Financial Assets And Financial Liabilities	12 Months Ended
Dec. 31, 2021
Financial Assets And Financial Liabilities [Abstract]
Financial Assets And Financial Liabilities	6. Financial Assets and Financial Liabilities Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis The tables below present, by level within the fair value hierarchy (see Note 2), financial assets and liabilities, measured at fair value on a recurring basis for the periods indicated. As required by ASC Topic 820, financial assets and financial liabilities are classified in their entirety based on the lowest level of input that is significant to the respective fair value measurement. Financial Assets at Fair Value as of December 31, 2021 Level 1 Level 2 Level 3 Total (in millions)Securities segregated for regulatory purposes $ 4,729 $ — $ — $ 4,729Financial instruments owned, at fair value Stocks 548 — — 548Options 22 — — 22U.S. and foreign government securities 54 — — 54Precious metals — 10 — 10Currency forward contracts — 39 — 39Total financial instruments owned, at fair value 624 49 — 673 Other assets 215 — — 215Total financial assets at fair value $ 5,568 $ 49 $ — $ 5,617 Financial Liabilities at Fair Value as of December 31, 2021 Level 1 Level 2 Level 3 Total (in millions)Financial instruments sold, but not yet purchased, at fair value Stocks $ 144 $ — $ — $ 144Options 22 — — 22Precious metals — 6 — 6Currency forward contracts — 10 — 10Total financial instruments sold, but not yet purchased, at fair value 166 16 — 182 Accounts payable, accrued expenses and other liabilities 166 — — 166Total financial liabilities at fair value $ 332 $ 16 $ — $ 348 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 $ — $ — $ 4,750Financial instruments owned, at fair value Stocks 558 — 1 559Options 28 — — 28U.S. and foreign government securities 33 — — 33Corporate bonds — — 1 1Currency forward contracts — 9 — 9Total financial instruments owned, at fair value 619 9 2 630 Other assets 80 — — 80Total 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 $ — $ — $ 120Options 26 — — 26Currency forward contracts — 7 — 7Total financial instruments sold, but not yet purchased, at fair value 146 7 — 153Total financial liabilities at fair value $ 146 $ 7 $ — $ 153 Level 3 Financial Assets and Financial Liabilities The Company’s Level 3 financial assets are comprised of delisted and illiquid securities reported within financial instruments owned, at fair value in the consolidated statements of financial condition. As of December 31, 2020, Level 3 financial assets included $1 million in corporate bonds and $1 million in stocks, which were not traded in active markets and were valued by the Company based on internal estimates. Financial Assets and Liabilities Not Measured at Fair ValueThe tables below represent the carrying value, fair value and fair value hierarchy category of certain financial assets and liabilities that are not recorded at fair value in the Company's consolidated statements of financial condition for the periods indicated. The tables below exclude certain financial instruments such as equity method investments and all non-financial assets and liabilities. December 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 $ 2,395 $ 2,395 $ 2,395 $ — $ —Cash - segregated for regulatory purposes 22,888 22,888 22,888 — —Securities - segregated for regulatory purposes 10,392 10,392 — 10,392 —Securities borrowed 3,912 3,912 — 3,912 —Securities purchased under agreements to resell 4,380 4,380 — 4,380 —Receivables from customers 54,935 54,935 — 54,935 —Receivables from brokers, dealers and clearing organizations 3,771 3,771 — 3,771 —Interest receivable 127 127 — 127 —Other assets 20 20 — 2 18 Total financial assets, not measured at fair value $ 102,820 $ 102,820 $ 25,283 $ 77,519 $ 18 Financial liabilities, not measured at fair value Short-term borrowings $ 27 $ 27 $ — $ 27 $ —Securities loaned 11,769 11,769 — 11,769 —Payables to customers 85,634 85,634 — 85,634 —Payables to brokers, dealers and clearing organizations 557 557 — 557 —Interest payable 8 8 — 8 —Total financial liabilities, not measured at fair value $ 97,995 $ 97,995 $ — $ 97,995 $ — ‎ 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 $ — Netting of Financial Assets and Financial Liabilities The Company’s policy is to net securities borrowed and securities loaned, and securities purchased under agreements to resell and securities sold under agreements to repurchase that meet the offsetting requirements prescribed in ASC Topic 210-20. In the tables below, the amounts of financial instruments that are not offset in the consolidated statements of financial condition, but could be netted against cash or financial instruments with specific counterparties under master netting agreements, according to the terms of the agreements, including clearing houses (exchange-traded options, warrants and discount certificates) or over the counter currency forward contract counterparties, are presented to provide financial statement readers with the Company’s net payable or receivable with counterparties for these financial instruments. ‎ The tables below present the netting of financial assets and financial liabilities for the periods indicated. December 31, 2021 Gross Amounts Not Amounts Amounts Net Amounts Offset in the of Financial Offset in the Presented in the Consolidated Statement Assets and Consolidated Consolidated of Financial Condition Liabilities Statement of Statement of Cash or Financial Recognized Financial Condition2 Financial Condition Instruments Net Amount (in millions)Offsetting of financial assets Securities segregated for regulatory purposes - purchased under agreements to resell $ 10,392 1 $ — $ 10,392 $ (10,392) $ —Securities borrowed 3,912 — 3,912 (3,642) 270 Securities purchased under agreements to resell 4,380 — 4,380 (4,380) —Financial instruments owned, at fair value Options 22 — 22 (19) 3 Currency forward contracts 39 — 39 — 39 Total $ 18,745 $ — $ 18,745 $ (18,433) $ 312 (in millions)Offsetting of financial liabilities Securities loaned $ 11,769 $ — $ 11,769 $ (10,992) $ 777 Financial instruments sold, but not yet purchased, at fair value Options 22 — 22 (19) 3 Currency forward contracts 10 — 10 — 10 Total $ 11,801 $ — $ 11,801 $ (11,011) $ 790 ‎ December 31, 2020 Gross Amounts Not AmountsAmounts Net Amounts Offset in the of Financial Offset in the Presented in the Consolidated Statement Assets and Consolidated Consolidated of Financial Condition LiabilitiesStatement of Statement of Cash or Financial Recognized Financial Condition2 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 December 31, 2021 and 2020, the Company had $10.4 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 consolidated statements of financial condition.‎(2)The Company did not have any balances eligible for netting in accordance with ASC Topic 210-20 at December 31, 2021 and 2020.‎ Secured Financing Transactions – Maturities and Collateral Pledged The tables below present gross obligations for securities loaned transactions by remaining contractual maturity and class of collateral pledged for the periods indicated. December 31, 2021 Remaining Contractual Maturity Overnight Less than 30 – 90 Over 90 and Open 30 days days days Total (in millions)Securities loaned Stocks $ 11,715 $ — $ — $ — $ 11,715 Corporate bonds 51 — — — 51 Foreign government securities 3 — — — 3 Total securities loaned $ 11,769 $ — $ — $ — $ 11,769 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

