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Financial Assets And Financial Liabilities (Tables) | 6 Months Ended
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Jun. 30, 2025
Financial Assets And Financial Liabilities [Abstract] |
Fair Value Table |
|  | Financial Assets at Fair Value as of June 30, 2025
|  | Level 1 |  | Level 2 |  | Level 3 |  | Total
|  | (in millions)
Securities segregated for regulatory purposes |  |  |  |  |  |  |  |  |  |  |  |
U.S. and foreign government securities |  | $ | 5,956 |  | $ | — |  | $ | — |  | $ | 5,956
Municipal securities |  |  | — |  |  | 64 |  |  | — |  |  | 64
Total securities segregated for regulatory purposes |  |  | 5,956 |  |  | 64 |  |  | — |  |  | 6,020
Financial instruments owned, at fair value |  |  |  |  |  |  |  |  |  |  |  |
Stocks |  |  | 2,990 |  |  | — |  |  | — |  |  | 2,990
Options |  |  | 31 |  |  | 24 |  |  | — |  |  | 55
U.S. and foreign government securities |  |  | 644 |  |  | — |  |  | — |  |  | 644
Mutual funds |  |  | — |  |  | — |  |  | — |  |  | —
Precious metals |  |  | — |  |  | 33 |  |  | — |  |  | 33
Currency forward contracts |  |  | — |  |  | 134 |  |  | — |  |  | 134
Total financial instruments owned, at fair value |  |  | 3,665 |  |  | 191 |  |  | — |  |  | 3,856
Other assets |  |  |  |  |  |  |  |  |  |  |  |
Customer-held fractional shares |  |  | 334 |  |  | — |  |  | — |  |  | 334
Other investments in equity securities |  |  | 48 |  |  | — |  |  | — |  |  | 48
Total other assets |  |  | 382 |  |  | — |  |  | — |  |  | 382
Total financial assets at fair value |  | $ | 10,003 |  | $ | 255 |  | $ | — |  | $ | 10,258
|  | Financial Liabilities at Fair Value as of June 30, 2025
|  | Level 1 |  | Level 2 |  | Level 3 |  | Total
|  | (in millions)
Financial instruments sold, but not yet purchased, at fair value |  |  |  |  |  |  |  |  |  |  |  |
Stocks |  | $ | 132 |  | $ | — |  | $ | — |  | $ | 132
Options |  |  | 18 |  |  | 314 |  |  | — |  |  | 332
Precious metals |  |  | — |  |  | 29 |  |  | — |  |  | 29
Currency forward contracts |  |  | — |  |  | 1 |  |  | — |  |  | 1
Total financial instruments sold, but not yet purchased, at fair value |  |  | 150 |  |  | 344 |  |  | — |  |  | 494
Accounts payable, accrued expenses and other liabilities |  |  |  |  |  |  |  |  |  |  |  |
Fractional shares repurchase obligation |  |  | 334 |  |  | — |  |  | — |  |  | 334
Total accounts payable, accrued expenses and other liabilities |  |  | 334 |  |  | — |  |  | — |  |  | 334
Total financial liabilities at fair value |  | $ | 484 |  | $ | 344 |  | $ | — |  | $ | 828
‎
|  | 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 |
|  | June 30, 2025
|  | Carrying ‎Value |  | Fair ‎Value |  | Level 1 |  | Level 2 |  | Level 3
|  | (in millions)
Financial assets, not measured at fair value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 4,688 |  | $ | 4,688 |  | $ | 4,688 |  | $ | — |  | $ | —
Cash - segregated for regulatory purposes |  |  | 45,057 |  |  | 45,057 |  |  | 45,057 |  |  | — |  |  | —
Securities - segregated for regulatory purposes |  |  | 30,952 |  |  | 30,952 |  |  | — |  |  | 30,952 |  |  | —
Securities borrowed |  |  | 10,145 |  |  | 10,145 |  |  | — |  |  | 10,145 |  |  | —
Securities purchased under agreements to resell |  |  | 9,529 |  |  | 9,529 |  |  | — |  |  | 9,529 |  |  | —
Receivables from customers |  |  | 65,346 |  |  | 65,346 |  |  | — |  |  | 65,346 |  |  | —
Receivables from brokers, dealers and clearing organizations |  |  | 4,074 |  |  | 4,074 |  |  | — |  |  | 4,074 |  |  | —
