Collateralized Transactions (Tables)
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6 Months Ended |
May 31, 2022 |
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| Collateralized Transactions [Abstract] |
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| Schedule of Collateralized Financing Transactions |
The following tables set forth the carrying value of securities lending arrangements, repurchase agreements and obligation to return securities received as collateral, at fair value by class of collateral pledged (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | May 31, 2022 | | Securities Lending Arrangements | | Repurchase Agreements | | Obligation to Return Securities Received as Collateral, at Fair Value | | Total | | Collateral Pledged: | | | | | | | | | Cash | $ | 2,360 | | | $ | — | | | $ | — | | | $ | 2,360 | | | Corporate equity securities | 1,548,640 | | | 420,284 | | | 1,322 | | | 1,970,246 | | | Corporate debt securities | 264,308 | | | 2,072,975 | | | — | | | 2,337,283 | | | Mortgage-backed and asset-backed securities | — | | | 1,585,022 | | | — | | | 1,585,022 | | | U.S. government and federal agency securities | 55,398 | | | 8,680,828 | | | — | | | 8,736,226 | | | Municipal securities | — | | | 444,268 | | | — | | | 444,268 | | | Sovereign obligations | 5,728 | | | 3,256,207 | | | — | | | 3,261,935 | | | Loans and other receivables | — | | | 1,228,714 | | | — | | | 1,228,714 | | | Total | $ | 1,876,434 | | | $ | 17,688,298 | | | $ | 1,322 | | | $ | 19,566,054 | |
| | | | | | | | | | | | | | | | | | | | | | | | | November 30, 2021 | | Securities Lending Arrangements | | Repurchase Agreements | | Obligation to Return Securities Received as Collateral, at Fair Value | | Total | Collateral Pledged: | | | | | | | | | Corporate equity securities | $ | 1,160,916 | | | $ | 150,602 | | | $ | 7,289 | | | $ | 1,318,807 | | | Corporate debt securities | 321,356 | | | 2,684,458 | | | — | | | 3,005,814 | | | Mortgage-backed and asset-backed securities | — | | | 1,209,442 | | | — | | | 1,209,442 | | | U.S. government and federal agency securities | 6,348 | | | 8,426,536 | | | — | | | 8,432,884 | | | Municipal securities | — | | | 413,073 | | | — | | | 413,073 | | | Sovereign obligations | 37,101 | | | 2,422,901 | | | — | | | 2,460,002 | | | Loans and other receivables | — | | | 712,388 | | | — | | | 712,388 | | | Total | $ | 1,525,721 | | | $ | 16,019,400 | | | $ | 7,289 | | | $ | 17,552,410 | |
The following tables set forth the carrying value of securities lending arrangements, repurchase agreements and obligation to return securities received as collateral, at fair value, by remaining contractual maturity (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | May 31, 2022 | | Overnight and Continuous | | Up to 30 Days | | 31-90 Days | | Greater than 90 Days | | Total | Securities lending arrangements | $ | 1,088,631 | | | $ | 107,370 | | | $ | 285,165 | | | $ | 395,268 | | | $ | 1,876,434 | | Repurchase agreements | 9,267,240 | | | 2,549,573 | | | 2,363,392 | | | 3,508,093 | | | 17,688,298 | | Obligation to return securities received as collateral, at fair value | 1,322 | | | — | | | — | | | — | | | 1,322 | | Total | $ | 10,357,193 | | | $ | 2,656,943 | | | $ | 2,648,557 | | | $ | 3,903,361 | | | $ | 19,566,054 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | November 30, 2021 | | Overnight and Continuous | | Up to 30 Days | | 31-90 Days | | Greater than 90 Days | | Total | Securities lending arrangements | $ | 595,628 | | | $ | 1,318 | | | $ | 539,623 | | | $ | 389,152 | | | $ | 1,525,721 | | Repurchase agreements | 6,551,934 | | | 1,798,716 | | | 4,361,993 | | | 3,306,757 | | | 16,019,400 | | Obligation to return securities received as collateral, at fair value | 7,289 | | | — | | | — | | | — | | | 7,289 | | Total | $ | 7,154,851 | | | $ | 1,800,034 | | | $ | 4,901,616 | | | $ | 3,695,909 | | | $ | 17,552,410 | |
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| Offsetting Assets |
The following tables provide information regarding repurchase agreements, securities borrowing and lending arrangements and securities received as collateral, at fair value, and obligation to return securities received as collateral, at fair value, that are recognized in our Consolidated Statements of Financial Condition and 1) the extent to which, under enforceable master netting arrangements, such balances are presented net in our Consolidated Statements of Financial Condition as appropriate under U.S. GAAP and 2) the extent to which other rights of setoff associated with these arrangements exist and could have an effect on our financial position (in thousands). | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | May 31, 2022 | | 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 | $ | 6,312,320 | | | $ | — | | | $ | 6,312,320 | | | $ | (416,770) | | | $ | (1,328,320) | | | $ | 4,567,230 | | Reverse repurchase agreements | 14,269,387 | | | (9,524,408) | | | 4,744,979 | | | (469,355) | | | (4,140,956) | | | 134,668 | | Securities received as collateral, at fair value | 1,322 | | | — | | | 1,322 | | | — | | | (1,322) | | | — | | | Liabilities: | | | | | | | | | | | | Securities lending arrangements | $ | 1,876,434 | | | $ | — | | | $ | 1,876,434 | | | $ | (416,770) | | | $ | (1,433,026) | | | $ | 26,638 | | Repurchase agreements | 17,688,298 | | | (9,524,408) | | | 8,163,890 | | | (469,355) | | | (7,318,621) | | | 