Derivative Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2015

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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

The following tables present the fair value and related number of derivative contracts categorized by type of derivative contract as reflected in the Consolidated Statements of Financial Condition at September 30, 2015 and December 31, 2014.  The fair value of assets/liabilities related to derivative contracts represents our receivable/payable for derivative financial instruments, gross of counterparty netting and cash collateral received and pledged (in thousands, except contract amounts):

	Assets				Liabilities
	Fair Value			Number of Contracts	Fair Value			Number of Contracts
September 30, 2015
Interest rate contracts	$	2,615,113		79,627	$	2,526,976		108,203
Foreign exchange contracts	777,346			10,653	795,572			10,216
Equity contracts	1,374,612			3,083,380	1,291,680			3,083,277
Commodity contracts	48,198			255,024	61,395			264,526
Credit contracts: centrally cleared swaps	43,456			103	42,246			88
Credit contracts: other credit derivatives	14,825			93	44,530			99
Total	4,873,550				4,762,399
Counterparty/cash-collateral netting	(4,394,947		)		(4,504,522		)
Total per Consolidated Statement of Financial Condition	$	478,603			$	257,877
December 31, 2014
Interest rate contracts	$	2,299,807		71,505	$	2,292,691		89,861
Foreign exchange contracts	1,514,881			12,861	1,519,349			12,752
Equity contracts	1,050,990			2,271,507	1,058,015			2,051,469
Commodity contracts	276,726			1,031,568	303,206			1,020,418
Credit contracts: centrally cleared swaps	17,831			27	23,264			22
Credit contracts: other credit derivatives	5,378			18	23,608			27
Total	5,165,613				5,220,133
Counterparty/cash-collateral netting	(4,759,345		)		(4,856,618		)
Total per Consolidated Statement of Financial Condition	$	406,268			$	363,515

Unrealized And Realized Gains (Losses) On Derivative Contracts

The following table presents unrealized and realized gains (losses) on derivative contracts for the three and nine months ended September 30, 2015 and 2014 (in thousands):

	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2015			2014			2015			2014
Interest rate contracts	$	25,308		$	(3,803	)	$	580		$	(70,288	)
Foreign exchange contracts	6,893			6,697			30,417			9,046
Equity contracts	68,649			(49,422		)	28,008			(219,584		)
Commodity contracts	(33,940		)	(4,991		)	(17,261		)	32,989
Credit contracts	(4,375		)	(1,330		)	(612		)	(16,953		)
Total	$	62,535		$	(52,849	)	$	41,132		$	(264,790	)

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

The following tables set forth by remaining contract maturity the fair value of OTC derivative assets and liabilities as reflected in the Consolidated Statement of Financial Condition at September 30, 2015 (in thousands):

	OTC Derivative Assets (1) (2) (3)
	0-12 Months		1-5 Years		Greater Than 5 Years		Cross- Maturity Netting (4)			Total
Commodity swaps, options and forwards	$	10,952	$	3,884	$	14,037	$	—		$	28,873
Equity swaps and options	33,975		8,486		2,316		—			44,777
Credit default swaps	54		4,084		2,224		(1,832		)	4,530
Total return swaps	23,005		4		—		(180		)	22,829
Foreign currency forwards, swaps and options	165,529		21,372		—		(11,252		)	175,649
Interest rate swaps, options and forwards	70,025		158,272		77,267		(34,593		)	270,971
Total	$	303,540	$	196,102	$	95,844	$	(47,857	)	547,629
Cross product counterparty netting										(10,029		)
Total OTC derivative assets included in Trading assets										$	537,600

(1) At September 30, 2015, we held exchange traded derivative assets and other credit agreements with a fair value of $144.2 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 September 30, 2015 cash collateral received was $208.3 million.

(3) Derivative fair values include counterparty netting within product category.

(4) Amounts represent the netting of receivable balances with payable balances for the same counterparty within product category across maturity categories.

	OTC Derivative Liabilities (1) (2) (3)
	0-12 Months		1-5 Years		Greater Than 5 Years		Cross-Maturity Netting (4)			Total
Commodity swaps, options and forwards	$	7,532	$	—	$	5,470	$	—		$	13,002
Equity swaps and options	16,909		39,538		9,139		—			65,586
Credit default swaps	—		1,519		11,016		(1,832		)	10,703
Total return swaps	54,507		1,927		1,967		(180		)	58,221
Foreign currency forwards, swaps and options	157,468		48,147		—		(11,252		)	194,363
Fixed income forwards	342		—		—		—			342
Interest rate swaps, options and forwards	47,137		86,081		85,610		(34,593		)	184,235
Total	$	283,895	$	177,212	$	113,202	$	(47,857	)	526,452
Cross product counterparty netting										(10,029		)
Total OTC derivative liabilities included in Trading liabilities										$	516,423

(1) At September 30, 2015, we held exchange traded derivative liabilities and other credit agreements with a fair value of $25.6 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 September 30, 2015, cash collateral pledged was $317.8 million.

(3) Derivative fair values include counterparty netting within product category.

(4) Amounts represent the netting of receivable balances with payable balances for the same counterparty within product category across maturity categories.

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

At September 30, 2015, the counterparty credit quality with respect to the fair value of our OTC derivative assets was as follows (in thousands):

Counterparty credit quality (1):
A- or higher	$	260,841
BBB- to BBB+	124,498
BB+ or lower	74,834
Unrated	77,427
Total	$	537,600

(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.