we issued $750 million of 2.950% Senior Notes due April 1, 2022.

OFF-BALANCE SHEET ARRANGEMENTS

We enter into guarantees and other off-balance sheet arrangements in the ordinary course of business, primarily to meet the needs of our clients and manage our asset-based revenues. For information on these arrangements, see the following sections under Item 1, Financial Statements – Notes to Condensed Consolidated Financial Statements: "General Contingencies" and "Guarantees" under Note 7 – COMMITMENTS AND CONTINGENCIES and "Insured Deposit Account Agreement" under Note 12 – RELATED PARTY TRANSACTIONS. The IDA agreement accounts for a significant percentage of our net revenues (26% of our net revenues for the nine months ended June 30, 2015) and enables our clients to invest in an FDIC-insured deposit product without the need for the Company to establish the significant levels of capital that would be required to maintain our own bank charter.

WEBSITE AND SOCIAL MEDIA DISCLOSURE

From time to time, the Company may use its website and/or Twitter as distribution channels of material information.  Financial and other important information regarding the Company is routinely accessible through and posted on the Company’s website at www.amtd.com and its Twitter account @TDAmeritradePR. We ask that interested parties visit or subscribe to newsfeeds at www.amtd.com/newsroom to automatically receive email alerts and other information, including the most up-to-date corporate financial information, presentation announcements, transcripts and archives. The website to access the Company’s Twitter account is https://twitter.com/TDAmeritrade. Website links provided in this report, although correct when published, may change in the future. We make available free of charge on our website our annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to those reports, as soon as reasonably practicable after we electronically file such material with or furnish it to the SEC.

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Item 3. – Quantitative and Qualitative Disclosures About Market Risk

Market risk generally represents the risk of loss that may result from the potential change in the value of a financial instrument as a result of fluctuations in interest rates and market prices. We have established policies, procedures and internal processes governing our management of market risks in the normal course of our business operations.

Market-related Credit Risk

Two primary sources of credit risk inherent in our business are (1) client credit risk related to margin lending and leverage and (2) counterparty credit risk related to securities lending and borrowing. We manage risk on client margin lending and leverage by requiring clients to maintain margin collateral in compliance with regulatory and internal guidelines. The risks associated with margin lending and leverage increase during periods of rapid market movements, or in cases where leverage or collateral is concentrated and market movements occur. We monitor required margin levels daily and, pursuant to such guidelines, require our clients to deposit additional collateral, or to reduce positions, when necessary. We continuously monitor client accounts to detect excessive concentration, large orders or positions, patterns of day trading and other activities that indicate increased risk to us. We manage risks associated with our securities lending and borrowing activities by requiring credit approvals for counterparties, by monitoring the market value of securities loaned and collateral values for securities borrowed on a daily basis and requiring additional cash as collateral for securities loaned or return of collateral for securities borrowed when necessary, and by participating in a risk-sharing program offered through the Options Clearing Corporation.

We are party to interest rate swaps related to our long-term debt, which are subject to counterparty credit risk. Credit risk on derivative financial instruments is managed by limiting activity to approved counterparties that meet a minimum credit rating threshold and by entering into credit support agreements, or by utilizing approved central clearing counterparties registered with the Commodity Futures Trading Commission. Our interest rate swaps require daily collateral coverage, in the form of cash or U.S. Treasury securities, for the aggregate fair value of the interest rate swaps.

Interest Rate Risk

As a fundamental part of our brokerage business, we invest in interest-earning assets and are obligated on interest-bearing liabilities. In addition, we earn fees on our insured deposit account ("IDA") arrangement with TD Bank USA, N.A. and TD Bank, N.A. and on money market mutual funds, which are subject to interest rate risk. Changes in interest rates could affect the interest earned on assets differently than interest paid on liabilities. A rising interest rate environment generally results in our earning a larger net interest spread. Conversely, a falling interest rate environment generally results in our earning a smaller net interest spread.

Our most prevalent form of interest rate risk is referred to as "gap" risk. This risk occurs when the interest rates we earn on our assets change at a different frequency or amount than the interest rates we pay on our liabilities. For example, in the current low interest rate environment, sharp increases in short-term interest rates could result in net interest spread compression if the yields paid on interest-bearing client balances were to increase faster than our earnings on interest-earning assets. We seek to mitigate interest rate risk by aligning the average duration of our interest-earning assets with that of our interest-bearing liabilities. We currently seek to maintain a consolidated duration of interest-sensitive assets, including IDA assets, within a range of 1.75 to 2.75 years. As of June 30, 2015, our consolidated duration was 2.2 years. We have an Asset/Liability Committee as the governance body with the responsibility of managing interest rate risk, including gap risk.

We use net interest simulation modeling techniques to evaluate the effect that changes in interest rates might have on pre-tax income. Our model includes all interest-sensitive assets and liabilities of the Company and interest-sensitive assets and liabilities associated with the insured deposit account arrangement. The simulations involve assumptions that are inherently uncertain and, as a result, cannot precisely predict the impact that changes in interest rates will have on pre-tax income. Actual results may differ from simulated results due to differences in timing and frequency of rate changes, changes in market conditions and changes in management strategy that lead to changes in the mix of interest-sensitive assets and liabilities.

The simulations assume that the asset and liability structure of our Condensed Consolidated Balance Sheet and the insured deposit account arrangement would not be changed as a result of a simulated change in interest rates. The results of the simulations based on our financial position as of June 30, 2015 indicate that a gradual 1% (100 basis points) increase in interest rates over a 12-month period would result in a range of approximately $107 million to $183 million higher pre-tax income, depending largely on the extent and timing of possible increases in payment rates on client cash balances. A gradual 1% (100 basis points) decrease in interest rates over a 12-month period would result in approximately $14 million lower pre-tax income. The results of the simulations reflect the fact that short-term interest rates remain at historically low levels, including the federal funds target rate, which is currently a range of zero to 0.25%.

Other Market Risks

Substantially all of our revenues and financial instruments are denominated in U.S. dollars. We generally do not enter into derivative transactions, except for hedging purposes.

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Item 4. – Controls and Procedures

Disclosure Controls and Procedures

Management, including the Chief Executive Officer and Chief Financial Officer, performed an evaluation of the effectiveness of the Company’s disclosure controls and procedures as of June 30, 2015. Management, including the Chief Executive Officer and Chief Financial Officer, concluded that our disclosure controls and procedures were effective as of June 30, 2015.

Changes in Internal Control over Financial Reporting

There have been no changes in the Company’s internal control over financial reporting during the most recently completed fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

Part II – OTHER INFORMATION

Item 1. – Legal Proceedings

For information regarding legal proceedings, see Note 7 – COMMITMENTS AND CONTINGENCIES – "Legal and Regulatory Matters" under Item 1, Financial Statements – Notes to Condensed Consolidated Financial Statements.

Item 1A. – Risk Factors

In addition to the other information set forth in this report, you should carefully consider the factors discussed under Item 1A— "Risk Factors" in our annual report on Form 10-K for the year ended September 30, 2014, which could materially affect our business, financial condition or future results of operations. The risks described in our Form 10‑K are not the only risks facing us. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition or results of operations.

There have been no material changes from the risk factors disclosed in the Company's Form 10-K for the fiscal year ended September 30, 2014.

Item 2. – Unregistered Sales of Equity Securities, Use of Proceeds and Issuer Purchases of Equity Securities

ISSUER PURCHASES OF EQUITY SECURITIES
Period	Total Number of Shares Purchased	Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Program	Maximum Number of Shares that May Yet Be Purchased Under the Program
April 1, 2015 – April 30, 2015	25,294	$	37.35	761	15,124,290
May 1, 2015 – May 31, 2015	89,743	$	36.70	89,743	15,034,547
June 1, 2015 – June 30, 2015	35,482	$	36.90	34,328	15,000,219
Total – Three months ended June 30, 2015	150,519	$	36.86	124,832	15,000,219

On October 20, 2011, our board of directors authorized the repurchase of up to 30 million shares of our common stock. We disclosed this authorization on November 18, 2011 in our annual report on Form 10-K. This program was the only stock repurchase program in effect and no programs expired during the third quarter of fiscal 2015.

During the quarter ended June 30, 2015, 25,687 shares were repurchased from employees for income tax withholding in connection with distributions of stock-based compensation.

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Item 6. – Exhibits

3.1	Amended and Restated Certificate of Incorporation of TD Ameritrade Holding Corporation, dated January 24, 2006 (incorporated by reference to Exhibit 3.1 of the Company’s Form 8-K filed on January 27, 2006)
3.2	Amended and Restated By-Laws of TD Ameritrade Holding Corporation, effective February 12, 2014 (incorporated by reference to Exhibit 3.1 of the Company’s Form 8-K filed on February 19, 2014)
4.1	Form of Certificate for Common Stock (incorporated by reference to Exhibit 4.1 of the Company's Form 8-A filed on September 5, 2002)
4.2	First Supplemental Indenture, dated November 25, 2009, among TD Ameritrade Holding Corporation, TD Ameritrade Online Holdings Corp., as guarantor, and The Bank of New York Mellon Trust Company, National Association, as trustee (incorporated by reference to Exhibit 4.1 of the Company’s Form 8-K filed on November 25, 2009)
4.3	Form of 4.150% Senior Note due 2014 (included in Exhibit 4.2)
4.4	Form of 5.600% Senior Note due 2019 (included in Exhibit 4.2)
4.5	Indenture, dated October 22, 2014, between TD Ameritrade Holding Corporation and U.S. Bank National Association, as trustee (incorporated by reference to Exhibit 4.1 of the Company’s Form 8-K filed on October 23, 2014)
4.6	Form of 3.625% Senior Note due 2025 (included in Exhibit 4.5)
4.7	Supplemental Indenture, dated October 22, 2014, between TD Ameritrade Holding Corporation and U.S. Bank National Association, as trustee (incorporated by reference to Exhibit 4.3 of the Company’s Form 8-K filed on October 23, 2014)
4.8	Second Supplemental Indenture, dated March 9, 2015, between TD Ameritrade Holding Corporation and U.S. Bank National Association, as trustee (incorporated by reference to Exhibit 4.2 of the Company’s Form 8-K filed on March 9, 2015)
4.9	Form of 2.950% Senior Note due 2022 (included in Exhibit 4.8)
10.1	Form of Restricted Stock Unit Agreement for Stephen J. Boyle
15.1	Awareness Letter of Independent Registered Public Accounting Firm
31.1	Certification of Fredric J. Tomczyk, Principal Executive Officer, as required pursuant to Section 302 of the Sarbanes - Oxley Act of 2002
31.2	Certification of William J. Gerber, Principal Financial Officer, as required pursuant to Section 302 of the Sarbanes - Oxley Act of 2002
32.1	Certification pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INS	XBRL Instance Document
101.SCH	XBRL Taxonomy Extension Schema
101.CAL	XBRL Taxonomy Extension Calculation
101.LAB	XBRL Taxonomy Extension Label
101.PRE	XBRL Taxonomy Extension Presentation
101.DEF	XBRL Taxonomy Extension Definition

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Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Dated: August 7, 2015

TD Ameritrade Holding Corporation
(Registrant)
By:	/s/ FREDRIC J. TOMCZYK
	Fredric J. Tomczyk
	President and Chief Executive Officer
	(Principal Executive Officer)
By:	/s/ WILLIAM J. GERBER
	William J. Gerber
	Executive Vice President, Chief Financial Officer
	(Principal Financial and Accounting Officer)

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EX-10.1

EXHIBIT 10.1

TD AMERITRADE HOLDING CORPORATION

RESTRICTED STOCK UNIT AGREEMENT

TD Ameritrade Holding Corporation (the “Company”) hereby grants you, Stephen J. Boyle (the “Grantee”), the number of Restricted Stock Units indicated below under the Company’s Long‑Term Incentive Plan (the “Plan”). Unless otherwise defined herein, the terms defined in the Plan shall have the same defined meanings in this Restricted Stock Unit Agreement (the “Agreement”) and each Appendix. Subject to the provisions of Appendices A and B (attached) and of the Plan, the principal terms of this grant are as follows:

Grant Date:    [Date]

Total Number of

Restricted Stock Units:    [Number]

This reflects the total number of Restricted Stock Units granted to you on the Grant Date (the “Base RSUs”), and shall be increased as of any date by the cumulative number of additional Restricted Stock Units, if any, credited by this Agreement through such date in payment of Dividend Equivalent Rights as described in paragraph 30 of Appendix A (attached) to this Agreement (such additional Restricted Stock Units, the “Dividend RSUs”).*

Scheduled Vesting: The Restricted Stock Units will vest in accordance with the schedule set forth in Appendices A and B (attached) and provisions of the Plan and this Agreement.

Settlement Date: For each Restricted Stock Unit that becomes vested, one Share will be issued in accordance with the terms specified in Appendices A and B.

Acceptance: You must accept this grant of Restricted Stock Units prior to the Acceptance Deadline, which is sixty (60) days from the Grant Date.

*Except as otherwise provided in this Agreement, or by the terms of the Plan, you will not vest in the Restricted Stock Units unless you remain employed by the Company or one of its Related Entities through the applicable Vesting Date.

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Your signature below indicates your agreement and understanding that this grant is subject to all of the terms and conditions contained in the Plan and this Agreement, including Appendix A and Appendix B. Important additional information on vesting, forfeiture and the actual issuance of the Shares in settlement of the Restricted Stock Units covered by this grant are contained in paragraphs 4 through 15 of Appendix A. PLEASE BE SURE TO READ ALL OF APPENDIX A AND APPENDIX B, WHICH CONTAIN THE SPECIFIC TERMS AND CONDITIONS OF THIS AGREEMENT.

THIS AGREEMENT MUST BE ACCEPTED BY YOU BY THE ACCEPTANCE DEADLINE, OR THIS GRANT OF RESTRICTED STOCK UNITS WILL AUTOMATICALLY BE CANCELED.

TD AMERITRADE HOLDING CORPORATION    

By:    

Title:        

ACCEPTED BY THE GRANTEE

___________________________________

Print Name

___________________________________

Signature

___________________________________

Acceptance Date (must be within sixty (60) days of the Grant Date)

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APPENDIX A

TERMS AND CONDITIONS OF RESTRICTED STOCK UNITS

1.Grant. The Company hereby grants to the Grantee under the Plan at the per share price of $.01, equal to the par value of a Share, the number of Restricted Stock Units indicated in the Notice of Grant, subject to all of the terms and conditions in the Agreement, Appendices A and B and the Plan.

2.No Payment of Purchase Price Necessary. When the Restricted Stock Units are settled through the issuance of Shares to the Grantee, the par value of the underlying Company Stock will be deemed paid by the Grantee for each Restricted Stock Unit through the past services rendered by the Grantee, and such deemed payment will be subject to the appropriate tax withholdings.

3.Company’s Obligation to Pay. Each Restricted Stock Unit represents a right to receive, on the Vesting Date, one Share for each vested Restricted Stock Unit. Unless and until the Restricted Stock Units have vested in the manner set forth in this Agreement and Appendices A and B, the Grantee will have no right to receive settlement of Shares underlying such Restricted Stock Units. Prior to the settlement of any vested Restricted Stock Units, such Restricted Stock Units will represent an unsecured obligation. Payment of any vested Restricted Stock Units will be made in Shares.

4.Vesting Schedule. Except as otherwise provided in paragraph 5of this Appendix A, the Restricted Stock Units awarded by this Agreement are scheduled to vest in accordance with the vesting schedule set forth in Appendix B. Restricted Stock Units scheduled to vest on any applicable date actually will vest only if the Grantee continues to be an Employee through such date.

5.Committee Discretion. The Committee, in its discretion, may accelerate the vesting of the balance, or some lesser portion of the balance, of the Restricted Stock Units at any time, subject to the terms of the Plan. If so accelerated, such Restricted Stock Units will be considered as having vested as of the date specified by the Committee.

6.Issuance of Shares after Vesting. Each Restricted Stock Unit that becomes vested under this Agreement will be settled by the Company through the issuance of Shares to the Grantee (or in the event of the Grantee’s death, to his or her estate), subject to paragraph 15, in accordance with the provisions specified in Appendix B.

7.Forfeiture Upon Ceasing to be an Employee. Other than as provided in paragraphs 9 through 14 and 30, and notwithstanding any contrary provision of this Agreement, Appendix A and Appendix B, the balance of the Restricted Stock Units that have not vested pursuant to paragraphs 4 or 5 at the time the Grantee ceases to be an Employee will be forfeited and automatically transferred to and reacquired by the Company at no cost to the Company. The Grantee shall not be entitled to a refund of any price paid for the Restricted Stock Units forfeited to the Company pursuant to this paragraph 7.

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8.Forfeiture or Repayment in Connection with Certain Events.

(a)Forfeiture or Repayment. Notwithstanding any contrary provision of this Agreement, Appendix A, Appendix B or the terms of any written agreement between the Company and the Grantee (including specifically any written employment, severance or change in control agreement) if the Committee determines (in its sole discretion, but acting in good faith) that a Clawback Event has occurred at any time while the Grantee is an Employee and such determination is made no later than three (3) years following the Grant Date, then: (i) the balance of the Restricted Stock Units that have not vested as of the date of such event may, in the sole discretion of the Committee, be forfeited and automatically transferred to and reacquired by the Company at no cost to the Company; (ii) any Shares previously issued under this Agreement to the Grantee for vested Restricted Stock Units that have not been sold, transferred or otherwise disposed of by the Grantee may, in the sole discretion of the Committee, be forfeited and automatically transferred to and reacquired by the Company at no cost to the Company; and (iii) if the Shares previously issued under this Agreement to the Grantee for vested Restricted Stock Units have been sold, transferred or otherwise disposed of by the Grantee, the Gain realized by the Grantee (or that would have been realized had the Grantee sold the Shares in an arms-length transaction) will be paid by the Grantee to the Company, if the Committee, in its sole discretion, requires such payment. If, with respect to subsections (ii) and/or (iii) in the preceding sentence, the Grantee refuses to transfer the Shares to the Company and/or make a payment to the Company equal to the Gain, the Company will, if directed by the Committee, in its sole discretion, and subject to applicable law (including any Code Section 409A considerations), recover the value of such Shares and/or Gain and, if applicable, the amount of its court costs, attorneys’ fees and other costs and expenses incurred in connection with enforcing this paragraph 8 by (w) reducing the amount that would otherwise be payable to the Grantee under any compensatory plan, program or arrangement maintained by the Company or any Subsidiary, (x) withholding payment of future increases in compensation (including the payment of any discretionary bonus amount) or grants of compensatory awards that would otherwise have been made in accordance with the Company’s (or a Subsidiary’s) otherwise applicable compensation practices, (y) reducing any severance benefits that would otherwise be payable or provided to the Grantee under any plan, program or arrangement maintained or entered into by the Company or any Subsidiary (including specifically under any employment or severance agreement) or (z) by any combination of the foregoing.

(b)Discretion to Reduce Amount Subject to Forfeiture or Repayment. In the event of a Clawback Event described in paragraph 8(c)(i)(A) below and the Restricted Stock Units were issued to the Grantee as payment (in whole or part) for an award earned under the Company’s Management Incentive Plan (or any other bonus plan of the Company), the Committee may, in its sole discretion, limit the amount to be forfeited by the Grantee and/or recovered from the Grantee to the amount by which the award earned under the applicable bonus plan exceeded the amount that would have been earned had the financial statements been initially filed as restated, as determined by the Committee in accordance with the terms and conditions of the applicable bonus plan. In the event the Committee exercises such discretion, if the award earned under the applicable bonus plan was paid in cash and the Restricted Stock Units, the Committee will have discretion to determine how the amount to be recovered will be allocated among the portion paid in cash and the portion paid in Restricted Stock Units. The amount of Restricted Stock Units, if any, subject to forfeiture or repayment will be covered

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in the following order: first, unvested Restricted Stock Units that remain outstanding; then, Shares previously issued under this Agreement to the Grantee for vested Restricted Stock Units that have not been sold, transferred or otherwise disposed of by the Grantee; and finally, Gain realized (or that would have been realized in an arms-length transaction) by the Grantee from the sale, transfer or disposition of Shares previously issued under this Agreement to the Grantee for vested Restricted Stock Units.

(c)Definitions.

(i)For purposes of this Agreement, Appendix A and Appendix B, a “Clawback Event” shall mean one or more of the following: (A) any of the Company’s financial statements are required to be restated resulting from fraud or willful misconduct by the Grantee or any other person, provided that the Grantee knew or should have known of such fraud or willful misconduct; or (B) any act of fraud, negligence or breach of fiduciary duty by the Grantee or any other person, provided that the Grantee knew or should have known of such fraud, negligence or breach of fiduciary duty, resulting in material loss, damage or injury to the Company.

(ii)For purposes of this Agreement, Appendix A and Appendix B, “Gain” shall mean the Fair Market Value of a Share on the date of sale, transfer or other disposition, multiplied by the number of Shares sold, transferred or otherwise disposed of.

(iii)For purposes of this Agreement, “Section 409A” means Section 409A of the Code, and any proposed, temporary or final Treasury Regulations and Internal Revenue Service guidance thereunder, as each may be amended from time to time.

(d)Restrictions on Sale of Stock Pending Determination of Clawback Event. If the Company reasonably believes that a Clawback Event has occurred, the Grantee understands and agrees that the Company may, in its sole discretion, restrict the Grantee’s ability to directly or indirectly sell, offer, contract or grant any option to sell (including without limitation any short sale), pledge, swap, hedge, transfer, or otherwise dispose of any shares of Company common stock held by the Grantee in his or her Company brokerage account (whether issued in connection with this Agreement or otherwise) pending a final determination by the Committee that a Clawback Event has or has not occurred. Such determination shall be made as soon as administratively practicable but in no event will the Grantee be restricted in accordance with the preceding sentence for more than that period of time reasonably necessary for the Committee to determine the existence of a Clawback Event. The Grantee further understands and agrees that that the Company shall have no responsibility or liability for any fluctuations that occur in the price of the Company’s common stock or for any potential loss or gain the Grantee could have realized from the sale of his or her shares of Company common stock during the period of time in which the Grantee is restricted in accordance with this paragraph 8(d).

(e)Change in Control. Notwithstanding any contrary provision of this Agreement, Appendix A or Appendix B, this paragraph 8 will expire and have no further force or effect upon a Change in Control. Solely with respect to this paragraph 8, a “Change in Control” shall not be deemed to have occurred if the Company’s outstanding Shares or substantially all of the Company’s assets are purchased by TD Bank Financial Group.

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(f)No Waiver. Any failure by the Company to assert the forfeiture and repayment rights under this paragraph with respect to specific claims against the Grantee shall not waive, or operate to waive, the Company’s right to later assert its rights hereunder with respect to other or subsequent claims against the Grantee.

(g)No Limitation on Remedies. The Company’s forfeiture and repayment rights under this paragraph shall be in addition to, and not in lieu of, actions the Company may take to remedy or discipline any misconduct by the Grantee including, but not limited to, termination of employment or initiation of appropriate legal action.

(h)Grantee Acknowledgement and Agreement. Without limiting the generality of any other provision herein regarding the Grantee’s understanding of and agreement to the terms and conditions of this Agreement, Appendix A and Appendix B, by signing this Agreement, the Grantee specifically acknowledges that he or she has read and understands this paragraph 8 and agrees to the terms and conditions of this paragraph, including but not limited to the forfeiture and repayment provisions of paragraph 8(a).

9.Death of Grantee. In the event that the Grantee ceases to be an Employee due to his or her death prior to the Vesting Date, the Restricted Stock Units will vest and be settled by the Company through the issuance of Shares in accordance with the provisions specified in Appendix B.

10.Disability of Grantee. In the event of the Grantee’s Disability (as defined in the Plan and within the meaning of Treasury Regulation Section 1.409A‑3(i)(4)(B)) that occurs (a) on or prior to the date that Employee ceases to be an Employee and (b) prior to the Vesting Date, the Restricted Stock Units will vest and be settled by the Company through the issuance of Shares in accordance with the provisions specified in Appendix B.

11.Retirement of Grantee. In the event that the Grantee ceases to be an Employee due to his or her Retirement (as defined below) prior to the Vesting Date, the Restricted Stock Units will vest and be settled by the Company through the issuance of Shares to the Grantee in accordance with the provisions specified in Appendix B. For the purposes of this Agreement, “Retirement” shall mean a termination of employment by the Company for any reason, other than “Cause” (as defined below in paragraph 12), after attaining age fifty-five (55) and after having at least ten (10) years of continuous service with the Company. For avoidance of doubt, a Grantee’s election to voluntarily terminate his or her employment due to Retirement will not entitle the Grantee to vesting and settlement of the Restricted Stock Units as otherwise contemplated by this Section 11.

