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Financial Assets And Financial Liabilities (Tables)

3 Months Ended

Mar. 31, 2019

Financial Assets And Financial Liabilities [Abstract]

Fair Value Table



		Financial Assets at Fair Value as of March 31, 2019

		Level 1			Level 2			Level 3			Total

		(in millions)
Securities segregated for regulatory purposes		$	3,903		$	—		$	—		$	3,903
Financial instruments owned, at fair value
Stocks			459			—			—			459
Options			644			—			—			644
Warrants			1			—			—			1
U.S. and foreign government securities			216			—			—			216
Corporate and municipal bonds			—			2			3			5
Currency forward contracts			—			2			—			2
Total financial instruments owned, at fair value			1,320			4			3			1,327

Other assets - other investments at fair value			130			—			—			130
Total financial assets at fair value		$	5,353		$	4		$	3		$	5,360







		Financial Liabilities at Fair Value as of March 31, 2019
		Level 1			Level 2			Level 3			Total

		(in millions)
Financial instruments sold, but not yet purchased, at fair value
Stocks		$	189		$	—		$	—		$	189
Options			48			—			—			48
Currency forward contracts			—			18			—			18
Total financial instruments sold, but not yet purchased, at fair value			237			18			—			255
Total financial liabilities at fair value		$	237		$	18		$	—		$	255










			Financial Assets at Fair Value as of December 31, 2018
			Level 1			Level 2			Level 3			Total

			(in millions)
Securities segregated for regulatory purposes			$	4,213		$	—		$	—		$	4,213
Financial instruments owned, at fair value
Stocks				494			—			—			494
Options				1,479			—			—			1,479
Warrants				1			—			—			1
U.S. and foreign government securities				113			—			—			113
Corporate and municipal bonds				—			1			3			4
Currency forward contracts				—			28			—			28
Total financial instruments owned, at fair value				2,087			29			3			2,119
Total financial assets at fair value			$	6,300		$	29		$	3		$	6,332







		Financial Liabilities at Fair Value as of December 31, 2018
		Level 1			Level 2			Level 3			Total

		(in millions)
Financial instruments sold, but not yet purchased, at fair value
Stocks		$	273		$	—		$	—		$	273
Options			404			—			—			404
Currency forward contracts			—			4			—			4
Total financial instruments sold, but not yet purchased, at fair value			677			4			—			681
Total financial liabilities at fair value		$	677		$	4		$	—		$	681



Trading Gains From Market Making Transactions



		Three Months Ended March 31,
		2019			2018
		(in millions)
Equities		$	7		$	13
Foreign exchange			—			—
Total trading gains, net		$	7		$	13



Financial Assets and Liabilities Not Measured at Fair Value





		March 31, 2019
		Carrying Value			Fair Value			Level 1			Level 2			Level 3

		(in millions)
Financial assets, not measured at fair value
Cash and cash equivalents		$	2,546		$	2,546		$	2,546		$	-		$	-
Cash - segregated for regulatory purposes			8,043			8,043			8,043			-			-
Securities - segregated for regulatory purposes			14,629			14,629			-			14,629			-
Securities borrowed			4,196			4,196			-			4,196			-
Securities purchased under agreements to resell			1,580			1,580			-			1,580			-
Receivables from customer			25,868			25,868			-			25,868			-
Receivables from broker, dealers, and clearing organizations			698			698			-			698			-
Interest receivable			180			180			-			180			-
Other assets			5			5			-			5			-
Total financial assets, not measured at fair value		$	57,745		$	57,745		$	10,589		$	47,156		$	-







Financial liabilities, not measured at fair value
Short-term borrowings		$	15		$	15		$	-		$	15		$	-
Securities loaned			4,250			4,250			-			4,250			-
Payables to customer			50,742			50,742			-			50,742			-
Payables to brokers, dealers and clearing organizations			349			349			-			349			-
Interest payable			45			45			-			45			-
Total financial liabilities, not measured at fair value		$	55,401		$	55,401		$	-		$	55,401		$	-










