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Financial Instruments Subject to Off-Balance Sheet Credit Risk (Tables)
 6 Months Ended
Jun. 30, 2020
Offsetting [Abstract]  
Offsetting Assets and Liabilities
The following table presents information about our resale agreements and securities lending activity depicting the potential effect of rights of setoff between these recognized assets and recognized liabilities.
 
 
Gross
Assets/
Liabilities
 
Gross Amounts
Offset in the
Condensed
Consolidated
Balance Sheets
 
Net Amounts
Presented in the
Condensed
Consolidated
Balance Sheets
 
Gross Amounts Not Offset in the
Condensed Consolidated
Balance Sheets
 
Net
Amount
 
 
 
 
Counterparty
Offsetting
 
Collateral
 
June 30, 2020
 
 
 
 
 
 
 
 
 
 
 
 
 
Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
Resale agreements (1)
 
$
9,407

 
$
—

 
$
9,407

 
$
—

 
$
(9,407
)
(2) 
 
$
—

Securities borrowed (3)
 
563

 
—

 
563

 
(563
)
 
—

 
 
—

Total
 
$
9,970

 
$
—

 
$
9,970

 
$
(563
)
 
$
(9,407
)
 
 
$
—

Liabilities
 
 
 
 
 
 
 
 
 
 
 
 
 
Securities loaned (4,5)
 
$
1,653

 
$
—

 
$
1,653

 
$
(563
)
 
$
(940
)
 
 
$
150

Total
 
$
1,653

 
$
—

 
$
1,653

 
$
(563
)
 
$
(940
)
 
 
$
150

 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2019
 
 
 
 
 
 
 
 
 
 
 
 
 
Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
Resale agreements (1)
 
$
9,028

 
$
—

 
$
9,028

 
$
—

 
$
(9,028
)
(2) 
 
$
—

Securities borrowed (3)
 
735

 
—

 
735

 
(730
)
 
(5
)
 
 
—

Total
 
$
9,763

 
$
—

 
$
9,763

 
$
(730
)
 
$
(9,033
)
 
 
$
—

Liabilities
 
 
 
 
 
 
 
 
 
 
 
 
 
Securities loaned (4,5)
 
$
1,251

 
$
—

 
$
1,251

 
$
(730
)
 
$
(445
)
 
 
$
76

Total
 
$
1,251

 
$
—

 
$
1,251

 
$
(730
)
 
$
(445
)
 
 
$
76

(1) Included in cash and investments segregated and on deposit for regulatory purposes in the condensed consolidated balance sheets.
(2) Actual collateral was greater than or equal to the value of the related assets. At June 30, 2020 and December 31, 2019, the fair value of collateral received in connection with resale agreements that are available to be repledged or sold was $9.6 billion and $9.2 billion, respectively.
(3) Included in other assets in the condensed consolidated balance sheets.
(4) Included in accrued expenses and other liabilities in the condensed consolidated balance sheets. The cash collateral received from counterparties under securities lending transactions was equal to or greater than the market value of the securities loaned at June 30, 2020 and December 31, 2019.
(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 The following table summarizes the fair value of client securities that were available, under such regulations, that could have been used as collateral, as well as the fair value of securities that we had pledged under such regulations and from securities borrowed transactions:
 
 
June 30, 2020
 
December 31, 2019
Fair value of client securities available to be pledged
 
$
26,170

 
$
26,685

Fair value of securities pledged for:
 
 
 
 
Fulfillment of requirements with the Options Clearing Corporation (1)
 
$
4,056

 
$
2,171

Fulfillment of client short sales
 
3,279

 
2,293

Securities lending to other broker-dealers
 
1,277

 
1,017

Total collateral pledged
 
$
8,612

 
$
5,481

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 $218 million as of June 30, 2020 and $142 million as of December 31, 2019.
(1)  
Securities pledged to fulfill client margin requirements for open option contracts established with the Options Clearing Corporation.