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Financial Assets And Financial Liabilities (Tables) | 9 Months Ended
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Sep. 30, 2025
Financial Assets And Financial Liabilities [Abstract] |
Fair Value Table |
|  | Financial Assets at Fair Value as of September 30, 2025
|  | Level 1 |  | Level 2 |  | Level 3 |  | Total
|  | (in millions)
Securities segregated for regulatory purposes |  |  |  |  |  |  |  |  |  |  |  |
U.S. and foreign government securities |  | $ | 6,096 |  | $ | — |  | $ | — |  | $ | 6,096
Municipal securities |  |  | — |  |  | 86 |  |  | — |  |  | 86
Total securities segregated for regulatory purposes |  |  | 6,096 |  |  | 86 |  |  | — |  |  | 6,182
Financial instruments owned, at fair value |  |  |  |  |  |  |  |  |  |  |  |
Stocks |  |  | 2,966 |  |  | — |  |  | — |  |  | 2,966
Options |  |  | 49 |  |  | 23 |  |  | — |  |  | 72
U.S. and foreign government securities |  |  | 41 |  |  | — |  |  | — |  |  | 41
Precious metals |  |  | — |  |  | 41 |  |  | — |  |  | 41
Currency forward contracts |  |  | — |  |  | 7 |  |  | — |  |  | 7
Total financial instruments owned, at fair value |  |  | 3,056 |  |  | 71 |  |  | — |  |  | 3,127
Other assets |  |  |  |  |  |  |  |  |  |  |  |
Customer-held fractional shares |  |  | 394 |  |  | — |  |  | — |  |  | 394
Other investments in equity securities |  |  | 90 |  |  | — |  |  | — |  |  | 90
Total other assets |  |  | 484 |  |  | — |  |  | — |  |  | 484
Total financial assets at fair value |  | $ | 9,636 |  | $ | 157 |  | $ | — |  | $ | 9,793
|  | Financial Liabilities at Fair Value as of September 30, 2025
|  | Level 1 |  | Level 2 |  | Level 3 |  | Total
|  | (in millions)
Financial instruments sold, but not yet purchased, at fair value |  |  |  |  |  |  |  |  |  |  |  |
Stocks |  | $ | 194 |  | $ | — |  | $ | — |  | $ | 194
Options |  |  | 33 |  |  | 229 |  |  | — |  |  | 262
Precious metals |  |  | — |  |  | 36 |  |  | — |  |  | 36
Currency forward contracts |  |  | — |  |  | 7 |  |  | — |  |  | 7
Total financial instruments sold, but not yet purchased, at fair value |  |  | 227 |  |  | 272 |  |  | — |  |  | 499
Accounts payable, accrued expenses and other liabilities |  |  |  |  |  |  |  |  |  |  |  |
Fractional shares repurchase obligation |  |  | 394 |  |  | — |  |  | — |  |  | 394
Total accounts payable, accrued expenses and other liabilities |  |  | 394 |  |  | — |  |  | — |  |  | 394
Total financial liabilities at fair value |  | $ | 621 |  | $ | 272 |  | $ | — |  | $ | 893
‎
|  | 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 |
|  | September 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 |  | $ | 5,128 |  | $ | 5,128 |  | $ | 5,128 |  | $ | — |  | $ | —
Cash - segregated for regulatory purposes |  |  | 48,784 |  |  | 48,784 |  |  | 48,784 |  |  | — |  |  | —
Securities - segregated for regulatory purposes |  |  | 32,509 |  |  | 32,509 |  |  | — |  |  | 32,509 |  |  | —
Securities borrowed |  |  | 11,568 |  |  | 11,568 |  |  | — |  |  | 11,568 |  |  | —
Securities purchased under agreements to resell |  |  | 8,524 |  |  | 8,524 |  |  | — |  |  | 8,524 |  |  | —
Receivables from customers |  |  | 77,588 |  |  | 77,588 |  |  | — |  |  | 77,588 |  |  | —
Receivables from brokers, dealers and clearing organizations |  |  | 4,773 |  |  | 4,773 |  |  | — |  |  | 4,773 |  |  | —
Interest receivable |  |  | 488 |  |  | 488 |  |  | — |  |  | 488 |  |  | —
Other assets |  |  | 41 |  |  | 42 |  |  | — |  |  | 3 |  |  | 39
Total financial assets, not measured at fair value |  | $ | 189,403 |  | $ | 189,404 |  | $ | 53,912 |  | $ | 135,453 |  | $ | 39
