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Financial Assets And Financial Liabilities (Tables) | 9 Months Ended
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Sep. 30, 2020
Financial Assets And Financial Liabilities [Abstract] |
Fair Value Table |
|  | Financial Assets at Fair Value as of September 30, 2020
|  | Level 1 |  | Level 2 |  | Level 3 |  | Total
|  | (in millions)
Securities segregated for regulatory purposes |  | $ | 4,974 |  | $ | — |  | $ | — |  | $ | 4,974
Financial instruments owned, at fair value |  |  |  |  |  |  |  |  |  |  |  |
Stocks |  |  | 375 |  |  | — |  |  | 1 |  |  | 376
Options |  |  | 29 |  |  | — |  |  | — |  |  | 29
Warrants |  |  | — |  |  | — |  |  | — |  |  | —
U.S. and foreign government securities |  |  | 28 |  |  | — |  |  | — |  |  | 28
Corporate bonds |  |  | — |  |  | — |  |  | 3 |  |  | 3
Currency forward contracts |  |  | — |  |  | 16 |  |  | — |  |  | 16
Total financial instruments owned, at fair value |  |  | 432 |  |  | 16 |  |  | 4 |  |  | 452
Other assets - other investments at fair value |  |  | 48 |  |  | — |  |  | — |  |  | 48
Total financial assets at fair value |  | $ | 5,454 |  | $ | 16 |  | $ | 4 |  | $ | 5,474
|  | Financial Liabilities at Fair Value as of September 30, 2020
|  | Level 1 |  | Level 2 |  | Level 3 |  | Total
|  | (in millions)
Financial instruments sold, but not yet purchased, at fair value |  |  |  |  |  |  |  |  |  |  |  |
Stocks |  | $ | 158 |  | $ | — |  | $ | — |  | $ | 158
Options |  |  | 27 |  |  | — |  |  | — |  |  | 27
Currency forward contracts |  |  | — |  |  | 2 |  |  | — |  |  | 2
Total financial instruments sold, but not yet purchased, at fair value |  |  | 185 |  |  | 2 |  |  | — |  |  | 187
Total financial liabilities at fair value |  | $ | 185 |  | $ | 2 |  | $ | — |  | $ | 187
|  | Financial Assets at Fair Value as of December 31, 2019
|  | Level 1 |  | Level 2 |  | Level 3 |  | Total
|  | (in millions)
Securities segregated for regulatory purposes |  | $ | 3,797 |  | $ | — |  | $ | — |  | $ | 3,797
Financial instruments owned, at fair value |  |  |  |  |  |  |  |  |  |  |  |
Stocks |  |  | 540 |  |  | — |  |  | — |  |  | 540
Options |  |  | 1,333 |  |  | — |  |  | — |  |  | 1,333
Warrants |  |  | — |  |  | — |  |  | — |  |  | —
U.S. and foreign government securities |  |  | 34 |  |  | — |  |  | — |  |  | 34
Corporate bonds |  |  | — |  |  | — |  |  | 3 |  |  | 3
Currency forward contracts |  |  | — |  |  | 6 |  |  | — |  |  | 6
Total financial instruments owned, at fair value |  |  | 1,907 |  |  | 6 |  |  | 3 |  |  | 1,916
Other assets - other investments at fair value |  |  | 36 |  |  | — |  |  | — |  |  | 36
Total financial assets at fair value |  | $ | 5,740 |  | $ | 6 |  | $ | 3 |  | $ | 5,749
‎
|  | Financial Liabilities at Fair Value as of December 31, 2019
|  | Level 1 |  | Level 2 |  | Level 3 |  | Total
|  | (in millions)
Financial instruments sold, but not yet purchased, at fair value |  |  |  |  |  |  |  |  |  |  |  |
Stocks |  | $ | 183 |  | $ | — |  | $ | — |  | $ | 183
Options |  |  | 273 |  |  | — |  |  | — |  |  | 273
Currency forward contracts |  |  | — |  |  | 1 |  |  | — |  |  | 1
Total financial instruments sold, but not yet purchased, at fair value |  |  | 456 |  |  | 1 |  |  | — |  |  | 457
Total financial liabilities at fair value |  | $ | 456 |  | $ | 1 |  | $ | — |  | $ | 457
Financial Assets and Liabilities Not Measured at Fair Value |
|  | September 30, 2020
|  | Carrying ‎Value |  | Fair ‎Value |  | Level 1 |  | Level 2 |  | Level 3
|  | (in millions)
Financial assets, not measured at fair value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 3,292 |  | $ | 3,292 |  | $ | 3,292 |  | $ | — |  | $ | —
Cash - segregated for regulatory purposes |  |  | 12,789 |  |  | 12,789 |  |  | 12,789 |  |  | — |  |  | —
