DISCLOSURE OF OFFSETTING ASSETS AND LIABILITIES, COLLATERAL AND ENCUMBERED ASSETS (Tables)

6 Months Ended

Mar. 31, 2015

Disclosure of Offsetting Assets and Liabilities, Collateral and Encumbered Assets [Abstract]

The following table presents information about the financial and derivative instruments that are offset or subject to an enforceable master netting arrangement or other similar agreement as of the dates indicated:



										Gross amounts not offset in the Statement of Financial Condition
	Gross amounts of recognized assets (liabilities)			Gross amounts offset in the Statement of Financial Condition			Net amounts presented in the Statement of Financial Condition			Financial instruments				Cash (received) paid			Net amount
	(in thousands)
As of March 31, 2015:
Assets
Securities purchased under agreements to resell and other collateralized financings	$	469,503		$	—		$	469,503		$	(469,503	)	⁽¹⁾	$	—		$	—
Derivatives - interest rate contracts⁽²⁾	121,414			(79,697		)	41,717			(9,273		)		—			32,444
Derivative instruments associated with offsetting matched book positions	421,850			—			421,850			(421,850		)	⁽³⁾	—			—
Derivatives - forward foreign exchange contracts⁽⁴⁾	8,000			—			8,000			—				—			8,000
Stock borrowed	167,338			—			167,338			(159,418		)		—			7,920
Total assets	$	1,188,105		$	(79,697	)	$	1,108,408		$	(1,060,044	)		$	—		$	48,364
Liabilities
Securities sold under agreements to repurchase	$	(277,383	)	$	—		$	(277,383	)	$	277,383		⁽⁵⁾	$	—		$	—
Derivatives - RJ Bank Interest Hedges	(2,481		)	—			(2,481		)	—				2,481		⁽⁶⁾	—
Derivatives - interest rate contracts⁽²⁾	(105,050		)	79,028			(26,022		)	4,101			⁽⁷⁾	15,941		⁽⁷⁾	(5,980		)
Derivative instruments associated with offsetting matched book positions	(421,850		)	—			(421,850		)	421,850			⁽³⁾	—			—
Stock loaned	(395,609		)	—			(395,609		)	381,327				—			(14,282		)
Total liabilities	$	(1,202,373	)	$	79,028		$	(1,123,345	)	$	1,084,661			$	18,422		$	(20,262	)

As of September 30, 2014:
Assets
Securities purchased under agreements to resell and other collateralized financings	$	446,016		$	—		$	446,016		$	(446,016	)	⁽¹⁾	$	—		$	—
Derivatives - interest rate contracts⁽²⁾	89,923			(61,718		)	28,205			(3,877		)		—			24,328
Derivative instruments associated with offsetting matched book positions	323,337			—			323,337			(323,337		)	⁽³⁾	—			—
Derivatives - forward foreign exchange contracts⁽⁴⁾	2,462			—			2,462			—				—			2,462
Stock borrowed	158,988			—			158,988			(153,261		)		—			5,727
Total assets	$	1,020,726		$	(61,718	)	$	959,008		$	(926,491	)		$	—		$	32,517
Liabilities
Securities sold under agreements to repurchase	$	(244,495	)	$	—		$	(244,495	)	$	244,495		⁽⁵⁾	$	—		$	—
Derivatives - interest rate contracts⁽²⁾	(75,668		)	63,296			(12,372		)	3,502			⁽⁷⁾	4,620		⁽⁷⁾	(4,250		)
Derivative instruments associated with offsetting matched book positions	(323,337		)	—			(323,337		)	323,337			⁽³⁾	—			—
Stock loaned	(417,383		)	—			(417,383		)	402,180				—			(15,203		)
Total liabilities	$	(1,060,883	)	$	63,296		$	(997,587	)	$	973,514			$	4,620		$	(19,453	)

The text of the footnotes in the above table are on the following page.

