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Financial Instruments Subject to Off-Balance Sheet Credit Risk or Concentration Risk (Tables)
 12 Months Ended
Dec. 31, 2016
Financial Instruments Subject to Off-Balance Sheet Credit Risk or Concentration Risk [Abstract]  
Offsetting Assets and Liabilities



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

Gross Amounts Not Offset in the

 

 

 



 

 

 

 

 

Gross Amounts

 

Net Amounts

 

Consolidated Balance Sheets

 

 

 



 

 

Gross

 

 

Offset in the

 

Presented in the

 

 

 

 

 

 

 

 

 



 

 

Assets/

 

 

Consolidated

 

Consolidated

 

Counterparty

 

 

 

 

Net



 

 

Liabilities

 

 

Balance Sheets

 

Balance Sheets

 

Offsetting

 

Collateral

 

 

Amount

December 31, 2016

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Resale agreements (1)

 

$

 9,547 

 

 

$

 -

 

 

$

 9,547 

 

 

$

 -

 

 

$

 (9,547)

(2)

 

$

 -

Securities borrowed (3)

 

 

 393 

 

 

 

 -

 

 

 

 393 

 

 

 

 (200)

 

 

 

 (189)

 

 

 

 4 

Total

 

$

 9,940 

 

 

$

 -

 

 

$

 9,940 

 

 

$

 (200)

 

 

$

 (9,736)

 

 

$

 4 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Securities loaned (4,5)

 

$

 1,996 

 

 

$

 -

 

 

$

 1,996 

 

 

$

 (200)

 

 

$

 (1,660)

 

 

$

 136 

Total

 

$

 1,996 

 

 

$

 -

 

 

$

 1,996 

 

 

$

 (200)

 

 

$

 (1,660)

 

 

$

 136 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2015

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Resale agreements (1)

 

$

 8,088 

 

 

$

 -

 

 

$

 8,088 

 

 

$

 -

 

 

$

 (8,088)

(2)

 

$

 -

Securities borrowed (3)

 

 

 198 

 

 

 

 -

 

 

 

 198 

 

 

 

 (70)

 

 

 

 (127)

 

 

 

 1 

Total

 

$

 8,286 

 

 

$

 -

 

 

$

 8,286 

 

 

$

 (70)

 

 

$

 (8,215)

 

 

$

 1 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Securities loaned (4,5)

 

$

 2,233 

 

 

$

 -

 

 

$

 2,233 

 

 

$

 (70)

 

 

$

 (1,990)

 

 

$

 173 

Total

 

$

 2,233 

 

 

$

 -

 

 

$

 2,233 

 

 

$

 (70)

 

 

$

 (1,990)

 

 

$

 173 



(1)

Included in cash and investments segregated and on deposit for regulatory purposes in the Company’s consolidated balance sheets.

(2)

Actual collateral was greater than or equal to 102% of the related assets. At December 31, 2016 and 2015, the fair value of collateral received in connection with resale agreements that are available to be repledged or sold was $9.8 billion and $8.2 billion, respectively.

(3)

Included in receivables from brokers, dealers, and clearing organizations in the Company’s consolidated balance sheets.

(4)

Included in payables to brokers, dealers, and clearing organizations in the Company’s consolidated balance sheets.

(5)

Securities loaned are predominantly comprised of equity securities held in client brokerage accounts with overnight and continuous remaining contractual maturities.



Summary of the Fair Value of Client Securities Available to Utilize as Collateral and Amounts Pledged



 

 

 

 

 

 

 

 

December 31,

  

 

2016

 

 

2015

Fair value of client securities available to be pledged

  

$

 21,516 

  

 

$

 22,385 

  

Fair value of client securities pledged for:

  

 

 

  

 

 

 

  

Securities lending to other broker-dealers

  

 

 1,626 

  

 

 

 1,935 

  

Fulfillment of client short sales

 

 

 2,048 

 

 

 

 1,344 

 

Fulfillment of requirements with the Options Clearing Corporation (1)

 

 

 1,519 

 

 

 

 1,450 

 

Total collateral pledged

  

$

 5,193 

  

 

$

 4,729 

  



Note:

Excludes amounts available and pledged for securities lending from fully-paid client securities. The fair value of fully-paid client securities available and pledged was $58 million as of December 31, 2016 and $43 million as of December 31, 2015.

(1)

Client securities pledged to fulfill client margin requirements for open option contracts established with the Options Clearing Corporation.