12.Termination of Employment without Cause. In the event that the Grantee’s employment is terminated by the Company without “Cause” (as defined below) prior to the Vesting Date, then the actual number of Shares to be issued upon settlement of the Restricted Stock Units, so long as permissible by the terms of the Plan, will be determined as follows: (A) the total number of Restricted Stock Units subject to this award shall be pro-rated based on the number of twelve (12) month periods which have elapsed since the Date of Grant and through the date of the Grantee’s termination of employment, then such pro-rated number of Restricted Stock Units shall (B) vest in accordance with, and pursuant to, paragraph 4. For the purposes of this Agreement, “Cause” shall mean the Grantee’s: (a) failure to

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substantially perform his or her duties as an Employee, other than due to illness, injury or Disability; (b) willful engaging in conduct which is materially injurious to the Company; (c) misconduct involving serious moral turpitude, or any conviction of, or plea of nolo contendre to, a criminal offense arising out of a breach of trust, embezzlement or fraud committed against the Company by the Grantee in the course of the Grantee’s employment with the Company; (d) any violation of paragraph 14 of this Appendix A; or (e) any other action which might be considered “gross misconduct” under the Company’s applicable associate handbook.

13.Termination of Employment following Change in Control. In the event that the Grantee’s employment is terminated by the Company for any reason, other than for Cause (as defined above) within twenty-four (24) months following a Change in Control and prior to the Vesting Date, the Restricted Stock Units will vest and be settled by the Company through the issuance of Shares to the Grantee in accordance with the provisions specified in Appendix B.

14.Non-solicitation and Non-competition. The receipt of any Shares pursuant to this award will be subject to the Grantee (i) for the period of his employment with the Company and for a period of twenty-four (24) months  after the termination of his  employment with the Company, not directly or indirectly soliciting customers of the Company in an attempt to have such customers cease their relationship with the Company or soliciting any employee of the Company for employment with any employer other than the Company; and (ii) for the period of his employment with the Company and for a period of twenty-four (24) months after the termination of his employment with the Company, not directly or indirectly engaging in, having any ownership interest in or participating in any entity which is engaged in any activities and for any business competitive with any of the primary businesses conducted by the Company or any of its Subsidiaries.  The term “primary businesses” is defined as an on-line brokerage business, including active trader, long term investor and RIA custodial business segments, and also includes any such other business formally proposed to be conducted by the Company during the 12 month period prior to the Grantee’s date of termination. To the extent the Grantee has violated any term and condition of this paragraph 14, the Restricted Stock Units prior to settlement shall be forfeited pursuant to paragraph 7 and if Shares of Company Stock have already been issued to the Grantee, then the Grantee shall be required to either return the Shares or forfeit any gain recognized by the Grantee from the sale of such Shares.

15.Withholding of Taxes. When the Shares are issued in settlement for vested Restricted Stock Units (or, in the discretion of the Company, at such earlier date as the tax withholding obligations become due) the Company (or the employing Related Entity) will withhold a portion of the Shares or cash otherwise issuable in settlement for vested Restricted Stock Units that have an aggregate market value sufficient to pay the minimum federal, state and local income, employment and any other applicable taxes required to be withheld by the Company (or the employing Related Entity) with respect to the Shares. Withholding will occur at the time that the Company (or the employing Related Entity) determines is necessary or appropriate to comply with applicable law, which may be before the Restricted Stock Units are due to be settled. No fractional Shares will be withheld or issued pursuant to the grant of Restricted Stock Units and the issuance of Shares thereunder. By accepting this Award, the Grantee expressly consents to the withholding of Shares as provided for in this paragraph 15. All income and

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other taxes and withholding related to the Restricted Stock Unit award and any Shares delivered in payment thereof are the sole responsibility of the Grantee.

16.Rights as Stockholder. Except as provided pursuant to the Dividend Equivalent Rights provided in paragraph 30, neither the Grantee nor any person claiming under or through the Grantee shall have any of the rights or privileges of a stockholder of the Company in respect of any Shares deliverable hereunder unless and until certificates representing such Shares (which may be in book entry form) shall have been issued, recorded on the records of the Company or its transfer agents or registrars, and delivered to the Grantee (including through electronic delivery to a brokerage account) after the Vesting Date. After such issuance, recordation and delivery, the Grantee will have all the rights of a stockholder of the Company with respect to voting such Shares and receipt of dividends and distributions on such Shares.

17.No Effect on Employment or Service. The Grantee acknowledges and agrees that this Agreement and Appendices A and B and the transactions contemplated hereunder do not constitute an express or implied promise of continued service or employment as an Employee for any period, or at all, and shall not interfere with the Grantee’s right or the Company’s (or employing Related Entity’s) right to terminate the Grantee’s relationship as an Employee at any time, with or without Cause.

18.Address for Notices. Any notice to be given to the Company under the terms of this Agreement shall be addressed to the Company, in care of its General Counsel, at 6940 Columbia Gateway Drive, Suite 200, Columbia, Maryland 21046, or at such other address as the Company may hereafter designate in writing.

19.Grant is Not Transferable. Except to the limited extent provided in paragraph 9 above, this grant and the rights and privileges conferred hereby shall not be transferred, assigned, pledged or hypothecated in any way (whether by operation of law or otherwise) and shall not be subject to sale under execution, attachment or similar process. Upon any attempt to transfer, assign, pledge, hypothecate or otherwise dispose of this grant, or of any right or privilege conferred hereby, or upon any attempted sale under any execution, attachment or similar process, this grant and the rights and privileges conferred hereby immediately shall become null and void.

20.Restrictions on Sale of Stock. The Shares issued as settlement for the payment for any vested Restricted Stock Units awarded under this Agreement will be registered under the federal securities laws and will be freely tradable upon receipt. However, the Grantee’s subsequent sale of the Shares will be subject to paragraph 8(d) above, any market blackout-period that may be imposed by the Company and must comply with the Company’s insider trading policies, and any other applicable securities laws. In addition, the Shares issued as settlement for the payment of any vested Restricted Stock Units awarded under this Agreement will also be subject to any applicable ownership guidelines and Share ownership holding periods which may be currently in effect under the Company’s trading policy.

21.Binding Agreement. Subject to the limitation on the transferability of this grant contained herein, this Agreement shall be binding upon and inure to the benefit of the heirs, legatees, legal representatives, successors and assigns of the parties hereto.

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22.Conditions for Issuance of Certificates for Stock. The Shares deliverable to the Grantee may be either previously authorized but unissued Shares or issued Shares which have been reacquired by the Company. The Company shall not be required to issue any certificate or certificates for Shares hereunder prior to fulfillment of all the following conditions: (a) the admission of such Shares to listing on all stock exchanges on which such class of stock is then listed; and (b) the completion of any registration or other qualification of such Shares under any state or federal law or under the rulings or regulations of the Securities and Exchange Commission or any other governmental regulatory body, which the Committee shall, in its absolute discretion, deem necessary or advisable; and (c) the obtaining of any approval or other clearance from any state or federal governmental agency, which the Committee shall, in its absolute discretion, determine to be necessary or advisable.

23.Plan Governs. This Agreement and Appendices A and B is subject to all terms and provisions of the Plan. In the event of a conflict between one or more provisions of this Agreement and Appendices A and B and one or more provisions of the Plan, the provisions of the Plan shall govern. Capitalized terms used and not defined in this Agreement and Appendices A and B shall have the meaning set forth in the Plan.

24.Committee Authority. The Committee shall have the power to interpret the Plan and this Agreement and Appendices A and B and to adopt such rules for the administration, interpretation and application of the Plan as are consistent therewith and to interpret or revoke any such rules (including, but not limited to, the determination of whether or not any Restricted Stock Units have vested). All actions taken and all interpretations and determinations made by the Committee shall be final and binding upon the Grantee, the Company and all other persons. The Committee shall not be personally liable for any action, determination or interpretation made in good faith with respect to the Plan or this Agreement and Appendices A and B.

25.Captions. Captions provided herein are for convenience only and are not to serve as a basis for interpretation or construction of this Agreement and Appendices A and B.

26.Agreement Severable. In the event that any provision in this Agreement and Appendices A and B shall be held invalid or unenforceable, such provision shall be severable from, and such invalidity or unenforceability shall not be construed to have any effect on, the remaining provisions of this Agreement and Appendices A and B.

27.Entire Agreement. Other than to the extent any written employment agreement between the Grantee and the Company provides for (a) treatment different or (b) the definition of terms different, than that which is provided by this Agreement and Appendices A and B, this Agreement and Appendices A and B constitutes the entire understanding of the parties on the subjects covered. The Grantee expressly warrants that he or she is not executing this Agreement and Appendices A and B in reliance on any promises, representations, or inducements other than those contained herein.

28.Modifications to the Agreement. The Grantee expressly warrants that he or she is not accepting this Agreement in reliance on any promises, representations, or inducements other than those contained herein. Modifications to this Agreement or the Plan can be made only in an express written contract executed by a duly authorized officer of the Company.

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29.Amendment, Suspension or Termination of the Plan. By accepting this award, the Grantee expressly warrants that he or she has a right to receive Shares under, and subject to the terms and conditions of, the Plan and this Agreement and Appendices A and B, and has received, read and understood the Plan and this Agreement and Appendices A and B. The Grantee understands that the Plan is discretionary in nature and may be modified, suspended or terminated by the Company at any time.

30.Dividend Equivalent Rights. Subject to the provisions of this paragraph 30, the number of Restricted Stock Units subject to this Agreement shall be increased by such additional Restricted Stock Units in an amount determined by the following formula: X = (A x B) / C; where:

•“X” is the number of whole Restricted Stock Units to be credited (which shall be rounded down to the next whole Share as no fractional Shares shall be credited pursuant to this Dividend Equivalent Right);

•“A” is the amount of cash dividends paid by the Company to stockholders with respect to one Share;

•“B” is the number of whole Restricted Stock Units remaining subject to this Agreement as of the cash dividend record date but immediately prior to the application of this paragraph 30; and

•“C” is the Fair Market Value of a Share on the cash dividend payment date.

The Grantee will be entitled to such Dividend RSUs only if the Grantee remains an Employee continuously through the applicable Record Date, provided, however, that after the Grantee ceases to be an Employee, the Grantee will continue to be eligible to receive Dividend RSUs with respect to any Vested RSUs (as defined in Appendix B) that remain outstanding and that otherwise have not been paid to the Grantee. If a Settlement Date occurs before the cash dividend payment date, and the Grantee (if eligible in accordance with the preceding sentence) did not otherwise receive any additional Restricted Stock Units with respect to such Shares issued on the applicable Settlement Date, the Grantee shall nevertheless be entitled to receive either Shares or cash in lieu of such Restricted Stock Units, as determined by the Committee, in an amount determined pursuant to this paragraph 30, which shall be immediately settled through the issuance of Shares or cash, as applicable, on the cash dividend payment date (or as soon as reasonably practicable thereafter but not later than thirty (30) days after the dividend payment date) by deposit to the Grantee’s Company brokerage account. Any Shares payable pursuant to Dividend RSUs will be subject to the same terms and conditions and shall be settled in the same manner and at the same time as to which applied to each underlying Share pursuant to which the Dividend Equivalent Rights were paid, as set forth in this Appendix A and in Appendix B.

31.Code Section 409A.

(a)Notwithstanding anything to the contrary in the Agreement, Appendices A and B and/or the Plan, if the Grantee is a “specified employee” within the meaning of Section 409A (as defined below) at the time of the Grantee’s separation from service, then any payment of Shares pursuant to

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Vested RSUs (if any) that otherwise would be payable in connection with the Grantee’s separation from service within the six (6) month period immediately following the date of the Grantee’s separation of service will not be made until the date that is six (6) months and one (1) day following the date of the Grantee’s separation from service, unless the Grantee dies following his separation from service, in which case, the Vested RSUs (as defined in Appendix B) not otherwise paid to the Grantee will be paid in Shares to the administrator or executor of the Grantee’s estate, on a date as soon as practicable after the date of the Grantee’s death and all other payments will be payable in accordance with the payment schedule applicable to each payment or benefit.

(b)It is the intent of this Agreement and Appendices A and B that the payments and benefits provided under this Agreement and Appendices A and B comply with the requirements of Section 409A so that none of the payments and benefits provided under this Agreement and Appendices A and B or Shares issuable hereunder will be subject to the additional tax imposed under Section 409A, and any ambiguities or ambiguous terms herein will be interpreted to so comply. Each payment and benefit payable under this Agreement and Appendices A and B is intended to constitute a separate payment under Section 1.409A-2(b)(2) of the Treasury Regulations. The Company and the Grantee agree to work together in good faith to consider amendments to this Agreement and Appendices A and B and to take such reasonable actions which are necessary, appropriate or desirable to avoid imposition of any additional tax or income recognition, before actual payment to the Grantee, under Section 409A. In no event will the Grantee have discretion, directly or indirectly, to determine the taxable year of any payments under this Agreement. In no event will the Company (or any Related Entity) reimburse the Grantee for any taxes or other costs that may be imposed on the Grantee as a result of Section 409A.

(c)Notwithstanding anything to the contrary in the Agreement, Appendices A and B and/or the Plan, any references to the Grantee’s cessation of his status as an Employee, termination of employment, or similar terms will mean the Grantee’s separation from service within the meaning of Section 409A, and the Termination Date (as defined in Appendix B), will mean the date of the Grantee’s separation from service within the meaning of Section 409A.

32.Notice of Governing Law. This grant of Restricted Stock Units shall be governed by, and construed in accordance with, the laws of the State of Nebraska without regard to principles of conflict of laws.

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APPENDIX B

VESTING SCHEDULE

OF RESTRICTED STOCK UNITS

The vesting of the Restricted Stock Units subject to this award shall be determined based on the following schedule (except as otherwise provided in Appendix A):

The Vesting Date shall be the third (3^rd) anniversary of the Date of Grant. One hundred percent (100%) of the Restricted Stock Units shall become vested on such Vesting Date.

The Restricted Stock Units subject to this award that vest, if any (the “Vested RSUs”), will be settled subject to paragraphs 15 and 31 of Appendix A as follows:

The Settlement Date of any Vested RSUs will be the date on which Shares are issued to the Grantee with respect to the Vested RSUs. The Settlement Date or Dates shall be determined as follows.

(a)Termination Other Than Due to Death or Disability. If Grantee ceases to be an Employee (such date, the “Termination Date”) for any reason, including Grantee’s ceasing to be an Employee for any of the reasons described in paragraphs 11 through 13 of Appendix A, but prior to the Grantee’s death or Disability, then any Vested RSUs will be paid in accordance with the following schedule:

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(i)Base RSUs. The Base RSUs that have become Vested RSUs will be settled and paid to the Grantee in Shares on the applicable Settlement Date as set forth in the table below:

	Shares to be Paid on the Settlement Date	Settlement Date
1	One tenth (1/10) of the number of Base RSUs that have become Vested RSUs that are outstanding as of the applicable Settlement Date	Within thirty (30) days following the Termination Date
2	One ninth (1/9) of the number of Base RSUs that have become Vested RSUs that remain outstanding as of the applicable Settlement Date	One (1) year anniversary of the Termination Date
3	One eighth (1/8) of the number of Base RSUs that have become Vested RSUs that remain outstanding as of the applicable Settlement Date	Two (2) year anniversary of the Termination Date
4	One seventh (1/7) of the number of Base RSUs that have become Vested RSUs that remain outstanding as of the applicable Settlement Date	Three (3) year anniversary of the Termination Date
5	One sixth (1/6) of the number of Base RSUs that have become Vested RSUs that remain outstanding as of the applicable Settlement Date	Four (4) year anniversary of the Termination Date
6	One fifth (1/5) of the number of Base RSUs that have become Vested RSUs that remain outstanding as of the applicable Settlement Date	Five (5) year anniversary of the Termination Date
7	One fourth (1/4) of the number of Base RSUs that have become Vested RSUs that remain outstanding as of the applicable Settlement Date	Six (6) year anniversary of the Termination Date
8	One third (1/3) of the number of Base RSUs that have become Vested RSUs that remain outstanding as of the applicable Settlement Date	Seven (7) year anniversary of the Termination Date
9	One half (1/2) of the number of Base RSUs that have become Vested RSUs that remain outstanding as of the applicable Settlement Date	Eight (8) year anniversary of the Termination Date
10	The total number of Base RSUs that have become Vested RSUs that remain outstanding as of the applicable Settlement Date	Nine (9) year anniversary of the Termination Date

(ii)Dividend RSUs. Any Dividend RSUs to which the Grantee becomes entitled pursuant to paragraph 30 of Appendix A will be settled in the same manner and at the same time that applies to the corresponding Vested RSU pursuant to which the Dividend Equivalent Rights were paid.

(iii)Example 1. For example and for illustrative purposes only, assume that on December 1, 2016, Grantee ceases to be an Employee for a reason other than due to his death or Disability. Assume also that as of the same date, 1,000 Restricted Stock Units are Vested RSUs and Grantee has become entitled to no Dividend RSUs. In this example, 100 Shares will be paid to Grantee on December 1 of each of calendar years 2017 through 2026.

(iv)Example 2. Assume the same facts as Example 1 above, except that in this Example 2, as of December 1, 2017, the first date on which 100 Shares will be paid to Grantee (the “First Installment RSUs”), Grantee has become entitled to receive 50 Dividend RSUs, of which 5 Dividend RSUs are attributable to the First Installment RSUs. In that case, an additional 5 Shares (or a total of 105 Shares) will be paid to Grantee on December 1, 2017, and the remaining 45 Dividend RSUs will be paid to Grantee in the same manner and at the same time as the corresponding remaining Vested RSUs.

(b)Death. In the event of the Grantee’s death that occurs (i) on or prior to the date the Grantee ceases to be an Employee and (ii) on or prior to the date of the Grantee’s Disability, any

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Vested RSUs will be paid in a single lump sum payment to the administrator or executor of the Grantee’s estate and the Settlement Date will be as soon as practicable after the Grantee’s death, but no later than ninety (90) days after the date of the Grantee’s death. The Company may require any administrator or executor of the Grantee’s estate to furnish (a) written notice of his or her status as transferee, or (b) evidence satisfactory to the Company to establish the validity of the transfer and compliance with Applicable Laws pertaining to the transfer of the Shares underlying the Restricted Stock Units.

(c)Disability. In the event of the Grantee’s Disability that occurs on or prior to the date that the Grantee ceases to be an Employee, any Vested RSUs will be paid in a single lump sum payment to the Grantee and the Settlement Date will be as soon as practicable after the date of the Grantee’s Disability, but no later than ninety (90) days after the date of the Grantee’s Disability.

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EX-15.1

EXHIBIT 15.1

Awareness Letter of Independent Registered Public Accounting Firm

The Board of Directors

TD Ameritrade Holding Corporation

We are aware of the incorporation by reference in the following Registration Statements of TD Ameritrade Holding Corporation:

(1) Registration Statement (Form S-8 No. 333-132016)

(2) Registration Statement (Form S-8 No. 333-105336)

(3) Registration Statement (Form S-8 No. 333-86164)

(4) Registration Statement (Form S-8 No. 333-77573) pertaining to the Associates’ 401(k) Profit Sharing Plan and Trust

(5) Registration Statement (Form S-8 No. 333-160073)

(6) Registration Statement (Form S-3 No. 333-163211)

(7) Registration Statement (Form S-3 No. 333-185286)

of our report dated August 7, 2015 relating to the unaudited condensed consolidated interim financial statements of TD Ameritrade Holding Corporation that are included in its Form 10-Q for the quarter ended June 30, 2015.

/s/ ERNST & YOUNG LLP

Chicago, Illinois

August 7, 2015

EX-31.1

EXHIBIT 31.1

CERTIFICATION

I, Fredric J. Tomczyk, certify that:

1. I have reviewed this quarterly report on Form 10-Q of TD Ameritrade Holding Corporation;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors:

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 7, 2015

/S/ FREDRIC J. TOMCZYK

Fredric J. Tomczyk

President and Chief Executive Officer

EX-31.2

EXHIBIT 31.2

CERTIFICATION

I, William J. Gerber, certify that:

1. I have reviewed this quarterly report on Form 10-Q of TD Ameritrade Holding Corporation;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors:

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 7, 2015

/s/ WILLIAM J. GERBER

William J. Gerber

Executive Vice President, Chief Financial Officer

EX-32.1

EXHIBIT 32.1

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350 AS ADOPTED

PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

The undersigned hereby certify that the Quarterly Report on Form 10-Q for the quarter ended June 30, 2015 filed by TD Ameritrade Holding Corporation with the Securities and Exchange Commission fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and that information contained in the report fairly presents, in all material respects, the financial condition and results of operations of TD Ameritrade Holding Corporation.

Dated:	August 7, 2015	/s/ FREDRIC J. TOMCZYK
		Fredric J. Tomczyk
		President, Chief Executive Officer
Dated:	August 7, 2015	/s/ WILLIAM J. GERBER
		William J. Gerber
		Executive Vice President,
		Chief Financial Officer

XML

Notes Payable and Long-term Debt - Cash Flow Hedging - Additional Information (Details) - USD ($)		9 Months Ended
	Jan. 17, 2014	Jun. 30, 2015	Oct. 17, 2014	Sep. 30, 2014
Debt Instrument [Line Items]
Face Value				$ 1,219,000,000
Forward Starting Interest Rate Swap [Member]
Debt Instrument [Line Items]
Forward-starting interest rate swap contract settlement date range - start	Jan. 17, 2014
Aggregate notional amount of forward-starting interest rate swap contracts	$ 500,000,000
Amount Paid To Settle Forward Starting Interest Rate Swap Contracts			$ 45,000,000
Loss on Cash Flow Hedge Ineffectiveness		$ 500,000
Amount of Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net		$ 4,400,000
Description of Reclassification of Interest Rate Cash Flow Hedge Gain (Loss)		12 months
3.625% Notes due 2025 [Member]
Debt Instrument [Line Items]
Face Value		$ 500,000,000

XML

Accumulated Other Comprehensive Income (Loss) Net Change (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Cash Flow Hedging Instruments [Abstract]
Net unrealized loss	$ 0	$ (15)	$ (15)	$ (24)
Net unrealized loss, tax effect	0	6	5	9
Net unrealized loss, net of tax	0	(9)	(10)	(15)
Reclassification adjustment for portion of realized loss amortized to net income	1	0	3	0
Reclassification adjustment for portion of realized loss amortized to net income, tax effect	(1)	0	(1)	0
Reclassification adjustment for portion of realized loss amortized to net income, net of tax	0	0	2	0
Total other comprehensive income (loss), before tax	1	(15)	(12)	(24)
Income tax effect	(1)	6	4	9
Total other comprehensive income (loss), net of tax	$ 0	$ (9)	$ (8)	$ (15)

XML

Commitments and Contingencies - Summary of Cash Deposited with and Securities Pledged to Clearinghouses (Detail) - USD ($) $ in Millions	Jun. 30, 2015	Sep. 30, 2014
Cash Deposited with and Securities Pledged to Clearinghouses [Line Items]
Cash deposited and securities pledged	$ 469	$ 285
Cash [Member] | Receivable from brokers, dealers and clearing organizations [Member]
Cash Deposited with and Securities Pledged to Clearinghouses [Line Items]
Cash deposited and securities pledged	284	104
U.S. Government Debt Securities [Member] | Securities owned [Member]
Cash Deposited with and Securities Pledged to Clearinghouses [Line Items]
Cash deposited and securities pledged	$ 185	$ 181

XML

Accumulated Other Comprehensive Income (Loss) Balance Rollforward (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Accumulated Other Comprehensive Income (Loss) Balance Rollforward [Line Items]
Beginning balance			$ (18)
Total other comprehensive income (loss), net of tax	$ 0	$ (9)	(8)	$ (15)
Ending balance	(26)		(26)
Forward Starting Interest Rate Swap [Member]
Accumulated Other Comprehensive Income (Loss) Balance Rollforward [Line Items]
Beginning balance	(26)	(6)	(18)	0
Other comprehensive loss, before reclassification	0	(9)	(10)	(15)
Amounts reclassified from accumulated other comprehensive loss, net of tax	0	0	2	0
Total other comprehensive income (loss), net of tax	0	(9)	(8)	(15)
Ending balance	$ (26)	$ (15)	$ (26)	$ (15)

XML

Commitments and Contingencies - Additional Information (Detail) - USD ($)		12 Months Ended
	Mar. 26, 2015	Sep. 30, 2008	Jun. 30, 2015	Sep. 30, 2014
Contingencies And Commitments [Line Items]
Yield Plus Fund's stated objective to maintain a per share net asset value		$ 1.00
Company Cash Contribution Toward Class Settlement Fund	$ 3,750,000
Contingent liability for guarantees to securities clearinghouses and exchanges			$ 0	$ 0
Minimum [Member]
Contingencies And Commitments [Line Items]
Aggregate range of reasonably possible losses in excess of amounts accrued			0
Maximum [Member]
Contingencies And Commitments [Line Items]
Aggregate range of reasonably possible losses in excess of amounts accrued			$ 35,000,000

