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Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
____________________ 
FORM 10-Q
 ____________________
(Mark One)
☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended December 31, 2020
OR
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Transition Period From              to             
Commission File Number 000-23554
StoneX Group Inc.
(Exact name of registrant as specified in its charter)
Delaware 59-2921318
(State or other jurisdiction of
incorporation or organization)		 (I.R.S. Employer
Identification No.)
155 East 44th Street, Suite 900
New York, NY 10017
(Address of principal executive offices) (Zip Code)
(212) 485-3500
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading SymbolName of each exchange on which registered
Common Stock, $0.01 par valueSNEXThe Nasdaq Stock Market LLC
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒ No  ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer, ” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filero  Accelerated filerx
Non-accelerated fileroSmaller reporting company☐
Emerging growth company☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  ☐ No ☒
As of February 4, 2021, there were 19,644,704 shares of the registrant’s common stock outstanding.

Table of Contents
StoneX Group Inc.
Quarterly Report on Form 10-Q for the Quarterly Period Ended December 31, 2020
Table of Contents
  Page
Part I. FINANCIAL INFORMATION
Item 1.
Item 2.
Item 3.
Item 4.
Part II. OTHER INFORMATION
Item 1.
Item 1A.
Item 2.
Item 6.


Table of Contents
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
StoneX Group Inc.
Condensed Consolidated Balance Sheets
(Unaudited)
(in millions, except par value and share amounts)December 31,
2020		September 30,
2020
ASSETS
Cash and cash equivalents$1,033.7 $952.6 
Cash, securities and other assets segregated under federal and other regulations (including $2.0 million and $2.6 million at fair value at December 31, 2020 and September 30, 2020, respectively)
2,203.9 1,920.2 
Collateralized transactions:
Securities purchased under agreements to resell1,935.6 1,696.2 
Securities borrowed1,227.8 1,440.0 
Deposits with and receivables from broker-dealers, clearing organizations and counterparties, net (including $1,193.9 million and $1,775.8 million at fair value at December 31, 2020 and September 30, 2020, respectively)
3,590.1 3,629.9 
Receivable from clients, net247.8 411.4 
Notes receivable, net4.7 1.7 
Income taxes receivable20.5 16.6 
Financial instruments owned, at fair value (includes securities pledged as collateral that can be sold or repledged of $713.2 million and $468.6 million at December 31, 2020 and September 30, 2020, respectively)
2,852.4 2,727.7 
Physical commodities inventory, net (including $299.5 million and $215.7 million at fair value at December 31, 2020 and September 30, 2020, respectively)
439.1 281.1 
Deferred income taxes, net39.3 36.9 
Property and equipment, net73.4 62.1 
Operating right of use assets99.1 101.5 
Goodwill and intangible assets, net106.4 109.5 
Other assets101.0 87.5 
Total assets$13,974.8 $13,474.9 
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Accounts payable and other accrued liabilities (including $1.3 million and $1.5 million at fair value at December 31, 2020 and September 30, 2020, respectively)
$244.5 $272.6 
Operating lease liabilities118.0 118.7 
Payables to:
Clients5,891.2 5,689.0 
Broker-dealers, clearing organizations and counterparties (including $30.6 million and $14.7 million at fair value at December 31, 2020 and September 30, 2020, respectively)
314.8 537.5 
Lenders under loans373.6 268.1 
Senior secured borrowings, net513.8 515.5 
Income taxes payable18.9 22.6 
Collateralized transactions:
Securities sold under agreements to repurchase3,635.3 3,155.5 
Securities loaned1,237.8 1,441.9 
Financial instruments sold, not yet purchased, at fair value827.4 686.0 
Total liabilities13,175.3 12,707.4 
Commitments and contingencies (Note 11)
Stockholders' equity:
Preferred stock, $0.01 par value. Authorized 1,000,000 shares; no shares issued or outstanding
— — 
Common stock, $0.01 par value. Authorized 30,000,000 shares; 22,026,627 issued and 19,604,670 outstanding at December 31, 2020 and 21,798,551 issued and 19,376,594 outstanding at September 30, 2020
0.2 0.2 
Common stock in treasury, at cost - 2,421,957 shares at December 31, 2020 and September 30, 2020, respectively
(57.6)(57.6)
Additional paid-in-capital297.4 292.6 
Retained earnings585.7 572.4 
Accumulated other comprehensive loss, net(26.2)(40.1)
Total equity799.5 767.5 
Total liabilities and stockholders' equity$13,974.8 $13,474.9 
See accompanying notes to condensed consolidated financial statements.
