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Derivative Financial Instruments (Tables) | 6 Months Ended
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May 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Fair Value and Related Number of Derivative Contracts Categorized by Type of Derivative Contract |
| May 31, 2025 (1)
| Assets | Liabilities
$ in thousands | Fair Value | Number of Contracts (2) | Fair Value | Number of Contracts (2)
Derivatives designated as accounting hedges: |  |  |  |
Interest rate contracts: |  |  |  |
Cleared OTC ........................................ | $1,712 | 3 | $— | —
Foreign exchange contracts: |  |  |  |
Bilateral OTC ....................................... | 1,862 | 1 | 55,950 | 3
Total derivatives designated as accounting hedges ............................ | 3,574 |  | 55,950 |
Derivatives not designated as accounting hedges: |  |  |  |
Interest rate contracts: |  |  |  |
Exchange-traded ................................ | 536 | 46,274 | — | 23,687
Cleared OTC ........................................ | 329,900 | 7,826 | 331,751 | 8,253
Bilateral OTC ....................................... | 329,124 | 1,167 | 682,976 | 1,365
Foreign exchange contracts: |  |  |  |
Bilateral OTC ....................................... | 161,844 | 37,567 | 136,950 | 12,957
Equity contracts: |  |  |  |
Exchange-traded ................................ | 1,815,569 | 2,837,638 | 1,023,820 | 1,617,971
Bilateral OTC ....................................... | 1,293,083 | 34,451 | 1,521,811 | 32,884
Commodity contracts: |  |  |  |
Exchange-traded ................................ | 1 | 903 | 234 | 823
Bilateral OTC ....................................... | 4,252 | 9,900 | 1,475 | 4,372
Credit contracts: |  |  |  |
Cleared OTC ........................................ | 1,493 | 52 | 10,827 | 6
Bilateral OTC ....................................... | 64,928 | 9 | 44,410 | 23
Total derivatives not designated as accounting hedges ....................... | 4,000,730 |  | 3,754,254 |
Total gross derivative assets/ liabilities: |  |  |  |
Exchange-traded ................................ | 1,816,106 |  | 1,024,054 |
Cleared OTC ........................................ | 333,105 |  | 342,578 |
Bilateral OTC ....................................... | 1,855,093 |  | 2,443,572 |
Amounts offset in our Consolidated Statements of Financial Condition (3): |  |  |  |
Exchange-traded ................................ | (981,970) |  | (981,970) |
Cleared OTC ........................................ | (330,271) |  | (339,425) |
Bilateral OTC ....................................... | (1,403,577) |  | (1,766,083) |
Net amounts per Consolidated Statements of Financial Condition (4) ................................. | $1,288,486 |  | $722,726 |
(1)Exchange-traded derivatives include derivatives executed on an organized exchange. Cleared OTC derivatives include derivatives executed bilaterally and subsequently novated to and cleared through central clearing counterparties. Bilateral OTC derivatives include derivatives executed and settled bilaterally without the use of an organized exchange or central clearing counterparty. (2)The number of exchange-traded contracts may include open futures contracts. The unsettled fair value of these futures contracts is included in Receivables from/Payables to brokers, dealers and clearing organizations. (3)Amounts netted include both netting by counterparty and for cash collateral paid or received. (4)We have not received or pledged additional collateral under master netting agreements and/or other credit support agreements that is eligible to be offset beyond what has been offset in our Consolidated Statements of Financial Condition.
| November 30, 2024 (1)
| Assets | Liabilities
$ in thousands | Fair Value | Number of Contracts (2) | Fair Value | Number of Contracts (2)
Derivatives designated as accounting hedges: |  |  |  |
Interest rate contracts: |  |  |  |
Cleared OTC ......................................... | $3,396 | 3 | $— | —
Foreign exchange contracts: |  |  |  |
Bilateral OTC ........................................ | 41,903 | 3 | — | —
Total derivatives designated as accounting hedges ............................. | 45,299 |  | — |
Derivatives not designated as accounting hedges: |  |  |  |
Interest rate contracts: |  |  |  |
Exchange-traded ................................. | 273 | 16,548 | 13 | 32,984
Cleared OTC ......................................... | 1,030,842 | 6,663 | 1,030,671 | 6,891
Bilateral OTC ........................................ | 365,678 | 1,096 | 717,255 | 1,256
Foreign exchange contracts: |  |  |  |
Bilateral OTC ........................................ | 132,240 | 57,786 | 138,608 | 35,545
Equity contracts: |  |  |  |
Exchange-traded ................................. | 682,327 | 1,777,822 | 521,889 | 1,574,498
Bilateral OTC ........................................ | 855,169 | 33,516 | 1,024,129 | 20,587
Commodity contracts: |  |  |  |
Exchange-traded ................................. | 22 | 806 | 17 | 697
Bilateral OTC ....................................... | 4,570 | 11,691 | 1,381 | 5,180
Credit contracts: |  |  |  |
Cleared OTC ......................................... | 31,488 | 66 | 38,711 | 32
Bilateral OTC ........................................ | 37,618 | 16 | 31,353 | 32
Total derivatives not designated as accounting hedges ............................. | 3,140,227 |  | 3,504,027 |
Total gross derivative assets/ liabilities: |  |  |  |
Exchange-traded ................................. | 682,622 |  | 521,919 |
Cleared OTC ......................................... | 1,065,726 |  | 1,069,382 |
Bilateral OTC ........................................ | 1,437,178 |  | 1,912,726 |
Amounts offset in our Consolidated Statements of Financial Condition (3): |  |  |  |
Exchange-traded ................................. | (476,364) |  | (476,364) |