Financial liabilities, not measured at fair value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Short-term borrowings |  | $ | 10 |  | $ | 10 |  | $ | — |  | $ | 10 |  | $ | —
Securities loaned |  |  | 27,031 |  |  | 27,031 |  |  | — |  |  | 27,031 |  |  | —
Securities sold under agreements to repurchase |  |  | 894 |  |  | 894 |  |  | — |  |  | 894 |  |  | —
Payables to customers |  |  | 149,442 |  |  | 149,442 |  |  | — |  |  | 149,442 |  |  | —
Payables to brokers, dealers and clearing organizations |  |  | 1,541 |  |  | 1,541 |  |  | — |  |  | 1,541 |  |  | —
Interest payable |  |  | 317 |  |  | 317 |  |  | — |  |  | 317 |  |  | —
Total financial liabilities, not measured at fair value |  | $ | 179,235 |  | $ | 179,235 |  | $ | — |  | $ | 179,235 |  | $ | —
‎
|  | 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 |
|  | September 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 |  | $ | 30,058 | 1 |  | $ | — |  |  | $ | 30,058 |  | $ | (30,058) |  | $ | —
Segregated securities borrowed |  |  | 2,451 | 1 |  |  | — |  |  |  | 2,451 |  |  | (2,384) |  |  | 67
Securities borrowed |  |  | 11,568 |  |  |  | — |  |  |  | 11,568 |  |  | (11,325) |  |  | 243
Securities purchased under agreements to resell |  |  | 8,524 |  |  |  | — |  |  |  | 8,524 |  |  | (8,524) |  |  | —
Financial instruments owned, at fair value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options |  |  | 72 |  |  |  | — |  |  |  | 72 |  |  | (56) |  |  | 16
Currency forward contracts |  |  | 7 |  |  |  | — |  |  |  | 7 |  |  | — |  |  | 7
Total |  | $ | 52,680 |  |  | $ | — |  |  | $ | 52,680 |  | $ | (52,347) |  | $ | 333
|  | (in millions)
Offsetting of financial liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Securities loaned |  | $ | 27,031 |  |  | $ | — |  |  | $ | 27,031 |  | $ | (25,675) |  | $ | 1,356
Securities sold under agreements to repurchase |  |  | 894 |  |  |  | — |  |  |  | 894 |  |  | (894) |  |  | —
Financial instruments sold, but not yet purchased, at fair value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options |  |  | 262 |  |  |  | — |  |  |  | 262 |  |  | (56) |  |  | 206
Currency forward contracts |  |  | 7 |  |  |  | — |  |  |  | 7 |  |  | — |  |  | 7
Total |  | $ | 28,194 |  |  | $ | — |  |  | $ | 28,194 |  | $ | (26,625) |  | $ | 1,569
‎
|  | 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) |  | $ | —
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 September 30, 2025 and December 31, 2024, the Company had $30.1 billion and $21.4 billion, respectively, of securities purchased under agreements to resell, and $2.5 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 September 30, 2025 and December 31, 2024.
Schedule of Securities Financing Transactions |
|  | September 30, 2025
|  | Remaining Contractual Maturity
|  | Overnight |  | Less than |  | 30 – 90 |  | Over 90 |  |  |
|  | and Open |  | 30 days |  | days |  | days |  | Total
|  | (in millions)
Securities loaned |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Stocks |  | $ | 26,899 |  | $ | — |  | $ | — |  | $ | — |  | $ | 26,899
Corporate bonds |  |  | 132 |  |  | — |  |  | — |  |  | — |  |  | 132
Foreign government securities |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 0
Total securities loaned |  | $ | 27,031 |  | $ | — |  | $ | — |  | $ | — |  | $ | 27,031
Securities sold under agreements to repurchase |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government securities |  |  | 894 |  |  | — |  |  | — |  |  | — |  |  | 894
Total |  | $ | 27,925 |  | $ | — |  | $ | — |  | $ | — |  | $ | 27,925
|  | 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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