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StoneX Group Inc.
Condensed Consolidated Income Statements
(Unaudited)
 Three Months Ended December 31,
(in millions, except share and per share amounts)20202019
Revenues:
Sales of physical commodities$8,883.5 $10,978.0 
Principal gains, net203.4 112.5 
Commission and clearing fees119.4 87.2 
Consulting, management, and account fees23.0 21.3 
Interest income21.2 46.0 
Total revenues9,250.5 11,245.0 
Cost of sales of physical commodities8,870.4 10,968.2 
Operating revenues380.1 276.8 
Transaction-based clearing expenses65.4 46.3 
Introducing broker commissions38.2 26.2 
Interest expense9.9 31.1 
Interest expense on corporate funding10.5 2.7 
Net operating revenues256.1 170.5 
Compensation and other expenses:
Compensation and benefits153.6 104.0 
Trading systems and market information13.7 10.4 
Professional fees9.3 6.0 
Non-trading technology and support10.9 6.0 
Occupancy and equipment rental8.6 5.0 
Selling and marketing8.8 1.4 
Travel and business development1.0 4.5 
Communications2.3 1.6 
Depreciation and amortization8.4 3.9 
Bad debts1.5 — 
Other11.1 6.1 
Total compensation and other expenses229.2 148.9 
Other gain— 0.1 
Income before tax26.9 21.7 
Income tax expense7.4 5.4 
Net income$19.5 $16.3 
Earnings per share:
Basic$1.00 $0.85 
Diluted$0.98 $0.84 
Weighted-average number of common shares outstanding:
Basic18,940,876 18,750,270 
Diluted19,470,853 19,074,562 
See accompanying notes to condensed consolidated financial statements.
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StoneX Group Inc.
Condensed Consolidated Statements of Comprehensive Income
(Unaudited)
 Three Months Ended December 31,
(in millions)20202019
Net income$19.5 $16.3 
Other comprehensive income:
Foreign currency translation adjustment 13.9 0.7 
Other comprehensive income13.9 0.7 
Comprehensive income$33.4 $17.0 
See accompanying notes to condensed consolidated financial statements.
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StoneX Group Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
 Three Months Ended December 31,
(in millions)20202019
Cash flows from operating activities:
Net income$19.5 $16.3 
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Depreciation and amortization8.4 3.9 
Amortization of right of use assets2.8 1.5 
Bad debts1.5 — 
Deferred income taxes0.2 (0.6)
Amortization of debt issuance costs1.0 0.4 
Amortization of share-based compensation3.1 2.6 
Changes in operating assets and liabilities, net:
Securities and other assets segregated under federal and other regulations2.8 299.0 
Securities purchased under agreements to resell(239.4)(178.6)
Securities borrowed212.2 (4.5)
Deposits with and receivables from broker-dealers, clearing organizations, and counterparties, net(350.8)281.1 
Receivables from clients, net153.9 93.3 
Notes receivable, net(3.0)(2.9)
Income taxes receivable(4.5)0.5 
Financial instruments owned, at fair value(124.7)(2.2)
Physical commodities inventory, net(158.0)(20.4)
Other assets(7.1)(4.1)
Accounts payable and other accrued liabilities(27.8)(25.8)
Operating lease liabilities(1.6)(1.3)
Payables to clients202.0 114.2 
Payables to broker-dealers, clearing organizations and counterparties(222.7)14.4 
Income taxes payable(3.7)0.4 
Securities sold under agreements to repurchase479.8 157.9 
Securities loaned(204.1)(29.1)
Financial instruments sold, not yet purchased, at fair value141.4 (48.4)
Net cash (used in) provided by operating activities(118.8)667.6 
Cash flows from investing activities:
Cash paid for acquisitions, net(0.4)(5.1)
Purchase of property and equipment(22.4)(1.8)
Net cash used in investing activities(22.8)(6.9)
Cash flows from financing activities:
Net change in payables to lenders under loans with maturities 90 days or less91.5 (106.0)
Proceeds from payables to lenders under loans with maturities greater than 90 days67.0 180.5 
Repayments of payables to lenders under loans with maturities greater than 90 days (62.0)(138.0)
Proceeds from issuance of senior secured term loan— 21.5 
Repayments of senior secured term loan(2.4)(2.5)
Issuance of note payable9.0 — 
Repayments of note payable— (0.1)
Deferred payments on acquisitions(0.3)— 
Repurchase of common stock— (0.4)
Debt issuance costs— (0.2)
Exercise of stock options1.7 1.5 
Net cash provided by (used in) financing activities104.5 (43.7)
Effect of exchange rates on cash, segregated cash, cash equivalents, and segregated cash equivalents14.1 0.7 
Net (decrease) increase in cash, segregated cash, cash equivalents, and segregated cash equivalents(23.0)617.7 
Cash, segregated cash, cash equivalents, and segregated cash equivalents at beginning of period4,468.4 2,451.3 
Cash, segregated cash, cash equivalents, and segregated cash equivalents at end of period$4,445.4 $3,069.0 
Supplemental disclosure of cash flow information:
Cash paid for interest$27.5 $33.0 
Income taxes paid, net of cash refunds$14.4 $5.2 
Supplemental disclosure of non-cash investing and financing activities:
Identified intangible assets and goodwill on acquisitions$0.5 $4.4 
Acquisition of business:
Assets acquired$0.1 $296.5 
Liabilities assumed(0.2)(295.8)
Total net (liabilities) assets assumed$(0.1)$0.7 
See accompanying notes to condensed consolidated financial statements.
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StoneX Group Inc.
Condensed Consolidated Statements of Cash Flows - Continued
(Unaudited)

The following table provides a reconciliation of cash, segregated cash, cash equivalents, and segregated cash equivalents reported within the condensed consolidated balance sheets.
December 31,
(in millions)20202019
Cash and cash equivalents$1,033.7 $338.9 
Cash segregated under federal and other regulations(1)
2,193.7 1,073.9 
Securities segregated under federal and other regulations(1)
— 299.5 
Cash segregated and deposited with or pledged to exchange-clearing organizations and other futures commission merchants (“FCMs”)(2)
1,208.4 993.0 
Securities segregated and pledged to exchange-clearing organizations(2)
9.6 363.7 
Total cash, segregated cash, cash equivalents, and segregated cash equivalents shown in the condensed consolidated statements of cash flows$4,445.4 $3,069.0 

(1) Represents segregated client cash and United States (“U.S.”) Treasury obligations held at third-party banks. Excludes segregated commodity warehouse receipts, segregated U.S.Treasury obligations with original or acquired maturities of greater than 90 days, and other assets of $10.2 million and $7.0 million as of December 31, 2020 and 2019, respectively, included within ‘Cash, securities and other assets segregated under federal and other regulations’ on the condensed consolidated balance sheets.

(2) Represents segregated client cash and U.S. Treasury obligations on deposit with, or pledged to, exchange clearing organizations and other FCMs. Excludes non-segregated cash, segregated U.S. Treasury obligations pledged to exchange-clearing organizations with original or acquired maturities greater than 90 days, and other assets of $2,372.1 million and $1,023.3 million as of December 31, 2020 and 2019, respectively, included within ‘Deposits with and receivables from broker-dealers, clearing organizations, and counterparties, net’ on the condensed consolidated balance sheets.

See accompanying notes to condensed consolidated financial statements.

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StoneX Group Inc.
