Short-Term Borrowings |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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May 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Short-Term Borrowings | Short-Term Borrowings Short-term borrowings at May 31, 2016 and November 30, 2015 include bank loans that are payable on demand and that must be repaid within one year or less, as well as borrowings under revolving loan and credit facilities as follows (in thousands):
At May 31, 2016, the weighted average interest rate on short-term borrowings outstanding is 1.81% per annum. Average daily short-term borrowings outstanding were $362.0 million and $334.3 million for the three and six months ended May 31, 2016, respectively, and $77.0 million and $58.2 million for the three and six months ended May 31, 2015, respectively. Bank loans are typically overnight loans used to finance financial instruments owned or clearing related balances, but are not part of our systemic funding model and generally bear interest at a spread over the federal funds rate. On April 8, 2016 and May 3, 2016, under our $2.0 billion Euro Medium Term Note Program, we issued floating rate puttable notes with principal amounts of €30.0 million and €11.0 million, respectively. These notes are puttable three months after the issuance date. On February 19, 2016, we entered into a demand loan margin financing facility (“Demand Loan Facility”) in a maximum principal amount of $25.0 million to satisfy certain of our margin obligations. Interest is based on an annual rate equal to weighted average LIBOR as defined in the Demand Loan Facility agreement plus 150 basis points. On October 29, 2015, we entered into a secured revolving loan facility (“Secured Revolving Loan Facility”) with Pacific Western Bank. Pacific Western Bank agrees to make available a revolving loan facility in a maximum principal amount of $50.0 million in U.S. dollars to purchase eligible receivables that meet certain requirements as defined in the Secured Revolving Loan Facility agreement. Interest is based on an annual rate equal to the lesser of the LIBOR rate plus three and three-quarters percent or the maximum rate as defined in the Secured Revolving Loan Facility agreement. The Bank of New York Mellon agrees to make revolving intraday credit advances ("Intraday Credit Facility") for an aggregate committed amount of $300.0 million in U.S. dollars. The Intraday Credit Facility contains a financial covenant, which includes a minimum regulatory net capital requirement. Interest is based on the higher of the Federal funds effective rate plus 0.5% or the prime rate. At May 31, 2016, we were in compliance with debt covenants under the Intraday Credit Facility. |
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