Assets and Liabilities, at Fair Value (Tables)

3 Months Ended

Dec. 31, 2021

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 December 31, 2021 and September 30, 2021 by level in the fair value hierarchy. All fair value measurements were performed on a recurring basis as of December 31, 2021 and September 30, 2021.


	December 31, 2021
(in millions)	Level 1		Level 2		Level 3		Netting (1)		Total
Assets:
Certificates of deposit	$	5.6	$	—	$	—	$	—	$	5.6
Money market mutual funds	43.4		—		—		—		43.4
Cash and cash equivalents	49.0		—		—		—		49.0
Commodities warehouse receipts	11.3		—		—		—		11.3
U.S. Treasury obligations	0.2		—		—		—		0.2
Securities and other assets segregated under federal and other regulations	11.5		—		—		—		11.5
U.S. Treasury obligations	846.2		—		—		—		846.2
To be announced ("TBA") and forward settling securities	—		14.2		—		(10.0)		4.2
Foreign government obligations	12.9		—		—		—		12.9
Derivatives	3,663.9		208.1		—		(3,557.4)		314.6
Deposits with and receivables from broker-dealers, clearing organizations and counterparties, net	4,523.0		222.3		—		(3,567.4)		1,177.9
Receivables from clients, net - Derivatives	53.7		424.6				(476.3)		2.0
Equity securities	385.8		20.3		—		—		406.1
Corporate and municipal bonds	—		136.3		—		—		136.3
U.S. Treasury obligations	477.3		—		—		—		477.3
U.S. government agency obligations	—		259.2		—		—		259.2

Agency mortgage-backed obligations	—		2,149.1		—		—		2,149.1
Asset-backed obligations	—		70.3		—		—		70.3
Derivatives	0.7		529.8		—		(394.1)		136.4
Commodities leases	—		11.7		—		—		11.7
Commodities warehouse receipts	22.2		—		—		—		22.2
Exchange firm common stock	13.7		—		—		—		13.7
Cash flow hedges	—		0.1		—		—		0.1
Mutual funds and other	13.8		4.4		—		—		18.2
Financial instruments owned	913.5		3,181.2		—		(394.1)		3,700.6
Physical commodities inventory	87.0		317.7		—		—		404.7
Total assets at fair value	$	5,637.7	$	4,145.8	$	—	$	(4,437.8)	$	5,345.7
Liabilities:
Accounts payable and other accrued liabilities - contingent liabilities	$	—	$	—	$	2.8	$	—	$	2.8
Payables to clients - Derivatives	3,666.9		151.4		—		(3,763.8)		54.5
TBA and forward settling securities	—		11.2		—		(10.0)		1.2
Derivatives	37.7		231.8		—		(270.0)		(0.5)
Payable to broker-dealers, clearing organizations and counterparties	37.7		243.0		—		(280.0)		0.7
Equity securities	340.4		6.1		—		—		346.5

Corporate and municipal bonds	—		66.5		—		—		66.5
U.S. Treasury obligations	869.8		—		—		—		869.8
U.S. government agency obligations	—		15.3		—		—		15.3
Agency mortgage-backed obligations	—		23.1		—		—		23.1
Derivatives	7.4		595.8		—		(328.7)		274.5
Cash flow hedges	—		0.1		—		—		0.1
Commodities leases	—		0.9		—		—		0.9
Other	—		3.9		—		—		3.9
Financial instruments sold, not yet purchased	1,217.6		711.7		—		(328.7)		1,600.6
Total liabilities at fair value	$	4,922.2	$	1,106.1	$	2.8	$	(4,372.5)	$	1,658.6

(1)Represents cash collateral and the impact of netting across at each level of the fair value hierarchy.


	September 30, 2021
(in millions)	Level 1		Level 2		Level 3		Netting (1)		Total
Assets:
Certificates of deposit	$	7.9	$	—	$	—	$	—	$	7.9
Money market mutual funds	12.9		—		—		—		12.9
Cash and cash equivalents	20.8		—		—		—		20.8
Commodities warehouse receipts	13.9		—		—		—		13.9
U.S. Treasury obligations	0.2		—		—		—		0.2
Securities and other assets segregated under federal and other regulations	14.1		—		—		—		14.1
U.S. Treasury obligations	798.5		—		—		—		798.5
TBA and forward settling securities	—		59.1		—		(40.1)		19.0
Foreign government obligations	12.2		—		—		—		12.2
Derivatives	4,475.8		167.4		—		(4,402.3)		240.9
Deposits with and receivables from broker-dealers, clearing organizations and counterparties, net	5,286.5		226.5		—		(4,442.4)		1,070.6
Receivables from clients, net - Derivatives	—		413.7				(411.1)		2.6
Equity securities	512.4		14.6		—		—		527.0
Corporate and municipal bonds	—		150.8		—		—		150.8
U.S. Treasury obligations	433.1		—		—		—		433.1
U.S. government agency obligations	—		327.6		—		—		327.6

Agency mortgage-backed obligations	—		2,599.8		—		—		2,599.8
Asset-backed obligations	—		110.4		—		—		110.4
Derivatives	0.6		644.1		—		(500.4)		144.3
Commodities leases	—		18.1		—		—		18.1
Commodities warehouse receipts	21.4		—		—		—		21.4
Exchange firm common stock	11.6		—		—		—		11.6
Mutual funds and other	10.5		—		—		—		10.5

Financial instruments owned	989.6		3,865.4		—		(500.4)		4,354.6
Physical commodities inventory	111.2		248.7		—		—		359.9
Total assets at fair value	$	6,422.2	$	4,754.3	$	—	$	(5,353.9)	$	5,822.6
Liabilities:
Accounts payable and other accrued liabilities - contingent liabilities	$	—	$	—	$	2.8	$	—	$	2.8
Payables to clients - Derivatives	4,413.8		156.1				(4,278.4)		291.5
TBA and forward settling securities	—		52.2		—		(39.5)		12.7
Derivatives	63.1		239.4		—		(302.5)		—
Payable to broker-dealers, clearing organizations and counterparties	63.1		291.6		—		(342.0)		12.7
Equity securities	429.9		6.2		—		—		436.1

Corporate and municipal bonds	—		51.1		—		—		51.1
U.S. Treasury obligations	851.2		—		—		—		851.2

Agency mortgage-backed obligations	—		63.4		—		—		63.4
Derivatives	3.2		700.3		—		(335.0)		368.5
Commodities leases	—		0.9		—		—		0.9
Financial instruments sold, not yet purchased	1,284.3		821.9		—		(335.0)		1,771.2
Total liabilities at fair value	$	5,761.2	$	1,269.6	$	2.8	$	(4,955.4)	$	2,078.2

(1)Represents cash collateral and the impact of netting across at each level of the fair value hierarchy.