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Collateralized Transactions (Tables)
 3 Months Ended
Feb. 29, 2024
Collateralized Transactions [Abstract]  
Schedule of Collateralized Financing Transactions
The following tables set forth the carrying value of securities lending arrangements, repurchase agreements and obligation to return securities received as collateral, at fair value by class of collateral pledged (in thousands):
February 29, 2024
Securities Lending ArrangementsRepurchase AgreementsObligation to Return Securities Received as Collateral, at Fair ValueTotal
Collateral Pledged:
Corporate equity securities$2,056,981 $568,495 $49,890 $2,675,366 
Corporate debt securities579,817 5,047,768 — 5,627,585 
Mortgage-backed and asset-backed securities— 1,364,689 — 1,364,689 
U.S. government and federal agency securities45,930 7,107,197 1,736 7,154,863 
Municipal securities— 110,738 — 110,738 
Sovereign obligations26,442 2,265,539 59,271 2,351,252 
Loans and other receivables— 748,225 — 748,225 
Total$2,709,170 $17,212,651 $110,897 $20,032,718 
November 30, 2023
Securities Lending ArrangementsRepurchase AgreementsObligation to Return Securities Received as Collateral, at Fair ValueTotal
Collateral Pledged:
Corporate equity securities$1,221,456 $627,029 $4,347 $1,852,832 
Corporate debt securities576,449 4,297,933 — 4,874,382 
Mortgage-backed and asset-backed securities— 1,950,908 — 1,950,908 
U.S. government and federal agency securities39,151 9,474,205 3,429 9,516,785 
Municipal securities— 141,091 — 141,091 
Sovereign obligations3,462 2,511,560 1,024 2,516,046 
Loans and other receivables— 838,468 — 838,468 
Total$1,840,518 $19,841,194 $8,800 $21,690,512 
The following tables set forth the carrying value of securities lending arrangements, repurchase agreements and obligation to return securities received as collateral, at fair value, by remaining contractual maturity (in thousands):
February 29, 2024
Overnight and ContinuousUp to 30 Days31-90 DaysGreater than 90 DaysTotal
Securities lending arrangements
$1,759,779 $24,000 $399,915 $525,476 $2,709,170 
Repurchase agreements
7,615,647 2,897,392 2,755,338 3,944,274 17,212,651 
Obligation to return securities received as collateral, at fair value110,897 — — — 110,897 
Total$9,486,323 $2,921,392 $3,155,253 $4,469,750 $20,032,718 
November 30, 2023
Overnight and ContinuousUp to 30 Days31-90 DaysGreater than 90 DaysTotal
Securities lending arrangements
$1,068,665 $— $244,158 $527,695 $1,840,518 
Repurchase agreements
10,548,263 2,442,446 1,939,891 4,910,594 19,841,194 
Obligation to return securities received as collateral, at fair value8,800 — — — 8,800 
Total$11,625,728 $2,442,446 $2,184,049 $5,438,289 $21,690,512 
Offsetting Assets
The following tables provide information regarding repurchase agreements, securities borrowing and lending arrangements and securities received as collateral, at fair value, and obligation to return securities received as collateral, at fair value, that are recognized in our Consolidated Statements of Financial Condition and (1) the extent to which, under enforceable master netting arrangements, such balances are presented net in our Consolidated Statements of Financial Condition as appropriate under U.S. GAAP and (2) the extent to which other rights of setoff associated with these arrangements exist and could have an effect on our financial position (in thousands).
February 29, 2024
Gross AmountsNetting in Consolidated Statement of Financial ConditionNet Amounts in Consolidated Statement of Financial ConditionAdditional Amounts Available for Setoff (1)Available Collateral (2)Net Amount (3)
Assets:
Securities borrowing arrangements
$6,789,055 $— $6,789,055 $(378,668)$(1,683,197)$4,727,190 
Reverse repurchase agreements
13,162,658 (5,615,873)7,546,785 (1,602,160)(5,901,391)43,234 
Securities received as collateral, at fair value110,897 — 110,897 — (110,897)— 
Liabilities:
Securities lending arrangements
$2,709,170 $— $2,709,170 $(378,668)$(2,293,154)$37,348 
Repurchase agreements
17,212,651 (5,615,873)11,596,778 (1,602,160)(9,513,391)481,227 
Obligation to return securities received as collateral, at fair value110,897 — 110,897 — (110,897)— 
November 30, 2023
Gross AmountsNetting in Consolidated Statement of Financial ConditionNet Amounts in Consolidated Statement of Financial ConditionAdditional Amounts Available for Setoff (1)Available Collateral (2)Net Amount (4)
Assets:
Securities borrowing arrangements$7,192,091 $— $7,192,091 $(327,723)$(1,642,946)$5,221,422 
Reverse repurchase agreements14,871,137 (8,920,588)5,950,549 (1,304,009)(4,582,621)63,919 
Securities received as collateral, at fair value8,800 — 8,800 — (8,800)— 
Liabilities:
Securities lending arrangements$1,840,518 $— $1,840,518 $(327,723)$(1,396,069)$116,726 
Repurchase agreements19,841,194 (8,920,588)10,920,606 (1,304,009)(9,035,403)581,194 
Obligation to return securities received as collateral, at fair value8,800 — 8,800 — (8,800)— 
(1)Under master netting agreements with our counterparties, we have the legal right of offset with a counterparty, which incorporates all of the counterparty’s outstanding rights and obligations under the arrangement. These balances reflect additional credit risk mitigation that is available by a counterparty in the event of a counterparty’s default, but which are not netted in our Consolidated Statements of Financial Condition because other netting provisions of U.S. GAAP are not met.
