Collateralized Transactions (Tables)

9 Months Ended

Aug. 31, 2022

Collateralized Transactions [Abstract]

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, at fair value by class of collateral pledged (in thousands):

	August 31, 2022
	Securities Lending Arrangements		Repurchase Agreements		Obligation to Return Securities Received as Collateral, at Fair Value		Total
Collateral Pledged:
Corporate equity securities	$	926,636	$	451,454	$	27,859	$	1,405,949
Corporate debt securities	333,515		2,035,863		—		2,369,378
Mortgage-backed and asset-backed securities	—		1,337,306		—		1,337,306
U.S. government and federal agency securities	37,730		9,426,864		121,727		9,586,321
Municipal securities	—		233,824		—		233,824
Sovereign obligations	17,528		2,119,137		—		2,136,665
Loans and other receivables	—		918,259		—		918,259
Total	$	1,315,409	$	16,522,707	$	149,586	$	17,987,702

	November 30, 2021
	Securities Lending Arrangements		Repurchase Agreements		Obligation to Return Securities Received as Collateral, at Fair Value		Total
Collateral Pledged:
Corporate equity securities	$	1,160,916	$	150,602	$	7,289	$	1,318,807
Corporate debt securities	321,356		2,684,458		—		3,005,814
Mortgage-backed and asset-backed securities	—		1,209,442		—		1,209,442
U.S. government and federal agency securities	6,348		8,426,536		—		8,432,884
Municipal securities	—		413,073		—		413,073
Sovereign obligations	37,101		2,422,901		—		2,460,002
Loans and other receivables	—		712,388		—		712,388
Total	$	1,525,721	$	16,019,400	$	7,289	$	17,552,410

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

	August 31, 2022
	Overnight and Continuous		Up to 30 Days		31-90 Days		Greater than 90 Days		Total
Securities lending arrangements	$	744,734	$	—	$	303,764	$	266,911	$	1,315,409
Repurchase agreements	8,455,862		2,824,948		1,943,871		3,298,026		16,522,707
Obligation to return securities received as collateral, at fair value	149,586		—		—		—		149,586
Total	$	9,350,182	$	2,824,948	$	2,247,635	$	3,564,937	$	17,987,702

	November 30, 2021
	Overnight and Continuous		Up to 30 Days		31-90 Days		Greater than 90 Days		Total
Securities lending arrangements	$	595,628	$	1,318	$	539,623	$	389,152	$	1,525,721
Repurchase agreements	6,551,934		1,798,716		4,361,993		3,306,757		16,019,400
Obligation to return securities received as collateral, at fair value	7,289		—		—		—		7,289
Total	$	7,154,851	$	1,800,034	$	4,901,616	$	3,695,909	$	17,552,410

Offsetting Assets

The following tables provide information regarding repurchase agreements, securities borrowing and lending arrangements and securities received as collateral, at fair value, and obligation to return securities received as collateral, at fair value, 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).

	August 31, 2022
	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	$	6,607,954	$	—	$	6,607,954	$	(208,879)	$	(1,720,118)	$	4,678,957
Reverse repurchase agreements	13,065,754		(8,958,365)		4,107,389		(585,113)		(3,461,795)		60,481
Securities received as collateral, at fair value	149,586		—		149,586		—		(149,586)		—
Liabilities:
Securities lending arrangements	$	1,315,409	$	—	$	1,315,409	$	(208,879)	$	(1,091,278)	$	15,252
Repurchase agreements	16,522,707		(8,958,365)		7,564,342		(585,113)		(6,534,808)		444,421
Obligation to return securities received as collateral, at fair value	149,586		—		149,586		—		(149,586)		—

	November 30, 2021
	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	$	6,409,420	$	—	$	6,409,420	$	(271,475)	$	(1,528,206)	$	4,609,739
Reverse repurchase agreements	15,215,785		(7,573,301)		7,642,484		(540,312)		(7,048,823)		53,349
Securities received as collateral, at fair value	7,289		—		7,289		—		(7,289)		—
Liabilities:
Securities lending arrangements	$	1,525,721	$	—	$	1,525,721	$	(271,475)	$	(1,213,563)	$	40,683
Repurchase agreements	16,019,400		(7,573,301)		8,446,099		(540,312)		(7,136,585)		769,202
Obligation to return securities received as collateral, at fair value	7,289		—		7,289		—		(7,289)		—

(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 a 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 $4.61 billion of securities borrowing arrangements for which we have received securities collateral of $4.47 billion, and $420.0 million of repurchase agreements, for which we have pledged securities collateral of $432.8 million, which are subject to master netting agreements, but we have not determined the agreements to be legally enforceable.

(4)Amounts include $4.51 billion of securities borrowing arrangements for which we have received securities collateral of $4.35 billion, and $765.0 million of repurchase agreements, for which we have pledged securities collateral of $781.8 million, which are subject to master netting agreements, but we have not determined the agreements to be legally enforceable.

Offsetting Liabilities

The following tables provide information regarding repurchase agreements, securities borrowing and lending arrangements and securities received as collateral, at fair value, and obligation to return securities received as collateral, at fair value, 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).

	August 31, 2022
	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	$	6,607,954	$	—	$	6,607,954	$	(208,879)	$	(1,720,118)	$	4,678,957
Reverse repurchase agreements	13,065,754		(8,958,365)		4,107,389		(585,113)		(3,461,795)		60,481
Securities received as collateral, at fair value	149,586		—		149,586		—		(149,586)		—
Liabilities:
Securities lending arrangements	$	1,315,409	$	—	$	1,315,409	$	(208,879)	$	(1,091,278)	$	15,252
Repurchase agreements	16,522,707		(8,958,365)		7,564,342		(585,113)		(6,534,808)		444,421
Obligation to return securities received as collateral, at fair value	149,586		—		149,586		—		(149,586)		—

	November 30, 2021
	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	$	6,409,420	$	—	$	6,409,420	$	(271,475)	$	(1,528,206)	$	4,609,739
Reverse repurchase agreements	15,215,785		(7,573,301)		7,642,484		(540,312)		(7,048,823)		53,349
Securities received as collateral, at fair value	7,289		—		7,289		—		(7,289)		—
Liabilities:
Securities lending arrangements	$	1,525,721	$	—	$	1,525,721	$	(271,475)	$	(1,213,563)	$	40,683
Repurchase agreements	16,019,400		(7,573,301)		8,446,099		(540,312)		(7,136,585)		769,202
Obligation to return securities received as collateral, at fair value	7,289		—		7,289		—		(7,289)		—

(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 a 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 $4.61 billion of securities borrowing arrangements for which we have received securities collateral of $4.47 billion, and $420.0 million of repurchase agreements, for which we have pledged securities collateral of $432.8 million, which are subject to master netting agreements, but we have not determined the agreements to be legally enforceable.

(4)Amounts include $4.51 billion of securities borrowing arrangements for which we have received securities collateral of $4.35 billion, and $765.0 million of repurchase agreements, for which we have pledged securities collateral of $781.8 million, which are subject to master netting agreements, but we have not determined the agreements to be legally enforceable.