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Derivative Financial Instruments (Tables)

9 Months Ended

Aug. 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

	August 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 ........................................	$57	1	$1,131	3
Foreign exchange contracts:
Bilateral OTC .......................................	1,846	8	61,729	4
Total derivatives designated as accounting hedges ............................	1,903		62,860
Derivatives not designated as accounting hedges:
Interest rate contracts:
Exchange-traded ................................	562	16,529	113	17,235
Cleared OTC ........................................	508,861	7,592	523,997	8,060
Bilateral OTC .......................................	316,345	1,850	630,797	744
Foreign exchange contracts:
Exchange-traded ................................	215	80	76	120
Bilateral OTC .......................................	106,449	42,732	84,671	13,109
Equity contracts:
Exchange-traded ................................	2,602,854	3,463,187	2,037,083	2,161,112
Bilateral OTC .......................................	918,891	44,140	1,008,462	34,433
Commodity contracts:
Exchange-traded ................................	273	622	50	530
Bilateral OTC .......................................	4,606	11,850	3,127	5,642
Credit contracts:
Cleared OTC ........................................	1,721	51	10,212	6
Bilateral OTC .......................................	62,545	14	43,037	19
Total derivatives not designated as accounting hedges .......................	4,523,322		4,341,625
Total gross derivative assets/ liabilities:
Exchange-traded ................................	2,603,904		2,037,322
Cleared OTC ........................................	510,639		535,340
Bilateral OTC .......................................	1,410,682		1,831,823
Amounts offset in our Consolidated Statements of Financial Condition (3):
Exchange-traded ................................	(1,445,932)		(1,445,932)
Cleared OTC ........................................	(509,365)		(517,824)
Bilateral OTC .......................................	(837,443)		(1,187,453)
Net amounts per Consolidated Statements of Financial Condition (4) .................................	$1,732,485		$1,253,276

(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 August 31,		Nine Months Ended August 31,
Gains (Losses)	2025	2024	2025	2024
Interest rate swaps (1) ..................	$8,902	$43,765	$2,859	$12,954
Long-term debt ...............................	(21,388)	(61,068)	(40,047)	(62,053)
Total .................................................	$(12,486)	$(17,303)	$(37,188)	$(49,099)

(1)Includes net settlements of $12.3 million and $36.4 million for the three and

nine months ended August 31, 2025, respectively, and $16.2 million and $48.2

million for the three and nine months ended August 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 August 31,		Nine Months Ended August 31,
Gains (Losses)	2025	2024	2025	2024
Foreign exchange contracts .........	$(3,238)	$(38,878)	$(77,370)	$(47,686)
Total .................................................	$(3,238)	$(38,878)	$(77,370)	$(47,686)

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 August 31,		Nine Months Ended August 31,
Gains (Losses)	2025	2024	2025	2024
Interest rate contracts ...................	$242	$72,271	$(30,970)	$107,103
Foreign exchange contracts .........	(15,402)	15,760	1,309	48,289
Equity contracts ..............................	444,317	72,741	1,762,483	(186,617)
Commodity contracts ....................	3,476	6,270	16,932	24,702
Credit contracts ..............................	(9,105)	(222)	(7,401)	(13,592)
Total .................................................	$423,528	$166,820	$1,742,353	$(20,115)

Schedule of Remaining Contract Maturity of Fair Value of OTC Derivative Assets and Liabilities

Remaining contract maturities at August 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 ......................................	$4,308	$—	$—	$—	$4,308
Equity options and forwards ..........	297,427	7,350	—	(220)	304,557
Credit default swaps .......................	—	24,840	—	—	24,840
Total return swaps ...........................	137,965	113,782	—	(15,878)	235,869
Foreign currency forwards, swaps and options .................................	51,979	863	—	(555)	52,287
Fixed income forwards ...................	39,641	—	—	—	39,641
Interest rate swaps, options and forwards ......................................	53,565	157,406	28,366	(16,967)	222,370
Total ...................................................	$584,885	$304,241	$28,366	$(33,620)	883,872
Cross-product counterparty netting ..........................................					(35,717)
Total OTC derivative assets included in Financial instruments owned ....................					$848,155

	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 ......................................	$2,829	$—	$—	$—	$2,829
Equity options and forwards ..........	104,168	323,381	—	(220)	427,329
Credit default swaps ........................	251	9,583	—	—	9,834
Total return swaps ...........................	161,468	90,507	37	(15,878)	236,134
Foreign currency forwards, swaps and options .................................	90,526	420	—	(555)	90,391
Fixed income forwards ...................	5,839	—	—	—	5,839
Interest rate swaps, options and forwards ......................................	33,944	86,299	454,080	(16,967)	557,356
Total ...................................................	$399,025	$510,190	$454,117	$(33,620)	1,329,712
Cross-product counterparty netting ..........................................					(35,717)
Total OTC derivative liabilities included in Financial instruments sold, not yet purchased ...................................					$1,293,995

(1)At August 31, 2025, we held net exchange-traded derivative assets and

liabilities with a fair value of $1.16 billion and $591.4 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 August 31,

2025, cash collateral received and pledged was $273.6 million and $632.1

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 August 31, 2025:

Counterparty credit quality (1):	$ in thousands
A- or higher ...............................................................................................	$156,293
BBB- to BBB+ ...........................................................................................	44,065
BB+ or lower .............................................................................................	305,776
Unrated .....................................................................................................	342,021
Total ..........................................................................................................	$848,155

(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:

	August 31, 2025
	External Credit Rating
$ in millions	Investment Grade	Non- investment Grade	Total Notional
Credit protection sold:
Index credit default swaps .....................	$31.1	$364.1	$395.2

	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	August 31, 2025	November 30, 2024
Derivative instrument liabilities with credit-risk- related contingent features ....................................	$139.5	$102.3
Collateral posted ...........................................................	(87.9)	(50.6)
Collateral received ........................................................	285.8	296.1
Return of and additional collateral required in the event of a credit rating downgrade below investment grade (1) ...............................................	337.4	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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Counterparty credit quality with respect to the fair value of OTC derivatives assets.

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OTC derivatives by risk exposure and maturity profile.

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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).

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