Financial Assets And Financial Liabilities (Tables)

12 Months Ended

Dec. 31, 2016

Dec. 31, 2015



	Financial Assets At Fair Value as of December 31, 2016

	Level 1		Level 2		Level 3		Total

	(in millions)
Securities segregated for regulatory purposes	$	7,398	$	—	$	—	$	7,398
Financial instruments owned, at fair value
Stocks		1,821		—		—		1,821
Options		1,804		—		—		1,804
Warrants and discount certificates		43		—		—		43
U.S. and foreign government securities		363		—		—		363
Corporate and municipal bonds		—		2		1		3
Currency forward contracts		—		3		—		3
Total financial instruments owned, at fair value		4,031		5		1		4,037
Total financial assets at fair value	$	11,429	$	5	$	1	$	11,435



	Financial Liabilities At Fair Value as of December 31, 2016
	Level 1		Level 2		Level 3		Total

	(in millions)
Financial instruments sold, but not yet purchased, at fair value
Stocks	$	839	$	—	$	—	$	839
Options		1,286		—		—		1,286
Warrants and discount certificates		1		—		—		1
Currency forward contracts		—		19		—		19
Total financial instruments sold, but not yet purchased, at fair value		2,126		19		—		2,145
Total financial liabilities at fair value	$	2,126	$	19	$	—	$	2,145




	Financial Assets At Fair Value as of December 31, 2015
	Level 1		Level 2		Level 3		Total

	(in millions)
Securities segregated for regulatory purposes	$	15,214	$	—	$	—	$	15,214
Financial instruments owned, at fair value
Stocks		1,650		—		—		1,650
Options		1,156		—		—		1,156
Warrants and discount certificates		81		—		—		81
U.S. and foreign government securities		527		—		—		527
Corporate and municipal bonds		—		3		—		3
Currency forward contracts		—		3		—		3
Total financial instruments owned, at fair value		3,414		6		—		3,420
Total financial assets at fair value	$	18,628	$	6	$	—	$	18,634



	Financial Liabilities At Fair Value as of December 31, 2015
	Level 1		Level 2		Level 3		Total

	(in millions)
Financial instruments sold, but not yet purchased, at fair value
Stocks	$	1,565	$	—	$	—	$	1,565
Options		1,042		—		—		1,042
Warrants and discount certificates		1		—		—		1
Currency forward contracts		—		9		—		9
Total financial instruments sold, but not yet purchased, at fair value		2,608		9		—		2,617
Total financial liabilities at fair value	$	2,608	$	9	$	—	$	2,617



	December 31, 2016
	Carrying Value		Fair Value		Level 1		Level 2		Level 3

	(in millions)
Financial assets, not measured at fair value
Cash and cash equivalents	$	1,925	$	1,925	$	1,925	$	-	$	-
Cash and securities segregated for regulatory purposes		16,619		16,619		5,624		10,995		-
Securities borrowed		3,629		3,629		-		3,629		-
Securities purchased under agreements to resell		111		111		-		111		-
Receivables from customer		19,409		19,409		-		19,409		-
Receivables from broker, dealers, and clearing organizations		1,040		1,040		-		1,040		-
Interest receivable		57		57		-		57		-
Other assets		28		32		-		32		-
Total financial assets, not measured at fair value	$	42,818	$	42,822	$	7,549	$	35,273	$	—



Financial liabilities, not measured at fair value
Short-term borrowings	$	74	$	74	$	-	$	74	$	-
Securities loaned		4,293		4,293		-		4,293		-
Payables to customer		41,731		41,731		-		41,731		-
Payables to brokers, dealers and clearing organizations		239		239		-		239		-
Interest payable		6		6		-		6		-
Total financial liabilities, not measured at fair value	$	46,343	$	46,343	$	-	$	46,343	$	-



	December 31, 2015
	Carrying Value		Fair Value		Level 1		Level 2		Level 3

	(in millions)
Financial assets, not measured at fair value
Cash and cash equivalents	$	1,601	$	1,601	$	1,601	$	-	$	-
Cash and securities segregated for regulatory purposes		6,095		6,095		5,533		562		-
Securities borrowed		3,924		3,924		-		3,924		-
Securities purchased under agreements to resell		195		195		-		195		-
Receivables from customer		17,050		17,050		-		17,050
Receivables from broker, dealers, and clearing organizations		692		692		-		692		-
Interest receivable		63		63		-		63		-
Other assets		28		31		-		31		-
Total financial assets, not measured at fair value	$	29,648	$	29,651	$	7,134	$	22,517	$	—