XML

Cash and Investments Segregated and on Deposit for Regulatory Purposes (Detail) - USD ($) $ in Millions	Jun. 30, 2015	Sep. 30, 2014
Restricted Cash and Cash Equivalents Items [Line Items]
Cash and investments segregated and on deposit for regulatory purposes	$ 4,425	$ 5,116
U.S. Government Debt Securities [Member]
Restricted Cash and Cash Equivalents Items [Line Items]
Cash and investments segregated and on deposit for regulatory purposes	2,305	3,070
Reverse Repurchase Agreements (collateralized by U.S. government debt securities) [Member]
Restricted Cash and Cash Equivalents Items [Line Items]
Cash and investments segregated and on deposit for regulatory purposes	1,236	1,193
Cash in Demand Deposit Accounts [Member]
Restricted Cash and Cash Equivalents Items [Line Items]
Cash and investments segregated and on deposit for regulatory purposes	646	617
Cash on Deposit with Futures Commission Merchant [Member]
Restricted Cash and Cash Equivalents Items [Line Items]
Cash and investments segregated and on deposit for regulatory purposes	163	186
U.S. Government Debt Securities on Deposit with Futures Commission Merchant [Member]
Restricted Cash and Cash Equivalents Items [Line Items]
Cash and investments segregated and on deposit for regulatory purposes	$ 75	$ 50

XML

Related Party Transactions - Additional Information (Detail)	9 Months Ended
	Jun. 30, 2015 USD ($) board_of_directors_member	Sep. 30, 2014 USD ($)
Related Party Transaction [Line Items]
Toronto-Dominion Bank percentage of ownership in the Company	41.00%
Toronto-Dominion Bank's right to designate to the Company's board of directors | board_of_directors_member	5
Board of Directors Total Members | board_of_directors_member	12
Adjustments required to adjust variable rate leg of interest rate swaps under current IDA Agreement	1 month
Contingent liability carried on the condensed consolidated balance sheets for the Insured Deposit Account Agreement	$ 0	$ 0
Insured Deposit Account Agreement Fee Example [Member]
Related Party Transaction [Line Items]
Amount of deposits, in the insured deposit account agreement fee example	$ 100,000,000
Term of deposits invested in fixed rate investments, in the insured deposit account agreement fee example	5 years
Term of fixed rate investments that deposits are invested in, in the insured deposit account agreement fee example	5 years
Fixed yield for applicable LIBOR-based swaps, in the insured deposit account agreement fee example	1.45%
Gross fixed yield earned on deposits, in the insured deposit account agreement fee example	1.45%
Current IDA Agreement [Member]
Related Party Transaction [Line Items]
Agreement effective date	Jan. 01, 2013
Agreement expiration date	Jul. 01, 2018
Agreement successive renewal terms	5 years
Prior written notice period for termination of agreement by any party	2 years
Number Of Primary Components Of Fee Earned On Ida Agreement	2
Percentage of fixed rate notional investments	77.00%
Percentage of floating rate investments	23.00%
Deposit amount threshold for floating-rate or fixed-rate notional investments with a maturity of up to 24 months subject to servicing fee adjustment	$ 20,000,000,000
Current IDA Agreement [Member] | Minimum [Member]
Related Party Transaction [Line Items]
Servicing fee percentage (in basis points)	0.03%
Current IDA Agreement [Member] | Maximum [Member]
Related Party Transaction [Line Items]
Servicing fee percentage (in basis points)	0.25%
Short-term fixed-rate notional investments maturity	24 months
Current IDA Agreement [Member] | New Fixed Rate Notional Investments [Member]
Related Party Transaction [Line Items]
Event 1 Federal Funds effective rate minimum	0.75%
Term of U.S. dollar interest rate swaps	5 years
Event 2 Minimum Rate on five-year U.S. dollar interest rate swaps for 20 consecutive business days	1.50%
Event 2 number of consecutive business days required above the minimum rate on U.S. dollar interest rate swaps for reduction in rate earned by Company in the case of Event 1 and Event 2	20 days
The percentage used in the calculation to reduce the rate earned by the Company on new fixed-rate notional investments in the case of event 1 and event 2	20.00%
Maximum reduction to rate earned by Company in the case of event 1 and event 2	0.10%

XML

Capital Requirements (Tables)

9 Months Ended

Jun. 30, 2015

Regulatory Capital Requirements [Abstract]

Net Capital and Net Capital Requirements for Company's Broker-dealer Subsidiaries

Net capital and net capital requirements for the Company’s broker-dealer subsidiaries are summarized in the following tables (dollars in millions):

TD Ameritrade Clearing, Inc.
Date	Net Capital		Required Net Capital (2% of Aggregate Debit Balances)		Net Capital in Excess of Required Net Capital		Net Capital in Excess of Early Warning Threshold (5% of Aggregate Debit Balances)		Ratio of Net Capital to Aggregate Debit Balances
June 30, 2015	$	1,533	$	307	$	1,226	$	766	9.99	%
September 30, 2014	$	1,569	$	280	$	1,289	$	868	11.19	%

TD Ameritrade, Inc.
Date	Net Capital		Required Net Capital (8% of Total Risk Margin or $250,000 Minimum Dollar Requirement)		Net Capital in Excess of Required Net Capital		Net Capital in Excess of Early Warning Threshold (110% or 120% of Required Net Capital)
June 30, 2015	$	264	$	—	$	264	$	263
September 30, 2014	$	347	$	17	$	330	$	328

Net Capital and Net Capital Requirements for Company's FCM Subsidiary

During October 2014, TDAFF registered as an FCM with the CFTC. TDAFF is subject to CFTC Regulation 1.17 under the Commodity Exchange Act, which requires the maintenance of minimum net capital as described above. Net capital and net capital requirements for TDAFF are summarized in the following table (dollars in millions):

TD Ameritrade Futures & Forex LLC
Date	Net Capital		Required Net Capital (8% of Total Risk Margin)		Net Capital in Excess of Required Net Capital	Net Capital in Excess of Early Warning Threshold (110% of Required Net Capital)
June 30, 2015	$	57	$	11	46	$	45
September 30, 2014	N/A		N/A		N/A	N/A

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Fair Value Disclosures - Additional Information (Detail) - USD ($) $ in Millions	9 Months Ended
	Jun. 30, 2015	Sep. 30, 2014
Fair Value Disclosures [Abstract]
Maximum range of cash and cash equivalents original maturity	3 months
Reverse repurchase agreements generally have a maturity	7 days
Debt Instrument [Line Items]
Long-term debt	$ 1,810	$ 1,101
Senior Notes [Member]
Debt Instrument [Line Items]
Aggregate estimated fair value of the Senior Notes	1,819	1,081
Long-term debt	$ 1,785	$ 1,032

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Notes Payable and Long-Term Debt - Balance Sheet Impact of Hedging Instruments - Additional Information (Details) - Cash [Member] - USD ($) $ in Millions	Jun. 30, 2015	Sep. 30, 2014
Forward Starting Interest Rate Swap [Member]
Debt Instrument [Line Items]
Pledged Collateral To The Interest Rate Swap Counterparty Aggregate Fair Value		$ 43
Pay Variable Interest Rate Swap [Member]
Debt Instrument [Line Items]
Pledged Collateral From Interest Rate Swap Counter Party Aggregate Fair Value	$ 39	$ 47

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Notes Payable and Long-Term Debt - Fair Value Hedging - Additional Information (Detail) - Jun. 30, 2015 - USD ($)	Total
5.600% Notes due 2019 [Member]
Debt Instrument [Line Items]
Debt instrument interest rate stated percentage	5.60%
Due date of Senior Notes	Dec. 01, 2019
3.625% Notes due 2025 [Member]
Debt Instrument [Line Items]
Debt instrument interest rate stated percentage	3.625%
Due date of Senior Notes	Apr. 01, 2025
2019 and 2025 Notes [Member]
Debt Instrument [Line Items]
Weighted-average effective interest rate	2.02%
Pay Variable Interest Rate Swap [Member]
Debt Instrument [Line Items]
Notional amount of interest rate swaps on Notes	$ 500,000,000
Debt Instrument, Description of Variable Rate Basis	three-month LIBOR
Pay Variable Interest Rate Swap [Member] | 5.600% Notes due 2019 [Member]
Debt Instrument [Line Items]
Variable interest rate on swaps in excess of LIBOR rate, percentage	2.3745%
Pay Variable Interest Rate Swap [Member] | 3.625% Notes due 2025 [Member]
Debt Instrument [Line Items]
Variable interest rate on swaps in excess of LIBOR rate, percentage	1.1022%

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Offsetting Assets and Liabilities Offsetting Assets and Liabilities - Disaggregation of Secured Lending Transactions (Details) $ in Millions	Jun. 30, 2015 USD ($)
Disaggregation of Gross Securities Lending Transactions [Line Items]
Deposits received for securities loaned, gross	$ 2,363
Equity Securities [Member]
Disaggregation of Gross Securities Lending Transactions [Line Items]
Deposits received for securities loaned, gross	2,132
Exchange Traded Funds [Member]
Disaggregation of Gross Securities Lending Transactions [Line Items]
Deposits received for securities loaned, gross	137
Closed-end Funds [Member]
Disaggregation of Gross Securities Lending Transactions [Line Items]
Deposits received for securities loaned, gross	57
Other Securities [Member]
Disaggregation of Gross Securities Lending Transactions [Line Items]
Deposits received for securities loaned, gross	$ 37

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Condensed Consolidating Financial Information - Schedule of Condensed Consolidating Balance Sheet (Unaudited) (Detail) - USD ($) $ in Millions	Jun. 30, 2015	Sep. 30, 2014	Jun. 30, 2014	Sep. 30, 2013
ASSETS
Cash and cash equivalents	$ 2,233	$ 1,460	$ 1,260	$ 1,062
Cash and investments segregated and on deposit for regulatory purposes	4,425	5,116
Receivable from brokers, dealers and clearing organizations	1,144	1,108
Receivable from clients, net	12,868	11,639
Investments in subsidiaries	0	0
Receivable from affiliates	107	99
Goodwill	2,467	2,467
Acquired intangible assets, net	684	751
Other, net	1,231	1,191
Total assets	25,159	23,831
Liabilities:
Payable to brokers, dealers and clearing organizations	2,414	2,421
Payable to clients	15,070	14,497
Accounts payable and other liabilities	568	595
Payable to affiliates	6	5
Notes payable	0	150
Long-term debt	1,810	1,101
Deferred income taxes	298	314
Total liabilities	20,166	19,083
Stockholders’ equity	4,993	4,748
Total liabilities and stockholders’ equity	25,159	23,831
Eliminations [Member]
ASSETS
Cash and cash equivalents	0	0
Cash and investments segregated and on deposit for regulatory purposes	0	0
Receivable from brokers, dealers and clearing organizations	0	0
Receivable from clients, net	0	0
Investments in subsidiaries	(11,502)	(11,622)
Receivable from affiliates	(6)	(11)
Goodwill	0	0
Acquired intangible assets, net	0	0
Other, net	(57)	(54)
Total assets	(11,565)	(11,687)
Liabilities:
Payable to brokers, dealers and clearing organizations	0	0
Payable to clients	0	0
Accounts payable and other liabilities	(13)	(13)
Payable to affiliates	(6)	(11)
Notes payable		0
Long-term debt	0	0
Deferred income taxes	(44)	(41)
Total liabilities	(63)	(65)
Stockholders’ equity	(11,502)	(11,622)
Total liabilities and stockholders’ equity	(11,565)	(11,687)
Parent [Member]
ASSETS
Cash and cash equivalents	956	117	173	199
Cash and investments segregated and on deposit for regulatory purposes	0	0
Receivable from brokers, dealers and clearing organizations	0	0
Receivable from clients, net	0	0
Investments in subsidiaries	5,808	5,868
Receivable from affiliates	6	11
Goodwill	0	0
Acquired intangible assets, net	0	0
Other, net	116	156
Total assets	6,886	6,152
Liabilities:
Payable to brokers, dealers and clearing organizations	0	0
Payable to clients	0	0
Accounts payable and other liabilities	83	153
Payable to affiliates	0	0
Notes payable		150
Long-term debt	1,810	1,101
Deferred income taxes	0	0
Total liabilities	1,893	1,404
Stockholders’ equity	4,993	4,748
Total liabilities and stockholders’ equity	6,886	6,152
Guarantor Subsidiary [Member]
ASSETS
Cash and cash equivalents	2	2	3	7
Cash and investments segregated and on deposit for regulatory purposes	0	0
Receivable from brokers, dealers and clearing organizations	0	0
Receivable from clients, net	0	0
Investments in subsidiaries	5,694	5,754
Receivable from affiliates	3	2
Goodwill	0	0
Acquired intangible assets, net	146	146
Other, net	15	16
Total assets	5,860	5,920
Liabilities:
Payable to brokers, dealers and clearing organizations	0	0
Payable to clients	0	0
Accounts payable and other liabilities	0	0
Payable to affiliates	0	0
Notes payable		0
Long-term debt	0	0
Deferred income taxes	52	52
Total liabilities	52	52
Stockholders’ equity	5,808	5,868
Total liabilities and stockholders’ equity	5,860	5,920
Non-Guarantor Subsidiaries [Member]
ASSETS
Cash and cash equivalents	1,275	1,341	$ 1,084	$ 856
Cash and investments segregated and on deposit for regulatory purposes	4,425	5,116
Receivable from brokers, dealers and clearing organizations	1,144	1,108
Receivable from clients, net	12,868	11,639
Investments in subsidiaries	0	0
Receivable from affiliates	104	97
Goodwill	2,467	2,467
Acquired intangible assets, net	538	605
Other, net	1,157	1,073
Total assets	23,978	23,446
Liabilities:
Payable to brokers, dealers and clearing organizations	2,414	2,421
Payable to clients	15,070	14,497
Accounts payable and other liabilities	498	455
Payable to affiliates	12	16
Notes payable		0
Long-term debt	0	0
Deferred income taxes	290	303
Total liabilities	18,284	17,692
Stockholders’ equity	5,694	5,754
Total liabilities and stockholders’ equity	$ 23,978	$ 23,446

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Commitments and Contingencies - Collateral Available, Loaned or Repledged (Detail) - USD ($) $ in Billions	Jun. 30, 2015	Sep. 30, 2014
Commitments and Contingencies Disclosure [Abstract]
Client margin securities	$ 17.9	$ 16.2
Stock borrowings	0.8	1.0
Total collateral available	18.7	17.2
Collateral loaned	2.4	2.4
Collateral repledged	2.7	2.5
Total collateral loaned or repledged	$ 5.1	$ 4.9

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Cash and Cash Equivalents

9 Months Ended

Jun. 30, 2015

Cash and Cash Equivalents [Abstract]

Cash and Cash Equivalents

CASH AND CASH EQUIVALENTS

The Company’s cash and cash equivalents is summarized in the following table (dollars in millions):

	June 30, 2015		September 30, 2014
Corporate	$	1,117	$	298
Broker-dealer subsidiaries	975		1,090
Futures commission merchant subsidiary	42		—
Trust company subsidiary	72		53
Investment advisory subsidiaries	27		19
Total	$	2,233	$	1,460

Capital requirements may limit the amount of cash available for dividend from the broker-dealer, futures commission merchant ("FCM") and trust company subsidiaries to the parent company. Most of the trust company cash and cash equivalents arises from client transactions in the process of settlement, and therefore is generally not available for corporate purposes. Cash and cash equivalents of the investment advisory subsidiaries is generally not available for corporate purposes.

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Condensed Consolidating Financial Information - Schedule of Condensed Consolidating Statement of Income (Unaudited) (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Condensed Income Statements, Captions [Line Items]
Net revenues	$ 794	$ 763	$ 2,415	$ 2,327
Operating expenses	469	447	1,450	1,381
Operating income	325	316	965	946
Other expense (income)	6	6	24	18
Income (loss) before income taxes and equity in income of subsidiaries	319	310	941	928
Provision for (benefit from) income taxes	122	120	344	352
Income (loss) before equity in income of subsidiaries	197	190	597	576
Equity in income of subsidiaries	0	0	0	0
Net income	197	190	597	576
Eliminations [Member]
Condensed Income Statements, Captions [Line Items]
Net revenues	(5)	(5)	(13)	(11)
Operating expenses	(5)	(5)	(13)	(11)
Operating income	0	0	0	0
Other expense (income)	0	0	0	0
Income (loss) before income taxes and equity in income of subsidiaries	0	0	0	0
Provision for (benefit from) income taxes	0	0	0	0
Income (loss) before equity in income of subsidiaries	0	0	0	0
Equity in income of subsidiaries	(408)	(388)	(1,230)	(1,170)
Net income	(408)	(388)	(1,230)	(1,170)
Parent [Member]
Condensed Income Statements, Captions [Line Items]
Net revenues	5	4	13	10
Operating expenses	4	4	11	9
Operating income	1	0	2	1
Other expense (income)	13	6	31	18
Income (loss) before income taxes and equity in income of subsidiaries	(12)	(6)	(29)	(17)
Provision for (benefit from) income taxes	(5)	(2)	(11)	(13)
Income (loss) before equity in income of subsidiaries	(7)	(4)	(18)	(4)
Equity in income of subsidiaries	204	194	615	580
Net income	197	190	597	576
Guarantor Subsidiary [Member]
Condensed Income Statements, Captions [Line Items]
Net revenues	0	0	0	0
Operating expenses	0	0	0	0
Operating income	0	0	0	0
Other expense (income)	0	0	0	0
Income (loss) before income taxes and equity in income of subsidiaries	0	0	0	0
Provision for (benefit from) income taxes	0	0	0	1
Income (loss) before equity in income of subsidiaries	0	0	0	(1)
Equity in income of subsidiaries	204	194	615	573
Net income	204	194	615	572
Non-Guarantor Subsidiaries [Member]
Condensed Income Statements, Captions [Line Items]
Net revenues	794	764	2,415	2,328
Operating expenses	470	448	1,452	1,383
Operating income	324	316	963	945
Other expense (income)	(7)	0	(7)	0
Income (loss) before income taxes and equity in income of subsidiaries	331	316	970	945
Provision for (benefit from) income taxes	127	122	355	364
Income (loss) before equity in income of subsidiaries	204	194	615	581
Equity in income of subsidiaries	0	0	0	17
Net income	$ 204	$ 194	$ 615	$ 598

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Notes Payable and Long-term Debt - Credit Agreements - Additional Information (Detail) - USD ($)	9 Months Ended	12 Months Ended
	Jun. 30, 2015	Sep. 30, 2014	Jun. 11, 2014
Debt Instrument [Line Items]
Notes payable	$ 0	$ 150,000,000
TD Ameritrade Holding Corporation [Member]
Debt Instrument [Line Items]
Notes payable		$ 150,000,000
Senior Unsecured Revolving Credit Facility [Member] | TD Ameritrade Holding Corporation [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Initiation Date	Jun. 11, 2014
Line of credit facility maximum borrowing capacity			$ 300,000,000
Line of credit facility expiration date	Jun. 11, 2019
Interest rate margin	1.00%
Debt instrument basis spread on variable rate	one-month LIBOR	one-month LIBOR
Line of Credit Facility, Commitment Fee Percentage	0.15%	0.15%
Notes payable	$ 0	$ 150,000,000
Senior Unsecured Revolving Credit Facility [Member] | TD Ameritrade Holding Corporation [Member] | Minimum [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Commitment Fee Percentage	0.10%
Senior Unsecured Revolving Credit Facility [Member] | TD Ameritrade Holding Corporation [Member] | Maximum [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Commitment Fee Percentage	0.25%
Senior Unsecured Revolving Credit Facility [Member] | TD Ameritrade Holding Corporation [Member] | Federal Funds Rate [Member]
Debt Instrument [Line Items]
Interest rate margin	0.50%
Senior Unsecured Revolving Credit Facility [Member] | TD Ameritrade Holding Corporation [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Interest rate margin	1.25%	1.25%
Senior unsecured revolving credit facility, interest rate at period end		1.40%
Senior Unsecured Revolving Credit Facility [Member] | TD Ameritrade Holding Corporation [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member]
Debt Instrument [Line Items]
Interest rate margin	0.875%
Senior Unsecured Revolving Credit Facility [Member] | TD Ameritrade Holding Corporation [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member]
Debt Instrument [Line Items]
Interest rate margin	1.75%
Senior Unsecured Revolving Credit Facility [Member] | TD Ameritrade Holding Corporation [Member] | Base Rate [Member]
Debt Instrument [Line Items]
Interest rate margin	0.25%
Senior Unsecured Revolving Credit Facility [Member] | TD Ameritrade Holding Corporation [Member] | Base Rate [Member] | Minimum [Member]
Debt Instrument [Line Items]
Interest rate margin	0.00%
Senior Unsecured Revolving Credit Facility [Member] | TD Ameritrade Holding Corporation [Member] | Base Rate [Member] | Maximum [Member]
Debt Instrument [Line Items]
Interest rate margin	0.75%
Senior Unsecured Revolving Credit Facility [Member] | TD Ameritrade Clearing, Inc. [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Initiation Date	Jun. 11, 2014
Line of credit facility maximum borrowing capacity			$ 300,000,000
Line of credit facility expiration date	Jun. 11, 2019
Line of Credit Facility, Commitment Fee Percentage	0.125%
Notes payable	$ 0	$ 0
Senior Unsecured Revolving Credit Facility [Member] | TD Ameritrade Clearing, Inc. [Member] | Minimum [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Commitment Fee Percentage	0.08%
Senior Unsecured Revolving Credit Facility [Member] | TD Ameritrade Clearing, Inc. [Member] | Maximum [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Commitment Fee Percentage	0.20%
Senior Unsecured Revolving Credit Facility [Member] | TD Ameritrade Clearing, Inc. [Member] | Federal Funds Rate [Member]
Debt Instrument [Line Items]
Interest rate margin	1.00%
Senior Unsecured Revolving Credit Facility [Member] | TD Ameritrade Clearing, Inc. [Member] | Federal Funds Rate [Member] | Minimum [Member]
Debt Instrument [Line Items]
Interest rate margin	0.75%
Senior Unsecured Revolving Credit Facility [Member] | TD Ameritrade Clearing, Inc. [Member] | Federal Funds Rate [Member] | Maximum [Member]
Debt Instrument [Line Items]
Interest rate margin	1.50%
Senior Unsecured Revolving Credit Facility [Member] | TD Ameritrade Clearing, Inc. [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Interest rate margin	1.00%
Senior Unsecured Revolving Credit Facility [Member] | TD Ameritrade Clearing, Inc. [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member]
Debt Instrument [Line Items]
Interest rate margin	0.75%
Senior Unsecured Revolving Credit Facility [Member] | TD Ameritrade Clearing, Inc. [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member]
Debt Instrument [Line Items]
Interest rate margin	1.50%
Intercompany Credit Agreements [Member]
Debt Instrument [Line Items]
Borrowings outstanding under intercompany credit agreements	$ 0
Intercompany Credit Agreements [Member] | TD Ameritrade Clearing, Inc. [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Initiation Date	Mar. 31, 2015
Line of credit facility maximum borrowing capacity	$ 700,000,000
Line of credit facility expiration date	Mar. 01, 2022
Line Of Credit Facility Maximum Lending Capacity	$ 300,000,000
Intercompany Credit Agreements [Member] | TD Ameritrade, Inc. [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Initiation Date	Mar. 31, 2015
Line of credit facility maximum borrowing capacity	$ 50,000,000
Line of credit facility expiration date	Mar. 01, 2022
Line Of Credit Facility Maximum Lending Capacity	$ 300,000,000
Intercompany Credit Agreements [Member] | TD Ameritrade Futures & Forex LLC [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Initiation Date	Mar. 29, 2015
Debt Instrument, Term	5 years
Prior Notice Of Intent To Terminate	30 days
Line Of Credit Facility Percentage Of Residual Interest Target	75.00%
Line Of Credit Facility Residual Interest Target	$ 18,000,000
Line of Credit Facility, Current Borrowing Capacity	$ 13,500,000
Line Of Credit Facility Calendar Days After Borrowing Date Loans Due	60 days
Intercompany Credit Agreements [Member] | TD Ameritrade Futures & Forex LLC [Member] | Prime Rate [Member]
Debt Instrument [Line Items]
Interest rate margin	1.00%

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Accumulated Other Comprehensive Income (Loss) (Tables)

9 Months Ended

Jun. 30, 2015

Accumulated Other Comprehensive Income (Loss) [Abstract]

Comprehensive Income (Loss)

The following tables present the net change in fair value recorded in other comprehensive income (loss) before and after income tax for the periods indicated (dollars in millions):

	Three Months Ended June 30,
	2015							2014
	Before Tax		Tax Effect			Net of Tax		Before Tax			Tax Effect		Net of Tax
Cash flow hedging instruments:
Net unrealized loss	$	—	$	—		$	—	$	(15	)	$	6	$	(9	)
Reclassification adjustment for portion of realized loss amortized to net income (1)	1		(1		)	—		—			—		—
Other comprehensive income (loss)	$	1	$	(1	)	$	—	$	(15	)	$	6	$	(9	)

	Nine Months Ended June 30,
	2015									2014
	Before Tax			Tax Effect			Net of Tax			Before Tax			Tax Effect		Net of Tax
Cash flow hedging instruments:
Net unrealized loss	$	(15	)	$	5		$	(10	)	$	(24	)	$	9	$	(15	)
Reclassification adjustment for portion of realized loss amortized to net income (1)	3			(1		)	2			—			—		—
Other comprehensive loss	$	(12	)	$	4		$	(8	)	$	(24	)	$	9	$	(15	)

(1) The before tax reclassification adjustment amount and the related tax effect are included in interest on borrowings and provision for income taxes, respectively, on the Condensed Consolidated Statements of Income.

