Collateralized Transactions (Tables)

9 Months Ended

Aug. 31, 2024

Collateralized Transactions [Abstract]

Schedule of Collateralized Financing Transactions

	August 31, 2024
$ in millions	Securities Lending Arrangements		Repurchase Agreements		Obligation to Return Securities Received as Collateral, at Fair Value		Total
Collateral Pledged:
Corporate equity securities	$	1,570.8	$	744.4	$	166.1	$	2,481.3
Corporate debt securities	919.6		3,598.0		—		4,517.6
Mortgage-backed and asset-backed securities	—		1,958.2		—		1,958.2
U.S. government and federal agency securities	46.7		7,084.8		—		7,131.5
Municipal securities	—		184.9		—		184.9
Sovereign obligations	13.0		2,303.0		106.5		2,422.5
Loans and other receivables	—		1,199.5		—		1,199.5
Total	$	2,550.1	$	17,072.8	$	272.6	$	19,895.5

	November 30, 2023
$ in millions	Securities Lending Arrangements		Repurchase Agreements		Obligation to Return Securities Received as Collateral, at Fair Value		Total
Collateral Pledged:
Corporate equity securities	$	1,221.4	$	627.0	$	4.4	$	1,852.8
Corporate debt securities	576.4		4,297.9		—		4,874.3
Mortgage-backed and asset-backed securities	—		1,950.9		—		1,950.9
U.S. government and federal agency securities	39.2		9,474.2		3.4		9,516.8
Municipal securities	—		141.1		—		141.1
Sovereign obligations	3.5		2,511.6		1.0		2,516.1
Loans and other receivables	—		838.5		—		838.5
Total	$	1,840.5	$	19,841.2	$	8.8	$	21,690.5

	August 31, 2024
$ in millions	Overnight and Continuous		Up to 30 Days		31-90 Days		Greater than 90 Days		Total
Securities lending arrangements	$	1,675.4	$	37.4	$	350.0	$	487.3	$	2,550.1
Repurchase agreements	2,644.3		7,997.6		2,150.4		4,280.5		17,072.8
Obligation to return securities received as collateral, at fair value	272.6		—		—		—		272.6
Total	$	4,592.3	$	8,035.0	$	2,500.4	$	4,767.8	$	19,895.5

	November 30, 2023
$ in millions	Overnight and Continuous		Up to 30 Days		31-90 Days		Greater than 90 Days		Total
Securities lending arrangements	$	1,068.6	$	—	$	244.2	$	527.7	$	1,840.5
Repurchase agreements	10,548.3		2,442.4		1,939.9		4,910.6		19,841.2
Obligation to return securities received as collateral, at fair value	8.8		—		—		—		8.8
Total	$	11,625.7	$	2,442.4	$	2,184.1	$	5,438.3	$	21,690.5

Schedule of Offsetting Assets

	August 31, 2024
$ in millions	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	$	7,056.6	$	—	$	7,056.6	$	(279.4)	$	(1,945.2)	$	4,832.0
Reverse repurchase agreements	14,462.3		(7,469.3)		6,993.0		(984.9)		(5,922.7)		85.4
Securities received as collateral, at fair value	272.6		—		272.6		—		(272.6)		—
Liabilities:
Securities lending arrangements	$	2,550.1	$	—	$	2,550.1	$	(279.4)	$	(2,226.9)	$	43.8
Repurchase agreements	17,072.8		(7,469.3)		9,603.5		(984.9)		(8,125.9)		492.7
Obligation to return securities received as collateral, at fair value	272.6		—		272.6		—		(272.6)		—

	November 30, 2023
$ in millions	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	$	7,192.1	$	—	$	7,192.1	$	(327.7)	$	(1,642.9)	$	5,221.4
Reverse repurchase agreements	14,871.1		(8,920.6)		5,950.5		(1,304.0)		(4,582.6)		63.9
Securities received as collateral, at fair value	8.8		—		8.8		—		(8.8)		—
Liabilities:
Securities lending arrangements	$	1,840.5	$	—	$	1,840.5	$	(327.7)	$	(1,396.1)	$	116.7
Repurchase agreements	19,841.2		(8,920.6)		10,920.6		(1,304.0)		(9,035.4)		581.2
Obligation to return securities received as collateral, at fair value	8.8		—		8.8		—		(8.8)		—

(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 our Consolidated Statements of Financial Condition 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)Includes $4.78 billion of securities borrowing arrangements for which we have received securities collateral of $4.64 billion, and $420.0 million of repurchase agreements for which we have pledged securities collateral of $436.5 million, which are subject to master netting agreements, but we have not determined the agreements to be legally enforceable.

(4)Includes $5.17 billion of securities borrowing arrangements for which we have received securities collateral of $5.04 billion, and $505.0 million of repurchase agreements for which we have pledged securities collateral of $520.4 million, which are subject to master netting agreements, but we have not determined the agreements to be legally enforceable.

Schedule of Offsetting Liabilities

	August 31, 2024
$ in millions	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	$	7,056.6	$	—	$	7,056.6	$	(279.4)	$	(1,945.2)	$	4,832.0
Reverse repurchase agreements	14,462.3		(7,469.3)		6,993.0		(984.9)		(5,922.7)		85.4
Securities received as collateral, at fair value	272.6		—		272.6		—		(272.6)		—
Liabilities:
Securities lending arrangements	$	2,550.1	$	—	$	2,550.1	$	(279.4)	$	(2,226.9)	$	43.8
Repurchase agreements	17,072.8		(7,469.3)		9,603.5		(984.9)		(8,125.9)		492.7
Obligation to return securities received as collateral, at fair value	272.6		—		272.6		—		(272.6)		—

	November 30, 2023
$ in millions	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	$	7,192.1	$	—	$	7,192.1	$	(327.7)	$	(1,642.9)	$	5,221.4
Reverse repurchase agreements	14,871.1		(8,920.6)		5,950.5		(1,304.0)		(4,582.6)		63.9
Securities received as collateral, at fair value	8.8		—		8.8		—		(8.8)		—
Liabilities:
Securities lending arrangements	$	1,840.5	$	—	$	1,840.5	$	(327.7)	$	(1,396.1)	$	116.7
Repurchase agreements	19,841.2		(8,920.6)		10,920.6		(1,304.0)		(9,035.4)		581.2
Obligation to return securities received as collateral, at fair value	8.8		—		8.8		—		(8.8)		—

(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 our Consolidated Statements of Financial Condition 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)Includes $4.78 billion of securities borrowing arrangements for which we have received securities collateral of $4.64 billion, and $420.0 million of repurchase agreements for which we have pledged securities collateral of $436.5 million, which are subject to master netting agreements, but we have not determined the agreements to be legally enforceable.

(4)Includes $5.17 billion of securities borrowing arrangements for which we have received securities collateral of $5.04 billion, and $505.0 million of repurchase agreements for which we have pledged securities collateral of $520.4 million, which are subject to master netting agreements, but we have not determined the agreements to be legally enforceable.

Schedule of Broker-Dealer, Net Capital Requirement, SEC Regulation

$ in thousands	August 31, 2024		November 30, 2023
Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations	$	1,360,324	$	1,414,593
Securities purchased under agreements to resell (1)	343,779		45,490
Total	$	1,704,103	$	1,460,083

(1)Includes U.S. Treasury securities segregated for the exclusive benefit of customers under SEC’s Rule 15c3-3.