Assets and Liabilities, at Fair Value (Tables)

12 Months Ended

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


	September 30, 2023
(in millions)	Level 1		Level 2		Level 3		Netting (1)		Total
Assets:
Certificates of deposit	$	8.7	$	—	$	—	$	—	$	8.7
Money market mutual funds	57.8		—		—		—		57.8
Cash and cash equivalents	66.5		—		—		—		66.5
Commodities warehouse receipts	5.8		—		—		—		5.8

Securities and other assets segregated under federal and other regulations	5.8		—		—		—		5.8
U.S. Treasury obligations	4,023.8		—		—		—		4,023.8
To be announced ("TBA") and forward settling securities	—		73.5		—		(31.7)		41.8
Foreign government obligations	17.8		—		—		—		17.8
Derivatives	5,497.5		1,135.9		—		(6,468.5)		164.9
Deposits with and receivables from broker-dealers, clearing organizations and counterparties, net	9,539.1		1,209.4		—		(6,500.2)		4,248.3
Receivable from clients, net - Derivatives	61.7		561.3				(630.9)		(7.9)
Equity securities	324.0		10.3		—		—		334.3
Corporate and municipal bonds	—		284.2		—		—		284.2
U.S. Treasury obligations	531.7		—		—		—		531.7
U.S. government agency obligations	—		451.7		—		—		451.7
Foreign government obligations	43.3		—		—		—		43.3
Agency mortgage-backed obligations	—		2,865.8		—		—		2,865.8
Asset-backed obligations	—		138.8		—		—		138.8
Derivatives	0.6		868.1		—		(600.2)		268.5
Commodities leases	—		16.0		—		—		16.0
Commodities warehouse receipts	54.7		—		—		—		54.7
Exchange firm common stock	12.0		—		—		—		12.0
Cash flow hedges	—		1.7		—		—		1.7
Mutual funds and other	39.3		—		2.8		—		42.1
Financial instruments owned	1,005.6		4,636.6		2.8		(600.2)		5,044.8
Physical commodities inventory	240.3		146.2		—		—		386.5
Total assets at fair value	$	10,919.0	$	6,553.5	$	2.8	$	(7,731.3)	$	9,744.0
Liabilities:
Accounts payable and other accrued liabilities - contingent liabilities	$	—	$	—	$	1.5	$	—	$	1.5
Payables to clients - Derivatives	5,430.7		226.2		—		(5,577.1)		79.8
TBA and forward settling securities	—		47.5		—		(31.4)		16.1
Derivatives	112.2		1,402.0		—		(1,520.1)		(5.9)
Payable to broker-dealers, clearing organizations and counterparties	112.2		1,449.5		—		(1,551.5)		10.2
Equity securities	230.6		5.5		—		—		236.1
Foreign government obligations	21.5		—		—		—		21.5
Corporate and municipal bonds	—		81.6		—		—		81.6
U.S. Treasury obligations	2,409.3		—		—		—		2,409.3
U.S. government agency obligations	—		5.1		—		—		5.1
Agency mortgage-backed obligations	—		31.7		—		—		31.7
Derivatives	2.4		769.2		—		(510.4)		261.2
Cash flow hedges	—		27.1		—		—		27.1

Other	—		10.9		1.1		—		12.0
Financial instruments sold, not yet purchased	2,663.8		931.1		1.1		(510.4)		3,085.6
Total liabilities at fair value	$	8,206.7	$	2,606.8	$	2.6	$	(7,639.0)	$	3,177.1

(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, 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
Receivable 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
Commodities leases	—		—		—		—		—
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.