Assets and Liabilities, at Fair Value (Tables)

12 Months Ended

Sep. 30, 2020

Fair Value, Assets Measured on Recurring Basis

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 September 30, 2020 and September 30, 2019 by level in the fair value hierarchy. Except as disclosed in Note 8, there were no assets or liabilities that were measured at fair value on a nonrecurring basis as of September 30, 2020 and September 30, 2019.


	September 30, 2020
(in millions)	Level 1		Level 2		Level 3		Netting (1)		Total
Assets:
Certificates of deposit	$	3.2	$	—	$	—	$	—	$	3.2
Money market mutual funds	12.8		—		—		—		12.8
Cash and cash equivalents	16.0		—		—		—		16.0
Commodities warehouse receipts	2.4		—		—		—		2.4
U.S. Treasury obligations	0.2		—		—		—		0.2
Securities and other assets segregated under federal and other regulations	2.6		—		—		—		2.6
U.S. Treasury obligations	1,941.3		—		—		—		1,941.3
To be announced ("TBA") and forward settling securities	—		31.0		—		(11.8)		19.2
Foreign government obligations	8.0		—		—		—		8.0
Derivatives	1,949.0		395.8		—		(2,537.5)		(192.7)
Deposits with and receivables from broker-dealers, clearing organizations and counterparties, net	3,898.3		426.8		—		(2,549.3)		1,775.8
Receivables from clients, net - Derivatives	—		235.6		—		(234.1)		1.5
Equity securities	254.9		9.4		—		—		264.3
Corporate and municipal bonds	—		66.9		—		—		66.9
U.S. Treasury obligations	419.9		—		—		—		419.9
U.S. government agency obligations	—		293.4		—		—		293.4
Foreign government obligations	2.5		—		—		—		2.5
Agency mortgage-backed obligations	—		1,384.6		—		—		1,384.6
Asset-backed obligations	—		33.0		—		—		33.0
Derivatives	0.7		652.3		—		(535.6)		117.4
Commodities leases	—		24.9		—		—		24.9
Commodities warehouse receipts	103.2		—		—		—		103.2
Exchange firm common stock	10.1		—		—		—		10.1
Mutual funds and other	7.5		—		—		—		7.5
Financial instruments owned	798.8		2,464.5		—		(535.6)		2,727.7
Physical commodities inventory	26.8		188.9		—		—		215.7
Total assets at fair value	$	4,742.5	$	3,315.8	$	—	$	(3,319.0)	$	4,739.3
Liabilities:
Accounts payable and other accrued liabilities - contingent liabilities	$	—	$	—	$	1.5	$	—	$	1.5
Payables to clients - Derivatives	2,000.8		176.4		—		(2,399.9)		(222.7)
TBA and forward settling securities	—		22.0		—		(11.8)		10.2
Derivatives	—		306.7		—		(302.2)		4.5
Payable to broker-dealers, clearing organizations and counterparties	—		328.7		—		(314.0)		14.7
Equity securities	218.0		14.9		—		—		232.9

Corporate and municipal bonds	—		22.5		—		—		22.5
U.S. Treasury obligations	247.5		—		—		—		247.5
U.S. government agency obligations	—		0.1		—		—		0.1
Agency mortgage-backed obligations	—		5.1		—		—		5.1
Derivatives			563.6		—		(386.8)		176.8
Commodities leases	—		1.1		—		—		1.1
Financial instruments sold, not yet purchased	465.5		607.3		—		(386.8)		686.0
Total liabilities at fair value	$	2,466.3	$	1,112.4	$	1.5	$	(3,100.7)	$	479.5

(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, 2019
(in millions)	Level 1		Level 2		Level 3		Netting (1)		Total
Assets:
Certificates of deposit	$	4.9	$	—	$	—	$	—	$	4.9
Money market mutual funds	8.9		—		—		—		8.9
Cash and cash equivalents	13.8		—		—		—		13.8
Commodities warehouse receipts	6.2		—		—		—		6.2
U.S. Treasury obligations	299.8		—		—		—		299.8
Securities and other assets segregated under federal and other regulations	306.0		—		—		—		306.0
U.S. Treasury obligations	593.9		—		—		—		593.9
TBA and forward settling securities	—		9.8		—		(1.5)		8.3
Foreign government obligations	9.9		—		—		—		9.9
Derivatives	3,131.2		43.2		—		(3,159.6)		14.8
Deposits with and receivables from broker-dealers, clearing organizations and counterparties, net	3,735.0		53.0		—		(3,161.1)		626.9
Equity securities	159.5		9.0		—		—		168.5
Corporate and municipal bonds	—		80.0		—		—		80.0
U.S. Treasury obligations	248.7		—		—		—		248.7
U.S. government agency obligations	—		447.1		—		—		447.1
Foreign government obligations	0.5		—		—		—		0.5
Agency mortgage-backed obligations	—		1,045.0		—		—		1,045.0
Asset-backed obligations	—		29.1		—		—		29.1
Derivatives	1.0		486.3		—		(420.8)		66.5
Commodities leases	—		28.6		—		—		28.6
Commodities warehouse receipts	48.4		—		—		—		48.4
Exchange firm common stock	12.7		—		—		—		12.7
Mutual funds and other	0.1		—		—		—		0.1
Financial instruments owned	470.9		2,125.1		—		(420.8)		2,175.2
Physical commodities inventory	7.1		144.8		—		—		151.9
Total assets at fair value	$	4,532.8	$	2,322.9	$	—	$	(3,581.9)	$	3,273.8
Liabilities:
Accounts payable and other accrued liabilities - contingent liabilities	$	—	$	—	$	1.8	$	—	$	1.8
TBA and forward settling securities	—		6.8		—		(1.5)		5.3
Derivatives	3,079.1		38.3		—		(3,117.1)		0.3
Payable to broker-dealers, clearing organizations and counterparties	3,079.1		45.1		—		(3,118.6)		5.6
Equity securities	147.3		10.8		—		—		158.1
Corporate and municipal bonds	—		39.2		—		—		39.2
U.S. Treasury obligations	272.3		—		—		—		272.3
U.S. government agency obligations	—		43.8		—		—		43.8
Agency mortgage-backed obligations	—		29.6		—		—		29.6
Derivatives	—		480.3		—		(422.2)		58.1
Commodities leases	—		113.7		—		—		113.7
Financial instruments sold, not yet purchased	419.6		717.4		—		(422.2)		714.8
Total liabilities at fair value	$	3,498.7	$	762.5	$	1.8	$	(3,540.8)	$	722.2

(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.