XML 40 R29.htm IDEA: XBRL DOCUMENT v3.23.1
Financial Instruments with Off-Balance Sheet Risk and Concentrations of Credit Risk (Tables)
 6 Months Ended
Mar. 31, 2023
Financial Instruments with Off-Balance Sheet Risk and Concentrations of Credit Risk [Abstract]  
Schedule of Derivative Instruments
Listed below are the fair values of the Company’s derivative assets and liabilities as of March 31, 2023 and September 30, 2022. Assets represent net unrealized gains and liabilities represent net unrealized losses.
 March 31, 2023September 30, 2022
(in millions)
Assets (1)
Liabilities (1)
Assets (1)
Liabilities (1)
Derivative contracts not accounted for as hedges:
Exchange-traded commodity derivatives$2,052.1 $2,040.6 $4,520.4 $4,519.3 
OTC commodity derivatives1,476.1 1,395.6 756.9 695.6 
Exchange-traded foreign exchange derivatives213.0 213.0 25.6 25.7 
OTC foreign exchange derivatives762.5 716.0 577.1 549.3 
Exchange-traded interest rate derivatives2,097.1 2,099.7 2,626.8 2,626.7 
OTC interest rate derivatives287.3 287.3 168.9 205.1 
Exchange-traded equity index derivatives2,194.3 2,194.3 609.5 609.5 
OTC equity and indices derivatives132.5 76.2 164.4 95.7 
TBA and forward settling securities55.4 72.5 207.6 154.9 
Subtotal9,270.3 9,095.2 9,657.2 9,481.8 
Derivative contracts designated as hedging instruments:
Interest rate contracts1.8 38.4 — 48.8 
Foreign currency forward contracts2.9 0.1 — 21.8 
Subtotal4.7 38.5 — 70.6 
Gross fair value of derivative contracts$9,275.0 $9,133.7 $9,657.2 $9,552.4 
Impact of netting and collateral (8,496.6)(8,181.9)(10,920.8)(10,505.0)
Total fair value included in Deposits with and receivables from broker-dealers, clearing organizations, and counterparties, net
$486.0 $(1,455.7)
Total fair value included in Receivables from clients, net
$2.3 $(0.5)
Total fair value included in Financial instruments owned, at fair value
$290.1 $192.6 
Total fair value included in Payables to clients
$669.5 $(1,392.4)
Total fair value included in Payables to broker-dealers, clearing organizations and counterparties
$34.1 $55.8 
Total fair value included in Financial instruments sold, not yet purchased, at fair value
$248.2 $384.0 
(1)As of March 31, 2023 and September 30, 2022, the Company’s derivative contract volume for open positions was approximately 16.4 million and 13.3 million contracts, respectively.
Schedule of Fair Value of Derivative Instruments Designated for Hedging The fair values of derivative instruments designated for hedging held as of March 31, 2023 and September 30, 2022 are as follow:
 March 31, 2023September 30, 2022
(in millions)Balance Sheet LocationFair ValueFair Value
Asset Derivatives
Derivatives designated as hedging instruments:
Interest rate contractsFinancial instruments owned, net$1.8 $— 
Foreign currency forward contractsFinancial instruments owned, net2.9 — 
Total derivatives designated as hedging instruments$4.7 $— 
Derivative assets expected to be released from Other comprehensive income into current earnings:
Foreign currency forward contracts$0.5 $— 
Total expected to be released from Other comprehensive income into earnings
$0.5 $— 
Liability Derivatives
Derivatives designated as hedging instruments:
Interest rate contractsFinancial instruments sold, not yet purchased$38.4 $48.8 
Foreign currency forward contractsFinancial instruments sold, not yet purchased0.1 21.8 
Total derivatives designated as hedging instruments$38.5 $70.6 
Derivative liabilities expected to be released from Other comprehensive income into current earnings:
Interest rate contracts$32.7 $9.7 
Foreign currency forward contracts— 8.9 
Total expected to be released from Other comprehensive income into earnings
$32.7 $18.6 
Schedule of Notional Amounts of Outstanding Derivative Positions
The notional values of derivative instruments designated for hedging held as of March 31, 2023 and September 30, 2022 are as follow:
 March 31, 2023September 30, 2022
(in millions)Notional ValueNotional Value
Derivatives designated as hedging instruments:
Interest rate contracts$2,000.0 $1,500.0 
Foreign currency forward contracts:
Foreign currency forward contracts to purchase Polish Zloty:
Local currencyzł156.1 zł— 
USD$33.2 $— 
Foreign currency forward contracts to purchase British Pound Sterling:
Local currency£168.0 £168.0 
USD$206.8 $207.3 
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance
The Condensed Consolidated Income Statement effects of derivative instruments designated for hedging held for the three and six months ended March 31, 2023 and 2022 are as follows:
(in millions)Income Statement LocationThree Months Ended March 31, 2023Six Months Ended March 31, 2023
Total amounts in income related to hedges
Interest rate contractsInterest income$(11.6)$(17.0)
Foreign currency forward contractsCompensation and benefits0.7 0.5 
Total derivatives designated as hedging instruments$(10.9)$(16.5)
Loss on cash flow hedging relationships:
Amount of loss reclassified from accumulated other comprehensive income into income$(10.9)$(16.5)
Amount of gain reclassified from accumulated other comprehensive income into income as a result of a forecasted transaction that is no longer probable of occurring$— $— 

