Derivative Financial Instruments (Tables)

12 Months Ended

Nov. 30, 2017

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 November 30, 2017 and 2016 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 our 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).

	November 30, 2017 (1)
	Assets				Liabilities
	Fair Value			Number of Contracts (2)	Fair Value			Number of Contracts (2)
Derivatives designated as accounting hedges:
Interest rate contracts:
Cleared OTC	$	—		—	$	2,420		1
Total derivatives designated as accounting hedges	—				2,420
Derivatives not designated as accounting hedges:
Interest rate contracts:
Exchange-traded	1,957			33,972	66			8,515
Cleared OTC	1,334,878			2,711	1,263,994			2,948
Bilateral OTC	380,223			1,804	444,716			1,346
Foreign exchange contracts:
Exchange-traded	157			2,045	20			101
Bilateral OTC	303,091			4,338	286,582			4,361
Equity contracts:
Exchange-traded	1,288,295			2,654,555	1,375,832			2,090,935
Bilateral OTC	78,812			1,847	247,750			1,722
Commodity contracts:
Exchange-traded	209			3,723	18			3,819
Credit contracts:
Cleared OTC	5,506			18	8,613			27
Bilateral OTC	24,921			110	33,188			164
Total derivatives not designated as hedges	3,418,049				3,660,779
Total gross derivative assets/ liabilities:
Exchange-traded	1,290,618				1,375,936
Cleared OTC	1,340,384				1,275,027
Bilateral OTC	787,047				1,012,236
Amounts offset in our Consolidated Statements of Financial Condition (3):
Exchange-traded	(1,268,043		)		(1,268,043		)
Cleared OTC	(1,319,895		)		(1,274,900		)
Bilateral OTC	(666,278		)		(883,306		)
Net amounts per Consolidated Statements of Financial Condition (4)	$	163,833			$	236,950

(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) Number of exchange-traded contracts may include open futures contracts. The unsettled fair value of these futures contracts is included in Receivables from/Payables to brokers, dealers and clearing organizations in our Consolidated Statements of Financial Condition

(3) Amounts netted include both netting by counterparty and for cash collateral paid or received.

(4) 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 our Consolidated Statements of Financial Condition.

	November 30, 2016 (1)
	Assets				Liabilities
	Fair Value			Number of Contracts (2)	Fair Value			Number of Contracts (2)
Derivatives not designated as accounting hedges:
Interest rate contracts:
Exchange-traded	$	2,275		24,300	$	24		29,773
Cleared OTC (3)	2,835,812			3,596	2,636,469			3,445
Bilateral OTC	444,159			1,136	522,965			1,627
Foreign exchange contracts:
Exchange-traded	—			376	—			686
Bilateral OTC	529,609			7,448	516,869			7,633
Equity contracts:
Exchange-traded	712,767			2,820,702	1,095,582			2,410,956
Bilateral OTC	72,041			1,077	67,033			1,191
Commodity contracts:
Exchange-traded	—			1,356	—			920
Credit contracts:
Cleared OTC	645			6	2,304			8
Bilateral OTC	19,225			213	25,503			184
Total gross derivative assets/liabilities:
Exchange-traded	715,042				1,095,606
Cleared OTC	2,836,457				2,638,773
Bilateral OTC	1,065,034				1,132,370
Amounts offset in our Consolidated Statements of Financial Condition (4):
Exchange-traded	(691,009		)		(691,009		)
Cleared OTC (3)	(2,751,650		)		(2,638,774		)
Bilateral OTC	(813,340		)		(899,431		)
Net amounts per Consolidated Statements of Financial Condition (5)	$	360,534			$	637,535

(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) Number of exchange-traded contracts may include open futures contracts. The unsettled fair value of these futures contracts is included in Receivables from/Payables to brokers, dealers and clearing organizations in our Consolidated Statements of Financial Condition.

(3) Pursuant to a rule change by the Chicago Mercantile Exchange in the first quarter of 2017, variation margin exchanged each day with this clearing organization on certain interest rate and credit derivatives is characterized as settlement payments as opposed to cash posted as collateral. The impact of this rule change would have been a reduction in gross interest rate derivative assets and liabilities as of November 30, 2016 of approximately $1.0 billion, and a corresponding decrease in counterparty and cash collateral netting, with no impact to our Consolidated Statement of Financial Condition.

