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SECURITIES BORROWING AND LENDING
3 Months Ended
Mar. 31, 2024
Offsetting [Abstract]  
SECURITIES BORROWING AND LENDING
NOTE 8: SECURITIES BORROWING AND LENDING
Our securities lending transactions are subject to enforceable master netting arrangements with other broker-dealers; however, we do not net securities borrowing and lending transactions. Therefore, activity related to securities borrowing and lending activities are presented gross on our unaudited condensed consolidated balance sheets.
When we borrow securities from fully-paid securities from users or third parties, we provide cash collateral to our users and third parties, which represents our rights to the collateral provided to our users and is recorded as “securities borrowed”, an asset, on our unaudited condensed consolidated balance sheets. When we lend securities to third parties, we receive cash as collateral, which represents our obligation to return the collateral and is recorded as “securities loaned”, a liability, on our unaudited condensed consolidated balance sheets.
The following tables set forth certain balances related to our securities borrowing and lending activities as of December 31, 2023 and March 31, 2024:
December 31,March 31,
(in millions)20232024
AssetsSecurities borrowed
Gross amount of cash collateral provided to users for securities borrowing transactions
$1,602 $2,107 
Gross amount offset on the consolidated balance sheets— — 
Amounts of assets presented on the consolidated balance sheets1,602 2,107 
Gross amount not offset on the consolidated balance sheets:
Cash collateral provided to users and third parties for securities borrowing transactions
1,602 2,107 
Fair value of securities borrowed from users and third parties
(1,536)(2,060)
Net amount$66 $47 
LiabilitiesSecurities loaned
Gross amount of cash collateral received from counterparties for securities lending transactions
$3,547 $4,215 
Gross amount offset on the consolidated balance sheets
— — 
Amounts of liabilities presented on the consolidated balance sheets3,547 4,215 
Gross amount not offset on the consolidated balance sheets:
Cash collateral received from counterparties for securities lending transactions
3,547 4,215 
Fair value of securities pledged to counterparties
(3,188)(3,834)
Net amount$359 $381 
We obtain securities on terms that permit us to pledge and/or transfer securities to others. As of December 31, 2023 and March 31, 2024, we were permitted to re-pledge securities with a fair value of $4.78 billion and $5.74 billion under margin account agreements with users, and securities with a fair value of an immaterial balance and $6 million that we borrowed under the master securities loan agreements (“MSLAs”) with third parties. Under the Fully-Paid Securities Lending program, as of March 31, 2024, we were permitted to re-pledge securities with a fair value of $19.22 billion including securities with a fair value of $2.05 billion that we had borrowed from users.
As of December 31, 2023 and March 31, 2024, we had re-pledged securities with a fair value of $3.19 billion and $3.83 billion, in each case under MSLAs and fixed-term securities lending agreements with third parties. In addition, as of December 31, 2023 and March 31, 2024, we had re-pledged $676 million and $683 million of the permitted amounts under the margin account agreements with clearing organizations to meet deposit requirements.