Financial Instruments Subject to Off-Balance Sheet Credit Risk (Tables)

12 Months Ended

Dec. 31, 2023

The following table presents information about our interest rate swaps, resale agreements, securities lending, repurchase agreements, and other activity depicting the potential effect of rights of setoff between these recognized assets and liabilities.


	Gross Assets/ Liabilities		Gross Amounts Offset in the Consolidated Balance Sheets		Net Amounts Presented in the Consolidated Balance Sheets		Gross Amounts Not Offset in the Consolidated Balance Sheets					Net Amount
							Counterparty Offsetting		Collateral
December 31, 2023
Assets
Resale agreements (1)	$	8,844	$	—	$	8,844	$	—	$	(8,844)	(2)	$	—
Securities borrowed (3)	1,563		—		1,563		(1,307)		(253)			3
Interest rate swaps (4)	—		—		—		—		—		(5)	—
Total	$	10,407	$	—	$	10,407	$	(1,307)	$	(9,097)		$	3
Liabilities
Repurchase agreements (6)	$	4,903	$	—	$	4,903	$	—	$	(4,903)		$	—
Securities loaned (7)	5,397		—		5,397		(1,307)		(3,619)			471
Secured short-term borrowings (8)	1,650		—		1,650		—		(1,650)			—
Interest rate swaps (4)	—		—		—		—		—		(5)	—
Total	$	11,950	$	—	$	11,950	$	(1,307)	$	(10,172)		$	471

December 31, 2022
Assets
Resale agreements (1)	$	12,159	$	—	$	12,159	$	—	$	(12,159)	(2)	$	—
Securities borrowed (3)	705		—		705		(331)		(366)			8
Total	$	12,864	$	—	$	12,864	$	(331)	$	(12,525)		$	8
Liabilities
Repurchase agreements (6)	$	4,402	$	—	$	4,402	$	—	$	(4,402)		$	—
Securities loaned (7)	4,200		—		4,200		(331)		(3,313)			556
Total	$	8,602	$	—	$	8,602	$	(331)	$	(7,715)		$	556

(1) Included in cash and investments segregated and on deposit for regulatory purposes in the consolidated balance sheets.

(2) Actual collateral was greater than or equal to the value of the related assets. At December 31, 2023 and 2022, the fair value of collateral received in connection with resale agreements that are available to be repledged or sold was $9.0 billion and $12.3 billion, respectively.

(3) Included in other assets in the consolidated balance sheets.

(4) Derivative assets are included in other assets and derivative liabilities are included in accrued expenses and other liabilities on the consolidated balance sheets. Amounts were less than $500 thousand during the periods presented.

(5) At December 31, 2023, the fair value of initial margin pledged as collateral related to interest rate swaps was $195 million. See Notes 5 and 16 for additional information.

(6) Included in other short-term borrowings in the consolidated balance sheets. Actual collateral value was greater than or equal to the value of the related liabilities. At December 31, 2023 and 2022, the fair value of collateral pledged in connection with repurchase agreements was $5.3 billion and $4.6 billion, respectively. See Note 12 for additional information.

(7) Included in accrued expenses and other liabilities in the consolidated balance sheets. Securities loaned are predominantly comprised of equity securities held in client brokerage accounts with overnight and continuous remaining contractual maturities. The cash collateral received from counterparties under securities lending transactions was equal to or greater than the market value of the securities loaned at December 31, 2023 and 2022.

(8) Included in other short-term borrowings in the consolidated balance sheets. See below for collateral pledged and Note 12 for additional information.

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 to third parties under such regulations and from securities borrowed transactions:


December 31,	2023		2022
Fair value of client securities available to be pledged	$	86,911	$	86,775
Fair value of securities pledged for:
Fulfillment of requirements with the Options Clearing Corporation (1)	$	13,355	$	11,717
Fulfillment of client short sales	7,009		4,750
Securities lending to other broker-dealers	4,688		3,472
Collateral for secured short-term borrowings	1,991		—
Total collateral pledged to third parties	$	27,043	$	19,939

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 $179 million and $160 million as of December 31, 2023 and 2022, respectively.

(1) Securities pledged to fulfill client margin requirements for open option contracts established with the Options Clearing Corporation.