Schedule of Accumulated Other Comprehensive Income (Loss)

The following table presents after-tax changes in accumulated other comprehensive loss (dollars in millions):

	Three Months Ended June 30,						Nine Months Ended June 30,
	2015			2014			2015			2014
Cash flow hedging instruments:
Beginning balance	$	(26	)	$	(6	)	$	(18	)	$	—
Other comprehensive loss before reclassification	—			(9		)	(10		)	(15		)
Amount reclassified from accumulated other comprehensive loss	—			—			2			—
Current period change	—			(9		)	(8		)	(15		)
Ending balance	$	(26	)	$	(15	)	$	(26	)	$	(15	)

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Offsetting Assets and Liabilities (Tables)

9 Months Ended

Jun. 30, 2015

Offsetting [Abstract]

Effect of Rights of Setoff Associated with Company's Recognized Assets and Liabilities

The following tables present information about the potential effect of rights of setoff associated with the Company’s recognized assets and liabilities as of June 30, 2015 and September 30, 2014 (dollars in millions):

	June 30, 2015
							Gross Amounts Not Offset in the Condensed Consolidated Balance Sheet
	Gross Amounts of Recognized Assets and Liabilities		Gross Amounts Offset in the Condensed Consolidated Balance Sheet		Net Amounts Presented in the Condensed Consolidated Balance Sheet		Financial Instruments(4)			Collateral Received or Pledged (Including Cash) (5)			Net Amount (6)
Assets:
Investments segregated for regulatory purposes:
Reverse repurchase agreements	$	1,236	$	—	$	1,236	$	—		$	(1,236	)	$	—
Receivable from brokers, dealers    and clearing organizations:
Deposits paid for securities borrowed (1)	846		—		846		(54		)	(776		)	16
Other assets:
Pay-variable interest rate swaps	37		—		37		—			(37		)	—
Total	$	2,119	$	—	$	2,119	$	(54	)	$	(2,049	)	$	16
Liabilities:
Payable to brokers, dealers and clearing organizations:
Deposits received for securities loaned (2)(3)	$	2,363	$	—	$	2,363	$	(54	)	$	(2,065	)	$	244

	September 30, 2014
							Gross Amounts Not Offset in the Condensed Consolidated Balance Sheet
	Gross Amounts of Recognized Assets and Liabilities		Gross Amounts Offset in the Condensed Consolidated Balance Sheet		Net Amounts Presented in the Condensed Consolidated Balance Sheet		Financial Instruments(4)			Collateral Received or Pledged (Including Cash) (5)			Net Amount (6)
Assets:
Investments segregated for regulatory purposes:
Reverse repurchase agreements	$	1,193	$	—	$	1,193	$	—		$	(1,193	)	$	—
Receivable from brokers, dealers and clearing organizations:
Deposits paid for securities borrowed (1)	995		—		995		(69		)	(900		)	26
Other assets:
Pay-variable interest rate swaps	32		—		32		—			(32		)	—
Total	$	2,220	$	—	$	2,220	$	(69	)	$	(2,125	)	$	26
Liabilities:
Payable to brokers, dealers and clearing organizations:
Deposits received for securities loaned (2)	$	2,384	$	—	$	2,384	$	(69	)	$	(2,015	)	$	300
Accounts payable and other liabilities:
Forward-starting interest rate swaps	29		—		29		—			(29		)	—
Total	$	2,413	$	—	$	2,413	$	(69	)	$	(2,044	)	$	300

(1) Included in the gross amounts of deposits paid for securities borrowed is $499 million and $616 million as of June 30, 2015 and September 30, 2014, respectively, transacted through a risk-sharing program with the OCC, which guarantees the return of cash to the Company. See "General Contingencies" in Note 7 for a discussion of the potential risks associated with securities borrowing transactions and how the Company mitigates those risks.

(2) Included in the gross amounts of deposits received for securities loaned is $685 million and $754 million as of June 30, 2015 and September 30, 2014, respectively, transacted through a risk-sharing program with the OCC, which guarantees the return of securities to the Company. See "General Contingencies" in Note 7 for a discussion of the potential risks associated with securities lending transactions and how the Company mitigates those risks.

(3) Substantially all of the Company's securities lending transactions have a continuous contractual term and, upon notice by either party, may be terminated within three business days. The following table summarizes the Company's gross liability for securities lending transactions by the class of securities loaned (dollars in millions):

	June 30, 2015
Deposits received for securities loaned:
Equity securities	$	2,132
Exchange-traded funds	137
Closed-end funds	57
Other	37
Total	$	2,363

(4) Amounts represent recognized assets and liabilities that are subject to enforceable master agreements with rights of setoff.

(5) Represents the fair value of collateral the Company had received or pledged under enforceable master agreements, limited for table presentation purposes to the net amount of the recognized assets due from or liabilities due to each counterparty. At June 30, 2015 and September 30, 2014, the Company had received total collateral with a fair value of $2,128 million and $2,231 million, respectively, and pledged total collateral with a fair value of $2,117 million and $2,124 million, respectively.

(6) Represents the amount for which, in the case of net recognized assets, the Company had not received collateral, and in the case of net recognized liabilities, the Company had not pledged collate

Disaggregation of Gross Secured Lending Transactions

The following table summarizes the Company's gross liability for securities lending transactions by the class of securities loaned (dollars in millions):

	June 30, 2015
Deposits received for securities loaned:
Equity securities	$	2,132
Exchange-traded funds	137
Closed-end funds	57
Other	37
Total	$	2,363

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Earnings Per Share - Additional Information (Detail) - shares shares in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Earnings Per Share [Abstract]
Antidilutive shares excluded from the calculation of diluted EPS	0.0	0.0	0.0	0.0

XML

Capital Requirements - Net Capital and Net Capital Requirements for Company's Subsidiaries (Detail) - USD ($) $ in Millions	Jun. 30, 2015	Sep. 30, 2014
TD Ameritrade Clearing, Inc. [Member]
Net Capital and Net Capital Requirements For Company's Subsidiaries [Line Items]
Net Capital	$ 1,533	$ 1,569
Required Net Capital	307	280
Excess Net Capital	1,226	1,289
Net Capital in Excess of Early Warning Threshold	$ 766	$ 868
Ratio of Net Capital to Aggregate Debit Balances	9.99%	11.19%
TD Ameritrade, Inc. [Member]
Net Capital and Net Capital Requirements For Company's Subsidiaries [Line Items]
Net Capital	$ 264	$ 347
Required Net Capital	0	17
Excess Net Capital	264	330
Net Capital in Excess of Early Warning Threshold	263	$ 328
TD Ameritrade Futures & Forex LLC [Member]
Net Capital and Net Capital Requirements For Company's Subsidiaries [Line Items]
Net Capital under Commodity Exchange Act	57
Required Net Capital under Commodity Exchange Act	11
Net Capital in Excess of Required Net Capital	46
Net Capital in Excess of Early Warning Threshold	$ 45

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Related Party Transactions (Tables)

9 Months Ended

Jun. 30, 2015

Related Party Transactions [Abstract]

Schedule of Related Party Transactions [Table Text Block]

The following tables summarize revenues and expenses resulting from transactions with TD and its affiliates for the periods indicated (dollars in millions):

		Revenues from TD and Affiliates
	Statement of Income Classification	Three months ended   June 30,				Nine months ended   June 30,
Description		2015		2014		2015		2014
Insured Deposit Account Agreement	Insured deposit account fees	$	209	$	202	$	620	$	612
Referral and Strategic Alliance Agreement	Various	3		3		9		9
Other	Various	2		2		5		5
Total revenues		$	214	$	207	$	634	$	626

		Expenses to TD and Affiliates
	Statement of Income Classification	Three months ended   June 30,				Nine months ended   June 30,
Description		2015		2014		2015		2014
Canadian Call Center Services Agreement	Professional services	$	5	$	4	$	14	$	13
Other	Various	—		—		2		2
Total expenses		$	5	$	4	$	16	$	15

The following table summarizes the classification and amount of receivables from and payables to TD and its affiliates on the Condensed Consolidated Balance Sheets resulting from related party transactions (dollars in millions):

	June 30, 2015		September 30, 2014
Assets:
Receivable from brokers, dealers and clearing organizations	$	—	$	1
Receivable from affiliates	107		99
Liabilities:
Payable to brokers, dealers and clearing organizations	$	67	$	96
Payable to affiliates	6		5

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Condensed Consolidating Financial Information (Tables)

9 Months Ended

Jun. 30, 2015

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Condensed Consolidating Balance Sheet (Unaudited)

CONDENSED CONSOLIDATING BALANCE SHEET

AS OF JUNE 30, 2015

(Unaudited)

	Parent		Guarantor Subsidiary		Non-Guarantor Subsidiaries		Eliminations			Total
	(In millions)
ASSETS
Cash and cash equivalents	$	956	$	2	$	1,275	$	—		$	2,233
Cash and investments segregated and on deposit for regulatory purposes	—		—		4,425		—			4,425
Receivable from brokers, dealers and clearing organizations	—		—		1,144		—			1,144
Receivable from clients, net	—		—		12,868		—			12,868
Investments in subsidiaries	5,808		5,694		—		(11,502		)	—
Receivable from affiliates	6		3		104		(6		)	107
Goodwill	—		—		2,467		—			2,467
Acquired intangible assets, net	—		146		538		—			684
Other, net	116		15		1,157		(57		)	1,231
Total assets	$	6,886	$	5,860	$	23,978	$	(11,565	)	$	25,159
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities:
Payable to brokers, dealers and clearing organizations	$	—	$	—	$	2,414	$	—		$	2,414
Payable to clients	—		—		15,070		—			15,070
Accounts payable and other liabilities	83		—		498		(13		)	568
Payable to affiliates	—		—		12		(6		)	6
Long-term debt	1,810		—		—		—			1,810
Deferred income taxes	—		52		290		(44		)	298
Total liabilities	1,893		52		18,284		(63		)	20,166
Stockholders’ equity	4,993		5,808		5,694		(11,502		)	4,993
Total liabilities and stockholders’ equity	$	6,886	$	5,860	$	23,978	$	(11,565	)	$	25,159

CONDENSED CONSOLIDATING BALANCE SHEET

AS OF SEPTEMBER 30, 2014

(Unaudited)

	Parent		Guarantor Subsidiary		Non-Guarantor Subsidiaries		Eliminations			Total
	(In millions)
ASSETS
Cash and cash equivalents	$	117	$	2	$	1,341	$	—		$	1,460
Cash and investments segregated and on deposit for regulatory purposes	—		—		5,116		—			5,116
Receivable from brokers, dealers and clearing organizations	—		—		1,108		—			1,108
Receivable from clients, net	—		—		11,639		—			11,639
Investments in subsidiaries	5,868		5,754		—		(11,622		)	—
Receivable from affiliates	11		2		97		(11		)	99
Goodwill	—		—		2,467		—			2,467
Acquired intangible assets, net	—		146		605		—			751
Other, net	156		16		1,073		(54		)	1,191
Total assets	$	6,152	$	5,920	$	23,446	$	(11,687	)	$	23,831
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities:
Payable to brokers, dealers and clearing organizations	$	—	$	—	$	2,421	$	—		$	2,421
Payable to clients	—		—		14,497		—			14,497
Accounts payable and other liabilities	153		—		455		(13		)	595
Payable to affiliates	—		—		16		(11		)	5
Notes payable	150		—		—		—			150
Long-term debt	1,101		—		—		—			1,101
Deferred income taxes	—		52		303		(41		)	314
Total liabilities	1,404		52		17,692		(65		)	19,083
Stockholders’ equity	4,748		5,868		5,754		(11,622		)	4,748
Total liabilities and stockholders’ equity	$	6,152	$	5,920	$	23,446	$	(11,687	)	$	23,831

Schedule of Condensed Consolidating Statement of Income (Unaudited)

CONDENSED CONSOLIDATING STATEMENT OF INCOME

THREE MONTHS ENDED JUNE 30, 2015

(Unaudited)

	Parent			Guarantor Subsidiary		Non-Guarantor Subsidiaries			Eliminations			Total
	(In millions)
Net revenues	$	5		$	—	$	794		$	(5	)	$	794
Operating expenses	4			—		470			(5		)	469
Operating income	1			—		324			—			325
Other expense (income)	13			—		(7		)	—			6
Income (loss) before income taxes and equity in income of subsidiaries	(12		)	—		331			—			319
Provision for (benefit from) income taxes	(5		)	—		127			—			122
Income (loss) before equity in income of subsidiaries	(7		)	—		204			—			197
Equity in income of subsidiaries	204			204		—			(408		)	—
Net income	$	197		$	204	$	204		$	(408	)	$	197

CONDENSED CONSOLIDATING STATEMENT OF INCOME

THREE MONTHS ENDED JUNE 30, 2014

(Unaudited)

	Parent			Guarantor Subsidiary		Non-Guarantor Subsidiaries		Eliminations			Total
	(In millions)
Net revenues	$	4		$	—	$	764	$	(5	)	$	763
Operating expenses	4			—		448		(5		)	447
Operating income	—			—		316		—			316
Other expense	6			—		—		—			6
Income (loss) before income taxes and equity in income of subsidiaries	(6		)	—		316		—			310
Provision for (benefit from) income taxes	(2		)	—		122		—			120
Income (loss) before equity in income of subsidiaries	(4		)	—		194		—			190
Equity in income of subsidiaries	194			194		—		(388		)	—
Net income	$	190		$	194	$	194	$	(388	)	$	190

CONDENSED CONSOLIDATING STATEMENT OF INCOME

NINE MONTHS ENDED JUNE 30, 2015

(Unaudited)

	Parent			Guarantor Subsidiary		Non-Guarantor Subsidiaries			Eliminations			Total
	(In millions)
Net revenues	$	13		$	—	$	2,415		$	(13	)	$	2,415
Operating expenses	11			—		1,452			(13		)	1,450
Operating income	2			—		963			—			965
Other expense (income)	31			—		(7		)	—			24
Income (loss) before income taxes and equity in income of subsidiaries	(29		)	—		970			—			941
Provision for (benefit from) income taxes	(11		)	—		355			—			344
Income (loss) before equity in income of subsidiaries	(18		)	—		615			—			597
Equity in income of subsidiaries	615			615		—			(1,230		)	—
Net income	$	597		$	615	$	615		$	(1,230	)	$	597

CONDENSED CONSOLIDATING STATEMENT OF INCOME

NINE MONTHS ENDED JUNE 30, 2014

(Unaudited)

	Parent			Guarantor Subsidiary			Non-Guarantor Subsidiaries		Eliminations			Total
	(In millions)
Net revenues	$	10		$	—		$	2,328	$	(11	)	$	2,327
Operating expenses	9			—			1,383		(11		)	1,381
Operating income	1			—			945		—			946
Other expense	18			—			—		—			18
Income (loss) before income taxes and equity in income of subsidiaries	(17		)	—			945		—			928
Provision for (benefit from) income taxes	(13		)	1			364		—			352
Income (loss) before equity in income of subsidiaries	(4		)	(1		)	581		—			576
Equity in income of subsidiaries	580			573			17		(1,170		)	—
Net income	$	576		$	572		$	598	$	(1,170	)	$	576

Schedule of Condensed Consolidating Statement of Cash Flows (Unaudited)

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

NINE MONTHS ENDED JUNE 30, 2015

(Unaudited)

	Parent			Guarantor Subsidiary		Non-Guarantor Subsidiaries			Total
	(In millions)
Net cash provided by (used in) operating activities	$	(12	)	$	—	$	655		$	643
Cash flows from investing activities:
Purchase of property and equipment	—			—		(58		)	(58		)
Proceeds from sale and maturity of short-term investments	500			—		1			501
Purchase of short-term investments	(502		)	—		(1		)	(503		)
Proceeds from sale of investments	1			—		9			10
Other	—			—		3			3
Net cash used in investing activities	(1		)	—		(46		)	(47		)
Cash flows from financing activities:
Proceeds from issuance of long-term debt	1,248			—		—			1,248
Payment of debt issuance costs	(11		)	—		—			(11		)
Principal payments on long-term debt	(544		)	—		—			(544		)
Principal payments on notes payable	(150		)	—		—			(150		)
Payment of cash dividends	(244		)	—		—			(244		)
Purchase of treasury stock	(148		)	—		—			(148		)
Other	26			—		—			26
Net cash provided by financing activities	177			—		—			177
Intercompany investing and financing activities, net	675			—		(675		)	—
Net increase (decrease) in cash and cash equivalents	839			—		(66		)	773
Cash and cash equivalents at beginning of period	117			2		1,341			1,460
Cash and cash equivalents at end of period	$	956		$	2	$	1,275		$	2,233

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

NINE MONTHS ENDED JUNE 30, 2014

(Unaudited)

	Parent			Guarantor Subsidiary			Non-Guarantor Subsidiaries			Total
	(In millions)
Net cash provided by (used in) operating activities	$	(80	)	$	1		$	731		$	652
Cash flows from investing activities:
Purchase of property and equipment	—			—			(54		)	(54		)
Proceeds from sale and maturity of short-term investments	—			—			1			1
Proceeds from sale of investments	13			—			—			13
Net cash provided by (used in) investing activities	13			—			(53		)	(40		)
Cash flows from financing activities:
Proceeds from notes payable	230			—			—			230
Principal payments on notes payable	(80		)	—			—			(80		)
Payment of cash dividends	(474		)	—			—			(474		)
Purchase of treasury stock	(106		)	—			—			(106		)
Other	16			—			—			16
Net cash used in financing activities	(414		)	—			—			(414		)
Intercompany investing and financing activities, net	455			(5		)	(450		)	—
Net increase (decrease) in cash and cash equivalents	(26		)	(4		)	228			198
Cash and cash equivalents at beginning of period	199			7			856			1,062
Cash and cash equivalents at end of period	$	173		$	3		$	1,084		$	1,260

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Basis of Presentation

9 Months Ended

Jun. 30, 2015

Accounting Policies [Abstract]

Basis of Presentation

BASIS OF PRESENTATION

The condensed consolidated financial statements include the accounts of TD Ameritrade Holding Corporation (the "Parent") and its wholly-owned subsidiaries (collectively, the "Company"). Intercompany balances and transactions have been eliminated.

These financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC") and, in the opinion of management, reflect all adjustments, which are all of a normal recurring nature, necessary to present fairly the financial position, results of operations and cash flows for the periods presented in conformity with U.S. generally accepted accounting principles ("GAAP"). These financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s annual report filed on Form 10-K for the fiscal year ended September 30, 2014.

Recently Adopted Accounting Pronouncements

ASU 2014-11 — During fiscal 2015, the Company adopted Accounting Standards Update ("ASU") 2014-11, Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures. The amendments in ASU 2014-11 require entities to account for repurchase-to-maturity transactions and linked repurchase financings as secured borrowings, which is consistent with the accounting for other repurchase agreements. The new accounting requirements became effective for the Company on January 1, 2015, and did not result in any accounting changes because the Company does not act as a transferor in repurchase-to-maturity transactions or linked repurchase financings. In addition, the amendments require new disclosures, including information regarding collateral pledged in securities lending transactions and similar transactions that are accounted for as secured borrowings. On April 1, 2015, the Company prospectively adopted the new disclosure requirements related to collateral pledged in transactions that are accounted for as secured borrowings. Adoption of ASU 2014-11 resulted only in certain additional disclosures presented in Note 9.

Recently Issued Accounting Pronouncements

ASU 2014-09 — In May 2014, the Financial Accounting Standards Board ("FASB") issued ASU 2014-09, Revenue from Contracts with Customers, to clarify the principles of recognizing revenue from contracts with customers and to improve financial reporting by creating common revenue recognition guidance for U.S. GAAP and International Financial Reporting Standards. This ASU will supersede the revenue recognition requirements in Accounting Standards Codification ("ASC") Topic 605, Revenue Recognition, and most industry-specific guidance. Entities are required to apply the following steps when recognizing revenue under ASU 2014-09: (1) identify the contract(s) with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract; and, (5) recognize revenue when (or as) the entity satisfies a performance obligation. This ASU also requires additional disclosures related to the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts. An entity may apply the amendments by using one of the following two methods: (1) retrospective application to each prior reporting period presented or (2) a modified retrospective approach, requiring the standard be applied only to the most current period presented, with the cumulative effect of initially applying the standard recognized at the date of initial application. The effective date was recently deferred for one year to annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. Therefore, ASU 2014-09 will be effective for the Company's fiscal year beginning October 1, 2018. Early adoption is permitted as of the original effective date (annual reporting periods beginning after December 15, 2016). The Company is currently assessing the impact that ASU 2014-09 will have on the Company's financial statements and evaluating which adoption method to apply.

ASU 2015-03 — In April 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs. To simplify the presentation of debt issuance costs, the amendments in ASU 2015-03 require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. ASU 2015-03 requires retrospective application and is effective for annual reporting periods beginning after December 15, 2015, including interim periods within that reporting period. Therefore, ASU 2015-03 will be effective for the Company's fiscal year beginning October 1, 2016. Early adoption is permitted. The adoption of ASU 2015-03 will change the location where debt issuance costs are presented in the balance sheet and is not expected to have any other impact on the Company's financial statements. As of June 30, 2015, the Company had debt issuance costs, related to recognized debt liabilities, of approximately $12 million, which are included in other assets on the Condensed Consolidated Balance Sheet.

