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Financial Assets And Financial Liabilities (Tables) | 9 Months Ended
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Sep. 30, 2023
Financial Assets And Financial Liabilities [Abstract] |
Fair Value Table |
|  | Financial Assets at Fair Value as of September 30, 2023
|  | Level 1 |  | Level 2 |  | Level 3 |  | Total
|  | (in millions)
Securities segregated for regulatory purposes |  |  |  |  |  |  |  |  |  |  |  |
U.S. and foreign government securities |  | $ | 5,687 |  | $ | — |  | $ | — |  | $ | 5,687
Municipal securities |  |  | — |  |  | 39 |  |  | — |  |  | 39
Total securities segregated for regulatory purposes |  |  | 5,687 |  |  | 39 |  |  | — |  |  | 5,726
Financial instruments owned, at fair value |  |  |  |  |  |  |  |  |  |  |  |
Stocks |  |  | 386 |  |  | — |  |  | — |  |  | 386
Options |  |  | 374 |  |  | — |  |  | — |  |  | 374
U.S. and foreign government securities |  |  | 551 |  |  | — |  |  | — |  |  | 551
Precious metals |  |  | — |  |  | 11 |  |  | — |  |  | 11
Currency forward contracts |  |  | — |  |  | 2 |  |  | — |  |  | 2
Total financial instruments owned, at fair value |  |  | 1,311 |  |  | 13 |  |  | — |  |  | 1,324
Other assets |  |  |  |  |  |  |  |  |  |  |  |
Customer-held fractional shares |  |  | 124 |  |  | — |  |  | — |  |  | 124
Crypto-asset safeguarding asset |  |  | — |  |  | 106 |  |  | — |  |  | 106
Other investments in equity securities |  |  | 51 |  |  | — |  |  | — |  |  | 51
Total other assets |  |  | 175 |  |  | 106 |  |  | — |  |  | 281
Total financial assets at fair value |  | $ | 7,173 |  | $ | 158 |  | $ | — |  | $ | 7,331
|  | Financial Liabilities at Fair Value as of September 30, 2023
|  | Level 1 |  | Level 2 |  | Level 3 |  | Total
|  | (in millions)
Financial instruments sold, but not yet purchased, at fair value |  |  |  |  |  |  |  |  |  |  |  |
Stocks |  | $ | 145 |  | $ | — |  | $ | — |  | $ | 145
Options |  |  | 34 |  |  | — |  |  | — |  |  | 34
Precious metals |  |  | — |  |  | 7 |  |  | — |  |  | 7
Currency forward contracts |  |  | — |  |  | 12 |  |  | — |  |  | 12
Total financial instruments sold, but not yet purchased, at fair value |  |  | 179 |  |  | 19 |  |  | — |  |  | 198
Accounts payable, accrued expenses and other liabilities |  |  |  |  |  |  |  |  |  |  |  |
Fractional shares repurchase obligation |  |  | 124 |  |  | — |  |  | — |  |  | 124
Crypto-asset safeguarding liability |  |  | — |  |  | 106 |  |  | — |  |  | 106
Total accounts payable, accrued expenses and other liabilities |  |  | 124 |  |  | 106 |  |  | — |  |  | 230
Total financial liabilities at fair value |  | $ | 303 |  | $ | 125 |  | $ | — |  | $ | 428
‎
|  | 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 |
|  | September 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 |  | $ | 3,824 |  | $ | 3,824 |  | $ | 3,824 |  | $ | — |  | $ | —
Cash - segregated for regulatory purposes |  |  | 26,385 |  |  | 26,385 |  |  | 26,385 |  |  | — |  |  | —
Securities - segregated for regulatory purposes |  |  | 25,609 |  |  | 25,609 |  |  | — |  |  | 25,609 |  |  | —
Securities borrowed |  |  | 5,478 |  |  | 5,478 |  |  | — |  |  | 5,478 |  |  | —
Securities purchased under agreements to resell |  |  | 5,480 |  |  | 5,480 |  |  | — |  |  | 5,480 |  |  | —
Receivables from customers |  |  | 43,602 |  |  | 43,602 |  |  | — |  |  | 43,602 |  |  | —
Receivables from brokers, dealers and clearing organizations |  |  | 1,726 |  |  | 1,726 |  |  | — |  |  | 1,726 |  |  | —
Interest receivable |  |  | 440 |  |  | 440 |  |  | — |  |  | 440 |  |  | —
Other assets |  |  | 22 |  |  | 23 |  |  | — |  |  | 2 |  |  | 21
Total financial assets, not measured at fair value |  | $ | 112,566 |  | $ | 112,567 |  | $ | 30,209 |  | $ | 82,337 |  | $ | 21
Financial liabilities, not measured at fair value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Short-term borrowings |  | $ | 11 |  | $ | 11 |  | $ | — |  | $ | 11 |  | $ | —
