XML 123 R83.htm IDEA: XBRL DOCUMENT v3.26.1
Segmental Analysis - Schedule of Segment Information (Details) - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Disclosure of operating segments [line items]      
Commission and fee income $ 1,823.0 $ 1,618.1 $ 1,342.4
Commission and fee expense (845.5) (762.0) (637.5)
Net commission income/(expense) 977.5 856.1 704.9
Net trading income 851.9 492.4 411.4
Net interest income/(expense) 152.6 227.1 121.6
Net physical commodities income 42.1 19.1 6.7
Revenue 2,024.1 1,594.7 1,244.6
Adjusted profit/(loss) before tax 418.1 321.1 230.0
Depreciation and amortisation (36.1) (29.5) (27.1)
Compensation and benefits 1,234.2 971.1 770.3
Operating segments | Clearing      
Disclosure of operating segments [line items]      
Commission and fee income 1,036.7 950.8 825.1
Commission and fee expense (761.3) (687.8) (588.9)
Net commission income/(expense) 275.4 263.0 236.2
Net trading income 25.2 5.2 1.2
Net interest income/(expense) 227.6 198.1 136.2
Net physical commodities income 0.0 0.0 0.0
Revenue 528.2 466.3 373.6
Adjusted profit/(loss) before tax 261.5 247.3 185.0
Depreciation and amortisation (0.5) (0.4) (0.3)
Compensation and benefits 136.8 118.4 88.2
Operating segments | Agency and Execution      
Disclosure of operating segments [line items]      
Commission and fee income 764.1 652.5 506.8
Commission and fee expense (63.2) (55.4) (33.4)
Net commission income/(expense) 700.9 597.1 473.4
Net trading income 333.0 61.3 62.1
Net interest income/(expense) 11.3 34.6 6.0
Net physical commodities income 4.0 2.2 0.0
Revenue 1,049.2 695.2 541.5
Adjusted profit/(loss) before tax 280.9 107.9 71.9
Depreciation and amortisation (0.6) (0.8) (0.8)
Compensation and benefits 587.2 449.5 368.1
Operating segments | Agency and Execution | Energy      
Disclosure of operating segments [line items]      
Revenue 331.3 286.3 219.8
Operating segments | Agency and Execution | Financial Securities      
Disclosure of operating segments [line items]      
Revenue 710.3 407.2 319.8
Operating segments | Agency and Execution | Agriculture      
Disclosure of operating segments [line items]      
Revenue 7.6 1.7 1.9
Operating segments | Market Making      
Disclosure of operating segments [line items]      
Commission and fee income 22.2 14.8 10.5
Commission and fee expense (21.0) (18.8) (15.2)
Net commission income/(expense) 1.2 (4.0) (4.7)
Net trading income 220.9 215.6 182.8
Net interest income/(expense) (24.7) (20.7) (30.9)
Net physical commodities income 38.1 16.9 6.7
Revenue 235.5 207.8 153.9
Adjusted profit/(loss) before tax 68.9 65.6 33.3
Depreciation and amortisation (0.5) (0.4) (0.3)
Compensation and benefits 111.8 89.7 72.7
Operating segments | Market Making | Energy      
Disclosure of operating segments [line items]      
Revenue 33.9 32.5 31.6
Operating segments | Market Making | Financial Securities      
Disclosure of operating segments [line items]      
Revenue 52.4 35.6 25.5
Operating segments | Market Making | Agriculture      
Disclosure of operating segments [line items]      
Revenue 11.6 33.8 27.5
Operating segments | Market Making | Metals      
Disclosure of operating segments [line items]      
Revenue 137.6 105.9 69.3
Operating segments | Hedging and Investment Solutions      
Disclosure of operating segments [line items]      
Commission and fee income 0.0 0.0 0.0
Commission and fee expense 0.0 0.0 0.0
Net commission income/(expense) 0.0 0.0 0.0
Net trading income 272.8 210.3 165.7
Net interest income/(expense) (76.0) (48.8) (37.6)
Net physical commodities income 0.0 0.0 0.0
Revenue 196.8 161.5 128.1
Adjusted profit/(loss) before tax 43.5 42.0 33.8
Depreciation and amortisation (0.6) (0.7) (0.3)
Compensation and benefits 86.0 70.2 51.0
Operating segments | Hedging and Investment Solutions | Hedging Solutions      
Disclosure of operating segments [line items]      
Revenue 79.3 69.2 62.0
Operating segments | Hedging and Investment Solutions | Financial Products      
Disclosure of operating segments [line items]      
Revenue 117.5 92.3 66.1
Operating segments | Corporate      
Disclosure of operating segments [line items]      
Commission and fee income 0.0 0.0 0.0
Commission and fee expense 0.0 0.0 0.0
Net commission income/(expense) 0.0 0.0 0.0
Net trading income 0.0 0.0 (0.4)
Net interest income/(expense) 14.4 63.9 47.9
Net physical commodities income 0.0 0.0 0.0
Revenue 14.4 63.9 47.5
Adjusted profit/(loss) before tax (236.7) (141.7) (94.0)
Depreciation and amortisation (33.9) (27.2) (25.4)
Compensation and benefits 312.5 243.3 190.3
Unallocated amounts      
Disclosure of operating segments [line items]      
Net interest income/(expense) 152.6 227.1 121.6
Unallocated amounts | Clearing      
Disclosure of operating segments [line items]      
Net interest income/(expense) 314.9 317.8 232.9
Unallocated amounts | Agency and Execution      
Disclosure of operating segments [line items]      
Net interest income/(expense) 27.4 39.2 8.7
Unallocated amounts | Market Making      
Disclosure of operating segments [line items]      
Net interest income/(expense) 0.0 0.0 (3.9)
Unallocated amounts | Hedging and Investment Solutions      
Disclosure of operating segments [line items]      
Net interest income/(expense) 0.0 0.0 0.0
Unallocated amounts | Corporate      
Disclosure of operating segments [line items]      
Net interest income/(expense) (189.7) (129.9) (116.1)
Inter-segmental funding allocations      
Disclosure of operating segments [line items]      
Net interest income/(expense) 0.0 0.0 0.0
Inter-segmental funding allocations | Clearing      
Disclosure of operating segments [line items]      
Net interest income/(expense) (87.3) (119.7) (96.7)
Inter-segmental funding allocations | Agency and Execution      
Disclosure of operating segments [line items]      
Net interest income/(expense) (16.1) (4.6) (2.7)
Inter-segmental funding allocations | Market Making      
Disclosure of operating segments [line items]      
Net interest income/(expense) (24.7) (20.7) (27.0)
Inter-segmental funding allocations | Hedging and Investment Solutions      
Disclosure of operating segments [line items]      
Net interest income/(expense) (76.0) (48.8) (37.6)
Inter-segmental funding allocations | Corporate      
Disclosure of operating segments [line items]      
Net interest income/(expense) $ 204.1 $ 193.8 $ 164.0