Condensed Consolidated Statements of Stockholders’ Equity
(Unaudited)
Three months ended December 31, 2019
(in millions)Common Stock Treasury Stock Additional Paid-in Capital Retained EarningsAccumulated Other Comprehensive Loss, netTotal
Balances as of September 30, 2019$0.2 $(50.1)$276.8 $402.1 $(34.8)$594.2 
ASU 2018-02 cumulative transition adjustment0.7 (0.7)$— 
Adjusted Balances as of September 30, 20190.2 (50.1)276.8 402.8 (35.5)594.2 
Net income16.3 16.3 
Other comprehensive income0.7 0.7 
Exercise of stock options1.5 1.5 
Share-based compensation2.6 2.6 
Repurchase of common stock (0.4)(0.4)
Balances as of December 31, 2019$0.2 $(50.5)$280.9 $419.1 $(34.8)$614.9 
Three months ended December 31, 2020
(in millions)Common Stock Treasury Stock Additional Paid-in Capital Retained EarningsAccumulated Other Comprehensive Loss, netTotal
Balances as of September 30, 2020$0.2 $(57.6)$292.6 $572.4 $(40.1)$767.5 
ASU 2016-13 cumulative transition adjustment(6.2)(6.2)
Adjusted Balances as of September 30, 20200.2 (57.6)292.6 566.2 (40.1)761.3 
Net income19.5 19.5 
Other comprehensive income13.9 13.9 
Exercise of stock options1.7 1.7 
Share-based compensation3.1 3.1 
Repurchase of common stock— — 
Balances as of December 31, 2020$0.2 $(57.6)$297.4 $585.7 $(26.2)$799.5 

See accompanying notes to condensed consolidated financial statements.

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StoneX Group Inc.
Notes to Condensed Consolidated Financial Statements
(Unaudited)
Note 1 – Basis of Presentation and Consolidation and Accounting Standards Adopted
StoneX Group Inc., a Delaware corporation, and its consolidated subsidiaries (collectively “StoneX” or “the Company”), is a global financial services network that connects companies, organizations, traders and investors to the global market ecosystem through a unique blend of digital platforms, end-to-end clearing and execution services, high touch service and deep expertise. The Company strives to be the one trusted partner to its clients, providing its network, product and services to allow them to pursue trading opportunities, manage their market risks, make investments and improve their business performance. The Company offers a vertically integrated product suite, beginning with high-touch and electronic access to nearly all major financial markets worldwide, as well as numerous liquidity venues. It delivers this access through the entire lifecycle of a trade, from deep market expertise and on-the-ground intelligence, to best execution and finally post-trade clearing, custody and settlement services. The Company has created a revenue stream that is diversified by asset class, client type and geography, earning commissions and spreads as clients execute transactions across our financial network, monetizing non-trading client activity including interest and fee earnings on client balances as well as earning consulting and fees for our market intelligence and risk management services.
The Company provides these services to a diverse group of more than 32,000 commercial and institutional clients and over 330,000 retail clients located in more than 130 countries, including commercial entities, asset managers, regional, national and introducing broker-dealers, insurance companies, brokers, institutional investors and professional traders, commercial and investment banks and government and non-governmental organizations (“NGOs”).
The Company’s common stock trades on The NASDAQ Global Select Market under the symbol “SNEX”.
Basis of Presentation and Consolidation
The accompanying unaudited condensed consolidated balance sheet as of September 30, 2020, which has been derived from the audited consolidated balance sheet of September 30, 2020, and the unaudited interim condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and disclosures normally included in annual consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) have been condensed or omitted pursuant to those rules and regulations. The Company believes that the disclosures made are adequate to make the information presented not misleading. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation of the condensed consolidated financial statements for the interim periods presented have been reflected as required by Rule 10-01 of Regulation S-X.
Operating results for interim periods are not necessarily indicative of the results that may be expected for the full year. These interim condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and related notes contained in the Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2020 filed with the SEC.
These condensed consolidated financial statements include the accounts of StoneX Group Inc. and all other entities in which the Company has a controlling financial interest. All material intercompany transactions and balances have been eliminated in consolidation.
The Company’s fiscal year end is September 30, and the fiscal quarters end on December 31, March 31, June 30 and September 30. Unless otherwise stated, all dates refer to fiscal years and fiscal interim periods.
The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent liabilities as of the date of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. The most significant of these estimates and assumptions relate to fair value measurement for financial instruments and investments, revenue recognition, the provision for bad debts, valuation of inventories, valuation of goodwill and intangible assets, incomes taxes, and contingencies. Although these and other estimates and assumptions are based on the best available information, actual results could be materially different from these estimates. These estimates and assumptions were considered and made in context with the information reasonably available to the Company and the unknown future impacts of the novel coronavirus (“COVID-19”) as of December 31, 2020 and through the date of this Form 10-Q.