Cleared OTC ......................................... | (1,058,995) |  | (1,066,232) |
Bilateral OTC ........................................ | (1,132,392) |  | (1,251,117) |
Net amounts per Consolidated Statements of Financial Condition (4) .................................. | $517,775 |  | $710,314 |
(1)Exchange-traded derivatives include derivatives executed on an organized exchange. Cleared OTC derivatives include derivatives executed bilaterally and subsequently novated to and cleared through central clearing counterparties. Bilateral OTC derivatives include derivatives executed and settled bilaterally without the use of an organized exchange or central clearing counterparty. (2)The number of exchange-traded contracts may include open futures contracts. The unsettled fair value of these futures contracts is included in Receivables from/Payables to brokers, dealers and clearing organizations. (3)Amounts netted include both netting by counterparty and for cash collateral paid or received. (4)We have not received or pledged additional collateral under master netting agreements and/or other credit support agreements that is eligible to be offset beyond what has been offset in our Consolidated Statements of Financial Condition.
Schedule of Unrealized and Realized Gains (Losses) on Derivative Contracts | Gains (losses) recognized in Interest expense related to fair value hedges:
$ in thousands | Three Months Ended May 31, | Six Months Ended May 31,
Gains (Losses) | 2025 | 2024 | 2025 | 2024
Interest rate swaps (1) .................. | $(415) | $(26,253) | $(6,043) | $(30,811)
Long-term debt ............................... | (11,968) | 10,282 | (18,659) | (985)
Total ................................................. | $(12,383) | $(15,971) | $(24,702) | $(31,796)
(1)Includes net settlements of $12.2 million and $24.1 million for the three and six months ended May 31, 2025, respectively, and $16.1 million and $32.0 million for the three and six months ended May 31, 2024, respectively. Gains (losses) on our net investment hedges recognized in Currency translation and other adjustments, a component of Other comprehensive income (loss):
$ in thousands | Three Months Ended May 31, | Six Months Ended May 31,
Gains (Losses) | 2025 | 2024 | 2025 | 2024
Foreign exchange contracts ......... | $(90,986) | $(10,925) | $(74,132) | $(8,808)
Total ................................................. | $(90,986) | $(10,925) | $(74,132) | $(8,808)
Unrealized and realized gains (losses) on derivative contracts recognized primarily in Principal transactions revenues, which are utilized in connection with our client activities and our economic risk management activities:
$ in thousands | Three Months Ended May 31, | Six Months Ended May 31,
Gains (Losses) | 2025 | 2024 | 2025 | 2024
Interest rate contracts ................... | $(8,710) | $36,783 | $(31,212) | $58,505
Foreign exchange contracts ......... | 21,645 | 42,363 | 16,770 | 32,529
Equity contracts .............................. | 823,950 | 50,298 | 1,318,166 | (259,358)
Commodity contracts .................... | 7,723 | 14,332 | 13,457 | 18,432
Credit contracts .............................. | 653 | (8,769) | 1,704 | (13,342)
Total ................................................. | $845,261 | $135,007 | $1,318,885 | $(163,234)
Schedule of Remaining Contract Maturity of Fair Value of OTC Derivative Assets and Liabilities | Remaining contract maturities at May 31, 2025:
| OTC Derivative Assets (1) (2) (3)
$ in thousands | 0 – 12 Months | 1 – 5 Years | Greater Than 5 Years | Cross- Maturity Netting (4) | Total
Commodity swaps, options and forwards ...................................... | $4,031 | $— | $— | $— | $4,031
Equity options and forwards .......... | 238,135 | 872 | — | (389) | 238,618
Credit default swaps ....................... | — | — | 21,592 | (106) | 21,486
Total return swaps ........................... | 147,772 | 57,728 | 181 | (2,269) | 203,412
Foreign currency forwards, swaps and options ................................. | 68,897 | 992 | — | — | 69,889
Fixed income forwards ................... | 42,666 | — | — | — | 42,666
Interest rate swaps, options and forwards ...................................... | 52,418 | 142,873 | 32,691 | (31,415) | 196,567
Total ................................................... | $553,919 | $202,465 | $54,464 | $(34,179) | 776,669
Cross-product counterparty netting .......................................... |  |  |  |  | (37,916)
Total OTC derivative assets included in Financial instruments owned .................... |  |  |  |  | $738,753
| OTC Derivative Liabilities (1) (2) (3)
$ in thousands | 0 – 12 Months | 1 – 5 Years | Greater Than 5 Years | Cross- Maturity Netting (4) | Total
Commodity swaps, options and forwards ...................................... | $1,376 | $— | $— | $— | $1,376
Equity options and forwards .......... | 208,093 | 88,727 | 13,726 | (389) | 310,157
Credit default swaps ........................ | 714 | 753 | 9,680 | (106) | 11,041
Total return swaps ........................... | 271,638 | 131,091 | — | (2,269) | 400,460
Foreign currency forwards, swaps and options ................................. | 98,657 | 427 | — | — | 99,084
Fixed income forwards ................... | 528 | — | — | — | 528
Interest rate swaps, options and forwards ...................................... | 34,901 | 85,465 | 463,024 | (31,415) | 551,975
Total ................................................... | $615,907 | $306,463 | $486,430 | $(34,179) | 1,374,621
Cross-product counterparty netting .......................................... |  |  |  |  | (37,916)
Total OTC derivative liabilities included in Financial instruments sold, not yet purchased ................................... |  |  |  |  | $1,336,705