375,914 | | Obligation to return securities received as collateral, at fair value | 1,322 | | | — | | | 1,322 | | | — | | | (1,322) | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | November 30, 2021 | | 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 | $ | 6,409,420 | | | $ | — | | | $ | 6,409,420 | | | $ | (271,475) | | | $ | (1,528,206) | | | $ | 4,609,739 | | | Reverse repurchase agreements | 15,215,785 | | | (7,573,301) | | | 7,642,484 | | | (540,312) | | | (7,048,823) | | | 53,349 | | Securities received as collateral, at fair value | 7,289 | | | — | | | 7,289 | | | — | | | (7,289) | | | — | | | Liabilities: | | | | | | | | | | | | | Securities lending arrangements | $ | 1,525,721 | | | $ | — | | | $ | 1,525,721 | | | $ | (271,475) | | | $ | (1,213,563) | | | $ | 40,683 | | | Repurchase agreements | 16,019,400 | | | (7,573,301) | | | 8,446,099 | | | (540,312) | | | (7,136,585) | | | 769,202 | | Obligation to return securities received as collateral, at fair value | 7,289 | | | — | | | 7,289 | | | — | | | (7,289) | | | — | |
(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 the balance sheet 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)Amounts include $4.50 billion of securities borrowing arrangements for which we have received securities collateral of $4.32 billion, and $360.0 million of repurchase agreements, for which we have pledged securities collateral of $371.8 million, which are subject to master netting agreements, but we have not determined the agreements to be legally enforceable. (4)Amounts include $4.51 billion of securities borrowing arrangements for which we have received securities collateral of $4.35 billion, and $765.0 million of repurchase agreements, for which we have pledged securities collateral of $781.8 million, which are subject to master netting agreements, but we have not determined the agreements to be legally enforceable.
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| Offsetting Liabilities |
The following tables provide information regarding repurchase agreements, securities borrowing and lending arrangements and securities received as collateral, at fair value, and obligation to return securities received as collateral, at fair value, that are recognized in our Consolidated Statements of Financial Condition and 1) the extent to which, under enforceable master netting arrangements, such balances are presented net in our Consolidated Statements of Financial Condition as appropriate under U.S. GAAP and 2) the extent to which other rights of setoff associated with these arrangements exist and could have an effect on our financial position (in thousands). | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | May 31, 2022 | | 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 | $ | 6,312,320 | | | $ | — | | | $ | 6,312,320 | | | $ | (416,770) | | | $ | (1,328,320) | | | $ | 4,567,230 | | Reverse repurchase agreements | 14,269,387 | | | (9,524,408) | | | 4,744,979 | | | (469,355) | | | (4,140,956) | | | 134,668 | | Securities received as collateral, at fair value | 1,322 | | | — | | | 1,322 | | | — | | | (1,322) | | | — | | | Liabilities: | | | | | | | | | | | | Securities lending arrangements | $ | 1,876,434 | | | $ | — | | | $ | 1,876,434 | | | $ | (416,770) | | | $ | (1,433,026) | | | $ | 26,638 | | Repurchase agreements | 17,688,298 | | | (9,524,408) | | | 8,163,890 | | | (469,355) | | | (7,318,621) | | | 375,914 | | Obligation to return securities received as collateral, at fair value | 1,322 | | | — | | | 1,322 | | | — | | | (1,322) | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | November 30, 2021 | | 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 | $ | 6,409,420 | | | $ | — | | | $ | 6,409,420 | | | $ | (271,475) | | | $ | (1,528,206) | | | $ | 4,609,739 | | | Reverse repurchase agreements | 15,215,785 | | | (7,573,301) | | | 7,642,484 | | | (540,312) | | | (7,048,823) | | | 53,349 | | Securities received as collateral, at fair value | 7,289 | | | — | | | 7,289 | | | — | | | (7,289) | | | — | | | Liabilities: | | | | | | | | | | | | | Securities lending arrangements | $ | 1,525,721 | | | $ | — | | | $ | 1,525,721 | | | $ | (271,475) | | | $ | (1,213,563) | | | $ | 40,683 | | | Repurchase agreements | 16,019,400 | | | (7,573,301) | | | 8,446,099 | | | (540,312) | | | (7,136,585) | | | 769,202 | | Obligation to return securities received as collateral, at fair value | 7,289 | | | — | | | 7,289 | | | — | | | (7,289) | | | — | |
(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 the balance sheet 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)Amounts include $4.50 billion of securities borrowing arrangements for which we have received securities collateral of $4.32 billion, and $360.0 million of repurchase agreements, for which we have pledged securities collateral of $371.8 million, which are subject to master netting agreements, but we have not determined the agreements to be legally enforceable. (4)Amounts include $4.51 billion of securities borrowing arrangements for which we have received securities collateral of $4.35 billion, and $765.0 million of repurchase agreements, for which we have pledged securities collateral of $781.8 million, which are subject to master netting agreements, but we have not determined the agreements to be legally enforceable.
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