DEI
DEI - shares | 3 Months Ended | |
Dec. 31, 2018 | Feb. 05, 2019 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | INTL FCSTONE INC. | |
Trading Symbol | INTL | |
Entity Central Index Key | 913,760 | |
Current Fiscal Year End Date | --09-30 | |
Entity Filer Category | Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Dec. 31, 2018 | |
Document Fiscal Year Focus | 2,019 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 19,079,389 | |
Entity Current Reporting Status | Yes |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Dec. 31, 2018 | Sep. 30, 2018 |
ASSETS | ||
Cash and cash equivalents | $ 358.2 | $ 342.3 |
Cash, securities and other assets segregated under federal and other regulations (including $312.9 and $643.3 at fair value at December 31, 2018 and September 30, 2018, respectively) | 1,020.2 | 1,408.7 |
Collateralized transactions: | ||
Securities purchased under agreements to resell | 1,191.4 | 870.8 |
Securities Borrowed | 963.3 | 225.5 |
Broker-dealers, clearing organizations and counterparties (including $307.3 and $517.4 at fair value at December 31, 2018 and September 30, 2018, respectively) | 2,364 | 2,234.5 |
Receivables from customers, net | 352.4 | 288 |
Notes receivable, net | 1.5 | 3.8 |
Income taxes receivable | 0.3 | 0.3 |
Financial instruments owned, at fair value (includes securities pledged as collateral that can be sold or repledged of $320.9 and $123.0 at December 31, 2018 and September 30, 2018, respectively) | 2,054.5 | 2,054.8 |
Physical commodities inventory, net (including $164.4 and $156.9 at fair value at December 31, 2018 and September 30, 2018, respectively) | 222.5 | 222.5 |
Deferred income taxes, net | 19.9 | 19.8 |
Property and equipment, net | 44.7 | 42.4 |
Goodwill and intangible assets, net | 59.3 | 59.8 |
Other assets | 58.3 | 51.5 |
Total assets | 8,710.5 | 7,824.7 |
Liabilities: | ||
Accounts payable and other accrued liabilities | 130.4 | 145.4 |
Payables to: | ||
Customers | 3,275.9 | 3,639.6 |
Broker-dealers, clearing organizations and counterparties (including $12.7 and $0.0 at fair value at December 31, 2018 and September 30, 2018), respectively | 223.2 | 89.5 |
Lenders under loans | 435.4 | 355.2 |
Income taxes payable | 9.6 | 8.6 |
Collateralized transactions: | 0 | 0 |
Securities sold under agreements to repurchase | 2,239.3 | 1,936.7 |
Securities Loaned | 1,031 | 277.9 |
Financial instruments sold, not yet purchased, at fair value | 839.7 | 866.5 |
Total liabilities | 8,184.5 | 7,319.4 |
Commitments and contingencies (Note 12) | ||
Stockholders' Equity: | ||
Preferred stock, $0.01 par value. Authorized 1,000,000 shares; no shares issued or outstanding | 0 | 0 |
Common stock, $0.01 par value. Authorized 30,000,000 shares; 21,154,065 issued and 19,032,108 outstanding at December 31, 2018 and 21,030,497 issued and 18,908,540 outstanding at September 30, 2018 | 0.2 | 0.2 |
Common stock in treasury, at cost - 2,121,957 shares at December 31, 2018 and September 30, 2018 | (46.3) | (46.3) |
Additional paid-in capital | 269.7 | 267.5 |
Retained earnings | 335.2 | 317 |
Accumulated other comprehensive loss, net | (32.8) | (33.1) |
Total stockholders' equity | 526 | 505.3 |
Total liabilities and stockholders' equity | $ 8,710.5 | $ 7,824.7 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets Parentheticals - USD ($) $ in Millions | Dec. 31, 2018 | Sep. 30, 2018 |
Balance Sheet Parentheticals [Abstract] | ||
Securities and other assets segregated, fair value | $ 312.9 | $ 643.3 |
Dep and rec -exch clear org - fair value | 232.5 | 0 |
Dep and rec -b/d - fair value | 307.3 | 517.4 |
Physical commodities inventory at fair value | 164.4 | 156.9 |
Collateral that can be sold or repledged | 320.9 | 123 |
Accounts pay and other accrued - fair value | 0 | 0 |
Payables to b/d - fair value | $ 12.7 | $ 0 |
Preferred stock - par value | $ 0.01 | $ 0.01 |
Preferred stock - authorized | 1,000,000 | 1,000,000 |
Preferred stock - issued | 0 | 0 |
Preferred stock - outstanding | 0 | 0 |
Common stock - par value | $ 0.01 | $ 0.01 |
Common stock - authorized | 30,000,000 | 30,000,000 |
Common stock - issued | 21,154,065 | 21,030,497 |
Common stock - outstanding | 19,032,108 | 21,030,497 |
Treasury stock - shares | 2,121,957 | 2,121,957 |
Condensed Consolidated Income S
Condensed Consolidated Income Statements - USD ($) | 3 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Revenues: | ||
Sales of physical commodities | $ 6,295.8 | $ 7,714.4 |
Principal gains, net | 94.9 | 78.3 |
Commission and clearing fees | 97.4 | 85.3 |
Consulting, management, and account fees | 19.1 | 16.6 |
Interest income | 45 | 24 |
Total revenues | 6,552.2 | 7,918.6 |
Cost of sales of physical commodities | 6,287.5 | 7,706 |
Operating revenues | 264.7 | 212.6 |
Transaction-based clearing expenses | 50.1 | 36.9 |
Introducing broker commissions | 32.6 | 31.1 |
Interest expense | 33 | 14.3 |
Net operating revenues | 149 | 130.3 |
Compensation and other expenses: | ||
Compensation and benefits | 89.1 | 77.2 |
Communication and data services | 9.2 | 8.2 |
Occupancy and equipment rental | 4.4 | 4.1 |
Professional fees | 5.3 | 4.7 |
Travel and business development | 3.8 | 3.5 |
Non-trading technology and support | 4.2 | 3.1 |
Depreciation and amortization | 2.9 | 2.7 |
Communications | 1.3 | 1.4 |
Bad debts | 0.3 | 0.1 |
(Recovery) bad debt on physical coal | (2.4) | 1 |
Other | 6.5 | 5.7 |
Total compensation and other expenses | 124.6 | 111.7 |
Income before tax | 24.4 | 18.6 |
Income tax expense | 6.2 | 25.5 |
Net income | $ 18.2 | $ (6.9) |
Earnings per share: | ||
Basic | $ 0.96 | $ (0.37) |
Diluted | $ 0.94 | $ (0.37) |
Weighted-average number of common shares outstanding: | ||
Basic | 18,659,748 | 18,419,072 |
Diluted | 18,993,046 | 18,419,072 |
Condensed Consolidated Statemen
Condensed Consolidated Statement of Comprehensive Income - USD ($) | 3 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Condensed Consolidated Statement of Other Comprehensive Income (Loss) [Abstract] | ||
Net income | $ 18.2 | $ (6.9) |
Other comprehensive income (loss), net of tax: | ||
Foreign currency translation adjustment | (2.2) | |
Reclassification of adjustments included in net income [Abstract] | ||
Other comprehensive income (loss) | 0.3 | (2.2) |
Comprehensive income | $ 18.5 | $ (9.1) |
Condensed Consolidated Cash Flo
Condensed Consolidated Cash Flows Statements - USD ($) | 3 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Cash flows from operating activities: | ||
Net income | $ 18.2 | $ (6.9) |
Adjustments to reconcile net income to net cash (used in) provided by operating activities: | ||
Depreciation and amortization | 2.9 | 2.7 |
Bad debts | 0.3 | 0.1 |
(Recovery) bad debt on physical coal | (2.4) | 1 |
Deferred Income Tax Expense (Benefit) | 0 | 19.7 |
Amortization of debt issuance costs and debt discount | 0.2 | 0.3 |
Amortization of stock-based compensation | 1.9 | 1.6 |
Loss on sale of property and equipment | 0 | (0.6) |
Changes in operating assets and liabilities, net: | ||
Cash, securities and other assets segregated under federal and other regulations | 330.3 | 7.6 |
Securities purchased under agreements to resell | (320.5) | (153) |
Increase (Decrease) in Securities Borrowed | (737.9) | (9) |
Deposits with and receivables from broker-dealers, clearing organizations, and counterparties | (225.5) | 3.5 |
Receivables from customers, net | (63.7) | (54) |
Notes receivable, net | 2.2 | 0 |
Income taxes receivable | 0.1 | (0.4) |
Financial instruments owned, at fair value | 0.3 | (292) |
Physical commodities inventory | 0 | (121) |
Other assets | (6.1) | (2.5) |
Accounts payable and other accrued liabilities | (15.7) | (20.4) |
Payables to customers | (361.2) | 26.7 |
Payables to broker-dealers, clearing organizations and counterparties | 133.6 | 69.6 |
Income taxes payable | 1 | 0.9 |
Payables under repurchase agreements | 302.6 | 257.4 |
Increase (Decrease) in Securities Loaned Transactions | 753.1 | (2.3) |
Financial instruments sold, not yet purchased, at fair value | (26.7) | 86.1 |
Net cash used in operation activities | (213) | (184.9) |
Cash flows from investing activities: | ||
Cash paid for acquisitions, net | 0.7 | 0 |
Purchase of property and equipment | 4.5 | 3.2 |
Net cash used in investing activities | (5.2) | (3.2) |
Cash flows from financing activities: | ||
Net change in payable to lenders under loans | 80.4 | 192.9 |
Payments of note payable | 0.2 | 0.2 |
Deferred payments on acquisitions | 0 | 2.3 |
Debt issuance costs | 0.9 | 0.1 |
Exercise of stock options | 0.3 | 1.5 |
Withholding taxes on stock option exercises | 0 | (0.8) |
Net cash provided by financing activities | 79.6 | 191 |
Effect of exchange rates on cash and cash equivalents | 0.3 | 5.1 |
Net (decrease) increase in cash and cash equivalents | (138.3) | 8 |
Cash and cash equivalents | 358.2 | 321.8 |
Supplemental disclosure of cash flow information: | ||
Cash paid for interest | 33.7 | 11.3 |
Income taxes paid, net of cash refunds | 5.3 | 5.3 |
Acquisition of business: | ||
Cash, segregated cash, cash equivalents, and segregated cash equivalents at beginning of period | 2,051.8 | 2,609.4 |
Assets acquired | 3.1 | 0 |
Liabilities assumed | (0.9) | 0 |
Total net assets acquired | $ 2.2 | $ 0 |
Condensed Consolidated Cash F_2
Condensed Consolidated Cash Flows Statements Reconciliation of Cash, Segregated Cash, Cash Equivalents, and Segregated Cash Equivalents - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Cash and cash equivalents | $ 358.2 | $ 321.8 |
Cash segregated under federal and other regulations(1) | 707.3 | 446.6 |
Cash segregated and deposited with or pledged to exchange-clearing organizations and other futures commission merchants (“FCMs”)(2) | 959.5 | 1,837 |
Securities segregated and pledged to exchange-clearing organizations(2) | 26.8 | 4 |
Total cash, segregated cash, cash equivalents, and segregated cash equivalents shown in the condensed consolidated statements of cash flows | $ 2,051.8 | $ 2,609.4 |
Condensed Consolidated Statem_2
Condensed Consolidated Statement of Stockholders' Equity - USD ($) | Total | Common Stock [Member] | Treasury Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Loss [Member] |
Balances as of beginning of period at Sep. 30, 2017 | $ 0 | $ 0.2 | $ (46.3) | $ 259 | $ 261.5 | $ (24.5) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | (6.9) | (6.9) | ||||
Other comprehensive loss | (2.2) | (2.2) | ||||
Exercise of stock options | 0 | 0.8 | ||||
Share-based Compensation | 0 | 1.6 | ||||
Balances as of end of period at Dec. 31, 2017 | 0 | 0 | 0 | 0 | 0 | 0 |
Balances as of beginning of period at Sep. 30, 2018 | 505.3 | 0.2 | (46.3) | 267.5 | 317 | (33.1) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 18.2 | 18.2 | ||||
Other comprehensive loss | 0.3 | 0.3 | ||||
Exercise of stock options | 0 | 0.3 | ||||
Share-based Compensation | 0 | 1.9 | ||||
Balances as of end of period at Dec. 31, 2018 | $ 526 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Basis of Presentation and Conso
Basis of Presentation and Consolidation and Recently Issued Accounting Standards (Notes) | 3 Months Ended |
Dec. 31, 2018 | |
Basis of Presentation and Consolidation [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | Basis of Presentation and Consolidation and Accounting Standards Adopted INTL FCStone Inc. , a Delaware corporation, and its consolidated subsidiaries (collectively “INTL” or “the Company”), is a diversified global financial services organization providing execution, risk management and advisory services, market intelligence, and clearing services across asset classes and markets around the world. The Company’s services include comprehensive risk management advisory services for commercial clients; execution of listed futures and options on futures contracts on all major commodity exchanges; structured over-the-counter (“OTC”) products in a wide range of commodities; physical trading and hedging of precious metals and select other commodities; trading of more than 140 foreign currencies; market-making in international equities; fixed income; debt origination and asset management. The Company provides these services to a diverse group of more than 20,000 predominantly wholesale organizations located throughout the world, including producers, processors and end-users of nearly all widely-traded physical commodities to manage their risks and enhance margins; to commercial counterparties who are end-users of the Company’s products and services; to governmental and non-governmental organizations; and to commercial banks, brokers, institutional investors and major investment banks. Basis of Presentation and Consolidation The accompanying unaudited condensed consolidated balance sheet as of September 30, 2018 , which was derived from the audited consolidated balance sheet as of September 30, 2018 , and the unaudited interim condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and note disclosures normally included in annual consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) have been condensed or omitted pursuant to those rules and regulations. The Company believes that the disclosures made are adequate to make the information presented not misleading. In the opinion of management, all adjustments (primarily consisting of recurring accruals) considered necessary for a fair presentation of the condensed consolidated financial statements for the interim periods presented have been reflected as required by Rule 10-01 of Regulation S-X. Operating results for interim periods are not necessarily indicative of the results that may be expected for the full year. These interim condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and