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Financial Assets And Financial Liabilities (Tables) | 3 Months Ended
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Mar. 31, 2025
Financial Assets And Financial Liabilities [Abstract] |
Fair Value Table |
|  | Financial Assets at Fair Value as of March 31, 2025
|  | Level 1 |  | Level 2 |  | Level 3 |  | Total
|  | (in millions)
Securities segregated for regulatory purposes |  |  |  |  |  |  |  |  |  |  |  |
U.S. and foreign government securities |  | $ | 6,361 |  | $ | — |  | $ | — |  | $ | 6,361
Municipal securities |  |  | — |  |  | 33 |  |  | — |  |  | 33
Total securities segregated for regulatory purposes |  |  | 6,361 |  |  | 33 |  |  | — |  |  | 6,394
Financial instruments owned, at fair value |  |  |  |  |  |  |  |  |  |  |  |
Stocks |  |  | 2,296 |  |  | — |  |  | — |  |  | 2,296
Options |  |  | 152 |  |  | — |  |  | — |  |  | 152
U.S. and foreign government securities |  |  | 928 |  |  | — |  |  | — |  |  | 928
Mutual funds |  |  | 2 |  |  | — |  |  | — |  |  | 2
Precious metals |  |  | — |  |  | 27 |  |  | — |  |  | 27
Currency forward contracts |  |  | — |  |  | 1 |  |  | — |  |  | 1
Total financial instruments owned, at fair value |  |  | 3,378 |  |  | 28 |  |  | — |  |  | 3,406
Other assets |  |  |  |  |  |  |  |  |  |  |  |
Customer-held fractional shares |  |  | 279 |  |  | — |  |  | — |  |  | 279
Other investments in equity securities |  |  | 43 |  |  | — |  |  | — |  |  | 43
Total other assets |  |  | 322 |  |  | — |  |  | — |  |  | 322
Total financial assets at fair value |  | $ | 10,061 |  | $ | 61 |  | $ | — |  | $ | 10,122
|  | Financial Liabilities at Fair Value as of March 31, 2025
|  | Level 1 |  | Level 2 |  | Level 3 |  | Total
|  | (in millions)
Financial instruments sold, but not yet purchased, at fair value |  |  |  |  |  |  |  |  |  |  |  |
Stocks |  | $ | 112 |  | $ | — |  | $ | — |  | $ | 112
Options |  |  | 100 |  |  | — |  |  | — |  |  | 100
Precious metals |  |  | — |  |  | 23 |  |  | — |  |  | 23
Currency forward contracts |  |  | — |  |  | 17 |  |  | — |  |  | 17
Total financial instruments sold, but not yet purchased, at fair value |  |  | 212 |  |  | 40 |  |  | — |  |  | 252
Accounts payable, accrued expenses and other liabilities |  |  |  |  |  |  |  |  |  |  |  |
Fractional shares repurchase obligation |  |  | 279 |  |  | — |  |  | — |  |  | 279
Total accounts payable, accrued expenses and other liabilities |  |  | 279 |  |  | — |  |  | — |  |  | 279
Total financial liabilities at fair value |  | $ | 491 |  | $ | 40 |  | $ | — |  | $ | 531
‎
|  | Financial Assets at Fair Value as of December 31, 2024
|  | Level 1 |  | Level 2 |  | Level 3 |  | Total
|  | (in millions)
Securities segregated for regulatory purposes |  |  |  |  |  |  |  |  |  |  |  |
U.S. and foreign government securities |  | $ | 6,460 |  | $ | — |  | $ | — |  | $ | 6,460
Municipal securities |  |  | — |  |  | 33 |  |  | — |  |  | 33
Total securities segregated for regulatory purposes |  |  | 6,460 |  |  | 33 |  |  | — |  |  | 6,493
Financial instruments owned, at fair value |  |  |  |  |  |  |  |  |  |  |  |
Stocks |  |  | 1,763 |  |  | — |  |  | — |  |  | 1,763
Options |  |  | 84 |  |  | — |  |  | — |  |  | 84
