Revenue from Contracts with Clients (Tables)

6 Months Ended

Mar. 31, 2024

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

	Three Months Ended March 31,				Six Months Ended March 31,
(in millions)	2024		2023		2024		2023
Revenues from contracts with clients as a percentage of total revenues	2.3	%	5.7	%	2.7	%	6.4	%

The following table represents a disaggregation of the Company’s total revenues separated between revenues from contracts with clients and other sources of revenue for the periods indicated.

	Three Months Ended March 31,				Six Months Ended March 31,
(in millions)	2024		2023		2024		2023
Revenues from contracts with clients:
Commission and clearing fees:
Sales-based:
Exchange-traded futures and options	$	55.8	$	55.3	$	107.2	$	104.0
OTC derivative brokerage	3.0		4.5		5.8		8.1
Equities and fixed income	14.5		15.6		31.0		31.0
Mutual funds	0.9		0.9		1.6		1.5
Insurance and annuity products	3.7		2.7		5.7		4.5
Other	0.2		1.1		0.1		2.2
Total sales-based commission	78.1		80.1		151.4		151.3
Trailing:
Mutual funds	3.2		3.1		6.2		6.1
Insurance and annuity products	3.7		3.5		7.4		7.0
Total trailing commission	6.9		6.6		13.6		13.1
Clearing fees	45.4		40.0		88.7		76.0
Trade conversion fees	3.5		2.0		7.5		4.4
Other	2.3		2.0		4.7		3.9
Total commission and clearing fees	136.2		130.7		265.9		248.7
Consulting, management, and account fees:
Underwriting fees	0.1		0.1		0.1		0.3
Asset management fees	12.3		11.1		23.7		21.8
Advisory and consulting fees	9.0		9.0		17.2		17.7
Sweep program fees	11.3		12.9		22.7		24.3
Client account fees	4.3		3.7		8.5		7.5
Other	3.2		3.9		6.5		8.9
Total consulting, management, and account fees	40.2		40.7		78.7		80.5
Sales of physical commodities:
Precious metals sales under ASC Topic 606	332.8		746.4		792.0		1,535.0
Total revenues from contracts with clients	$	509.2	$	917.8	$	1,136.6	$	1,864.2
Method of revenue recognition:
Point-in-time	$	469.7	$	878.2	$	1,059.4	$	1,787.3
Time elapsed	39.5		39.6		77.2		76.9
Total revenues from contracts with clients	509.2		917.8		1,136.6		1,864.2
Other sources of revenues
Physical precious metals under ASC Topic 815	20,067.0		13,703.1		37,229.5		24,182.1
Physical agricultural and energy products	922.1		1,056.7		2,121.3		2,192.5
Principal gains, net	281.8		256.6		575.6		510.8
Interest income	326.0		226.8		616.1		423.0
Total revenues	$	22,106.1	$	16,161.0	$	41,679.1	$	29,172.6
Total revenues by primary geographic region:
United States	$	1,407.7	$	1,471.1	$	3,011.2	$	3,034.7
Europe	560.2		912.0		1,218.6		1,827.0
South America	105.0		56.5		233.0		118.7
Middle East and Asia	20,025.1		13,720.0		37,200.7		24,186.3
Other	8.1		1.4		15.6		5.9
Total revenues	$	22,106.1	$	16,161.0	$	41,679.1	$	29,172.6
Operating revenues by primary geographic region:
United States	$	590.0	$	538.5	$	1,158.0	$	1,028.4
Europe	161.1		105.5		296.7		207.0
South America	25.2		32.0		66.4		63.5
Middle East and Asia	33.7		27.1		65.7		54.5
Other	8.2		1.3		15.6		5.8
Total operating revenues	$	818.2	$	704.4	$	1,602.4	$	1,359.2

Schedule of Income and Expense

The following table indicates the relevant income and expense:

	Three Months Ended March 31,				Six Months Ended March 31,
(in millions)	2024		2023		2024		2023
Dividend income on long equity positions	$	65.8	$	3.2	$	86.0	$	17.4
Dividend expense on short equity positions	64.7		4.1		83.5		17.3
Dividend (loss)/income, net reported within Principal Gains, net	$	1.1	$	(0.9)	$	2.5	$	0.1