XML 24 R13.htm IDEA: XBRL DOCUMENT

Financial Assets And Financial Liabilities

3 Months Ended

Mar. 31, 2025

Financial Assets And Financial Liabilities [Abstract]

Financial Assets And Financial Liabilities

6. Financial Assets and Financial Liabilities

Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis

The tables below present, by level within the fair value hierarchy (see Note 2), financial assets and liabilities, measured at fair value on a recurring basis for the periods indicated. As required by ASC Topic 820, financial assets and financial liabilities are classified in their entirety based on the lowest level of input that is significant to the respective fair value measurement.



	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

Level 3 Financial Assets and Financial Liabilities

There were no transfers in or out of level 3 for the three months ended March 31, 2025.

‎

Financial Assets and Liabilities Not Measured at Fair Value

Financial assets and liabilities not measured at fair value are recorded at carrying value, which approximates fair value due to their short-term nature. The tables below represent the carrying value, fair value and fair value hierarchy category of certain financial assets and liabilities that are not recorded at fair value in the Company's condensed consolidated statements of financial condition for the periods indicated. The tables below exclude certain financial instruments such as equity method investments and all non-financial assets and liabilities.



	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	$	—

‎

Netting of Financial Assets and Financial Liabilities

The Company’s policy is to net securities borrowed and securities loaned, and securities purchased under agreements to resell and securities sold under agreements to repurchase that meet the offsetting requirements prescribed in ASC Topic 210-20. In the tables below, the amounts of financial instruments that are not offset in the condensed consolidated statements of financial condition, but could be netted against cash or financial instruments with specific counterparties under master netting agreements, according to the terms of the agreements, including clearing houses (exchange-traded options, warrants and discount certificates) or over the counter currency forward contract counterparties, are presented to provide financial statement readers with the Company’s net payable or receivable with counterparties for these financial instruments.

The tables below present the netting of financial assets and financial liabilities for the periods indicated.



	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.

‎

Secured Financing Transactions – Maturities and Collateral Pledged

The tables below present gross obligations for securities loaned transactions by remaining contractual maturity and class of collateral pledged for the periods indicated.



	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

‎

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details