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Securities and Commodity Financing Transactions
 12 Months Ended
Sep. 30, 2022
Broker-Dealer [Abstract]  
Securities and Commodity Financing Transactions Securities and Commodity Financing Transactions
The Company enters into securities purchased under agreements to resell, securities sold under agreements to repurchase, securities borrowed and securities loaned transactions to, among other things, fund principal debt trading, acquire securities to cover short positions, acquire securities for settlement, and to accommodate counterparties’ needs under matched-book trading strategies. These agreements are recorded as collateralized financings at their contractual amounts plus accrued interest. The related interest is recorded in the Consolidated Income Statements as Interest income or Interest expense, as applicable. In connection with these agreements and transactions, it is the Company’s policy to receive or pledge cash or securities to adequately collateralize such agreements and transactions in accordance with relevant contractual terms. The collateral is valued daily and the Company may require counterparties to deposit additional collateral or return collateral pledged.
The Company pledges financial instruments owned to collateralize repurchase agreements. At September 30, 2022 and 2021, financial instruments owned, at fair value of $2,372.3 million and $843.3 million, respectively, were pledged as collateral under repurchase agreements. The financial instruments owned that have been pledged as collateral have been parenthetically disclosed on the Consolidated Balance Sheets.
In addition, as of September 30, 2022 and 2021, the Company pledged financial instruments owned, at fair value of $822.5 million and $2,359.6 million, respectively, to cover collateral requirements for tri-party repurchase agreements. These securities have not been parenthetically disclosed on the Consolidated Balance Sheets since the counterparties do not have the right to sell or repledge the collateral. The Company also repledged securities received under reverse repurchase agreements of $2,965.3 million and $1,157.9 million, respectively in the two years, to cover collateral requirements for tri-party repurchase agreements.
The Company also has repledged securities borrowed and client securities held under custodial clearing arrangements to collateralize securities loaned agreements with a fair value of $1,146.0 million and $2,097.6 million as of September 30, 2022 and 2021, respectively.
At September 30, 2022 and 2021, the Company had accepted collateral that it is permitted by contract to sell or repledge. This collateral consists primarily of securities received in reverse repurchase agreements, securities borrowed agreements, and margin securities held on behalf of correspondent brokers. The fair value of such collateral at September 30, 2022 and 2021 was $5,836.1 million and $4,399.8 million, respectively, of which $1,615.3 million and $1,031.1 million, respectively, was used to cover securities sold short which are recorded in Financial instruments sold, not yet purchased, at fair value on the Consolidated Balance Sheets. In the normal course of business, this collateral is used by the Company to cover financial instruments sold, not yet purchased, to obtain financing in the form of repurchase agreements, and to meet counterparties’ needs under lending arrangements and matched-book trading strategies.
The following tables provide the contractual maturities of gross obligations under repurchase and securities lending agreements as of the periods indicated (in millions):
September 30, 2022
Overnight and OpenLess than 30 Days30-90 DaysOver 90 DaysTotal
Securities sold under agreements to repurchase $3,664.7 $2,279.1 $186.3 3.4 $6,133.5 
Securities loaned1,189.5 — — — 1,189.5 
Gross amount of secured financing$4,854.2 $2,279.1 $186.3 $3.4 $7,323.0 
September 30, 2021
Overnight and OpenLess than 30 Days30-90 DaysOver 90 DaysTotal
Securities sold under agreements to repurchase $2,949.8 $973.4 $137.5 280.2 $4,340.9 
Securities loaned2,153.6 — — — 2,153.6 
Gross amount of secured financing$5,103.4 $973.4 $137.5 280.2 $6,494.5 
The following table provides the underlying collateral types of the gross obligations under repurchase and securities lending agreements as of the periods indicated (in millions):
September 30,
Securities sold under agreements to repurchase 20222021
U.S. Treasury obligations$1,311.0 $106.8 
U.S. government agency obligations604.1 354.6 
Asset-backed obligations178.0 255.9 
Agency mortgage-backed obligations3,762.5 3,536.2 
Foreign government obligations97.2 — 
Corporate bonds180.7 87.4 
Total securities sold under agreement to repurchase$6,133.5 $4,340.9 
Securities loaned
Equity securities $1,189.5 $2,153.6 
Total securities loaned1,189.5 2,153.6 
Gross amount of secured financing$7,323.0 $6,494.5 
The following tables provide the netting of securities purchased under agreements to resell, securities sold under agreements to repurchase, securities borrowed and securities loaned as of the periods indicated (in millions):
September 30, 2022
Offsetting of collateralized transactions:Gross Amounts RecognizedAmounts Offset in the Consolidated Balance Sheet Net Amounts Presented in the Consolidated Balance Sheet
Securities purchased under agreements to resell$4,609.9 $(2,937.9)$1,672.0 
Securities borrowed$1,209.8 $— $1,209.8 
Securities sold under agreements to repurchase$6,133.5 $(2,937.9)$3,195.6 
Securities loaned$1,189.5 $— $1,189.5 
September 30, 2021
Offsetting of collateralized transactions:Gross Amounts RecognizedAmounts Offset in the Consolidated Balance Sheet Net Amounts Presented in the Consolidated Balance Sheet
Securities purchased under agreements to resell$2,239.9 $— $2,239.9 
Securities borrowed$2,163.1 $— $2,163.1 
Securities sold under agreements to repurchase$4,340.9 $— $4,340.9 
Securities loaned$2,153.6 $— $2,153.6