In the condensed consolidated income statements, the total revenues reported combine gross revenues for the physical commodities business and net revenues for all other businesses. The subtotal ‘operating revenues’ in the condensed consolidated income statements is calculated by deducting cost of sales of physical commodities from total revenues. The subtotal ‘net operating revenues’ in the condensed consolidated income statements is calculated as operating revenues less
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transaction-based clearing expenses, introducing broker commissions and interest expense. Transaction-based clearing expenses represent variable expenses paid to executing brokers, exchanges, clearing organizations and banks in relation to transactional volumes. Introducing broker commissions include commission paid to non-employee third parties that have introduced clients to the Company. Net operating revenues represent revenues available to pay variable compensation to risk management consultants and traders and direct non-variable expenses, as well as variable and non-variable expenses of operational and administrative employees.
Reclassifications
During the year ended September 30, 2020, the Company reclassified certain selling and marketing related costs in connection with the acquisition of Gain Capital Holdings, Inc. (“Gain”). In performing this reclassification, the Company has made retrospective adjustments to the consolidated income statements for the three months ended December 31, 2019. For the three months ended December 31, 2019, selling and marketing related costs of $1.4 million were reclassified from ‘Other’ expense to ‘Selling and marketing’ expense.
Accounting Standards Adopted
In June 2016, the FASB issued ASU No. 2016-13, “Measurement of Credit Losses on Financial Instruments”, which significantly changes the ways entities recognize credit losses on financial instruments. The guidance is effective for public business entities for annual and interim periods in fiscal years beginning after December 15, 2019. In April 2019, the FASB issued ASU No. 2019-04, “Codification Improvements to Topic 326, Financial Instruments - Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments”, which among other things, included several amendments to ASU No. 2016-13 changing how a company considers expected recoveries and contractual extensions or renewal options when estimating expected credit losses.
The guidance replaces the previous incurred loss impairment guidance and introduces a new credit reserving model known as the Current Expected Credit Loss (“CECL”) model, which is based on expected losses over the life of an asset, and applies to financial assets carried at amortized cost, held-to-maturity debt securities and off-balance sheet credit exposures. The allowance must reflect management’s estimate of credit losses over the life of the assets taking future economic changes into consideration.
The Company adopted this guidance on October 1, 2020, using the modified retrospective approach and recognized a cumulative-effect adjustment of $6.2 million, net of tax of $2.0 million, to the opening balance sheet of retained earnings - see notes 5 and 11. The adoption impact was attributable to an increase in allowance for credit losses on a group of approximately 300 client deficit accounts, originated in November 2018, of the FCM division of the Company’s wholly owned subsidiary, StoneX Financial Inc. Results for reporting periods beginning after October 1, 2020 are presented using the CECL model, while prior period amounts continue to be reported in accordance with previously applicable U.S. GAAP.
Current Expected Credit Losses
Beginning October 1, 2020, the Company estimates its allowance for credit losses on financial assets measured at amortized cost based on expected credit losses over the life of the financial asset. In determining expected credit losses, the Company considers a number of factors including, but not limited to, historical collection experience, current and forecasted economic and business conditions, internal and external credit risk ratings, collateral terms, payment terms and aging of the financial asset.
The Company estimates expected credit losses primarily using a probability of default (“PD”)/loss given default (“LGD”) model (“PD/LGD model”), under which the expected credit loss is calculated as the product of PD, LGD and exposure at default.
Additionally, for collateralized transactions, the Company elects to measure expected credit losses using the fair value of collateral received where the borrower is required to, and reasonably expected to, replenish the amount of collateral securing the receivable as a result of changes in the fair value of such collateral.
Note 2 – Earnings per Share
The Company presents basic and diluted earnings per share (“EPS”) using the two-class method which requires all outstanding unvested share-based payment awards that contain rights to non-forfeitable dividends and therefore participate in undistributed earnings with common stockholders be included in computing earnings per share. Under the two-class method, net income is reduced by the amount of dividends declared in the period for each class of common stock and participating security. The remaining undistributed earnings are then allocated to common stock and participating securities, based on their respective rights to receive dividends. Restricted stock awards granted to certain employees and directors contain non-forfeitable rights to dividends at the same rate as common stock and are considered participating securities. Basic EPS has been computed by dividing net income by the weighted-average number of common shares outstanding.
