Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2026

Significant Accounting Policies [Abstract]

Schedule Of Securities Segregated For Regulatory Purposes

The table below presents the composition of the Company’s securities segregated for regulatory purposes for the periods indicated.


		March 31,					December 31,
		2026					2025

		(in millions)

U.S. and foreign government securities		$		7,438			$		6,031
Municipal securities				65					66
Securities purchased under agreements to resell 1				32,117					17,981
Securities borrowed 1				2,269					2,443
		$		41,889			$		26,521

1.

These balances are collateralized by U.S. government securities.

Composition Of Investment

The table below presents the composition of the Company’s investments for the periods indicated.


		March 31,					December 31,
		2026					2025

		(in millions)

Equity method investments 1		$		129			$		159
Investments in equity securities at adjusted cost 2				40					39
Investments in equity securities at fair value 2				49					88
Investments in exchange memberships and equity securities of certain exchanges 2				2					2
		$		220			$		288

1.

The Company’s share of income or losses is reported in “Other income” in the condensed consolidated statements of comprehensive income.

2.

These investments do not qualify for the equity method of accounting. Dividends received are reported in “Other income” in the condensed consolidated statements of comprehensive income.