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Financial Instruments with Off-Balance Sheet Risk and Concentrations of Credit Risk (Tables) | 9 Months Ended
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Jun. 30, 2024
Financial Instruments with Off-Balance Sheet Risk and Concentrations of Credit Risk [Abstract] |
Schedule of Derivative Instruments | Listed below are the fair values of the Company’s derivative assets and liabilities as of June 30, 2024 and September 30, 2023. Assets represent net unrealized gains and liabilities represent net unrealized losses.
| June 30, 2024 |  | September 30, 2023
(in millions) | Assets (1) |  | Liabilities (1) |  | Assets (1) |  | Liabilities (1)
Derivative contracts not accounted for as hedges: |  |  |  |  |  |  |
Exchange-traded commodity derivatives | $ | 1,698.9 |  |  | $ | 1,701.7 |  |  | $ | 1,907.0 |  |  | $ | 1,890.3 |
OTC commodity derivatives | 2,031.7 |  |  | 1,972.5 |  |  | 1,523.3 |  |  | 1,456.0 |
Exchange-traded foreign exchange derivatives | 1.4 |  |  | 1.4 |  |  | 4.3 |  |  | 4.3 |
OTC foreign exchange derivatives | 613.2 |  |  | 577.5 |  |  | 497.1 |  |  | 455.3 |
Exchange-traded interest rate derivatives | 566.2 |  |  | 572.0 |  |  | 1,507.6 |  |  | 1,509.8 |
OTC interest rate derivatives | 288.3 |  |  | 288.3 |  |  | 417.6 |  |  | 417.6 |
Exchange-traded equity index derivatives | 2,520.8 |  |  | 2,520.8 |  |  | 2,140.9 |  |  | 2,140.9 |
OTC equity and indices derivatives | 163.2 |  |  | 77.8 |  |  | 127.3 |  |  | 68.5 |
TBA and forward settling securities | 25.4 |  |  | 26.2 |  |  | 73.5 |  |  | 47.5 |
Subtotal | 7,909.1 |  |  | 7,738.2 |  |  | 8,198.6 |  |  | 7,990.2 |
Derivative contracts designated as hedging instruments: |  |  |  |  |  |  |
Interest rate contracts | — |  |  | 2.0 |  |  | — |  |  | 24.6 |
Foreign currency forward contracts | 5.5 |  |  | 0.1 |  |  | 1.7 |  |  | 2.5 |
Subtotal | 5.5 |  |  | 2.1 |  |  | 1.7 |  |  | 27.1 |
Gross fair value of derivative contracts | $ | 7,914.6 |  |  | $ | 7,740.3 |  |  | $ | 8,200.3 |  |  | $ | 8,017.3 |
Impact of netting and collateral | (7,097.5) |  |  | (7,021.8) |  |  | (7,731.3) |  |  | (7,639.0) |
Total fair value included in Deposits with and receivables from broker-dealers, clearing organizations, and counterparties, net | $ | 495.4 |  |  |  |  | $ | 206.7 |  |  |
Total fair value included in Receivable from clients, net | $ | (0.5) |  |  |  |  | $ | (7.9) |  |  |
Total fair value included in Financial instruments owned, at fair value | $ | 322.2 |  |  |  |  | $ | 270.2 |  |  |
Total fair value included in Payables to clients |  |  | $ | 387.3 |  |  |  |  | $ | 79.8 |
Total fair value included in Payables to broker-dealers, clearing organizations and counterparties |  |  | $ | 3.6 |  |  |  |  | $ | 10.2 |
Total fair value included in Financial instruments sold, not yet purchased, at fair value |  |  | $ | 327.6 |  |  |  |  | $ | 288.3 |
(1)As of June 30, 2024 and September 30, 2023, the Company’s derivative contract volume for open positions was approximately 11.2 million and 13.4 million contracts, respectively.