(4) Amounts netted include both netting by counterparty and for cash collateral paid or received.

(5) 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 our Consolidated Statements of Financial Condition.

Unrealized and Realized Gains (Losses) on Derivative Contracts

The following table provides information related to gains (losses) recognized in Interest expense in our Consolidated Statements of Earnings on a fair value hedge (in thousands):

	Year Ended November 30,
Gains (Losses)	2017			2016		2015
Interest rate swaps	$	(2,091	)	$	—	$	—
Long-term debt	8,124			—		—
Total	$	6,033		$	—	$	—

The following table presents unrealized and realized gains (losses) on derivative contracts recognized in Principal transactions revenue in our Consolidated Statements of Earnings, which are utilized in connection with our client activities and our economic risk management activities (in thousands):

	Year Ended November 30,
Gains (Losses)	2017			2016			2015
Interest rate contracts	$	2,959		$	(34,319	)	$	(37,601	)
Foreign exchange contracts	4,735			18,122			36,101
Equity contracts	(303,953		)	(650,815		)	(137,636		)
Commodity contracts	(4,911		)	1,310			21,409
Credit contracts	8,508			13,039			(14,397		)
Total	$	(292,662	)	$	(652,663	)	$	(132,124	)

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 November 30, 2017 (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	$	3,082	$	6,084	$	—	$	—		$	9,166
Credit default swaps	567		105		9,510		(5,625		)	4,557
Total return swaps	34,228		1,581		—		(193		)	35,616
Foreign currency forwards, swaps and options	76,213		231		—		(30		)	76,414
Interest rate swaps, options and forwards	28,111		166,403		74,048		(83,534		)	185,028
Total	$	142,201	$	174,404	$	83,558	$	(89,382	)	310,781
Cross product counterparty netting										(23,732		)
Total OTC derivative assets included in Financial instruments owned										$	287,049

(1) At November 30, 2017, we held exchange-traded derivative assets and other credit agreements with a fair value of $22.7 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 in our Consolidated Statements of Financial Condition. At November 30, 2017, cash collateral received was $146.0 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	$	78	$	172,088	$	2,920	$	—		$	175,086
Credit default swaps	104		16,540		3,953		(5,625		)	14,972
Total return swaps	28,920		1,517		—		(193		)	30,244
Foreign currency forwards, swaps and options	59,874		157		—		(30		)	60,001
Fixed income forwards	8,512		—		—		—			8,512
Interest rate swaps, options and forwards	16,544		96,484		151,624		(83,534		)	181,118
Total	$	114,032	$	286,786	$	158,497	$	(89,382	)	469,933
Cross product counterparty netting										(23,732		)
Total OTC derivative liabilities included in Financial instruments sold, not yet purchased										$	446,201

(1) At November 30, 2017, we held exchange-traded derivative liabilities and other credit agreements with a fair value of $108.7 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 in our Consolidated Statements of Financial Condition. At November 30, 2017, cash collateral pledged was $318.0 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.

Counterparty Credit Quality with Respect to Fair Value of OTC Derivatives Assets

The following table presents the counterparty credit quality with respect to the fair value of our OTC derivative assets at November 30, 2017 (in thousands):

Counterparty credit quality (1):
A- or higher	$	163,871
BBB- to BBB+	40,565
BB+ or lower	48,338
Unrated	34,275
Total	$	287,049

(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.

Credit Related Derivative Contracts

The external credit ratings of the underlyings or referenced assets for our written credit related derivative contracts (in millions):

	November 30, 2017
	External Credit Rating
	Investment Grade		Non-investment Grade		Total Notional
Credit protection sold:
Index credit default swaps	$	3.0	$	46.0	$	49.0
Single name credit default swaps	129.1		89.1		218.2

	November 30, 2016
	External Credit Rating
	Investment Grade		Non-investment Grade		Total Notional
Credit protection sold:
Index credit default swaps	$	54.0	$	—	$	54.0
Single name credit default swaps	122.4		261.2		383.6