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Derivative Financial Instruments (Tables)
 9 Months Ended
Aug. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Fair Value and Related Number of Derivative Contracts Categorized by Type of Derivative Contract
The following tables present the fair value and related number of derivative contracts at August 31, 2016 and November 30, 2015 categorized by type of derivative contract and the platform on which these derivatives are transacted. The fair value of assets/liabilities represents our receivable/payable for derivative financial instruments, gross of counterparty netting and cash collateral received and pledged. The following tables also provide information regarding 1) the extent to which, under enforceable master netting arrangements, such balances are presented net in the Consolidated Statements of Financial Condition as appropriate under U.S. GAAP and 2) the extent to which other rights of setoff associated with these arrangements exist and could have an effect on our financial position (in thousands, except contract amounts).
 
August 31, 2016 (1)
 
Assets
 
Liabilities
 
Fair Value
 
Number of
Contracts
 
Fair Value
 
Number of
Contracts
Interest rate contracts:
 
 
 
 
 
 
 
Exchange-traded
$
2,286

 
26,232

 
$
372

 
33,205

Cleared OTC
4,282,590

 
3,450

 
4,218,171

 
3,307

Bilateral OTC
588,640

 
2,046

 
558,296

 
1,234

Foreign exchange contracts:
 
 
 
 
 
 
 
Exchange-traded
—

 
358

 
—

 
470

Bilateral OTC
428,868

 
9,639

 
447,085

 
9,567

Equity contracts:
 
 
 
 
 
 
 
Exchange-traded
799,932

 
3,463,584

 
960,272

 
2,999,406

Bilateral OTC
93,547

 
1,086

 
117,374

 
1,265

Commodity contracts:
 
 
 
 
 
 
 
Exchange-traded
—

 
1,624

 
—

 
888

Credit contracts:
 
 
 
 
 
 
 
Cleared OTC
1,747

 
10

 
8,539

 
18

Bilateral OTC
20,846

 
152

 
32,043

 
189

Total gross derivative assets/ liabilities:
 
 
 
 
 
 
 
Exchange-traded
802,218

 

 
960,644

 

Cleared OTC
4,284,337

 

 
4,226,710

 

Bilateral OTC
1,131,901

 

 
1,154,798

 

Amounts offset in the Consolidated Statements of Financial Condition (2):
 
 
 
 
 
 
 
Exchange-traded
(779,958
)
 
 
 
(779,958
)
 
 
Cleared OTC
(4,233,022
)
 
 
 
(4,212,004
)
 
 
Bilateral OTC
(874,894
)
 
 
 
(978,067
)
 
 
Net amounts per Consolidated Statements of Financial Condition (3)
$
330,582





$
372,123

 
 
(1)
Exchange traded derivatives include derivatives executed on an organized exchange. Cleared OTC derivatives include derivatives executed bilaterally and subsequently novated to and cleared through central clearing counterparties. Bilateral OTC derivatives include derivatives executed and settled bilaterally without the use of an organized exchange or central clearing counterparty.
(2)
Amounts netted include both netting by counterparty and for cash collateral paid or received.
(3)
We have not received or pledged additional collateral under master netting agreements and/or other credit support agreements that is eligible to be offset beyond what has been offset in the Consolidated Statements of Financial Condition.
 
November 30, 2015 (1)
 
Assets
 
Liabilities
 
Fair Value
 
Number of
Contracts
 
Fair Value
 
Number of
Contracts
Interest rate contracts:
 
 
 
 
 
 
 
Exchange-traded
$
998

 
52,605

 
$
364

 
70,672

Cleared OTC
2,213,730

 
2,742

 
2,202,836

 
2,869

Bilateral OTC
695,365

 
1,401

 
646,758

 
1,363

Foreign exchange contracts:
 
 
 
 
 
 
 
Exchange-traded
—

 
441

 
—

 
112

Bilateral OTC (4)
453,202

 
7,646

 
466,021

 
7,264

Equity contracts:
 
 
 
 
 
 
 
Exchange-traded
955,287

 
3,054,315

 
1,004,699

 
2,943,657

Bilateral OTC
61,004

 
1,039

 
81,085

 
1,070

Commodity contracts:
 
 
 
 
 
 
 
Exchange-traded
—

 
1,726

 
—

 
1,684

Bilateral OTC (4)
19,342

 
29

 
4,628

 
28

Credit contracts:
 
 
 
 
 
 
 
Cleared OTC
621

 
39

 
841

 
44

Bilateral OTC
16,977

 
100

 
59,314

 
135

Total gross derivative assets/liabilities:
 
 
 
 
 
 
 
Exchange-traded
956,285

 
 
 
1,005,063

 
 
Cleared OTC
2,214,351

 
 
 
2,203,677

 
 
Bilateral OTC
1,245,890

 
 
 
1,257,806

 
 
Amounts offset in the Consolidated Statements of Financial Condition (2):
 
 
 
 
 
 
 
Exchange-traded
(938,482
)
 
 
 
(938,482
)
 
 
Cleared OTC
(2,184,438
)
 
 
 
(2,184,438
)
 
 
Bilateral OTC
(1,042,526
)
 
 
 
(1,135,078
)
 
 
Net amounts per Consolidated Statements of Financial Condition (3)
$
251,080

 
 
 
$
208,548

 
 