Schedule of Fair Value of Derivative Instruments Designated for Hedging | The fair values of derivative instruments designated for hedging held as of June 30, 2024 and September 30, 2023 are as follow:
|  |  | June 30, 2024 |  | September 30, 2023
(in millions) | Balance Sheet Location |  | Fair Value |  | Fair Value
Asset Derivatives |  |  |  |  |
Derivatives designated as hedging instruments: |  |  |  |  |
Foreign currency forward contracts | Financial instruments owned, net |  | $ | 5.5 |  |  | $ | 1.7 |
Total derivatives designated as hedging instruments |  |  | $ | 5.5 |  |  | $ | 1.7 |
Derivative assets expected to be released from Other comprehensive income into current earnings: |  |  |  |  |
Foreign currency forward contracts |  |  | $ | 5.5 |  |  | $ | 1.4 |
Total expected to be released from Other comprehensive income into earnings |  |  | $ | 5.5 |  |  | $ | 1.4 |
Liability Derivatives |  |  |  |  |
Derivatives designated as hedging instruments: |  |  |  |  |
Interest rate contracts | Financial instruments sold, not yet purchased |  | $ | 2.0 |  |  | $ | 24.6 |
Foreign currency forward contracts | Financial instruments sold, not yet purchased |  | 0.1 |  |  | 2.5 |
Total derivatives designated as hedging instruments |  |  | $ | 2.1 |  |  | $ | 27.1 |
Derivative liabilities expected to be released from Other comprehensive income into current earnings: |  |  |  |  |
Interest rate contracts |  |  | $ | 2.0 |  |  | $ | 20.3 |
Foreign currency forward contracts |  |  | — |  |  | 1.0 |
Total expected to be released from Other comprehensive income into earnings |  |  | $ | 2.0 |  |  | $ | 21.3 |
Schedule of Notional Amounts of Outstanding Derivative Positions | The notional values of derivative instruments designated for hedging held as of June 30, 2024 and September 30, 2023 are as follows:
|  | June 30, 2024 |  | September 30, 2023
(in millions) |  | Notional Value |  | Notional Value
Derivatives designated as hedging instruments: |  |  |  |
Interest rate contracts |  | $ | 1,000.0 |  |  | $ | 2,000.0 |
Foreign currency forward contracts: |  |  |  |
Foreign currency forward contracts to purchase Polish Zloty: |  |  |  |
Local currency |  | zł | 156.1 |  |  | zł | 156.1 |
USD |  | $ | 36.6 |  |  | $ | 34.0 |
Foreign currency forward contracts to purchase British Pound Sterling: |  |  |  |
Local currency |  | £ | 96.0 |  |  | £ | 168.0 |
USD |  | $ | 117.9 |  |  | $ | 206.9 |
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | The Condensed Consolidated Income Statement effects of derivative instruments designated for hedging held for the three and nine months ended June 30, 2024 and 2023 are as follows:
(in millions) | Income Statement Location |  | Three Months Ended June 30, 2024 |  | Nine Months Ended June 30, 2024 |  |
Total amounts reclassified from Accumulated Other Comprehensive Income into Income: |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts | Interest income |  | $ | (4.4) |  |  | $ | (24.9) |  |  |  |  |  |  |  |  |
Foreign currency forward contracts | Compensation and benefits |  | 1.8 |  |  | 5.5 |  |  |  |  |  |  |  |  |
Total derivatives designated as hedging instruments |  |  | $ | (2.6) |  |  | $ | (19.4) |  |  |  |  |  |  |  |  |
Amount of gain reclassified from accumulated other comprehensive income into income as a result of a forecasted transaction that is no longer probable of occurring |  |  | $ | — |  |  | $ | — |  |  |  |  |  |  |  |  |
(in millions) | Income Statement Location |  | Three Months Ended June 30, 2023 |  | Nine Months Ended June 30, 2023 |  |
Total amounts reclassified from Accumulated Other Comprehensive Income into Income: |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts | Interest Income |  | $ | (14.3) |  |  | $ | (31.3) |  |  |  |  |  |  |  |  |
Foreign currency forward contracts | Compensation and benefits |  | 1.6 |  |  | 2.1 |  |  |  |  |  |  |  |  |
Total derivatives designated as hedging instruments |  |  | $ | (12.7) |  |  | $ | (29.2) |  |  |  |  |  |  |  |  |
Amount of gain reclassified from accumulated other comprehensive income into income as a result of a forecasted transaction that is no longer probable of occurring |  |  | $ | — |  |  | $ | — |  |  |  |  |  |  |  |  |
The following table sets forth the Company’s net gains/(losses) related to derivative financial instruments for the three and nine months ended June 30, 2024 and 2023 in accordance with the Derivatives and Hedging Topic of the ASC. The net gains/(losses) set forth below are included in Principal gains, net and Cost of sales of physical commodities in the Condensed Consolidated Income Statements.
| Three Months Ended June 30, |  | Nine Months Ended June 30,
(in millions) | 2024 |  | 2023 |  | 2024 |  | 2023
Commodities | $ | 189.6 |  |  | $ | 105.3 |  |  | $ | 320.3 |  |  | $ | 307.3 |
Foreign exchange | 29.8 |  |  | (10.8) |  |  | 87.6 |  |  | (34.8) |
Interest rate, equities, and indices | 27.1 |  |  | 51.6 |  |  | 70.0 |  |  | 85.5 |
TBA and forward settling securities | 8.7 |  |  | 42.0 |  |  | (59.0) |  |  | 4.9 |
Net gains from derivative contracts | $ | 255.2 |  |  | $ | 188.1 |  |  | $ | 418.9 |  |  | $ | 362.9 |
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income | The accumulated other comprehensive income effects of derivative instruments designated for hedging held for three and nine months ended June 30, 2024 and 2023 are as follow:
| Amount of Gain/(Loss) Recognized in Other Comprehensive Income on Derivatives, net of tax
(in millions) | Three Months Ended June 30, 2024 |  | Three Months Ended June 30, 2023
Derivatives in Cash Flow Hedging Relationships: |  |  |
Interest rate contracts | $ | 2.8 |  |  | $ | (0.7) |
Foreign currency forward contracts | (1.5) |  |  | 3.3 |
Total | $ | 1.3 |  |  | $ | 2.6 |
| Amount of Gain Recognized in Other Comprehensive Income on Derivatives, net of tax
(in millions) | Nine Months Ended June 30, 2024 |  | Nine Months Ended June 30, 2023
Derivatives in Cash Flow Hedging Relationships: |  |  |
Interest rate contracts | $ | 17.1 |  |  | $ | 8.5 |
Foreign currency forward contracts | 4.1 |  |  | 23.1 |
Total | $ | 21.2 |  |  | $ | 31.6 |

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- Definition Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -SubTopic 10 -Topic 815 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-1A Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-1B Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-8 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4B Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-1 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-5 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C + Details
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