(1)At May 31, 2025, we held net exchange-traded derivative assets and liabilities with a fair value of $834.1 million and $42.1 million, respectively, which are not included in these tables. (2)OTC derivative assets and liabilities in the tables above are gross of collateral pledged. OTC derivative assets and liabilities are recorded net of collateral pledged in our Consolidated Statements of Financial Condition. At May 31, 2025, cash collateral received and pledged was $284.4 million and $656.1 million, respectively. (3)Derivative fair values include counterparty netting within product category. (4)Amounts represent the netting of receivable balances with payable balances for the same counterparty within product category across maturity categories.
Schedule of Fair Value of OTC Derivatives Assets | OTC derivative assets at May 31, 2025:
Counterparty credit quality (1): | $ in thousands
A- or higher ............................................................................................... | $246,263
BBB- to BBB+ ........................................................................................... | 29,767
BB+ or lower ............................................................................................. | 194,209
Unrated ..................................................................................................... | 268,514
Total .......................................................................................................... | $738,753
(1)We utilize internal credit ratings determined by our Risk Management department. Credit ratings determined by Risk Management use methodologies that produce ratings generally consistent with those produced by external rating agencies.
Schedule of Credit Related Derivative Contracts | External credit ratings of the underlyings or referenced assets for our written credit related derivative contracts:
| May 31, 2025
| External Credit Rating |
$ in millions | Investment Grade | Non- investment Grade | Total Notional
Credit protection sold: |  |  |
Index credit default swaps ..................... | $63.2 | $743.8 | $807.0
| November 30, 2024
| External Credit Rating |
$ in millions | Investment Grade | Non- investment Grade | Total Notional
Credit protection sold: |  |  |
Index credit default swaps ..................... | $395.2 | $553.4 | $948.6
Schedule of Derivative Instruments with Contingent Features | The following table presents the aggregate fair value of all derivative instruments with such credit- risk-related contingent features that are in a liability position, the collateral amounts we have posted or received in the normal course of business and the potential collateral we would have been required to return and/or post additionally to our counterparties if the credit-risk-related contingent features underlying these agreements were triggered:
$ in millions | May 31, 2025 | November 30, 2024
Derivative instrument liabilities with credit-risk- related contingent features .................................... | $197.3 | $102.3
Collateral posted ........................................................... | (105.6) | (50.6)
Collateral received ........................................................ | 297.8 | 296.1
Return of and additional collateral required in the event of a credit rating downgrade below investment grade (1) ............................................... | 389.5 | 347.8
(1)These potential outflows include initial margin received from counterparties at the execution of the derivative contract. The initial margin will be returned if counterparties elect to terminate the contract after a downgrade.

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- Definition Counterparty credit quality with respect to the fair value of OTC derivatives assets. + References No definition available. + Details
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- Definition OTC derivatives by risk exposure and maturity profile. + References No definition available. + Details
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- Definition Tabular disclosure of credit derivatives which includes information by sellers of credit derivatives, about each credit derivative, or each group of similar credit derivatives, including (a) the nature of the credit derivative - its term, how it arose, the events or circumstances that would require the seller to perform under the credit derivative, and the current status of the payment/performance risk of the credit derivative; (b) the maximum potential amount of future payments (undiscounted) the seller could be required to make under the credit derivative; (c) the current fair value of the credit derivative; and (d) the nature of any recourse provisions under the credit derivative, and any assets held either as collateral or by third parties. A credit derivative is a derivative instrument (1) in which one or more of its underlyings are related to the credit risk of a specified entity (or a group of entities) or an index based on the credit risk of a group of entities and (2) that exposes the seller to potential loss from credit-risk-related events specified in the contract. Examples of credit derivatives within the scope of this paragraph include, but are not limited to, credit default swaps, credit spread options, and credit index products; also includes a hybrid instrument that has an embedded credit derivative (for example, but not limited to, a credit-linked note). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4K -Subparagraph (b)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4K Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4K -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4K Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4K -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4K Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4L -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4L + Details
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