U.S. and foreign government securities |  |  | 54 |  |  | — |  |  | — |  |  | 54
Mutual funds |  |  | 2 |  |  | — |  |  | — |  |  | 2
Precious metals |  |  | — |  |  | 21 |  |  | — |  |  | 21
Currency forward contracts |  |  | — |  |  | — |  |  | — |  |  | —
Total financial instruments owned, at fair value |  |  | 1,903 |  |  | 21 |  |  | — |  |  | 1,924
Other assets |  |  |  |  |  |  |  |  |  |  |  |
Customer-held fractional shares |  |  | 260 |  |  | — |  |  | — |  |  | 260
Other investments in equity securities |  |  | 32 |  |  | — |  |  | — |  |  | 32
Total other assets |  |  | 292 |  |  | — |  |  | — |  |  | 292
Total financial assets at fair value |  | $ | 8,655 |  | $ | 54 |  | $ | — |  | $ | 8,709
|  | Financial Liabilities at Fair Value as of December 31, 2024
|  | Level 1 |  | Level 2 |  | Level 3 |  | Total
|  | (in millions)
Financial instruments sold, but not yet purchased, at fair value |  |  |  |  |  |  |  |  |  |  |  |
Stocks |  | $ | 116 |  | $ | — |  | $ | — |  | $ | 116
Options |  |  | 96 |  |  | — |  |  | — |  |  | 96
Precious metals |  |  | — |  |  | 18 |  |  | — |  |  | 18
Currency forward contracts |  |  | — |  |  | 63 |  |  | — |  |  | 63
Total financial instruments sold, but not yet purchased, at fair value |  |  | 212 |  |  | 81 |  |  | — |  |  | 293
Accounts payable, accrued expenses and other liabilities |  |  |  |  |  |  |  |  |  |  |  |
Fractional shares repurchase obligation |  |  | 260 |  |  | — |  |  | — |  |  | 260
Total accounts payable, accrued expenses and other liabilities |  |  | 260 |  |  | — |  |  | — |  |  | 260
Total financial liabilities at fair value |  | $ | 472 |  | $ | 81 |  | $ | — |  | $ | 553
Financial Assets and Liabilities Not Measured at Fair Value |
|  | March 31, 2025
|  | Carrying ‎Value |  | Fair ‎Value |  | Level 1 |  | Level 2 |  | Level 3
|  | (in millions)
Financial assets, not measured at fair value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 3,500 |  | $ | 3,500 |  | $ | 3,500 |  | $ | — |  | $ | —
Cash - segregated for regulatory purposes |  |  | 39,173 |  |  | 39,173 |  |  | 39,173 |  |  | — |  |  | —
Securities - segregated for regulatory purposes |  |  | 23,000 |  |  | 23,000 |  |  | — |  |  | 23,000 |  |  | —
Securities borrowed |  |  | 5,845 |  |  | 5,845 |  |  | — |  |  | 5,845 |  |  | —
Securities purchased under agreements to resell |  |  | 8,376 |  |  | 8,376 |  |  | — |  |  | 8,376 |  |  | —
Receivables from customers |  |  | 63,857 |  |  | 63,857 |  |  | — |  |  | 63,857 |  |  | —
Receivables from brokers, dealers and clearing organizations |  |  | 2,495 |  |  | 2,495 |  |  | — |  |  | 2,495 |  |  | —
Interest receivable |  |  | 443 |  |  | 443 |  |  | — |  |  | 443 |  |  | —
Other assets |  |  | 40 |  |  | 42 |  |  | — |  |  | 3 |  |  | 39
Total financial assets, not measured at fair value |  | $ | 146,729 |  | $ | 146,731 |  | $ | 42,673 |  | $ | 104,019 |  | $ | 39
Financial liabilities, not measured at fair value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Short-term borrowings |  | $ | 12 |  | $ | 12 |  | $ | — |  | $ | 12 |  | $ | —
Securities loaned |  |  | 16,894 |  |  | 16,894 |  |  | — |  |  | 16,894 |  |  | —
Payables to customers |  |  | 120,654 |  |  | 120,654 |  |  | — |  |  | 120,654 |  |  | —