related notes contained in the Company’s Form 10-K for the fiscal year ended September 30, 2018 filed with the SEC. These condensed consolidated financial statements include the accounts of INTL FCStone Inc. and all other entities in which the Company has a controlling financial interest. All material intercompany transactions and balances have been eliminated in consolidation. The Company’s fiscal year end is September 30, and the fiscal quarters end on December 31, March 31, June 30 and September 30. Unless otherwise stated, all dates refer to fiscal years and fiscal interim periods. The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent liabilities as of the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. The most significant of these estimates and assumptions relate to fair value measurement for financial instruments and investments, revenue recognition, the provision for probable losses from bad debts, valuation of inventories, valuation of goodwill and intangible assets, incomes taxes, and contingencies. Although these and other estimates and assumptions are based on the best available information, actual results could be materially different from these estimates. In the condensed consolidated income statements, the total revenues reported combine gross revenues for the physical commodities business and net revenues for all other businesses. The subtotal ‘operating revenues’ in the condensed consolidated income statements is calculated by deducting the cost of sales of physical commodities from total revenues. The subtotal ‘net operating revenues’ in the condensed consolidated income statements is calculated as operating revenues less transaction-based clearing expenses, introducing broker commissions and interest expense. Transaction-based clearing expenses represent variable expenses paid to executing brokers, exchanges, clearing organizations and banks in relation to transactional volumes. Introducing broker commissions include commission paid to non-employee third parties that have introduced clients to the Company. Net operating revenues represent revenues available to pay variable compensation to risk management consultants and traders and direct non-variable expenses, as well as variable and non-variable expenses of operational and administrative employees. Reclassifications During the three months ended December 31, 2018, the Company reclassified certain brokerage related revenues for which the Company earns commissions on trading activity in the capacity of an agent. In performing this reclassification, the Company has made a retrospective adjustment to the condensed consolidated income statement for the three months ended December 31, 2017. For the three months ended December 31, 2017, brokerage related revenues of $7.5 million were reclassified from ‘Trading gains, net’ to ‘Commissions and clearing fees’. Additionally, the Company has renamed the line item ‘Trading gains, net’ to ‘Principal gains, net’ on the condensed consolidated income statements in order to reflect the fact that these revenue streams are earned from trading financial instruments in the capacity of a principal and in order to properly segregate revenues earned from contracts with clients in connection with the adoption of the new revenue standard as discussed below. Accounting Standards Adopted On October 1, 2018, the Company adopted Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers (“Topic 606”) using the modified retrospective transition method applied to those contracts which were not completed as of October 1, 2018. Results for reporting periods beginning after October 1, 2018, are presented under Topic 606, and amounts prior to October 1, 2018 are not adjusted and continue to be reported in accordance with historical accounting standard, FASB ASC 605, Revenue Recognition (“Topic 605”). The adoption of Topic 606 had no impact to retained earnings as of October 1, 2018, or to revenue for the three months ended December 31, 2018. The Company’s accounting for revenues within the scope of Topic 606 are materially consistent with those accounting principles and practices applied to accounting for revenues under Topic 605. The new revenue recognition model does not apply to revenues associated with financial instruments or contracts, including derivatives and interest income. For further information refer to Note 2 . In August 2016, the FASB issued ASU 2016-15, Statements of Cash Flows (“Topic 230”): Classification of Certain Cash Receipts and Cash Payments, which clarifies how companies present and classify certain cash receipts and cash payments in the statement of cash flows. The Company adopted the provisions of this guidance on October 1, 2018 and the adoption had no impact on its condensed consolidated financial statements. On October 1, 2018, the Company adopted FASB Accounting Standards Update (“ASU”) 2016-18, Statements of Cash Flows (“Topic 230”): Classification and Presentation of Restricted Cash in the Statements of Cash Flows, using the retrospective transition method. In accordance with the provisions of ASU 2016-18, the Company changed its condensed consolidated statements of cash flows presentation convention to explain the changes in cash and cash equivalents, as well as cash and cash equivalents segregated for regulatory purposes. U.S. Treasury obligations with original or acquired maturities of 90 days or less held with third-party banks or pledged with exchange-clearing organizations representing investments of segregated client funds, or which are held for particular clients in lieu of cash margin, are included in segregated cash equivalents. Purchases, sales, as well as client pledges and redemptions in lieu of cash margin, of U.S. Treasury obligations with original or acquired maturities of greater than 90 days representing investments of segregated client funds are presented as operating uses and sources of cash, respectively, within the operating section of the condensed consolidated statements of cash flows. In May 2017, the FASB issued ASU No. 2017- 09, Scope of Modification Accounting (“Topic 718”), which amends the scope of modification accounting for share- based payment arrangements. ASU 2017- 09 provides guidance on the types of changes to the terms or conditions of share- based payment awards to which an entity would be required to apply modification accounting under ASC 718. Specifically, an entity would not apply modification accounting if the fair value, vesting conditions, and classification of the awards are the same immediately before and after the modification. The Company adopted ASU 2017- 09 on October 1, 2018. The adoption of the ASU had no impact on the Company's condensed consolidated financial statements and related disclosures. |
Earnings per Share (Notes)
Earnings per Share (Notes) | 3 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | Earnings (loss) per Share The Company presents basic and diluted earnings (loss) per share (“EPS”) using the two-class method which requires all outstanding unvested share-based payment awards that contain rights to non-forfeitable dividends and therefore participate in undistributed earnings with common stockholders be included in computing earnings (loss) per share. Under the two-class method, net earnings are reduced by the amount of dividends declared in the period for each class of common stock and participating security. The remaining undistributed earnings are then allocated to common stock and participating securities, based on their respective rights to receive dividends and any undistributed losses are solely allocated to common stockholders. Restricted stock awards granted to certain employees and directors contain non-forfeitable rights to dividends at the same rate as common stock, and are considered participating securities. Basic EPS has been computed by dividing net (loss) income by the weighted-average number of common shares outstanding. The following is a reconciliation of the numerator and denominator of the diluted earnings (loss) per share computations for the periods presented below. Three Months Ended December 31, (in millions, except share amounts) 2018 2017 Numerator: Net income (loss) $ 18.2 $ (6.9 ) Less: Allocation to participating securities (0.3 ) — Net income (loss) allocated to common stockholders $ 17.9 $ (6.9 ) Denominator: Weighted average number of: Common shares outstanding 18,659,748 18,419,072 Dilutive potential common shares outstanding: Share-based awards 333,298 — Diluted weighted-average common shares 18,993,046 18,419,072 The dilutive effect of share-based awards is reflected in diluted earnings (loss) per share by application of the treasury stock method, which includes consideration of unamortized share-based compensation expense required under the Compensation – Stock Compensation Topic of the ASC. Options to purchase 178,958 and 489,721 shares of common stock for the three months ended December 31, 2018 and 2017 , respectively, were excluded from the calculation of diluted earnings (loss) per share as they would have been anti-dilutive |
Assets and Liabilities, at Fair
Assets and Liabilities, at Fair Value (Notes) | 3 Months Ended |
Dec. 31, 2018 | |
Assets and Liabilities, at Fair Value [Abstract] | |
Fair Value Disclosures [Text Block] | Assets and Liabilities, at Fair Value Fair value is defined by U.S. GAAP as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between willing market participants on the measurement date. Fair value is a market-based measure considered from the perspective of a market participant rather than an entity-specific measure. Therefore, even when market assumptions are not readily available, the Company is required to develop a set of assumptions that reflect those that market participants would use in pricing the asset or liability at the measurement date. The Company uses prices and inputs that are current as of the measurement date, including periods of market dislocation. In periods of market dislocation, the observability of prices and inputs may be reduced for many securities. This condition could cause a security to be reclassified to a lower level within the fair value hierarchy. The Company has designed independent price verification controls and periodically performs such controls to ensure the reasonableness of such values. In accordance with FASB ASC 820, Fair Value Measurement , the Company groups its assets and liabilities measured at fair value in three levels based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value. These levels are: Level 1 - Valuation is based upon unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. Level 1 consists of financial assets and liabilities whose fair values are estimated using quoted market prices. Level 2 - Valuation is based upon quoted prices for identical or similar assets or liabilities in markets that are less active, that is, markets in which there are few transactions for the asset or liability that are observable for substantially the full term. Included in Level 2 are those financial assets and liabilities for which fair values are estimated using models or other valuation methodologies. These models are primarily industry-standard models that consider various observable inputs, including time value, yield curve, volatility factors, observable current market and contractual prices for the underlying financial instruments, as well as other relevant economic measures. Level 3 - Valuation is based upon valuation techniques that require an input that is both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity). Level 3 comprises financial assets and liabilities whose fair value is estimated based on internally developed models or methodologies utilizing significant inputs that are not readily observable from objective sources. The Company had no assets or liabilities classified within Level 3 of the fair value hierarchy as of December 31, 2018 and September 30, 2018. Financial and nonfinancial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). A market is active if there are sufficient transactions on an ongoing basis to provide current pricing information for the asset or liability, pricing information is released publicly, and price quotations do not vary substantially either over time or among market makers. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. The guidance requires the Company to consider counterparty credit risk of all parties of outstanding derivative instruments that would be considered by a market participant in the transfer or settlement of such contracts (exit price). The Company’s exposure to credit risk on derivative financial instruments principally relates to the portfolio of OTC derivative contracts as all exchange-traded contracts held can be settled on an active market with a credit guarantee from the respective exchange. The Company requires each counterparty to deposit margin collateral for all OTC instruments and is also required to deposit margin collateral with counterparties. The Company has assessed the nature of these deposits and used its discretion to adjust each based on the underlying credit considerations for the counterparty and determined that the collateral deposits minimize the exposure to counterparty credit risk in the evaluation of the fair value of OTC instruments as determined by a market participant. Fair value of financial and nonfinancial assets and liabilities that are carried on the Condensed Consolidated Balance Sheets at fair value on a recurring basis Cash and cash equivalents reported at fair value on a recurring basis includes certificates of deposit, which are stated at cost plus accrued interest, which approximates fair value. Cash, securities and other assets segregated under federal and other regulations reported at fair value on a recurring basis include the value of pledged investments, primarily U.S. Treasury obligations and commodities warehouse receipts. Deposits with and receivables from broker-dealers, clearing organizations and counterparties and payable to clients and broker-dealers, clearing organizations and counterparties include the value of pledged investments, primarily U.S. Treasury obligations and foreign government obligations. These balances also include the fair value of exchange-traded options on futures and OTC forwards, swaps, and options. Financial instruments owned and sold, not yet purchased include the fair value of equity securities, which includes common, preferred, and foreign ordinary shares, ADRs, GDRs, and exchange-traded funds (“ETFs”), corporate and municipal bonds, U.S. Treasury obligations, U.S. government agency obligations, foreign government obligations, agency mortgage-backed obligations, asset-backed obligations, OTC derivative financial instruments, commodities warehouse receipts, exchange firm common stock, and mutual funds and investments in managed funds. Cash equivalents, securities, commodities warehouse receipts, physical commodities inventory, and derivative financial instruments are carried at fair value, on a recurring basis, and are classified and disclosed into three levels in the fair value hierarchy. Except as disclosed in Note 7 , the Company did not have any fair value adjustments for assets or liabilities measured at fair value on a non-recurring basis as of December 31, 2018 and September 30, 2018 . The following section describes the valuation methodologies used by the Company to measure classes of financial instruments at fair value and specifies the level within the fair value hierarchy where various financial instruments are classified. The Company uses quoted prices in active markets, where available, and classifies such instruments within Level 1 of the fair value hierarchy. Examples include U.S. Treasury obligations, foreign government obligations, commodities warehouse receipts, certain equity securities traded in active markets, physical precious metals inventory, exchange firm common stock, investments in managed funds, as well as exchange-traded options on futures contracts. When instruments are traded in secondary markets and observable prices are not available for substantially the full term, the Company generally relies on internal valuation techniques or prices obtained from third-party pricing services or brokers or a combination thereof, and accordingly, classified these instruments as Level 2. Examples include corporate and municipal bonds, U.S. government agency obligations, agency-mortgage backed obligations, asset-backed obligations, certain equity securities traded in less active markets, and OTC derivative contracts, which include purchase and sale commitments related to the Company’s agricultural and energy commodities. Certain derivatives without a quoted price in an active market and derivatives executed OTC are valued using internal valuation techniques, including pricing models which utilize significant inputs observable to market participants. The valuation techniques and inputs depend on the type of derivative and the nature of the underlying instrument. The key inputs depend upon the type of derivative and the nature of the underlying instrument and include interest yield curves, foreign exchange rates, commodity prices, volatilities and correlation. These derivative instruments are included within Level 2 of the fair value hierarchy. Physical commodities inventory includes precious metals that are a part of the trading activities of a regulated broker-dealer subsidiary and is recorded at net realizable value using exchange-quoted prices. Physical commodities inventory also includes agricultural commodities that are a part of the trading activities of a non-broker dealer subsidiary and are also recorded at net realizable value using exchange-quoted prices. The fair value of precious metals physical commodities inventory is based upon unadjusted exchange-quoted prices and is, therefore, classified within Level 1 of the fair value hierarchy. The fair value of agricultural physical commodities inventory and the related OTC firm sale and purchase commitments are generally based upon exchange-quoted prices, adjusted for basis or differences in local markets, broker or dealer quotations or market transactions in either listed or OTC markets. Exchange-quoted prices are adjusted for location and quality because the exchange-quoted prices for agricultural and energy related products represent contracts that have standardized terms for commodity, quantity, future delivery period, delivery location, and commodity quality or grade. The basis or local market adjustments are observable inputs or have an insignificant impact on the measurement of fair value and, therefore, the agricultural physical commodities inventory as well as the related OTC forward firm sale and purchase commitments have been included within Level 2 of the fair value hierarchy. With the exception of certain derivative instruments, financial instruments owned and sold are primarily valued using third-party pricing vendors. Third-party pricing vendors compile prices from various sources and often apply matrix pricing for similar securities when market-observable transactions for the instruments are not observable for substantially the full term. The Company reviews the pricing methodologies used by third-party pricing vendors in order to evaluate the fair value hierarchy classification of vendor-priced financial instruments and the accuracy of vendor pricing, which typically involves the comparison of primary vendor prices to internal trader prices or secondary vendor prices. When evaluating the propriety of vendor-priced financial instruments using secondary prices, considerations include the range and quality of vendor prices, level of observable transactions for identical and similar instruments, and judgments based upon knowledge of a particular market and asset class. If the primary vendor price does not represent fair value, justification for using a secondary price, including source data used to make the determination, is subject to review and approval by authorized personnel prior to using a secondary price. Financial instruments owned and sold that are valued using third party pricing sources are included within either Level 1 or Level 2 of the fair value hierarchy based upon the observability of the inputs used and the level of activity in the market. The fair value estimates presented herein are based on pertinent information available to management as of December 31, 2018 and September 30, 2018. Although management is not aware of any factors that would significantly affect the estimated fair value amounts, such amounts have not been comprehensively revalued for purposes of these financial statements since that date and current estimates of fair value may differ significantly from the amounts presented herein. The following tables set forth the Company’s financial and nonfinancial assets and liabilities accounted for at fair value, on a recurring basis, as of December 31, 2018 by level in the fair value hierarchy. December 31, 2018 (in millions) Level 1 Level 2 Level 3 Netting and Total Assets: Unrestricted cash equivalents - certificate of deposits $ 4.8 $ — $ — $ — $ 4.8 Commodities warehouse receipts 13.5 — — — 13.5 U.S. Treasury obligations 299.4 — — — 299.4 Securities and other assets segregated under federal and other regulations 312.9 — — — 312.9 U.S. Treasury obligations 623.1 — — — 623.1 "To be announced" (TBA) and forward settling securities — 6.5 — — 6.5 Foreign government obligations 10.2 — — — 10.2 Derivatives 5,275.0 2.2 — (5,609.7 ) (332.5 ) Deposits with and receivables from broker-dealers, clearing organization and counterparties 5,908.3 8.7 — (5,609.7 ) 307.3 Equity securities 140.0 5.1 — — 145.1 Corporate and municipal bonds — 74.8 — — 74.8 U.S. Treasury obligations 239.2 — — — 239.2 U.S. government agency obligations — 328.4 — — 328.4 Foreign government obligations 2.3 — — — 2.3 Agency mortgage-backed obligations — 1,047.1 — — 1,047.1 Asset-backed obligations — 39.2 — — 39.2 Derivatives 1.5 563.6 — (425.8 ) 139.3 Commodities leases — 34.7 — (15.2 ) 19.5 Commodities warehouse receipts 4.3 — — — 4.3 Exchange firm common stock 11.3 — — — 11.3 Mutual funds and other 4.0 — — — 4.0 Financial instruments owned 402.6 2,092.9 — (441.0 ) 2,054.5 Physical commodities inventory, net 13.3 151.1 — — 164.4 Total assets at fair value $ 6,641.9 $ 2,252.7 $ — $ (6,050.7 ) $ 2,843.9 Liabilities: TBA and forward settling securities — 12.7 — — 12.7 Derivatives 5,612.2 7.7 — (5,619.9 ) — Payable to broker-dealers, clearing organizations and counterparties 5,612.2 20.4 — (5,619.9 ) 12.7 Equity securities 153.2 3.6 — — 156.8 Foreign government obligations 2.0 — — — 2.0 Corporate and municipal bonds — 14.1 — — 14.1 U.S. Treasury obligations 325.1 — — — 325.1 U.S. government agency obligations — 144.6 — — 144.6 Agency mortgage-backed obligations — 1.2 — — 1.2 Derivatives — 644.3 — (501.7 ) 142.6 Commodities leases — 70.8 — (17.5 ) 53.3 Financial instruments sold, not yet purchased 480.3 878.6 — (519.2 ) 839.7 Total liabilities at fair value $ 6,092.5 $ 899.0 $ — $ (6,139.1 ) $ 852.4 (1) Represents cash collateral and the impact of netting across the levels of the fair value hierarchy. Netting among positions classified within the same level is included in that level. The following table sets forth the Company’s financial and nonfinancial assets and liabilities accounted for at fair value, on a recurring basis, as of September 30, 2018 by level in the fair value hierarchy. September 30, 2018 (in millions) Level 1 Level 2 Level 3 Netting and Total Assets: Unrestricted cash equivalents - certificates of deposits $ 3.8 $ — $ — $ — $ 3.8 Commodities warehouse receipts 42.9 — — — 42.9 U.S. Treasury obligations 600.4 — — — 600.4 Securities and other assets segregated under federal and other regulations 643.3 — — — 643.3 U.S. Treasury obligations 778.4 — — — 778.4 TBA and forward settling securities — 5.0 — (2.1 ) 2.9 Foreign government obligations 7.7 — — — 7.7 Derivatives 7,495.9 19.6 — (7,787.1 ) (271.6 ) Deposits with and receivables from broker-dealers, clearing organizations, and counterparties 8,282.0 24.6 — (7,789.2 ) 517.4 Equity securities 71.2 3.0 — — 74.2 Corporate and municipal bonds — 79.1 — — 79.1 U.S. Treasury obligations 120.1 — — — 120.1 U.S. government agency obligations — 472.9 — 472.9 Foreign government obligations 6.4 — — — 6.4 Agency mortgage-backed obligations — 1,022.5 — — 1,022.5 Asset-backed obligations — 42.9 — — 42.9 Derivatives 0.8 514.6 — (329.3 ) 186.1 Commodities leases — 29.5 — (11.8 ) 17.7 Commodities warehouse receipts 16.4 — — — 16.4 Exchange firm common stock 10.2 — — — 10.2 Mutual funds and other 6.3 — — — 6.3 Financial instruments owned 231.4 2,164.5 — (341.1 ) 2,054.8 Physical commodities inventory, net 42.1 114.8 — — 156.9 Total assets at fair value $ 9,202.6 $ 2,303.9 $ — $ (8,130.3 ) $ 3,376.2 Liabilities: TBA and forward settling securities — 2.1 — (2.1 ) — Derivatives 7,809.3 11.6 — (7,820.9 ) — Payable to broker-dealers, clearing organizations and counterparties 7,809.3 13.7 — (7,823.0 ) — Equity securities 51.1 0.4 — — 51.5 Corporate and municipal bonds — 20.1 — — 20.1 U.S. Treasury obligations 484.8 — — — 484.8 U.S. government agency obligations — 57.2 — — 57.2 Agency mortgage-backed obligations — 0.2 — — 0.2 Derivatives — 688.0 — (494.6 ) 193.4 Commodities leases — 75.5 — (16.2 ) 59.3 Financial instruments sold, not yet purchased 535.9 841.4 — (510.8 ) 866.5 Total liabilities at fair value $ 8,345.2 $ 855.1 $ — $ (8,333.8 ) $ 866.5 (1) Represents cash collateral and the impact of netting across the levels of the fair value hierarchy. Netting among positions classified within the same level is included in that level. Realized and unrealized gains and losses are included in ‘principal gains, net’, ‘interest income’, and ‘cost of sales of physical commodities’ in the condensed consolidated income statements. Additional disclosures about the fair value of financial instruments that are not carried on the Condensed Consolidated Balance Sheets at fair value Many, but not all, of the financial instruments that the Company holds are recorded at fair value in the Condensed Consolidated Balance Sheets. The following represents financial instruments in which the ending balance at December 31, 2018 and September 30, 2018 was not carried at fair value in accordance with U.S. GAAP in the Condensed Consolidated Balance Sheets: Short-term financial instruments: The carrying value of short-term financial instruments, including cash and cash equivalents, cash segregated under federal and other regulations, securities purchased under agreements to re-sell and securities sold under agreements to re-purchase, and securities borrowed and loaned are recorded at amounts that approximate the fair value of these instruments due to their short-term nature and level of collateralization. These financial instruments generally expose the Company to limited credit risk and have no stated maturities or have short-term maturities and carry interest rates that approximate market rates. Under the fair value hierarchy, cash and cash equivalents and cash segregated under federal and other regulations are classified as Level 1. Securities purchased under agreements to re-sell and securities sold under agreements to re-purchase, and securities borrowed and loaned are classified as Level 2 under the fair value hierarchy as they have short-term maturities and are collateralized by equity securities, U.S. Treasury obligations, U.S. government agency obligations, agency mortgage-backed obligations, and asset-backed obligations. Receivables and other assets: R eceivables from broker-dealers, clearing organizations, and counterparties, receivables from clients, net, notes receivables, net and certain other assets are recorded at amounts that approximate fair value due to their short-term nature and are classified as Level 2 under the fair value hierarchy. Payables: P ayables to clients and payables to brokers-dealers, clearing organizations, and counterparties are recorded at amounts that approximate fair value due to their short-term nature and are classified as Level 2 under the fair value hierarchy. Lender under loans : Payables to lenders under loans carry variable rates of interest and thus approximate fair value and are classified as Level 2 under the fair value hierarchy. |
