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Financial Assets And Financial Liabilities (Tables) | 9 Months Ended
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Sep. 30, 2024
Financial Assets And Financial Liabilities [Abstract] |
Fair Value Table |
|  | Financial Assets at Fair Value as of September 30, 2024
|  | Level 1 |  | Level 2 |  | Level 3 |  | Total
|  | (in millions)
Securities segregated for regulatory purposes |  |  |  |  |  |  |  |  |  |  |  |
U.S. and foreign government securities |  | $ | 6,631 |  | $ | — |  | $ | — |  | $ | 6,631
Municipal securities |  |  | — |  |  | 57 |  |  | — |  |  | 57
Total securities segregated for regulatory purposes |  |  | 6,631 |  |  | 57 |  |  | — |  |  | 6,688
Financial instruments owned, at fair value |  |  |  |  |  |  |  |  |  |  |  |
Stocks |  |  | 1,850 |  |  | — |  |  | — |  |  | 1,850
Options |  |  | 119 |  |  | — |  |  | — |  |  | 119
U.S. and foreign government securities |  |  | 948 |  |  | — |  |  | — |  |  | 948
Mutual funds |  |  | 2 |  |  | — |  |  | — |  |  | 2
Precious metals |  |  | — |  |  | 20 |  |  | — |  |  | 20
Currency forward contracts |  |  | — |  |  | 10 |  |  | — |  |  | 10
Total financial instruments owned, at fair value |  |  | 2,919 |  |  | 30 |  |  | — |  |  | 2,949
Other assets |  |  |  |  |  |  |  |  |  |  |  |
Customer-held fractional shares |  |  | 226 |  |  | — |  |  | — |  |  | 226
Crypto-asset safeguarding asset |  |  | — |  |  | 242 |  |  | — |  |  | 242
Other investments in equity securities |  |  | 54 |  |  | — |  |  | — |  |  | 54
Total other assets |  |  | 280 |  |  | 242 |  |  | — |  |  | 522
Total financial assets at fair value |  | $ | 9,830 |  | $ | 329 |  | $ | — |  | $ | 10,159
|  | Financial Liabilities at Fair Value as of September 30, 2024
|  | Level 1 |  | Level 2 |  | Level 3 |  | Total
|  | (in millions)
Financial instruments sold, but not yet purchased, at fair value |  |  |  |  |  |  |  |  |  |  |  |
Stocks |  | $ | 190 |  | $ | — |  | $ | — |  | $ | 190
Options |  |  | 172 |  |  | — |  |  | — |  |  | 172
Precious metals |  |  | — |  |  | 17 |  |  | — |  |  | 17
Currency forward contracts |  |  | — |  |  | 2 |  |  | — |  |  | 2
Total financial instruments sold, but not yet purchased, at fair value |  |  | 362 |  |  | 19 |  |  | — |  |  | 381
Accounts payable, accrued expenses and other liabilities |  |  |  |  |  |  |  |  |  |  |  |
Fractional shares repurchase obligation |  |  | 226 |  |  | — |  |  | — |  |  | 226
Crypto-asset safeguarding liability |  |  | — |  |  | 242 |  |  | — |  |  | 242
Total accounts payable, accrued expenses and other liabilities |  |  | 226 |  |  | 242 |  |  | — |  |  | 468
Total financial liabilities at fair value |  | $ | 588 |  | $ | 261 |  | $ | — |  | $ | 849
‎
|  | Financial Assets at Fair Value as of December 31, 2023
|  | Level 1 |  | Level 2 |  | Level 3 |  | Total
|  | (in millions)
Securities segregated for regulatory purposes |  |  |  |  |  |  |  |  |  |  |  |
U.S. and foreign government securities |  | $ | 5,684 |  | $ | — |  | $ | — |  | $ | 5,684
Municipal securities |  |  | — |  |  | 70 |  |  | — |  |  | 70