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Cash and Cash Equivalents - Summary of Cash and Cash Equivalents (Detail) - USD ($) $ in Millions	Jun. 30, 2015	Sep. 30, 2014	Jun. 30, 2014	Sep. 30, 2013
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	$ 2,233	$ 1,460	$ 1,260	$ 1,062
Corporate [Member]
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	1,117	298
Broker-dealer subsidiaries [Member]
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	975	1,090
Futures commission merchant subsidiary [Member]
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	42	0
Trust company subsidiary [Member]
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	72	53
Investment advisory subsidiaries [Member]
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	$ 27	$ 19

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Notes Payable and Long-Term Debt - Effective Portion of Cash Flow Hedge (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Forward Starting Interest Rate Swap [Member]
Debt Instrument [Line Items]
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net	$ 0	$ (15)	$ (15)	$ (24)

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Offsetting Assets and Liabilities - Effect of Rights of Setoff Associated with Company's Recognized Assets and Liabilities Additional Information (Detail) - USD ($) $ in Millions	Jun. 30, 2015	Sep. 30, 2014
Offsetting Assets And Liabilities [Line Items]
Fair value of collateral the Company has received under enforceable master agreements	$ 2,128	$ 2,231
Fair value of collateral the Company has pledged under enforceable master agreements	2,117	2,124
Transacted Through The Option Clearing Corporation [Member]
Offsetting Assets And Liabilities [Line Items]
Gross amounts of deposits paid for securities borrowed	499	616
Gross amounts of deposits received for securities loaned	$ 685	$ 754

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CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Millions	Jun. 30, 2015	Sep. 30, 2014
ASSETS
Cash and cash equivalents	$ 2,233	$ 1,460
Cash and investments segregated and on deposit for regulatory purposes	4,425	5,116
Receivable from brokers, dealers and clearing organizations	1,144	1,108
Receivable from clients, net	12,868	11,639
Receivable from affiliates	107	99
Other receivables, net	141	147
Securities owned, at fair value	412	332
Property and equipment at cost, net	531	543
Goodwill	2,467	2,467
Acquired intangible assets, net	684	751
Other assets	147	169
Total assets	25,159	23,831
Liabilities:
Payable to brokers, dealers and clearing organizations	2,414	2,421
Payable to clients	15,070	14,497
Accounts payable and other liabilities	568	595
Payable to affiliates	6	5
Notes payable	0	150
Long-term debt	1,810	1,101
Deferred income taxes	298	314
Total liabilities	20,166	19,083
Stockholders’ equity:
Preferred stock, $0.01 par value; 100 million shares authorized, none issued	0	0
Common stock, $0.01 par value; one billion shares authorized; 631 million shares issued; June 30, 2015 - 543 million shares outstanding; September 30, 2014 - 545 million shares outstanding	6	6
Additional paid-in capital	1,638	1,618
Retained earnings	4,904	4,551
Treasury stock, common, at cost: June 30, 2015 - 88 million shares; September 30, 2014 - 86 million shares	(1,529)	(1,409)
Accumulated Other Comprehensive Income (Loss), Net of Tax	(26)	(18)
Total stockholders’ equity	4,993	4,748
Total liabilities and stockholders’ equity	$ 25,159	$ 23,831

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Capital Requirements - Additional Information (Detail) - USD ($)	Jun. 30, 2015	Sep. 30, 2014
Net Capital and Net Capital Requirements For Company's Subsidiaries [Line Items]
Percentage of net capital to aggregate debit balances required for a broker-dealer to repay subordinated borrowings, pay cash dividends, or make any unsecured advances or loans to its parent company or employees	5.00%
Percentage of net capital to the Company's risk based capital requirement required for a broker-dealer to repay subordinated borrowings, pay cash dividends, or make any unsecured advances or loans to its parent company or employees	110.00%
Percentage of net capital to the Company's minimum dollar requirement required for a broker-dealer to repay subordinated borrowings, pay cash dividends, or make any unsecured advances or loans to its parent company or employees	120.00%
Percentage of net capital to the Company's risk-based capital requirement required for a futures commission merchant to provide notice to its regulator.	110.00%
Percentage of net capital to the Company's minimum dollar requirement required for a futures commission merchant to provide notice to its regulator.	150.00%
TD Ameritrade Trust Company's Tier 1 capital	$ 30,000,000	$ 27,000,000
Amount in excess of required Tier 1 capital	14,000,000	$ 12,000,000
TD Ameritrade Clearing, Inc. [Member]
Net Capital and Net Capital Requirements For Company's Subsidiaries [Line Items]
Minimum net capital required	$ 1,500,000.0
Percentage of aggregate debit balances required as minimum net capital	2.00%
TD Ameritrade, Inc. [Member]
Net Capital and Net Capital Requirements For Company's Subsidiaries [Line Items]
Minimum net capital required	$ 250,000
Percentage of aggregate debit balances required as minimum net capital	2.00%
Net capital required under Regulation 1.17 of the Commodity Exchange Act	$ 1,000,000.0
Minimum percentage of the total risk margin requirements for all positions carried in non-client accounts to be added to the minimum percentage of the total risk margin requirements for all positions carried in client accounts for minimum net capital calculation	8.00%
Minimum percentage of the total risk margin requirements for all positions carried in client accounts to be added to the minimum percentage of the total risk margin requirements for all positions carried in non-client accounts for minimum net capital calculation	8.00%
TD Ameritrade Futures & Forex LLC [Member]
Net Capital and Net Capital Requirements For Company's Subsidiaries [Line Items]
Net capital required under Regulation 1.17 of the Commodity Exchange Act	$ 1,000,000
Minimum percentage of the total risk margin requirements for all positions carried in non-client accounts to be added to the minimum percentage of the total risk margin requirements for all positions carried in client accounts for minimum net capital calculation	8.00%
Minimum percentage of the total risk margin requirements for all positions carried in client accounts to be added to the minimum percentage of the total risk margin requirements for all positions carried in non-client accounts for minimum net capital calculation	8.00%

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Millions	9 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Cash flows from operating activities:
Net income	$ 597	$ 576
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	69	71
Amortization of acquired intangible assets	67	68
Deferred income taxes	(11)	(5)
Gain on sale of investments	(7)	0
Stock-based compensation	27	24
Excess tax benefits on stock-based compensation	(14)	(9)
Other, net	2	0
Changes in operating assets and liabilities:
Cash and investments segregated and on deposit for regulatory purposes	691	636
Receivable from brokers, dealers and clearing organizations	(36)	33
Receivable from clients, net	(1,229)	(2,247)
Receivable from/payable to affiliates, net	(7)	2
Other receivables, net	6	9
Securities owned, at fair value	(79)	(48)
Other assets	34	(40)
Payable to brokers, dealers and clearing organizations	(7)	564
Payable to clients	573	1,082
Accounts payable and other liabilities	(33)	(64)
Net cash provided by (used in) operating activities	643	652
Cash flows from investing activities:
Purchase of property and equipment	(58)	(54)
Purchase of short-term investments	(503)	(1)
Proceeds from sale and maturity of short-term investments	501	1
Proceeds from sale of investments	10	13
Other	3	1
Net cash provided by (used in) investing activities	(47)	(40)
Cash flows from financing activities:
Proceeds from issuance of long-term debt	1,248	0
Payment of debt issuance costs	(11)	0
Principal payments on long-term debt	(544)	0
Proceeds from notes payable	0	230
Principal payments on notes payable	(150)	(80)
Payment of cash dividends	(244)	(474)
Proceeds from exercise of stock options: Nine months ended June 30, 2015 - 0.7 million shares; 2014 - 0.4 million shares	12	7
Purchase of treasury stock: Nine months ended June 30, 2015 - 4.5 million shares; 2014 - 3.5 million shares	(148)	(106)
Excess tax benefits on stock-based compensation	14	9
Net cash provided by (used in) financing activities	177	(414)
Net increase (decrease) in cash and cash equivalents	773	198
Cash and cash equivalents at beginning of period	1,460	1,062
Cash and cash equivalents at end of period	2,233	1,260
Supplemental cash flow information:
Interest paid	23	22
Income taxes paid	$ 355	$ 367

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Related Party Transactions - Summary of Expenses Resulting from Transactions with Related Parties (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Related Party Transaction [Line Items]
Expenses to TD and Affiliates	$ 5	$ 4	$ 16	$ 15
Professional Services [Member] | Canadian Call Center Services Agreement [Member]
Related Party Transaction [Line Items]
Expenses to TD and Affiliates	5	4	14	13
Various [Member] | Other [Member]
Related Party Transaction [Line Items]
Expenses to TD and Affiliates	$ 0	$ 0	$ 2	$ 2

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Notes Payable and Long-Term Debt - Schedule of Notes Payable and Long Term Debt (Detail) - USD ($) $ in Millions	Jun. 30, 2015	Sep. 30, 2014
Debt Instrument [Line Items]
Face Value		$ 1,219
Fair Value Adjustment		32
Net Carrying Value		1,251
2.950% Notes due 2022 [Member]
Debt Instrument [Line Items]
Face Value	$ 750
3.625% Notes due 2025 [Member]
Debt Instrument [Line Items]
Face Value	500
Notes Payable Parent Revolving Facility [Member]
Debt Instrument [Line Items]
Face Value		150
Net Carrying Value		150
Long-term Debt [Member]
Debt Instrument [Line Items]
Face Value	1,775	1,069
Unamortized Discount	(2)
Fair Value Adjustment	37	32
Net Carrying Value	1,810	1,101
Long-term Debt [Member] | 4.150% Notes due 2014 [Member]
Debt Instrument [Line Items]
Face Value		500
Fair Value Adjustment		2
Net Carrying Value		502
Long-term Debt [Member] | 5.600% Notes due 2019 [Member]
Debt Instrument [Line Items]
Face Value	500	500
Fair Value Adjustment	33	30
Net Carrying Value	533	530
Long-term Debt [Member] | 2.950% Notes due 2022 [Member]
Debt Instrument [Line Items]
Face Value	750
Unamortized Discount	(2)
Net Carrying Value	748
Long-term Debt [Member] | 3.625% Notes due 2025 [Member]
Debt Instrument [Line Items]
Face Value	500
Fair Value Adjustment	4
Net Carrying Value	504
Long-term Debt [Member] | Variable-Rate Note due 2019 [Member]
Debt Instrument [Line Items]
Face Value	25	69
Net Carrying Value	$ 25	$ 69

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Cash and Cash Equivalents (Tables)

9 Months Ended

Jun. 30, 2015

Cash and Cash Equivalents [Abstract]

Summary of Cash and Cash Equivalents

The Company’s cash and cash equivalents is summarized in the following table (dollars in millions):

	June 30, 2015		September 30, 2014
Corporate	$	1,117	$	298
Broker-dealer subsidiaries	975		1,090
Futures commission merchant subsidiary	42		—
Trust company subsidiary	72		53
Investment advisory subsidiaries	27		19
Total	$	2,233	$	1,460

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Notes Payable and Long-Term Debt - Senior Notes (Detail) - USD ($) $ in Millions	9 Months Ended
	Jun. 30, 2015	Sep. 30, 2014
Debt Instrument [Line Items]
Face Value		$ 1,219
4.150% Notes due 2014 [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	4.15%
Debt Instrument, Maturity Date	Dec. 01, 2014
3.625% Notes due 2025 [Member]
Debt Instrument [Line Items]
Debt Instrument, Offering Date	Oct. 17, 2014
Face Value	$ 500
Debt Instrument, Interest Rate, Stated Percentage	3.625%
Debt Instrument, Maturity Date	Apr. 01, 2025
2.950% Notes due 2022 [Member]
Debt Instrument [Line Items]
Debt Instrument, Offering Date	Mar. 04, 2015
Face Value	$ 750
Debt Instrument, Interest Rate, Stated Percentage	2.95%
Debt Instrument, Maturity Date	Apr. 01, 2022

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Notes Payable and Long-Term Debt (Tables)

9 Months Ended

Jun. 30, 2015

Debt Disclosure [Abstract]

Schedule of Notes Payable and Long-Term Debt

Notes payable and long-term debt consist of the following (dollars in millions):

June 30, 2015	Face Value		Unamortized Discount			Fair Value Adjustment (1)		Net Carrying Value
Long-term debt:
Senior Notes:
5.600% Notes due 2019	$	500	$	—		$	33	$	533
2.950% Notes due 2022	750		(2		)	—		748
3.625% Notes due 2025	500		—			4		504
Secured Loan:
Variable-rate Note due 2019	25		—			—		25
Total long-term debt	$	1,775	$	(2	)	$	37	$	1,810

September 30, 2014	Face Value		Unamortized Discount		Fair Value Adjustment (1)		Net Carrying Value
Notes payable:
Parent Revolving Facility	$	150	$	—	$	—	$	150
Long-term debt:
Senior Notes:
4.150% Notes due 2014	500		—		2		502
5.600% Notes due 2019	500		—		30		530
Secured Loan:
Variable-rate Note due 2019	69		—		—		69
Subtotal – Long-term debt	1,069		—		32		1,101
Total notes payable and long-term debt	$	1,219	$	—	$	32	$	1,251

(1) Fair value adjustments relate to changes in the fair value of the debt while in a fair value hedging relationship. See "Fair Value Hedging" below.

Gains And Losses Resulting From Changes In Fair Value Of Interest Rate Swaps And Hedged Fixed Rate Debt Table [Text Block]

The following table summarizes gains and losses resulting from changes in the fair value of interest rate swaps designated as fair value hedges and the hedged fixed-rate debt for the periods indicated (dollars in millions):

	Three Months Ended June 30,						Nine Months Ended June 30,
	2015			2014			2015			2014
Gain (loss) on fair value of interest rate swaps	$	(24	)	$	1		$	5		$	(11	)
Gain (loss) on fair value of hedged fixed-rate debt	24			(1		)	(5		)	11
Net gain (loss) recorded in interest on borrowings	$	—		$	—		$	—		$	—

Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) [Table Text Block]

The following table summarizes pre-tax losses resulting from changes in the fair value of the forward-starting interest rate swaps for the periods indicated (dollars in millions):

	Amount of Loss Recognized in Other Comprehensive Income (Loss) (Effective Portion)
	Three Months Ended June 30,					Nine Months Ended June 30,
	2015		2014			2015			2014
Forward-starting interest rate swaps	$	—	$	(15	)	$	(15	)	$	(24	)

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]

The following table summarizes the fair value of outstanding derivatives designated as hedging instruments on the Condensed Consolidated Balance Sheets (dollars in millions):

	Balance Sheet Location	June 30, 2015		September 30, 2014
Interest rate contracts:
Pay-variable interest rate swaps designated as fair value hedges	Other assets	$	37	$	32
Forward-starting interest rate swaps designated as cash flow hedges	Accounts payable and other liabilities	$	—	$	(29	)

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Parenthetical) - shares shares in Millions	9 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Statement of Cash Flows [Abstract]
Proceeds from exercise of stock options, shares	0.7	0.4
Purchase of treasury stock, shares	4.5	3.5

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CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 2015	Sep. 30, 2014
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	100,000,000	100,000,000
Preferred stock, shares issued	0	0
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	1,000,000,000	1,000,000,000
Common stock, shares issued	631,000,000	631,000,000
Common stock, shares outstanding	543,000,000	545,000,000
Treasury stock, shares	88,000,000	86,000,000

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Accumulated Other Comprehensive Income (Loss)

9 Months Ended

Jun. 30, 2015

Accumulated Other Comprehensive Income (Loss) [Abstract]

Accumulated Other Comprehensive Income (Loss)

ACCUMULATED OTHER COMPREHENSIVE LOSS

The following tables present the net change in fair value recorded in other comprehensive income (loss) before and after income tax for the periods indicated (dollars in millions):

	Three Months Ended June 30,
	2015							2014
	Before Tax		Tax Effect			Net of Tax		Before Tax			Tax Effect		Net of Tax
Cash flow hedging instruments:
Net unrealized loss	$	—	$	—		$	—	$	(15	)	$	6	$	(9	)
Reclassification adjustment for portion of realized loss amortized to net income (1)	1		(1		)	—		—			—		—
Other comprehensive income (loss)	$	1	$	(1	)	$	—	$	(15	)	$	6	$	(9	)

	Nine Months Ended June 30,
	2015									2014
	Before Tax			Tax Effect			Net of Tax			Before Tax			Tax Effect		Net of Tax
Cash flow hedging instruments:
Net unrealized loss	$	(15	)	$	5		$	(10	)	$	(24	)	$	9	$	(15	)
Reclassification adjustment for portion of realized loss amortized to net income (1)	3			(1		)	2			—			—		—
Other comprehensive loss	$	(12	)	$	4		$	(8	)	$	(24	)	$	9	$	(15	)

(1) The before tax reclassification adjustment amount and the related tax effect are included in interest on borrowings and provision for income taxes, respectively, on the Condensed Consolidated Statements of Income.

The following table presents after-tax changes in accumulated other comprehensive loss (dollars in millions):

	Three Months Ended June 30,						Nine Months Ended June 30,
	2015			2014			2015			2014
Cash flow hedging instruments:
Beginning balance	$	(26	)	$	(6	)	$	(18	)	$	—
Other comprehensive loss before reclassification	—			(9		)	(10		)	(15		)
Amount reclassified from accumulated other comprehensive loss	—			—			2			—
Current period change	—			(9		)	(8		)	(15		)
Ending balance	$	(26	)	$	(15	)	$	(26	)	$	(15	)

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Document and Entity Information - shares	9 Months Ended
	Jun. 30, 2015	Jul. 29, 2015
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2015
Document Fiscal Year Focus	2015
Document Fiscal Period Focus (Q1,Q2,Q3,FY)	Q3
Trading Symbol	AMTD
Entity Registrant Name	TD AMERITRADE HOLDING CORPORATION
Entity Central Index Key	0001173431
Current Fiscal Year End Date	--09-30
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		543,180,721

XML

Earnings Per Share

9 Months Ended

Jun. 30, 2015

Earnings Per Share [Abstract]

Earnings Per Share

EARNINGS PER SHARE

The difference between the numerator and denominator used in the computation of basic and diluted earnings per share consists of common stock equivalent shares related to stock-based compensation for all periods presented. There were no material antidilutive awards for the three and nine months ended June 30, 2015 and 2014.

XML

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Transaction-based revenues:
Commissions and transaction fees	$ 328	$ 317	$ 1,036	$ 1,019
Asset-based revenues:
Interest revenue	158	150	472	426
Brokerage interest expense	(2)	(1)	(5)	(5)
Net interest revenue	156	149	467	421
Insured deposit account fees	209	202	620	612
Investment product fees	85	79	253	226
Total asset-based revenues	450	430	1,340	1,259
Other revenues	16	16	39	49
Net revenues	794	763	2,415	2,327
Operating expenses:
Employee compensation and benefits	202	189	608	565
Clearing and execution costs	36	35	108	98
Communications	31	29	92	84
Occupancy and equipment costs	40	39	121	116
Depreciation and amortization	23	24	69	71
Amortization of acquired intangible assets	22	22	67	68
Professional services	43	42	120	117
Advertising	54	48	199	205
Other	18	19	66	57
Total operating expenses	469	447	1,450	1,381
Operating income	325	316	965	946
Other expense (income):
Interest on borrowings	13	6	30	18
Gain on sale of investments	(7)	0	(7)	0
Other	0	0	1	0
Total other expense (income)	6	6	24	18
Pre-tax income	319	310	941	928
Provision for income taxes	122	120	344	352
Net income	$ 197	$ 190	$ 597	$ 576
Earnings per share - basic (in usd per share)	$ 0.36	$ 0.34	$ 1.10	$ 1.05
Earnings per share - diluted (in usd per share)	$ 0.36	$ 0.34	$ 1.09	$ 1.04
Weighted average shares outstanding - basic (in shares)	544	551	544	551
Weighted average shares outstanding - diluted (in shares)	547	555	547	555
Dividends declared per share (in usd per share)	$ 0.15	$ 0.12	$ 0.45	$ 0.86

XML

Notes Payable and Long-Term Debt

9 Months Ended

Jun. 30, 2015

Debt Disclosure [Abstract]

Notes Payable and Long-Term Debt

NOTES PAYABLE AND LONG-TERM DEBT

Notes payable and long-term debt consist of the following (dollars in millions):

June 30, 2015	Face Value		Unamortized Discount			Fair Value Adjustment (1)		Net Carrying Value
Long-term debt:
Senior Notes:
5.600% Notes due 2019	$	500	$	—		$	33	$	533
2.950% Notes due 2022	750		(2		)	—		748
3.625% Notes due 2025	500		—			4		504
Secured Loan:
Variable-rate Note due 2019	25		—			—		25
Total long-term debt	$	1,775	$	(2	)	$	37	$	1,810

September 30, 2014	Face Value		Unamortized Discount		Fair Value Adjustment (1)		Net Carrying Value
Notes payable:
Parent Revolving Facility	$	150	$	—	$	—	$	150
Long-term debt:
Senior Notes:
4.150% Notes due 2014	500		—		2		502
5.600% Notes due 2019	500		—		30		530
Secured Loan:
Variable-rate Note due 2019	69		—		—		69
Subtotal – Long-term debt	1,069		—		32		1,101
Total notes payable and long-term debt	$	1,219	$	—	$	32	$	1,251

(1) Fair value adjustments relate to changes in the fair value of the debt while in a fair value hedging relationship. See "Fair Value Hedging" below.

Senior Notes - On October 17, 2014, the Company sold, through a public offering, $500 million aggregate principal amount of unsecured 3.625% Senior Notes due April 1, 2025 (the "2025 Notes"). Interest on the 2025 Notes will be payable in arrears semi-annually on April 1 and October 1 of each year. The Company used the net proceeds from the issuance of the 2025 Notes, together with cash on hand, to repay in full the outstanding principal under the Company's 4.150% Senior Notes (the "2014 Notes") that matured on December 1, 2014.

On March 4, 2015, the Company sold, through a public offering, $750 million aggregate principal amount of unsecured 2.950% Senior Notes due April 1, 2022 (the "2022 Notes"). Interest on the 2022 Notes will be payable in arrears semi-annually on April 1 and October 1 of each year, beginning on October 1, 2015. The Company issued the 2022 Notes for general corporate purposes, including liquidity for operational contingencies.

Fair Value Hedging – The Company is exposed to changes in the fair value of its fixed-rate Senior Notes resulting from interest rate fluctuations. To hedge a portion of this exposure, the Company has entered into fixed-for-variable interest rate swaps on its 5.600% Senior Notes due December 1, 2019 (the "2019 Notes") and 2025 Notes. Each fixed-for-variable interest rate swap has a notional amount of $500 million and a maturity date matching the maturity date of the respective Senior Notes. During December 2014, the Company paid in full the outstanding principal under the 2014 Notes and the interest rate swap on the 2014 Notes expired.

The interest rate swaps effectively change the fixed-rate interest on the 2019 Notes and 2025 Notes to variable-rate interest. Under the terms of the interest rate swap agreements, the Company receives semi-annual fixed-rate interest payments based on the same rates applicable to the Senior Notes, and makes quarterly variable-rate interest payments based on three-month LIBOR plus (a) 2.3745% for the swap on the 2019 Notes and (b) 1.1022% for the swap on the 2025 Notes. As of June 30, 2015, the weighted average effective interest rate on the aggregate principal balance of the 2019 Notes and 2025 Notes was 2.02%.

The interest rate swaps are accounted for as fair value hedges and qualify for the shortcut method of accounting. Changes in the payment of interest resulting from the interest rate swaps are recorded in interest on borrowings on the Condensed Consolidated Statements of Income. Changes in fair value of the interest rate swaps are completely offset by changes in fair value of the related notes, resulting in no effect on net income. The following table summarizes gains and losses resulting from changes in the fair value of interest rate swaps designated as fair value hedges and the hedged fixed-rate debt for the periods indicated (dollars in millions):

	Three Months Ended June 30,						Nine Months Ended June 30,
	2015			2014			2015			2014
Gain (loss) on fair value of interest rate swaps	$	(24	)	$	1		$	5		$	(11	)
Gain (loss) on fair value of hedged fixed-rate debt	24			(1		)	(5		)	11
Net gain (loss) recorded in interest on borrowings	$	—		$	—		$	—		$	—

Cash Flow Hedging – On January 17, 2014, the Company entered into forward-starting interest rate swap contracts with an aggregate notional amount of $500 million, to hedge against changes in the benchmark interest rate component of future interest payments resulting from the anticipated refinancing of the 2014 Notes. The Company designated the contracts as a cash flow hedge of the future interest payments.  

Under cash flow hedge accounting, until settlement the swap contracts are carried at fair value and, to the extent they are an effective hedge, any unrealized gains or losses are recorded in other comprehensive income (loss). Any ineffective portion of the unrealized gains or losses is immediately recorded into earnings. Upon settlement, any realized gain or loss that has been recorded in other comprehensive income (loss) is amortized into earnings over the term of the newly-issued fixed-rate debt.

On October 17, 2014, the Company sold $500 million of 2025 Notes as described under "Senior Notes" above, and paid approximately $45 million to settle the forward-starting interest rate swap contracts. As of October 17, 2014, the Company recorded $0.5 million of pre-tax loss immediately into earnings to reflect ineffectiveness resulting from the issuance of the 2025 Notes slightly earlier than forecast. As of June 30, 2015, the Company expects to amortize $4.4 million of pre-tax losses, that were reported in accumulated other comprehensive income (loss), into interest on borrowings on the Condensed Consolidated Statements of Income within the next 12 months.

The following table summarizes pre-tax losses resulting from changes in the fair value of the forward-starting interest rate swaps for the periods indicated (dollars in millions):

	Amount of Loss Recognized in Other Comprehensive Income (Loss) (Effective Portion)
	Three Months Ended June 30,					Nine Months Ended June 30,
	2015		2014			2015			2014
Forward-starting interest rate swaps	$	—	$	(15	)	$	(15	)	$	(24	)

Balance Sheet Impact of Hedging Instruments — The following table summarizes the fair value of outstanding derivatives designated as hedging instruments on the Condensed Consolidated Balance Sheets (dollars in millions):

	Balance Sheet Location	June 30, 2015		September 30, 2014
Interest rate contracts:
Pay-variable interest rate swaps designated as fair value hedges	Other assets	$	37	$	32
Forward-starting interest rate swaps designated as cash flow hedges	Accounts payable and other liabilities	$	—	$	(29	)

The interest rate swaps are subject to counterparty credit risk. Credit risk is managed by limiting activity to approved counterparties that meet a minimum credit rating threshold, by entering into credit support agreements, or by utilizing approved central clearing counterparties registered with the Commodity Futures Trading Commission ("CFTC"). The interest rate swaps require daily collateral coverage, in the form of cash or U.S. Treasury securities, for the aggregate fair value of the interest rate swaps (including accrued interest). As of June 30, 2015 and September 30, 2014, the pay-variable interest rate swap counterparties had pledged $39 million and $47 million of collateral, respectively, to the Company in the form of cash. A liability for collateral pledged to the Company in the form of cash is recorded in accounts payable and other liabilities on the Condensed Consolidated Balance Sheets. As of September 30, 2014 the Company had pledged $43 million of collateral to the forward-starting interest rate swap counterparties in the form of cash. An asset for collateral pledged to the swap counterparties in the form of cash is recorded in other assets on the Condensed Consolidated Balance Sheets.

TD Ameritrade Holding Corporation Credit Agreement — On June 11, 2014, the Parent entered into a credit agreement consisting of a senior unsecured revolving credit facility in the aggregate principal amount of $300 million (the "Parent Revolving Facility"). The maturity date of the Parent Revolving Facility is June 11, 2019.

