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Financial Assets And Financial Liabilities (Tables) | 6 Months Ended
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Jun. 30, 2023
Financial Assets And Financial Liabilities [Abstract] |
Fair Value Table |
|  | Financial Assets at Fair Value as of June 30, 2023
|  | Level 1 |  | Level 2 |  | Level 3 |  | Total
|  | (in millions)
Securities segregated for regulatory purposes |  |  |  |  |  |  |  |  |  |  |  |
U.S. and foreign government securities |  | $ | 6,228 |  | $ | — |  | $ | — |  | $ | 6,228
Municipal securities |  |  | — |  |  | 39 |  |  | — |  |  | 39
Total securities segregated for regulatory purposes |  |  | 6,228 |  |  | 39 |  |  | — |  |  | 6,267
Financial instruments owned, at fair value |  |  |  |  |  |  |  |  |  |  |  |
Stocks |  |  | 433 |  |  | — |  |  | — |  |  | 433
Options |  |  | 20 |  |  | — |  |  | — |  |  | 20
U.S. and foreign government securities |  |  | 29 |  |  | — |  |  | — |  |  | 29
Precious metals |  |  | — |  |  | 11 |  |  | — |  |  | 11
Currency forward contracts |  |  | — |  |  | 2 |  |  | — |  |  | 2
Total financial instruments owned, at fair value |  |  | 482 |  |  | 13 |  |  | — |  |  | 495
Other assets |  |  |  |  |  |  |  |  |  |  |  |
Customer-held fractional shares |  |  | 121 |  |  | — |  |  | — |  |  | 121
Crypto-asset safeguarding asset |  |  | — |  |  | 118 |  |  | — |  |  | 118
Other investments in equity securities |  |  | 29 |  |  | — |  |  | — |  |  | 29
Total other assets |  |  | 150 |  |  | 118 |  |  | — |  |  | 268
Total financial assets at fair value |  | $ | 6,860 |  | $ | 170 |  | $ | — |  | $ | 7,030
|  | Financial Liabilities at Fair Value as of June 30, 2023
|  | Level 1 |  | Level 2 |  | Level 3 |  | Total
|  | (in millions)
Financial instruments sold, but not yet purchased, at fair value |  |  |  |  |  |  |  |  |  |  |  |
Stocks |  | $ | 118 |  | $ | — |  | $ | — |  | $ | 118
Options |  |  | 22 |  |  | — |  |  | — |  |  | 22
Precious metals |  |  | — |  |  | 8 |  |  | — |  |  | 8
Currency forward contracts |  |  | — |  |  | 9 |  |  | — |  |  | 9
Total financial instruments sold, but not yet purchased, at fair value |  |  | 140 |  |  | 17 |  |  | — |  |  | 157
Accounts payable, accrued expenses and other liabilities |  |  |  |  |  |  |  |  |  |  |  |
Fractional shares repurchase obligation |  |  | 121 |  |  | — |  |  | — |  |  | 121
Crypto-asset safeguarding liability |  |  | — |  |  | 118 |  |  | — |  |  | 118
Total accounts payable, accrued expenses and other liabilities |  |  | 121 |  |  | 118 |  |  | — |  |  | 239
Total financial liabilities at fair value |  | $ | 261 |  | $ | 135 |  | $ | — |  | $ | 396
|  | 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 |
|  | June 30, 2023
|  | Carrying ‎Value |  | Fair ‎Value |  | Level 1 |  | Level 2 |  | Level 3
|  | (in millions)
Financial assets, not measured at fair value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 3,681 |  | $ | 3,681 |  | $ | 3,681 |  | $ | — |  | $ | —
Cash – segregated for regulatory purposes |  |  | 25,770 |  |  | 25,770 |  |  | 25,770 |  |  | — |  |  | —
Securities – segregated for regulatory purposes |  |  | 27,190 |  |  | 27,190 |  |  | — |  |  | 27,190 |  |  | —
Securities borrowed |  |  | 5,999 |  |  | 5,999 |  |  | — |  |  | 5,999 |  |  | —
Securities purchased under agreements to resell |  |  | 6,431 |  |  | 6,431 |  |  | — |  |  | 6,431 |  |  | —