(1)
Exchange traded derivatives include derivatives executed on an organized exchange. Cleared OTC derivatives include derivatives executed bilaterally and subsequently novated to and cleared through central clearing counterparties. Bilateral OTC derivatives include derivatives executed and settled bilaterally without the use of an organized exchange or central clearing counterparty.
(2)
Amounts netted include both netting by counterparty and for cash collateral paid or received.
(3)
We have not received or pledged additional collateral under master netting agreements and/or other credit support agreements that is eligible to be offset beyond what has been offset in the Consolidated Statements of Financial Condition.
(4)
Bilateral OTC commodity contracts increased in assets by a fair value of $19.3 million and by 29 contracts and in liabilities by a fair value of $4.6 million and by 28 contracts with corresponding decreases in bilateral OTC foreign exchange contracts from those amounts previously reported to correct for the classification of certain contracts. The total amount of bilateral OTC contracts remained unchanged.
Unrealized and Realized Gains (Losses) on Derivative Contracts
The following table presents unrealized and realized gains (losses) on derivative contracts:
 
Three Months Ended
 
Nine Months Ended
Gains (Losses)
August 31, 2016
 
August 31, 2015
 
August 31, 2016
 
August 31, 2015
Interest rate contracts
$
(16,631
)
 
$
25,308

 
$
(96,715
)
 
$
580

Foreign exchange contracts
7,886

 
6,893

 
14,000

 
30,417

Equity contracts
(185,264
)
 
68,649

 
(509,476
)
 
28,008

Commodity contracts
4,089

 
(4,757
)
 
1,899

 
15,480

Credit contracts
4,024

 
(4,375
)
 
1,441

 
(612
)
Total
$
(185,896
)
 
$
91,718

 
$
(588,851
)
 
$
73,873
Remaining Contract Maturity of Fair Value of OTC Derivative Assets and Liabilities
The following tables set forth by remaining contract maturity the fair value of OTC derivative assets and liabilities at August 31, 2016 (in thousands):
 
OTC Derivative Assets (1) (2) (3)
 
0 – 12 Months
 
1 – 5 Years
 
Greater Than 
5 Years
 
Cross-Maturity
Netting (4)
 
Total
Equity swaps and options
$
27,781

 
$
5,370

 
$
—

 
$
—

 
$
33,151

Credit default swaps
—

 
7,948

 
230

 
(177
)
 
8,001

Total return swaps
27,796

 
874

 
—

 
(613
)
 
28,057

Foreign currency forwards, swaps and options
84,564

 
29,937

 
—

 
(7,150
)
 
107,351

Interest rate swaps, options and forwards
42,055

 
229,950

 
88,205

 
(97,075
)
 
263,135

Total
$
182,196

 
$
274,079

 
$
88,435

 
$
(105,015
)
 
439,695

Cross product counterparty netting
 
 
 
 
 
 
 
 
(754
)
Total OTC derivative assets included in Financial instruments owned
 
 
 
 
 
 
 
 
$
438,941

(1)
At August 31, 2016, we held exchange traded derivative assets and other credit agreements with a fair value of $25.6 million, which are not included in this table.
(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, 2016, cash collateral received was $134.0 million.
(3)
Derivative fair values include counterparty netting within product category.
(4)
Amounts represent the netting of receivable balances with payable balances for the same counterparty within product category across maturity categories.
 
OTC Derivative Liabilities (1) (2) (3)
 
0 – 12 Months
 
1 – 5 Years
 
Greater Than 
5 Years
 
Cross-Maturity
Netting (4)
 
Total
Equity swaps and options
$
13,408

 
$
23,617

 
$
—

 
$
—

 
$
37,025

Credit default swaps
28

 
12,639

 
1,672

 
(177
)
 
14,162

Total return swaps
26,824

 
16,967

 
—

 
(613
)
 
43,178

Foreign currency forwards, swaps and options
112,699

 
20,024

 
—

 
(7,150
)
 
125,573

Fixed income forwards
5,044

 
—

 
—

 
—

 
5,044

Interest rate swaps, options and forwards
23,709

 
119,675

 
124,541

 
(97,075
)
 
170,850

Total
$
181,712

 
$
192,922

 
$
126,213

 
$
(105,015
)
 
395,832

Cross product counterparty netting
 
 
 
 
 
 
 
 
(754
)
Total OTC derivative liabilities included in Financial instruments sold, not yet purchased
 
 
 
 
 
 
 
 
$
395,078

(1)
At August 31, 2016, we held exchange traded derivative liabilities and other credit agreements with a fair value of $193.2 million, which are not included in this table.
(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, 2016, cash collateral pledged was $216.1 million.
(3)
Derivative fair values include counterparty netting within product category.
(4)
Amounts represent the netting of receivable balances with payable balances for the same counterparty within product category across maturity categories.
Counterparty Credit Quality with Respect to Fair Value of OTC Derivatives Assets
At August 31, 2016, the counterparty credit quality with respect to the fair value of our OTC derivatives assets was as follows (in thousands):
Counterparty credit quality (1):
 
A- or higher
$
214,650

BBB- to BBB+
77,419

BB+ or lower
64,975

Unrated
81,897

Total
$
438,941

(1)
We utilize internal credit ratings determined by our Risk Management department. Credit ratings determined by Risk Management use methodologies that produce ratings generally consistent with those produced by external rating agencies.