Financial Instruments with Off-
Financial Instruments with Off-Balance Sheet Risk and Concentrations of Credit Risk (Notes) | 3 Months Ended |
Dec. 31, 2018 | |
Financial Instruments with Off-Balance Sheet Risk and Concentrations of Credit Risk [Abstract] | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | Financial Instruments with Off-Balance Sheet Risk and Concentrations of Credit Risk The Company is party to certain financial instruments with off-balance sheet risk in the normal course of its business. The Company has sold financial instruments that it does not currently own and will therefore be obliged to purchase such financial instruments at a future date. The Company has recorded these obligations in the condensed consolidated financial statements as of December 31, 2018 and September 30, 2018 at the fair values of the related financial instruments. The Company will incur losses if the fair value of the underlying financial instruments increases subsequent to December 31, 2018 . The total financial instruments sold, not yet purchased of $839.7 million and $866.5 million as of December 31, 2018 and September 30, 2018 , respectively, includes $142.6 million and $193.4 million for derivative contracts, respectively, which represented a liability to the Company based on their fair values as of December 31, 2018 and September 30, 2018 . Derivatives The Company utilizes derivative products in its trading capacity as a dealer in order to satisfy client needs and mitigate risk. The Company manages risks from both derivatives and non-derivative cash instruments on a consolidated basis. The risks of derivatives should not be viewed in isolation, but in aggregate with the Company’s other trading activities. The majority of the Company’s derivative positions are included in the condensed consolidated balance sheets in ‘Deposits with and receivables from broker-dealers, clearing organizations and counterparties’, ‘Financial instruments owned, at fair value’, ‘Financial instruments sold, not yet purchased, at fair value’ and ‘Payables to broker-dealers, clearing organizations and counterparties’. Listed below are the fair values of the Company’s derivative assets and liabilities as of December 31, 2018 and September 30, 2018. Assets represent net unrealized gains and liabilities represent net unrealized losses. December 31, 2018 September 30, 2018 (in millions) Assets (1) Liabilities (1) Assets (1) Liabilities (1) Derivative contracts not accounted for as hedges: Exchange-traded commodity derivatives $ 2,039.1 $ 2,313.7 $ 2,455.7 $ 2,499.3 OTC commodity derivatives 218.1 322.6 207.0 369.9 Exchange-traded foreign exchange derivatives 57.1 51.5 49.8 37.2 OTC foreign exchange derivatives 324.1 303.8 302.5 303.9 Exchange-traded interest rate derivatives 606.3 591.4 449.3 478.7 OTC interest rate derivatives 23.5 25.6 24.8 25.9 Exchange traded equity index derivatives 2,574.1 2,655.6 4,541.8 4,794.0 TBA and forward settling securities 6.5 12.7 5.0 2.1 Gross fair value of derivative contracts 5,848.8 6,276.9 8,035.9 8,511.0 Impact of netting and collateral (6,035.5 ) (6,121.6 ) (8,118.5 ) (8,317.6 ) Total fair value included in ‘Deposits with and receivables from broker-dealers, clearing organizations, and counterparties’ $ (326.0 ) $ (268.7 ) Total fair value included in ‘Financial instruments owned, at fair value’ $ 139.3 $ 186.1 Total fair value included in ‘Payables to broker-dealers, clearing organizations and counterparties $ 12.7 $ — Fair value included in ‘Financial instruments sold, not yet purchased, at fair value’ $ 142.6 $ 193.4 (1) As of December 31, 2018 and September 30, 2018, the Company’s derivative contract volume for open positions were approximately 9.9 million and 10.6 million contracts, respectively. The Company’s derivative contracts are principally held in its Commercial Hedging and Clearing and Execution Services segments. The Company assists its Commercial Hedging segment clients in protecting the value of their future production by entering into option or forward agreements with them on an OTC basis. The Company also provides its Commercial Hedging segment clients with option products, including combinations of buying and selling puts and calls. The Company mitigates its risk by offsetting the client’s transaction simultaneously with one of the Company’s trading counterparties or with a similar but not identical exchange-traded position. The risk mitigation of these offsetting trades is not within the documented hedging designation requirements of the Derivatives and Hedging Topic of the ASC. These derivative contracts are traded along with cash transactions because of the integrated nature of the markets for these products. The Company manages the risks associated with derivatives on an aggregate basis along with the risks associated with its proprietary trading and market-making activities in cash instruments as part of its firm-wide risk management policies. In particular, the risks related to derivative positions may be partially offset by inventory, unrealized gains in inventory or cash collateral paid or received. The Company transacts in derivative instruments, which consist of mortgage-backed TBA securities and forward settling transactions that are used to manage risk exposures in the trading inventory of the Company’s domestic institutional dealer in fixed income securities business. The fair value of these transactions is recorded in deposits with and receivables from or payables to broker-dealers, clearing organizations and counterparties. Realized and unrealized gains and losses on these derivative transactions are reflected in ‘principal gains, net’. As of December 31, 2018 and September 30, 2018, these transactions are summarized as follows: December 31, 2018 September 30, 2018 (in millions) Gain / (Loss) Notional Amounts Gain / (Loss) Notional Amounts Unrealized gain on TBA securities purchased within deposits with and receivables from broker-dealers, clearing organizations and counterparties and related notional amounts (1) $ 3.7 $ 718.4 $ 1.2 $ 721.5 Unrealized loss on TBA securities purchased within deposits with and receivables from broker-dealers, clearing organizations and counterparties and related notional amounts (1) $ — $ 5.2 $ (0.6 ) $ 293.2 Unrealized gain on TBA securities sold within deposits with and receivables from broker-dealers, clearing organizations and counterparties and related notional amounts (1) $ — $ (8.3 ) $ 3.2 $ (1,099.5 ) Unrealized loss on TBA securities sold within payables to broker-dealers, clearing organizations and counterparties and related notional amounts (1) $ (11.7 ) $ (1,651.6 ) $ — $ — Unrealized loss on TBA securities sold within deposits with and receivables from broker-dealers, clearing organizations and counterparties and related notional amounts (1) $ — $ — $ (1.5 ) $ (812.7 ) Unrealized gain on forward settling securities purchased within deposits with and receivables from broker-dealers, clearing organizations and counterparties and related notional amounts (1) $ 2.8 $ 505.8 $ 0.5 $ 614.3 Unrealized loss on forward settling securities sold within payables to broker-dealers, clearing organizations and counterparties and related notional amounts (1) $ (1.0 ) $ (261.8 ) $ — $ — Unrealized gain on forward settling securities sold within deposits with and receivables from and payables to broker-dealers, clearing organizations and counterparties and related notional amounts (1) $ — $ — $ 0.1 $ (427.2 ) (1) The notional amounts of these instruments reflect the extent of the Company's involvement in TBA and forward settling securities and do not represent risk of loss due to counterparty non-performance. The following table sets forth the Company’s gains (losses) related to derivative financial instruments for the three months ended December 31, 2018 and 2017 in accordance with the Derivatives and Hedging Topic of the ASC. The net gains set forth below are included in ‘Cost of sales of physical commodities’ and ‘Principal gains, net’ in the condensed consolidated income statements. Three Months Ended December 31, (in millions) 2018 2017 Commodities $ 8.1 $ 7.7 Foreign exchange 1.9 2.3 Equity (3.3 ) — Interest rate — 0.4 TBA and forward settling securities (9.3 ) (0.4 ) Net (losses) gains from derivative contracts $ (2.6 ) $ 10.0 Credit Risk In the normal course of business, the Company purchases and sells financial instruments, commodities and foreign currencies as either principal or agent on behalf of its clients. If either the client or counterparty fails to perform, the Company may be required to discharge the obligations of the nonperforming party. In such circumstances, the Company may sustain a loss if the fair value of the financial instrument or foreign currency is different from the contract value of the transaction. The majority of the Company’s transactions and, consequently, the concentration of its credit exposure are with commodity exchanges, clients, broker-dealers and other financial institutions. These activities primarily involve collateralized and uncollateralized arrangements and may result in credit exposure in the event that a counterparty fails to meet its contractual obligations. The Company’s exposure to credit risk can be directly impacted by volatile financial markets, which may impair the ability of counterparties to satisfy their contractual obligations. The Company seeks to control its credit risk through a variety of reporting and control procedures, including establishing credit and/or position limits based upon a review of the counterparties’ financial condition and credit ratings. The Company monitors collateral levels on a daily basis for compliance with regulatory and internal guidelines and requests changes in collateral levels as appropriate. The Company is a party to financial instruments in the normal course of its business through client and proprietary trading accounts in exchange-traded and OTC derivative instruments. These instruments are primarily the result of the execution of orders for commodity futures, options on futures, OTC swaps and options and spot and forward foreign currency contracts on behalf of its clients, substantially all of which are transacted on a margin basis. Such transactions may expose the Company to significant credit risk in the event margin requirements are not sufficient to fully cover losses which clients may incur. The Company controls the risks associated with these transactions by requiring clients to maintain margin deposits in compliance with individual exchange regulations and internal guidelines. The Company monitors required margin levels daily and, therefore, may require clients to deposit additional collateral or reduce positions when necessary. The Company also establishes credit limits for clients, which are monitored daily. The Company evaluates each client’s creditworthiness on a case by case basis. Clearing, financing, and settlement activities may require the Company to maintain funds with or pledge securities as collateral with other financial institutions. Generally, these exposures to both clients and exchanges are subject to master netting, or client agreements, which reduce the exposure to the Company by permitting receivables and payables with such clients to be offset in the event of a client default. Management believes that the margin deposits held as of December 31, 2018 were adequate to minimize the risk of material loss that could be created by positions held at that time. Additionally, the Company monitors collateral fair value on a daily basis and adjusts collateral levels in the event of excess market exposure. Generally, these exposures to both clients and counterparties are subject to master netting or client agreements which reduce the exposure to the Company. Derivative financial instruments involve varying degrees of off-balance sheet market risk whereby changes in the fair values of underlying financial instruments may result in changes in the fair value of the financial instruments in excess of the amounts reflected in the condensed consolidated balance sheets. Exposure to market risk is influenced by a number of factors, including the relationships between the financial instruments and the Company’s positions, as well as the volatility and liquidity in the markets in which the financial instruments are traded. The principal risk components of financial instruments include, among other things, interest rate volatility, the duration of the underlying instruments and changes in foreign exchange rates. The Company attempts to manage its exposure to market risk through various techniques. Aggregate market limits have been established and market risk measures are routinely monitored against these limits. |
