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Assets and Liabilities, at Fair Value (Notes) | 9 Months Ended
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Jun. 30, 2018
Assets and Liabilities, at Fair Value [Abstract] |
Fair Value Disclosures [Text Block] | Assets and Liabilities, at Fair Value Fair value is defined by U.S. GAAP as the price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between willing market participants on the measurement date. Fair value is a market-based measure considered from the perspective of a market participant rather than an entity-specific measure. Therefore, even when market assumptions are not readily available, the Company is required to develop a set of assumptions that reflect those that market participants would use in pricing the asset or liability at the measurement date. The Company uses prices and inputs that are current as of the measurement date, including periods of market dislocation. In periods of market dislocation, the observability of prices and inputs may be reduced for many assets and liabilities. This condition could cause a security to be reclassified to a lower level within the fair value hierarchy. The Company has designed independent price verification controls and periodically performs such controls to ensure the reasonableness of such values. In accordance with FASB ASC 820, Fair Value Measurement, the Company groups its assets and liabilities measured at fair value in three levels based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value. These levels are: Level 1 - Valuation is based upon unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. Level 1 consists of financial assets and liabilities whose fair values are estimated using quoted market prices. Level 2 - Valuation is based upon quoted prices for identical or similar assets or liabilities in markets that are less active, that is, markets in which there are few transactions for the asset or liability that are observable for substantially the full term. Included in Level 2 are those financial assets and liabilities for which fair values are estimated using models or other valuation methodologies. These models are primarily industry-standard models that consider various observable inputs, including time value, yield curve, volatility factors, observable current market and contractual prices for the underlying financial instruments, as well as other relevant economic measures. Level 3 - Valuation is based on prices or valuation techniques that require an input that is both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity). Level 3 comprises financial assets and liabilities whose fair value is estimated based on internally developed models or methodologies utilizing significant inputs that are not readily observable from objective sources. Financial and nonfinancial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). A market is active if there are sufficient transactions on an ongoing basis to provide current pricing information for the asset or liability, pricing information is released publicly, and price quotations do not vary substantially either over time or among market participants. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. The guidance requires the Company to consider counterparty credit risk of all parties of outstanding derivative instruments that would be considered by a market participant in the transfer or settlement of such contracts (exit price). The Company’s exposure to credit risk on derivative financial instruments relates to the portfolio of OTC derivative contracts as all exchange-traded contracts held can be settled on an active market with a credit guarantee from the respective exchange. The Company requires most counterparties to deposit margin collateral for all OTC instruments and is also required to deposit margin collateral with counterparties, which mitigates the impact of counterparty credit risk in the evaluation of the fair value of OTC derivative contracts. Fair value of financial and nonfinancial assets and liabilities that are carried on the Condensed Consolidated Balance Sheets at fair value on a recurring basis Cash and cash equivalents reported at fair value on a recurring basis includes certificates of deposit, which are stated at cost plus accrued interest, which approximates fair value. Cash, securities and other assets segregated under federal and other regulations reported at fair value on a recurring basis include the value of pledged investments, primarily U.S. Treasury obligations and commodities warehouse receipts. Deposits with and receivables from broker-dealers, clearing organizations and counterparties and payable to customers and broker-dealers, clearing organizations and counterparties include the value of pledged investments, primarily U.S. Treasury obligations and foreign government obligations. These balances also include the fair value of exchange-traded options on futures and exchange-cleared OTC swaps and options determined by quoted prices on the applicable exchange. Financial instruments owned and sold, not yet purchased reported at fair value on a recurring basis include the value of common and preferred stock, American Depository Receipts (“ADRs”), and Global