Derivative Financial Instruments (Tables)

9 Months Ended

Aug. 31, 2011

Derivative Financial Instruments [Abstract]

Fair value and related number of derivative contracts categorized by predominant risk exposure

	August 31, 2011
	Assets					Liabilities
				Number of					Number of
	Fair Value			Contracts		Fair Value			Contracts
Interest rate contracts	$	417,666			93,251	$	512,254			134,486
Foreign exchange contracts		501,063			105,139		546,885			109,033
Equity contracts		951,232			2,329,567		665,190			2,090,700
Commodity contracts		595,268			172,621		749,278			181,285
Credit contracts		60,331			85		41,834			58
Total		2,525,560			2,700,663		2,515,441			2,515,562
Counterparty/cash-collateral netting		(1,609,418	)				(1,919,499	)
Total per Consolidated Statement of Financial Condition	$	916,142				$	595,942

	November 30, 2010
	Assets					Liabilities
				Number of					Number of
	Fair Value			Contracts		Fair Value			Contracts
Interest rate contracts	$	77,295			41,166	$	126,281			43,243
Foreign exchange contracts		20,263			1,165		17,004			290
Equity contracts		275,760			1,166,365		249,229			1,133,464
Commodity contracts		62,727			103,562		76,911			35,071
Credit contracts		19,835			18		15,647			15
Total		455,880			1,312,276		485,072			1,212,083
Counterparty/cash-collateral netting		(336,612	)				(425,520	)
Total per Consolidated Statement of Financial Condition	$	119,268				$	59,552

Unrealized and realized gains and (losses) on derivative contracts

							Nine Months			Eight Months
	Three Months Ended						Ended			Ended
	August 31, 2011			August 31, 2010			August 31, 2011			August 31, 2010
	Gain (Loss)			Gain (Loss)			Gain (Loss)			Gain (Loss)
Interest rate contracts	$	(103,572	)	$	(90,599	)	$	(190,800	)	$	(127,358	)
Foreign exchange contracts		2,200			(1,185	)		(5,981	)		(369	)
Equity contracts		(74,564	)		(14,345	)		(178,433	)		(61,613	)
Commodity contracts		8,512			2,231			41,102			5,963
Credit contracts		11,383			449			17,123			(50,313	)
Total	$	(156,041	)	$	(103,449	)	$	(316,989	)	$	(233,690	)

Remaining contract maturity of the fair value of OTC derivative assets and liabilities

	OTC derivative assets (1) (2) (4)
					Greater Than		Cross-Maturity
	0 - 12 Months		1 - 5 Years		5 Years		Netting (3)			Total
Commodity swaps, options and forwards	$	102,889	$	11,396	$	—	$	(782	)	$	113,503
Equity options		17,992		—		—		—			17,992
Credit default swaps		468		33,476		11,381		(263	)		45,062
Total return swaps		518		17		—		—			535
Foreign currency forwards, swaps and options		191,540		36,420		3		(9,973	)		217,990
Fixed income forwards		92		—		—		—			92
Interest rate swaps and caps		46,301		88,646		142,426		(14,560	)		262,813
Total	$	359,800	$	169,955	$	153,810	$	(25,578	)		657,987
Cross product counterparty netting											(17,588	)
Total OTC derivative assets included in Financial instruments owned										$	640,399

(1)	At August 31, 2011, we held exchange traded derivative assets and other credit enhancements of $308.0 million.
(2)	OTC derivative assets in the table above are gross of collateral received. OTC derivative assets are recorded net of collateral received on the Consolidated Statements of Financial Condition. At August 31, 2011, cash collateral received was $32.2 million.
(3)	Amounts represent the netting of receivable balances with payable balances within product category for the same counterparty across maturity categories.
(4)	Derivative fair values include counterparty netting within product category.

	OTC derivative liabilities (1)(2)(4)
					Greater Than		Cross-Maturity
	0 - 12 Months		1 - 5 Years		5 Years		Netting (3)			Total
Commodity swaps, options and forwards	$	258,951	$	15,251	$	—	$	(782	)	$	273,420
Equity options		11,079		1,895		—		—			12,974
Credit default swaps		1,001		23,309		—		(263	)		24,047
Total return swaps		—		1,443		—		—			1,443
Foreign currency forwards, swaps and options		238,109		37,407		—		(9,973	)		265,543
Interest rate swaps and caps		47,157		164,399		167,734		(14,560	)		364,730
Total	$	556,297	$	243,704	$	167,734	$	(25,578	)		942,157
Cross product counterparty netting											(17,588	)
Total OTC derivative liabilities included in Financial instruments sold, not yet purchased										$	924,569

(1)	At August 31, 2011, we held exchange traded derivative liabilities and other credit enhancements of $13.7 million.
(2)	OTC derivative liabilities in the table above are gross of collateral pledged. OTC derivative liabilities are recorded net of collateral pledged on the Consolidated Statements of Financial Condition. At August 31, 2011, cash collateral pledged was $342.3 million.
(3)	Amounts represent the netting of receivable balances with payable balances within product category for the same counterparty across maturity categories.
(4)	Derivative fair values include counterparty netting within product category.

Counterparty credit quality with respect to the fair value of OTC derivatives assets

Counterparty credit quality (1):
A or higher	$	439,724
B to BBB		185,906
Lower than B		6,982
Unrated		7,787
Total	$	640,399

(1) We utilize the credit ratings of external rating agencies when available. When external credit ratings are not available, we may utilize internal credit ratings determined by our credit risk management. Credit ratings determined by credit risk management use methodologies that produce ratings generally consistent with those produced by external rating agencies.