Receivables From Customers, Net
Receivables From Customers, Net and Notes Receivable, Net (Notes) | 3 Months Ended |
Dec. 31, 2018 | |
Receivables from customers and notes receivable, net [Abstract] | |
Financing Receivables [Text Block] | Allowance for Doubtful Accounts The allowance for doubtful accounts related to receivables from clients was $11.3 million and $10.2 million as of December 31, 2018 and September 30, 2018 , respectively. The allowance for doubtful accounts related to deposits with and receivables from broker-dealers, clearing organizations, and counterparties was $45.6 million and $48.0 million , as of December 31, 2018 and September 30, 2018 , respectively. During the three months ended December 31, 2018 , the Company recorded bad debt expense of $0.3 million . Additionally, during the three months ended December 31, 2018, the Company reached settlements with clients, paying $8.4 million related to demurrage, dead freight, and other penalty charges regarding coal supplied during fiscal 2017. The settlement amount paid was less than the accrued liability for the transactions recorded during fiscal 2017 and fiscal 2018, and accordingly the Company recorded a recovery on the bad debt on physical coal of $2.4 million in the three months ended December 31, 2018. During the three months ended December 31, 2017, the Company recorded bad debt expense of $0.1 million . Additionally, within the Company’s Physical Commodities segment, it recorded an additional provision of $1.0 million related to the bad debt on physical coal for amounts due to the Company from a coal supplier for demurrage and other charges related to contracts with delivery dates subsequent to September 30, 2017. |
Physical Commodities Inventory
Physical Commodities Inventory (Notes) | 3 Months Ended |
Dec. 31, 2018 | |
Physical Commodities Inventory [Abstract] | |
Inventory Disclosure [Text Block] | Physical Commodities Inventory The Company’s inventories consist of finished physical commodities. Inventories by component of the Company’s Physical Commodities segment are shown below. (in millions) December 31, September 30, Physical Ag & Energy (1) $ 151.1 $ 114.7 Precious metals - held by broker-dealer subsidiary (2) 13.3 42.1 Precious metals - held by non-broker-dealer subsidiaries (3) 58.1 65.7 Physical commodities inventory $ 222.5 $ 222.5 (1) Physical Ag & Energy maintains agricultural commodity inventories, including corn, soybeans, wheat, dried distillers grain, canola, sorghum, coffee, cocoa, cotton, and others. The agricultural commodity inventories are carried at net realizable value, which approximates fair value less disposal costs, with changes in net realizable value included as a component of ‘cost of sales of physical commodities’ on the condensed consolidated income statements. The agricultural inventories have reliable, readily determinable and realizable market prices, have relatively insignificant costs of disposal and are available for immediate delivery. Physical Ag & Energy also maintains energy related inventory, primarily kerosene, which is valued at the lower of cost or net realizable value. (2) Precious metals held by the Company’s subsidiary, INTL FCStone Ltd, a United Kingdom based broker-dealer subsidiary, is measured at fair value, with changes in fair value included as a component of ‘principal gains, net’ on the condensed consolidated income statements, in accordance with U.S. GAAP accounting requirements for broker-dealers. (3) Precious metals inventory held by subsidiaries that are not broker-dealers are valued at the lower of cost or net realizable value. The Company has recorded lower of cost or net realizable value adjustments for certain precious metals inventory of $2.0 million and $0.4 million as of December 31 and September 30, 2018 , respectively. The adjustments are included in ‘cost of sales of physical commodities’ in the condensed consolidated income statements. |
Goodwill (Notes)
Goodwill (Notes) | 3 Months Ended |
Dec. 31, 2018 | |
Goodwill [Abstract] | |
Goodwill Disclosure [Text Block] | Goodwill The carrying value of goodwill is allocated to the Company’s operating segments as follows: (in millions) December 31, September 30, Commercial Hedging $ 30.3 $ 30.3 Global Payments 8.9 8.9 Physical Commodities 2.4 2.4 Securities 7.0 6.8 Goodwill $ 48.6 $ 48.4 The Company recorded zero and $1.2 million in foreign exchange translation losses on goodwill within the Commercial Hedging and Securities operating segments for the three months ended December 31, 2018 and 2017, respectively. The Company also recorded additional goodwill of $0.2 million for the three months ended December 31, 2018 within the Securities operating segment related to the acquisition of Carl Kliem S.A. as discussed further in Note 17 . |
Intangible Assets - (Notes)
Intangible Assets - (Notes) | 3 Months Ended |
Dec. 31, 2018 | |
Intangible Assets [Abstract] | |
Intangible Assets Disclosure [Text Block] | Intangible Assets The gross and net carrying values of intangible assets as of the balance sheet dates, by major intangible asset class are as follows (in millions): December 31, 2018 September 30, 2018 Gross Amount Accumulated Amortization Net Amount Gross Amount Accumulated Amortization Net Amount Intangible assets subject to amortization: Software programs/platforms $ 2.7 $ (2.6 ) $ 0.1 $ 2.7 $ (2.6 ) $ 0.1 Customer base 21.4 (10.8 ) 10.6 21.4 (10.1 ) 11.3 Total intangible assets $ 24.1 $ (13.4 ) $ 10.7 $ 24.1 $ (12.7 ) $ 11.4 Amortization expense related to intangible assets was $0.6 million for the three months ended December 31, 2018 and 2017 . As of December 31, 2018 , the estimated future amortization expense was as follows: (in millions) Fiscal 2019 (remaining nine months) $ 1.9 Fiscal 2020 2.2 Fiscal 2021 2.2 Fiscal 2022 1.0 Fiscal 2023 and thereafter 3.4 $ 10.7 |
Credit Facilities (Notes)
Credit Facilities (Notes) | 3 Months Ended |
Dec. 31, 2018 | |
Credit Facilities [Abstract] | |
Debt Disclosure [Text Block] | Credit Facilities Variable-Rate Credit Facilities The Company has four committed credit facilities under which the Company and its subsidiaries may borrow up to $594.5 million , subject to the terms and conditions for these facilities. The amounts outstanding under these credit facilities are short term borrowings and carry variable rates of interest, thus approximating fair value. The Company’s committed credit facilities are as follows: • $262.0 million facility available to INTL FCStone Inc. for general working capital requirements. • $75.0 million facility available to the Company’s wholly owned subsidiary, INTL FCStone Financial Inc., for short-term funding of margin to commodity exchanges. The facility is subject to annual review and guaranteed by INTL FCStone Inc. • $232.5 million facility available to the Company’s wholly owned subsidiary, FCStone Merchant Services, LLC, for financing traditional commodity financing arrangements and commodity repurchase agreements. The facility is subject to annual review and is guaranteed by INTL FCStone Inc. • $25.0 million facility available to the Company’s wholly owned subsidiary, INTL FCStone Ltd, for short-term funding of margin to commodity exchanges. The facility is subject to annual review and is guaranteed by INTL FCStone Inc. The Company also has a secured, uncommitted loan facility, under which the Company’s wholly owned subsidiary, INTL FCStone Ltd may borrow up to £20.0 million , collateralized by commodities warehouse receipts, to facilitate financing of commodities under repurchase agreement services to its clients, subject to certain terms and conditions of the credit agreement. The Company also has a secured, uncommitted loan facility, under which INTL FCStone Financial Inc. may borrow up to $75.0 million , collateralized by commodities warehouse receipts, to facilitate U.S. commodity exchange deliveries of its clients, subject to certain terms and conditions of the credit agreement. There were no borrowings outstanding under this credit facility at December 31, 2018, and September 30, 2018. The Company also has a secured uncommitted loan facility under which INTL FCStone Financial Inc. may borrow for short term funding of firm and client securities margin requirements, subject to certain terms and conditions of the agreement. The uncommitted amount available to be borrowed is not specified, and all requests for borrowing are subject to the sole discretion of the lender. The borrowings are secured by first liens on firm owned marketable securities or client owned securities which have been pledged to the Company. The amounts borrowed under the facilities are payable on demand. As of December 31, 2018 and September 30, 2018, there were $20.0 million and $14.0 million , respectively, in borrowings outstanding under this credit facility. The Company also has a secured uncommitted loan facilities, under which INTL FCStone Financial Inc. may borrow up to $150.0 million for short term funding of firm and client securities margin requirements, subject to certain terms and conditions of the agreement. The borrowings are secured by first liens on firm owned marketable securities or client owned securities which have been pledged to the Company. The amounts borrowed under the facilities are payable on demand. There were no borrowings outstanding under this credit facility at December 31, 2018, and September 30, 2018, respectively. The Company also has a secured uncommitted loan facility under which FCStone Merchant Services, LLC can borrow up to $20.0 million to facilitate the financing of inventory of commodities and other products or goods approved by the lender in its sole discretion, subject to certain terms and conditions of the loan facility agreement. The loan facility is collateralized by a first priority security interest in goods and inventory of FCStone Merchant Services, LLC that is (a) either located outside of the U.S. and Canada or in transit to a destination outside the U.S. or Canada and (b) acquired with any extension of credit (whether in the form of a loan or by the issuance of a letter of credit) under the loan facility. As of December 31, 2018 and September 30, 2018, there were $5.9 million and $3.8 million , respectively, in borrowings outstanding under this credit facility. Note Payable to Bank The Company has a loan from a commercial bank, secured by equipment purchased with the proceeds. The note is payable in monthly installments, ending in March 2020. The following table sets forth a listing of credit facilities, the current committed amounts as of the report date on the facilities, outstanding borrowings on the facilities, as well as indebtedness on a promissory note as of December 31, 2018 and September 30, 2018. (in millions) Credit Facilities Amounts Outstanding Borrower Security Renewal / Expiration Date Total Commitment December 31, September 30, Committed Credit Facilities INTL FCStone Inc. Pledged shares of certain subsidiaries March 18, 2019 $ 262.0 $ 220.0 $ 208.2 INTL FCStone Financial Inc. None April 4, 2019 75.0 — — FCStone Merchant Services, LLC Certain commodities assets November 1, 2019 232.5 163.5 128.0 INTL FCStone Ltd. None February 28, 2019 25.0 25.0 — $ 594.5 $ 408.5 $ 336.2 Uncommitted Credit Facilities INTL FCStone Financial Inc. Commodities warehouse receipts and certain pledged securities n/a n/a $ 20.0 $ 14.0 INTL FCStone Ltd. Commodities warehouse receipts n/a n/a $ — $ — FCStone Merchant Services, LLC Certain commodities assets n/a n/a $ 5.9 $ 3.8 Note Payable to Bank Monthly installments, due March 2020 and secured by certain equipment 1.0 1.2 Total Payables to lenders under loans $ 435.4 $ 355.2 As reflected above, $594.5 million of the Company’s committed credit facilities are scheduled to expire within twelve months of this filing. The Company intends to renew or replace these facilities when they expire, and based on the Company’s liquidity position and capital structure, the Company believes it will be able to do so. The Company’s credit facility agreements contain financial covenants relating to financial measures on a consolidated basis, as well as on a certain stand-alone subsidiary basis, including minimum tangible net worth, minimum regulatory capital, minimum net unencumbered liquid assets, maximum net loss, minimum fixed charge coverage ratio and maximum funded debt to net worth ratio. Failure to comply with these covenants could result in the debt becoming payable on demand. As of December 31, 2018 , the Company was in compliance with all of its financial covenants under its credit facilities. |
Commodity and Other Repurchase
Commodity and Other Repurchase Agreements and Collateralized Transactions (Notes) | 3 Months Ended |
Dec. 31, 2018 | |
Commodity and Other Repurchase Agreements [Abstract] | |
