Financial Assets And Financial Liabilities (Tables)

6 Months Ended

Jun. 30, 2017



	Financial Assets At Fair Value as of June 30, 2017

	Level 1		Level 2		Level 3		Total

	(in millions)
Securities segregated for regulatory purposes	$	3,503	$	—	$	—	$	3,503
Financial instruments owned, at fair value
Stocks		1,324		—		—		1,324
Options		973		—		—		973
Warrants and discount certificates		3		—		—		3
U.S. and foreign government securities		245		—		—		245
Corporate and municipal bonds		—		2		1		3
Currency forward contracts		—		25		—		25
Total financial instruments owned, at fair value		2,545		27		1		2,573
Total financial assets at fair value	$	6,048	$	27	$	1	$	6,076



	Financial Liabilities At Fair Value as of June 30, 2017
	Level 1		Level 2		Level 3		Total

	(in millions)
Financial instruments sold, but not yet purchased, at fair value
Stocks	$	614	$	—	$	—	$	614
Options		355		—		—		355
Warrants and discount certificates		—		—		—		—
Currency forward contracts		—		5		—		5
Total financial instruments sold, but not yet purchased, at fair value		969		5		—		974
Total financial liabilities at fair value	$	969	$	5	$	—	$	974




	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



	June 30, 2017
	Carrying Value		Fair Value		Level 1		Level 2		Level 3

	(in millions)
Financial assets, not measured at fair value
Cash and cash equivalents	$	2,115	$	2,115	$	2,115	$	-	$	-
Cash and securities segregated for regulatory purposes		20,684		20,684		6,910		13,774		-
Securities borrowed		3,895		3,895		-		3,895		-
Securities purchased under agreements to resell		366		366		-		366		-
Receivables from customer		22,833		22,833		-		22,833		-
Receivables from broker, dealers, and clearing organizations		1,164		1,164		-		1,164		-
Interest receivable		59		59		-		59		-
Other assets		8		12		-		11		1
Total financial assets, not measured at fair value	$	51,124	$	51,128	$	9,025	$	42,102	$	1



Financial liabilities, not measured at fair value
Short-term borrowings	$	9	$	9	$	-	$	9	$	-
Securities loaned		3,632		3,632		-		3,632		-
Payables to customer		45,950		45,950		-		45,950		-
Payables to brokers, dealers and clearing organizations		449		449		-		449		-
Interest payable		14		14		-		14		-
Total financial liabilities, not measured at fair value	$	50,054	$	50,054	$	-	$	50,054	$	-



	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	$	-



	June 30, 2017
	Gross			Amounts			Net Amounts		Amounts Not Offset
	Amounts			Offset in the			Presented in		in the Condensed
	of Financial			Condensed			the Condensed		Consolidated Statement
	Assets and			Consolidated			Consolidated		of 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	$	13,774	1	$	—		$	13,774	$	(13,774)	$	—
Securities borrowed		3,895			—			3,895		(3,750)		145
Securities purchased under agreements to resell		366			—			366		(366)		—
Financial Instruments owned, at fair value
Options		973			—			973		(345)		628
Warrants and discount certificates		3			—			3		—		3
Currency forward contracts		25			—			25		—		25
Total	$	19,036		$	—		$	19,036	$	(18,235)	$	801



	December 31, 2016
		Gross		Amounts			Net Amounts		Amounts Not Offset
		Amounts		Offset in the			Presented in		in the Condensed
		of Financial		Condensed			the Condensed		Consolidated Statement
		Assets and		Consolidated			Consolidated		of 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


	June 30, 2017
	Gross		Amounts			Net Amounts		Amounts Not Offset
	Amounts		Offset in the			Presented in		in the Condensed
	of Financial		Condensed			the Condensed		Consolidated Statement
	Assets and		Consolidated			Consolidated		of Financial Condition
	Liabilities		Statement of			Statement of		Cash or Financial
	Recognized		Financial Condition		2	Financial Condition		Instruments		Net Amount
	(in millions)
Offsetting of Financial Liabilities
Securities loaned	$	3,632	$	—		$	3,632	$	(3,467)	$	165
Financial instruments sold, but not yet purchased, at fair value		—		—			—		—		—
Options		355		—			355		(345)		10
Warrants and discount certificates		—		—			—		—		—
Currency forward contracts		5		—			5		—		5
Total	$	3,992	$	—		$	3,992	$	(3,812)	$	180



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

	(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



	June 30, 2017
	Remaining Contractual Maturity
	Overnight		Less than		30 – 90		Over 90
	and Open		30 days		days		days		Total

	(in millions)
Securities Loaned
Stocks	$	3,574	$	-	$	-	$	-	$	3,574
Corporate bonds		58		-		-		-		58
Total	$	3,632	$	-	$	-	$	-	$	3,632



	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