Depository Receipts (“GDRs”), exchangeable foreign ordinary equities, ADRs, and GDRs, corporate and municipal bonds, U.S. Treasury obligations, U.S. government agency obligations, foreign government obligations, agency mortgage-backed obligations, asset-backed obligations, derivative financial instruments, commodities leases, commodities warehouse receipts, exchange firm common stock, and mutual funds and investments in managed funds. Physical commodities inventory recorded at fair value on a recurring basis includes precious metals that are a part of the trading activities of a regulated broker-dealer subsidiary and is recorded at fair value using spot prices. Physical commodities inventory also includes agricultural commodities that are a part of the trading activities of a non-broker dealer subsidiary and are also recorded at net realizable value using spot prices. Precious metals inventory held by subsidiaries that are not broker-dealers are valued at fair value on a non-recurring basis. Except as disclosed in Note 6, the Company did not have any fair value adjustments for assets or liabilities measured at fair value on a non-recurring basis as of June 30, 2018 and September 30, 2017. The following section describes the valuation methodologies used by the Company to measure classes of financial instruments at fair value and specifies the level within the fair value hierarchy where various financial instruments are classified. The Company uses quoted prices in active markets, where available, and classifies such instruments within Level 1 of the fair value hierarchy. Examples include U.S. Treasury obligations, commodities warehouse receipts, some common and preferred stock, ADRs, and GDRs, some exchangeable foreign ordinary equities, ADRs, and GDRs, some corporate and municipal obligations, physical precious metals held by a regulated broker-dealer subsidiary, exchange firm common stock, mutual funds, as well as exchange traded options on futures contracts. When instruments are traded in secondary markets and observable prices are not available for substantially the full term, the Company generally relies on internal valuation techniques that use observable inputs or prices obtained from third-party pricing services or brokers or a combination thereof, and accordingly, classified these instruments as Level 2. Examples include U.S. government agency obligations, agency-mortgage backed obligations, asset-backed obligations, foreign government obligations, some common and preferred stock, ADRs, and GDRs, certain exchangeable foreign ordinary equities, ADRs, and GDRs, OTC commodity and foreign exchange forwards, swaps, and options, physical agricultural commodity inventory, and OTC firm purchase and sale commitments related to the Company’s agricultural and energy commodities. With the exception of certain derivative instruments, financial instruments owned and sold are primarily valued using third party pricing sources. Third party vendors compile prices from various sources and often apply matrix pricing for similar securities when no prices are observable. The Company reviews the pricing methodologies provided by the various vendors in order to determine if observable market information is being used, versus unobservable inputs. When evaluating the propriety of an internal trader price compared with vendor prices, considerations include the range and quality of vendor prices. Trader or broker prices are used to ensure the reasonableness of a vendor price; however valuing financial instruments involves judgments acquired from knowledge of a particular market. If a trader asserts that a vendor or market price is not reflective of market value, justification for using the trader price, including recent sales activity where possible, must be provided to and approved by the appropriate levels of management. Financial instruments owned and sold are included within either Level 1 or Level 2 of the fair value hierarchy based upon the observability of the inputs used and the level of activity in the market. Level 3 comprises financial assets and liabilities whose fair value is estimated based on internally developed models or methodologies utilizing significant inputs that are not readily observable from objective sources. Included in Level 3 are some common stock and ADRs, some corporate and municipal obligations, and contingent liabilities. Level 3 assets and liabilities are valued using an income approach based upon management developed discounted cash flow projections, which are an unobservable input. The fair value estimates presented herein are based on pertinent information available to management as of June 30, 2018 and September 30, 2017. Although management is not aware of any factors that would significantly affect the estimated fair value amounts, such amounts have not been comprehensively revalued for purposes of these condensed consolidated financial statements since those respective dates and current estimates of fair value may differ significantly from the amounts presented herein. The following tables set forth the Company’s financial and nonfinancial assets and liabilities accounted for at fair value, on a recurring basis, as of June 30, 2018 by level in the fair value hierarchy.
