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Financial Instruments with Off-Balance Sheet Risk and Concentrations of Credit Risk (Tables)

3 Months Ended

Dec. 31, 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 December 31, 2024 and September 30, 2024. Assets represent net unrealized gains and liabilities represent net unrealized losses.

			December 31, 2024												September 30, 2024
(in millions)			Assets (1)						Liabilities (1)						Assets (1)						Liabilities (1)
Derivative contracts not accounted for as hedges:
Exchange-traded commodity derivatives			$	1,303.8					$	1,281.3					$	1,383.1					$	1,415.7
OTC commodity derivatives			2,919.4						2,817.1						1,967.9						1,924.3
Exchange-traded foreign exchange derivatives			(1.7)						2.1						2.0						2.0
OTC foreign exchange derivatives			815.1						858.2						975.2						938.2
Exchange-traded interest rate derivatives			587.8						590.9						720.1						728.1
OTC interest rate derivatives			220.4						220.4						207.1						207.1
Exchange-traded equity index derivatives			1,810.0						1,810.0						1,817.4						1,817.4
OTC equity and indices derivatives			153.5						113.0						127.4						86.7
TBA and forward settling securities			74.0						30.9						26.1						24.4
Subtotal			7,882.3						7,723.9						7,226.3						7,143.9
Derivative contracts designated as hedging instruments:
Interest rate contracts			—						—						—						0.2
Foreign currency forward contracts			1.2						0.9						9.6						—
Subtotal			1.2						0.9						9.6						0.2
Gross fair value of derivative contracts			$	7,883.5					$	7,724.8					$	7,235.9					$	7,144.1
Impact of netting and collateral			(7,136.0)						(7,026.4)						(6,670.6)						(6,614.6)
Total fair value included in Deposits with and receivables from broker-dealers, clearing organizations, and counterparties, net			$	523.1											$	336.0
Total fair value included in Receivable from clients, net			$	(2.8)											$	(8.4)
Total fair value included in Financial instruments owned, at fair value			$	227.2											$	237.7
Total fair value included in Payables to clients									$	371.1											$	265.9
Total fair value included in Payables to broker-dealers, clearing organizations and counterparties									$	37.5											$	(1.4)
Total fair value included in Financial instruments sold, not yet purchased, at fair value									$	289.8											$	265.0

(1)As of December 31, 2024 and September 30, 2024, the Company’s derivative contract volume for open positions was approximately 11.3 million and 12.2 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 December 31, 2024 and September 30, 2024 are as follow:

									December 31, 2024						September 30, 2024
(in millions)			Balance Sheet Location						Fair Value						Fair Value
Asset Derivatives
Derivatives designated as hedging instruments:
Foreign currency forward contracts			Financial instruments owned, net						$	1.2					$	9.6
Total derivatives designated as hedging instruments									$	1.2					$	9.6
Derivative assets expected to be released from Other comprehensive income into current earnings:
Foreign currency forward contracts									$	0.8					$	9.2
Total expected to be released from Other comprehensive income into earnings									$	0.8					$	9.2
Liability Derivatives
Derivatives designated as hedging instruments:
Interest rate contracts			Financial instruments sold, not yet purchased						$	—					$	0.2
Foreign currency forward contracts			Financial instruments sold, not yet purchased						0.9						—
Total derivatives designated as hedging instruments									$	0.9					$	0.2
Derivative liabilities expected to be released from Other comprehensive income into current earnings:
Interest rate contracts									$	—					$	0.2
Total expected to be released from Other comprehensive income into earnings									$	—					$	0.2

Schedule of Notional Amounts of Outstanding Derivative Positions

The notional values of derivative instruments designated for hedging held as of December 31, 2024 and September 30, 2024 are as follows:

						December 31, 2024						September 30, 2024
(in millions)						Notional Value						Notional Value
Derivatives designated as hedging instruments:
Interest rate contracts						$	—					$	500.0
Foreign currency forward contracts:
Foreign currency forward contracts to purchase Polish Zloty:
Local currency						zł	133.8					zł	156.1
USD						$	32.6					$	37.5
Foreign currency forward contracts to purchase British Pound Sterling:
Local currency						£	48.0					£	72.0
USD						$	59.2					$	88.8

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 months ended December 31, 2024 and 2023 are as follows:

(in millions)			Income Statement Location						Three Months Ended December 31, 2024						Three Months Ended December 31, 2023
Total amounts of gain/(loss) reclassified from Accumulated Other Comprehensive Income into Income:
Interest rate contracts			Interest income						$	(0.2)					$	(15.9)
Foreign currency forward contracts			Compensation and benefits						0.8						1.9
Total derivatives designated as hedging instruments									$	0.6					$	(14.0)
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 months ended December 31, 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 December 31,
(in millions)			2024						2023
Commodities			$	54.8					$	87.1
Foreign exchange			45.4						25.2
Interest rate, equities, and indices			42.3						27.4
To be announced (“TBA”) and forward settling securities			92.0						(93.2)
Net gains from derivative contracts			$	234.5					$	46.5

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 months ended December 31, 2024 and 2023 are as follows:

			Amount of (Loss)/Gain Recognized in Other Comprehensive Income on Derivatives, net of tax
(in millions)			Three Months Ended December 31, 2024						Three Months Ended December 31, 2023
Derivatives in Cash Flow Hedging Relationships:
Interest rate contracts			$	0.1					$	12.6
Foreign currency forward contracts			(7.0)						8.1
Total			$	(6.9)					$	20.7

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