Total securities segregated for regulatory purposes |  |  | 5,684 |  |  | 70 |  |  | — |  |  | 5,754
Financial instruments owned, at fair value |  |  |  |  |  |  |  |  |  |  |  |
Stocks |  |  | 1,023 |  |  | — |  |  | — |  |  | 1,023
Options |  |  | 354 |  |  | — |  |  | — |  |  | 354
U.S. and foreign government securities |  |  | 39 |  |  | — |  |  | — |  |  | 39
Precious metals |  |  | — |  |  | 12 |  |  | — |  |  | 12
Currency forward contracts |  |  | — |  |  | 60 |  |  | — |  |  | 60
Total financial instruments owned, at fair value |  |  | 1,416 |  |  | 72 |  |  | — |  |  | 1,488
Other assets |  |  |  |  |  |  |  |  |  |  |  |
Customer-held fractional shares |  |  | 144 |  |  | — |  |  | — |  |  | 144
Crypto-asset safeguarding asset |  |  | — |  |  | 172 |  |  | — |  |  | 172
Other investments in equity securities |  |  | 44 |  |  | — |  |  | — |  |  | 44
Total other assets |  |  | 188 |  |  | 172 |  |  | — |  |  | 360
Total financial assets at fair value |  | $ | 7,288 |  | $ | 314 |  | $ | — |  | $ | 7,602
|  | Financial Liabilities at Fair Value as of December 31, 2023
|  | Level 1 |  | Level 2 |  | Level 3 |  | Total
|  | (in millions)
Financial instruments sold, but not yet purchased, at fair value |  |  |  |  |  |  |  |  |  |  |  |
Stocks |  | $ | 77 |  | $ | — |  | $ | — |  | $ | 77
Options |  |  | 104 |  |  | — |  |  | — |  |  | 104
Precious metals |  |  | — |  |  | 7 |  |  | — |  |  | 7
Currency forward contracts |  |  | — |  |  | 5 |  |  | — |  |  | 5
Total financial instruments sold, but not yet purchased, at fair value |  |  | 181 |  |  | 12 |  |  | — |  |  | 193
Accounts payable, accrued expenses and other liabilities |  |  |  |  |  |  |  |  |  |  |  |
Fractional shares repurchase obligation |  |  | 144 |  |  | — |  |  | — |  |  | 144
Crypto-asset safeguarding liability |  |  | — |  |  | 172 |  |  | — |  |  | 172
Total accounts payable, accrued expenses and other liabilities |  |  | 144 |  |  | 172 |  |  | — |  |  | 316
Total financial liabilities at fair value |  | $ | 325 |  | $ | 184 |  | $ | — |  | $ | 509
Financial Assets and Liabilities Not Measured at Fair Value |
|  | September 30, 2024
|  | Carrying ‎Value |  | Fair ‎Value |  | Level 1 |  | Level 2 |  | Level 3
|  | (in millions)
Financial assets, not measured at fair value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 3,595 |  | $ | 3,595 |  | $ | 3,595 |  | $ | — |  | $ | —
Cash - segregated for regulatory purposes |  |  | 35,216 |  |  | 35,216 |  |  | 35,216 |  |  | — |  |  | —
Securities - segregated for regulatory purposes |  |  | 24,415 |  |  | 24,415 |  |  | — |  |  | 24,415 |  |  | —
Securities borrowed |  |  | 7,513 |  |  | 7,513 |  |  | — |  |  | 7,513 |  |  | —
Securities purchased under agreements to resell |  |  | 8,176 |  |  | 8,176 |  |  | — |  |  | 8,176 |  |  | —
Receivables from customers |  |  | 56,006 |  |  | 56,006 |  |  | — |  |  | 56,006 |  |  | —
Receivables from brokers, dealers and clearing organizations |  |  | 2,210 |  |  | 2,210 |  |  | — |  |  | 2,210 |  |  | —
Interest receivable |  |  | 423 |  |  | 423 |  |  | — |  |  | 423 |  |  | —
Other assets |  |  | 30 |  |  | 32 |  |  | — |  |  | 3 |  |  | 29