		December 31, 2018
		Carrying Value			Fair Value			Level 1			Level 2			Level 3
		(in millions)
Financial assets, not measured at fair value
Cash and cash equivalents		$	2,597		$	2,597		$	2,597		$	-		$	-
Cash - segregated for regulatory purposes			7,503			7,503			7,503			-			-
Securities - segregated for regulatory purposes			11,382			11,382			-			11,382			-
Securities borrowed			3,331			3,331			-			3,331			-
Securities purchased under agreements to resell			1,242			1,242			-			1,242			-
Receivables from customer			27,017			27,017			-			27,017			-
Receivables from broker, dealers, and clearing organizations			706			706			-			706			-
Interest receivable			141			141			-			141			-
Other assets			5			6			-			6			-
Total financial assets, not measured at fair value		$	53,924		$	53,925		$	10,100		$	43,825		$	-











Financial liabilities, not measured at fair value
Short-term borrowings		$	17		$	17		$	-		$	17		$	-
Securities loaned			4,037			4,037			-			4,037			-
Payables to customer			47,993			47,993			-			47,993			-
Payables to brokers, dealers and clearing organizations			298			298			-			298			-
Interest payable			41			41			-			41			-
Total financial liabilities, not measured at fair value		$	52,386		$	52,386		$	-		$	52,386		$	-




Offsetting Assets









		March 31, 2019
		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		$	14,629	1		$	—			$	14,629		$	(14,629)		$	—
Securities borrowed			4,196				—				4,196			(4,025)			171
Securities purchased under agreements to resell			1,580				—				1,580			(1,580)			—
Financial instruments owned, at fair value
Options			644				—				644			(40)			604
Warrants			1				—				1			—			1
Currency forward contracts			2				—				2			—			2
Total		$	21,052			$	—			$	21,052		$	(20,274)		$	778







		December 31, 2018
			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		$	11,382	1		$	—			$	11,382		$	(11,382)		$	—
Securities borrowed			3,331				—				3,331			(3,199)			132
Securities purchased under agreements to resell			1,242				—				1,242			(1,242)			—
Financial instruments owned, at fair value
Options			1,479				—				1,479			(398)			1,081
Warrants			1				—				1			—			1
Currency forward contracts			28				—				28			—			28
Total		$	17,463			$	—			$	17,463		$	(16,221)		$	1,242









(1) As of December 31, 2018 and December 31, 2017, the Company had $11.4 billion and $9.2 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, 2018 and 2017.

Offsetting Liabilities








		(in millions)
Offsetting of financial liabilities
Securities loaned		$	4,250			$	—			$	4,250		$	(4,019)		$	231
Financial instruments sold, but not yet purchased, at fair value
Options			48				—				48			(40)			8
Currency forward contracts			18				—				18			—			18
Total		$	4,316			$	—			$	4,316		$	(4,059)		$	257












		(in millions)
Offsetting of financial liabilities
Securities loaned		$	4,037			$	—			$	4,037		$	(3,838)		$	199
Financial instruments sold, but not yet purchased, at fair value
Options			404				—				404			(398)			6
Currency forward contracts			4				—				4			—			4
Total		$	4,445			$	—			$	4,445		$	(4,236)		$	209



(1) As of December 31, 2018 and December 31, 2017, the Company had $11.4 billion and $9.2 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, 2018 and 2017.





Schedule of Securities Financing Transactions





		March 31, 2019
		Remaining Contractual Maturity
		Overnight			Less than			30 – 90			Over 90
		and Open			30 days			days			days			Total

		(in millions)
Securities loaned
  Stocks		$	4,164		$	-		$	-		$	-		$	4,164
  Corporate bonds			80			-			-			-			80
  Foreign government securities			6			-			-			-			6
Total securities loaned		$	4,250		$	-		$	-		$	-		$	4,250
















		December 31, 2018
		Remaining Contractual Maturity
		Overnight			Less than			30 – 90			Over 90
		and Open			30 days			days			days			Total

		(in millions)
Securities loaned
  Stocks		$	3,970		$	-		$	-		$	-		$	3,970
  Corporate bonds			65			-			-			-			65
  Foreign government securities			2			-			-			-			2
Total securities loaned		$	4,037		$	-		$	-		$	-		$	4,037



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