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Financial Assets And Financial Liabilities (Tables) | 6 Months Ended
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Jun. 30, 2022
Financial Assets And Financial Liabilities [Abstract] |
Fair Value Table |
|  | Financial Assets at Fair Value as of June 30, 2022
|  | Level 1 |  | Level 2 |  | Level 3 |  | Total
|  | (in millions)
Securities segregated for regulatory purposes |  |  |  |  |  |  |  |  |  |  |  |
U.S. and foreign government securities |  | $ | 7,348 |  | $ | — |  | $ | — |  | $ | 7,348
Municipal securities |  |  | — |  |  | 15 |  |  | — |  |  | 15
Total securities segregated for regulatory purposes |  |  | 7,348 |  |  | 15 |  |  | — |  |  | 7,363
Financial instruments owned, at fair value |  |  |  |  |  |  |  |  |  |  |  |
Stocks |  |  | 354 |  |  | — |  |  | — |  |  | 354
Options |  |  | 31 |  |  | — |  |  | — |  |  | 31
U.S. and foreign government securities |  |  | 156 |  |  | — |  |  | — |  |  | 156
Precious metals |  |  | — |  |  | 9 |  |  | — |  |  | 9
Currency forward contracts |  |  | — |  |  | 1 |  |  | — |  |  | 1
Total financial instruments owned, at fair value |  |  | 541 |  |  | 10 |  |  | — |  |  | 551
Other assets |  |  |  |  |  |  |  |  |  |  |  |
Customer-held fractional shares |  |  | 112 |  |  | — |  |  | — |  |  | 112
Crypto-asset safeguarding asset |  |  | — |  |  | 72 |  |  | — |  |  | 72
Other investments in equity securities |  |  | 47 |  |  | — |  |  | — |  |  | 47
Total other assets |  |  | 159 |  |  | 72 |  |  | — |  |  | 231
Total financial assets at fair value |  | $ | 8,048 |  | $ | 97 |  | $ | — |  | $ | 8,145
|  | Financial Liabilities at Fair Value as of June 30, 2022
|  | Level 1 |  | Level 2 |  | Level 3 |  | Total
|  | (in millions)
Financial instruments sold, but not yet purchased, at fair value |  |  |  |  |  |  |  |  |  |  |  |
Stocks |  | $ | 159 |  | $ | — |  | $ | — |  | $ | 159
Options |  |  | 25 |  |  | — |  |  | — |  |  | 25
Precious metals |  |  | — |  |  | 7 |  |  | — |  |  | 7
Currency forward contracts |  |  | — |  |  | 27 |  |  | — |  |  | 27
Total financial instruments sold, but not yet purchased, at fair value |  |  | 184 |  |  | 34 |  |  | — |  |  | 218
Accounts payable, accrued expenses and other liabilities |  |  |  |  |  |  |  |  |  |  |  |
Fractional shares repurchase obligation |  |  | 112 |  |  | — |  |  | — |  |  | 112
Crypto-asset safeguarding liability |  |  | — |  |  | 72 |  |  | — |  |  | 72
Total accounts payable, accrued expenses and other liabilities |  |  | 112 |  |  | 72 |  |  | — |  |  | 184
Total financial liabilities at fair value |  | $ | 296 |  | $ | 106 |  | $ | — |  | $ | 402
‎
|  | Financial Assets at Fair Value as of December 31, 2021
|  | Level 1 |  | Level 2 |  | Level 3 |  | Total
|  | (in millions)
Securities segregated for regulatory purposes |  |  |  |  |  |  |  |  |  |  |  |
U.S. government securities |  | $ | 4,729 |  | $ | — |  | $ | — |  | $ | 4,729
Total securities segregated for regulatory purposes |  |  | 4,729 |  |  | — |  |  | — |  |  | 4,729
Financial instruments owned, at fair value |  |  |  |  |  |  |  |  |  |  |  |
Stocks |  |  | 548 |  |  | — |  |  | — |  |  | 548
Options |  |  | 22 |  |  | — |  |  | — |  |  | 22
U.S. and foreign government securities |  |  | 54 |  |  | — |  |  | — |  |  | 54
Precious metals |  |  | — |  |  | 10 |  |  | — |  |  | 10
Currency forward contracts |  |  | — |  |  | 39 |  |  | — |  |  | 39
Total financial instruments owned, at fair value |  |  | 624 |  |  | 49 |  |  | — |  |  | 673
Other assets |  |  |  |  |  |  |  |  |  |  |  |
Customer-held fractional shares |  |  | 166 |  |  | — |  |  | — |  |  | 166
Other investments in equity securities |  |  | 49 |  |  |  |  |  |  |  |  | 49
Total other assets |  |  | 215 |  |  | — |  |  | — |  |  | 215
Total 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 |  | $ | — |  | $ | — |  | $ | 144
Options |  |  | 22 |  |  | — |  |  | — |  |  | 22
Precious metals |  |  | — |  |  | 6 |  |  | — |  |  | 6
Currency forward contracts |  |  | — |  |  | 10 |  |  | — |  |  | 10
Total financial instruments sold, but not yet purchased, at fair value |  |  | 166 |  |  | 16 |  |  | — |  |  | 182
Accounts payable, accrued expenses and other liabilities |  |  |  |  |  |  |  |  |  |  |  |
Fractional shares repurchase obligation |  |  | 166 |  |  | — |  |  | — |  |  | 166
Total accounts payable, accrued expenses and other liabilities |  |  | 166 |  |  | — |  |  | — |  |  | 166