Securities - segregated for regulatory purposes |  |  | 24,342 |  |  | 24,342 |  |  | — |  |  | 24,342 |  |  | —
Securities borrowed |  |  | 3,995 |  |  | 3,995 |  |  | — |  |  | 3,995 |  |  | —
Securities purchased under agreements to resell |  |  | 1,401 |  |  | 1,401 |  |  | — |  |  | 1,401 |  |  | —
Receivables from customer |  |  | 30,343 |  |  | 30,343 |  |  | — |  |  | 30,343 |  |  | —
Receivables from broker, dealers, and clearing organizations |  |  | 2,575 |  |  | 2,575 |  |  | — |  |  | 2,575 |  |  | —
Interest receivable |  |  | 69 |  |  | 69 |  |  | — |  |  | 69 |  |  | —
Other assets |  |  | 11 |  |  | 11 |  |  | — |  |  | 2 |  |  | 9
Total financial assets, not measured at fair value |  | $ | 78,817 |  | $ | 78,817 |  | $ | 16,081 |  | $ | 62,727 |  | $ | 9
Financial liabilities, not measured at fair value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Short-term borrowings |  | $ | 628 |  | $ | 628 |  | $ | — |  | $ | 628 |  | $ | —
Securities loaned |  |  | 5,738 |  |  | 5,738 |  |  | — |  |  | 5,738 |  |  | —
Payables to customer |  |  | 68,830 |  |  | 68,830 |  |  | — |  |  | 68,830 |  |  | —
Payables to brokers, dealers and clearing organizations |  |  | 313 |  |  | 313 |  |  | — |  |  | 313 |  |  | —
Interest payable |  |  | 3 |  |  | 3 |  |  | — |  |  | 3 |  |  | —
Total financial liabilities, not measured at fair value |  | $ | 75,512 |  | $ | 75,512 |  | $ | — |  | $ | 75,512 |  | $ | —
‎
|  | December 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 |  | $ | 2,882 |  | $ | 2,882 |  | $ | 2,882 |  | $ | — |  | $ | —
Cash - segregated for regulatory purposes |  |  | 9,400 |  |  | 9,400 |  |  | 9,400 |  |  | — |  |  | —
Securities - segregated for regulatory purposes |  |  | 14,027 |  |  | 14,027 |  |  | — |  |  | 14,027 |  |  | —
Securities borrowed |  |  | 3,916 |  |  | 3,916 |  |  | — |  |  | 3,916 |  |  | —
Securities purchased under agreements to resell |  |  | 3,111 |  |  | 3,111 |  |  | — |  |  | 3,111 |  |  | —
Receivables from customer |  |  | 31,304 |  |  | 31,304 |  |  | — |  |  | 31,304 |  |  | —
Receivables from broker, dealers, and clearing organizations |  |  | 685 |  |  | 685 |  |  | — |  |  | 685 |  |  | —
Interest receivable |  |  | 158 |  |  | 158 |  |  | — |  |  | 158 |  |  | —
Other assets |  |  | 9 |  |  | 9 |  |  | — |  |  | 3 |  |  | 6
Total financial assets, not measured at fair value |  | $ | 65,492 |  | $ | 65,492 |  | $ | 12,282 |  | $ | 53,204 |  | $ | 6
Financial liabilities, not measured at fair value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Short-term borrowings |  | $ | 16 |  | $ | 16 |  | $ | — |  | $ | 16 |  | $ | —
Securities loaned |  |  | 4,410 |  |  | 4,410 |  |  | — |  |  | 4,410 |  |  | —
Securities sold under agreements to repurchase |  |  | 1,909 |  |  | 1,909 |  |  | — |  |  | 1,909 |  |  | —
Payables to customer |  |  | 56,248 |  |  | 56,248 |  |  | — |  |  | 56,248 |  |  | —
Payables to brokers, dealers and clearing organizations |  |  | 220 |  |  | 220 |  |  | — |  |  | 220 |  |  | —
Interest payable |  |  | 29 |  |  | 29 |  |  | — |  |  | 29 |  |  | —
Total financial liabilities, not measured at fair value |  | $ | 62,832 |  | $ | 62,832 |  | $ | — |  | $ | 62,832 |  | $ | —
Offsetting Assets And Liabilities |
|  | September 30, 2020
|  | 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 |  | $ | 24,342 | 1 |  | $ | — |  |  | $ | 24,342 |  | $ | (24,342) |  | $ | —
Securities borrowed |  |  | 3,995 |  |  |  | — |  |  |  | 3,995 |  |  | (3,822) |  |  | 173
Securities purchased under agreements to resell |  |  | 1,401 |  |  |  | — |  |  |  | 1,401 |  |  | (1,401) |  |  | —
Financial instruments owned, at fair value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options |  |  | 29 |  |  |  | — |  |  |  | 29 |  |  | (26) |  |  | 3
Currency forward contracts |  |  | 16 |  |  |  | — |  |  |  | 16 |  |  | — |  |  | 16