| June 30, 2018
(in millions) | Level 1 |  | Level 2 |  | Level 3 |  | Netting and Collateral (1) |  | Total
Assets: |  |  |  |  |  |  |  |  |
Unrestricted cash equivalents - certificate of deposits | $ | 3.8 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 3.8 |
Commodities warehouse receipts | 74.9 |  |  | — |  |  | — |  |  | — |  |  | 74.9 |
U.S. Treasury obligations | 600.5 |  |  | — |  |  | — |  |  | — |  |  | 600.5 |
Cash, securities and other assets segregated under federal and other regulations | 675.4 |  |  | — |  |  | — |  |  | — |  |  | 675.4 |
U.S. Treasury obligations | 666.7 |  |  | — |  |  | — |  |  | — |  |  | 666.7 |
"To be announced" (TBA) and forward settling securities | — |  |  | 4.4 |  |  | — |  |  | (0.1 | ) |  | 4.3 |
Foreign government obligations | — |  |  | 5.5 |  |  | — |  |  | — |  |  | 5.5 |
Derivatives | 6,131.7 |  |  | 24.2 |  |  | — |  |  | (6,116.0 | ) |  | 39.9 |
Deposits with and receivables from broker-dealers, clearing organization and counterparties | 6,798.4 |  |  | 34.1 |  |  | — |  |  | (6,116.1 | ) |  | 716.4 |
Common and preferred stock, ADRs, and GDRs | 33.2 |  |  | 2.9 |  |  | — |  |  | — |  |  | 36.1 |
Exchangeable foreign ordinary equities, ADRs, and GDRs | 29.7 |  |  | 1.4 |  |  | — |  |  | — |  |  | 31.1 |
Corporate and municipal bonds | 64.1 |  |  | 0.2 |  |  | — |  |  | — |  |  | 64.3 |
U.S. Treasury obligations | 99.7 |  |  | — |  |  | — |  |  | — |  |  | 99.7 |
U.S. government agency obligations | — |  |  | 352.8 |  |  | — |  |  | — |  |  | 352.8 |
Foreign government obligations | — |  |  | 8.5 |  |  | — |  |  | — |  |  | 8.5 |
Agency mortgage-backed obligations | — |  |  | 1,036.2 |  |  | — |  |  | — |  |  | 1,036.2 |
Asset-backed obligations | — |  |  | 47.4 |  |  | — |  |  | — |  |  | 47.4 |
Derivatives | 0.7 |  |  | 1,473.7 |  |  | — |  |  | (1,169.4 | ) |  | 305.0 |
Commodities leases | — |  |  | 77.9 |  |  | — |  |  | (70.6 | ) |  | 7.3 |
Commodities warehouse receipts | 0.1 |  |  | — |  |  | — |  |  | — |  |  | 0.1 |
Exchange firm common stock | 10.0 |  |  | — |  |  | — |  |  | — |  |  | 10.0 |
Mutual funds and other | 4.9 |  |  | — |  |  | — |  |  | — |  |  | 4.9 |
Financial instruments owned | 242.4 |  |  | 3,001.0 |  |  | — |  |  | (1,240.0 | ) |  | 2,003.4 |
Physical commodities inventory, net | 8.9 |  |  | 102.2 |  |  | — |  |  | — |  |  | 111.1 |
Total assets at fair value | $ | 7,728.9 |  |  | $ | 3,137.3 |  |  | $ | — |  |  | $ | (7,356.1 | ) |  | $ | 3,510.1 |
Liabilities: |  |  |  |  |  |  |  |  |
TBA and forward settling securities | — |  |  | 7.2 |  |  | — |  |  | (0.1 | ) |  | 7.1 |
Derivatives | 6,175.9 |  |  | 3.4 |  |  | — |  |  | (6,179.3 | ) |  | — |
Payable to broker-dealers, clearing organizations and counterparties | 6,175.9 |  |  | 10.6 |  |  | — |  |  | (6,179.4 | ) |  | 7.1 |
Common and preferred stock, ADRs, and GDRs | 39.3 |  |  | 8.8 |  |  | — |  |  | — |  |  | 48.1 |
Exchangeable foreign ordinary equities, ADRs, and GDRs | 31.2 |  |  | — |  |  | — |  |  | — |  |  | 31.2 |
Corporate and municipal bonds | 1.5 |  |  | — |  |  | — |  |  | — |  |  | 1.5 |
U.S. Treasury obligations | 511.4 |  |  | — |  |  | — |  |  | — |  |  | 511.4 |
U.S. government agency obligations | — |  |  | 38.1 |  |  | — |  |  | — |  |  | 38.1 |
Agency mortgage-backed obligations | — |  |  | 0.1 |  |  | — |  |  | — |  |  | 0.1 |
Derivatives | — |  |  | 1,490.6 |  |  | — |  |  | (1,184.8 | ) |  | 305.8 |
Commodities leases | — |  |  | 69.9 |  |  | — |  |  | 1.1 |  |  | 71.0 |
Financial instruments sold, not yet purchased | 583.4 |  |  | 1,607.5 |  |  | — |  |  | (1,183.7 | ) |  | 1,007.2 |
Total liabilities at fair value | $ | 6,759.3 |  |  | $ | 1,618.1 |  |  | $ | — |  |  | $ | (7,363.1 | ) |  | $ | 1,014.3 |
(1) | Represents cash collateral and the impact of netting across the levels of the fair value hierarchy. Netting among positions classified within the same level is included in that level.
