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Financial Assets And Financial Liabilities (Tables)

9 Months Ended

Sep. 30, 2022

Financial Assets And Financial Liabilities [Abstract]

Fair Value Table

		Financial Assets at Fair Value as of September 30, 2022
		Level 1			Level 2			Level 3			Total
		(in millions)
Securities segregated for regulatory purposes
U.S. and foreign government securities		$	5,298		$	—		$	—		$	5,298
Municipal securities			—			22			—			22
Total securities segregated for regulatory purposes			5,298			22			—			5,320
Financial instruments owned, at fair value
Stocks			276			—			—			276
Options			737			—			—			737
U.S. and foreign government securities			29			—			—			29
Precious metals			—			8			—			8
Currency forward contracts			—			43			—			43
Total financial instruments owned, at fair value			1,042			51			—			1,093
Other assets
Customer-held fractional shares			84			—			—			84
Crypto-asset safeguarding asset			—			101			—			101
Other investments in equity securities			33			—			—			33
Total other assets			117			101			—			218
Total financial assets at fair value		$	6,457		$	174		$	—		$	6,631

		Financial Liabilities at Fair Value as of September 30, 2022
		Level 1			Level 2			Level 3			Total
		(in millions)
Financial instruments sold, but not yet purchased, at fair value
Stocks		$	164		$	—		$	—		$	164
Options			232			—			—			232
Precious metals			—			7			—			7
Currency forward contracts			—			8			—			8
Total financial instruments sold, but not yet purchased, at fair value			396			15			—			411
Accounts payable, accrued expenses and other liabilities
Fractional shares repurchase obligation			84			—			—			84
Crypto-asset safeguarding liability			—			101			—			101
Total accounts payable, accrued expenses and other liabilities			84			101			—			185
Total financial liabilities at fair value		$	480		$	116		$	—		$	596

‎

		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

		September 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		$	3,184		$	3,184		$	3,184		$	—		$	—
Cash - segregated for regulatory purposes			25,432			25,432			25,432			—			—
Securities - segregated for regulatory purposes			25,981			25,981			—			25,981			—
Securities borrowed			3,908			3,908			—			3,908			—
Securities purchased under agreements to resell			4,860			4,860			—			4,860			—
Receivables from customers			40,424			40,424			—			40,424			—
Receivables from brokers, dealers and clearing organizations			3,321			3,321			—			3,321			—
Interest receivable			224			224			—			224			—
Other assets			17			18			—			2			16
Total financial assets, not measured at fair value		$	107,351		$	107,352		$	28,616		$	78,720		$	16

Financial liabilities, not measured at fair value
Short-term borrowings		$	35		$	35		$	—		$	35		$	—
Securities loaned			9,490			9,490			—			9,490			—
Payables to customers			92,594			92,594			—			92,594			—
Payables to brokers, dealers and clearing organizations			380			380			—			380			—
Interest payable			99			99			—			99			—
Total financial liabilities, not measured at fair value		$	102,598		$	102,598		$	—		$	102,598		$	—

‎

		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

		September 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		$	25,981	1		$	—			$	25,981		$	(25,981)		$	—
Securities borrowed			3,908				—				3,908			(3,731)			177
Securities purchased under agreements to resell			4,860				—				4,860			(4,860)			—
Financial instruments owned, at fair value
Options			737				—				737			(232)			505
Currency forward contracts			43				—				43			—			43
Total		$	35,529			$	—			$	35,529		$	(34,804)		$	725

		(in millions)
Offsetting of financial liabilities
Securities loaned		$	9,490			$	—			$	9,490		$	(8,851)		$	639
Financial instruments sold, but not yet purchased, at fair value
Options			232				—				232			(232)			—
Currency forward contracts			8				—				8			—			8
Total		$	9,730			$	—			$	9,730		$	(9,083)		$	647

‎

		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 September 30, 2022 and December 31, 2021, the Company had $26.0 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 September 30, 2022 and December 31, 2021.

 

Schedule of Securities Financing Transactions

		September 30, 2022
		Remaining Contractual Maturity
		Overnight			Less than			30 – 90			Over 90
		and Open			30 days			days			days			Total
		(in millions)
Securities loaned
Stocks		$	9,386		$	—		$	—		$	—		$	9,386
Corporate bonds			102			—			—			—			102
Foreign government securities			2			—			—			—			2
Total securities loaned		$	9,490		$	—		$	—		$	—		$	9,490

		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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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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