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The following is a reconciliation of the numerator and denominator of the diluted earnings per share computations for the periods presented below.
 Three Months Ended December 31,
(in millions, except share amounts)20202019
Numerator:
Net income$19.5 $16.3 
Less: Allocation to participating securities(0.5)(0.3)
Net income allocated to common stockholders$19.0 $16.0 
Denominator:
Weighted average number of:
Common shares outstanding18,940,876 18,750,270 
Dilutive potential common shares outstanding:
Share-based awards529,977 324,292 
Diluted weighted-average common shares19,470,853 19,074,562 
The dilutive effect of share-based awards is reflected in diluted net income per share by application of the treasury stock method, which includes consideration of unamortized share-based compensation expense.
Options to purchase 2,265 and 1,022,350 shares of common stock for the three months ended December 31, 2020 and 2019, respectively, were excluded from the calculation of diluted earnings per share as they would have been anti-dilutive.
Note 3 – Assets and Liabilities, at Fair Value
Fair value is defined by U.S. GAAP as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between willing market participants on the measurement date.
Fair value is a market-based measure considered from the perspective of a market participant rather than an entity-specific measure. Therefore, even when market assumptions are not readily available, the Company is required to develop a set of assumptions that reflect those that market participants would use in pricing the asset or liability at the measurement date. The Company uses prices and inputs that are current as of the measurement date, including periods of market dislocation. In periods of market dislocation, the observability of prices and inputs may be reduced for many securities. This condition could cause a security to be reclassified to a lower level within the fair value hierarchy.
The Company has designed independent price verification controls and periodically performs such controls to ensure the reasonableness of such values.
In accordance with FASB ASC 820, Fair Value Measurement, the Company groups its assets and liabilities measured at fair value in three levels based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value. These levels are:
Level 1 - Valuation is based upon unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. Level 1 consists of financial assets and liabilities whose fair values are estimated using quoted market prices.
Level 2 - Valuation is based upon quoted prices for identical or similar assets or liabilities in markets that are less active, that is, markets in which there are few transactions for the asset or liability that are observable for substantially the full term. Included in Level 2 are those financial assets and liabilities for which fair values are estimated using models or other valuation methodologies. These models are primarily industry-standard models that consider various observable inputs, including time value, yield curve, volatility factors, observable current market and contractual prices for the underlying financial instruments, as well as other relevant economic measures.
Level 3 - Valuation is based on prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity). Level 3 comprises financial assets and liabilities whose fair value is estimated based on internally developed models or methodologies utilizing significant inputs that are not readily observable from objective sources. Level 3 includes contingent liabilities that have been valued using an income approach based upon management developed discounted cash flow projections, which are an unobservable input. The Company had $1.3 million and $1.5 million of contingent liabilities classified within Level 3 of the fair value hierarchy as of December 31, 2020 and September 30, 2020, respectively. The Company had no Level 3 assets as of December 31, 2020 and September 30, 2020.
Financial and nonfinancial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The hierarchy gives the highest priority to unadjusted quoted prices in active markets
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for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). A market is active if there are sufficient transactions on an ongoing basis to provide current pricing information for the asset or liability, pricing information is released publicly, and price quotations do not vary substantially either over time or among market participants. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity.
The guidance requires the Company to consider counterparty credit risk of all parties of outstanding derivative instruments that would be considered by a market participant in the transfer or settlement of such contracts (exit price). The Company’s exposure to credit risk on derivative financial instruments principally relates to the portfolio of OTC derivative contracts as all exchange-traded contracts held can be settled on an active market with a credit guarantee from the respective exchange. The Company requires each counterparty to deposit margin collateral for all OTC instruments and is also required to deposit margin collateral with counterparties. The Company has assessed the nature of these deposits and used its discretion to adjust each based on the underlying credit considerations for the counterparty and determined that the collateral deposits minimize the exposure to counterparty credit risk in the evaluation of the fair value of OTC instruments as determined by a market participant.
