Assets and Liabilities, at Fair Value Level 3 (Tables)

9 Months Ended

Jun. 30, 2012

Assets and Liabilities, at Fair Value [Abstract]

Schedule of Securities Owned and Sold, Not yet Purchased, at Fair Value [Table Text Block]

The table below sets forth an analysis of the carrying value of financial instruments owned and financial instruments sold, not yet purchased as of June 30, 2012 and September 30, 2011. This is followed by tables that provide the information required by the Fair Value Measurements and Disclosures Topic of the ASC for all financial assets and liabilities that are carried at fair value.

	June 30, 2012				September 30, 2011
(in millions)	Owned		Sold, not yet purchased		Owned		Sold, not yet purchased
Common stock and American Depositary Receipts ("ADRs")	$	17.1	$	13.7	$	46.9	$	23.4
Exchangeable foreign ordinary equities and ADRs	7.9		5.1		9.8		23.8
Corporate and municipal bonds	9.5		—		8.7		—
U.S. government obligations	0.8		—		0.8		—
Foreign government obligations	10.1		—		6.7		—
Derivatives	47.8		43.1		101.9		122.9
Commodities leases and unpriced positions	17.9		114.6		26.1		220.8
Commodities warehouse receipts	5.3		—		16.2		—
Exchange firm common stock	12.0		—		3.7		—
Mutual funds and other	1.7		—		1.0		—
Investment in managed funds	—		—		1.3		—
	$	130.1	$	176.5	$	223.1	$	390.9

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]

The following tables set forth the Company’s financial and nonfinancial assets and liabilities accounted for at fair value, on a recurring basis, as of June 30, 2012 and September 30, 2011 by level within the fair value hierarchy.

	June 30, 2012
(in millions)	Level 1		Level 2		Level 3		Netting and Collateral (1)			Total
Assets:
Money market funds	$	0.1	$	—	$	—	$	—		$	0.1
Certificate of deposits	10.3		—		—		—			10.3
Unrestricted cash equivalents	10.4		—		—		—			10.4
Commodities warehouse receipts	24.0		—		—		—			24.0
U.S. government obligations	—		48.8		—		—			48.8
Securities and other assets segregated under federal and other regulations	24.0		48.8		—		—			72.8
Money market funds	674.3		—		—		—			674.3
U.S. government obligations	—		845.0		—		—			845.0
Mortgage-backed securities	—		7.3		—		—			7.3
Derivatives	3,250.5		—		—		(3,489.0		)	(238.5		)
Deposits and receivables from exchange-clearing organizations	3,924.8		852.3		—		(3,489.0		)	1,288.1
U.S. government obligations	—		—		—		—			—
Derivatives	1.9		—		—		(0.9		)	1.0
Deposits and receivables from broker-dealers, clearing organizations and counterparties	1.9		—		—		(0.9		)	1.0
Common stock and ADRs	23.0		0.9		1.1		—			25.0
Corporate and municipal bonds	0.2		5.8		3.5		—			9.5
U.S. government obligations	—		0.8		—		—			0.8
Foreign government obligations	10.1		—		—		—			10.1
Derivatives	305.2		938.3		—		(1,195.7		)	47.8
Commodities leases and unpriced positions	—		119.7		—		(101.8		)	17.9
Commodities warehouse receipts	5.3		—		—		—			5.3
Exchange firm common stock	3.2		8.8		—		—			12.0
Mutual funds and other	1.3		—		0.4		—			1.7
Financial instruments owned	348.3		1,074.3		5.0		(1,297.5		)	130.1
Total assets at fair value	$	4,309.4	$	1,975.4	$	5.0	$	(4,787.4	)	$	1,502.4
Liabilities:
Accounts payable and other accrued liabilities - contingent liabilities	$	—	$	—	$	20.7	$	—		$	20.7
Payables to customers - derivatives	3,667.8		—		—		(3,667.8		)	—
Common stock and ADRs	18.5		0.3		—		—			18.8
Derivatives	305.4		970.3		—		(1,232.6		)	43.1
Commodities leases and unpriced positions	—		490.3		—		(375.7		)	114.6
Financial instruments sold, not yet purchased	323.9		1,460.9		—		(1,608.3		)	176.5
Total liabilities at fair value	$	3,991.7	$	1,460.9	$	20.7	$	(5,276.1	)	$	197.2

(1) Represents cash collateral and the impact of netting across the levels of the fair value hierarchy. Netting among positions classified within the same level are included in that level.