Total financial assets, not measured at fair value |  | $ | 137,584 |  | $ | 137,586 |  | $ | 38,811 |  | $ | 98,746 |  | $ | 29
Financial liabilities, not measured at fair value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Short-term borrowings |  | $ | 33 |  | $ | 33 |  | $ | — |  | $ | 33 |  | $ | —
Securities loaned |  |  | 16,818 |  |  | 16,818 |  |  | — |  |  | 16,818 |  |  | —
Payables to customers |  |  | 112,579 |  |  | 112,579 |  |  | — |  |  | 112,579 |  |  | —
Payables to brokers, dealers and clearing organizations |  |  | 1,202 |  |  | 1,202 |  |  | — |  |  | 1,202 |  |  | —
Interest payable |  |  | 327 |  |  | 327 |  |  | — |  |  | 327 |  |  | —
Total financial liabilities, not measured at fair value |  | $ | 130,959 |  | $ | 130,959 |  | $ | — |  | $ | 130,959 |  | $ | —
‎
|  | December 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 |  | $ | 3,753 |  | $ | 3,753 |  | $ | 3,753 |  | $ | — |  | $ | —
Cash - segregated for regulatory purposes |  |  | 28,840 |  |  | 28,840 |  |  | 28,840 |  |  | — |  |  | —
Securities - segregated for regulatory purposes |  |  | 29,632 |  |  | 29,632 |  |  | — |  |  | 29,632 |  |  | —
Securities borrowed |  |  | 5,835 |  |  | 5,835 |  |  | — |  |  | 5,835 |  |  | —
Securities purchased under agreements to resell |  |  | 5,504 |  |  | 5,504 |  |  | — |  |  | 5,504 |  |  | —
Receivables from customers |  |  | 44,472 |  |  | 44,472 |  |  | — |  |  | 44,472 |  |  | —
Receivables from brokers, dealers and clearing organizations |  |  | 1,643 |  |  | 1,643 |  |  | — |  |  | 1,643 |  |  | —
Interest receivable |  |  | 375 |  |  | 375 |  |  | — |  |  | 375 |  |  | —
Other assets |  |  | 22 |  |  | 23 |  |  | — |  |  | 2 |  |  | 21
Total financial assets, not measured at fair value |  | $ | 120,076 |  | $ | 120,077 |  | $ | 32,593 |  | $ | 87,463 |  | $ | 21
Financial liabilities, not measured at fair value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Short-term borrowings |  | $ | 17 |  | $ | 17 |  | $ | — |  | $ | 17 |  | $ | —
Securities loaned |  |  | 11,347 |  |  | 11,347 |  |  | — |  |  | 11,347 |  |  | —
Payables to customers |  |  | 101,012 |  |  | 101,012 |  |  | — |  |  | 101,012 |  |  | —
Payables to brokers, dealers and clearing organizations |  |  | 590 |  |  | 590 |  |  | — |  |  | 590 |  |  | —
Interest payable |  |  | 311 |  |  | 311 |  |  | — |  |  | 311 |  |  | —
Total financial liabilities, not measured at fair value |  | $ | 113,277 |  | $ | 113,277 |  | $ | — |  | $ | 113,277 |  | $ | —
Offsetting Assets And Liabilities |
|  | September 30, 2024
|  |  |  |  |  | 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 |  | $ | 24,415 | 1 |  | $ | — |  |  | $ | 24,415 |  | $ | (24,415) |  | $ | —
Securities borrowed |  |  | 7,513 |  |  |  | — |  |  |  | 7,513 |  |  | (7,311) |  |  | 202
Securities purchased under agreements to resell |  |  | 8,176 |  |  |  | — |  |  |  | 8,176 |  |  | (8,176) |  |  | —
Financial instruments owned, at fair value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options |  |  | 119 |  |  |  | — |  |  |  | 119 |  |  | (83) |  |  | 36
Currency forward contracts |  |  | 10 |  |  |  | — |  |  |  | 10 |  |  | — |  |  | 10
