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Senior Notes Payable | 3 Months Ended
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Mar. 31, 2021
Senior Notes Payable [Abstract] |
Senior Notes Payable | 17. Senior Notes Payable IBG LLC from time to time may offer senior notes in private placements to certain qualified customers of IB LLC at an issue price of $1 thousand dollars per note. The senior notes will mature no later than the thirtieth day following the issuance date. IBG LLC, at its option, may redeem the senior notes at any time, at a redemption price equal to 100% of the principal amount of the senior notes to be redeemed, plus accrued. The senior notes will pay a fixed rate of interest during their tenure. The interest rate is calculated by adding the benchmark rate to a rate (spread) that IBG LLC will announce from time-to-time. The benchmark rate is the effective federal funds rate as reported by the Federal Reserve Bank of New York on the morning of the date of the offering. IBG LLC intends to use the proceeds for general financing purposes when interest spread opportunities arise. The carrying value of the senior notes approximate their fair value since they are short-term in nature. During the three months ended March 31, 2021, IBG LLC issued senior notes of $602 million and redeemed senior notes of $498 million, respectively. The senior notes carried a weighted average interest rate of 1%. As of March 31, 2021 and December 31, 2020, IBG LLC had senior notes outstanding of $200 million and $96 million, respectively, all of which carried a 1% per annum interest rate, and are included in short-term borrowings in the condensed consolidated statements of financial condition. All the outstanding senior notes at March 31, 2021 were redeemed by May 7, 2021. In addition, the Company issued and redeemed $168 million of senior notes during the period from April 1 through May 7, 2021. Interest expense on the senior notes for the three months ended March 31, 2021 was not material. ‎

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- Definition The entire disclosure for short-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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