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Financial Assets And Financial Liabilities (Tables)

3 Months Ended

Mar. 31, 2021

Financial Assets And Financial Liabilities [Abstract]

Fair Value Table

		Financial Assets at Fair Value as of March 31, 2021
		Level 1			Level 2			Level 3			Total
		(in millions)
Securities segregated for regulatory purposes		$	3,925		$	—		$	—		$	3,925
Financial instruments owned, at fair value
Stocks			545			—			—			545
Options			30			—			—			30
U.S. and foreign government securities			55			—			—			55
Corporate bonds			—			—			1			1
Precious metals			—			9			—			9
Total financial instruments owned, at fair value			630			9			1			640
Other assets - other investments at fair value			179			—			—			179
Total financial assets at fair value		$	4,734		$	9		$	1		$	4,744

		Financial Liabilities at Fair Value as of March 31, 2021
		Level 1			Level 2			Level 3			Total
		(in millions)
Financial instruments sold, but not yet purchased, at fair value
Stocks		$	143		$	—		$	—		$	143
Options			30			—			—			30
Currency forward contracts			—			18			—			18
Total financial instruments sold, but not yet purchased, at fair value			173			18			—			191
Total financial liabilities at fair value		$	173		$	18		$	—		$	191

		Financial Assets at Fair Value as of December 31, 2020
		Level 1			Level 2			Level 3			Total
		(in millions)
Securities segregated for regulatory purposes		$	4,750		$	—		$	—		$	4,750
Financial instruments owned, at fair value
Stocks			558			—			1			559
Options			28			—			—			28
U.S. and foreign government securities			33			—			—			33
Corporate bonds			—			—			1			1
Currency forward contracts			—			9			—			9
Total financial instruments owned, at fair value			619			9			2			630
Other assets - other investments at fair value			80			—			—			80
Total financial assets at fair value		$	5,449		$	9		$	2		$	5,460

‎

		Financial Liabilities at Fair Value as of December 31, 2020
		Level 1			Level 2			Level 3			Total
		(in millions)
Financial instruments sold, but not yet purchased, at fair value
Stocks		$	120		$	—		$	—		$	120
Options			26			—			—			26
Currency forward contracts			—			7			—			7
Total financial instruments sold, but not yet purchased, at fair value			146			7			—			153
Total financial liabilities at fair value		$	146		$	7		$	—		$	153

Financial Assets and Liabilities Not Measured at Fair Value

		March 31, 2021
		Carrying ‎Value			Fair ‎Value			Level 1			Level 2			Level 3
		(in millions)
Financial assets, not measured at fair value
Cash and cash equivalents		$	2,627		$	2,627		$	2,627		$	—		$	—
Cash - segregated for regulatory purposes			21,204			21,204			21,204			—			—
Securities - segregated for regulatory purposes			21,144			21,144			—			21,144			—
Securities borrowed			5,708			5,708			—			5,708			—
Securities purchased under agreements to resell			1,692			1,692			—			1,692			—
Receivables from customer			42,645			42,645			—			42,645			—
Receivables from broker, dealers, and clearing organizations			3,368			3,368			—			3,368			—
Interest receivable			116			116			—			116			—
Other assets			13			13			—			2			11
Total financial assets, not measured at fair value		$	98,517		$	98,517		$	23,831		$	74,675		$	11

Financial liabilities, not measured at fair value
Short-term borrowings		$	212		$	212		$	—		$	212		$	—
Securities loaned			11,867			11,867			—			11,867			—
Payables to customer			81,204			81,204			—			81,204			—
Payables to brokers, dealers and clearing organizations			310			310			—			310			—
Interest payable			13			13			—			13			—
Total financial liabilities, not measured at fair value		$	93,606		$	93,606		$	—		$	93,606		$	—

‎

		December 31, 2020
		Carrying ‎Value			Fair ‎Value			Level 1			Level 2			Level 3
		(in millions)
Financial assets, not measured at fair value
Cash and cash equivalents		$	4,292		$	4,292		$	4,292		$	—		$	—
Cash - segregated for regulatory purposes			15,903			15,903			15,903			—			—
Securities - segregated for regulatory purposes			23,071			23,071			—			23,071			—
Securities borrowed			4,956			4,956			—			4,956			—
Securities purchased under agreements to resell			792			792			—			792			—
Receivables from customer			39,333			39,333			—			39,333			—
Receivables from broker, dealers, and clearing organizations			1,254			1,254			—			1,254			—
Interest receivable			104			104			—			104			—
Other assets			13			13			—			2			11
Total financial assets, not measured at fair value		$	89,718		$	89,718		$	20,195		$	69,512		$	11