Commodity and Other Repurchase Agreements and Collateralized Transactions | Securities and Commodity Financing Transactions The Company’s outstanding notes receivable in connection with repurchase agreements for agricultural and energy commodities, whereby the clients sell to the Company certain commodity inventory and agree to repurchase the commodity inventory at a future date at a fixed price were $0.7 million and $1.9 million as of December 31, 2018 and September 30 2018, respectively. The Company enters into securities purchased under agreements to resell, securities sold under agreements to repurchase, securities borrowed and securities loaned transactions to, among other things, finance financial instruments, acquire securities to cover short positions, acquire securities for settlement, and to accommodate counterparties’ needs. These agreements are recorded as collateralized financings at their contractual amounts plus accrued interest. The related interest is recorded in the consolidated income statements as interest income or interest expense, as applicable. In connection with these agreements and transactions, it is the policy of the Company to receive or pledge cash or securities to adequately collateralize such agreements and transactions in accordance with general industry guidelines and practices. The value of the collateral is valued daily and the Company may require counterparties to deposit additional collateral or return collateral pledged, when appropriate. The carrying amounts of these agreements and transactions approximate fair value due to their short-term nature and the level of collateralization. The Company pledges financial instruments owned to collateralize repurchase agreements. At December 31, 2018 , and September 30, 2018, financial instruments owned, at fair value of $320.9 million and $123.0 million , respectively, were pledged as collateral under repurchase agreements. The counterparty has the right to repledge the collateral in connection with these transactions. These financial instruments owned have been pledged as collateral and have been parenthetically disclosed on the condensed consolidated balance sheets. In addition, as of December 31, 2018 , and September 30, 2018, the Company pledged financial instruments owned, at fair value of $1,212.2 million and $1,481.1 million , respectively, and securities received under reverse repurchase agreements of $752.6 million and $369.8 million , respectively, to cover collateral requirements for tri-party repurchase agreements. For these securities, the counterparties do not have the right to sell or repledge the collateral and, therefore, they have not been parenthetically disclosed on the condensed consolidated balance sheets. The Company also has repledged securities borrowed and client securities held under custodial clearing arrangements to collateralize securities loaned agreements with a fair value of $1,018.1 million and $267.9 million as of December 31, 2018 and September 30, 2018, respectively. Additionally, the Company has also pledged financial instruments owned of $37.5 million and $27.1 million as of December 31, 2018 and September 30, 2018, respectively, to collateralize uncommitted loan facilities with certain banks as discussed further in Note 10 . At December 31, 2018 , and September 30, 2018, the Company had accepted collateral that it is permitted by contract to sell or repledge. This collateral consists primarily of securities received in reverse repurchase agreements, securities borrowed agreements, and margin securities held on behalf of correspondent brokers. The fair value of such collateral at December 31, 2018 , and September 30, 2018, was $1,959.7 million and $1,294.8 million , respectively, of which $429.7 million and $473.9 million , respectively, was used to cover securities sold short which are recorded in financial instruments sold, not yet purchased on the consolidated balance sheet. In the normal course of business, this collateral is used by the Company to cover financial instruments sold, not yet purchased, to obtain financing in the form of repurchase agreements, and to meet counterparties’ needs under lending arrangements. The following tables provide the contractual maturities of gross obligations under repurchase and securities lending agreements as of December 31, 2018 and September 30, 2018 (in millions): December 31, 2018 Overnight and Open Less than 30 Days 30-90 Days Total Securities sold under agreements to repurchase $ 1,593.8 $ 370.0 $ 275.5 $ 2,239.3 Securities loaned 1031.0 — — 1031.0 Gross amount of secured financing $ 2,624.8 $ 370.0 $275.5 $ 3,270.3 September 30, 2018 Overnight and Open Less than 30 Days 30-90 Days Total Securities sold under agreements to repurchase $ 934.9 $ 661.3 $ 340.5 $ 1,936.7 Securities loaned 277.9 — — 277.9 Gross amount of secured financing $ 1,212.8 $ 661.3 $ 340.5 $ 2,214.6 The following table provides the underlying collateral types of the gross obligations under repurchase and securities lending agreements as of December 31, 2018 and September 30, 2018 (in millions): Securities sold under agreements to repurchase: December 31, 2018 September 30, 2018 U.S. Treasury obligations $ 103.1 $ 39.6 U.S. government agency obligations 449.9 461.7 Asset-backed obligations 65.0 50.0 Agency mortgage-backed obligations 1,621.3 1,385.4 Total securities sold under agreements to repurchase $ 2,239.3 $ 1,936.7 Securities loaned: Equity securities 1,031.0 277.9 Total securities loaned 1,031.0 277.9 Gross amount of secured financing $ 3,270.3 $ 2,214.6 |
Commitments and Contingencies (
Commitments and Contingencies (Notes) | 3 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | Commitments and Contingencies Contingencies During the week ended November 16, 2018, balances in approximately 300 accounts of the FCM division of the Company’s wholly owned subsidiary, INTL FCStone Financial Inc., declined below required maintenance margin levels, primarily as a result of significant and unexpected price fluctuations in the natural gas markets. All positions in these accounts, which were managed by OptionSellers.com Inc. (“OptionSellers”), an independent Commodity Trading Advisor (“CTA”), were liquidated in accordance with the INTL FCStone Financial Inc.’s client agreements and obligations under market regulation standards. A CTA is registered with the U.S. Commodity Futures Trading Commission (“CFTC”) and a member of, and subject to audit by, the National Futures Association (“NFA”). OptionSellers is registered under a CFTC Rule 4.7 exemption for “qualified eligible persons,” which requires the account holders authorizing OptionSellers to act as their CTA to meet or exceed certain minimum financial requirements. OptionSellers, in its role as a CTA, had been granted by each of its clients full discretionary authority to manage the trading in the client accounts, while INTL FCStone Financial Inc. acted solely as the clearing firm in its role as the FCM. INTL FCStone Financial Inc.’s client agreements hold account holders liable for all losses in their accounts and obligate the account holders to reimburse INTL FCStone Financial for any account deficits in their accounts. As of February 5, 2019 and December 31, 2018, the aggregate receivable from these client accounts, net of collections and other allowable deductions, was $29.4 million and $30.0 million , respectively, with no individual account receivable exceeding $1.4 million . INTL FCStone Financial Inc. continues to pursue collection of these receivables and intends both to enforce and to defend its rights aggressively, and to claim interest and costs of collection where applicable. The Company has done an assessment of the collectability of these accounts and has concluded that it does not have a sufficient basis to determine an allowance against these uncollected balances. As the Company moves through the collection process and additional information becomes available, the Company will continue to evaluate the likelihood of collection and consider the need for an allowance against the carrying value of these uncollected balances. Depending on future collections and its ongoing assessments, any provisions for bad debts and actual losses ultimately may or may not be material to the Company’s financial results. Currently, the Company does not believe that any potential losses from amounts not collected would impact its ability to comply with its ongoing liquidity, capital, and regulatory requirements. INTL FCStone Financial Inc. has been named in arbitrations brought by clients seeking damages relating to the trading losses in these accounts. The Company believes that such cases are without merit and intend to defend them vigorously. However, the arbitrations are in the very early stages of the process and no prediction can be made regarding the ultimate outcome of the arbitrators’ decisions. Legal Proceedings From time to time and in the ordinary course of business, the Company is involved in various legal actions and proceedings, including tort claims, contractual disputes, employment matters, workers’ compensation claims and collections. The Company carries insurance that provides protection against certain types of claims, up to the policy limits of the insurance. As of December 31, 2018 and September 30, 2018, the condensed consolidated balance sheets include loss contingency accruals, which are not material, individually or in the aggregate, to the Company’s financial position or liquidity. In the opinion of management, possible exposure from loss contingencies in excess of the amounts accrued, is not likely to be material to the Company’s earnings, financial position or liquidity. There have been no material changes to the legal actions and proceedings compared to September 30, 2018. Contractual Commitments Self-Insurance The Company self-insures its costs related to medical and dental claims. The Company is self-insured, up to a stop loss amount, for eligible participating employees and retirees, and for qualified dependent medical and dental claims, subject to deductibles and limitations. As of December 31, 2018 , the Company had $0.8 million accrued for self-insured medical and dental claims included in ‘accounts payable and other liabilities’ in the condensed consolidated balance sheet. |
Capital and Other Regulatory Re
Capital and Other Regulatory Requirements (Notes) | 3 Months Ended |
Dec. 31, 2018 | |
Capital and Other Regulatory Requirements [Abstract] | |
Regulatory Capital Requirements under Banking Regulations [Text Block] | Capital and Other Regulatory Requirements The Company’s activities are subject to significant governmental regulation, both in the United States and overseas. The subsidiaries of the Company were in compliance with all of their regulatory requirements as of December 31, 2018 , as follows: (in millions) As of December 31, 2018 Subsidiary Regulatory Authority Jurisdiction Requirement Type Actual Minimum Requirement INTL FCStone Financial Inc. SEC and CFTC United States Net capital $ 158.0 $ 89.4 INTL FCStone Financial Inc. CFTC United States Segregated funds $ 2,211.0 $ 2,151.6 INTL FCStone Financial Inc. CFTC United States Secured funds $ 133.6 $ 118.0 INTL FCStone Financial Inc. SEC United States Customer reserve $ — $ — INTL FCStone Financial Inc. SEC United States PAB reserve $ — $ — SA Stone Wealth Management Inc. SEC United States Net capital $ 5.1 $ 0.4 INTL FCStone Ltd (1) Financial Conduct Authority ("FCA") United Kingdom Net capital $ 186.5 $ 183.4 INTL FCStone Ltd FCA United Kingdom Segregated funds $ 237.5 $ 97.6 INTL Netherlands BV (1) FCA United Kingdom Net capital $ 236.5 $ 98.5 INTL FCStone DTVM Ltda. Brazilian Central Bank and Securities and Exchange Commission of Brazil Brazil Capital adequacy $ 12.1 $ 2.2 INTL Gainvest S.A. National Securities Commission ("CNV") Argentina Capital adequacy $ 4.1 $ 0.1 INTL Gainvest S.A. CNV Argentina Net capital $ 1.8 $ 0.1 INTL CIBSA S.A. CNV Argentina Capital adequacy $ 4.8 $ 0.5 INTL CIBSA S.A. CNV Argentina Net capital $ 0.9 $ 0.3 (1) INTL Netherlands BV is a holding company that includes the ownership equity of INTL FCStone Ltd. The associated net capital amounts and minimum requirements should not be considered in aggregate. Certain other non-U.S. subsidiaries of the Company are also subject to capital adequacy requirements promulgated by authorities of the countries in which they operate. As of December 31, 2018 , these subsidiaries were in compliance with their local capital adequacy requirements. |
Other Expenses (Notes)
Other Expenses (Notes) | 3 Months Ended |
Dec. 31, 2018 | |
Other Expenses [Abstract] | |
Other Expenses [Text Block] | Other Expenses Other expenses for the three months ended December 31, 2018 and 2017 consisted of the following: Three Months Ended December 31, (in millions) 2018 2017 Insurance $ 0.8 $ 0.6 Advertising, meetings and conferences 1.4 0.9 Office supplies and printing 0.5 0.4 Other clearing related expenses 0.4 0.5 Other non-income taxes 0.9 1.2 Other 2.5 2.1 Total other expenses $ 6.5 $ 5.7 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) (Notes) | 3 Months Ended |
Dec. 31, 2018 | |
Accumulated Other Comprehensive Income (Loss) [Abstract] | |
Comprehensive Income (Loss) Note [Text Block] | Accumulated Other Comprehensive Loss, Net Comprehensive income (loss) consists of net income (loss) and other gains and losses affecting stockholders’ equity that, under U.S. GAAP, are excluded from net income (loss). Other comprehensive income (loss) includes net actuarial losses from defined benefit pension plans and foreign currency translation adjustments. The following table summarizes the changes in accumulated other comprehensive loss, net for the three months ended December 31, 2018 . (in millions) Foreign Currency Translation Adjustment Pension Benefits Adjustment Accumulated Other Comprehensive Loss Balances as of September 30, 2018 $ (30.5 ) $ (2.6 ) $ (33.1 ) Other comprehensive income, net of tax 0.3 — 0.3 Balances as of December 31, 2018 $ (30.2 ) $ (2.6 ) $ (32.8 ) |
Income Taxes (Notes)
Income Taxes (Notes) | 3 Months Ended |
Dec. 31, 2018 | |
Income Taxes [Abstract] | |