Interest receivable |  |  | 454 |  |  | 454 |  |  | — |  |  | 454 |  |  | —
Other assets |  |  | 40 |  |  | 44 |  |  | — |  |  | 5 |  |  | 39
Total financial assets, not measured at fair value |  | $ | 170,285 |  | $ | 170,289 |  | $ | 49,745 |  | $ | 120,505 |  | $ | 39
Financial liabilities, not measured at fair value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Short-term borrowings |  | $ | 8 |  | $ | 8 |  | $ | — |  | $ | 8 |  | $ | —
Securities loaned |  |  | 21,229 |  |  | 21,229 |  |  | — |  |  | 21,229 |  |  | —
Payables to customers |  |  | 138,417 |  |  | 138,417 |  |  | — |  |  | 138,417 |  |  | —
Payables to brokers, dealers and clearing organizations |  |  | 1,682 |  |  | 1,682 |  |  | — |  |  | 1,682 |  |  | —
Interest payable |  |  | 283 |  |  | 283 |  |  | — |  |  | 283 |  |  | —
Total financial liabilities, not measured at fair value |  | $ | 161,619 |  | $ | 161,619 |  | $ | — |  | $ | 161,619 |  | $ | —
‎
|  | 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 |
|  | June 30, 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 |  | $ | 28,249 | 1 |  | $ | — |  |  | $ | 28,249 |  | $ | (28,249) |  | $ | —
Segregated securities borrowed |  |  | 2,703 | 1 |  |  | — |  |  |  | 2,703 |  |  | (2,625) |  |  | 78
Securities borrowed |  |  | 10,145 |  |  |  | — |  |  |  | 10,145 |  |  | (9,881) |  |  | 264
Securities purchased under agreements to resell |  |  | 9,529 |  |  |  | — |  |  |  | 9,529 |  |  | (9,529) |  |  | —
Financial instruments owned, at fair value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options |  |  | 55 |  |  |  | — |  |  |  | 55 |  |  | (42) |  |  | 13
Currency forward contracts |  |  | 134 |  |  |  | — |  |  |  | 134 |  |  | — |  |  | 134
Total |  | $ | 50,815 |  |  | $ | — |  |  | $ | 50,815 |  | $ | (50,326) |  | $ | 489
|  | (in millions)
Offsetting of financial liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Securities loaned |  | $ | 21,229 |  |  | $ | — |  |  | $ | 21,229 |  | $ | (19,966) |  | $ | 1,263
Financial instruments sold, but not yet purchased, at fair value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options |  |  | 332 |  |  |  | — |  |  |  | 332 |  |  | (42) |  |  | 290
Currency forward contracts |  |  | 1 |  |  |  | — |  |  |  | 1 |  |  | — |  |  | 1
Total |  | $ | 21,562 |  |  | $ | — |  |  | $ | 21,562 |  | $ | (20,008) |  | $ | 1,554
‎
|  | 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 June 30, 2025 and December 31, 2024, the Company had $28.2 billion and $21.4 billion, respectively, of securities purchased under agreements to resell, and $2.7 billion 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 June 30, 2025 and December 31, 2024.
Schedule of Securities Financing Transactions |
|  | June 30, 2025
|  | Remaining Contractual Maturity
|  | Overnight |  | Less than |  | 30 – 90 |  | Over 90 |  |  |
|  | and Open |  | 30 days |  | days |  | days |  | Total
|  | (in millions)
Securities loaned |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Stocks |  | $ | 21,135 |  | $ | — |  | $ | — |  | $ | — |  | $ | 21,135
Corporate bonds |  |  | 86 |  |  | — |  |  | — |  |  | — |  |  | 86
Foreign government securities |  |  | 8 |  |  | — |  |  | — |  |  | — |  |  | 8
Total securities loaned |  | $ | 21,229 |  | $ | — |  | $ | — |  | $ | — |  | $ | 21,229
|  | 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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- Definition 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 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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