Financial Assets And Financial Liabilities (Tables)

12 Months Ended

Dec. 31, 2017

Financial Assets And Financial Liabilities [Abstract]



	Financial Assets At Fair Value as of December 31, 2017

	Level 1		Level 2		Level 3		Total

	(in millions)
Securities segregated for regulatory purposes	$	4,519	$	—	$	—	$	4,519
Financial instruments owned, at fair value
Stocks		2,000		—		1		2,001
Options		1,052		—		—		1,052
Warrants and discount certificates		5		—		—		5
U.S. and foreign government securities		60		—		—		60
Corporate and municipal bonds		—		1		3		4
Currency forward contracts		—		32		—		32
Total financial instruments owned, at fair value		3,117		33		4		3,154
Total financial assets at fair value	$	7,636	$	33	$	4	$	7,673



	Financial Liabilities At Fair Value as of December 31, 2017
	Level 1		Level 2		Level 3		Total

	(in millions)
Financial instruments sold, but not yet purchased, at fair value
Stocks	$	302	$	—	$	—	$	302
Options		464		—		—		464
Currency forward contracts		—		1		—		1
Total financial instruments sold, but not yet purchased, at fair value		766		1		—		767
Total financial liabilities at fair value	$	766	$	1	$	—	$	767




	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

Trading Gains From Market Making Transactions



	Year-Ended December 31,
	2017		2016		2015
	(in millions)
Equities	$	42	$	155	$	254
Fixed income		—		—		1
Foreign exchange		(2)		8		14
Total trading gains, net	$	40	$	163	$	269

Financial Assets and Liabilities Not Measured at Fair Value



	December 31, 2017
	Carrying Value		Fair Value		Level 1		Level 2		Level 3

	(in millions)
Financial assets, not measured at fair value
Cash and cash equivalents	$	1,732	$	1,732	$	1,732	$	-	$	-
Cash and securities segregated for regulatory purposes		15,713		15,713		6,547		9,166		-
Securities borrowed		2,957		2,957		-		2,957		-
Securities purchased under agreements to resell		2,035		2,035		-		2,035		-
Receivables from customer		29,821		29,821		-		29,821		-
Receivables from broker, dealers, and clearing organizations		823		823		-		823		-
Interest receivable		116		116		-		116		-
Other assets		6		6		-		6		-
Total financial assets, not measured at fair value	$	53,203	$	53,203	$	8,279	$	44,924	$	-



Financial liabilities, not measured at fair value
Short-term borrowings	$	15	$	15	$	-	$	15	$	-
Securities loaned		4,444		4,444		-		4,444		-
Securities sold under agreements to repurchase		1,316		1,316		-		1,316		-
Payables to customer		47,548		47,548		-		47,548		-
Payables to brokers, dealers and clearing organizations		283		283		-		283		-
Interest payable		22		22		-		22		-
Total financial liabilities, not measured at fair value	$	53,628	$	53,628	$	-	$	53,628	$	-



	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	$	-

Offsetting Assets



	December 31, 2017
	Gross								Amounts Not Offset
	Amounts			Amounts			Net Amounts		in the
	of Financial			Offset in the			Presented in the		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	$	9,166	1	$	—		$	9,166	$	(9,166)	$	—
Securities borrowed		2,957			—			2,957		(2,822)		135
Securities purchased under agreements to resell		2,035			—			2,035		(2,035)		—
Financial Instruments owned, at fair value
Options		1,052			—			1,052		(451)		601
Warrants and discount certificates		5			—			5		—		5
Currency forward contracts		32			—			32		—		32
Total	$	15,247		$	—		$	15,247	$	(14,474)	$	773



	December 31, 2016
		Gross							Amounts Not Offset
		Amounts		Amounts			Net Amounts		in the
		of Financial		Offset in the			Presented in the		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

(1)

As of December 31, 2017 and December 31, 2016, the Company had $9.2 billion and $11.0 billion, respectively, of securities purchased under agreements to resell that were segregated to satisfy regulatory requirements. These securities are included in “Cash and securities - segregated for regulatory purposes” in the consolidated statements of financial condition.

(2)

The Company did not have any balances eligible for netting in accordance with ASC Topic 210-20 at December 31, 2017 and 2016.

Offsetting Liabilities


	(in millions)
Offsetting of Financial Liabilities
Securities loaned	$	4,444	$	—	$	4,444	$	(4,201)	$	243
Securities sold under agreements to repurchase		1,316		—		1,316		(1,316)		—
Financial instruments sold, but not yet purchased, at fair value
Options		464		—		464		(451)		13
Warrants and discount certificates		—		—		—		—		—
Currency forward contracts		1		—		1		—		1
Total	$	6,225	$	—	$	6,225	$	(5,968)	$	257


	(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

(1)

(2)

The Company did not have any balances eligible for netting in accordance with ASC Topic 210-20 at December 31, 2017 and 2016.

Schedule of Securities Financing Transactions



	December 31, 2017
	Remaining Contractual Maturity
	Overnight		Less than		30 – 90		Over 90
	and Open		30 days		days		days		Total

	(in millions)
Securities loaned
Stocks	$	4,389	$	-	$	-	$	-	$	4,389
Corporate bonds		55		-		-		-		55
Total securities loaned		4,444		-		-		-		4,444

Securities sold under agreements to repurchase
U.S. government securities		1,316		-		-		-		1,316
Total	$	5,760	$	-	$	-	$	-	$	5,760



	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