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Financial Assets And Financial Liabilities (Tables)

3 Months Ended

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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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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-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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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.

+ References

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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