Financial Assets And Financial Liabilities

12 Months Ended

Dec. 31, 2021

Financial Assets And Financial Liabilities [Abstract]

Financial Assets And Financial Liabilities

6. Financial Assets and Financial Liabilities Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis The tables below present, by level within the fair value hierarchy (see Note 2), financial assets and liabilities, measured at fair value on a recurring basis for the periods indicated. As required by ASC Topic 820, financial assets and financial liabilities are classified in their entirety based on the lowest level of input that is significant to the respective fair value measurement. Financial Assets at Fair Value as of December 31, 2021 Level 1 Level 2 Level 3 Total (in millions)Securities segregated for regulatory purposes $ 4,729 $ — $ — $ 4,729Financial instruments owned, at fair value Stocks 548 — — 548Options 22 — — 22U.S. and foreign government securities 54 — — 54Precious metals — 10 — 10Currency forward contracts — 39 — 39Total financial instruments owned, at fair value 624 49 — 673 Other assets 215 — — 215Total financial assets at fair value $ 5,568 $ 49 $ — $ 5,617 Financial Liabilities at Fair Value as of December 31, 2021 Level 1 Level 2 Level 3 Total (in millions)Financial instruments sold, but not yet purchased, at fair value Stocks $ 144 $ — $ — $ 144Options 22 — — 22Precious metals — 6 — 6Currency forward contracts — 10 — 10Total financial instruments sold, but not yet purchased, at fair value 166 16 — 182 Accounts payable, accrued expenses and other liabilities 166 — — 166Total financial liabilities at fair value $ 332 $ 16 $ — $ 348 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 $ — $ — $ 4,750Financial instruments owned, at fair value Stocks 558 — 1 559Options 28 — — 28U.S. and foreign government securities 33 — — 33Corporate bonds — — 1 1Currency forward contracts — 9 — 9Total financial instruments owned, at fair value 619 9 2 630 Other assets 80 — — 80Total 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 $ — $ — $ 120Options 26 — — 26Currency forward contracts — 7 — 7Total financial instruments sold, but not yet purchased, at fair value 146 7 — 153Total financial liabilities at fair value $ 146 $ 7 $ — $ 153 Level 3 Financial Assets and Financial Liabilities The Company’s Level 3 financial assets are comprised of delisted and illiquid securities reported within financial instruments owned, at fair value in the consolidated statements of financial condition. As of December 31, 2020, Level 3 financial assets included $1 million in corporate bonds and $1 million in stocks, which were not traded in active markets and were valued by the Company based on internal estimates. Financial Assets and Liabilities Not Measured at Fair ValueThe tables below represent the carrying value, fair value and fair value hierarchy category of certain financial assets and liabilities that are not recorded at fair value in the Company's consolidated statements of financial condition for the periods indicated. The tables below exclude certain financial instruments such as equity method investments and all non-financial assets and liabilities. December 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 $ 2,395 $ 2,395 $ 2,395 $ — $ —Cash - segregated for regulatory purposes 22,888 22,888 22,888 — —Securities - segregated for regulatory purposes 10,392 10,392 — 10,392 —Securities borrowed 3,912 3,912 — 3,912 —Securities purchased under agreements to resell 4,380 4,380 — 4,380 —Receivables from customers 54,935 54,935 — 54,935 —Receivables from brokers, dealers and clearing organizations 3,771 3,771 — 3,771 —Interest receivable 127 127 — 127 —Other assets 20 20 — 2 18 Total financial assets, not measured at fair value $ 102,820 $ 102,820 $ 25,283 $ 77,519 $ 18 Financial liabilities, not measured at fair value Short-term borrowings $ 27 $ 27 $ — $ 27 $ —Securities loaned 11,769 11,769 — 11,769 —Payables to customers 85,634 85,634 — 85,634 —Payables to brokers, dealers and clearing organizations 557 557 — 557 —Interest payable 8 8 — 8 —Total financial liabilities, not measured at fair value $ 97,995 $ 97,995 $ — $ 97,995 $ — ‎ 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 $ — Netting of Financial Assets and Financial Liabilities The Company’s policy is to net securities borrowed and securities loaned, and securities purchased under agreements to resell and securities sold under agreements to repurchase that meet the offsetting requirements prescribed in ASC Topic 210-20. In the tables below, the amounts of financial instruments that are not offset in the consolidated statements of financial condition, but could be netted against cash or financial instruments with specific counterparties under master netting agreements, according to the terms of the agreements, including clearing houses (exchange-traded options, warrants and discount certificates) or over the counter currency forward contract counterparties, are presented to provide financial statement readers with the Company’s net payable or receivable with counterparties for these financial instruments. ‎ The tables below present the netting of financial assets and financial liabilities for the periods indicated. December 31, 2021 Gross Amounts Not Amounts Amounts Net Amounts Offset in the of Financial Offset in the Presented in the Consolidated Statement Assets and Consolidated Consolidated of Financial Condition Liabilities Statement of Statement of Cash or Financial Recognized Financial Condition2 Financial Condition Instruments Net Amount (in millions)Offsetting of financial assets Securities segregated for regulatory purposes - purchased under agreements to resell $ 10,392 1 $ — $ 10,392 $ (10,392) $ —Securities borrowed 3,912 — 3,912 (3,642) 270 Securities purchased under agreements to resell 4,380 — 4,380 (4,380) —Financial instruments owned, at fair value Options 22 — 22 (19) 3 Currency forward contracts 39 — 39 — 39 Total $ 18,745 $ — $ 18,745 $ (18,433) $ 312 (in millions)Offsetting of financial liabilities Securities loaned $ 11,769 $ — $ 11,769 $ (10,992) $ 777 Financial instruments sold, but not yet purchased, at fair value Options 22 — 22 (19) 3 Currency forward contracts 10 — 10 — 10 Total $ 11,801 $ — $ 11,801 $ (11,011) $ 790 ‎ December 31, 2020 Gross Amounts Not AmountsAmounts Net Amounts Offset in the of Financial Offset in the Presented in the Consolidated Statement Assets and Consolidated Consolidated of Financial Condition LiabilitiesStatement of Statement of Cash or Financial Recognized Financial Condition2 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 December 31, 2021 and 2020, the Company had $10.4 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 consolidated statements of financial condition.‎(2)The Company did not have any balances eligible for netting in accordance with ASC Topic 210-20 at December 31, 2021 and 2020.‎ Secured Financing Transactions – Maturities and Collateral Pledged The tables below present gross obligations for securities loaned transactions by remaining contractual maturity and class of collateral pledged for the periods indicated. December 31, 2021 Remaining Contractual Maturity Overnight Less than 30 – 90 Over 90 and Open 30 days days days Total (in millions)Securities loaned Stocks $ 11,715 $ — $ — $ — $ 11,715 Corporate bonds 51 — — — 51 Foreign government securities 3 — — — 3 Total securities loaned $ 11,769 $ — $ — $ — $ 11,769 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

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details