Assets and Liabilities, at Fair Value (Tables)

3 Months Ended

Dec. 31, 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 December 31, 2023 and September 30, 2023 by level in the fair value hierarchy. All fair value measurements were performed on a recurring basis as of December 31, 2023 and September 30, 2023.


	December 31, 2023
(in millions)	Level 1		Level 2		Level 3		Netting (1)		Total
Assets:
Certificates of deposit	$	12.3	$	—	$	—	$	—	$	12.3
Money market mutual funds	50.4		—		—		—		50.4
Cash and cash equivalents	62.7		—		—		—		62.7
Commodities warehouse receipts	3.5		—		—		—		3.5

Securities and other assets segregated under federal and other regulations	3.5		—		—		—		3.5
U.S. Treasury obligations	3,245.0		—		—		—		3,245.0
To be announced and forward settling securities	—		26.1		—		(19.5)		6.6
Foreign government obligations	19.1		—		—		—		19.1
Derivatives	4,675.3		1,159.1		—		(5,335.8)		498.6
Deposits with and receivables from broker-dealers, clearing organizations and counterparties, net	7,939.4		1,185.2		—		(5,355.3)		3,769.3
Receivables from clients, net - Derivatives	71.9		415.9		—		(486.7)		1.1
Equity securities	422.1		10.5		—		—		432.6
Corporate and municipal bonds	—		208.4		—		—		208.4
U.S. Treasury obligations	735.8		—		—		—		735.8
U.S. government agency obligations	—		132.0		—		—		132.0
Foreign government obligations	26.0		—		—		—		26.0
Agency mortgage-backed obligations	—		3,056.8		—		—		3,056.8
Asset-backed obligations	—		107.5		—		—		107.5
Derivatives	0.5		1,027.6		—		(794.9)		233.2
Commodities leases	—		16.6		—		—		16.6
Commodities warehouse receipts	66.3		—		—		—		66.3
Exchange firm common stock	12.6		—		—		—		12.6
Cash flow hedges	—		10.2		—		—		10.2
Mutual funds and other	23.6		—		2.8		—		26.4
Financial instruments owned	1,286.9		4,569.6		2.8		(794.9)		5,064.4
Physical commodities inventory	174.6		139.8		—		—		314.4
Total assets at fair value	$	9,539.0	$	6,310.5	$	2.8	$	(6,636.9)	$	9,215.4
Liabilities:
Accounts payable and other accrued liabilities	$	—	$	—	$	1.6	$	—	$	1.6
Payables to clients - Derivatives	4,640.3		147.2		—		(4,334.5)		453.0
To be announced and forward settling securities	—		71.3		—		(19.5)		51.8
Derivatives	92.6		1,395.1		—		(1,488.0)		(0.3)
Payable to broker-dealers, clearing organizations and counterparties	92.6		1,466.4		—		(1,507.5)		51.5
Equity securities	318.7		5.1		—		—		323.8
Foreign government obligations	32.6		—		—		—		32.6
Corporate and municipal bonds	—		117.0		—		—		117.0
U.S. Treasury obligations	2,003.5		—		—		—		2,003.5
U.S. government agency obligations	—		23.8		—		—		23.8
Agency mortgage-backed obligations	—		0.6		—		—		0.6
Derivatives	6.5		866.7		—		(635.7)		237.5
Cash flow hedges	—		8.0		—		—		8.0

Other	—		—		1.2		—		1.2
Financial instruments sold, not yet purchased	2,361.3		1,021.2		1.2		(635.7)		2,748.0
Total liabilities at fair value	$	7,094.2	$	2,634.8	$	2.8	$	(6,477.7)	$	3,254.1

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


	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 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
Receivables 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
To be announced 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 at each level of the fair value hierarchy.