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v3.23.1

Revenue from Contracts with Clients (Tables) | 6 Months Ended
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Mar. 31, 2023
Revenue from Contract with Customer [Abstract] |
Schedule of Disaggregation of Revenue |
| Three Months Ended March 31, |  | Six Months Ended March 31,
(in millions) | 2023 |  | 2022 |  | 2023 |  | 2022
Revenues from contracts with clients as a percentage of total revenues | 5.7 | % |  | 5.9 | % |  | 6.4 | % |  | 6.2 | %
The following table represents a disaggregation of the Company’s total revenues separated between revenues from contracts with clients and other sources of revenue for the periods indicated.
| Three Months Ended March 31, |  | Six Months Ended March 31,
(in millions) | 2023 |  | 2022 |  | 2023 |  | 2022
Revenues from contracts with clients: |  |  |  |  |  |  |
Commission and clearing fees: |  |  |  |  |  |  |
Sales-based: |  |  |  |  |  |  |
Exchange-traded futures and options | $ | 55.3 |  |  | $ | 57.7 |  |  | $ | 104.0 |  |  | $ | 102.3 |
OTC derivative brokerage | 4.5 |  |  | 4.9 |  |  | 8.1 |  |  | 9.3 |
Equities and fixed income | 15.6 |  |  | 17.1 |  |  | 31.0 |  |  | 31.7 |
Mutual funds | 0.9 |  |  | 1.2 |  |  | 1.5 |  |  | 2.4 |
Insurance and annuity products | 2.7 |  |  | 2.4 |  |  | 4.5 |  |  | 5.2 |
Other | 1.1 |  |  | 0.9 |  |  | 2.2 |  |  | 1.7 |
Total sales-based commission | 80.1 |  |  | 84.2 |  |  | 151.3 |  |  | 152.6 |
Trailing: |  |  |  |  |  |  |
Mutual funds | 3.1 |  |  | 3.6 |  |  | 6.1 |  |  | 7.5 |
Insurance and annuity products | 3.5 |  |  | 4.2 |  |  | 7.0 |  |  | 8.6 |
Total trailing commission | 6.6 |  |  | 7.8 |  |  | 13.1 |  |  | 16.1 |
Clearing fees | 40.0 |  |  | 40.6 |  |  | 76.0 |  |  | 77.0 |
Trade conversion fees | 2.0 |  |  | 4.0 |  |  | 4.4 |  |  | 6.0 |
Other | 2.0 |  |  | 1.8 |  |  | 3.9 |  |  | 3.0 |
Total commission and clearing fees | 130.7 |  |  | 138.4 |  |  | 248.7 |  |  | 254.7 |
Consulting, management, and account fees: |  |  |  |  |  |  |
Underwriting fees | 0.1 |  |  | 0.1 |  |  | 0.3 |  |  | 0.3 |
Asset management fees | 11.1 |  |  | 11.4 |  |  | 21.8 |  |  | 22.0 |
Advisory and consulting fees | 9.0 |  |  | 7.5 |  |  | 17.7 |  |  | 15.0 |
Sweep program fees | 12.9 |  |  | 0.5 |  |  | 24.3 |  |  | 1.0
Client account fees | 3.7 |  |  | 4.3 |  |  | 7.5 |  |  | 8.0 |
Other | 3.9 |  |  | 1.6 |  |  | 8.9 |  |  | 3.2 |
Total consulting, management, and account fees | 40.7 |  |  | 25.4 |  |  | 80.5 |  |  | 49.5 |
Sales of physical commodities: |  |  |  |  |  |  |
Precious metals sales | 746.4 |  |  | 807.0 |  |  | 1,535.0 |  |  | 1,587.3 |
Total revenues from contracts with clients | $ | 917.8 |  |  | $ | 970.8 |  |  | $ | 1,864.2 |  |  | $ | 1,891.5 |
Method of revenue recognition: |  |  |  |  |  |  |
Point-in-time | $ | 878.2 |  |  | $ | 943.6 |  |  | $ | 1,787.3 |  |  | $ | 1,837.4 |
Time elapsed | 39.6 |  |  | 27.2 |  |  | 76.9 |  |  | 54.1 |
Total revenues from contracts with clients | 917.8 |  |  | 970.8 |  |  | 1,864.2 |  |  | 1,891.5 |
Other sources of revenues |  |  |  |  |  |  |
Physical precious metals trading | 13,703.1 |  |  | 14,211.3 |  |  | 24,182.1 |  |  | 26,526.6 |
Physical agricultural and energy product trading | 1,056.7 |  |  | 845.9 |  |  | 2,192.5 |  |  | 1,669.2 |
Principal gains, net | 256.6 |  |  | 323.5 |  |  | 510.8 |  |  | 574.6 |
Interest income | 226.8 |  |  | 31.2 |  |  | 423.0 |  |  | 62.2 |
Total revenues | $ | 16,161.0 |  |  | $ | 16,382.7 |  |  | $ | 29,172.6 |  |  | $ | 30,724.1 |
Total revenues by primary geographic region: |  |  |  |  |  |  |
United States | $ | 1,471.1 |  |  | $ | 1,204.6 |  |  | $ | 3,034.7 |  |  | $ | 2,329.3 |
Europe | 912.0 |  |  | 933.6 |  |  | 1,827.0 |  |  | 1,818.2 |
South America | 56.5 |  |  | 23.6 |  |  | 118.7 |  |  | 41.3 |
Middle East and Asia | 13,720.0 |  |  | 14,218.5 |  |  | 24,186.3 |  |  | 26,530.7 |
Other | 1.4 |  |  | 2.4 |  |  | 5.9 |  |  | 4.6 |
Total revenues | $ | 16,161.0 |  |  | $ | 16,382.7 |  |  | $ | 29,172.6 |  |  | $ | 30,724.1 |
Operating revenues by primary geographic region: |  |  |  |  |  |  |
United States | $ | 538.5 |  |  | $ | 364.5 |  |  | $ | 1,028.4 |  |  | $ | 668.6 |
Europe | 105.5 |  |  | 131.3 |  |  | 207.0 |  |  | 239.0 |
South America | 32.0 |  |  | 23.6 |  |  | 63.5 |  |  | 41.3 |
Middle East and Asia | 27.1 |  |  | 23.0 |  |  | 54.5 |  |  | 41.8 |
Other | 1.3 |  |  | 2.3 |  |  | 5.8 |  |  | 4.5 |
Total operating revenues | $ | 704.4 |  |  | $ | 544.7 |  |  | $ | 1,359.2 |  |  | $ | 995.2 |
Schedule of Income and Expense | The following table indicates the relevant income and expense:
| Three Months Ended March 31, |  | Six Months Ended March 31,
(in millions) | 2023 |  | 2022 |  | 2023 |  | 2022
Dividend income on long equity positions | $ | 3.2 |  |  | $ | 26.3 |  |  | $ | 17.4 |  |  | $ | 87.5 |
Dividend expense on short equity positions | 4.1 |  |  | 25.5 |  |  | 17.3 |  |  | 77.9 |
Dividend (loss)/income, net reported within Principal Gains, net | $ | (0.9) |  |  | $ | 0.8 |  |  | $ | 0.1 |  |  | $ | 9.6 |

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