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Revenue from Contracts with Clients (Tables) | 9 Months Ended
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Jun. 30, 2024
Revenue from Contract with Customer [Abstract] |
Schedule of Disaggregation of Revenue |
| Three Months Ended June 30, |  | Nine Months Ended June 30,
(in millions) | 2024 |  | 2023 |  | 2024 |  | 2023
Revenues from contracts with clients as a percentage of total revenues | 2.1 | % |  | 6.5 | % |  | 2.5 | % |  | 6.4 | %
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 June 30, |  | Nine Months Ended June 30,
(in millions) | 2024 |  | 2023 |  | 2024 |  | 2023
Revenues from contracts with clients: |  |  |  |  |  |  |
Commission and clearing fees: |  |  |  |  |  |  |
Sales-based: |  |  |  |  |  |  |
Exchange-traded futures and options | $ | 59.4 |  |  | $ | 57.6 |  |  | $ | 166.6 |  |  | $ | 161.6 |
OTC derivative brokerage | 2.8 |  |  | 2.0 |  |  | 8.6 |  |  | 10.1 |
Equities and fixed income | 17.8 |  |  | 13.6 |  |  | 48.8 |  |  | 44.6 |
Mutual funds | 0.8 |  |  | 0.7 |  |  | 2.4 |  |  | 2.2 |
Insurance and annuity products | 2.4 |  |  | 2.0 |  |  | 8.1 |  |  | 6.5 |
Other | — |  |  | 2.0 |  |  | 0.1 |  |  | 4.2 |
Total sales-based commission | 83.2 |  |  | 77.9 |  |  | 234.6 |  |  | 229.2 |
Trailing: |  |  |  |  |  |  |
Mutual funds | 3.2 |  |  | 3.1 |  |  | 9.4 |  |  | 9.2 |
Insurance and annuity products | 3.9 |  |  | 3.5 |  |  | 11.3 |  |  | 10.5 |
Total trailing commission | 7.1 |  |  | 6.6 |  |  | 20.7 |  |  | 19.7 |
Clearing fees | 47.2 |  |  | 38.6 |  |  | 135.9 |  |  | 114.6 |
Trade conversion fees | 3.3 |  |  | 1.7 |  |  | 10.8 |  |  | 6.1 |
Other | 2.2 |  |  | 2.0 |  |  | 6.9 |  |  | 5.9 |
Total commission and clearing fees | 143.0 |  |  | 126.8 |  |  | 408.9 |  |  | 375.5 |
Consulting, management, and account fees: |  |  |  |  |  |  |
Underwriting fees | 0.1 |  |  | 0.2 |  |  | 0.2 |  |  | 0.5 |
Asset management fees | 13.3 |  |  | 11.5 |  |  | 37.0 |  |  | 33.3 |
Advisory and consulting fees | 12.4 |  |  | 8.4 |  |  | 29.6 |  |  | 26.1 |
Sweep program fees | 10.7 |  |  | 12.3 |  |  | 33.4 |  |  | 36.6
Client account fees | 4.6 |  |  | 4.0 |  |  | 13.1 |  |  | 11.5 |
Other | 4.2 |  |  | 2.8 |  |  | 10.7 |  |  | 11.7 |
Total consulting, management, and account fees | 45.3 |  |  | 39.2 |  |  | 124.0 |  |  | 119.7 |
Sales of physical commodities: |  |  |  |  |  |  |
Precious metals sales under ASC Topic 606 | 383.5 |  |  | 814.7 |  |  | 1,175.5 |  |  | 2,349.7 |
Total revenues from contracts with clients | $ | 571.8 |  |  | $ | 980.7 |  |  | $ | 1,708.4 |  |  | $ | 2,844.9 |
Method of revenue recognition: |  |  |  |  |  |  |
Point-in-time | $ | 528.3 |  |  | $ | 941.9 |  |  | $ | 1,587.7 |  |  | $ | 2,729.2 |
Time elapsed | 43.5 |  |  | 38.8 |  |  | 120.7 |  |  | 115.7 |
Total revenues from contracts with clients | 571.8 |  |  | 980.7 |  |  | 1,708.4 |  |  | 2,844.9 |
Other sources of revenues |  |  |  |  |  |  |
Physical precious metals under ASC Topic 815 | 25,030.2 |  |  | 12,513.4 |  |  | 62,259.7 |  |  | 36,695.5 |
Physical agricultural and energy products | 782.5 |  |  | 991.1 |  |  | 2,903.8 |  |  | 3,183.6 |
Principal gains, net | 305.6 |  |  | 300.0 |  |  | 881.2 |  |  | 810.8 |
Interest income | 379.6 |  |  | 262.7 |  |  | 995.7 |  |  | 685.7 |
Total revenues | $ | 27,069.7 |  |  | $ | 15,047.9 |  |  | $ | 68,748.8 |  |  | $ | 44,220.5 |
Total revenues by primary geographic region: |  |  |  |  |  |  |
United States | $ | 1,400.2 |  |  | $ | 1,428.9 |  |  | $ | 4,411.4 |  |  | $ | 4,463.6 |
Europe | 618.9 |  |  | 1,014.8 |  |  | 1,837.5 |  |  | 2,841.8 |
South America | 118.5 |  |  | 65.9 |  |  | 351.5 |  |  | 184.6 |
Middle East and Asia | 24,923.7 |  |  | 12,534.9 |  |  | 62,124.4 |  |  | 36,721.2 |
Other | 8.4 |  |  | 3.4 |  |  | 24.0 |  |  | 9.3 |
Total revenues | $ | 27,069.7 |  |  | $ | 15,047.9 |  |  | $ | 68,748.8 |  |  | $ | 44,220.5 |
Operating revenues by primary geographic region: |  |  |  |  |  |  |
United States | $ | 657.9 |  |  | $ | 559.6 |  |  | $ | 1,815.9 |  |  | $ | 1,588.0 |
Europe | 162.5 |  |  | 145.1 |  |  | 459.2 |  |  | 352.1 |
South America | 43.5 |  |  | 34.3 |  |  | 109.9 |  |  | 97.8 |
Middle East and Asia | 41.4 |  |  | 34.4 |  |  | 107.1 |  |  | 88.9 |
Other | 8.4 |  |  | 3.5 |  |  | 24.0 |  |  | 9.3 |
Total operating revenues | $ | 913.7 |  |  | $ | 776.9 |  |  | $ | 2,516.1 |  |  | $ | 2,136.1 |
Schedule of Income and Expense | The following table indicates the relevant income and expense:
| Three Months Ended June 30, |  | Nine Months Ended June 30,
(in millions) | 2024 |  | 2023 |  | 2024 |  | 2023
Dividend income on long equity positions | $ | 77.7 |  |  | $ | 10.2 |  |  | $ | 163.7 |  |  | $ | 27.5 |
Dividend expense on short equity positions | 79.1 |  |  | 11.6 |  |  | 162.6 |  |  | 28.8 |
Dividend (loss)/income, net reported within Principal Gains, net | $ | (1.4) |  |  | $ | (1.4) |  |  | $ | 1.1 |  |  | $ | (1.3) |

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