Assets and Liabilities, at Fair Value (Tables)

9 Months Ended

Jun. 30, 2021

Fair Value, Assets Measured on Recurring Basis

The following table sets forth the Company’s financial and nonfinancial assets and liabilities accounted for at fair value, on a recurring basis, as of June 30, 2021 by level in the fair value hierarchy. Except as disclosed in Note 6, there were no assets or liabilities that were measured at fair value on a nonrecurring basis as of June 30, 2021.


	June 30, 2021
(in millions)	Level 1		Level 2		Level 3		Netting (1)		Total
Assets:
Certificates of deposit	$	5.3	$	—	$	—	$	—	$	5.3
Money market mutual funds	14.9		—		—		—		14.9
Cash and cash equivalents	20.2		—		—		—		20.2
Commodities warehouse receipts	18.8		—		—		—		18.8
U.S. Treasury obligations	77.3		—		—		—		77.3
Securities and other assets segregated under federal and other regulations	96.1		—		—		—		96.1
U.S. Treasury obligations	749.5		—		—		—		749.5
To be announced ("TBA") and forward settling securities	—		21.6		—		—		21.6
Foreign government obligations	13.2		—		—		—		13.2
Derivatives	4,115.4		249.1		—		(4,120.0)		244.5
Deposits with and receivables from broker-dealers, clearing organizations and counterparties, net	4,878.1		270.7		—		(4,120.0)		1,028.8
Receivables from clients - Derivatives	—		340.5				(335.4)		5.1
Equity securities	484.1		18.2		—		—		502.3
Corporate and municipal bonds	—		150.5		—		—		150.5
U.S. Treasury obligations	442.7		—		—		—		442.7
U.S. government agency obligations	—		274.9		—		—		274.9
Foreign government obligations	3.7		—		—		—		3.7
Agency mortgage-backed obligations	—		1,738.8		—		—		1,738.8
Asset-backed obligations	0.2		105.7		—		—		105.9
Derivatives	0.5		912.9		—		(715.4)		198.0
Commodities leases	—		22.1		—		—		22.1
Commodities warehouse receipts	5.7		—		—		—		5.7
Exchange firm common stock	12.8		—		—		—		12.8
Mutual funds and other	9.8		—		—		—		9.8
Financial instruments owned	959.5		3,223.1		—		(715.4)		3,467.2
Physical commodities inventory	135.1		241.2		—		—		376.3
Total assets at fair value	$	6,089.0	$	4,075.5	$	—	$	(5,170.8)	$	4,993.7
Liabilities:
Accounts payable and other accrued liabilities - contingent liabilities	$	—	$	—	$	0.4	$	—	$	0.4
Payables to clients - Derivatives	3,858.6		305.0				(4,659.3)		(495.7)
TBA and forward settling securities	—		16.5		—		(4.1)		12.4
Derivatives	—		52.9		—		(52.9)		—
Payable to broker-dealers, clearing organizations and counterparties	—		69.4		—		(57.0)		12.4
Equity securities	397.7		6.6		—		—		404.3

Corporate and municipal bonds	—		44.4		—		—		44.4
U.S. Treasury obligations	823.1		—		—		—		823.1
U.S. government agency obligations	—		2.5		—		—		2.5
Agency mortgage-backed obligations	0.2		11.5		—		—		11.7
Derivatives	11.0		1,058.5		—		(592.4)		477.1
Commodities leases	—		1.1		—		—		1.1
Financial instruments sold, not yet purchased	1,232.0		1,124.6		—		(592.4)		1,764.2
Total liabilities at fair value	$	5,090.6	$	1,499.0	$	0.4	$	(5,308.7)	$	1,281.3

(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 is included in that level.

The following table sets forth the Company’s financial and nonfinancial assets and liabilities accounted for at fair value, on a recurring basis, as of September 30, 2020 by level in the fair value hierarchy. Except as disclosed in Note 6, there were no assets or liabilities that were measured at fair value on a nonrecurring basis as of September 30, 2020.


	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
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 - 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 is included in that level.