Total |  | $ | 29,783 |  |  | $ | — |  |  | $ | 29,783 |  | $ | (29,591) |  | $ | 192
|  | (in millions)
Offsetting of financial liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Securities loaned |  | $ | 5,738 |  |  | $ | — |  |  | $ | 5,738 |  | $ | (5,404) |  | $ | 334
Financial instruments sold, but not yet purchased, at fair value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options |  |  | 27 |  |  |  | — |  |  |  | 27 |  |  | (26) |  |  | 1
Currency forward contracts |  |  | 2 |  |  |  | — |  |  |  | 2 |  |  | — |  |  | 2
Total |  | $ | 5,767 |  |  | $ | — |  |  | $ | 5,767 |  | $ | (5,430) |  | $ | 337
‎
|  | December 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 |  | $ | 14,027 | 1 |  | $ | — |  |  | $ | 14,027 |  | $ | (14,027) |  | $ | —
Securities borrowed |  |  | 3,916 |  |  |  | — |  |  |  | 3,916 |  |  | (3,765) |  |  | 151
Securities purchased under agreements to resell |  |  | 3,111 |  |  |  | — |  |  |  | 3,111 |  |  | (3,111) |  |  | —
Financial instruments owned, at fair value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options |  |  | 1,333 |  |  |  | — |  |  |  | 1,333 |  |  | (267) |  |  | 1,066
Currency forward contracts |  |  | 6 |  |  |  | — |  |  |  | 6 |  |  | — |  |  | 6
Total |  | $ | 22,393 |  |  | $ | — |  |  | $ | 22,393 |  | $ | (21,170) |  | $ | 1,223
|  | (in millions)
Offsetting of financial liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Securities loaned |  | $ | 4,410 |  |  | $ | — |  |  | $ | 4,410 |  | $ | (4,186) |  | $ | 224
Securities sold under agreements to repurchase |  |  | 1,909 |  |  |  | — |  |  |  | 1,909 |  |  | (1,909) |  |  | —
Financial instruments sold, but not yet purchased, at fair value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options |  |  | 273 |  |  |  | — |  |  |  | 273 |  |  | (267) |  |  | 6
Currency forward contracts |  |  | 1 |  |  |  | — |  |  |  | 1 |  |  | — |  |  | 1
Total |  | $ | 6,593 |  |  | $ | — |  |  | $ | 6,593 |  | $ | (6,362) |  | $ | 231
________________________ (1)As of September 30, 2020 and December 31, 2019, the Company had $24.3 billion and $14.0 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, 2020 and December 31, 2019.
Schedule of Securities Financing Transactions |
|  | September 30, 2020
|  | Remaining Contractual Maturity
|  | Overnight |  | Less than |  | 30 – 90 |  | Over 90 |  |  |
|  | and Open |  | 30 days |  | days |  | days |  | Total
|  | (in millions)
Securities loaned |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Stocks |  | $ | 5,696 |  | $ | — |  | $ | — |  | $ | — |  | $ | 5,696
Corporate bonds |  |  | 41 |  |  | — |  |  | — |  |  | — |  |  | 41
Foreign government securities |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | 1
Total |  | $ | 5,738 |  | $ | — |  | $ | — |  | $ | — |  | $ | 5,738
|  | December 31, 2019
|  | Remaining Contractual Maturity
|  | Overnight |  | Less than |  | 30 – 90 |  | Over 90 |  |  |
|  | and Open |  | 30 days |  | days |  | days |  | Total
|  | (in millions)
Securities loaned |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Stocks |  | $ | 4,356 |  | $ | — |  | $ | — |  | $ | — |  | $ | 4,356
Corporate bonds |  |  | 54 |  |  | — |  |  | — |  |  | — |  |  | 54
Total securities loaned |  |  | 4,410 |  |  | — |  |  | — |  |  | — |  |  | 4,410
Securities sold under agreements to repurchase |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government securities |  |  | 1,909 |  |  | — |  |  | — |  |  | — |  |  | 1,909
Total |  | $ | 6,319 |  | $ | — |  | $ | — |  | $ | — |  | $ | 6,319

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- Definition Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bbb) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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