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Financial Assets And Financial Liabilities (Tables)

9 Months Ended

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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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).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-Publisher FASB
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Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

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Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-11

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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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483466/210-20-50-4

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