Total |  | $ | 40,233 |  |  | $ | — |  |  | $ | 40,233 |  | $ | (39,985) |  | $ | 248
|  | (in millions)
Offsetting of financial liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Securities loaned |  | $ | 16,818 |  |  | $ | — |  |  | $ | 16,818 |  | $ | (15,770) |  | $ | 1,048
Financial instruments sold, but not yet purchased, at fair value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options |  |  | 172 |  |  |  | — |  |  |  | 172 |  |  | (83) |  |  | 89
Currency forward contracts |  |  | 2 |  |  |  | — |  |  |  | 2 |  |  | — |  |  | 2
Total |  | $ | 16,992 |  |  | $ | — |  |  | $ | 16,992 |  | $ | (15,853) |  | $ | 1,139
‎
|  | December 31, 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 |  | $ | 29,632 | 1 |  | $ | — |  |  | $ | 29,632 |  | $ | (29,632) |  | $ | —
Securities borrowed |  |  | 5,835 |  |  |  | — |  |  |  | 5,835 |  |  | (5,618) |  |  | 217
Securities purchased under agreements to resell |  |  | 5,504 |  |  |  | — |  |  |  | 5,504 |  |  | (5,504) |  |  | —
Financial instruments owned, at fair value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options |  |  | 354 |  |  |  | — |  |  |  | 354 |  |  | (104) |  |  | 250
Currency forward contracts |  |  | 60 |  |  |  | — |  |  |  | 60 |  |  | — |  |  | 60
Total |  | $ | 41,385 |  |  | $ | — |  |  | $ | 41,385 |  | $ | (40,858) |  | $ | 527
|  | (in millions)
Offsetting of financial liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Securities loaned |  | $ | 11,347 |  |  | $ | — |  |  | $ | 11,347 |  | $ | (10,443) |  | $ | 904
Financial instruments sold, but not yet purchased, at fair value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options |  |  | 104 |  |  |  | — |  |  |  | 104 |  |  | (104) |  |  | —
Currency forward contracts |  |  | 5 |  |  |  | — |  |  |  | 5 |  |  | — |  |  | 5
Total |  | $ | 11,456 |  |  | $ | — |  |  | $ | 11,456 |  | $ | (10,547) |  | $ | 909
________________________ (1)As of September 30, 2024 and December 31, 2023, the Company had $24.4 billion and $29.6 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, 2024 and December 31, 2023.
Schedule of Securities Financing Transactions |
|  | September 30, 2024
|  | Remaining Contractual Maturity
|  | Overnight |  | Less than |  | 30 – 90 |  | Over 90 |  |  |
|  | and Open |  | 30 days |  | days |  | days |  | Total
|  | (in millions)
Securities loaned |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Stocks |  | $ | 16,777 |  | $ | — |  | $ | — |  | $ | — |  | $ | 16,777
Corporate bonds |  |  | 41 |  |  | — |  |  | — |  |  | — |  |  | 41
Total securities loaned |  | $ | 16,818 |  | $ | — |  | $ | — |  | $ | — |  | $ | 16,818
|  | December 31, 2023
|  | Remaining Contractual Maturity
|  | Overnight |  | Less than |  | 30 – 90 |  | Over 90 |  |  |
|  | and Open |  | 30 days |  | days |  | days |  | Total
|  | (in millions)
Securities loaned |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Stocks |  | $ | 11,306 |  | $ | — |  | $ | — |  | $ | — |  | $ | 11,306
Corporate bonds |  |  | 41 |  |  | — |  |  | — |  |  | — |  |  | 41
Total securities loaned |  | $ | 11,347 |  | $ | — |  | $ | — |  | $ | — |  | $ | 11,347

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