(2)Includes securities received or paid under collateral arrangements with counterparties that could be liquidated in the event of a counterparty default and thus offset against a counterparty’s rights and obligations under the respective repurchase agreements or securities borrowing or lending arrangements.
(3)Includes $4.65 billion of securities borrowing arrangements for which we have received securities collateral of $4.52 billion, and $420.0 million of repurchase agreements for which we have pledged securities collateral of $439.2 million, which are subject to master netting agreements, but we have not determined the agreements to be legally enforceable.
(4)Includes $5.17 billion of securities borrowing arrangements for which we have received securities collateral of $5.04 billion, and $505.0 million of repurchase agreements for which we have pledged securities collateral of $520.4 million, which are subject to master netting agreements, but we have not determined the agreements to be legally enforceable.
Offsetting Liabilities
The following tables provide information regarding repurchase agreements, securities borrowing and lending arrangements and securities received as collateral, at fair value, and obligation to return securities received as collateral, at fair value, that are recognized in our Consolidated Statements of Financial Condition and (1) the extent to which, under enforceable master netting arrangements, such balances are presented net in our Consolidated Statements of Financial Condition as appropriate under U.S. GAAP and (2) the extent to which other rights of setoff associated with these arrangements exist and could have an effect on our financial position (in thousands).
February 29, 2024
Gross AmountsNetting in Consolidated Statement of Financial ConditionNet Amounts in Consolidated Statement of Financial ConditionAdditional Amounts Available for Setoff (1)Available Collateral (2)Net Amount (3)
Assets:
Securities borrowing arrangements
$6,789,055 $— $6,789,055 $(378,668)$(1,683,197)$4,727,190 
Reverse repurchase agreements
13,162,658 (5,615,873)7,546,785 (1,602,160)(5,901,391)43,234 
Securities received as collateral, at fair value110,897 — 110,897 — (110,897)— 
Liabilities:
Securities lending arrangements
$2,709,170 $— $2,709,170 $(378,668)$(2,293,154)$37,348 
Repurchase agreements
17,212,651 (5,615,873)11,596,778 (1,602,160)(9,513,391)481,227 
Obligation to return securities received as collateral, at fair value110,897 — 110,897 — (110,897)— 
November 30, 2023
Gross AmountsNetting in Consolidated Statement of Financial ConditionNet Amounts in Consolidated Statement of Financial ConditionAdditional Amounts Available for Setoff (1)Available Collateral (2)Net Amount (4)
Assets:
Securities borrowing arrangements$7,192,091 $— $7,192,091 $(327,723)$(1,642,946)$5,221,422 
Reverse repurchase agreements14,871,137 (8,920,588)5,950,549 (1,304,009)(4,582,621)63,919 
Securities received as collateral, at fair value8,800 — 8,800 — (8,800)— 
Liabilities:
Securities lending arrangements$1,840,518 $— $1,840,518 $(327,723)$(1,396,069)$116,726 
Repurchase agreements19,841,194 (8,920,588)10,920,606 (1,304,009)(9,035,403)581,194 
Obligation to return securities received as collateral, at fair value8,800 — 8,800 — (8,800)— 
(1)Under master netting agreements with our counterparties, we have the legal right of offset with a counterparty, which incorporates all of the counterparty’s outstanding rights and obligations under the arrangement. These balances reflect additional credit risk mitigation that is available by a counterparty in the event of a counterparty’s default, but which are not netted in our Consolidated Statements of Financial Condition because other netting provisions of U.S. GAAP are not met.
(2)Includes securities received or paid under collateral arrangements with counterparties that could be liquidated in the event of a counterparty default and thus offset against a counterparty’s rights and obligations under the respective repurchase agreements or securities borrowing or lending arrangements.
(3)Includes $4.65 billion of securities borrowing arrangements for which we have received securities collateral of $4.52 billion, and $420.0 million of repurchase agreements for which we have pledged securities collateral of $439.2 million, which are subject to master netting agreements, but we have not determined the agreements to be legally enforceable.
(4)Includes $5.17 billion of securities borrowing arrangements for which we have received securities collateral of $5.04 billion, and $505.0 million of repurchase agreements for which we have pledged securities collateral of $520.4 million, which are subject to master netting agreements, but we have not determined the agreements to be legally enforceable.
Broker-Dealer, Net Capital Requirement, SEC Regulation
The following table summarizes assets segregated or held in separate accounts included in our Consolidated Statements of Financial Condition (in thousands):
February 29, 2024November 30, 2023
Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations$1,195,346 $1,414,593 
Securities purchased under agreements to resell (1)140,220 45,490 
Total$1,335,566 $1,460,083 
(1)Includes U.S. Treasury securities segregated for the exclusive benefit of customers under SEC’s Rule 15c3-3.