Financial Assets And Financial Liabilities (Tables)

6 Months Ended

Jun. 30, 2025

Financial Assets And Financial Liabilities [Abstract]



	Financial Assets at Fair Value as of June 30, 2025

	Level 1		Level 2		Level 3		Total

	(in millions)

Securities segregated for regulatory purposes
U.S. and foreign government securities	$	5,956	$	—	$	—	$	5,956
Municipal securities		—		64		—		64
Total securities segregated for regulatory purposes		5,956		64		—		6,020

Financial instruments owned, at fair value
Stocks		2,990		—		—		2,990
Options		31		24		—		55
U.S. and foreign government securities		644		—		—		644
Mutual funds		—		—		—		—
Precious metals		—		33		—		33
Currency forward contracts		—		134		—		134
Total financial instruments owned, at fair value		3,665		191		—		3,856

Other assets
Customer-held fractional shares		334		—		—		334
Other investments in equity securities		48		—		—		48
Total other assets		382		—		—		382
Total financial assets at fair value	$	10,003	$	255	$	—	$	10,258



	Financial Liabilities at Fair Value as of June 30, 2025
	Level 1		Level 2		Level 3		Total

	(in millions)

Financial instruments sold, but not yet purchased, at fair value
Stocks	$	132	$	—	$	—	$	132
Options		18		314		—		332
Precious metals		—		29		—		29
Currency forward contracts		—		1		—		1
Total financial instruments sold, but not yet purchased, at fair value		150		344		—		494

Accounts payable, accrued expenses and other liabilities
Fractional shares repurchase obligation		334		—		—		334
Total accounts payable, accrued expenses and other liabilities		334		—		—		334
Total financial liabilities at fair value	$	484	$	344	$	—	$	828

‎


	Financial Assets at Fair Value as of December 31, 2024
	Level 1		Level 2		Level 3		Total

	(in millions)

Securities segregated for regulatory purposes
U.S. and foreign government securities	$	6,460	$	—	$	—	$	6,460
Municipal securities		—		33		—		33
Total securities segregated for regulatory purposes		6,460		33		—		6,493

Financial instruments owned, at fair value
Stocks		1,763		—		—		1,763
Options		84		—		—		84
U.S. and foreign government securities		54		—		—		54
Mutual funds		2		—		—		2
Precious metals		—		21		—		21
Currency forward contracts		—		—		—		—
Total financial instruments owned, at fair value		1,903		21		—		1,924

Other assets
Customer-held fractional shares		260		—		—		260
Other investments in equity securities		32		—		—		32
Total other assets		292		—		—		292
Total financial assets at fair value	$	8,655	$	54	$	—	$	8,709



	Financial Liabilities at Fair Value as of December 31, 2024
	Level 1		Level 2		Level 3		Total

	(in millions)
Financial instruments sold, but not yet purchased, at fair value
Stocks	$	116	$	—	$	—	$	116
Options		96		—		—		96
Precious metals		—		18		—		18
Currency forward contracts		—		63		—		63
Total financial instruments sold, but not yet purchased, at fair value		212		81		—		293

Accounts payable, accrued expenses and other liabilities
Fractional shares repurchase obligation		260		—		—		260
Total accounts payable, accrued expenses and other liabilities		260		—		—		260
Total financial liabilities at fair value	$	472	$	81	$	—	$	553

Financial Assets and Liabilities Not Measured at Fair Value



	June 30, 2025
	Carrying ‎Value		Fair ‎Value		Level 1		Level 2		Level 3

	(in millions)
Financial assets, not measured at fair value
Cash and cash equivalents	$	4,688	$	4,688	$	4,688	$	—	$	—
Cash - segregated for regulatory purposes		45,057		45,057		45,057		—		—
Securities - segregated for regulatory purposes		30,952		30,952		—		30,952		—
Securities borrowed		10,145		10,145		—		10,145		—
Securities purchased under agreements to resell		9,529		9,529		—		9,529		—
Receivables from customers		65,346		65,346		—		65,346		—
Receivables from brokers, dealers and clearing organizations		4,074		4,074		—		4,074		—
Interest receivable		454		454		—		454		—
Other assets		40		44		—		5		39
Total financial assets, not measured at fair value	$	170,285	$	170,289	$	49,745	$	120,505	$	39



Financial liabilities, not measured at fair value
Short-term borrowings	$	8	$	8	$	—	$	8	$	—
Securities loaned		21,229		21,229		—		21,229		—
Payables to customers		138,417		138,417		—		138,417		—
Payables to brokers, dealers and clearing organizations		1,682		1,682		—		1,682		—
Interest payable		283		283		—		283		—
Total financial liabilities, not measured at fair value	$	161,619	$	161,619	$	—	$	161,619	$	—

‎



	December 31, 2024
	Carrying ‎Value		Fair ‎Value		Level 1		Level 2		Level 3

	(in millions)