Payables to brokers, dealers and clearing organizations |  |  | 1,226 |  |  | 1,226 |  |  | — |  |  | 1,226 |  |  | —
Interest payable |  |  | 297 |  |  | 297 |  |  | — |  |  | 297 |  |  | —
Total financial liabilities, not measured at fair value |  | $ | 139,083 |  | $ | 139,083 |  | $ | — |  | $ | 139,083 |  | $ | —
‎
|  | December 31, 2024
|  | Carrying ‎Value |  | Fair ‎Value |  | Level 1 |  | Level 2 |  | Level 3
|  | (in millions)
Financial assets, not measured at fair value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 3,633 |  | $ | 3,633 |  | $ | 3,633 |  | $ | — |  | $ | —
Cash - segregated for regulatory purposes |  |  | 36,600 |  |  | 36,600 |  |  | 36,600 |  |  | — |  |  | —
Securities - segregated for regulatory purposes |  |  | 21,353 |  |  | 21,353 |  |  | — |  |  | 21,353 |  |  | —
Securities borrowed |  |  | 5,369 |  |  | 5,369 |  |  | — |  |  | 5,369 |  |  | —
Securities purchased under agreements to resell |  |  | 6,575 |  |  | 6,575 |  |  | — |  |  | 6,575 |  |  | —
Receivables from customers |  |  | 64,432 |  |  | 64,432 |  |  | — |  |  | 64,432 |  |  | —
Receivables from brokers, dealers and clearing organizations |  |  | 2,196 |  |  | 2,196 |  |  | — |  |  | 2,196 |  |  | —
Interest receivable |  |  | 446 |  |  | 446 |  |  | — |  |  | 446 |  |  | —
Other assets |  |  | 30 |  |  | 32 |  |  | — |  |  | 3 |  |  | 29
Total financial assets, not measured at fair value |  | $ | 140,634 |  | $ | 140,636 |  | $ | 40,233 |  | $ | 100,374 |  | $ | 29
Financial liabilities, not measured at fair value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Short-term borrowings |  | $ | 14 |  | $ | 14 |  | $ | — |  | $ | 14 |  | $ | —
Securities loaned |  |  | 16,248 |  |  | 16,248 |  |  | — |  |  | 16,248 |  |  | —
Payables to customers |  |  | 115,343 |  |  | 115,343 |  |  | — |  |  | 115,343 |  |  | —
Payables to brokers, dealers and clearing organizations |  |  | 476 |  |  | 476 |  |  | — |  |  | 476 |  |  | —
Interest payable |  |  | 311 |  |  | 311 |  |  | — |  |  | 311 |  |  | —
Total financial liabilities, not measured at fair value |  | $ | 132,392 |  | $ | 132,392 |  | $ | — |  | $ | 132,392 |  | $ | —
Offsetting Assets And Liabilities |
|  | March 31, 2025
|  |  |  |  |  | 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: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Segregated securities purchased under agreements to resell |  | $ | 22,860 | 1 |  | $ | — |  |  | $ | 22,860 |  | $ | (22,860) |  | $ | —
Segregated securities borrowed |  |  | 140 | 1 |  |  | — |  |  |  | 140 |  |  | (136) |  |  | 4
Securities borrowed |  |  | 5,845 |  |  |  | — |  |  |  | 5,845 |  |  | (5,638) |  |  | 207
Securities purchased under agreements to resell |  |  | 8,376 |  |  |  | — |  |  |  | 8,376 |  |  | (8,376) |  |  | —
Financial instruments owned, at fair value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options |  |  | 152 |  |  |  | — |  |  |  | 152 |  |  | (100) |  |  | 52
Currency forward contracts |  |  | 1 |  |  |  | — |  |  |  | 1 |  |  | — |  |  | 1
Total |  | $ | 37,374 |  |  | $ | — |  |  | $ | 37,374 |  | $ | (37,110) |  | $ | 264
|  | (in millions)
Offsetting of financial liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Securities loaned |  | $ | 16,894 |  |  | $ | — |  |  | $ | 16,894 |  | $ | (15,668) |  | $ | 1,226