The text of the footnotes to the table on the previous page are as follows:


(1)	We are over-collateralized since the actual amount of financial instruments pledged as collateral for securities purchased under agreements to resell and other collateralized financings amounts to $483.8 million and $463.7 million as of March 31, 2015 and September 30, 2014, respectively.


(2)	Derivatives - interest rate contracts are included in Trading instruments on our Condensed Consolidated Statements of Financial Condition. See Note 12 for additional information.

(3)

Although these derivative arrangements do not meet the definition of a master netting arrangement as specified by GAAP, the nature of the agreement with the third party intermediary include terms that are similar to a master netting agreement, thus we present the offsetting amounts net in the table above. See Note 12 for further discussion of the “pass through” structure of the derivative instruments associated with Offsetting Matched Book Derivatives Operations.


(4)	As of March 31, 2015 and September 30, 2014. the fair value of the forward foreign exchange contract derivatives are in an asset position and are included in prepaid expenses and other assets on our Condensed Consolidated Statements of Financial Condition. See Note 12 for additional information.


(5)	We are over-collateralized since the actual amount of financial instruments pledged as collateral for securities sold under agreements to repurchase amounts to $289.4 million and $253.7 million as of March 31, 2015 and September 30, 2014, respectively.

(6)

Derivatives - RJ Bank Interest Hedges are included in other liabilities on our Condensed Consolidated Statements of Financial Condition. See Note 12 for additional information. The RJ Bank Interest Hedges are transacted through an exchange. The nature of the agreement with the clearing member exchange includes terms that are similar to a master netting agreement, thus we present offsetting deposits paid to the exchange assoicated with these contracts. These deposits are included in deposits with clearing organizations on our Condensed Consolidated Statements of Financial Condition. We are over-collateralized since the actual amount of cash deposited with the exchange for these RJ Bank Interest Hedges amounts to $8.9 million as of March 31, 2015.

(7)

For the portion of these derivative contracts that are transacted through an exchange, the nature of the agreement with the clearing member exchange include terms that are similar to a master netting agreement, thus we present offsetting deposits paid to the exchange associated with these contracts. These deposits are a component of deposits with clearing organizations on our Condensed Consolidated Statements of Financial Condition. See Note 12 for additional information.

Collateral

The table below presents financial instruments at fair value, that we received as collateral, are not included on our Condensed Consolidated Statements of Financial Condition, and that were available to be delivered or repledged, along with the balances of such instruments that were used to deliver or repledge, to satisfy one of our purposes described above:



	March 31, 2015			September 30, 2014
	(in thousands)
Collateral we received that is available to be delivered or repledged	$	2,146,076		$	2,178,868
Collateral that we delivered or repledged	949,809		⁽¹⁾	879,071		⁽²⁾


(1)	The collateral delivered or repledged as of March 31, 2015, includes client margin securities which we pledged with a clearing organization in the amount of $155.4 million which were applied against our requirement of $125.1 million.


(2)	The collateral delivered or repledged as of September 30, 2014, includes client margin securities which we pledged with a clearing organization in the amount of $138.8 million which were applied against our requirement of $116.5 million.

Encumbered assets

The table below presents information about the fair value of our assets that have been pledged for one of the purposes described above:



	March 31, 2015			September 30, 2014
	(in thousands)
Financial instruments owned, at fair value, pledged to counterparties that:
Had the right to deliver or repledge	$	417,609		$	394,746
Did not have the right to deliver or repledge	137,467		⁽¹⁾	50,983		⁽²⁾


(1)	Assets delivered or repledged as of March 31, 2015, includes securities which we pledged with a clearing organization in the amount of $24.4 million which were applied against our requirement of $125.1 million (client margin securities we pledged which are described in the preceding table constitute the remainder of the assets pledged to meet the requirement).


(2)	Assets delivered or repledged as of September 30, 2014, includes securities which we pledged with a clearing organization in the amount of $18.9 million which were applied against our requirement of $116.5 million (client margin securities we pledged which are described in the preceding table constitute the remainder of the assets pledged to meet the requirement).