Fair value of financial and nonfinancial assets and liabilities that are carried on the Condensed Consolidated Balance Sheets at fair value on a recurring basis
Cash and cash equivalents reported at fair value on a recurring basis includes certificates of deposit and money market mutual funds, which are stated at cost plus accrued interest, which approximates fair value.
Cash, securities and other assets segregated under federal and other regulations reported at fair value on a recurring basis include the value of pledged investments, primarily U.S. Treasury obligations and commodities warehouse receipts.
Deposits with and receivables from broker-dealers, clearing organizations and counterparties and payable to clients and broker-dealers, clearing organizations and counterparties includes the fair value of pledged investments, primarily U.S. Treasury obligations and foreign government obligations. These balances also include the fair value of exchange-traded options on futures and OTC forwards, swaps and options.
Financial instruments owned and sold, not yet purchased include the fair value of equity securities, which includes common, preferred, and foreign ordinary shares, American Depository Receipts (“ADRs”), Global Depository Receipts (“GDRs”), and exchange-traded funds (“ETFs”), corporate and municipal bonds, U.S. Treasury obligations, U.S. government agency obligations, foreign government obligations, agency mortgage-backed obligations, asset-backed obligations, derivative financial instruments, commodities warehouse receipts, exchange firm common stock, and investments in managed funds. The fair value of exchange firm common stock is determined by quoted market prices.
Cash equivalents, debt and equity securities, commodities warehouse receipts, physical commodities inventory, derivative financial instruments and contingent liabilities are carried at fair value, on a recurring basis, and are classified and disclosed into three levels in the fair value hierarchy.
The following section describes the valuation methodologies used by the Company to measure classes of financial instruments at fair value and specifies the level within the fair value hierarchy where various financial instruments are classified.
The Company uses quoted prices in active markets, where available, and classifies such instruments within Level 1 of the fair value hierarchy. Examples include U.S. Treasury obligations, foreign government obligations, commodities warehouse receipts, certain equity securities traded in active markets, physical precious metals inventory held by a regulated broker-dealer subsidiary, exchange firm common stock, investments in managed funds, as well as options on futures contracts traded on national exchanges. The fair value of exchange firm common stock is determined by recent sale transactions and is included within Level 1.
When instruments are traded in secondary markets and observable prices are not available for substantially the full term, the Company generally relies on internal valuation techniques based upon observable inputs for comparable financial instruments, or prices obtained from third-party pricing services or brokers or a combination thereof, and accordingly, classified these instruments as Level 2. Examples include corporate and municipal bonds, U.S. government agency obligations, agency-mortgage backed obligations, asset-backed obligations, certain equity securities traded in less active markets, and OTC derivative contracts, which include purchase and sale commitments related to the Company’s agricultural and energy commodities.
Certain derivatives without a quoted price in an active market and derivatives executed OTC are valued using internal valuation techniques, including pricing models which utilize significant inputs observable to market participants. The valuation techniques and inputs depend on the type of derivative and the nature of the underlying instrument. The key inputs depend upon the type of derivative and the nature of the underlying instrument and include interest yield curves, foreign exchange rates,
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commodity prices, volatilities and correlation. These derivative instruments are included within Level 2 of the fair value hierarchy.
Physical commodities inventory includes precious metals that are a part of the trading activities of a regulated broker-dealer subsidiary and is recorded at fair value using exchange-quoted prices. Physical commodities inventory also includes agricultural commodities that are a part of the trading activities of a non-broker dealer subsidiary and are recorded at net realizable value using exchange-quoted prices. The fair value of precious metals physical commodities inventory is based upon unadjusted exchange-quoted prices and is, therefore, classified within Level 1 of the fair value hierarchy. The fair value of agricultural physical commodities inventory and the related OTC firm sale and purchase commitments are generally based upon exchange-quoted prices, adjusted for basis or differences in local markets, broker or dealer quotations or market transactions in either listed or OTC markets. Exchange-quoted prices are adjusted for location and quality because the exchange-quoted prices for agricultural and energy related products represent contracts that have standardized terms for commodity, quantity, future delivery period, delivery location, and commodity quality or grade. The basis or local market adjustments are observable inputs or have an insignificant impact on the measurement of fair value and, therefore, the agricultural physical commodities inventory as well as the related OTC forward firm sale and purchase commitments have been included within Level 2 of the fair value hierarchy.
