Commitments, Contingencies and Guarantees (Tables)

3 Months Ended

Feb. 28, 2013

Commitments and Contingencies

The following table summarizes our commitments associated with our capital market and asset management business activities at February 28, 2013 (in millions):

	Expected Maturity Date
	2013		2014		2015 and 2016		2017 and 2018		2019 and Later		Maximum Payout
Equity commitments	$	0.4	$	4.1	$	0.7	$	—	$	538.3	$	543.5
Loan commitments		214.9		283.8		115.2		80.8		—		694.7
Mortgage-related commitments		848.1		406.9		595.2		—		—		1,850.2
Forward starting reverse repos and repos		956.7		—		—		—		—		956.7
	$	2,020.1	$	694.8	$	711.1	$	80.8	$	538.3	$	4,045.1

Credit Exposure From Loan Commitments

The table below presents our credit exposure from our loan commitments, including funded amounts, summarized by period of expiration as of February 28, 2013. Credit exposure is based on the external credit ratings of the underlyings or referenced assets of our loan commitments. Since commitments associated with these business activities may expire unused, they do not necessarily reflect the actual future cash funding requirements (in millions):

Credit Ratings	0 – 12 Months		1 – 5 Years		Greater Than 5 Years		Total Corporate Lending Exposure (1)		Corporate Lending Exposure at Fair Value (2)		Corporate Lending Commitments (3)
Non-investment grade	$	—	$	116.8	$	—	$	116.8	$	48.2	$	68.6
Unrated		251.0		730.2		—		981.2		355.1		626.1
Total	$	251.0	$	847.0	$	—	$	1,098.0	$	403.3	$	694.7

(1) Total corporate lending exposure represents the potential loss assuming the fair value of funded loans and lending commitments were zero.

(2) The corporate lending exposure carried at fair value includes $403.3 million of funded loans included in Financial instruments owned – Loans and a $8.0 million net liability related to lending commitments recorded in Financial instruments sold – Derivatives and Financial instruments owned- Derivatives in the Consolidated Statement of Financial Condition as of February 28, 2013.

(3) Amounts represent the notional amount of lending commitments less the amount of funded commitments reflected in the Consolidated Statements of Financial Condition.

Future Minimum Lease Commitments for Noncancelable Operating Leases

At February 28, 2013, future minimum aggregate lease payments for all noncancelable operating leases, including the renewed lease of our global headquarters and executive offices, for fiscal years ended November 30, 2013 through 2017 and the aggregate amount thereafter, are as follows (in thousands):

Fiscal period	Gross		Sub-Leases		Net
9 months ended November 30, 2013	$	47,216	$	4,552	$	42,664
2014		50,635		4,822		45,813
2015		46,881		2,312		44,569
2016		44,397		2,210		42,187
2017		43,419		121		43,298
Thereafter		377,565		—		377,565
Total	$	610,113	$	14,017	$	596,096

Guarantees

The following table summarizes the notional amounts associated with our derivative contracts meeting the definition of a guarantee under U.S. GAAP at February 28, 2013 (in millions):

	Expected Maturity Date
Guarantee Type	2013		2014		2015 and 2016		2017 and 2018		2019 and Later		Notional/ Maximum Payout
Derivative contracts - non-credit related	$	11,620.4	$	353.7	$	9.9	$	—	$	—	$	11,984.0
Written derivative contracts - credit related		—		—		—		789.5		—		789.5
Total derivative contracts	$	11,620.4	$	353.7	$	9.9	$	789.5	$	—	$	12,773.5

External Credit Ratings of Underlying or Referenced Assets for Credit Related Derivatives Contracts

At February 28, 2013 the external credit ratings of the underlyings or referenced assets for our credit related derivatives contracts (in millions):

	External Credit Rating
	AAA/ Aaa		AA/Aa		A		BBB/Baa		Below Investment Grade		Unrated		Notional/ Maximum Payout
Credit related derivative contracts:
Single name credit default swaps	$	—	$	—	$	10.0	$	243.0	$	30.0	$	—	$	283.0
Index credit default swaps		506.5		—		—		—		—		—		506.5