Securities loaned |  |  | 10,482 |  |  | 10,482 |  |  | — |  |  | 10,482 |  |  | —
Payables to customers |  |  | 94,873 |  |  | 94,873 |  |  | — |  |  | 94,873 |  |  | —
Payables to brokers, dealers and clearing organizations |  |  | 627 |  |  | 627 |  |  | — |  |  | 627 |  |  | —
Interest payable |  |  | 288 |  |  | 288 |  |  | — |  |  | 288 |  |  | —
Total financial liabilities, not measured at fair value |  | $ | 106,281 |  | $ | 106,281 |  | $ | — |  | $ | 106,281 |  | $ | —
‎
|  | 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 |
|  | September 30, 2023
|  |  |  |  |  | Amounts |  |  | Net Amounts |  | Amounts Not Offset |  |  |
|  | Gross |  | Offset in the |  |  | Presented in |  | in the Condensed |  |  |
|  | Amounts |  | Condensed |  |  | the Condensed |  | Consolidated |  |  |
|  | of Financial |  | Consolidated |  |  | Consolidated |  | Statements of |  |  |
|  | Assets and |  | Statements of |  |  | Statements of |  | Financial Condition |  |  |
|  | Liabilities |  | Financial |  |  | Financial |  | Cash or Financial |  | Net
|  | Recognized |  | Condition | 2 |  | Condition |  | Instruments |  | Amount
|  | (in millions)
Offsetting of financial assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Securities segregated for regulatory purposes - purchased under agreements to resell |  | $ | 25,609 | 1 |  | $ | — |  |  | $ | 25,609 |  | $ | (25,609) |  | $ | —
Securities borrowed |  |  | 5,478 |  |  |  | — |  |  |  | 5,478 |  |  | (5,307) |  |  | 171
Securities purchased under agreements to resell |  |  | 5,480 |  |  |  | — |  |  |  | 5,480 |  |  | (5,480) |  |  | —
Financial instruments owned, at fair value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options |  |  | 374 |  |  |  | — |  |  |  | 374 |  |  | (34) |  |  | 340
Currency forward contracts |  |  | 2 |  |  |  | — |  |  |  | 2 |  |  | — |  |  | 2
Total |  | $ | 36,943 |  |  | $ | — |  |  | $ | 36,943 |  | $ | (36,430) |  | $ | 513
|  | (in millions)
Offsetting of financial liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Securities loaned |  | $ | 10,482 |  |  | $ | — |  |  | $ | 10,482 |  | $ | (9,788) |  | $ | 694
Financial instruments sold, but not yet purchased, at fair value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options |  |  | 34 |  |  |  | — |  |  |  | 34 |  |  | (34) |  |  | —
Currency forward contracts |  |  | 12 |  |  |  | — |  |  |  | 12 |  |  | — |  |  | 12
Total |  | $ | 10,528 |  |  | $ | — |  |  | $ | 10,528 |  | $ | (9,822) |  | $ | 706
‎
|  | December 31, 2022
|  |  |  |  |  | Amounts |  |  | Net Amounts |  | Amounts Not Offset |  |  |
|  |  | Gross | Offset in the |  |  | Presented in |  | in the Condensed |  |  |
|  |  | Amounts | Condensed |  |  | the Condensed |  | Consolidated |  |  |
|  |  | of Financial | Consolidated |  |  | Consolidated |  | Statements of |  |  |
|  |  | Assets and | Statements of |  |  | Statements of |  | Financial Condition |  |  |
|  |  | Liabilities | Financial |  |  | Financial |  | Cash or Financial |  | Net
|  |  | Recognized |  | Condition | 2 |  | Condition |  | Instruments |  | 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 September 30, 2023 and December 31, 2022, the Company had $25.6 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 September 30, 2023 and December 31, 2022.
Schedule of Securities Financing Transactions |
|  | September 30, 2023
|  | Remaining Contractual Maturity
|  | Overnight |  | Less than |  | 30 – 90 |  | Over 90 |  |  |
|  | and Open |  | 30 days |  | days |  | days |  | Total
|  | (in millions)
Securities loaned |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Stocks |  | $ | 10,432 |  | $ | — |  | $ | — |  | $ | — |  | $ | 10,432
Corporate bonds |  |  | 46 |  |  | — |  |  | — |  |  | — |  |  | 46
Foreign government securities |  |  | 4 |  |  | — |  |  | — |  |  | — |  |  | 4
Total securities loaned |  | $ | 10,482 |  | $ | — |  | $ | — |  | $ | — |  | $ | 10,482
|  | 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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