Income Tax Disclosure [Text Block] | Income Taxes The income tax provision for interim periods is comprised of tax on ordinary income (loss) provided at the most recent estimated annual effective tax rate, adjusted for the tax effect of discrete items. Management uses an estimated annual effective tax rate based on the forecasted pretax income (loss) and statutory tax rates in the various jurisdictions in which it operates. The Company’s effective tax rate differs from the U.S. statutory rate primarily due to state and local taxes, global intangible low taxed income and differing statutory tax rates applied to the income of non-U.S. subsidiaries. The Company records the tax effect of certain discrete items, including the effects of changes in tax laws, tax rates and adjustments with respect to valuation allowances or other unusual or nonrecurring tax adjustments, in the interim period in which they occur, as an addition to, or reduction from, the income tax provision, rather than being included in the estimated effective annual income tax rate. In addition, jurisdictions with a projected loss for the year or a year-to-date loss where no tax benefit can be recognized are excluded from the estimated annual effective income tax rate. The Company is required to assess its deferred tax assets and the need for a valuation allowance at each reporting period. This assessment requires judgment on the part of management with respect to benefits that may be realized. The Company will record a valuation allowance against deferred tax assets when it is considered more likely than not that all or a portion of the deferred tax assets will not be realized. Effects of the Tax Cuts and Jobs Act On December 22, 2017, the President of the United States signed and enacted into law H.R. 1, the Tax Cuts and Jobs Act (“the Tax Reform”). Among the significant changes to the U.S. Internal Revenue Code, the Tax Reform lowered the U.S. federal corporate income tax rate from 35% to 21% , effective January 1, 2018. The Company will compute its income tax expense (benefit) for the September 30, 2019 tax year using a U.S. statutory tax rate of 21.0% . The Company computed income tax expense for the year ended September 30, 2018 using a U.S. statutory tax rate of 24.5% . The Tax Reform imposed a one-time mandatory repatriation transition tax on previously untaxed accumulated and current earnings and profits (“E&P”) of certain foreign subsidiaries. The Tax Reform also establishes new tax laws that will affect the fiscal year ending September 30, 2019, including, but not limited to, (1) elimination of the corporate alternative minimum tax, (2) a new provision designed to tax global intangible low-taxed income (“GILTI”), (3) limitations on the utilization of net operating losses incurred in tax years beginning after September 30, 2018 to 80% of taxable income per tax year, (4) the creation of the base erosion anti-abuse tax (“BEAT”), (5) a general elimination of U.S. federal income taxes on dividends from foreign subsidiaries, and (6) limitations on the deductibility of interest expense and certain executive compensation. The Company made the policy election to treat GILTI as a current period expense when incurred. The estimated impact of GILTI is included in the forecasted effective tax rate and increases the effective rate by approximately 2% . The SEC staff issued Staff Accounting Bulletin No. 118 (“SAB 118”), which provides guidance on accounting for the tax effects of the Tax Reform. SAB 118 provides a provisional measurement period that should not extend beyond one year from the Tax Reform enactment date for companies to complete the accounting under ASC 740, Income Taxes. The Company’s income tax accounting provisional measurement period for the Tax Reform concluded during the three months ended December 31, 2018 with no adjustments to the provisional amounts previously recorded. For the three months ended December 31, 2017, the Company recorded tax expense of $8.9 million related to the remeasurement of deferred tax assets and liabilities based on the information available. As a result of additional information becoming available after December 31, 2017, the Company recorded a benefit of $0.3 million during the remainder of fiscal 2018 related to the remeasurement of deferred tax assets and liabilities, and as of September 30, 2018, the accounting for the remeasurement of the deferred tax assets and liabilities was complete. The Tax Reform also included a one-time mandatory repatriation transition tax on previously untaxed accumulated and current E&P of certain of the Company’s foreign subsidiaries. To determine the amount of the transition tax, the Company determined, in addition to other factors, the amount of post 1986 E&P of the relevant subsidiaries, as well as the amount of non-U.S. income taxes paid on such earnings. The Company made a reasonable estimate of the transition tax and recorded a provisional transition tax obligation of $12.0 million in the three months ended December 31, 2017. The Company recorded a benefit of $0.8 million during the remainder of fiscal 2018 due to revised E&P computations, refinement of the net operating loss carryforward available, and revised non-US income taxes paid. As of December 31, 2018, the accounting for the one-time mandatory repatriation transition tax on previously untaxed accumulated and current E&P of certain of the Company’s foreign subsidiaries is complete. Current and Prior Period Tax Expense Income tax expense of $6.2 million and $25.5 million for the three months ended December 31, 2018 and 2017 , respectively, reflect estimated federal, foreign, state and local taxes. Due to the Tax Reform, the Company recorded discrete expense of $20.9 million during the three months ended December 31, 2017. Tax expense, excluding the discrete expense related to the Tax Reform, was $4.6 million for the three months ended December 31, 2017. For the three months ended December 31, 2018 and 2017 , the Company’s effective tax rate was 25% and 137% , respectively. For the three months ended December 31, 2018, the effective rate was higher than the U.S. federal statutory rate of 21% due to U.S. state and local taxes, GILTI, and US and foreign permanent differences. The estimated GILTI tax expense increased the effective rate approximately 2% . The effective rate for the three months ended December 31, 2017 was 25% , excluding the impacts of Tax Reform, and was higher than the blended statutory rate of 24.5% due to U.S. state and local taxes and foreign permanent differences. For the three months ended December 31, 2017, the recorded discrete expense of $20.9 million related to Tax Reform, increased the effective tax rate by 112% . Further, the Company’s effective tax rate decreased 1.0% and 1.2% for the three months ended December 31, 2018 and 2017, respectively, due to excess tax benefits on share-based compensation recognized due to the adoption of ASU 2016-09. Deferred income tax balances reflect the effects of temporary differences between the carrying amounts of assets and liabilities and their tax bases and are stated at enacted tax rates expected to be in effect when taxes are actually paid or recovered. As of December 31, 2018 and September 30, 2018, the Company has net operating loss carryforwards for U.S. federal, state, local, and foreign income tax purposes of $9.4 million , net of valuation allowances, which are available to offset future taxable income in these jurisdictions. The state and local net operating loss carryforwards of $5.7 million , net of valuation allowance, begin to expire after September 2020. INTL Asia Pte. Ltd. has a Singapore net operating loss carryforward of $2.9 million . This Singapore net operating loss has an indefinite carryforward and, in the judgment of management, is more likely than not to be realized. As a result of Tax Reform, the alternative minimum tax (“AMT”) credit carryforward deferred tax asset has been reclassified to income taxes receivable. The Company can continue to utilize AMT credits to offset regular income tax liability in fiscal years 2019 through 2021. Any remaining amount is fully refundable by fiscal year 2022. In fiscal 2018, the Company generated $6.5 million in foreign tax credit carryforwards as part of the mandatory repatriation transition tax. These credits expire in fiscal year 2028. In the judgment of management, the Company believes that sufficient taxable income will be earned to utilize the foreign tax credit carryforwards within 10 years. The valuation allowance for deferred tax assets as of December 31, 2018 and September 30, 2018 was $3.5 million . The valuation allowances as of December 31, 2018 and September 30, 2018 were primarily related to acquired U.S. state and local net operating loss carryforwards and foreign net operating loss carryforwards that, in the judgment of management, are not more likely than not to be realized. When evaluating if U.S. federal, state, and local deferred taxes are realizable, the Company considers when deferred tax liabilities are scheduled to reverse as well as deferred tax liabilities associated with unrealized gains in securities which the Company could sell, if necessary. Furthermore, the Company considers its ability to implement business and tax planning strategies that would allow the remaining U.S. federal, state, and local deferred tax assets, net of valuation allowances, to be realized in less than 10 years. Based on the current and projected profitability of the Company, as well as tax planning strategies that can be implemented, management believes that it is more likely than not that the Company will realize the tax benefit of the deferred tax assets, net of the existing valuation allowances, in the future. As of December 31, 2018 and September 30, 2018, the Company has accumulated undistributed earnings generated by its foreign subsidiaries of approximately $360.1 million and $354.7 million , respectively. The Company recognized the mandatory repatriation tax related to these undistributed earnings as part of the Tax Reform and, as a result, repatriation of these amounts would not be subject to additional U.S. federal income tax but may be subject to applicable foreign withholding and state taxes in the relevant jurisdictions. With the exception of a $13.0 million dividend that was paid in the first quarter of fiscal year 2019, the Company intends to indefinitely reinvest these earnings outside of the United States as the Company expects future U.S. cash generation to be sufficient to meet future U.S. cash needs. Foreign withholding tax is not applicable to the first quarter distribution. The Company and its subsidiaries file income tax returns with the U.S. federal jurisdiction and various state, local and foreign jurisdictions. The Company has open tax years ranging from September 30, 2010 through September 30, 2018 with U.S. federal and state and local taxing authorities. The Company is currently under examination by the U.S. Internal Revenue Service for the 2016 fiscal tax year; however, no additional tax liability is expected. In the United Kingdom (“U.K.”), the Company has open tax years ending September 30, 2017 to September 30, 2018. In Brazil, the Company has open tax years ranging from December 31, 2013 through December 31, 2018. In Argentina, the Company has open tax years ranging from September 30, 2011 to September 30, 2018. In Singapore, the Company has open tax years ranging from September 30, 2014 to September 30, 2018. |
Acquisitions Acquisitions (Note
Acquisitions Acquisitions (Notes) | 3 Months Ended |
Dec. 31, 2018 | |
Business Combinations [Abstract] | |
Business Combination Disclosure [Text Block] | Note 17 - Acquisitions Carl Kliem S.A. On June 12, 2018, the Company executed a sale and purchase agreement to acquire the entire issued and outstanding share capital of Carl Kliem S.A. Carl Kliem S.A. is an independent interdealer broker based in Luxembourg, which provides foreign exchange, interest rate and fixed income products to institutional clients across the European Union. Carl Kliem S.A. employs approximately 40 people and has over 400 active institutional clients. This acquisition provides the Company with access to additional European institutional clients that can benefit from the Company’s full suite of financial services and a European Union-based entity in anticipation of the U.K.’s planned exit from the European Union. The closing of the agreement was conditional upon approval of the Luxembourg financial sector supervisory authority, the Commission de Surveillance du Secteur Financier (“CSSF”). In November 2018, the Company received regulatory approval from the CSSF to complete the acquisition and the acquisition closed effective November 30, 2018. The purchase price was $2.4 million of cash consideration and was equal to the net tangible book value on the closing date less restructuring costs. The initial purchase price allocation resulted in cash and cash equivalents of $1.7 million , receivables from clients of $1.1 million , property and equipment of $0.1 million , income tax receivables of $0.1 million , accounts payable and other accrued liabilities of $0.6 million , and payable to broker-dealers, clearing organizations, and counterparties of $0.2 million . The fair value of the consideration transferred exceeded the fair value of identifiable assets acquired and liabilities assumed as of the acquisition date. The excess of the purchase consideration over the fair value of identifiable assets acquired and liabilities assumed of $0.2 million was recorded as goodwill. The business activities of Carl Kleim S.A. have been included within the Company’s Securities and Clearing and Execution Services reportable segments. The Company’s condensed consolidated income statement for the three months ended December 31, 2018 includes a net loss of $0.2 million for the post-acquisition results of the acquired business. |