The following table sets forth the Company’s financial and nonfinancial assets and liabilities accounted for at fair value, on a recurring basis, as of September 30, 2017 by level in the fair value hierarchy.
| September 30, 2017
(in millions) | Level 1 |  | Level 2 |  | Level 3 |  | Netting and Collateral (1) |  | Total
Assets: |  |  |  |  |  |  |  |  |
Unrestricted cash equivalents - certificates of deposits | $ | 3.8 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 3.8 |
Commodities warehouse receipts | 21.0 |  |  | — |  |  | — |  |  | — |  |  | 21.0 |
U.S. Treasury obligations | 33.5 |  |  | — |  |  | — |  |  | — |  |  | 33.5 |
Cash, securities and other assets segregated under federal and other regulations | 54.5 |  |  | — |  |  | — |  |  | — |  |  | 54.5 |
U.S. Treasury obligations | 244.7 |  |  | — |  |  | — |  |  | — |  |  | 244.7 |
"To be announced" (TBA) and forward settling securities | — |  |  | 8.8 |  |  | — |  |  | — |  |  | 8.8 |
Foreign government obligations | — |  |  | 6.4 |  |  | — |  |  | — |  |  | 6.4 |
Derivatives | 2,608.6 |  |  | 289.1 |  |  | — |  |  | (2,952.9 | ) |  | (55.2 | )
Deposits with and receivables from broker-dealers, clearing organizations, and counterparties | 2,853.3 |  |  | 304.3 |  |  | — |  |  | (2,952.9 | ) |  | 204.7 |
Common and preferred stock, ADRs, and GDRs | 31.2 |  |  | 3.4 |  |  | 0.1 |  |  | — |  |  | 34.7 |
Exchangeable foreign ordinary equities, ADRs, and GDRs | 9.2 |  |  | 1.2 |  |  | — |  |  | — |  |  | 10.4 |
Corporate and municipal bonds | 28.2 |  |  | 0.9 |  |  | — |  |  | — |  |  | 29.1 |
U.S. Treasury obligations | 60.0 |  |  | — |  |  | — |  |  | — |  |  | 60.0 |
U.S. government agency obligations | — |  |  | 368.9 |  |  | — |  |  | — |  |  | 368.9 |
Foreign government obligations | — |  |  | 10.2 |  |  | — |  |  | — |  |  | 10.2 |
Agency mortgage-backed obligations | — |  |  | 920.9 |  |  | — |  |  | — |  |  | 920.9 |
Asset-backed obligations | — |  |  | 47.3 |  |  | — |  |  | — |  |  | 47.3 |
Derivatives | 1.3 |  |  | 1,413.4 |  |  | — |  |  | (1,252.6 | ) |  | 162.1 |
Commodities leases | — |  |  | 174.1 |  |  | — |  |  | (138.7 | ) |  | 35.4 |
Commodities warehouse receipts | 38.5 |  |  | — |  |  | — |  |  | — |  |  | 38.5 |
Exchange firm common stock | 8.3 |  |  | — |  |  | — |  |  | — |  |  | 8.3 |
Mutual funds and other | 6.0 |  |  | — |  |  | — |  |  | — |  |  | 6.0 |
Financial instruments owned | 182.7 |  |  | 2,940.3 |  |  | 0.1 |  |  | (1,391.3 | ) |  | 1,731.8 |
Physical commodities inventory, net | 73.2 |  |  | — |  |  | — |  |  | — |  |  | 73.2 |
Total assets at fair value | $ | 3,167.5 |  |  | $ | 3,244.6 |  |  | $ | 0.1 |  |  | $ | (4,344.2 | ) |  | $ | 2,068.0 |
Liabilities: |  |  |  |  |  |  |  |  |
Accounts payable and other accrued liabilities - contingent liabilities | $ | — |  |  | $ | — |  |  | $ | 1.0 |  |  | $ | — |  |  | $ | 1.0 |
TBA and forward settling securities | — |  |  | 4.9 |  |  | — |  |  | (0.1 | ) |  | 4.8 |
Derivatives | 2,476.2 |  |  | 292.8 |  |  | — |  |  | (2,769.0 | ) |  | — |
Payable to broker-dealers, clearing organizations and counterparties | 2,476.2 |  |  | 297.7 |  |  | — |  |  | (2,769.1 | ) |  | 4.8 |
Common and preferred stock, ADRs, and GDRs | 33.7 |  |  | 0.7 |  |  | — |  |  | — |  |  | 34.4 |
Exchangeable foreign ordinary equities, ADRs, and GDRs | 10.3 |  |  | 0.2 |  |  | — |  |  | — |  |  | 10.5 |
Corporate and municipal bonds | 0.3 |  |  | — |  |  | — |  |  | — |  |  | 0.3 |
U.S. Treasury obligations | 285.9 |  |  | — |  |  | — |  |  | — |  |  | 285.9 |
U.S. government agency obligations | — |  |  | 27.9 |  |  | — |  |  | — |  |  | 27.9 |
Agency mortgage-backed obligations | — |  |  | 0.1 |  |  | — |  |  | — |  |  | 0.1 |
Derivatives | — |  |  | 1,427.2 |  |  | — |  |  | (1,110.2 | ) |  | 317.0 |
Commodities leases | — |  |  | 191.1 |  |  | — |  |  | (149.6 | ) |  | 41.5 |
Financial instruments sold, not yet purchased | 330.2 |  |  | 1,647.2 |  |  | — |  |  | (1,259.8 | ) |  | 717.6 |