Financial assets, not measured at fair value
Cash and cash equivalents	$	3,633	$	3,633	$	3,633	$	—	$	—
Cash - segregated for regulatory purposes		36,600		36,600		36,600		—		—
Securities - segregated for regulatory purposes		21,353		21,353		—		21,353		—
Securities borrowed		5,369		5,369		—		5,369		—
Securities purchased under agreements to resell		6,575		6,575		—		6,575		—
Receivables from customers		64,432		64,432		—		64,432		—
Receivables from brokers, dealers and clearing organizations		2,196		2,196		—		2,196		—
Interest receivable		446		446		—		446		—
Other assets		30		32		—		3		29
Total financial assets, not measured at fair value	$	140,634	$	140,636	$	40,233	$	100,374	$	29



Financial liabilities, not measured at fair value
Short-term borrowings	$	14	$	14	$	—	$	14	$	—
Securities loaned		16,248		16,248		—		16,248		—
Payables to customers		115,343		115,343		—		115,343		—
Payables to brokers, dealers and clearing organizations		476		476		—		476		—
Interest payable		311		311		—		311		—
Total financial liabilities, not measured at fair value	$	132,392	$	132,392	$	—	$	132,392	$	—

Offsetting Assets And Liabilities



	June 30, 2025
				Amounts		Net Amounts		Amounts Not Offset
	Gross			Offset in the		Presented in		in the Condensed
	Amounts			Condensed		the Condensed		Consolidated
	of Financial			Consolidated		Consolidated		Statements of
	Assets and			Statements of		Statements of		Financial Condition
	Liabilities			Financial		Financial		Cash or Financial		Net
	Recognized			Condition ²		Condition		Instruments		Amount

	(in millions)
Offsetting of financial assets
Securities segregated for regulatory purposes:
Segregated securities purchased under agreements to resell	$	28,249	¹	$	—	$	28,249	$	(28,249)	$	—
Segregated securities borrowed		2,703	¹		—		2,703		(2,625)		78

Securities borrowed		10,145			—		10,145		(9,881)		264
Securities purchased under agreements to resell		9,529			—		9,529		(9,529)		—
Financial instruments owned, at fair value
Options		55			—		55		(42)		13
Currency forward contracts		134			—		134		—		134
Total	$	50,815		$	—	$	50,815	$	(50,326)	$	489


	(in millions)
Offsetting of financial liabilities
Securities loaned	$	21,229	$	—	$	21,229	$	(19,966)	$	1,263
Financial instruments sold, but not yet purchased, at fair value
Options		332		—		332		(42)		290
Currency forward contracts		1		—		1		—		1
Total	$	21,562	$	—	$	21,562	$	(20,008)	$	1,554

‎



	December 31, 2024
				Amounts		Net Amounts		Amounts Not Offset
		Gross		Offset in the		Presented in		in the Condensed
		Amounts		Condensed		the Condensed		Consolidated
		of Financial		Consolidated		Consolidated		Statements of
		Assets and		Statements of		Statements of		Financial Condition
		Liabilities		Financial		Financial		Cash or Financial		Net
		Recognized		Condition ²		Condition		Instruments		Amount

	(in millions)
Offsetting of financial assets
Securities segregated for regulatory purposes:
Segregated securities purchased under agreements to resell	$	21,353	¹	$	—	$	21,353	$	(21,353)	$	—
Segregated securities borrowed		—			—		—		—		—

Securities borrowed		5,369			—		5,369		(5,159)		210
Securities purchased under agreements to resell		6,575			—		6,575		(6,575)		—
Financial instruments owned, at fair value
Options		84			—		84		(69)		15
Currency forward contracts		—			—		—		—		—
Total	$	33,381		$	—	$	33,381	$	(33,156)	$	225


	(in millions)
Offsetting of financial liabilities
Securities loaned	$	16,248	$	—	$	16,248	$	(15,105)	$	1,143
Financial instruments sold, but not yet purchased, at fair value
Options		96		—		96		(69)		27
Currency forward contracts		63		—		63		—		63
Total	$	16,407	$	—	$	16,407	$	(15,174)	$	1,233

________________________

1.As of June 30, 2025 and December 31, 2024, the Company had $28.2 billion and $21.4 billion, respectively, of securities purchased under agreements to resell, and $2.7 billion and $0, respectively, of securities borrowed that were segregated to satisfy regulatory requirements. These securities are included in “Securities - segregated for regulatory purposes” in the condensed consolidated statements of financial condition.

2.The Company did not have any balances eligible for netting in accordance with ASC Topic 210-20 as of June 30, 2025 and December 31, 2024.

Schedule of Securities Financing Transactions



	June 30, 2025
	Remaining Contractual Maturity
	Overnight		Less than		30 – 90		Over 90
	and Open		30 days		days		days		Total

	(in millions)

Securities loaned
Stocks	$	21,135	$	—	$	—	$	—	$	21,135
Corporate bonds		86		—		—		—		86
Foreign government securities		8		—		—		—		8
Total securities loaned	$	21,229	$	—	$	—	$	—	$	21,229


	December 31, 2024
	Remaining Contractual Maturity
	Overnight		Less than		30 – 90		Over 90
	and Open		30 days		days		days		Total

	(in millions)

Securities loaned
Stocks	$	16,215	$	—	$	—	$	—	$	16,215
Corporate bonds		33		—		—		—		33
Total securities loaned	$	16,248	$	—	$	—	$	—	$	16,248