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Financial Assets And Financial Liabilities (Tables)

9 Months Ended

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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