Financial liabilities, not measured at fair value
Short-term borrowings		$	118		$	118		$	—		$	118		$	—
Securities loaned			9,838			9,838			—			9,838			—
Payables to customer			75,882			75,882			—			75,882			—
Payables to brokers, dealers and clearing organizations			182			182			—			182			—
Interest payable			6			6			—			6			—
Total financial liabilities, not measured at fair value		$	86,026		$	86,026		$	—		$	86,026		$	—

Offsetting Assets And Liabilities

		March 31, 2021
		Gross				Amounts				Net Amounts			Amounts Not Offset
		Amounts				Offset in the				Presented in			in the Condensed
		of Financial				Condensed				the Condensed			Consolidated Statements
		Assets and				Consolidated				Consolidated			of Financial Condition
		Liabilities				Statements of				Statements 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		$	21,144	1		$	—			$	21,144		$	(21,144)		$	—
Securities borrowed			5,708				—				5,708			(5,510)			198
Securities purchased under agreements to resell			1,692				—				1,692			(1,692)			—
Financial instruments owned, at fair value
Options			30				—				30			(28)			2
Total		$	28,574			$	—			$	28,574		$	(28,374)		$	200

		(in millions)
Offsetting of financial liabilities
Securities loaned		$	11,867			$	—			$	11,867		$	(11,476)		$	391
Financial instruments sold, but not yet purchased, at fair value
Options			30				—				30			(28)			2
Currency forward contracts			18				—				18			—			18
Total		$	11,915			$	—			$	11,915		$	(11,504)		$	411

‎

		December 31, 2020
			Gross			Amounts				Net Amounts			Amounts Not Offset
			Amounts			Offset in the				Presented in			in the Condensed
			of Financial			Condensed				the Condensed			Consolidated Statements
			Assets and			Consolidated				Consolidated			of Financial Condition
			Liabilities			Statements of				Statements 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		$	23,071	1		$	—			$	23,071		$	(23,071)		$	—
Securities borrowed			4,956				—				4,956			(4,716)			240
Securities purchased under agreements to resell			792				—				792			(792)			—
Financial instruments owned, at fair value
Options			28				—				28			(25)			3
Currency forward contracts			9				—				9			—			9
Total		$	28,856			$	—			$	28,856		$	(28,604)		$	252

		(in millions)
Offsetting of financial liabilities
Securities loaned		$	9,838			$	—			$	9,838		$	(9,246)		$	592
Financial instruments sold, but not yet purchased, at fair value
Options			26				—				26			(25)			1
Currency forward contracts			7				—				7			—			7
Total		$	9,871			$	—			$	9,871		$	(9,271)		$	600

________________________

(1)As of March 31, 2021 and December 31, 2020, the Company had $21.1 billion and $23.1 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 March 31, 2021 and December 31, 2020.

 

Schedule of Securities Financing Transactions

		March 31, 2021
		Remaining Contractual Maturity
		Overnight			Less than			30 – 90			Over 90
		and Open			30 days			days			days			Total
		(in millions)
Securities loaned
Stocks		$	11,831		$	—		$	—		$	—		$	11,831
Corporate bonds			36			—			—			—			36
Total securities loaned		$	11,867		$	—		$	—		$	—		$	11,867

		December 31, 2020
		Remaining Contractual Maturity
		Overnight			Less than			30 – 90			Over 90
		and Open			30 days			days			days			Total
		(in millions)
Securities loaned
Stocks		$	9,811		$	—		$	—		$	—		$	9,811
Corporate bonds			27			—			—			—			27
Total securities loaned		$	9,838		$	—		$	—		$	—		$	9,838

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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).

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Tabular disclosure of securities financing transactions including resale and repurchase agreements, securities borrowed and lending transactions, securities received as collateral and obligations to return securities received as collateral.

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