Assets and Liabilities, at Fair Value (Tables)

12 Months Ended

Sep. 30, 2022

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, 2022 and 2021 by level in the fair value hierarchy. All fair value measurements were performed on a recurring basis as of September 30, 2022 and 2021.


	September 30, 2022
(in millions)	Level 1		Level 2		Level 3		Netting (1)		Total
Assets:
Certificates of deposit	$	4.0	$	—	$	—	$	—	$	4.0
Money market mutual funds	39.5		—		—		—		39.5
Cash and cash equivalents	43.5		—		—		—		43.5
Commodities warehouse receipts	19.7		—		—		—		19.7
U.S. Treasury obligations	786.0		—		—		—		786.0
Securities and other assets segregated under federal and other regulations	805.7		—		—		—		805.7
U.S. Treasury obligations	4,258.5		—		—		—		4,258.5
To be announced ("TBA") and forward settling securities	—		207.6		—		(91.4)		116.2
Foreign government obligations	14.4		—		—		—		14.4
Derivatives	7,714.4		461.4		—		(9,747.7)		(1,571.9)
Deposits with and receivables from broker-dealers, clearing organizations and counterparties, net	11,987.3		669.0		—		(9,839.1)		2,817.2
Receivables from clients, net - Derivatives	67.2		511.6				(579.3)		(0.5)
Equity securities	367.9		11.8		—		—		379.7
Corporate and municipal bonds	—		156.8		—		—		156.8
U.S. Treasury obligations	347.6		—		—		—		347.6
U.S. government agency obligations	—		343.0		—		—		343.0
Foreign government obligations	4.8		—		—		—		4.8
Agency mortgage-backed obligations	—		2,588.7		—		—		2,588.7
Asset-backed obligations	—		70.7		—		—		70.7
Derivatives	0.7		694.3		—		(502.4)		192.6
Commodities leases	—		26.4		—		—		26.4
Commodities warehouse receipts	24.9		—		—		—		24.9
Exchange firm common stock	10.6		—		—		—		10.6
Mutual funds and other	17.4		4.1		—		—		21.5
Financial instruments owned	773.9		3,895.8		—		(502.4)		4,167.3
Physical commodities inventory	136.3		223.5		—		—		359.8
Total assets at fair value	$	13,813.9	$	5,299.9	$	—	$	(10,920.8)	$	8,193.0
Liabilities:

Payables to clients - Derivatives	7,722.5		175.4		—		(9,290.3)		(1,392.4)
TBA and forward settling securities	—		154.9		—		(96.9)		58.0
Derivatives	58.7		590.6		—		(651.5)		(2.2)
Payable to broker-dealers, clearing organizations and counterparties	58.7		745.5		—		(748.4)		55.8
Equity securities	299.9		5.7		—		—		305.6
Foreign government obligations	0.5		—		—		—		0.5
Corporate and municipal bonds	—		63.2		—		—		63.2
U.S. Treasury obligations	1,686.5		—		—		—		1,686.5
U.S. government agency obligations	—		24.3		—		—		24.3
Agency mortgage-backed obligations	—		5.4		—		—		5.4
Derivatives	—		779.7		—		(466.3)		313.4
Cash flow hedges	—		70.6		—		—		70.6

Other	—		0.1		—		—		0.1
Financial instruments sold, not yet purchased	1,986.9		949.0		—		(466.3)		2,469.6
Total liabilities at fair value	$	9,768.1	$	1,869.9	$	—	$	(10,505.0)	$	1,133.0

(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, 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
Foreign government obligations	—		—		—		—		—
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 the levels of the fair value hierarchy. Netting among positions classified within the same level are included in that level.