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Financial Assets And Financial Liabilities (Tables)

9 Months Ended

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 not 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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