	September 30, 2011
(in millions)	Level 1		Level 2		Level 3		Netting and Collateral (1)			Total
Assets:
Money market funds	$	0.1	$	—	$	—	$	—		$	0.1
Certificate of deposits	12.6		—		—		—			12.6
Unrestricted cash equivalents	12.7		—		—		—			12.7
Commodities warehouse receipts	19.0		—		—		—			19.0
U.S. government obligations	—		3.7		—		—			3.7
Securities and other assets segregated under federal and other regulations	19.0		3.7		—		—			22.7
Money market funds	1,193.5		—		—		—			1,193.5
U.S. government obligations	—		470.5		—		—			470.5
Mortgage-backed securities	—		8.5		—		—			8.5
Derivatives	7,227.4		—		—		(7,491.7		)	(264.3		)
Deposits and receivables from exchange-clearing organizations	8,420.9		479.0		—		(7,491.7		)	1,408.2
U.S. government obligations	—		0.1		—		—			0.1
Derivatives	47.3		1,073.5		—		(1,104.7		)	16.1
Deposits and receivables from broker-dealers, clearing organizations and counterparties	47.3		1,073.6		—		(1,104.7		)	16.2
Common stock and ADRs	53.4		2.2		1.1		—			56.7
Corporate and municipal bonds	—		5.1		3.6		—			8.7
U.S. government obligations	—		0.8		—		—			0.8
Foreign government obligations	5.8		0.9		—		—			6.7
Derivatives	210.5		557.6		—		(666.2		)	101.9
Commodities leases and unpriced positions	—		66.3		—		(40.2		)	26.1
Commodities warehouse receipts	16.2		—		—		—			16.2
Exchange firm common stock	3.0		0.7		—		—			3.7
Mutual funds and other	0.6		—		0.4		—			1.0
Investment in managed funds	—		1.3		—		—			1.3
Financial instruments owned	289.5		634.9		5.1		(706.4		)	223.1
Total assets at fair value	$	8,789.4	$	2,191.2	$	5.1	$	(9,302.8	)	$	1,682.9
Liabilities:
Accounts payable and other accrued liabilities - contingent liabilities	$	—	$	—	$	22.3	$	—		$	22.3
Payables to customers - derivatives	6,234.7		—		—		(6,234.7		)	—
Common stock and ADRs	44.9		2.3		—		—			47.2
Derivatives	219.9		1,679.1		—		(1,776.1		)	122.9
Commodities leases and unpriced positions	—		431.9		—		(211.1		)	220.8
Financial instruments sold, not yet purchased	264.8		2,113.3		—		(1,987.2		)	390.9
Total liabilities at fair value	$	6,499.5	$	2,113.3	$	22.3	$	(8,221.9	)	$	413.2

(1) Represents cash collateral and the impact of netting across the levels of the fair value hierarchy. Netting among positions classified within the same level are included in that level.

Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]

Information on Level 3 Financial Assets and Liabilities

The Company’s financial assets at fair value classified within level 3 of the fair value hierarchy as of June 30, 2012 and September 30, 2011 are summarized below:

(in millions)	June 30, 2012			September 30, 2011
Total level 3 assets	$	5.0		$	5.1
Level 3 assets for which the Company bears economic exposure	$	5.0		$	5.1
Total assets	$	2,734.4		$	2,635.7
Total financial assets at fair value	$	1,502.4		$	1,682.9
Total level 3 assets as a percentage of total assets	0.2		%	0.2		%
Level 3 assets for which the Company bears economic exposure as a percentage of total assets	0.2		%	0.2		%
Total level 3 assets as a percentage of total financial assets at fair value	0.3		%	0.3		%

The following tables set forth a summary of changes in the fair value of the Company’s level 3 financial assets and liabilities during the three and nine months ended June 30, 2012 and 2011, including a summary of unrealized gains (losses) during the respective periods on the Company’s level 3 financial assets and liabilities still held as of June 30, 2012.