With the exception of certain derivative instruments where the valuation approach is disclosed above, financial instruments owned and sold are primarily valued using third-party pricing sources. Third-party pricing vendors compile prices from various sources and often apply matrix pricing for similar securities when market-observable transactions for the instruments are not observable for substantially the full term. The Company reviews the pricing methodologies used by third-party pricing vendors in order to evaluate the fair value hierarchy classification of vendor-priced financial instruments and the accuracy of vendor pricing, which typically involves the comparison of primary vendor prices to internal trader prices or secondary vendor prices. When evaluating the propriety of vendor-priced financial instruments using secondary prices, considerations include the range and quality of vendor prices, level of observable transactions for identical and similar instruments, and judgments based upon knowledge of a particular market and asset class. If the primary vendor price does not represent fair value, justification for using a secondary price, including source data used to make the determination, is subject to review and approval by authorized personnel prior to using a secondary price. Financial instruments owned and sold that are valued using third party pricing sources are included within either Level 1 or Level 2 of the fair value hierarchy based upon the observability of the inputs used and the level of activity in the market.
The fair value estimates presented herein are based on pertinent information available to management as of December 31, 2020 and September 30, 2020. Although management is not aware of any factors that would significantly affect the estimated fair value amounts, such amounts have not been comprehensively revalued for purposes of these condensed consolidated financial statements since that date and current estimates of fair value may differ significantly from the amounts presented herein, particularly in light of the uncertain impacts of COVID-19.
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The following table sets forth the Company’s financial and nonfinancial assets and liabilities accounted for at fair value, on a recurring basis, as of December 31, 2020 by level in the fair value hierarchy. Except as disclosed in Note 6, there were no assets or liabilities that were measured at fair value on a nonrecurring basis as of December 31, 2020.
 December 31, 2020
(in millions)Level 1Level 2Level 3Netting (1)Total
Assets:
Certificates of deposit $3.2 $— $— $— $3.2 
Money market mutual funds12.2 — — — 12.2 
Cash and cash equivalents15.4 — — — 15.4 
Commodities warehouse receipts1.8 — — — 1.8 
U.S. Treasury obligations0.2 — — — 0.2 
Securities and other assets segregated under federal and other regulations2.0 — — — 2.0 
U.S. Treasury obligations1,197.0 — — — 1,197.0 
To be announced ("TBA") and forward settling securities — 28.2 — (0.1)28.1 
Foreign government obligations8.7 — — — 8.7 
Derivatives1,765.9 426.3 — (2,232.1)(39.9)
Deposits with and receivables from broker-dealers, clearing organizations and counterparties, net2,971.6 454.5 — (2,232.2)1,193.9 
Receivables from clients - Derivatives— 351.9 (349.7)2.2 
Equity securities 356.0 10.1 — — 366.1 
Corporate and municipal bonds— 85.7 — — 85.7 
U.S. Treasury obligations313.9 — — — 313.9 
U.S. government agency obligations— 298.3 — — 298.3 
Foreign government obligations2.6 — — — 2.6 
Agency mortgage-backed obligations— 1,522.8 — — 1,522.8 
Asset-backed obligations— 34.0 — — 34.0 
Derivatives0.6 597.5 — (471.2)126.9 
Commodities leases— 27.3 — — 27.3 
Commodities warehouse receipts 55.0 — — — 55.0 
Exchange firm common stock 11.0 — — — 11.0 
Mutual funds and other8.8 — — — 8.8 
Financial instruments owned747.9 2,575.7 — (471.2)2,852.4 
Physical commodities inventory21.1 278.4 — — 299.5 
Total assets at fair value$3,758.0 $3,660.5 $— $(3,053.1)$4,365.4 
Liabilities:
Accounts payable and other accrued liabilities - contingent liabilities$— $— $1.3 $— $1.3 
Payables to clients - Derivatives1,759.8 486.9 (2,368.0)(121.3)
TBA and forward settling securities — 30.8 — (0.1)