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Revenue from Contracts with Clients (Tables) | 3 Months Ended
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Dec. 31, 2023
Revenue from Contract with Customer [Abstract] |
Schedule of Disaggregation of Revenue |
| Three Months Ended December 31,
(in millions) | 2023 |  | 2022
Revenues from contracts with clients as a percentage of total revenues | 3.2 | % |  | 7.3 | %
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 December 31,
(in millions) | 2023 |  | 2022
Revenues from contracts with clients: |  |  |
Commission and clearing fees: |  |  |
Sales-based: |  |  |
Exchange-traded futures and options | $ | 51.4 |  |  | $ | 48.7 |
OTC derivative brokerage | 2.8 |  |  | 3.6 |
Equities and fixed income | 16.5 |  |  | 15.4 |
Mutual funds | 0.7 |  |  | 0.6 |
Insurance and annuity products | 2.0 |  |  | 1.8 |
Other | (0.1) |  |  | 1.1 |
Total sales-based commission | 73.3 |  |  | 71.2 |
Trailing: |  |  |
Mutual funds | 3.0 |  |  | 3.0 |
Insurance and annuity products | 3.7 |  |  | 3.5 |
Total trailing commission | 6.7 |  |  | 6.5 |
Clearing fees | 43.3 |  |  | 36.0 |
Trade conversion fees | 4.0 |  |  | 2.4 |
Other | 2.4 |  |  | 1.9 |
Total commission and clearing fees | 129.7 |  |  | 118.0 |
Consulting, management, and account fees: |  |  |
Underwriting fees | — |  |  | 0.2 |
Asset management fees | 11.4 |  |  | 10.7 |
Advisory and consulting fees | 8.2 |  |  | 8.7 |
Sweep program fees | 11.4 |  |  | 11.4 |
Client account fees | 4.2 |  |  | 3.8 |
Other | 3.3 |  |  | 5.0 |
Total consulting, management, and account fees | 38.5 |  |  | 39.8 |
Sales of physical commodities: |  |  |
Precious metals sales under ASC Topic 606 | 459.2 |  |  | 788.6 |
Total revenues from contracts with clients | $ | 627.4 |  |  | $ | 946.4 |
Method of revenue recognition: |  |  |
Point-in-time | $ | 589.7 |  |  | $ | 909.1 |
Time elapsed | 37.7 |  |  | 37.3 |
Total revenues from contracts with clients | 627.4 |  |  | 946.4 |
Other sources of revenues |  |  |
Physical precious metals under ASC Topic 815 | 17,162.5 |  |  | 10,479.0 |
Physical agricultural and energy products | 1,199.2 |  |  | 1,135.8 |
Principal gains, net | 293.8 |  |  | 254.2 |
Interest income | 290.1 |  |  | 196.2 |
Total revenues | $ | 19,573.0 |  |  | $ | 13,011.6 |
Total revenues by primary geographic region: |  |  |
United States | $ | 1,603.5 |  |  | $ | 1,563.6 |
Europe | 658.4 |  |  | 915.0 |
South America | 128.0 |  |  | 62.2 |
Middle East and Asia | 17,175.6 |  |  | 10,466.3 |
Other | 7.5 |  |  | 4.5 |
Total revenues | $ | 19,573.0 |  |  | $ | 13,011.6 |
Operating revenues by primary geographic region: |  |  |
United States | $ | 568.0 |  |  | $ | 489.9 |
Europe | 135.6 |  |  | 101.5 |
South America | 41.2 |  |  | 31.5 |
Middle East and Asia | 32.0 |  |  | 27.4 |
Other | 7.4 |  |  | 4.5 |
Total operating revenues | $ | 784.2 |  |  | $ | 654.8 |
Schedule of Income and Expense | The following table indicates the relevant income and expense:
| Three Months Ended December 31,
(in millions) | 2023 |  | 2022
Dividend income on long equity positions | $ | 20.2 |  |  | $ | 14.2 |
Dividend expense on short equity positions | 18.8 |  |  | 13.2 |
Dividend income, net reported within Principal Gains, net | $ | 1.4 |  |  | $ | 1.0 |

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