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Financial Assets And Financial Liabilities (Tables)

3 Months Ended

Mar. 31, 2023

Financial Assets And Financial Liabilities [Abstract]

Fair Value Table

		Financial Assets at Fair Value as of March 31, 2023
		Level 1			Level 2			Level 3			Total
		(in millions)
Securities segregated for regulatory purposes
U.S. and foreign government securities		$	6,385		$	—		$	—		$	6,385
Municipal securities			—			43			—			43
Total securities segregated for regulatory purposes			6,385			43			—			6,428
Financial instruments owned, at fair value
Stocks			302			—			—			302
Options			28			—			—			28
U.S. and foreign government securities			38			—			—			38
Precious metals			—			10			—			10
Currency forward contracts			—			5			—			5
Total financial instruments owned, at fair value			368			15			—			383
Other assets
Customer-held fractional shares			107			—			—			107
Crypto-asset safeguarding asset			—			109			—			109
Other investments in equity securities			33			—			—			33
Total other assets			140			109			—			249
Total financial assets at fair value		$	6,893		$	167		$	—		$	7,060

		Financial Liabilities at Fair Value as of March 31, 2023
		Level 1			Level 2			Level 3			Total
		(in millions)
Financial instruments sold, but not yet purchased, at fair value
Stocks		$	155		$	—		$	—		$	155
Options			16			—			—			16
Precious metals			—			9			—			9
Currency forward contracts			—			10			—			10
Total financial instruments sold, but not yet purchased, at fair value			171			19			—			190
Accounts payable, accrued expenses and other liabilities
Fractional shares repurchase obligation			107			—			—			107
Crypto-asset safeguarding liability			—			109			—			109
Total accounts payable, accrued expenses and other liabilities			107			109			—			216
Total financial liabilities at fair value		$	278		$	128		$	—		$	406

		Financial Assets at Fair Value as of December 31, 2022
		Level 1			Level 2			Level 3			Total
		(in millions)
Securities segregated for regulatory purposes
U.S. and foreign government securities		$	4,641		$	—		$	—		$	4,641
Municipal securities			—			82			—			82
Total securities segregated for regulatory purposes			4,641			82			—			4,723
Financial instruments owned, at fair value
Stocks			380			—			—			380
Options			31			—			—			31
U.S. and foreign government securities			35			—			—			35
Precious metals			—			9			—			9
Currency forward contracts			—			30			—			30
Total financial instruments owned, at fair value			446			39			—			485
Other assets
Customer-held fractional shares			91			—			—			91
Crypto-asset safeguarding asset			—			80			—			80
Other investments in equity securities			34			—			—			34
Total other assets			125			80			—			205
Total financial assets at fair value		$	5,212		$	201		$	—		$	5,413

		Financial Liabilities at Fair Value as of December 31, 2022
		Level 1			Level 2			Level 3			Total
		(in millions)
Financial instruments sold, but not yet purchased, at fair value
Stocks		$	121		$	—		$	—		$	121
Options			16			—			—			16
Precious metals			—			7			—			7
Currency forward contracts			—			2			—			2
Total financial instruments sold, but not yet purchased, at fair value			137			9			—			146
Accounts payable, accrued expenses and other liabilities
Fractional shares repurchase obligation			91			—			—			91
Crypto-asset safeguarding liability			—			80			—			80
Total accounts payable, accrued expenses and other liabilities			91			80			—			171
Total financial liabilities at fair value		$	228		$	89		$	—		$	317

Financial Assets and Liabilities Not Measured at Fair Value

		March 31, 2023
		Carrying ‎Value			Fair ‎Value			Level 1			Level 2			Level 3
		(in millions)
Financial assets, not measured at fair value
Cash and cash equivalents		$	3,214		$	3,214		$	3,214		$	—		$	—
Cash - segregated for regulatory purposes			24,354			24,354			24,354			—			—
Securities - segregated for regulatory purposes			30,559			30,559			—			30,559			—
Securities borrowed			5,306			5,306			—			5,306			—
Securities purchased under agreements to resell			6,699			6,699			—			6,699			—
Receivables from customers			39,491			39,491			—			39,491			—
Receivables from brokers, dealers and clearing organizations			1,666			1,666			—			1,666			—
Interest receivable			384			384			—			384			—
Other assets			17			18			—			2			16
Total financial assets, not measured at fair value		$	111,690		$	111,691		$	27,568		$	84,107		$	16