Total liabilities at fair value | $ | 2,806.4 |  |  | $ | 1,944.9 |  |  | $ | 1.0 |  |  | $ | (4,028.9 | ) |  | $ | 723.4 |
(1) | Represents cash collateral and the impact of netting across the levels of the fair value hierarchy. Netting among positions classified within the same level is included in that level.
Realized and unrealized gains and losses are included in ‘trading gains, net’, ‘interest income’, and ‘cost of sales of physical commodities’ in the condensed consolidated income statements. Information on Level 3 Financial Assets and Liabilities The following tables set forth a summary of changes in the fair value of the Company’s Level 3 financial assets and liabilities during the three and nine months ended June 30, 2018 and 2017, including a summary of unrealized gains (losses) during the respective periods on the Company’s Level 3 financial assets and liabilities held during the periods.
| Level 3 Financial Assets For the Three and Nine Months Ended June 30, 2018
(in millions) | Balances at beginning of period |  | Realized gains (losses) during period |  | Unrealized gains (losses) during period |  | Purchases/issuances |  | Settlements |  | Transfers in or (out) of Level 3 |  | Balances at end of period
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |
Common and preferred stock, ADRs, and GDRs | $ | 0.1 |  |  | $ | — |  |  | $ | (0.1 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
| $ | 0.1 |  |  | $ | — |  |  | $ | (0.1 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
| Level 3 Financial Assets and Financial Liabilities For the Three Months Ended June 30, 2017
(in millions) | Balances at beginning of period |  | Realized gains (losses) during period |  | Unrealized gains (losses) during period |  | Purchases/issuances |  | Settlements |  | Transfers in or (out) of Level 3 |  | Balances at end of period
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |
Common and preferred stock, ADRs, and GDRs | $ | 0.2 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 0.2 |
Corporate and municipal bonds | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
| $ | 0.2 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 0.2 |
(in millions) | Balances at beginning of period |  | Realized (gains) losses during period |  | Unrealized (gains) losses during period |  | Purchases/issuances |  | Settlements |  | Transfers in or (out) of Level 3 |  | Balances at end of period
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |
Contingent liabilities | $ | 0.9 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 0.9 |
| Level 3 Financial Assets and Financial Liabilities For the Nine Months Ended June 30, 2017
(in millions) | Balances at beginning of period |  | Realized gains (losses) during period |  | Unrealized gains (losses) during period |  | Purchases/issuances |  | Settlements |  | Transfers in or (out) of Level 3 |  | Balances at end of period
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |
Common and preferred stock, ADRs, and GDRs | $ | 0.2 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 0.2 |
Corporate and municipal bonds | 3.0 |  |  | — |  |  | — |  |  | — |  |  | (3.0 | ) |  | — |  |  | — |
| $ | 3.2 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (3.0 | ) |  | $ | — |  |  | $ | 0.2 |
(in millions) | Balances at beginning of period |  | Realized (gains) losses during period |  | Unrealized (gains) losses during period |  | Purchases/issuances |  | Settlements |  | Transfers in or (out) of Level 3 |  | Balances at end of period
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |
Contingent liabilities | $ | 0.8 |  |  | $ | — |  |  | $ | 0.1 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 0.9 |
