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Financial Assets And Financial Liabilities (Tables)

9 Months Ended

Sep. 30, 2021

Financial Assets And Financial Liabilities [Abstract]

Fair Value Table

		Financial Assets at Fair Value as of September 30, 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			582			—			—			582
Options			31			—			—			31
U.S. and foreign government securities			33			—			—			33
Corporate bonds			—			—			1			1
Precious metals			—			11			—			11
Currency forward contracts			—			1			—			1
Total financial instruments owned, at fair value			646			12			1			659
Other assets - other investments at fair value			106			—			—			106
Total financial assets at fair value		$	4,677		$	12		$	1		$	4,690

		Financial Liabilities at Fair Value as of September 30, 2021
		Level 1			Level 2			Level 3			Total
		(in millions)
Financial instruments sold, but not yet purchased, at fair value
Stocks		$	149		$	—		$	—		$	149
Options			32			—			—			32
Precious metals			—			5			—			5
Currency forward contracts			—			47			—			47
Total financial instruments sold, but not yet purchased, at fair value			181			52			—			233
Total financial liabilities at fair value		$	181		$	52		$	—		$	233

		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

		September 30, 2021
		Carrying ‎Value			Fair ‎Value			Level 1			Level 2			Level 3
		(in millions)
Financial assets, not measured at fair value
Cash and cash equivalents		$	2,838		$	2,838		$	2,838		$	—		$	—
Cash - segregated for regulatory purposes			23,125			23,125			23,125			—			—
Securities - segregated for regulatory purposes			10,475			10,475			—			10,475			—
Securities borrowed			3,811			3,811			—			3,811			—
Securities purchased under agreements to resell			6,108			6,108			—			6,108			—
Receivables from customers			50,503			50,503			—			50,503			—
Receivables from brokers, dealers and clearing organizations			4,038			4,038			—			4,038			—
Interest receivable			113			113			—			113			—
Other assets			19			19			—			2			17
Total financial assets, not measured at fair value		$	101,030		$	101,030		$	25,963		$	75,050		$	17

Financial liabilities, not measured at fair value
Short-term borrowings		$	28		$	28		$	—		$	28		$	—
Securities loaned			10,535			10,535			—			10,535			—
Payables to customers			84,087			84,087			—			84,087			—
Payables to brokers, dealers and clearing organizations			781			781			—			781			—
Interest payable			10			10			—			10			—
Total financial liabilities, not measured at fair value		$	95,441		$	95,441		$	—		$	95,441		$	—

‎

		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 customers			39,333			39,333			—			39,333			—
Receivables from brokers, 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 customers			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

		September 30, 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		$	10,475	1		$	—			$	10,475		$	(10,475)		$	—
Securities borrowed			3,811				—				3,811			(3,681)			130
Securities purchased under agreements to resell			6,108				—				6,108			(6,108)			—
Financial instruments owned, at fair value
Options			31				—				31			(31)			—
Currency forward contracts			1				—				1			—			1
Total		$	20,426			$	—			$	20,426		$	(20,295)		$	131

		(in millions)
Offsetting of financial liabilities
Securities loaned		$	10,535			$	—			$	10,535		$	(9,934)		$	601
Financial instruments sold, but not yet purchased, at fair value
Options			32				—				32			(31)			1
Currency forward contracts			47				—				47			—			47
Total		$	10,614			$	—			$	10,614		$	(9,965)		$	649

‎

		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 September 30, 2021 and December 31, 2020, the Company had $10.5 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 September 30, 2021 and December 31, 2020.

 

Schedule of Securities Financing Transactions

		September 30, 2021
		Remaining Contractual Maturity
		Overnight			Less than			30 – 90			Over 90
		and Open			30 days			days			days			Total
		(in millions)
Securities loaned
Stocks		$	10,483		$	—		$	—		$	—		$	10,483
Corporate bonds			52			—			—			—			52
Total securities loaned		$	10,535		$	—		$	—		$	—		$	10,535

		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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