The applicable interest rate under the Parent Revolving Facility is calculated as a per annum rate equal to, at the option of the Parent, (a) LIBOR plus an interest rate margin ("Parent LIBOR loans") or (b) (i) the highest of (x) the prime rate, (y) the federal funds effective rate plus 0.50% or (z) one-month LIBOR plus 1.00%, plus (ii) an interest rate margin ("Base Rate loans"). The interest rate margin ranges from 0.875% to 1.75% for Parent LIBOR loans and from 0% to 0.75% for Base Rate loans, determined by reference to the Company’s public debt ratings. The Parent is obligated to pay a commitment fee ranging from 0.10% to 0.25% on any unused amount of the Parent Revolving Facility, determined by reference to the Company's public debt ratings.

As of June 30, 2015, the interest rate margin would have been 1.25% for Parent LIBOR loans and 0.25% for Base Rate loans, and the commitment fee was 0.15%, each determined by reference to the Company's public debt ratings. There were no borrowings outstanding under the Parent Revolving Facility as of June 30, 2015. As of September 30, 2014, there was $150 million of borrowings outstanding under the Parent Revolving Facility, consisting of Parent LIBOR loans. As of September 30, 2014, the commitment fee was 0.15% and the interest rate margin was 1.25%, each determined by reference to the Company’s public debt ratings, and the interest rate was 1.40%, based on one-month LIBOR plus the interest rate margin.

The obligations under the Parent Revolving Facility are guaranteed by TD Ameritrade Online Holdings Corp. ("TDAOH"), a wholly-owned subsidiary of the Company, and each "significant subsidiary" (as defined in SEC Rule 1-02(w) of Regulation S‑X) of the Parent, other than broker-dealer subsidiaries, FCM subsidiaries and controlled foreign corporations. Currently, the only subsidiary guarantor of the obligations under the Parent Revolving Facility is TDAOH.

The Parent Revolving Facility contains negative covenants that limit or restrict, subject to certain exceptions, the incurrence of liens, indebtedness of subsidiaries, mergers, consolidations, transactions with affiliates, change in nature of business and the sale of all or substantially all of the assets of the Company. The Parent is also required to maintain compliance with a maximum consolidated leverage ratio covenant and a minimum consolidated interest coverage ratio covenant, and the Company's broker-dealer and FCM subsidiaries are required to maintain compliance with a minimum regulatory net capital covenant. The Company was in compliance with all covenants under the Parent Revolving Facility as of June 30, 2015.

TD Ameritrade Clearing, Inc. Credit Agreement - On June 11, 2014, TD Ameritrade Clearing, Inc. ("TDAC"), the Company’s clearing broker-dealer subsidiary, entered into a credit agreement consisting of a senior unsecured revolving credit facility in the aggregate principal amount of $300 million (the "TDAC Revolving Facility"). The maturity date of the TDAC Revolving Facility is June 11, 2019.

The applicable interest rate under the TDAC Revolving Facility is calculated as a per annum rate equal to, at the option of TDAC, (a) LIBOR plus an interest rate margin ("TDAC LIBOR loans") or (b) the federal funds effective rate plus an interest rate margin ("Fed Funds Rate loans"). The interest rate margin ranges from 0.75% to 1.50% for both TDAC LIBOR loans and Fed Funds Rate loans, determined by reference to the Company’s public debt ratings. TDAC is obligated to pay a commitment fee ranging from 0.08% to 0.20% on any unused amount of the TDAC Revolving Facility, determined by reference to the Company’s public debt ratings. As of June 30, 2015, the interest rate margin would have been 1.00% for both TDAC LIBOR loans and Fed Funds Rate loans, and the commitment fee was 0.125%, each determined by reference to the Company’s public debt ratings. There were no borrowings outstanding under the TDAC Revolving Facility as of June 30, 2015 and September 30, 2014.

The TDAC Revolving Facility contains negative covenants that limit or restrict, subject to certain exceptions, the incurrence of liens, indebtedness of TDAC, mergers, consolidations, change in nature of business and the sale of all or substantially all of the assets of TDAC. TDAC is also required to maintain minimum tangible net worth and is required to maintain compliance with minimum regulatory net capital requirements. TDAC was in compliance with all covenants under the TDAC Revolving Facility as of June 30, 2015.

Intercompany Credit Agreements— During March 2015, the Parent entered into credit agreements with each of its primary broker-dealer and FCM subsidiaries as described below.

The intercompany credit agreement with TDAC was established on March 31, 2015 and will terminate on March 1, 2022. Under this agreement, TDAC may borrow up to $700 million in cash or securities from the Parent under a committed facility. In addition, the Parent is permitted, but under no obligation, to make loans of up to $300 million in cash or securities to TDAC under an uncommitted facility. Loans under both the committed and uncommitted facilities bear interest at the same rate as borrowings under the TDAC Revolving Facility and must be repaid with interest on or before the termination date.

The intercompany credit agreement with TD Ameritrade, Inc., the Company's introducing broker-dealer subsidiary, was established on March 31, 2015 and will terminate on March 1, 2022. Under this agreement, TD Ameritrade, Inc. may borrow up to $50 million in cash or securities from the Parent under a committed facility. In addition, the Parent is permitted, but under no obligation, to make loans of up to $300 million in cash or securities to TD Ameritrade, Inc. under an uncommitted facility. Loans under both the committed and uncommitted facilities bear interest at the same rate as borrowings under the TDAC Revolving Facility and must be repaid with interest on or before the termination date.

The intercompany credit agreement with TD Ameritrade Futures & Forex LLC ("TDAFF"), the Company's FCM subsidiary, was established on March 29, 2015 and has an initial term of five years. The agreement will automatically renew for an additional five-year term, unless either party provides notice to the other of its intent to terminate not less than 30 days before the end of the then current term. Under this agreement, TDAFF may borrow from the Parent, under a committed facility, up to 75% of TDAFF's "residual interest target" as determined by TDAFF in accordance with applicable rules and regulations. As of June 30, 2015, TDAFF's residual interest target was $18 million and the corresponding loan commitment amount was $13.5 million. Loans under this facility bear interest at the prime rate plus 1.00% and must be repaid with interest not later than 60 calendar days following the date of the borrowing.

There were no borrowings outstanding under any of the intercompany credit agreements as of June 30, 2015.

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Income Taxes

9 Months Ended

Jun. 30, 2015

Income Tax Disclosure [Abstract]

Income Taxes

INCOME TAXES

The Company’s effective income tax rate for the nine months ended June 30, 2015 was 36.6%, compared to 37.9% for the nine months ended June 30, 2014. The provision for income taxes for the nine months ended June 30, 2015 was lower than normal primarily due to $20 million of favorable resolutions of state income tax matters. This favorably impacted the Company's earnings for the nine months ended June 30, 2015 by approximately four cents per share. The provision for income taxes for the nine months ended June 30, 2014 includes $9 million of favorable resolutions of state income tax matters, partially offset by $2 million of unfavorable deferred income tax adjustments resulting from state income tax law changes. These items had a net favorable impact on the Company’s earnings for the nine months ended June 30, 2014 of approximately one cent per share.

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Cash and Investments Segregated and on Deposit for Regulatory Purposes (Tables)

9 Months Ended

Jun. 30, 2015

Restricted Cash and Investments [Abstract]

Cash and Investments Segregated and on Deposit for Regulatory Purposes

Cash and investments segregated and on deposit for regulatory purposes consists of the following (dollars in millions):

	June 30, 2015		September 30, 2014
U.S. government debt securities	$	2,305	$	3,070
Reverse repurchase agreements (collateralized by U.S. government debt securities)	1,236		1,193
Cash in demand deposit accounts	646		617
Cash on deposit with futures commission merchants	163		186
U.S. government debt securities on deposit with futures commission merchant	75		50
Total	$	4,425	$	5,116

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Related Party Transactions

9 Months Ended

Jun. 30, 2015

Related Party Transactions [Abstract]

Related Party Transactions

RELATED PARTY TRANSACTIONS

Transactions with TD and Affiliates

As a result of the Company’s acquisition of TD Waterhouse during fiscal 2006, TD became an affiliate of the Company. TD owned approximately 41% of the Company’s common stock as of June 30, 2015. Pursuant to the Stockholders Agreement among TD, the Company and certain other stockholders, TD has the right to designate five of twelve members of the Company’s board of directors. The Company transacts business and has extensive relationships with TD and certain of its affiliates. Transactions with TD and its affiliates are discussed and summarized below.

Insured Deposit Account Agreement

The Company is party to an insured deposit account ("IDA") agreement with TD Bank USA, N.A. ("TD Bank USA"), TD Bank, N.A. and TD. Under the IDA agreement, TD Bank USA and TD Bank, N.A. (together, the "TD Depository Institutions") make available to clients of the Company FDIC-insured money market deposit accounts as either designated sweep vehicles or as non-sweep deposit accounts. The Company provides marketing, recordkeeping and support services for the TD Depository Institutions with respect to the money market deposit accounts. In exchange for providing these services, the TD Depository Institutions pay the Company an aggregate marketing fee based on the weighted average yield earned on the client IDA assets, less the actual interest paid to clients, a servicing fee to the TD Depository Institutions and the cost of FDIC insurance premiums.

The current IDA agreement became effective as of January 1, 2013 and has an initial term expiring July 1, 2018. It is automatically renewable for successive five-year terms, provided that it may be terminated by either the Company or the TD Depository Institutions by providing written notice of non-renewal at least two years prior to the initial expiration date or the expiration date of any subsequent renewal period.

The fee earned on the IDA agreement is calculated based on two primary components: (a) the yield on fixed-rate "notional" investments, based on prevailing fixed rates for identical balances and maturities in the interest rate swap market (generally LIBOR-based) at the time such investments were added to the IDA portfolio (including any adjustments required to adjust the variable rate leg of such swaps to a one-month reset frequency and the overall swap payment frequency to monthly) and (b) the yield on floating-rate investments. As of June 30, 2015, the IDA portfolio was comprised of approximately 77% fixed-rate notional investments and 23% floating-rate investments.

The IDA agreement provides that the Company may designate amounts and maturity dates for the fixed-rate notional investments in the IDA portfolio, subject to certain limitations. For example, if the Company designates that $100 million of deposits be invested in 5-year fixed-rate investments, and on the day such investment is confirmed by the TD Depository Institutions the prevailing fixed yield for the applicable 5-year U.S. dollar LIBOR-based swaps is 1.45%, then the Company will earn a gross fixed yield of 1.45% on that portion of the portfolio (before any deductions for interest paid to clients, the servicing fee to the TD Depository Institutions and the cost of FDIC insurance premiums). In the event that (1) the federal funds effective rate is established at 0.75% or greater and (2) the rate on 5-year U.S. dollar interest rate swaps is equal to or greater than 1.50% for 20 consecutive business days, then the rate earned by the Company on new fixed-rate notional investments will be reduced by 20% of the excess of the 5-year U.S. dollar swap rate over 1.50%, up to a maximum of 0.10%.

The yield on floating-rate investments is calculated daily based on the greater of the following rates published by the Federal Reserve: (1) the interest rate paid by Federal Reserve Banks on balances held in excess of required reserve balances and contractual clearing balances under Regulation D and (2) the daily effective federal funds rate.

The interest rates paid to clients are set by the TD Depository Institutions and are not linked to any index. The servicing fee to the TD Depository Institutions under the IDA agreement is equal to 25 basis points on the aggregate average daily balance in the IDA accounts, subject to adjustment as it relates to deposits of less than or equal to $20 billion kept in floating-rate investments or in fixed-rate notional investments with a maturity of up to 24 months ("short-term fixed-rate investments"). For floating-rate and short-term fixed-rate investments, the servicing fee is equal to the difference of the interest rate earned on the investments less the FDIC premiums paid (in basis points), divided by two. The servicing fee has a floor of 3 basis points (subject to adjustment from time to time to reflect material changes to the TD Depository Institutions’ leverage costs) and a maximum of 25 basis points.

In the event the marketing fee computation results in a negative amount, the Company must pay the TD Depository Institutions the negative amount. This effectively results in the Company guaranteeing the TD Depository Institutions revenue equal to the servicing fee on the IDA agreement, plus the reimbursement of FDIC insurance premiums. The marketing fee computation under the IDA agreement is affected by many variables, including the type, duration, principal balance and yield of the fixed-rate and floating-rate investments, the prevailing interest rate environment, the amount of client deposits and the yield paid on client deposits. Because a negative marketing fee computation would arise only if there were extraordinary movements in many of these variables, the maximum potential amount of future payments the Company could be required to make under this arrangement cannot be reasonably estimated. Management believes the potential for the marketing fee calculation to result in a negative amount is remote. Accordingly, no contingent liability is carried on the Condensed Consolidated Balance Sheets for the IDA agreement.

In addition, the Company has various other services agreements and transactions with TD and its affiliates. The following tables summarize revenues and expenses resulting from transactions with TD and its affiliates for the periods indicated (dollars in millions):

		Revenues from TD and Affiliates
	Statement of Income Classification	Three months ended   June 30,				Nine months ended   June 30,
Description		2015		2014		2015		2014
Insured Deposit Account Agreement	Insured deposit account fees	$	209	$	202	$	620	$	612
Referral and Strategic Alliance Agreement	Various	3		3		9		9
Other	Various	2		2		5		5
Total revenues		$	214	$	207	$	634	$	626

		Expenses to TD and Affiliates
	Statement of Income Classification	Three months ended   June 30,				Nine months ended   June 30,
Description		2015		2014		2015		2014
Canadian Call Center Services Agreement	Professional services	$	5	$	4	$	14	$	13
Other	Various	—		—		2		2
Total expenses		$	5	$	4	$	16	$	15

The following table summarizes the classification and amount of receivables from and payables to TD and its affiliates on the Condensed Consolidated Balance Sheets resulting from related party transactions (dollars in millions):

	June 30, 2015		September 30, 2014
Assets:
Receivable from brokers, dealers and clearing organizations	$	—	$	1
Receivable from affiliates	107		99
Liabilities:
Payable to brokers, dealers and clearing organizations	$	67	$	96
Payable to affiliates	6		5

Receivables from and payables to brokers, dealers and clearing organizations primarily relate to securities borrowing and lending activity and are settled in accordance with customary contractual terms. Receivables from and payables to TD affiliates resulting from client cash sweep activity are generally settled in cash the next business day. Other receivables from and payables to affiliates of TD are generally settled in cash on a monthly basis.

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Fair Value Disclosures

9 Months Ended

Jun. 30, 2015

Fair Value Disclosures [Abstract]

Fair Value Disclosures

FAIR VALUE DISCLOSURES

Fair Value Measurement — Definition and Hierarchy

ASC 820-10, Fair Value Measurement, defines fair value as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the measurement date.

ASC 820-10 establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability, developed based on market data obtained from sources independent of the Company. Unobservable inputs reflect the Company’s own assumptions about the assumptions market participants would use in pricing the asset or liability, developed based on the best information available in the circumstances.

The fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three broad levels, as follows:

• Level 1— Quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access. This category includes active exchange-traded funds, money market mutual funds, mutual funds and equity securities.

• Level 2— Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Such inputs include quoted prices in markets that are not active, quoted prices for similar assets and liabilities in active and inactive markets, inputs other than quoted prices that are observable for the asset or liability and inputs that are derived principally from or corroborated by observable market data by correlation or other means. This category includes most debt securities and other interest-sensitive financial instruments.

• Level 3 — Unobservable inputs for the asset or liability, where there is little, if any, observable market activity or data for the asset or liability.

The following tables present the Company’s fair value hierarchy for assets and liabilities measured at fair value on a recurring basis as of June 30, 2015 and September 30, 2014 (dollars in millions):

	As of June 30, 2015
	Level 1		Level 2		Level 3		Fair Value
Assets:
Cash equivalents:
Money market mutual funds	$	2,048	$	—	$	—	$	2,048
Investments segregated for regulatory purposes:
U.S. government debt securities	—		2,380		—		2,380
Securities owned:
Money market and other mutual funds	—		—		2		2
U.S. government debt securities	—		406		—		406
Other	1		3		—		4
Subtotal - Securities owned	1		409		2		412
Other assets:
Pay-variable interest rate swaps(1)	—		37		—		37
U.S. government debt securities	—		4		—		4
Auction rate securities	—		—		1		1
Subtotal - Other assets	—		41		1		42
Total assets at fair value	$	2,049	$	2,830	$	3	$	4,882
Liabilities:
Accounts payable and other liabilities:
Securities sold, not yet purchased:
Equity securities	$	13	$	—	$	—	$	13

(1) See "Fair Value Hedging" in Note 5 for details.

	As of September 30, 2014
	Level 1		Level 2		Level 3		Fair Value
Assets:
Cash equivalents:
Money market mutual funds	$	1,284	$	—	$	—	$	1,284
Investments segregated for regulatory purposes:
U.S. government debt securities	—		3,120		—		3,120
Securities owned:
Money market and other mutual funds	—		—		1		1
U.S. government debt securities	—		326		—		326
Other	2		3		—		5
Subtotal - Securities owned	2		329		1		332
Other assets:
Pay-variable interest rate swaps(1)	—		32		—		32
U.S. government debt securities	—		4		—		4
Auction rate securities	—		—		1		1
Subtotal - Other assets	—		36		1		37
Total assets at fair value	$	1,286	$	3,485	$	2	$	4,773
Liabilities:
Accounts payable and other liabilities:
Forward-starting interest rate swaps(2)	$	—	$	29	$	—	$	29
Securities sold, not yet purchased:
Equity securities	1		—		—		1
Total liabilities at fair value	$	1	$	29	$	—	$	30

(1) See "Fair Value Hedging" in Note 5 for details.

(2) See "Cash Flow Hedging" in Note 5 for details.

There were no transfers between any levels of the fair value hierarchy during the periods covered by this report.

Valuation Techniques

In general, and where applicable, the Company uses quoted prices in active markets for identical assets or liabilities to determine fair value. This pricing methodology applies to the Company’s Level 1 assets and liabilities. If quoted prices in active markets for identical assets and liabilities are not available to determine fair value, then the Company uses quoted prices for similar assets and liabilities or inputs other than the quoted prices that are observable, either directly or indirectly. This pricing methodology applies to the Company’s Level 2 assets and liabilities.

Level 2 Measurements:

Debt Securities – Fair values for debt securities are based on prices obtained from an independent pricing vendor. The primary inputs to the valuation include quoted prices for similar assets in active markets, quoted prices for identical or similar assets in markets that are not active, contractual cash flows, benchmark yields and credit spreads. The Company validates the vendor pricing by periodically comparing it to pricing from another independent pricing service. The Company has not adjusted prices obtained from the independent pricing vendor for any periods presented in the condensed consolidated financial statements because no significant pricing differences have been observed.

Interest Rate Swaps – These derivatives are valued by the Company using a valuation model provided by a third party service that incorporates interest rate yield curves, which are observable for substantially the full term of the contract. The valuation model is widely accepted in the financial services industry and does not involve significant judgment because most of the inputs are observable in the marketplace. Credit risk is not an input to the valuation because in each case the Company or counterparty has possession of collateral, in the form of cash or U.S. Treasury securities, in amounts equal to or exceeding the fair value of the interest rate swaps. The Company validates the third party service valuations by comparing them to valuation models provided by the swap counterparties.

Level 3 Measurements:

The Company has no material assets or liabilities classified as Level 3 of the fair value hierarchy.

Fair Value of Financial Instruments Not Recorded at Fair Value

Cash and cash equivalents, receivable from/payable to brokers, dealers and clearing organizations, receivable from/payable to clients, receivable from/payable to affiliates, other receivables, accounts payable and other liabilities and notes payable are short-term in nature and accordingly are carried at amounts that approximate fair value. Cash and cash equivalents include cash and highly-liquid investments with an original maturity of three months or less (categorized as Level 1 of the fair value hierarchy). Receivable from/payable to brokers, dealers and clearing organizations, receivable from/payable to clients, receivable from/payable to affiliates, other receivables, accounts payable and other liabilities and notes payable are recorded at or near their respective transaction prices and historically have been settled or converted to cash at approximately that value (categorized as Level 2 of the fair value hierarchy).

Cash and investments segregated and on deposit for regulatory purposes includes reverse repurchase agreements (securities purchased under agreements to resell). Reverse repurchase agreements are treated as collateralized financing transactions and are carried at amounts at which the securities will subsequently be resold, plus accrued interest. The Company’s reverse repurchase agreements generally have a maturity of seven days and are collateralized by U.S. Treasury securities in amounts exceeding the carrying value of the resale agreements. Accordingly, the carrying value of reverse repurchase agreements approximates fair value (categorized as Level 2 of the fair value hierarchy). In addition, this category includes cash held in demand deposit accounts and on deposit with futures commission merchants, for which the carrying values approximate the fair value (categorized as Level 1 of the fair value hierarchy). See Note 3 for a summary of cash and investments segregated and on deposit for regulatory purposes.

Long-term debt – As of June 30, 2015, the Company’s Senior Notes had an aggregate estimated fair value, based on quoted market prices (categorized as Level 1 of the fair value hierarchy), of approximately $1.819 billion, compared to the aggregate carrying value of the Senior Notes on the Condensed Consolidated Balance Sheet of $1.785 billion. As of September 30, 2014, the Company’s Senior Notes had an aggregate estimated fair value, based on quoted market prices, of approximately $1.081 billion, compared to the aggregate carrying value of the Senior Notes on the Condensed Consolidated Balance Sheet of $1.032 billion.

The carrying value of the Company's variable-rate secured loan approximates fair value because of the frequent repricing of the loan based on market interest rates (categorized as Level 2 of the fair value hierarchy).

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Related Party Transactions - Summary of Classification and Amount of Receivables from and Payables to Affiliates of Company (Detail) - USD ($) $ in Millions	Jun. 30, 2015	Sep. 30, 2014
Assets:
Receivable from brokers, dealers and clearing organizations	$ 1,144	$ 1,108
Receivable from affiliates	107	99
Liabilities:
Payable to brokers, dealers and clearing organizations	2,414	2,421
Payable to affiliates	6	5
Related Party Assets [Member]
Assets:
Receivable from brokers, dealers and clearing organizations	0	1
Receivable from affiliates	107	99
Related Party Liabilities [Member]
Liabilities:
Payable to brokers, dealers and clearing organizations	67	96
Payable to affiliates	$ 6	$ 5

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Capital Requirements

9 Months Ended

Jun. 30, 2015

Regulatory Capital Requirements [Abstract]

Capital Requirements

CAPITAL REQUIREMENTS

The Company’s broker-dealer subsidiaries are subject to the SEC Uniform Net Capital Rule (Rule 15c3-1 under the Securities Exchange Act of 1934, or the "Exchange Act"), administered by the SEC and the Financial Industry Regulatory Authority ("FINRA"), which requires the maintenance of minimum net capital, as defined. Net capital and the related net capital requirement may fluctuate on a daily basis. TDAC, the Company’s clearing broker-dealer subsidiary, and TD Ameritrade, Inc., the Company’s introducing broker-dealer subsidiary, compute net capital under the alternative method as permitted by Rule 15c3-1. TDAC is required to maintain minimum net capital of the greater of $1.5 million, which is based on the type of business conducted by the broker-dealer, or 2% of aggregate debit balances arising from client transactions.

Under Rule 15c3-1, TD Ameritrade, Inc. is required to maintain minimum net capital of the greater of $250,000 or 2% of aggregate debit balances. Prior to May 20, 2015, as an FCM registered with the CFTC, TD Ameritrade, Inc. was also subject to CFTC Regulation 1.17 under the Commodity Exchange Act, administered by the CFTC and the National Futures Association ("NFA"), which requires the maintenance of minimum net capital of the greatest of (a) $1.0 million, (b) its futures risk-based capital requirement, equal to 8% of the total risk margin requirement for all futures positions carried by the FCM in client and nonclient accounts, or (c) its Rule 15c3-1 net capital requirement. TD Ameritrade, Inc. transferred its futures and foreign exchange business to TDAFF effective March 29, 2015 and withdrew its registration as an FCM effective May 20, 2015.

Under the alternative method, a broker-dealer may not repay any subordinated borrowings, pay cash dividends or make any unsecured advances or loans to its parent company or employees if such payment would result in a net capital amount of (a) less than 5% of aggregate debit balances, (b) less than 110% of its risk-based capital requirement under CFTC Regulation 1.17, or (c) less than 120% of its minimum dollar requirement. An FCM, such as TDAFF, that is not registered as a securities broker-dealer must provide notice to the CFTC if its net capital amounts to less than (a) 110% of its risk-based capital requirement under CFTC Regulation 1.17 or (b) less than 150% of its minimum dollar requirement. These broker-dealer and FCM net capital thresholds, which are specified in Exchange Act Rule 17a-11 and CFTC Regulation 1.12, are typically referred to as "early warning" net capital thresholds.