Financial liabilities, not measured at fair value
Short-term borrowings		$	10		$	10		$	—		$	10		$	—
Securities loaned			10,719			10,719			—			10,719			—
Securities sold under agreements to repurchase			—			—			—			—			—
Payables to customers			94,897			94,897			—			94,897			—
Payables to brokers, dealers and clearing organizations			369			369			—			369			—
Interest payable			237			237			—			237			—
Total financial liabilities, not measured at fair value		$	106,232		$	106,232		$	—		$	106,232		$	—

‎

		December 31, 2022
		Carrying ‎Value			Fair ‎Value			Level 1			Level 2			Level 3
		(in millions)
Financial assets, not measured at fair value
Cash and cash equivalents		$	3,436		$	3,436		$	3,436		$	—		$	—
Cash - segregated for regulatory purposes			25,167			25,167			25,167			—			—
Securities - segregated for regulatory purposes			27,058			27,058			—			27,058			—
Securities borrowed			4,749			4,749			—			4,749			—
Securities purchased under agreements to resell			6,029			6,029			—			6,029			—
Receivables from customers			38,760			38,760			—			38,760			—
Receivables from brokers, dealers and clearing organizations			3,469			3,469			—			3,469			—
Interest receivable			341			341			—			341			—
Other assets			17			18			—			2			16
Total financial assets, not measured at fair value		$	109,026		$	109,027		$	28,603		$	80,408		$	16

Financial liabilities, not measured at fair value
Short-term borrowings		$	18		$	18		$	—		$	18		$	—
Securities loaned			8,940			8,940			—			8,940			—
Payables to customers			93,195			93,195			—			93,195			—
Payables to brokers, dealers and clearing organizations			291			291			—			291			—
Interest payable			193			193			—			193			—
Total financial liabilities, not measured at fair value		$	102,637		$	102,637		$	—		$	102,637		$	—

Offsetting Assets And Liabilities

		March 31, 2023
		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		$	30,559	1		$	—			$	30,559		$	(30,559)		$	—
Securities borrowed			5,306				—				5,306			(5,208)			98
Securities purchased under agreements to resell			6,699				—				6,699			(6,699)			—
Financial instruments owned, at fair value
Options			28				—				28			(16)			12
Currency forward contracts			5				—				5			—			5
Total		$	42,597			$	—			$	42,597		$	(42,482)		$	115

		(in millions)
Offsetting of financial liabilities
Securities loaned		$	10,719			$	—			$	10,719		$	(10,113)		$	606
Financial instruments sold, but not yet purchased, at fair value
Options			16				—				16			(16)			—
Currency forward contracts			10				—				10			—			10
Total		$	10,745			$	—			$	10,745		$	(10,129)		$	616

‎

		December 31, 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		$	27,058	1		$	—			$	27,058		$	(27,058)		$	—
Securities borrowed			4,749				—				4,749			(4,597)			152
Securities purchased under agreements to resell			6,029				—				6,029			(6,029)			—
Financial instruments owned, at fair value
Options			31				—				31			(16)			15
Currency forward contracts			30				—				30			—			30
Total		$	37,897			$	—			$	37,897		$	(37,700)		$	197

		(in millions)
Offsetting of financial liabilities
Securities loaned		$	8,940			$	—			$	8,940		$	(8,260)		$	680
Financial instruments sold, but not yet purchased, at fair value
Options			16				—				16			(16)			—
Currency forward contracts			2				—				2			—			2
Total		$	8,958			$	—			$	8,958		$	(8,276)		$	682

________________________

(1)As of March 31, 2023 and December 31, 2022, the Company had $30.6 billion and $27.1 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, 2023 and December 31, 2022.

 

Schedule of Securities Financing Transactions

		March 31, 2023
		Remaining Contractual Maturity
		Overnight			Less than			30 – 90			Over 90
		and Open			30 days			days			days			Total
		(in millions)
Securities loaned
Stocks		$	10,634		$	—		$	—		$	—		$	10,634
Corporate bonds			85			—			—			—			85
Foreign government securities			—			—			—			—			—
Total securities loaned		$	10,719		$	—		$	—		$	—		$	10,719

		December 31, 2022
		Remaining Contractual Maturity
		Overnight			Less than			30 – 90			Over 90
		and Open			30 days			days			days			Total
		(in millions)
Securities loaned
Stocks		$	8,837		$	—		$	—		$	—		$	8,837
Corporate bonds			101			—			—			—			101
Foreign government securities			2			—			—			—			2
Total securities loaned		$	8,940		$	—		$	—		$	—		$	8,940

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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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