Financial instruments sold, but not yet purchased, at fair value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options |  |  | 100 |  |  |  | — |  |  |  | 100 |  |  | (100) |  |  | —
Currency forward contracts |  |  | 17 |  |  |  | — |  |  |  | 17 |  |  | — |  |  | 17
Total |  | $ | 17,011 |  |  | $ | — |  |  | $ | 17,011 |  | $ | (15,768) |  | $ | 1,243
‎
|  | December 31, 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: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Segregated securities purchased under agreements to resell |  | $ | 21,353 | 1 |  | $ | — |  |  | $ | 21,353 |  | $ | (21,353) |  | $ | —
Segregated securities borrowed |  |  | — |  |  |  | — |  |  |  | — |  |  | — |  |  | —
Securities borrowed |  |  | 5,369 |  |  |  | — |  |  |  | 5,369 |  |  | (5,159) |  |  | 210
Securities purchased under agreements to resell |  |  | 6,575 |  |  |  | — |  |  |  | 6,575 |  |  | (6,575) |  |  | —
Financial instruments owned, at fair value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options |  |  | 84 |  |  |  | — |  |  |  | 84 |  |  | (69) |  |  | 15
Currency forward contracts |  |  | — |  |  |  | — |  |  |  | — |  |  | — |  |  | —
Total |  | $ | 33,381 |  |  | $ | — |  |  | $ | 33,381 |  | $ | (33,156) |  | $ | 225
|  | (in millions)
Offsetting of financial liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Securities loaned |  | $ | 16,248 |  |  | $ | — |  |  | $ | 16,248 |  | $ | (15,105) |  | $ | 1,143
Financial instruments sold, but not yet purchased, at fair value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options |  |  | 96 |  |  |  | — |  |  |  | 96 |  |  | (69) |  |  | 27
Currency forward contracts |  |  | 63 |  |  |  | — |  |  |  | 63 |  |  | — |  |  | 63
Total |  | $ | 16,407 |  |  | $ | — |  |  | $ | 16,407 |  | $ | (15,174) |  | $ | 1,233
________________________ (1)As of March 31, 2025 and December 31, 2024, the Company had $22.9 billion and $21.4 billion, respectively, of securities purchased under agreements to resell, and $140 million and $0, respectively, of securities borrowed 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 March 31, 2025 and December 31, 2024.
Schedule of Securities Financing Transactions |
|  | March 31, 2025
|  | Remaining Contractual Maturity
|  | Overnight |  | Less than |  | 30 – 90 |  | Over 90 |  |  |
|  | and Open |  | 30 days |  | days |  | days |  | Total
|  | (in millions)
Securities loaned |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Stocks |  | $ | 16,835 |  | $ | — |  | $ | — |  | $ | — |  | $ | 16,835
Corporate bonds |  |  | 59 |  |  | — |  |  | — |  |  | — |  |  | 59
Total securities loaned |  | $ | 16,894 |  | $ | — |  | $ | — |  | $ | — |  | $ | 16,894
|  | December 31, 2024
|  | Remaining Contractual Maturity
|  | Overnight |  | Less than |  | 30 – 90 |  | Over 90 |  |  |
|  | and Open |  | 30 days |  | days |  | days |  | Total
|  | (in millions)
Securities loaned |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Stocks |  | $ | 16,215 |  | $ | — |  | $ | — |  | $ | — |  | $ | 16,215
Corporate bonds |  |  | 33 |  |  | — |  |  | — |  |  | — |  |  | 33
Total securities loaned |  | $ | 16,248 |  | $ | — |  | $ | — |  | $ | — |  | $ | 16,248

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