	Level 3 Financial Assets and Financial Liabilities For the Three Months Ended June 30, 2012
(in millions)	Balances at beginning of period		Realized gains (losses) during period		Unrealized gains (losses) during period			Settlements			Transfers in or (out) of Level 3		Balances at end of period
Assets:
Common stock and ADRs	$	1.1	$	—	$	—		$	—		$	—	$	1.1
Corporate and municipal bonds	3.6		—		(0.1		)	—			—		3.5
Mutual funds and other	0.4		—		—			—			—		0.4
	$	5.1	$	—	$	(0.1	)	$	—		$	—	$	5.0
Liabilities:
Contingent liabilities	$	23.3	$	—	$	0.5		$	(3.1	)	$	—	$	20.7

	Level 3 Financial Assets and Financial Liabilities For the Nine Months Ended June 30, 2012
(in millions)	Balances at beginning of period		Realized gains (losses) during period		Unrealized gains (losses) during period			Settlements			Transfers in or (out) of Level 3		Balances at end of period
Assets:
Common stock and ADRs	$	1.1	$	—	$	—		$	—		$	—	$	1.1
Corporate and municipal bonds	3.6		—		(0.1		)	—			—		3.5
Mutual funds and other	0.4		—		—			—			—		0.4
	$	5.1	$	—	$	(0.1	)	$	—		$	—	$	5.0
Liabilities:
Contingent liabilities	$	22.3	$	—	$	1.8		$	(3.4	)	$	—	$	20.7

	Level 3 Financial Assets and Financial Liabilities For the Three Months Ended June 30, 2011
(in millions)	Balances at beginning of period		Realized gains (losses) during period		Unrealized gains (losses) during period			Settlements			Transfers in or (out) of Level 3		Balances at end of period
Assets:
Common stock and ADRs	$	1.2	$	—	$	—		$	—		$	—	$	1.2
Corporate and municipal bonds	5.3		—		(0.6		)	(0.9		)	—		3.8
Mutual funds and other	0.4		—		—			—			—		0.4
Investment in managed funds	0.8		—		—			(0.8		)	—		—
	$	7.7	$	—	$	(0.6	)	$	(1.7	)	$	—	$	5.4
Liabilities:
Contingent liabilities	$	30.5	$	—	$	0.3		$	(3.1	)	$	—	$	27.7

	Level 3 Financial Assets and Financial Liabilities For the Nine Months Ended June 30, 2011
(in millions)	Balances at beginning of period		Realized gains (losses) during period		Unrealized gains (losses) during period			Settlements			Transfers in or (out) of Level 3		Balances at end of period
Assets:
Common stock and ADRs	$	1.2	$	—	$	—		$	—		$	—	$	1.2
Corporate and municipal bonds	8.0		—		(3.3		)	(0.9		)	—		3.8
Mutual funds and other	0.4		—		—			—			—		0.4
Investment in managed funds	0.6		0.2		—			(0.8		)	—		—
	$	10.2	$	0.2	$	(3.3	)	$	(1.7	)	$	—	$	5.4
Liabilities:
Contingent liabilities	$	32.3	$	—	$	2.2		$	(6.8	)	$	—	$	27.7

Available-for-sale Securities [Table Text Block]

The Company has recorded unrealized gains, net of income tax expense, related to U.S. government obligations and corporate bonds classified as available-for-sale securities in other comprehensive income ("OCI") as of June 30, 2012. The following tables summarize the amortized cost basis, the aggregate fair value and gross unrealized holding gains and losses of the Company’s investment securities classified as available-for-sale as of June 30, 2012 and September 30, 2011:

June 30, 2012
Amounts included in financial instruments owned:
	Amortized Cost		Unrealized Holding (1)				Estimated Fair Value
(in millions)			Gains		(Losses)
U.S. government obligations	$	0.5	$	—	$	—	$	0.5
	$	0.5	$	—	$	—	$	0.5

Amounts included in deposits with and receivables from exchange-clearing organizations:
	Amortized Cost		Unrealized Holding				Estimated Fair Value
(in millions)			Gains		(Losses)
U.S. government obligations	$	789.2	$	—	$	—	$	789.2
Mortgage-backed securities	7.2		0.1		—		7.3
	$	796.4	$	0.1	$	—	$	796.5

(1) Unrealized gain/loss on financial instruments owned as of June 30, 2012 is less than $0.1 million.