The Company was required to make additional future cash payments based on certain financial performance measures of an acquired business. The Company was required to remeasure the fair value of contingent consideration arrangements on a recurring basis. As of September 30, 2017, the Company had classified its liability for the contingent consideration within Level 3 of the fair value hierarchy because the fair value was determined using significant unobservable inputs, which included projected cash flows. The estimated fair value of the contingent consideration arrangements was based upon management-developed earnings forecasts for the remaining contingency period, which was a Level 3 input in the fair value hierarchy. The fair value of the contingent consideration increased by $0.1 million during the nine months ended June 30, 2017, with the corresponding amount classified as ‘other’ in the condensed consolidated income statements. The contingency period for the contingent consideration arrangements ended as of December 31, 2017 and the accrued balance of $1.0 million was paid during the nine months ended June 30, 2018. The Company reports transfers in and out of Levels 1, 2 and 3, as applicable, using the fair value of the securities as of the beginning of the reporting period in which the transfer occurred. The Company did not have any transfers in and out of Levels 1, 2, and 3 during the three and nine months ended June 30, 2018 and 2017. Additional disclosures about the fair value of financial instruments that are not carried on the Condensed Consolidated Balance Sheets at fair value Many, but not all, of the financial instruments that the Company holds are recorded at fair value in the Condensed Consolidated Balance Sheets. The following represents financial instruments in which the ending balance at June 30, 2018 and September 30, 2017 was not carried at fair value in accordance with U.S. GAAP on the Condensed Consolidated Balance Sheets: Short-term financial instruments: The carrying value of short-term financial instruments, including cash and cash equivalents, cash segregated under federal and other regulations, securities purchased under agreements to re-sell and securities sold under agreements to re-purchase, and securities borrowed and loaned are recorded at amounts that approximate the fair value of these instruments due to their short-term nature and level of collateralization. These financial instruments generally expose the Company to limited credit risk and have no stated maturities or have short-term maturities and carry interest rates that approximate market rates. Under the fair value hierarchy, cash and cash equivalents and cash segregated under federal and other regulations are classified as Level 1. Securities purchased under agreements to re-sell and securities sold under agreements to re-purchase, and securities borrowed and loaned are classified as Level 2 under the fair value hierarchy as they are generally short-term in nature and are collateralized by common stock, U.S. Treasury obligations, U.S. government agency obligations, agency mortgage-backed obligations, and asset-backed obligations. Receivables and other assets: Receivables from broker-dealers, clearing organizations, and counterparties, receivables from customers, net, notes receivables, and certain other assets are recorded at amounts that approximate fair value due to their short-term nature and are classified as Level 2 under the fair value hierarchy. Payables: Payables to customers and payables to brokers-dealers, clearing organizations, and counterparties are recorded at amounts that approximate fair value due to their short-term nature and are classified as Level 2 under the fair value hierarchy. Lenders under loans: Payables to lenders under loans carry variable rates of interest and thus approximate fair value and are classified as Level 2 under the fair value hierarchy.

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- Definition Assets and Liabilities, at Fair Value [Abstract] + References No definition available. + Details
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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -URI http://asc.fasb.org/topic&trid=2155941 + Details
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