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Revenue from Contracts with Clients (Tables) | 9 Months Ended
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Jun. 30, 2025
Revenue from Contract with Customer [Abstract] |
Schedule of Disaggregation of Revenue |
| Three Months Ended June 30, |  | Nine Months Ended June 30,
(in millions) | 2025 |  | 2024 |  | 2025 |  | 2024
Revenues from contracts with clients as a percentage of total revenues | 2.4 | % |  | 2.1 | % |  | 2.3 | % |  | 2.5 | %
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) | 2025 |  | 2024 |  | 2025 |  | 2024
Revenues from contracts with clients: |  |  |  |  |  |  |
Commission and clearing fees: |  |  |  |  |  |  |
Sales-based: |  |  |  |  |  |  |
Exchange-traded futures and options | $ | 72.8 |  |  | $ | 59.4 |  |  | $ | 207.0 |  |  | $ | 166.6 |
OTC derivative brokerage | 2.9 |  |  | 2.8 |  |  | 8.2 |  |  | 8.6 |
Equities and fixed income | 16.5 |  |  | 17.8 |  |  | 46.6 |  |  | 48.8 |
Mutual funds | 0.7 |  |  | 0.8 |  |  | 2.3 |  |  | 2.4 |
Insurance and annuity products | 2.8 |  |  | 2.4 |  |  | 9.3 |  |  | 8.1 |
Other | 0.3 |  |  | — |  |  | 1.1 |  |  | 0.1 |
Total sales-based commission | 96.0 |  |  | 83.2 |  |  | 274.5 |  |  | 234.6 |
Trailing: |  |  |  |  |  |  |
Mutual funds | 3.3 |  |  | 3.2 |  |  | 10.2 |  |  | 9.4 |
Insurance and annuity products | 3.9 |  |  | 3.9 |  |  | 11.9 |  |  | 11.3 |
Total trailing commission | 7.2 |  |  | 7.1 |  |  | 22.1 |  |  | 20.7 |
Clearing fees | 49.1 |  |  | 47.2 |  |  | 141.2 |  |  | 135.9 |
Trade conversion fees | 2.5 |  |  | 3.3 |  |  | 8.1 |  |  | 10.8 |
Other | 11.2 |  |  | 2.2 |  |  | 33.7 |  |  | 6.9 |
Total commission and clearing fees | 166.0 |  |  | 143.0 |  |  | 479.6 |  |  | 408.9 |
Consulting, management, and account fees: |  |  |  |  |  |  |
Underwriting fees | 0.3 |  |  | 0.1 |  |  | 0.8 |  |  | 0.2 |
Asset management fees | 17.1 |  |  | 13.3 |  |  | 46.3 |  |  | 37.0 |
Advisory and consulting fees | 7.8 |  |  | 12.4 |  |  | 25.6 |  |  | 29.6 |
Sweep program fees | 10.7 |  |  | 10.7 |  |  | 33.7 |  |  | 33.4
Client account fees | 7.4 |  |  | 4.6 |  |  | 20.1 |  |  | 13.1 |
Other | 2.9 |  |  | 4.2 |  |  | 11.8 |  |  | 10.7 |
Total consulting, management, and account fees | 46.2 |  |  | 45.3 |  |  | 138.3 |  |  | 124.0 |
Sales of physical commodities: |  |  |  |  |  |  |
Precious metals sales under ASC Topic 606 | 639.0 |  |  | 383.5 |  |  | 1,716.8 |  |  | 1,175.5 |
Total revenues from contracts with clients | $ | 851.2 |  |  | $ | 571.8 |  |  | $ | 2,334.7 |  |  | $ | 1,708.4 |
Method of revenue recognition: |  |  |  |  |  |  |
Point-in-time | $ | 808.4 |  |  | $ | 528.3 |  |  | $ | 2,207.0 |  |  | $ | 1,587.7 |
Time elapsed | 42.8 |  |  | 43.5 |  |  | 127.7 |  |  | 120.7 |
Total revenues from contracts with clients | 851.2 |  |  | 571.8 |  |  | 2,334.7 |  |  | 1,708.4 |
Other sources of revenues |  |  |  |  |  |  |
Physical precious metals under ASC Topic 815 | 32,102.3 |  |  | 25,030.2 |  |  | 91,857.9 |  |  | 62,259.7 |
Physical agricultural and energy products | 1,098.6 |  |  | 782.5 |  |  | 3,308.9 |  |  | 2,903.8 |
Principal gains, net | 334.0 |  |  | 305.6 |  |  | 943.4 |  |  | 881.2 |
Interest income | 442.7 |  |  | 379.6 |  |  | 1,209.9 |  |  | 995.7 |
Total revenues | $ | 34,828.8 |  |  | $ | 27,069.7 |  |  | $ | 99,654.8 |  |  | $ | 68,748.8 |
Total revenues by primary geographic region: |  |  |  |  |  |  |
United States | $ | 1,930.5 |  |  | $ | 1,400.2 |  |  | $ | 5,594.9 |  |  | $ | 4,411.4 |
Europe | 900.2 |  |  | 618.9 |  |  | 2,446.2 |  |  | 1,837.5 |
South America | 106.5 |  |  | 118.5 |  |  | 411.5 |  |  | 351.5 |
Middle East and Asia | 31,877.0 |  |  | 24,923.7 |  |  | 91,191.9 |  |  | 62,124.4 |
Other | 14.6 |  |  | 8.4 |  |  | 10.3 |  |  | 24.0 |
Total revenues | $ | 34,828.8 |  |  | $ | 27,069.7 |  |  | $ | 99,654.8 |  |  | $ | 68,748.8 |
Operating revenues by primary geographic region: |  |  |  |  |  |  |
United States | $ | 733.1 |  |  | $ | 657.9 |  |  | $ | 2,097.1 |  |  | $ | 1,815.9 |
Europe | 175.4 |  |  | 162.5 |  |  | 484.3 |  |  | 459.2 |
South America | 46.2 |  |  | 43.5 |  |  | 131.2 |  |  | 109.9 |
Middle East and Asia | 55.0 |  |  | 41.4 |  |  | 175.9 |  |  | 107.1 |
Other | 14.6 |  |  | 8.4 |  |  | 36.1 |  |  | 24.0 |
Total operating revenues | $ | 1,024.3 |  |  | $ | 913.7 |  |  | $ | 2,924.6 |  |  | $ | 2,516.1 |
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) | 2025 |  | 2024 |  | 2025 |  | 2024
Dividend income on long equity positions | $ | 35.8 |  |  | $ | 77.7 |  |  | $ | 108.7 |  |  | $ | 163.7 |
Dividend expense on short equity positions | 37.8 |  |  | 79.1 |  |  | 109.4 |  |  | 162.6 |
Dividend (loss)/income, net reported within Principal gains, net | $ | (2.0) |  |  | $ | (1.4) |  |  | $ | (0.7) |  |  | $ | 1.1 |

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