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

9 Months Ended

Jun. 30, 2025

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, 2025 and September 30, 2024. Assets represent net unrealized gains and liabilities represent net unrealized losses.

			June 30, 2025												September 30, 2024
(in millions)			Assets (1)						Liabilities (1)						Assets (1)						Liabilities (1)
Derivative contracts not accounted for as hedges:
Exchange-traded commodity derivatives			$	1,834.2					$	1,876.6					$	1,383.1					$	1,415.7
OTC commodity derivatives			2,702.0						2,576.3						1,967.9						1,924.3
Exchange-traded foreign exchange derivatives			7.9						7.9						2.0						2.0
OTC foreign exchange derivatives			813.4						821.8						975.2						938.2
Exchange-traded interest rate derivatives			509.2						513.7						720.1						728.1
OTC interest rate derivatives			161.6						161.6						207.1						207.1
Exchange-traded equity index derivatives			412.4						412.4						1,817.4						1,817.4
OTC equity and indices derivatives			212.9						141.0						127.4						86.7
TBA and forward settling securities			61.5						118.3						26.1						24.4
Subtotal			6,715.1						6,629.6						7,226.3						7,143.9
Derivative contracts designated as hedging instruments:
Interest rate contracts			—						—						—						0.2
Foreign currency forward contracts			17.3						—						9.6						—
Subtotal			17.3						—						9.6						0.2
Gross fair value of derivative contracts			$	6,732.4					$	6,629.6					$	7,235.9					$	7,144.1
Impact of netting and collateral			(6,689.8)						(6,659.6)						(6,670.6)						(6,614.6)
Total fair value included in Deposits with and receivables from broker-dealers, clearing organizations, and counterparties, net			$	(160.8)											$	336.0
Total fair value included in Receivable from clients, net			$	18.2											$	(8.4)
Total fair value included in Financial instruments owned, at fair value			$	185.2											$	237.7
Total fair value included in Payables to clients									$	(103.5)											$	265.9
Total fair value included in Payables to broker-dealers, clearing organizations and counterparties									$	(134.2)											$	(1.4)
Total fair value included in Financial instruments sold, not yet purchased, at fair value									$	207.7											$	265.0

(1)As of June 30, 2025 and September 30, 2024, the Company’s derivative contract volume for open positions was approximately 12.7 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 June 30, 2025 and September 30, 2024 are as follow:

									June 30, 2025						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						$	17.3					$	9.6
Total derivatives designated as hedging instruments									$	17.3					$	9.6
Derivative assets expected to be released from Other comprehensive income into current earnings:
Foreign currency forward contracts									$	15.6					$	9.2
Total expected to be released from Other comprehensive income into earnings									$	15.6					$	9.2
Liability Derivatives
Derivatives designated as hedging instruments:
Interest rate contracts			Financial instruments sold, not yet purchased						$	—					$	0.2
Total derivatives designated as hedging instruments									$	—					$	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 June 30, 2025 and September 30, 2024 are as follows:

						June 30, 2025						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	210.0					zł	156.1
USD						$	52.4					$	37.5
Foreign currency forward contracts to purchase British Pound Sterling:
Local currency						£	124.0					£	72.0
USD						$	158.1					$	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 and nine months ended June 30, 2025 and 2024 are as follows:

(in millions)			Income Statement Location						Three Months Ended June 30, 2025						Three Months Ended June 30, 2024
Total gain/(loss) reclassified from Accumulated Other Comprehensive Income into Income:
Interest rate contracts			Interest income						$	—					$	(4.4)
Foreign currency forward contracts			Compensation and benefits						6.1						1.8
Total derivatives designated as hedging instruments									$	6.1					$	(2.6)
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						Nine Months Ended June 30, 2025						Nine Months Ended June 30, 2024
Total gain/(loss) reclassified from Accumulated Other Comprehensive Income into Income:
Interest rate contracts			Interest Income						$	(0.2)					$	(24.9)
Foreign currency forward contracts			Compensation and benefits						9.3						5.5
Total derivatives designated as hedging instruments									$	9.1					$	(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									$	—					$	—

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, 2025 and 2024 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)			2025						2024						2025						2024
Commodities			$	89.2					$	189.6					$	275.2					$	320.3
Foreign exchange			39.3						29.8						106.4						87.6
Interest rate, equities, and indices			33.5						27.1						83.4						70.0
To be announced and forward settling securities			22.5						8.7						41.3						(59.0)
Net gains from derivative contracts			$	184.5					$	255.2					$	506.3					$	418.9

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 the three and nine months ended June 30, 2025 and 2024 are as follows:

			Amount of Gain/(Loss) Recognized in Other Comprehensive Income on Derivatives, net of tax
(in millions)			Three Months Ended June 30, 2025						Three Months Ended June 30, 2024
Derivatives in Cash Flow Hedging Relationships:
Interest rate contracts			$	—					$	2.8
Foreign currency forward contracts			6.3						(1.5)
Total			$	6.3					$	1.3

			Amount of Gain Recognized in Other Comprehensive Income on Derivatives, net of tax
(in millions)			Nine Months Ended June 30, 2025						Nine Months Ended June 30, 2024
Derivatives in Cash Flow Hedging Relationships:
Interest rate contracts			$	0.1					$	17.1
Foreign currency forward contracts			5.9						4.1
Total			$	6.0					$	21.2

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Financial Instruments with Off-Balance Sheet Risk and Concentrations of Credit Risk [Abstract]

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Tabular disclosure of gain (loss) on derivative and nonderivative instruments designated and qualifying as cash flow hedge recorded in accumulated other comprehensive income (AOCI) and reclassified into earnings.

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Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments.

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Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

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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.

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Tabular disclosure of the notional amounts of outstanding derivative positions.

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