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Financial Assets And Financial Liabilities (Tables) | 9 Months Ended
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Sep. 30, 2019
Financial Assets And Financial Liabilities [Abstract] |
Fair Value Table |
|  | Financial Assets at Fair Value as of September 30, 2019
|  | Level 1 |  | Level 2 |  | Level 3 |  | Total
|  | (in millions)
Securities segregated for regulatory purposes |  | $ | 3,787 |  | $ | — |  | $ | — |  | $ | 3,787
Financial instruments owned, at fair value |  |  |  |  |  |  |  |  |  |  |  |
Stocks |  |  | 543 |  |  | — |  |  | — |  |  | 543
Options |  |  | 1,293 |  |  | — |  |  | — |  |  | 1,293
Warrants |  |  | — |  |  | — |  |  | — |  |  | —
U.S. and foreign government securities |  |  | 42 |  |  | — |  |  | — |  |  | 42
Corporate bonds |  |  | — |  |  | — |  |  | 3 |  |  | 3
Currency forward contracts |  |  | — |  |  | 2 |  |  | — |  |  | 2
Total financial instruments owned, at fair value |  |  | 1,878 |  |  | 2 |  |  | 3 |  |  | 1,883
Other assets - other investments at fair value |  |  | 43 |  |  | — |  |  | — |  |  | 43
Total financial assets at fair value |  | $ | 5,708 |  | $ | 2 |  | $ | 3 |  | $ | 5,713
|  | Financial Liabilities at Fair Value as of September 30, 2019
|  | Level 1 |  | Level 2 |  | Level 3 |  | Total
|  | (in millions)
Financial instruments sold, but not yet purchased, at fair value |  |  |  |  |  |  |  |  |  |  |  |
Stocks |  | $ | 467 |  | $ | — |  | $ | — |  | $ | 467
Options |  |  | 495 |  |  | — |  |  | — |  |  | 495
Currency forward contracts |  |  | — |  |  | 15 |  |  | — |  |  | 15
Total financial instruments sold, but not yet purchased, at fair value |  |  | 962 |  |  | 15 |  |  | — |  |  | 977
Total financial liabilities at fair value |  | $ | 962 |  | $ | 15 |  | $ | — |  | $ | 977
‎
|  | 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 September 30, |  | Nine Months Ended September 30,
|  | 2019 |  | 2018 |  | 2019 |  | 2018
|  | (in millions)
Equities |  | $ | 7 |  | $ | 7 |  | $ | 20 |  | $ | 32
Foreign exchange |  |  | — |  |  | — |  |  | — |  |  | —
Total trading gains, net |  | $ | 7 |  | $ | 7 |  | $ | 20 |  | $ | 32
Financial Assets and Liabilities Not Measured at Fair Value |
|  | September 30, 2019
|  | Carrying ‎Value |  | Fair ‎Value |  | Level 1 |  | Level 2 |  | Level 3
|  | (in millions)
Financial assets, not measured at fair value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 3,035 |  | $ | 3,035 |  | $ | 3,035 |  | $ | — |  | $ | —
Cash - segregated for regulatory purposes |  |  | 8,794 |  |  | 8,794 |  |  | 8,794 |  |  | — |  |  | —
Securities - segregated for regulatory purposes |  |  | 17,459 |  |  | 17,459 |  |  | — |  |  | 17,459 |  |  | —
Securities borrowed |  |  | 4,010 |  |  | 4,010 |  |  | — |  |  | 4,010 |  |  | —
Securities purchased under agreements to resell |  |  | 1,391 |  |  | 1,391 |  |  | — |  |  | 1,391 |  |  | —
Receivables from customer |  |  | 25,970 |  |  | 25,970 |  |  | — |  |  | 25,970 |  |  | —
Receivables from broker, dealers, and clearing organizations |  |  | 868 |  |  | 868 |  |  | — |  |  | 868 |  |  | —
Interest receivable |  |  | 131 |  |  | 131 |  |  | — |  |  | 131 |  |  | —
Other assets |  |  | 9 |  |  | 9 |  |  | — |  |  | 4 |  |  | 5
Total financial assets, not measured at fair value |  | $ | 61,667 |  | $ | 61,667 |  | $ | 11,829 |  | $ | 49,833 |  | $ | 5