Financial liabilities, not measured at fair value
Securities loaned	$	2,894	$	2,894	$	-	$	2,894	$	-
Payables to customer		37,084		37,084		-		37,084		-
Payables to brokers, dealers and clearing organizations		423		423		-		423		-
Interest payable		3		3		-		3		-
Total financial liabilities, not measured at fair value	$	40,404	$	40,404	$	—	$	40,404	$	—



	December 31, 2016
									Amounts Not Offset
	Gross Amounts			Amounts			Net Amounts		in the Consolidated
	of Financial			Offset in the			Presented in		Statement of
	Assets and			Consolidated			the Consolidated		Financial Condition
	Liabilities			Statement of			Statement of		Cash or Financial
	Recognized			Financial Condition		2	Financial Condition		Instruments		Net Amount

	(in millions)
Offsetting of Financial Assets
Securities segregated for regulatory purposes - purchased under agreements to resell	$	10,995	1	$	—		$	10,995	$	(10,995)	$	—
Securities borrowed		3,629			—			3,629		(3,488)		141
Securities purchased under agreements to resell		111			—			111		(111)		—
Financial Instruments owned, at fair value
Options		1,804			—			1,804		(1,230)		574
Warrants and discount certificates		43			—			43		(1)		42
Currency forward contracts		3			—			3		—		3
Total	$	16,585		$	—		$	16,585	$	(15,825)	$	760



	December 31, 2015
									Amounts Not Offset
		Gross Amounts		Amounts			Net Amounts		in the Consolidated
		of Financial		Offset in the			Presented in		Statement of
		Assets and		Consolidated			the Consolidated		Financial Condition
		Liabilities		Statement of			Statement of		Cash or Financial
		Recognized		Financial Condition		2	Financial Condition		Instruments		Net Amount

	(in millions)
Offsetting of Financial Assets
Securities segregated for regulatory purposes - purchased under agreements to resell	$	562	1	$	—		$	562	$	(562)	$	—
Securities borrowed		3,924			—			3,924		(3,816)		108
Securities purchased under agreements to resell		195			—			195		(195)		—
Financial Instruments owned, at fair value
Options		1,156			—			1,156		(1,032)		124
Warrants and discount certificates		81			—			81		(1)		80
Currency forward contracts		3			—			3		—		3
Total	$	5,921		$	—		$	5,921	$	(5,606)	$	315


	(in millions)
Offsetting of Financial Liabilities
Securities loaned	$	4,293	$	—	$	4,293	$	(4,158)	$	135
Financial instruments sold, but not yet purchased, at fair value
Options		1,286		—		1,286		(1,230)		56
Warrants and discount certificates		1		—		1		(1)		—
Currency forward contracts		19		—		19		—		19
Total	$	5,599	$	—	$	5,599	$	(5,389)	$	210


	(in millions)
Offsetting of Financial Liabilities
Securities loaned	$	2,894	$	—	$	2,894	$	(2,773)	$	121
Financial instruments sold, but not yet purchased, at fair value
Options		1,042		—		1,042		(1,032)		10
Warrants and discount certificates		1		—		1		(1)		—
Currency forward contracts		9		—		9		—		9
Total	$	3,946	$	—	$	3,946	$	(3,806)	$	140



	December 31, 2016
	Remaining Contractual Maturity
	Overnight		Less than		30 – 90		Over 90
	and Open		30 days		days		days		Total

	(in millions)
Securities Loaned
Stocks	$	4,269	$	-	$	-	$	-	$	4,269
Corporate bonds		24		-		-		-		24
Total	$	4,293	$	-	$	-	$	-	$	4,293



	December 31, 2015
	Remaining Contractual Maturity
	Overnight		Less than		30 – 90		Over 90
	and Open		30 days		days		days		Total

	(in millions)
Securities Loaned
Stocks	$	2,873	$	-	$	-	$	-	$	2,873
Corporate bonds		21		-		-		-		21
Total	$	2,894	$	-	$	-	$	-	$	2,894