Assets and Liabilities, at Fair Value (Tables)

3 Months Ended

Dec. 31, 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 December 31, 2022 and September 30, 2022 by level in the fair value hierarchy. All fair value measurements were performed on a recurring basis as of December 31, 2022 and September 30, 2022.


	December 31, 2022
(in millions)	Level 1		Level 2		Level 3		Netting (1)		Total
Assets:
Certificates of deposit	$	10.1	$	—	$	—	$	—	$	10.1
Money market mutual funds	40.2		—		—		—		40.2
Cash and cash equivalents	50.3		—		—		—		50.3
Commodities warehouse receipts	19.9		—		—		—		19.9
U.S. Treasury obligations	0.1		—		—		—		0.1
Securities and other assets segregated under federal and other regulations	20.0		—		—		—		20.0
U.S. Treasury obligations	4,090.7		—		—		—		4,090.7
To be announced and forward settling securities	—		65.8		—		(34.0)		31.8
Foreign government obligations	15.2		—		—		—		15.2
Derivatives	4,360.4		1,238.1		—		(6,606.6)		(1,008.1)
Deposits with and receivables from broker-dealers, clearing organizations and counterparties, net	8,466.3		1,303.9		—		(6,640.6)		3,129.6
Receivables from clients, net - Derivatives	35.0		394.8		—		(429.5)		0.3
Equity securities	422.3		24.5		—		—		446.8
Corporate and municipal bonds	—		144.9		—		—		144.9
U.S. Treasury obligations	516.3		—		—		—		516.3
U.S. government agency obligations	—		343.1		—		—		343.1
Foreign government obligations	2.7		—		—		—		2.7
Agency mortgage-backed obligations	—		2,550.3		—		—		2,550.3
Asset-backed obligations	—		57.5		—		—		57.5
Derivatives	4.4		1,020.0		—		(758.3)		266.1
Commodities leases	—		26.1		—		—		26.1
Commodities warehouse receipts	23.4		—		—		—		23.4
Exchange firm common stock	10.1		—		—		—		10.1
Cash flow hedges	—		1.6		—		—		1.6
Mutual funds and other	18.4		0.1		0.5		—		19.0
Financial instruments owned	997.6		4,168.1		0.5		(758.3)		4,407.9
Physical commodities inventory	85.5		274.8		—		—		360.3
Total assets at fair value	$	9,654.7	$	6,141.6	$	0.5	$	(7,828.4)	$	7,968.4
Liabilities:

Payables to clients - Derivatives	4,360.9		140.9		—		(5,322.2)		(820.4)
TBA and forward settling securities	—		46.0		—		(32.3)		13.7
Derivatives	31.2		1,401.7		—		(1,433.1)		(0.2)
Payable to broker-dealers, clearing organizations and counterparties	31.2		1,447.7		—		(1,465.4)		13.5
Equity securities	367.9		13.3		—		—		381.2

Corporate and municipal bonds	—		93.9		—		—		93.9
U.S. Treasury obligations	1,387.3		—		—		—		1,387.3
U.S. government agency obligations	—		17.1		—		—		17.1
Agency mortgage-backed obligations	—		1.0		—		—		1.0
Derivatives	0.8		948.7		—		(677.1)		272.4
Cash flow hedges	—		54.5		—		—		54.5

Other	—		—		1.1		—		1.1
Financial instruments sold, not yet purchased	1,756.0		1,128.5		1.1		(677.1)		2,208.5
Total liabilities at fair value	$	6,148.1	$	2,717.1	$	1.1	$	(7,464.7)	$	1,401.6

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


	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
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 at each level of the fair value hierarchy.