Financial liabilities, not measured at fair value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Short-term borrowings |  | $ | 15 |  | $ | 15 |  | $ | — |  | $ | 15 |  | $ | —
Securities loaned |  |  | 3,955 |  |  | 3,955 |  |  | — |  |  | 3,955 |  |  | —
Payables to customer |  |  | 54,474 |  |  | 54,474 |  |  | — |  |  | 54,474 |  |  | —
Payables to brokers, dealers and clearing organizations |  |  | 245 |  |  | 245 |  |  | — |  |  | 245 |  |  | —
Interest payable |  |  | 37 |  |  | 37 |  |  | — |  |  | 37 |  |  | —
Total financial liabilities, not measured at fair value |  | $ | 58,726 |  | $ | 58,726 |  | $ | — |  | $ | 58,726 |  | $ | —
‎
|  | 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 And Liabilities |
|  | September 30, 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 |  | $ | 17,459 | 1 |  | $ | — |  |  | $ | 17,459 |  | $ | (17,459) |  | $ | —
Securities borrowed |  |  | 4,010 |  |  |  | — |  |  |  | 4,010 |  |  | (3,856) |  |  | 154
Securities purchased under agreements to resell |  |  | 1,391 |  |  |  | — |  |  |  | 1,391 |  |  | (1,391) |  |  | —
Financial instruments owned, at fair value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options |  |  | 1,293 |  |  |  | — |  |  |  | 1,293 |  |  | (492) |  |  | 801
Warrants |  |  | — |  |  |  | — |  |  |  | — |  |  | — |  |  | —
Currency forward contracts |  |  | 2 |  |  |  | — |  |  |  | 2 |  |  | — |  |  | 2
Total |  | $ | 24,155 |  |  | $ | — |  |  | $ | 24,155 |  | $ | (23,198) |  | $ | 957
|  | (in millions)
Offsetting of financial liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Securities loaned |  | $ | 3,955 |  |  | $ | — |  |  | $ | 3,955 |  | $ | (3,720) |  | $ | 235
Financial instruments sold, but not yet purchased, at fair value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options |  |  | 495 |  |  |  | — |  |  |  | 495 |  |  | (492) |  |  | 3
Currency forward contracts |  |  | 15 |  |  |  | — |  |  |  | 15 |  |  | — |  |  | 15
Total |  | $ | 4,465 |  |  | $ | — |  |  | $ | 4,465 |  | $ | (4,212) |  | $ | 253
‎
|  | 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
|  | (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 September 30, 2019 and December 31, 2018, the Company had $17.5 billion and $11.4 billion, respectively, of securities purchased under agreements to resell that were segregated to satisfy regulatory requirements. These securities are included in “Securities - segregated for regulatory purposes” in the condensed consolidated statements of financial condition. ‎ (2)The Company did no t have any balances eligible for netting in accordance with ASC Topic 210-20 at September 30, 2019 and December 31, 2018.
Schedule of Securities Financing Transactions |
|  | September 30, 2019
|  | Remaining Contractual Maturity
|  | Overnight |  | Less than |  | 30 – 90 |  | Over 90 |  |  |
|  | and Open |  | 30 days |  | days |  | days |  | Total
|  | (in millions)
Securities loaned |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Stocks |  | $ | 3,888 |  | $ | — |  | $ | — |  | $ | — |  | $ | 3,888
Corporate bonds |  |  | 66 |  |  | — |  |  | — |  |  | — |  |  | 66
Foreign government securities |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | 1
Total securities loaned |  | $ | 3,955 |  | $ | — |  | $ | — |  | $ | — |  | $ | 3,955
|  | 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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