Net capital and net capital requirements for the Company’s broker-dealer subsidiaries are summarized in the following tables (dollars in millions):

TD Ameritrade Clearing, Inc.
Date	Net Capital		Required Net Capital (2% of Aggregate Debit Balances)		Net Capital in Excess of Required Net Capital		Net Capital in Excess of Early Warning Threshold (5% of Aggregate Debit Balances)		Ratio of Net Capital to Aggregate Debit Balances
June 30, 2015	$	1,533	$	307	$	1,226	$	766	9.99	%
September 30, 2014	$	1,569	$	280	$	1,289	$	868	11.19	%

TD Ameritrade, Inc.
Date	Net Capital		Required Net Capital (8% of Total Risk Margin or $250,000 Minimum Dollar Requirement)		Net Capital in Excess of Required Net Capital		Net Capital in Excess of Early Warning Threshold (110% or 120% of Required Net Capital)
June 30, 2015	$	264	$	—	$	264	$	263
September 30, 2014	$	347	$	17	$	330	$	328

During October 2014, TDAFF registered as an FCM with the CFTC. TDAFF is subject to CFTC Regulation 1.17 under the Commodity Exchange Act, which requires the maintenance of minimum net capital as described above. Net capital and net capital requirements for TDAFF are summarized in the following table (dollars in millions):

TD Ameritrade Futures & Forex LLC
Date	Net Capital		Required Net Capital (8% of Total Risk Margin)		Net Capital in Excess of Required Net Capital	Net Capital in Excess of Early Warning Threshold (110% of Required Net Capital)
June 30, 2015	$	57	$	11	46	$	45
September 30, 2014	N/A		N/A		N/A	N/A

The Company’s non-depository trust company subsidiary, TD Ameritrade Trust Company ("TDATC"), is subject to capital requirements established by the State of Maine, which require TDATC to maintain minimum Tier 1 capital, as defined. TDATC’s Tier 1 capital was $30 million and $27 million as of June 30, 2015 and September 30, 2014, respectively, which exceeded the required Tier 1 capital by $14 million and $12 million, respectively.

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Commitments and Contingencies

9 Months Ended

Jun. 30, 2015

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

COMMITMENTS AND CONTINGENCIES

Legal and Regulatory Matters

Order Routing Litigation – Five putative class action complaints have been filed regarding TD Ameritrade’s routing of client orders. The cases are pending in the U.S. District Court for the District of Nebraska: Jay Zola et al. v. TDAmeritrade, Inc., et al.; Tyler Verdieck v. TDAmeritrade, Inc.; Bruce Lerner v. TDAmeritrade, Inc.; Michael Sarbacker v. TDAmeritrade Holding Corporation, et al.; Gerald Klein v. TDAmeritrade Holding Corporation, et al. The complaints in Zola, Klein and Sarbacker allege that the defendants failed to provide clients with "best execution" and routed orders to the market venue that paid the most for its order flow. The complaints in Verdieck and Lerner allege that the defendant routed its clients’ non-marketable limit orders to the venue paying the highest rates of maker rebates, and that clients did not receive best execution on these kinds of orders. The complaints variously include claims of breach of contract, breach of fiduciary duty, breach of the duty of best execution, fraud, negligent misrepresentation, violations of Section 10(b) and 20 of the Exchange Act and SEC Rule 10b-5, violation of Nebraska’s Consumer Protection Act, violation of Nebraska’s Uniform Deceptive Trade Practices Act, aiding and abetting, unjust enrichment and declaratory judgment. The complaints seek various kinds of relief including damages, restitution, disgorgement, injunctive relief, equitable relief and other relief. The Company intends to vigorously defend against these lawsuits. The Company is unable to predict the outcome or the timing of the ultimate resolution of these lawsuits, or the potential losses, if any, that may result.

Reserve Yield Plus Fund Litigation – During September 2008, The Reserve, an independent mutual fund company, announced that the net asset value of the Reserve Yield Plus Fund declined below $1.00 per share. The Yield Plus Fund was not a money market mutual fund, but its stated objective was to maintain a net asset value of $1.00 per share. TD Ameritrade, Inc.’s clients continue to hold shares in the Yield Plus Fund (now known as "Yield Plus Fund – In Liquidation"), which is being liquidated.

In November 2008, a purported class action lawsuit was filed with respect to the Yield Plus Fund. The lawsuit is captioned Ross v. Reserve Management Company, Inc. et al. and is pending in the U.S. District Court for the Southern District of New York. The Ross lawsuit is on behalf of persons who purchased shares of Reserve Yield Plus Fund. On November 20, 2009, the plaintiffs filed a first amended complaint naming as defendants the fund’s advisor, certain of its affiliates and the Company and certain of its directors, officers and shareholders as alleged control persons. The complaint alleges claims of violations of the federal securities laws and other claims based on allegations that false and misleading statements and omissions were made in the Reserve Yield Plus Fund prospectuses and in other statements regarding the fund. On March 19, 2015, the plaintiffs entered into an agreement with Reserve Management Company, Inc. and related defendants to settle the claims against them, subject to court approval. On March 26, 2015, the Company and the plaintiffs reached an agreement in principle to resolve the claims against the Company and its directors, officers and shareholders named as defendants, subject to definitive written terms that will require court approval. Under the agreement, the Company will make a cash contribution of $3.75 million toward a class settlement fund. All the parties entered into a stipulation of settlement as of June 4, 2015, subject to court approval, and filed a request for the Court’s preliminary approval of the settlement and approval of notices to class members.

Other Legal and Regulatory Matters – The Company is subject to a number of other lawsuits, arbitrations, claims and other legal proceedings in connection with its business. Some of these legal actions include claims for substantial or unspecified compensatory and/or punitive damages. In addition, in the normal course of business, the Company discusses matters with its regulators raised during regulatory examinations or otherwise subject to their inquiry. These matters could result in censures, fines, penalties or other sanctions. ASC 450, Loss Contingencies, governs the recognition and disclosure of loss contingencies, including potential losses from legal and regulatory matters. ASC 450 categorizes loss contingencies using three terms based on the likelihood of occurrence of events that result in a loss: "probable" means that "the future event or events are likely to occur;" "remote" means that "the chance of the future event or events occurring is slight;" and "reasonably possible" means that "the chance of the future event or events occurring is more than remote but less than likely." Under ASC 450, the Company accrues for losses that are considered both probable and reasonably estimable. The Company may incur losses in addition to the amounts accrued where the losses are greater than estimated by management, or for matters for which an unfavorable outcome is considered reasonably possible, but not probable.

The Company estimates that the aggregate range of reasonably possible losses in excess of amounts accrued is from $0 to $35 million as of June 30, 2015. This estimated aggregate range of reasonably possible losses is based upon currently available information for those legal and regulatory matters in which the Company is involved, taking into account the Company’s best estimate of reasonably possible losses for those cases as to which an estimate can be made. For certain cases, the Company does not believe an estimate can currently be made, as some cases are in preliminary stages and some cases have no specific amounts claimed. The Company’s estimate involves significant judgment, given the varying stages of the proceedings and the inherent uncertainty of predicting outcomes. The estimated range will change from time to time as the underlying matters, stages of proceedings and available information change. Actual losses may vary significantly from the current estimated range.

The Company believes, based on its current knowledge and after consultation with counsel, that the ultimate disposition of these legal and regulatory matters, individually or in the aggregate, is not likely to have a material adverse effect on the financial condition or cash flows of the Company. However, in light of the uncertainties involved in such matters, the Company is unable to predict the outcome or the timing of the ultimate resolution of these matters, or the potential losses, fines, penalties or equitable relief, if any, that may result, and it is possible that the ultimate resolution of one or more of these matters may be material to the Company’s results of operations for a particular reporting period.

Income Taxes

The Company’s federal and state income tax returns are subject to examination by taxing authorities. Because the application of tax laws and regulations to many types of transactions is subject to varying interpretations, amounts reported in the condensed consolidated financial statements could be significantly changed at a later date upon final determinations by taxing authorities. The Toronto-Dominion Bank ("TD") has agreed to indemnify the Company for tax obligations, if any, pertaining to activities of TD Waterhouse Group, Inc. ("TD Waterhouse") prior to the Company’s acquisition of TD Waterhouse in January 2006.

General Contingencies

In the ordinary course of business, there are various contingencies that are not reflected in the condensed consolidated financial statements. These include the Company’s broker-dealer and FCM subsidiaries’ client activities involving the execution, settlement and financing of various client securities, options, futures and foreign exchange transactions. These activities may expose the Company to credit risk in the event the clients are unable to fulfill their contractual obligations.

The Company extends margin credit and leverage to its clients. In margin transactions, the Company extends credit to the client, subject to various regulatory and internal margin requirements, collateralized by cash and securities in the client’s account. In connection with these activities, the Company also executes and clears client transactions involving the sale of securities not yet purchased ("short sales"). Such margin-related transactions may expose the Company to credit risk in the event a client’s assets are not sufficient to fully cover losses that the client may incur. Leverage involves securing a large potential future obligation with a lesser amount of cash and securities. The risks associated with margin credit and leverage increase during periods of rapid market movements, or in cases where leverage or collateral is concentrated and market movements occur. In the event the client fails to satisfy its obligations, the Company has the authority to purchase or sell financial instruments in the client’s account at prevailing market prices in order to fulfill the client’s obligations. However, during periods of rapid market movements, clients who utilize margin credit or leverage and who have collateralized their obligations with securities may find that the securities have a rapidly depreciating value and may not be sufficient to cover their obligations in the event of liquidation. The Company seeks to mitigate the risks associated with its client margin and leverage activities by requiring clients to maintain margin collateral in compliance with various regulatory and internal guidelines. The Company monitors required margin levels throughout each trading day and, pursuant to such guidelines, requires clients to deposit additional collateral, or to reduce positions, when necessary.

The Company loans securities temporarily to other broker-dealers in connection with its broker-dealer business. The Company receives cash as collateral for the securities loaned. Increases in securities prices may cause the market value of the securities loaned to exceed the amount of cash received as collateral. In the event the counterparty to these transactions does not return the loaned securities, the Company may be exposed to the risk of acquiring the securities at prevailing market prices in order to satisfy its client obligations. The Company mitigates this risk by requiring credit approvals for counterparties, by monitoring the market value of securities loaned on a daily basis and requiring additional cash as collateral when necessary, and by participating in a risk-sharing program offered through the Options Clearing Corporation ("OCC").

The Company borrows securities temporarily from other broker-dealers in connection with its broker-dealer business. The Company deposits cash as collateral for the securities borrowed. Decreases in securities prices may cause the market value of the securities borrowed to fall below the amount of cash deposited as collateral. In the event the counterparty to these transactions does not return the cash deposited, the Company may be exposed to the risk of selling the securities at prevailing market prices. The Company mitigates this risk by requiring credit approvals for counterparties, by monitoring the collateral values on a daily basis and requiring collateral to be returned by the counterparties when necessary, and by participating in a risk-sharing program offered through the OCC.

The Company transacts in reverse repurchase agreements (securities purchased under agreements to resell) in connection with its broker-dealer business. The Company’s policy is to take possession or control of securities with a market value in excess of the principal amount loaned, plus accrued interest, in order to collateralize resale agreements. The Company monitors the market value of the underlying securities that collateralize the related receivable on resale agreements on a daily basis and may require additional collateral when deemed appropriate.

The Company has accepted collateral in connection with client margin loans and securities borrowed. Under applicable agreements, the Company is generally permitted to repledge securities held as collateral and use them to enter into securities lending arrangements. The following table summarizes the fair values of client margin securities and stock borrowings that were available to the Company to utilize as collateral on various borrowings or for other purposes, and the amount of that collateral loaned or repledged by the Company (dollars in billions):

	June 30, 2015		September 30, 2014
Client margin securities	$	17.9	$	16.2
Stock borrowings	0.8		1.0
Total collateral available	$	18.7	$	17.2
Collateral loaned	$	2.4	$	2.4
Collateral repledged	2.7		2.5
Total collateral loaned or repledged	$	5.1	$	4.9

The Company is subject to cash deposit and collateral requirements with clearinghouses based on its clients’ trading activity. The following table summarizes cash deposited with and securities pledged to clearinghouses by the Company (dollars in millions):

Assets	Balance Sheet Classification	June 30, 2015		September 30, 2014
Cash	Receivable from brokers, dealers and clearing organizations	$	284	$	104
U.S. government debt securities	Securities owned, at fair value	185		181
Total		$	469	$	285

Guarantees

The Company is a member of and provides guarantees to securities clearinghouses and exchanges in connection with client trading activities. Under related agreements, the Company is generally required to guarantee the performance of other members. Under these agreements, if a member becomes unable to satisfy its obligations to the clearinghouse, other members would be required to meet shortfalls. The Company’s liability under these arrangements is not quantifiable and could exceed the cash and securities it has posted to the clearinghouse as collateral. However, the potential for the Company to be required to make payments under these agreements is considered remote. Accordingly, no contingent liability is carried on the Condensed Consolidated Balance Sheets for these guarantees.

The Company clears its clients’ futures transactions on an omnibus account basis through unaffiliated clearing firms. The Company has agreed to indemnify the unaffiliated clearing firms for any loss that they may incur for the client transactions introduced to them by the Company.

See "Insured Deposit Account Agreement" in Note 12 for a description of a guarantee included in that agreement.

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Offsetting Assets and Liabilities

9 Months Ended

Jun. 30, 2015

Offsetting [Abstract]

Offsetting Assets and Liabilities

OFFSETTING ASSETS AND LIABILITIES

Substantially all of the Company’s reverse repurchase agreements, securities borrowing and securities lending activity and derivative financial instruments are transacted under master agreements that may allow for net settlement in the ordinary course of business, as well as offsetting of all contracts with a given counterparty in the event of default by one of the parties. However, for financial statement purposes, the Company does not net balances related to these financial instruments.

The following tables present information about the potential effect of rights of setoff associated with the Company’s recognized assets and liabilities as of June 30, 2015 and September 30, 2014 (dollars in millions):

	June 30, 2015
							Gross Amounts Not Offset in the Condensed Consolidated Balance Sheet
	Gross Amounts of Recognized Assets and Liabilities		Gross Amounts Offset in the Condensed Consolidated Balance Sheet		Net Amounts Presented in the Condensed Consolidated Balance Sheet		Financial Instruments(4)			Collateral Received or Pledged (Including Cash) (5)			Net Amount (6)
Assets:
Investments segregated for regulatory purposes:
Reverse repurchase agreements	$	1,236	$	—	$	1,236	$	—		$	(1,236	)	$	—
Receivable from brokers, dealers    and clearing organizations:
Deposits paid for securities borrowed (1)	846		—		846		(54		)	(776		)	16
Other assets:
Pay-variable interest rate swaps	37		—		37		—			(37		)	—
Total	$	2,119	$	—	$	2,119	$	(54	)	$	(2,049	)	$	16
Liabilities:
Payable to brokers, dealers and clearing organizations:
Deposits received for securities loaned (2)(3)	$	2,363	$	—	$	2,363	$	(54	)	$	(2,065	)	$	244

	September 30, 2014
							Gross Amounts Not Offset in the Condensed Consolidated Balance Sheet
	Gross Amounts of Recognized Assets and Liabilities		Gross Amounts Offset in the Condensed Consolidated Balance Sheet		Net Amounts Presented in the Condensed Consolidated Balance Sheet		Financial Instruments(4)			Collateral Received or Pledged (Including Cash) (5)			Net Amount (6)
Assets:
Investments segregated for regulatory purposes:
Reverse repurchase agreements	$	1,193	$	—	$	1,193	$	—		$	(1,193	)	$	—
Receivable from brokers, dealers and clearing organizations:
Deposits paid for securities borrowed (1)	995		—		995		(69		)	(900		)	26
Other assets:
Pay-variable interest rate swaps	32		—		32		—			(32		)	—
Total	$	2,220	$	—	$	2,220	$	(69	)	$	(2,125	)	$	26
Liabilities:
Payable to brokers, dealers and clearing organizations:
Deposits received for securities loaned (2)	$	2,384	$	—	$	2,384	$	(69	)	$	(2,015	)	$	300
Accounts payable and other liabilities:
Forward-starting interest rate swaps	29		—		29		—			(29		)	—
Total	$	2,413	$	—	$	2,413	$	(69	)	$	(2,044	)	$	300

(1) Included in the gross amounts of deposits paid for securities borrowed is $499 million and $616 million as of June 30, 2015 and September 30, 2014, respectively, transacted through a risk-sharing program with the OCC, which guarantees the return of cash to the Company. See "General Contingencies" in Note 7 for a discussion of the potential risks associated with securities borrowing transactions and how the Company mitigates those risks.

(2) Included in the gross amounts of deposits received for securities loaned is $685 million and $754 million as of June 30, 2015 and September 30, 2014, respectively, transacted through a risk-sharing program with the OCC, which guarantees the return of securities to the Company. See "General Contingencies" in Note 7 for a discussion of the potential risks associated with securities lending transactions and how the Company mitigates those risks.

(3) Substantially all of the Company's securities lending transactions have a continuous contractual term and, upon notice by either party, may be terminated within three business days. The following table summarizes the Company's gross liability for securities lending transactions by the class of securities loaned (dollars in millions):

	June 30, 2015
Deposits received for securities loaned:
Equity securities	$	2,132
Exchange-traded funds	137
Closed-end funds	57
Other	37
Total	$	2,363

(4) Amounts represent recognized assets and liabilities that are subject to enforceable master agreements with rights of setoff.

(5) Represents the fair value of collateral the Company had received or pledged under enforceable master agreements, limited for table presentation purposes to the net amount of the recognized assets due from or liabilities due to each counterparty. At June 30, 2015 and September 30, 2014, the Company had received total collateral with a fair value of $2,128 million and $2,231 million, respectively, and pledged total collateral with a fair value of $2,117 million and $2,124 million, respectively.

(6) Represents the amount for which, in the case of net recognized assets, the Company had not received collateral, and in the case of net recognized liabilities, the Company had not pledged collate

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Condensed Consolidating Financial Information - Schedule of Condensed Consolidating Statement of Cash Flows (Unaudited) (Detail) - USD ($) $ in Millions	9 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Condensed Cash Flow Statements, Captions [Line Items]
Net Cash provided by (used in) operating activities	$ 643	$ 652
Cash flows from investing activities:
Purchase of property and equipment	(58)	(54)
Proceeds from sale and maturity of short-term investments	501	1
Payments to Acquire Short-term Investments	(503)	(1)
Proceeds from sale of investments	10	13
Other	3
Net cash provided by (used in) investing activities	(47)	(40)
Cash flows from financing activities:
Proceeds from issuance of long-term debt	1,248	0
Payment of debt issuance costs	(11)	0
Principal payments on long-term debt	(544)	0
Proceeds from notes payable	0	230
Principal payments on notes payable	(150)	(80)
Payment of cash dividends	(244)	(474)
Purchase of treasury stock	(148)	(106)
Other, net	26	16
Net cash provided by (used in) financing activities	177	(414)
Intercompany investing and financing activities, net	0	0
Net increase (decrease) in cash and cash equivalents	773	198
Cash and cash equivalents at beginning of period	1,460	1,062
Cash and cash equivalents at end of period	2,233	1,260
Parent [Member]
Condensed Cash Flow Statements, Captions [Line Items]
Net Cash provided by (used in) operating activities	(12)	(80)
Cash flows from investing activities:
Purchase of property and equipment	0	0
Proceeds from sale and maturity of short-term investments	500	0
Payments to Acquire Short-term Investments	(502)
Proceeds from sale of investments	1	13
Other	0
Net cash provided by (used in) investing activities	(1)	13
Cash flows from financing activities:
Proceeds from issuance of long-term debt	1,248
Payment of debt issuance costs	(11)
Principal payments on long-term debt	(544)
Proceeds from notes payable		230
Principal payments on notes payable	(150)	(80)
Payment of cash dividends	(244)	(474)
Purchase of treasury stock	(148)	(106)
Other, net	26	16
Net cash provided by (used in) financing activities	177	(414)
Intercompany investing and financing activities, net	675	455
Net increase (decrease) in cash and cash equivalents	839	(26)
Cash and cash equivalents at beginning of period	117	199
Cash and cash equivalents at end of period	956	173
Guarantor Subsidiary [Member]
Condensed Cash Flow Statements, Captions [Line Items]
Net Cash provided by (used in) operating activities	0	1
Cash flows from investing activities:
Purchase of property and equipment	0	0
Proceeds from sale and maturity of short-term investments	0	0
Payments to Acquire Short-term Investments	0
Proceeds from sale of investments	0	0
Other	0
Net cash provided by (used in) investing activities	0	0
Cash flows from financing activities:
Proceeds from issuance of long-term debt	0
Payment of debt issuance costs	0
Principal payments on long-term debt	0
Proceeds from notes payable		0
Principal payments on notes payable	0	0
Payment of cash dividends	0	0
Purchase of treasury stock	0	0
Other, net	0	0
Net cash provided by (used in) financing activities	0	0
Intercompany investing and financing activities, net	0	(5)
Net increase (decrease) in cash and cash equivalents	0	(4)
Cash and cash equivalents at beginning of period	2	7
Cash and cash equivalents at end of period	2	3
Non-Guarantor Subsidiaries [Member]
Condensed Cash Flow Statements, Captions [Line Items]
Net Cash provided by (used in) operating activities	655	731
Cash flows from investing activities:
Purchase of property and equipment	(58)	(54)
Proceeds from sale and maturity of short-term investments	1	1
Payments to Acquire Short-term Investments	(1)
Proceeds from sale of investments	9	0
Other	3
Net cash provided by (used in) investing activities	(46)	(53)
Cash flows from financing activities:
Proceeds from issuance of long-term debt	0
Payment of debt issuance costs	0
Principal payments on long-term debt	0
Proceeds from notes payable		0
Principal payments on notes payable	0	0
Payment of cash dividends	0	0
Purchase of treasury stock	0	0
Other, net	0	0
Net cash provided by (used in) financing activities	0	0
Intercompany investing and financing activities, net	(675)	(450)
Net increase (decrease) in cash and cash equivalents	(66)	228
Cash and cash equivalents at beginning of period	1,341	856
Cash and cash equivalents at end of period	$ 1,275	$ 1,084

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Income Taxes - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions	9 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Income Tax Disclosure [Abstract]
Effective income tax rate	36.60%	37.90%
Favorable resolutions of certain income tax matters	$ 20	$ 9
Unfavorable deferred income tax adjustments		$ 2
Favorable per share impact on earnings	$ 0.04	$ 0.01

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Offsetting Assets and Liabilities - Effect of Rights of Setoff Associated with Company's Recognized Assets and Liabilities (Detail) - USD ($) $ in Millions	Jun. 30, 2015	Sep. 30, 2014
Offsetting Assets And Liabilities [Line Items]
Deposits paid for securities borrowed, net balance sheet presentation	$ 800	$ 1,000
Total recognized assets, gross	2,119	2,220
Total recognized assets, offset in the balance sheet	0	0
Total recognized assets, net balance sheet presentation	2,119	2,220
Total rocognized assets, gross amount of financial instruments not offset in the balance sheet	(54)	(69)
Total recognized assets, gross amounts of collateral received (including cash) not offset in the balance sheet	(2,049)	(2,125)
Total recognized assets, net of collateral	16	26
Deposits received for securities loaned, gross	2,363
Deposits received for securities loaned, net balance sheet presentation	2,400	2,400
Total recognized liabilities, gross		2,413
Total recognized liabilities, offset in the balance sheet		0
Total recognized liabilities, net balance sheet presentation		2,413
Total recognized liabilities, gross amount of financial instruments not offset in the balance sheet		(69)
Total recognized liabilities, gross amounts of collateral pledged (including cash) not offset in the balance sheet		(2,044)
Total recognized liabilities, net of collateral		300
Investments segregated for regulatory purposes [Member]
Offsetting Assets And Liabilities [Line Items]
Reverse repurchase agreements, gross	1,236	1,193
Reverse repurchase agreements, offset in balance sheet	0	0
Reverse repurchase agreements, net balance sheet presentation	1,236	1,193
Reverse repurchase agreements, gross amount of financial instruments not offset in the balance sheet	0	0
Reverse repurchase agreements, gross amounts of collateral received (including cash) not offset in the balance sheet	(1,236)	(1,193)
Reverse repurchase agreements, net of collateral	0	0
Receivable from brokers, dealers and clearing organizations [Member]
Offsetting Assets And Liabilities [Line Items]
Deposits paid for securities borrowed, gross	846	995
Deposits paid for securities borrowed, offset in balance sheet	0	0
Deposits paid for securities borrowed, net balance sheet presentation	846	995
Deposits paid for securities borrowed, gross amount of financial instruments not offset in the balance sheet	(54)	(69)
Deposits paid for securities borrowed, gross amounts of collateral received (including cash) not offset in the balance sheet	(776)	(900)
Deposits paid for securities borrowed, net of collateral	16	26
Other assets [Member]
Offsetting Assets And Liabilities [Line Items]
Pay-variable interest rate swaps, gross	37	32
Pay-variable interest rate swaps, offset in balance sheet	0	0
Pay-variable interest rate swaps, net balance sheet presentation	37	32
Pay-variable interest rate swaps, gross amount of financial instruments not offset in the balance sheet	0	0
Pay-variable interest rate swaps, gross amounts of collateral (including cash) not offset in the balance sheet	(37)	(32)
Pay-variable interest rate swaps, net of collateral	0	0
Payable to brokers, dealers and clearing organizations [Member]
Offsetting Assets And Liabilities [Line Items]
Deposits received for securities loaned, gross	2,363	2,384
Deposits received for securities loaned, offset in the balance sheet	0	0
Deposits received for securities loaned, net balance sheet presentation	2,363	2,384
Deposits received for securities loaned, gross amount of financial instruments not offset in the balance sheet	(54)	(69)
Deposits received for securities loaned, gross amounts of collateral pledged (including cash) not offset in the balance sheet	(2,065)	(2,015)
Deposits received for securities loaned, net of collateral	$ 244	300
Accounts Payable and Accrued Liabilities [Member]
Offsetting Assets And Liabilities [Line Items]
Forward-starting interest rate swaps, gross		29
Forward-starting interest rate swaps, offset in the balance sheet		0
Forward-starting interest rate swaps, net balance sheet presentation		29
Forward-starting interest rate swaps, gross amount of financial instruments not offset in the balance sheet		0
Forward-starting interest rate swaps, gross amounts of collateral pledged (including cash) not offset in the balance sheet		(29)
Forward-starting interest rate swaps, net of collateral		$ 0

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Basis of Presentation (Policies)

9 Months Ended

Jun. 30, 2015

Accounting Policies [Abstract]

Recently Adopted Accounting Pronouncements

Recently Adopted Accounting Pronouncements

ASU 2014-11 — During fiscal 2015, the Company adopted Accounting Standards Update ("ASU") 2014-11, Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures. The amendments in ASU 2014-11 require entities to account for repurchase-to-maturity transactions and linked repurchase financings as secured borrowings, which is consistent with the accounting for other repurchase agreements. The new accounting requirements became effective for the Company on January 1, 2015, and did not result in any accounting changes because the Company does not act as a transferor in repurchase-to-maturity transactions or linked repurchase financings. In addition, the amendments require new disclosures, including information regarding collateral pledged in securities lending transactions and similar transactions that are accounted for as secured borrowings. On April 1, 2015, the Company prospectively adopted the new disclosure requirements related to collateral pledged in transactions that are accounted for as secured borrowings. Adoption of ASU 2014-11 resulted only in certain additional disclosures presented in Note 9.

