Assets and Liabilities, at Fair Value (Tables)

9 Months Ended

Jun. 30, 2023

Schedule of 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 June 30, 2023 and September 30, 2022 by level in the fair value hierarchy. All fair value measurements were performed on a recurring basis as of June 30, 2023 and September 30, 2022.


	June 30, 2023
(in millions)	Level 1		Level 2		Level 3		Netting (1)		Total
Assets:
Certificates of deposit	$	12.9	$	—	$	—	$	—	$	12.9
Money market mutual funds	66.7		—		—		—		66.7
Cash and cash equivalents	79.6		—		—		—		79.6
Commodities warehouse receipts	4.7		—		—		—		4.7
U.S. Treasury obligations	0.1		—		—		—		0.1
Securities and other assets segregated under federal and other regulations	4.8		—		—		—		4.8
U.S. Treasury obligations	3,774.5		—		—		—		3,774.5
To be announced and forward settling securities	—		35.3		—		(17.9)		17.4
Foreign government obligations	18.2		—		—		—		18.2
Derivatives	5,425.8		1,469.5		—		(7,063.8)		(168.5)
Deposits with and receivables from broker-dealers, clearing organizations and counterparties, net	9,218.5		1,504.8		—		(7,081.7)		3,641.6
Receivables from clients, net - Derivatives	62.2		653.6		—		(715.9)		(0.1)
Equity securities	375.0		11.2		—		—		386.2
Corporate and municipal bonds	—		233.9		—		—		233.9
U.S. Treasury obligations	542.9		—		—		—		542.9
U.S. government agency obligations	—		522.7		—		—		522.7
Foreign government obligations	26.8		—		—		—		26.8
Agency mortgage-backed obligations	—		3,043.6		—		—		3,043.6
Asset-backed obligations	—		144.2		—		—		144.2
Derivatives	0.6		1,018.6		—		(721.8)		297.4
Commodities leases	—		21.2		—		—		21.2
Commodities warehouse receipts	36.9		—		—		—		36.9
Exchange firm common stock	11.1		—		—		—		11.1
Cash flow hedges	—		7.5		—		—		7.5
Mutual funds and other	30.3		—		0.6		—		30.9
Financial instruments owned	1,023.6		5,002.9		0.6		(721.8)		5,305.3
Physical commodities inventory	117.3		157.9		—		—		275.2
Total assets at fair value	$	10,506.0	$	7,319.2	$	0.6	$	(8,519.4)	$	9,306.4
Liabilities:
Accounts payable and other accrued liabilities	$	—	$	—	$	1.4	$	—	$	1.4
Payables to clients - Derivatives	5,359.4		276.8		—		(5,932.7)		(296.5)
TBA and forward settling securities	—		24.0		—		(17.7)		6.3
Derivatives	115.9		1,725.7		—		(1,844.7)		(3.1)
Payable to broker-dealers, clearing organizations and counterparties	115.9		1,749.7		—		(1,862.4)		3.2
Equity securities	297.0		4.8		—		—		301.8
Foreign government obligations	20.7		—		—		—		20.7
Corporate and municipal bonds	—		120.8		—		—		120.8
U.S. Treasury obligations	1,805.1		—		—		—		1,805.1
U.S. government agency obligations	—		29.2		—		—		29.2
Agency mortgage-backed obligations	—		6.2		—		—		6.2
Derivatives	4.8		943.6		—		(579.4)		369.0
Cash flow hedges	—		37.6		—		—		37.6

Other	—		4.5		1.3		—		5.8
Financial instruments sold, not yet purchased	2,127.6		1,146.7		1.3		(579.4)		2,696.2
Total liabilities at fair value	$	7,602.9	$	3,173.2	$	2.7	$	(8,374.5)	$	2,404.3

(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.