Derivative Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2014

Derivative Financial Instruments [Abstract]

Fair Value And Related Number Of Derivative Contracts Categorized By Predominant Risk Exposure

	June 30, 2014
		Assets				Liabilities
				Number of				Number of
		Fair Value		Contracts		Fair Value		Contracts
Interest rate contracts	$	1,672,195		48,853	$	1,678,742		67,733
Foreign exchange contracts		474,633		64,945		488,763		62,943
Equity contracts		553,622		1,820,612		555,213		1,751,789
Commodity contracts		196,560		848,890		221,075		841,714
Credit contracts: centrally cleared swaps		3,386		4		6,550		9
Credit contracts: other credit derivatives		1,295		15		23,022		31
Total		2,901,691				2,973,365
Counterparty/cash-collateral netting		(2,648,507	)			(2,747,077	)
Total per Consolidated Statement of Financial Condition	$	253,184			$	226,288

	December 31, 2013
		Assets				Liabilities
				Number of				Number of
		Fair Value		Contracts		Fair Value		Contracts
Interest rate contracts	$	1,165,977		63,967	$	1,131,166		77,338
Foreign exchange contracts		653,772		118,707		693,658		112,417
Equity contracts		501,784		1,742,343		474,985		1,800,603
Commodity contracts		141,280		797,529		173,119		788,717
Credit contracts: centrally cleared swaps		49,531		49		51,632		46
Credit contracts: other credit derivatives		2,339		16		8,130		19
Total		2,514,683				2,532,690
Counterparty/cash-collateral netting		(2,253,589	)			(2,352,611	)
Total per Consolidated Statement of Financial Condition	$	261,094			$	180,079

Unrealized And Realized Gains (Losses) On Derivative Contracts

		For the Three			For the Six			For the Three
		Month			Month			and Six Month
		Period Ended			Period Ended			Periods Ended
		June 30, 2014			June 30, 2014			June 30, 2013
Interest rate contracts	$	(49,738	)	$	(49,946	)	$	29,381
Foreign exchange contracts		(4,281	)		1,156			4,135
Equity contracts		(73,529	)		(164,630	)		33,892
Commodity contracts		21,794			37,980			21,513
Credit contracts		(11,441	)		(15,330	)		(11,010	)
Total	$	(117,195	)	$	(190,770	)	$	77,911

Remaining Contract Maturity Of Fair Value Of OTC Derivative Assets And Liabilities

	OTC Derivative Assets (1) (2) (4)
								Cross-
						Greater Than		Maturity
		0-12 Months		1-5 Years		5 Years		Netting (3)			Total
Commodity swaps, options and forwards	$	52,226	$	1,435	$	–	$	–		$	53,661
Equity swaps and options		1,297		–		–		–			1,297
Total return swaps		6,559		–		–		–			6,559
Foreign currency forwards, swaps and options		85,715		15,283		51		(14,167	)		86,882
Interest rate swaps, options and forwards		80,802		114,082		129,218		(70,493	)		253,609
Total	$	226,599	$	130,800	$	129,269	$	(84,660	)		402,008
Cross product counterparty netting											(17,810	)
Total OTC derivative assets included in
Trading assets										$	384,198

(1)	At June 30, 2014, we held exchange traded derivative assets and other credit agreements with a fair value of $11.6 million, which are not included in this table.
(2)	OTC derivative assets in the table above are gross of collateral received. OTC derivative assets are recorded net of collateral received in the Consolidated Statements of Financial Condition. At June 30, 2014, cash collateral received was $143.0 million.
(3)	Amounts represent the netting of receivable balances with payable balances for the same counterparty within product category across maturity categories.
(4)	Derivative fair values include counterparty netting within product category.

	OTC Derivative Liabilities (1) (2) (4)
								Cross-
						Greater Than		Maturity
		0-12 Months		1-5 Years		5 Years		Netting (3)			Total
Commodity swaps, options and forwards	$	78,158	$	9,117	$	–	$	–		$	87,275
Credit default swaps		51		8,744		898		–			9,693
Equity swaps and options		–		–		9,300		–			9,300
Total return swaps		2,200		–		–		–			2,200
Foreign currency forwards, swaps and options		88,516		16,380		–		(14,167	)		90,729
Interest rate swaps, options and forwards		56,392		111,734		166,652		(70,493	)		264,285
Total	$	225,317	$	145,975	$	176,850	$	(84,660	)		463,482
Cross product counterparty netting											(17,810	)
Total OTC derivative liabilities included in
Trading liabilities										$	445,672

(1)	At June 30, 2014, we held exchange traded derivative liabilities and other credit agreements with a fair value of $22.2 million, which are not included in this table.
(2)	OTC derivative liabilities in the table above are gross of collateral pledged. OTC derivative liabilities are recorded net of collateral pledged in the Consolidated Statements of Financial Condition. At June 30, 2014, cash collateral pledged was $241.6 million.
(3)	Amounts represent the netting of receivable balances with payable balances for the same counterparty within product category across maturity categories.
(4)	Derivative fair values include counterparty netting within product category.

Counterparty Credit Quality With Respect To Fair Value Of OTC Derivatives Assets

Counterparty credit quality (1):
A- or higher	$	179,090
BBB- to BBB+		52,347
BB+ or lower		82,789
Unrated		69,972
Total	$	384,198

(1) We utilize internal credit ratings determined by Jefferies Risk Management. Credit ratings determined by Risk Management use methodologies that produce ratings generally consistent with those produced by external rating agencies.