Collateralized Transactions (Tables)

6 Months Ended

May 31, 2018

Schedule of Collateralized Financing Transactions

The following tables set forth the carrying value of securities lending arrangements, repurchase agreements and obligation to return securities received as collateral by class of collateral pledged (in thousands):



	May 31, 2018
	Securities Lending Arrangements		Repurchase Agreements		Total
Collateral Pledged:
Corporate equity securities	$	2,210,311	$	430,084	$	2,640,395
Corporate debt securities	343,068		1,999,524		2,342,592
Mortgage- and asset-backed securities	—		3,179,689		3,179,689
U.S. government and federal agency securities	2,322		7,938,208		7,940,530
Municipal securities	—		550,030		550,030
Sovereign obligations	—		2,419,766		2,419,766
Loans and other receivables	—		539,940		539,940
Total	$	2,555,701	$	17,057,241	$	19,612,942



	November 30, 2017
	Securities Lending Arrangements		Repurchase Agreements		Obligation To Return Securities Received As Collateral		Total
Collateral Pledged:
Corporate equity securities	$	2,353,798	$	214,413	$	—	$	2,568,211
Corporate debt securities	470,908		2,336,702		—		2,807,610
Mortgage- and asset-backed securities	—		2,562,268		—		2,562,268
U.S. government and federal agency securities	19,205		11,792,534		—		11,811,739
Municipal securities	—		444,861		—		444,861
Sovereign obligations	—		2,023,530		103		2,023,633
Loans and other receivables	—		454,941		—		454,941
Total	$	2,843,911	$	19,829,249	$	103	$	22,673,263

The following tables set forth the carrying value of securities lending arrangements, repurchase agreements and obligation to return securities received as collateral by remaining contractual maturity (in thousands):



	May 31, 2018
	Overnight and Continuous		Up to 30 Days		31-90 Days		Greater than 90 Days		Total
Securities lending arrangements	$	1,369,012	$	—	$	856,607	$	330,082	$	2,555,701
Repurchase agreements	8,515,963		2,261,426		3,998,685		2,281,167		17,057,241
Total	$	9,884,975	$	2,261,426	$	4,855,292	$	2,611,249	$	19,612,942



	November 30, 2017
	Overnight and Continuous		Up to 30 Days		31-90 Days		Greater than 90 Days		Total
Securities lending arrangements	$	1,676,940	$	—	$	741,971	$	425,000	$	2,843,911
Repurchase agreements	10,780,474		4,058,228		3,211,464		1,779,083		19,829,249
Obligation to return securities received as collateral	103		—		—		—		103
Total	$	12,457,517	$	4,058,228	$	3,953,435	$	2,204,083	$	22,673,263

Summary of Repurchase Agreements and Securities Borrowing and Lending Arrangements

The following tables provide information regarding repurchase agreements, securities borrowing and lending arrangements and securities received as collateral and obligation to return securities received as collateral that are recognized in our Consolidated Statements of Financial Condition and 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).



	May 31, 2018
	Gross Amounts		Netting in Consolidated Statement of Financial Condition			Net Amounts in Consolidated Statement of Financial Condition		Additional Amounts Available for Setoff (1)			Available Collateral (2)			Net Amount (3)
Assets:
Securities borrowing arrangements	$	7,599,043	$	—		$	7,599,043	$	(434,474	)	$	(966,570	)	$	6,197,999
Reverse repurchase agreements	12,105,967		(8,283,735		)	3,822,232		(286,116		)	(3,508,358		)	27,758
Liabilities:
Securities lending arrangements	$	2,555,701	$	—		$	2,555,701	$	(434,474	)	$	(2,056,484	)	$	64,743
Repurchase agreements	17,057,241		(8,283,735		)	8,773,506		(286,116		)	(7,269,369		)	1,218,021



	November 30, 2017
	Gross Amounts		Netting in Consolidated Statement of Financial Condition			Net Amounts in Consolidated Statement of Financial Condition		Additional Amounts Available for Setoff (1)			Available Collateral (2)			Net Amount (4)
Assets:
Securities borrowing arrangements	$	7,721,803	$	—		$	7,721,803	$	(966,712	)	$	(1,032,629	)	$	5,722,462
Reverse repurchase agreements	14,858,297		(11,168,738		)	3,689,559		(463,973		)	(3,207,147		)	18,439
Securities received as collateral	103		—			103		—			(103		)	—
Liabilities:
Securities lending arrangements	$	2,843,911	$	—		$	2,843,911	$	(966,712	)	$	(1,795,408	)	$	81,791
Repurchase agreements	19,829,249		(11,168,738		)	8,660,511		(463,973		)	(7,067,512		)	1,129,026
Obligation to return securities received as collateral	103		—			103		—			(103		)	—

(1)

Under master netting agreements with our counterparties, we have the legal right of offset with a counterparty, which incorporates all of the counterparty’s outstanding rights and obligations under the arrangement. These balances reflect additional credit risk mitigation that is available by counterparty in the event of a counterparty’s default, but which are not netted in the balance sheet because other netting provisions of U.S. GAAP are not met.


(2)	Includes securities received or paid under collateral arrangements with counterparties that could be liquidated in the event of a counterparty default and thus offset against a counterparty’s rights and obligations under the respective repurchase agreements or securities borrowing or lending arrangements.


(3)	Amounts include $6,148.2 million of securities borrowing arrangements, for which we have received securities collateral of $5,972.9 million, and $1,205.5 million of repurchase agreements, for which we have pledged securities collateral of $1,244.0 million, which are subject to master netting agreements but we have not determined the agreements to be legally enforceable.


(4)	Amounts include $5,678.6 million of securities borrowing arrangements, for which we have received securities collateral of $5,516.7 million, and $1,084.4 million of repurchase agreements, for which we have pledged securities collateral of $1,115.9 million, which are subject to master netting agreements but we have not determined the agreements to be legally enforceable.