Receivables from customers |  |  | 41,966 |  |  | 41,966 |  |  | — |  |  | 41,966 |  |  | —
Receivables from brokers, dealers and clearing organizations |  |  | 1,400 |  |  | 1,400 |  |  | — |  |  | 1,400 |  |  | —
Interest receivable |  |  | 391 |  |  | 391 |  |  | — |  |  | 391 |  |  | —
Other assets |  |  | 17 |  |  | 18 |  |  | — |  |  | 2 |  |  | 16
Total financial assets, not measured at fair value |  | $ | 112,845 |  | $ | 112,846 |  | $ | 29,451 |  | $ | 83,379 |  | $ | 16
Financial liabilities, not measured at fair value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Short-term borrowings |  | $ | 17 |  | $ | 17 |  | $ | — |  | $ | 17 |  | $ | —
Securities loaned |  |  | 10,261 |  |  | 10,261 |  |  | — |  |  | 10,261 |  |  | —
Payables to customers |  |  | 95,999 |  |  | 95,999 |  |  | — |  |  | 95,999 |  |  | —
Payables to brokers, dealers and clearing organizations |  |  | 376 |  |  | 376 |  |  | — |  |  | 376 |  |  | —
Interest payable |  |  | 270 |  |  | 270 |  |  | — |  |  | 270 |  |  | —
Total financial liabilities, not measured at fair value |  | $ | 106,923 |  | $ | 106,923 |  | $ | — |  | $ | 106,923 |  | $ | —
‎
|  | 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 |
|  | June 30, 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 |  | $ | 27,190 | 1 |  | $ | — |  |  | $ | 27,190 |  | $ | (27,190) |  | $ | —
Securities borrowed |  |  | 5,999 |  |  |  | — |  |  |  | 5,999 |  |  | (5,876) |  |  | 123
Securities purchased under agreements to resell |  |  | 6,431 |  |  |  | — |  |  |  | 6,431 |  |  | (6,431) |  |  | —
Financial instruments owned, at fair value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options |  |  | 20 |  |  |  | — |  |  |  | 20 |  |  | (17) |  |  | 3
Currency forward contracts |  |  | 2 |  |  |  | — |  |  |  | 2 |  |  | — |  |  | 2
Total |  | $ | 39,642 |  |  | $ | — |  |  | $ | 39,642 |  | $ | (39,514) |  | $ | 128
|  | (in millions)
Offsetting of financial liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Securities loaned |  | $ | 10,261 |  |  | $ | — |  |  | $ | 10,261 |  | $ | (9,604) |  | $ | 657
Financial instruments sold, but not yet purchased, at fair value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options |  |  | 22 |  |  |  | — |  |  |  | 22 |  |  | (17) |  |  | 5
Currency forward contracts |  |  | 9 |  |  |  | — |  |  |  | 9 |  |  | — |  |  | 9
Total |  | $ | 10,292 |  |  | $ | — |  |  | $ | 10,292 |  | $ | (9,621) |  | $ | 671
‎
|  | 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 June 30, 2023 and December 31, 2022, the Company had $27.2 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 June 30, 2023 and December 31, 2022.
Schedule of Securities Financing Transactions |
|  | June 30, 2023
|  | Remaining Contractual Maturity
|  | Overnight |  | Less than |  | 30 – 90 |  | Over 90 |  |  |
|  | and Open |  | 30 days |  | days |  | days |  | Total
|  | (in millions)
Securities loaned |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Stocks |  | $ | 10,194 |  | $ | — |  | $ | — |  | $ | — |  | $ | 10,194
Corporate bonds |  |  | 66 |  |  | — |  |  | — |  |  | — |  |  | 66
Foreign government securities |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | 1
Total securities loaned |  | $ | 10,261 |  | $ | — |  | $ | — |  | $ | — |  | $ | 10,261
|  | 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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