Total financial liabilities at fair value |  | $ | 332 |  | $ | 16 |  | $ | — |  | $ | 348
Financial Assets and Liabilities Not Measured at Fair Value |
|  | June 30, 2022
|  | Carrying ‎Value |  | Fair ‎Value |  | Level 1 |  | Level 2 |  | Level 3
|  | (in millions)
Financial assets, not measured at fair value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 2,881 |  | $ | 2,881 |  | $ | 2,881 |  | $ | — |  | $ | —
Cash - segregated for regulatory purposes |  |  | 23,536 |  |  | 23,536 |  |  | 23,536 |  |  | — |  |  | —
Securities - segregated for regulatory purposes |  |  | 23,346 |  |  | 23,346 |  |  | — |  |  | 23,346 |  |  | —
Securities borrowed |  |  | 3,855 |  |  | 3,855 |  |  | — |  |  | 3,855 |  |  | —
Securities purchased under agreements to resell |  |  | 6,288 |  |  | 6,288 |  |  | — |  |  | 6,288 |  |  | —
Receivables from customers |  |  | 42,552 |  |  | 42,552 |  |  | — |  |  | 42,552 |  |  | —
Receivables from brokers, dealers and clearing organizations |  |  | 1,939 |  |  | 1,939 |  |  | — |  |  | 1,939 |  |  | —
Interest receivable |  |  | 150 |  |  | 150 |  |  | — |  |  | 150 |  |  | —
Other assets |  |  | 18 |  |  | 19 |  |  | — |  |  | 2 |  |  | 17
Total financial assets, not measured at fair value |  | $ | 104,565 |  | $ | 104,566 |  | $ | 26,417 |  | $ | 78,132 |  | $ | 17
Financial liabilities, not measured at fair value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Short-term borrowings |  | $ | 17 |  | $ | 17 |  | $ | — |  | $ | 17 |  | $ | —
Securities loaned |  |  | 10,696 |  |  | 10,696 |  |  | — |  |  | 10,696 |  |  | —
Payables to customers |  |  | 90,765 |  |  | 90,765 |  |  | — |  |  | 90,765 |  |  | —
Payables to brokers, dealers and clearing organizations |  |  | 308 |  |  | 308 |  |  | — |  |  | 308 |  |  | —
Interest payable |  |  | 36 |  |  | 36 |  |  | — |  |  | 36 |  |  | —
Total financial liabilities, not measured at fair value |  | $ | 101,822 |  | $ | 101,822 |  | $ | — |  | $ | 101,822 |  | $ | —
‎
|  | 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 |  | $ | —
Offsetting Assets And Liabilities |
|  | June 30, 2022
|  | 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 |  | $ | 23,346 | 1 |  | $ | — |  |  | $ | 23,346 |  | $ | (23,346) |  | $ | —
Securities borrowed |  |  | 3,855 |  |  |  | — |  |  |  | 3,855 |  |  | (3,679) |  |  | 176
Securities purchased under agreements to resell |  |  | 6,288 |  |  |  | — |  |  |  | 6,288 |  |  | (6,288) |  |  | —
Financial instruments owned, at fair value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options |  |  | 31 |  |  |  | — |  |  |  | 31 |  |  | (25) |  |  | 6
Currency forward contracts |  |  | 1 |  |  |  | — |  |  |  | 1 |  |  | — |  |  | 1
Total |  | $ | 33,521 |  |  | $ | — |  |  | $ | 33,521 |  | $ | (33,338) |  | $ | 183
|  | (in millions)
Offsetting of financial liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Securities loaned |  | $ | 10,696 |  |  | $ | — |  |  | $ | 10,696 |  | $ | (9,806) |  | $ | 890
Financial instruments sold, but not yet purchased, at fair value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options |  |  | 25 |  |  |  | — |  |  |  | 25 |  |  | (25) |  |  | —
Currency forward contracts |  |  | 27 |  |  |  | — |  |  |  | 27 |  |  | — |  |  | 27
Total |  | $ | 10,748 |  |  | $ | — |  |  | $ | 10,748 |  | $ | (9,831) |  | $ | 917
‎
|  | December 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 |  | $ | 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
________________________ (1)As of June 30, 2022 and December 31, 2021, the Company had $23.3 billion and $10.4 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 as of June 30, 2022 and December 31, 2021.
Schedule of Securities Financing Transactions |
|  | June 30, 2022
|  | Remaining Contractual Maturity
|  | Overnight |  | Less than |  | 30 – 90 |  | Over 90 |  |  |
|  | and Open |  | 30 days |  | days |  | days |  | Total
|  | (in millions)
Securities loaned |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Stocks |  | $ | 10,622 |  | $ | — |  | $ | — |  | $ | — |  | $ | 10,622
Corporate bonds |  |  | 72 |  |  | — |  |  | — |  |  | — |  |  | 72
Foreign government securities |  |  | 2 |  |  | — |  |  | — |  |  | — |  |  | 2
Total securities loaned |  | $ | 10,696 |  | $ | — |  | $ | — |  | $ | — |  | $ | 10,696
|  | 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

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