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Financial Instruments with Off-Balance Sheet Risk and Concentrations of Credit Risk (Tables)
 9 Months Ended
Jun. 30, 2020
Financial Instruments with Off-Balance Sheet Risk and Concentrations of Credit Risk [Abstract]  
Schedule of Derivative Instruments [Table Text Block]
Listed below are the fair values of the Company’s derivative assets and liabilities as of June 30, 2020 and September 30, 2019. Assets represent net unrealized gains and liabilities represent net unrealized losses.
 
June 30, 2020
 
September 30, 2019
(in millions)
Assets (1)
 
Liabilities (1)
 
Assets (1)
 
Liabilities (1)
Derivative contracts not accounted for as hedges:
 
 
 
 
 
 
 
Exchange-traded commodity derivatives
$
1,949.1

 
$
2,085.0

 
$
1,437.1

 
$
1,463.4

OTC commodity derivatives
359.0

 
489.5

 
84.2

 
106.2

Exchange-traded foreign exchange derivatives
11.4

 
14.3

 
36.9

 
33.5

OTC foreign exchange derivatives
525.5

 
516.2

 
403.2

 
368.8

Exchange-traded interest rate derivatives
852.9

 
603.7

 
900.1

 
882.0

OTC interest rate derivatives
101.1

 
100.6

 
42.1

 
43.6

Exchange-traded equity index derivatives
64.0

 
70.9

 
758.1

 
700.2

TBA and forward settling securities
12.2

 
12.6

 
9.8

 
6.8

Gross fair value of derivative contracts
3,875.2

 
3,892.8

 
3,671.5

 
3,604.5

Impact of netting and collateral
(3,677.8
)
 
(3,785.3
)
 
(3,581.9
)
 
(3,540.8
)
Total fair value included in 'Deposits with and receivables from broker-dealers, clearing organizations, and counterparties, net'
$
105.0

 
 
 
$
23.1

 
 
Total fair value included in 'Financial instruments owned, at fair value
$
92.4

 
 
 
$
66.5

 
 
Total fair value included in 'Payables to broker-dealers, clearing organizations and counterparties
 
 
$
8.8

 
 
 
$
5.6

Fair value included in 'Financial instruments sold, not yet purchased, at fair value'
 
 
$
98.7

 
 
 
$
58.1

(1)
As of June 30, 2020 and September 30, 2019, the Company’s derivative contract volume for open positions were approximately 9.3 million and 10.6 million contracts, respectively.
The Company’s derivative contracts are principally held in its Commercial Hedging and Clearing and Execution Services segments. The Company assists its Commercial Hedging segment clients in protecting the value of their future production by entering into option or forward agreements with them on an OTC basis. The Company also provides its Commercial Hedging segment clients with option products, including combinations of buying and selling puts and calls. The Company mitigates its risk by offsetting the client’s transaction simultaneously with one of the Company’s trading counterparties or with a similar but not identical exchange-traded position. The risk mitigation of these offsetting trades is not within the documented hedging designation requirements of Topic 815. These derivative contracts are traded along with cash transactions because of the integrated nature of the markets for these products. The Company manages the risks associated with derivatives on an aggregate basis along with the risks associated with its proprietary trading and market-making activities in cash instruments as part of its firm-wide risk management policies. In particular, the risks related to derivative positions may be partially offset by inventory, unrealized gains in inventory or cash collateral paid or received.
The Company has derivative instruments, which consist of TBA securities and forward settling transactions that are used to manage risk exposures in the trading inventory of the Company’s domestic institutional fixed income business. The fair value on these transactions are recorded in ‘deposits with and receivables from or payables to broker-dealers, clearing organizations and counterparties, net’. Realized and unrealized gains and losses on securities and derivative transactions are reflected in ‘principal gains, net’.
As of June 30, 2020 and September 30, 2019, these transactions are summarized as follows:
 
June 30, 2020
 
September 30, 2019
(in millions)
Gain / (Loss)
 
Notional Amounts
 
Gain / (Loss)
 
Notional Amounts
Unrealized gain on TBA securities purchased within deposits with and receivables from broker-dealers, clearing organizations and counterparties, net and related notional amounts
$
7.7

 
$
2,170.9

 
$
3.7

 
$
1,778.4

Unrealized loss on TBA securities purchased within deposits with and receivables from broker-dealers, clearing organizations and counterparties, net and related notional amounts
$
(1.9
)
 
$
928.5

 
$
(0.6
)
 
$
234.5

Unrealized gain on TBA securities sold within payables to broker-dealers, clearing organizations and counterparties and related notional amounts
$
3.4

 
$
(1,566.8
)
 
$
0.9

 
$
(451.6
)
Unrealized loss on TBA securities sold within payables to broker-dealers, clearing organizations and counterparties and related notional amounts
$
(10.2
)
 
$
(2,982.1
)
 
$
(5.9
)
 
$
(2,788.0
)
Unrealized gain on forward settling securities purchased within deposits with and receivables from broker-dealers, clearing organizations and counterparties, net and related notional amounts
$
1.1

 
1,690.5

 
$
—

 
$
—

Unrealized loss on forward settling securities purchased within payables to broker-dealers, clearing organizations and counterparties and related notional amounts
$
—

 
$
—

 
$
(0.3
)
 
$
1,243.5

Unrealized gain on forward settling securities sold within deposits with and receivables from broker-dealers, clearing organizations and counterparties, net and related notional amounts
$
—

 
$
—

 
$
5.2

 
$
(581.2
)
Unrealized loss on forward settling securities sold within payables to broker-dealers, clearing organizations and counterparties and related notional amounts
$
(0.5
)
 
(1,268.3
)
 
$
—

 
$
—

(1) The notional amounts of these instruments reflect the extent of the Company's involvement in TBA and forward settling securities and do not represent risk of loss due to counterparty non-performance.
 
 
 
 
 
 
 
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Table Text Block]
The following table sets forth the Company’s net gains from derivative contracts for the three and nine months ended June 30, 2020 and 2019 in accordance with Topic 815. The net gains set forth below are included in ‘Cost of sales of physical commodities’ and ‘principal gains, net’ in the condensed consolidated income statements.

 
Three Months Ended June 30,
 
Nine Months Ended June 30,
(in millions)
2020
 
2019
 
2020
 
2019
Commodities
$
28.1

 
$
19.5

 
$
107.9

 
$
63.6

Foreign exchange
2.6

 
1.6

 
9.9

 
5.3

Interest rate and equity
0.7

 
(0.6
)
 
0.3

 
(3.2
)
TBA and forward settling securities
(5.6
)
 
(8.0
)
 
(40.9
)
 
(6.7
)
Net gains from derivative contracts
$
25.8

 
$
12.5

 
$
77.2

 
$
59.0