(in millions)Income Statement LocationThree Months Ended March 31, 2022Six Months Ended March 31, 2022
Total amounts in income related to hedges
Interest rate contractsInterest Income$1.6 $1.7 
Total derivatives designated as hedging instruments$1.6 $1.7 
Gain on cash flow hedging relationships:
Amount of gain reclassified from accumulated other comprehensive income into income$1.6 $1.7 
Amount of gain reclassified from accumulated other comprehensive income into income as a result of a forecasted transaction that is no longer probable of occurring$— $— 
The following table sets forth the Company’s net gains/(losses) related to derivative financial instruments for the three and six months ended March 31, 2023 and 2022 in accordance with the Derivatives and Hedging Topic of the ASC. The net gains/(losses) set forth below are included in Principal gains, net and Cost of sales of physical commodities in the Condensed Consolidated Income Statements.
Three Months Ended March 31,Six Months Ended March 31,
(in millions)2023202220232022
Commodities$147.8 $135.2 $202.0 $182.9 
Foreign exchange (72.8)56.7 (24.0)92.5 
Interest rate, equities, and indices 25.6 27.4 33.9 52.8 
TBA and forward settling securities(14.1)94.1 (37.1)92.0 
Net gains from derivative contracts$86.5 $313.4 $174.8 $420.2 
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income
The accumulated other comprehensive income effects of derivative instruments designated for hedging held for three and six months ended March 31, 2023 and 2022 are as follow:

Three Months Ended March 31, 2023
(in millions)Amount of Gain Recognized in Other Comprehensive Income on Derivatives, net of taxLocation of amount Reclassified from Accumulated Other Comprehensive Income into IncomeAmount Reclassified from Accumulated Other Comprehensive Income into Income
Derivatives in Cash Flow Hedging Relationships:
Interest rate contracts$10.6 Interest Income$(11.6)
Foreign currency forward contracts3.7 Compensation and benefits0.7 
Total$14.3 $(10.9)

Six Months Ended March 31, 2023
(in millions)Amount of Gain Recognized in Other Comprehensive Income on Derivatives, net of tax
Location of Gain Reclassified from Accumulated Other Comprehensive Income into IncomeAmount Reclassified from Accumulated Other Comprehensive Income into Income
Derivatives in Cash Flow Hedging Relationships:
Interest rate contracts$9.2 Interest Income$(17.0)
Foreign currency forward contracts19.8 Compensation and benefits0.5 
Total$29.0 $(16.5)

Three Months Ended March 31, 2022
(in millions)Amount of Gain/(loss) Recognized in Other Comprehensive Income on Derivatives, net of taxLocation of amount Reclassified from Accumulated Other Comprehensive Income into IncomeAmount Reclassified from Accumulated Other Comprehensive Income into Income
Derivatives in Cash Flow Hedging Relationships:
Interest rate contracts$18.1 Interest Income$1.6 
Total$18.1 $1.6 
Six Months Ended March 31, 2022
(in millions)Amount of Loss Recognized in Other Comprehensive Income on Derivatives, net of tax
Location of Gain Reclassified from Accumulated Other Comprehensive Income into IncomeAmount of Gain Reclassified from Accumulated Other Comprehensive Income into Income
Derivatives in Cash Flow Hedging Relationships:
Interest rate contracts$18.2 Interest Income$1.7 
Total$18.2 $1.7