Loss Contingencies (ASC) 450

ASC 450, Loss Contingencies, governs the recognition and disclosure of loss contingencies, including potential losses from legal and regulatory matters. ASC 450 categorizes loss contingencies using three terms based on the likelihood of occurrence of events that result in a loss: "probable" means that "the future event or events are likely to occur;" "remote" means that "the chance of the future event or events occurring is slight;" and "reasonably possible" means that "the chance of the future event or events occurring is more than remote but less than likely." Under ASC 450, the Company accrues for losses that are considered both probable and reasonably estimable.

Fair Value Measurement (ASC) 820-10

ASC 820-10, Fair Value Measurement, defines fair value as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the measurement date.

ASC 820-10 establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability, developed based on market data obtained from sources independent of the Company. Unobservable inputs reflect the Company’s own assumptions about the assumptions market participants would use in pricing the asset or liability, developed based on the best information available in the circumstances.

Recently Issued Accounting Pronouncements

Recently Issued Accounting Pronouncements

ASU 2014-09 — In May 2014, the Financial Accounting Standards Board ("FASB") issued ASU 2014-09, Revenue from Contracts with Customers, to clarify the principles of recognizing revenue from contracts with customers and to improve financial reporting by creating common revenue recognition guidance for U.S. GAAP and International Financial Reporting Standards. This ASU will supersede the revenue recognition requirements in Accounting Standards Codification ("ASC") Topic 605, Revenue Recognition, and most industry-specific guidance. Entities are required to apply the following steps when recognizing revenue under ASU 2014-09: (1) identify the contract(s) with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract; and, (5) recognize revenue when (or as) the entity satisfies a performance obligation. This ASU also requires additional disclosures related to the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts. An entity may apply the amendments by using one of the following two methods: (1) retrospective application to each prior reporting period presented or (2) a modified retrospective approach, requiring the standard be applied only to the most current period presented, with the cumulative effect of initially applying the standard recognized at the date of initial application. The effective date was recently deferred for one year to annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. Therefore, ASU 2014-09 will be effective for the Company's fiscal year beginning October 1, 2018. Early adoption is permitted as of the original effective date (annual reporting periods beginning after December 15, 2016). The Company is currently assessing the impact that ASU 2014-09 will have on the Company's financial statements and evaluating which adoption method to apply.

ASU 2015-03 — In April 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs. To simplify the presentation of debt issuance costs, the amendments in ASU 2015-03 require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. ASU 2015-03 requires retrospective application and is effective for annual reporting periods beginning after December 15, 2015, including interim periods within that reporting period. Therefore, ASU 2015-03 will be effective for the Company's fiscal year beginning October 1, 2016. Early adoption is permitted. The adoption of ASU 2015-03 will change the location where debt issuance costs are presented in the balance sheet and is not expected to have any other impact on the Company's financial statements. As of June 30, 2015, the Company had debt issuance costs, related to recognized debt liabilities, of approximately $12 million, which are included in other assets on the Condensed Consolidated Balance Sheet.

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Commitments and Contingencies (Tables)

9 Months Ended

Jun. 30, 2015

Commitments and Contingencies Disclosure [Abstract]

Collateral Available, Loaned or Repledged

The following table summarizes the fair values of client margin securities and stock borrowings that were available to the Company to utilize as collateral on various borrowings or for other purposes, and the amount of that collateral loaned or repledged by the Company (dollars in billions):

	June 30, 2015		September 30, 2014
Client margin securities	$	17.9	$	16.2
Stock borrowings	0.8		1.0
Total collateral available	$	18.7	$	17.2
Collateral loaned	$	2.4	$	2.4
Collateral repledged	2.7		2.5
Total collateral loaned or repledged	$	5.1	$	4.9

Summary of Cash Deposited with and Securities Pledged to Clearinghouses

The following table summarizes cash deposited with and securities pledged to clearinghouses by the Company (dollars in millions):

Assets	Balance Sheet Classification	June 30, 2015		September 30, 2014
Cash	Receivable from brokers, dealers and clearing organizations	$	284	$	104
U.S. government debt securities	Securities owned, at fair value	185		181
Total		$	469	$	285

XML

Fair Value Disclosures - Fair Value Hierarchy for Assets and Liabilities Measured on Recurring Basis (Detail) - USD ($) $ in Millions	Jun. 30, 2015	Sep. 30, 2014	Jun. 30, 2014	Sep. 30, 2013
Assets:
Cash equivalents	$ 2,233	$ 1,460	$ 1,260	$ 1,062
Investments segregated for regulatory purposes	4,425	5,116
Securities owned	412	332
Liabilities:
Accounts payable and other liabilities	568	595
Fair Value, Measurements, Recurring [Member]
Assets:
Securities owned	412	332
Other assets	42	37
Total assets at fair value	4,882	4,773
Liabilities:
Total liabilities at fair value		30
Fair Value, Measurements, Recurring [Member] | Money Market Mutual Funds [Member]
Assets:
Cash equivalents	2,048	1,284
Fair Value, Measurements, Recurring [Member] | U.S. Government Debt Securities [Member]
Assets:
Investments segregated for regulatory purposes	2,380	3,120
Securities owned	406	326
Other assets	4	4
Fair Value, Measurements, Recurring [Member] | Money Market and Other Mutual Funds [Member]
Assets:
Securities owned	2	1
Fair Value, Measurements, Recurring [Member] | Other Securities [Member]
Assets:
Securities owned	4	5
Fair Value, Measurements, Recurring [Member] | Pay Variable Interest Rate Swap [Member]
Assets:
Other assets	37	32
Fair Value, Measurements, Recurring [Member] | Auction Rate Securities [Member]
Assets:
Other assets	1	1
Fair Value, Measurements, Recurring [Member] | Forward Starting Interest Rate Swap [Member]
Liabilities:
Accounts payable and other liabilities		29
Fair Value, Measurements, Recurring [Member] | Equity Securities [Member]
Liabilities:
Accounts payable and other liabilities	13	1
Level 1 [Member] | Fair Value, Measurements, Recurring [Member]
Assets:
Securities owned	1	2
Total assets at fair value	2,049	1,286
Liabilities:
Total liabilities at fair value		1
Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Money Market Mutual Funds [Member]
Assets:
Cash equivalents	2,048	1,284
Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Other Securities [Member]
Assets:
Securities owned	1	2
Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Equity Securities [Member]
Liabilities:
Accounts payable and other liabilities	13	1
Level 2 [Member] | Fair Value, Measurements, Recurring [Member]
Assets:
Securities owned	409	329
Other assets	41	36
Total assets at fair value	2,830	3,485
Liabilities:
Total liabilities at fair value		29
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | U.S. Government Debt Securities [Member]
Assets:
Investments segregated for regulatory purposes	2,380	3,120
Securities owned	406	326
Other assets	4	4
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Other Securities [Member]
Assets:
Securities owned	3	3
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Pay Variable Interest Rate Swap [Member]
Assets:
Other assets	37	32
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Forward Starting Interest Rate Swap [Member]
Liabilities:
Accounts payable and other liabilities		29
Level 3 [Member] | Fair Value, Measurements, Recurring [Member]
Assets:
Securities owned	2	1
Other assets	1	1
Total assets at fair value	3	2
Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Money Market and Other Mutual Funds [Member]
Assets:
Securities owned	2	1
Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Auction Rate Securities [Member]
Assets:
Other assets	$ 1	$ 1

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Notes Payable and Long-Term Debt - Fair Value of Outstanding Derivatives Designated as Hedging Instruments (Detail) - USD ($) $ in Millions	Jun. 30, 2015	Sep. 30, 2014
Derivatives recorded under the caption Other assets
Pay-variable interest rate swaps designated as fair value hedges	$ 37	$ 32
Derivatives recorded under the caption Accounts Payable And Other Liabilities
Forward-starting interest rate swaps designated as cash flow hedges	$ 0	$ (29)

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CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Statement of Comprehensive Income [Abstract]
Net income	$ 197	$ 190	$ 597	$ 576
Cash flow hedging instruments:
Net unrealized loss	0	(15)	(15)	(24)
Reclassification adjustment for portion of realized loss amortized to net income	1	0	3	0
Total other comprehensive income (loss), before tax	1	(15)	(12)	(24)
Income tax effect	(1)	6	4	9
Total other comprehensive income (loss), net of tax	0	(9)	(8)	(15)
Comprehensive income	$ 197	$ 181	$ 589	$ 561

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Cash and Investments Segregated and on Deposit for Regulatory Purposes

9 Months Ended

Jun. 30, 2015

Restricted Cash and Investments [Abstract]

Cash and Investments Segregated and on Deposit for Regulatory Purposes

CASH AND INVESTMENTS SEGREGATED AND ON DEPOSIT FOR REGULATORY PURPOSES

Cash and investments segregated and on deposit for regulatory purposes consists of the following (dollars in millions):

	June 30, 2015		September 30, 2014
U.S. government debt securities	$	2,305	$	3,070
Reverse repurchase agreements (collateralized by U.S. government debt securities)	1,236		1,193
Cash in demand deposit accounts	646		617
Cash on deposit with futures commission merchants	163		186
U.S. government debt securities on deposit with futures commission merchant	75		50
Total	$	4,425	$	5,116

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Related Party Transactions - Summary of Revenues Resulting from Transactions with Related Parties (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Related Party Transaction [Line Items]
Revenues from TD and Affiliates	$ 214	$ 207	$ 634	$ 626
Insured Deposit Account Fees [Member] | Insured Deposit Account Agreement [Member]
Related Party Transaction [Line Items]
Revenues from TD and Affiliates	209	202	620	612
Various [Member] | Referral and Strategic Alliance Agreement [Member]
Related Party Transaction [Line Items]
Revenues from TD and Affiliates	3	3	9	9
Various [Member] | Other [Member]
Related Party Transaction [Line Items]
Revenues from TD and Affiliates	$ 2	$ 2	$ 5	$ 5

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Fair Value Disclosures (Tables)

9 Months Ended

Jun. 30, 2015

Fair Value Disclosures [Abstract]

Fair Value Hierarchy for Assets and Liabilities Measured on Recurring Basis

The following tables present the Company’s fair value hierarchy for assets and liabilities measured at fair value on a recurring basis as of June 30, 2015 and September 30, 2014 (dollars in millions):

	As of June 30, 2015
	Level 1		Level 2		Level 3		Fair Value
Assets:
Cash equivalents:
Money market mutual funds	$	2,048	$	—	$	—	$	2,048
Investments segregated for regulatory purposes:
U.S. government debt securities	—		2,380		—		2,380
Securities owned:
Money market and other mutual funds	—		—		2		2
U.S. government debt securities	—		406		—		406
Other	1		3		—		4
Subtotal - Securities owned	1		409		2		412
Other assets:
Pay-variable interest rate swaps(1)	—		37		—		37
U.S. government debt securities	—		4		—		4
Auction rate securities	—		—		1		1
Subtotal - Other assets	—		41		1		42
Total assets at fair value	$	2,049	$	2,830	$	3	$	4,882
Liabilities:
Accounts payable and other liabilities:
Securities sold, not yet purchased:
Equity securities	$	13	$	—	$	—	$	13

(1) See "Fair Value Hedging" in Note 5 for details.

	As of September 30, 2014
	Level 1		Level 2		Level 3		Fair Value
Assets:
Cash equivalents:
Money market mutual funds	$	1,284	$	—	$	—	$	1,284
Investments segregated for regulatory purposes:
U.S. government debt securities	—		3,120		—		3,120
Securities owned:
Money market and other mutual funds	—		—		1		1
U.S. government debt securities	—		326		—		326
Other	2		3		—		5
Subtotal - Securities owned	2		329		1		332
Other assets:
Pay-variable interest rate swaps(1)	—		32		—		32
U.S. government debt securities	—		4		—		4
Auction rate securities	—		—		1		1
Subtotal - Other assets	—		36		1		37
Total assets at fair value	$	1,286	$	3,485	$	2	$	4,773
Liabilities:
Accounts payable and other liabilities:
Forward-starting interest rate swaps(2)	$	—	$	29	$	—	$	29
Securities sold, not yet purchased:
Equity securities	1		—		—		1
Total liabilities at fair value	$	1	$	29	$	—	$	30

(1) See "Fair Value Hedging" in Note 5 for details.

(2) See "Cash Flow Hedging" in Note 5 for details.

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Notes Payable and Long-Term Debt - Gains and Losses Resulting from Changes in Fair Value of Interest Rate Swaps and Hedged Fixed Rate Debt (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Debt Disclosure [Abstract]
Gain (loss) on fair value of interest rate swaps	$ (24)	$ 1	$ 5	$ (11)
Gain (loss) on fair value of hedged fixed-rate debt	24	(1)	(5)	11
Net gain (loss) recorded in interest on borrowings	$ 0	$ 0	$ 0	$ 0

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Condensed Consolidating Financial Information

9 Months Ended

Jun. 30, 2015

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Condensed Consolidating Financial Information

CONDENSED CONSOLIDATING FINANCIAL INFORMATION

The 2019 Notes are jointly and severally and fully and unconditionally guaranteed by TDAOH, a wholly-owned subsidiary of the Company. Presented below is condensed consolidating financial information for the Company, its guarantor subsidiary and its non-guarantor subsidiaries for the periods indicated. Because all other comprehensive income (loss) activity occurred on the parent company for all periods presented, condensed consolidating statements of comprehensive income are not presented.

CONDENSED CONSOLIDATING BALANCE SHEET

AS OF JUNE 30, 2015

(Unaudited)

	Parent		Guarantor Subsidiary		Non-Guarantor Subsidiaries		Eliminations			Total
	(In millions)
ASSETS
Cash and cash equivalents	$	956	$	2	$	1,275	$	—		$	2,233
Cash and investments segregated and on deposit for regulatory purposes	—		—		4,425		—			4,425
Receivable from brokers, dealers and clearing organizations	—		—		1,144		—			1,144
Receivable from clients, net	—		—		12,868		—			12,868
Investments in subsidiaries	5,808		5,694		—		(11,502		)	—
Receivable from affiliates	6		3		104		(6		)	107
Goodwill	—		—		2,467		—			2,467
Acquired intangible assets, net	—		146		538		—			684
Other, net	116		15		1,157		(57		)	1,231
Total assets	$	6,886	$	5,860	$	23,978	$	(11,565	)	$	25,159
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities:
Payable to brokers, dealers and clearing organizations	$	—	$	—	$	2,414	$	—		$	2,414
Payable to clients	—		—		15,070		—			15,070
Accounts payable and other liabilities	83		—		498		(13		)	568
Payable to affiliates	—		—		12		(6		)	6
Long-term debt	1,810		—		—		—			1,810
Deferred income taxes	—		52		290		(44		)	298
Total liabilities	1,893		52		18,284		(63		)	20,166
Stockholders’ equity	4,993		5,808		5,694		(11,502		)	4,993
Total liabilities and stockholders’ equity	$	6,886	$	5,860	$	23,978	$	(11,565	)	$	25,159

CONDENSED CONSOLIDATING BALANCE SHEET

AS OF SEPTEMBER 30, 2014

(Unaudited)

	Parent		Guarantor Subsidiary		Non-Guarantor Subsidiaries		Eliminations			Total
	(In millions)
ASSETS
Cash and cash equivalents	$	117	$	2	$	1,341	$	—		$	1,460
Cash and investments segregated and on deposit for regulatory purposes	—		—		5,116		—			5,116
Receivable from brokers, dealers and clearing organizations	—		—		1,108		—			1,108
Receivable from clients, net	—		—		11,639		—			11,639
Investments in subsidiaries	5,868		5,754		—		(11,622		)	—
Receivable from affiliates	11		2		97		(11		)	99
Goodwill	—		—		2,467		—			2,467
Acquired intangible assets, net	—		146		605		—			751
Other, net	156		16		1,073		(54		)	1,191
Total assets	$	6,152	$	5,920	$	23,446	$	(11,687	)	$	23,831
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities:
Payable to brokers, dealers and clearing organizations	$	—	$	—	$	2,421	$	—		$	2,421
Payable to clients	—		—		14,497		—			14,497
Accounts payable and other liabilities	153		—		455		(13		)	595
Payable to affiliates	—		—		16		(11		)	5
Notes payable	150		—		—		—			150
Long-term debt	1,101		—		—		—			1,101
Deferred income taxes	—		52		303		(41		)	314
Total liabilities	1,404		52		17,692		(65		)	19,083
Stockholders’ equity	4,748		5,868		5,754		(11,622		)	4,748
Total liabilities and stockholders’ equity	$	6,152	$	5,920	$	23,446	$	(11,687	)	$	23,831

CONDENSED CONSOLIDATING STATEMENT OF INCOME

THREE MONTHS ENDED JUNE 30, 2015

(Unaudited)

	Parent			Guarantor Subsidiary		Non-Guarantor Subsidiaries			Eliminations			Total
	(In millions)
Net revenues	$	5		$	—	$	794		$	(5	)	$	794
Operating expenses	4			—		470			(5		)	469
Operating income	1			—		324			—			325
Other expense (income)	13			—		(7		)	—			6
Income (loss) before income taxes and equity in income of subsidiaries	(12		)	—		331			—			319
Provision for (benefit from) income taxes	(5		)	—		127			—			122
Income (loss) before equity in income of subsidiaries	(7		)	—		204			—			197
Equity in income of subsidiaries	204			204		—			(408		)	—
Net income	$	197		$	204	$	204		$	(408	)	$	197

CONDENSED CONSOLIDATING STATEMENT OF INCOME

THREE MONTHS ENDED JUNE 30, 2014

(Unaudited)

	Parent			Guarantor Subsidiary		Non-Guarantor Subsidiaries		Eliminations			Total
	(In millions)
Net revenues	$	4		$	—	$	764	$	(5	)	$	763
Operating expenses	4			—		448		(5		)	447
Operating income	—			—		316		—			316
Other expense	6			—		—		—			6
Income (loss) before income taxes and equity in income of subsidiaries	(6		)	—		316		—			310
Provision for (benefit from) income taxes	(2		)	—		122		—			120
Income (loss) before equity in income of subsidiaries	(4		)	—		194		—			190
Equity in income of subsidiaries	194			194		—		(388		)	—
Net income	$	190		$	194	$	194	$	(388	)	$	190

CONDENSED CONSOLIDATING STATEMENT OF INCOME

NINE MONTHS ENDED JUNE 30, 2015

(Unaudited)

	Parent			Guarantor Subsidiary		Non-Guarantor Subsidiaries			Eliminations			Total
	(In millions)
Net revenues	$	13		$	—	$	2,415		$	(13	)	$	2,415
Operating expenses	11			—		1,452			(13		)	1,450
Operating income	2			—		963			—			965
Other expense (income)	31			—		(7		)	—			24
Income (loss) before income taxes and equity in income of subsidiaries	(29		)	—		970			—			941
Provision for (benefit from) income taxes	(11		)	—		355			—			344
Income (loss) before equity in income of subsidiaries	(18		)	—		615			—			597
Equity in income of subsidiaries	615			615		—			(1,230		)	—
Net income	$	597		$	615	$	615		$	(1,230	)	$	597

CONDENSED CONSOLIDATING STATEMENT OF INCOME

NINE MONTHS ENDED JUNE 30, 2014

(Unaudited)

	Parent			Guarantor Subsidiary			Non-Guarantor Subsidiaries		Eliminations			Total
	(In millions)
Net revenues	$	10		$	—		$	2,328	$	(11	)	$	2,327
Operating expenses	9			—			1,383		(11		)	1,381
Operating income	1			—			945		—			946
Other expense	18			—			—		—			18
Income (loss) before income taxes and equity in income of subsidiaries	(17		)	—			945		—			928
Provision for (benefit from) income taxes	(13		)	1			364		—			352
Income (loss) before equity in income of subsidiaries	(4		)	(1		)	581		—			576
Equity in income of subsidiaries	580			573			17		(1,170		)	—
Net income	$	576		$	572		$	598	$	(1,170	)	$	576

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

NINE MONTHS ENDED JUNE 30, 2015

(Unaudited)

	Parent			Guarantor Subsidiary		Non-Guarantor Subsidiaries			Total
	(In millions)
Net cash provided by (used in) operating activities	$	(12	)	$	—	$	655		$	643
Cash flows from investing activities:
Purchase of property and equipment	—			—		(58		)	(58		)
Proceeds from sale and maturity of short-term investments	500			—		1			501
Purchase of short-term investments	(502		)	—		(1		)	(503		)
Proceeds from sale of investments	1			—		9			10
Other	—			—		3			3
Net cash used in investing activities	(1		)	—		(46		)	(47		)
Cash flows from financing activities:
Proceeds from issuance of long-term debt	1,248			—		—			1,248
Payment of debt issuance costs	(11		)	—		—			(11		)
Principal payments on long-term debt	(544		)	—		—			(544		)
Principal payments on notes payable	(150		)	—		—			(150		)
Payment of cash dividends	(244		)	—		—			(244		)
Purchase of treasury stock	(148		)	—		—			(148		)
Other	26			—		—			26
Net cash provided by financing activities	177			—		—			177
Intercompany investing and financing activities, net	675			—		(675		)	—
Net increase (decrease) in cash and cash equivalents	839			—		(66		)	773
Cash and cash equivalents at beginning of period	117			2		1,341			1,460
Cash and cash equivalents at end of period	$	956		$	2	$	1,275		$	2,233

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

NINE MONTHS ENDED JUNE 30, 2014

(Unaudited)

	Parent			Guarantor Subsidiary			Non-Guarantor Subsidiaries			Total
	(In millions)
Net cash provided by (used in) operating activities	$	(80	)	$	1		$	731		$	652
Cash flows from investing activities:
Purchase of property and equipment	—			—			(54		)	(54		)
Proceeds from sale and maturity of short-term investments	—			—			1			1
Proceeds from sale of investments	13			—			—			13
Net cash provided by (used in) investing activities	13			—			(53		)	(40		)
Cash flows from financing activities:
Proceeds from notes payable	230			—			—			230
Principal payments on notes payable	(80		)	—			—			(80		)
Payment of cash dividends	(474		)	—			—			(474		)
Purchase of treasury stock	(106		)	—			—			(106		)
Other	16			—			—			16
Net cash used in financing activities	(414		)	—			—			(414		)
Intercompany investing and financing activities, net	455			(5		)	(450		)	—
Net increase (decrease) in cash and cash equivalents	(26		)	(4		)	228			198
Cash and cash equivalents at beginning of period	199			7			856			1,062
Cash and cash equivalents at end of period	$	173		$	3		$	1,084		$	1,260