September 30, 2011
Amounts included in financial instruments owned:
	Amortized Cost		Unrealized Holding (1)				Estimated Fair Value
(in millions)			Gains		(Losses)
U.S. government obligations	$	0.5	$	—	$	—	$	0.5
Corporate bonds	5.0		—		—		5.0
	$	5.5	$	—	$	—	$	5.5

(1) Unrealized gain/loss on financial instruments owned as of September 30, 2011 is less than $0.1 million.

Amounts included in deposits with and receivables from exchange-clearing organizations:
	Amortized Cost		Unrealized Holding				Estimated Fair Value
(in millions)			Gains		(Losses)
U.S. government obligations	$	440.6	$	0.1	$	—	$	440.7
Mortgage-backed securities	8.3		0.2		—		8.5
	$	448.9	$	0.3	$	—	$	449.2

As of June 30, 2012 and September 30, 2011, investments in debt securities classified as available-for-sale ("AFS") mature as follows:

June 30, 2012
	Due in				Estimated Fair Value
(in millions)	Less than 1 year		1 year or more
U.S. government obligations	$	789.7	$	—	$	789.7
Mortgage-backed securities	—		7.3		7.3
	$	789.7	$	7.3	$	797.0

September 30, 2011
	Due in				Estimated Fair Value
(in millions)	Less than 1 year		1 year or more
U.S. government obligations	$	441.2	$	—	$	441.2
Corporate bonds	5.0		—		5.0
Mortgage-backed securities	—		8.5		8.5
	$	446.2	$	8.5	$	454.7

There were no sales of AFS securities during the three and nine months ended June 30, 2012 and 2011, and as a result, no realized gains or losses were recorded for the three and nine months ended June 30, 2012 and 2011.

For the purposes of the maturity schedule, mortgage-backed securities, which are not due at a single maturity date, have been allocated over maturity groupings based on the expected maturity of the underlying collateral. Mortgage-backed securities may mature earlier than their stated contractual maturities because of accelerated principal repayments of the underlying loans.

The Company has also classified equity investments in exchange firms' common stock not pledged for clearing purposes as available-for-sale. The investments are recorded at fair value, with unrealized gains and losses recorded, net of taxes, as a component of OCI until realized. As of June 30, 2012, the cost and fair value of all the equity investments in exchange firms was $4.4 million and $12.0 million, respectively.

On June 15, 2012, the board of London Metal Exchange (LME) Holdings Limited, the parent company of the LME, entered into a framework agreement regarding the terms of a recommended cash offer for the entire issued and outstanding ordinary share capital of LME Holdings. On July 23, 2012, the shareholders of LME Holdings voted to approve the sale of the LME to the Hong Kong Exchanges & Clearing Limited. Based on the proposed sale price of the ordinary shares, the shares of the LME held by the Company as available-for-sale are valued at $8.4 million as of June 30, 2012. The Company's shares in the LME reflect an unrealized gain of $6.1 million, net of income tax expense of $1.9 million, that is recorded in OCI as of June 30, 2012. Upon closing of the sale, the Company will reclassify the unrealized gain on the shares in accumulated OCI and recognize the realized gain in the current period's earnings.

The Company recorded unrealized losses of $0.3 million, net of income tax benefit of $0.2 million in OCI related to the remaining equity investments in exchange firms as of June 30, 2012. The Company monitors the fair value of exchange common stock on a periodic basis, and does not consider any current unrealized losses to be anything other than a temporary impairment.