Segment Analysis (Notes)
Segment Analysis (Notes) | 3 Months Ended |
Dec. 31, 2018 | |
Segment Analysis [Abstract] | |
Segment Reporting Disclosure [Text Block] | Segment Analysis The Company reports its operating segments based on services provided to clients. The Company’s business activities are managed as operating segments and organized into reportable segments as follows: • Commercial Hedging (includes components Financial Agricultural (Ag) & Energy and LME Metals) • Global Payments • Securities (includes components Equity Capital Markets, Debt Capital Markets and Asset Management) • Physical Commodities (includes components Precious Metals and Physical Ag & Energy) • Clearing and Execution Services (includes components Exchange-Traded Futures & Options, FX Prime Brokerage, Correspondent Clearing, Independent Wealth Management and Derivative Voice Brokerage) The total revenues reported combine gross revenues for the physical commodities business for subsidiaries that are not broker-dealers and net revenues for all other businesses. In order to reflect the way that the Company’s management views the results, the table below also reflects the segment contribution to ‘operating revenues’, which is shown on the face of the condensed consolidated income statements and which is calculated by deducting physical commodities cost of sales from total revenues. Segment data includes the profitability measure of net contribution by segment. Net contribution is one of the key measures used by management to assess the performance of each segment and for decisions regarding the allocation of the Company’s resources. Net contribution is calculated as revenue less direct cost of sales, transaction-based clearing expenses, variable compensation, introducing broker commissions, and interest expense. Variable compensation paid to risk management consultants/traders generally represents a fixed percentage of an amount equal to revenues generated, and in some cases, revenues produced less transaction-based clearing charges, base salaries and an overhead allocation. Segment data also includes segment income which is calculated as net contribution less non-variable direct expenses of the segment. These non-variable direct expenses include trader base compensation and benefits, operational employee compensation and benefits, communication and data services, business development, professional fees, bad debt expense and other direct expenses. Inter-segment revenues, charges, receivables and payables are eliminated upon consolidation, except revenues and costs related to foreign currency transactions undertaken on an arm’s length basis by the foreign exchange trading business for the securities business. The foreign exchange trading business competes for this business as it does any other business. If its rates are not competitive, the securities businesses buy or sell their foreign currency through other market counterparties. On a recurring basis, the Company sweeps excess cash from certain operating segments to a centralized corporate treasury function in exchange for an intercompany receivable asset. The intercompany receivable asset is eliminated during consolidation, and therefore this practice may impact reported total assets between segments. Information for the reportable segments is shown in accordance with the Segment Reporting Topic of the ASC as follows: Three Months Ended December 31, (in millions) 2018 2017 Total revenues: Commercial Hedging $ 59.8 $ 61.5 Global Payments 29.7 24.6 Securities 69.0 43.0 Physical Commodities 6,301.8 7,716.6 Clearing and Execution Services 95.2 72.2 Corporate unallocated (3.3 ) 0.7 Total $ 6,552.2 $ 7,918.6 Operating revenues (loss): Commercial Hedging $ 59.8 $ 61.5 Global Payments 29.7 24.6 Securities 69.0 43.0 Physical Commodities 14.3 10.6 Clearing and Execution Services 95.2 72.2 Corporate unallocated (3.3 ) 0.7 Total $ 264.7 $ 212.6 Net operating revenues (loss): Commercial Hedging $ 45.3 $ 49.1 Global Payments 28.4 23.0 Securities 32.1 23.5 Physical Commodities 10.4 8.4 Clearing and Execution Services 37.5 27.4 Corporate unallocated (4.7 ) (1.1 ) Total $ 149.0 $ 130.3 Net contribution: (Revenues less cost of sales of physical commodities, transaction-based clearing expenses, variable bonus compensation, introducing broker commissions and interest expense) Commercial Hedging $ 30.6 $ 36.5 Global Payments 23.1 18.4 Securities 21.8 17.8 Physical Commodities 7.1 5.6 Clearing and Execution Services 29.7 20.5 Total $ 112.3 $ 98.8 Segment income: (Net contribution less non-variable direct segment costs) Commercial Hedging $ 13.3 $ 21.1 Global Payments 18.6 14.6 Securities 16.0 11.0 Physical Commodities 5.9 1.1 Clearing and Execution Services 17.7 10.5 Total $ 71.5 $ 58.3 Reconciliation of segment income to income before tax: Segment income $ 71.5 $ 58.3 Net costs not allocated to operating segments 47.1 39.7 Income before tax $ 24.4 $ 18.6 (in millions) As of December 31, 2018 As of September 30, 2018 Total assets: Commercial Hedging $ 1,901.3 $ 1,935.7 Global Payments 200.6 206.6 Securities 4,330.6 3,058.2 Physical Commodities 372.2 413.7 Clearing and Execution Services 1,821.4 2,109.9 Corporate unallocated 84.4 100.6 Total $ 8,710.5 $ 7,824.7 |
Revenues From Contracts With Cl
Revenues From Contracts With Clients (Notes) | 3 Months Ended |
Dec. 31, 2018 | |
Revenue from Contract with Clients [Abstract] | |
Revenue from Contract with Customer [Text Block] | Note 2 – Revenue from Contracts with Clients Beginning on October 1, 2018, the Company accounts for revenue earned from contracts with clients for services such as the execution, clearing, brokering, and custody of futures and options on futures contracts, OTC derivatives, and securities, investment management, and underwriting services under Topic 606. As such, revenues for these services are recognized when the performance obligations related to the underlying transaction are completed. Revenues are recognized when control of the promised goods or services are transferred to clients, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. Revenues are analyzed to determine whether the Company is the principal (i.e. reports revenue on a gross basis) or agent (i.e., reports revenues on a net basis) in the contract. Principal or agent designations depend primarily on the control an entity has over the good or service before control is transferred to a client. The indicators of which party exercises control include primary responsibility over performance obligations, inventory risk before the good or service is transferred, and discretion in establishing the price. The new revenue recognition model does not apply to revenues associated with dealing, or market-making, activities in financial instruments or contracts in the capacity of a principal, including derivative sales contracts which result in physical settlement and interest income. The Company’s revenues from contracts with clients subject to Topic 606 represent approximately 1.8% and 1.3% of the Company’s total revenues for the three months ended December 31, 2018 and 2017, respectively. The Company’ revenues from contracts with clients subject to Topic 606 represent approximately 44.0% and 48.0% of the Company’s operating revenues for the three months ended December 31, 2018 and 2017, respectively. This includes all of the Company’s commission and clearing fees and consulting, management, and account fees revenues. Revenues within the scope of Topic 606 are presented within ‘Commission and clearing fees’ and ‘Consulting, management, and account fees’ on the condensed consolidated income statements. Revenues that are not within the scope of Topic 606 are presented within ‘Sales of physical commodities’, ‘Principal gains, net’, and ‘Interest income’ on the condensed consolidated income statements. The following table represents a disaggregation of the Company’s total revenues separated between revenues from contracts with clients and other sources of revenue for the three months ended December 31, 2018 and 2017 (in millions): Three Months Ended December 31, 2018 2017 Revenues from contracts with clients: Commission and clearing fees: Sales-based: Exchange-traded futures and options $ 39.1 $ 34.6 OTC derivative brokerage 8.9 7.5 Equities and fixed income 1.1 1.5 Mutual funds 2.6 2.0 Insurance and annuity products 1.5 1.6 Other 0.2 0.7 Total sales-based commission 53.4 47.9 Trailing: Mutual funds 3.2 3.3 Insurance and annuity products 3.7 3.6 Total trailing commission 6.9 6.9 Clearing fees 32.6 24.9 Trade conversion fees 1.6 1.8 Other 2.9 3.8 Total commission and clearing fees 97.4 85.3 Consulting, management, and account fees: Underwriting fees 0.3 0.7 Asset management fees 6.2 6.1 Advisory and consulting fees 5.0 4.6 Sweep program fees 3.8 2.1 Client account fees 2.7 2.8 Other 1.1 0.3 Total consulting, management and account fees 19.1 16.6 Total revenues from contracts with clients $ 116.5 $ 101.9 Method of revenue recognition: Point-in-time $ 94.6 $ 82.2 Time elapsed 21.9 19.7 Total revenues from contracts with clients 116.5 101.9 Other sources of revenue Precious metals trading 5,955.6 7,531.9 Agricultural and energy merchandising and origination 340.2 182.5 Principal gains, net 94.9 78.3 Interest income 45.0 24.0 Total revenues $ 6,552.2 $ 7,918.6 Primary geographic region: United States $ 527.0 $ 324.0 Europe 53.3 45.2 South America 11.4 14.9 Middle East and Asia 5,958.7 7,533.6 Other 1.8 0.9 Total revenues $ 6,552.2 $ 7,918.6 The substantial majority of the Company’s performance obligations for revenues from contracts with clients are satisfied at a point in time and are typically collected from clients by debiting their accounts with the Company. Commission and clearing fees revenue is primarily related to the Commercial Hedging and Clearing and Execution Services reportable segments. Consulting, management, and accounts fees are primarily related to the Commercial Hedging, Clearing and Execution Services, and Securities reportable segments. Principal gains, net is primarily related to the Commercial Hedging, Global Payments, and Securities reportable segments. Interest income is primarily related to the Commercial Hedging, Securities, and Clearing and Execution Services reportable segments. Precious metals trading and agricultural and energy merchandising and origination revenues are primarily related to the Physical Commodities reportable segment. Commission and Clearing Fees Commission revenue represents sales and brokerage commissions generated by internal brokers, introducing broker-dealers, or registered investment advisors of introducing-broker dealers for their clients’ trading activity in futures, options on futures, OTC derivatives, fixed income securities, equity securities, mutual funds, and annuities. The Company views the selling, distribution, and marketing, or any combination thereof, of mutual funds and insurance and annuity products to clients on the Company’s registered investment advisor (“RIA”) platform as a single performance obligation to the product sponsors. The Company is the principal for commission revenue, as it is responsible for the execution of the clients’ purchases and sales, and maintains relationships with product sponsors for trailing commission. Introducing broker dealers and registered investment advisors assist the Company in performing its obligations. Accordingly, total commission revenues are reported on a gross basis. The Company primarily generates commission revenue on exchange-traded derivatives, OTC derivatives, and securities. Exchange-traded and OTC derivative commissions are recognized at a point in time on the trade date when the client, either directly or through the use of an internal broker or introducing broker, requests the clearance and execution of a trade. Securities commissions are either sale-based commission that are recognized at a point in time on the trade date or trailing commission that are recognized over time as earned. Sales-based securities commission is for a flat fee per security transaction or in certain instances are based on a percentage of an investment product’s current market value at the time of purchase. Trailing commission revenue is generally based on a percentage of the current market value of clients’ investment holdings in trail-eligible assets, and is recognized over the period during which services, such as on-going support, are performed. As trailing commission revenue is based on the market value of clients’ investment holdings in trail-eligible assets, this variable consideration is constrained until the market value of trail-eligible assets is determinable. Clearing fees generally represent transactional based fees charged by the various exchanges and clearing organizations for which the Company or one of its clearing brokers is a member for the privilege of executing and clearing trades through them. Clearing fees are generally passed through to the clients’ accounts and are reported gross as the Company maintains control over the clearing and execution services provided, maintains relationships with the exchanges or clearing brokers, and has ultimate discretion in whether the fees are passed through to the clients and the rates at which they are passed through. As clearing fees are transactional based revenues they are recognized at a point in time on the trade date along with the related commission revenue when the client requests the clearance and execution of a trade. Trade Conversion Revenue Trade conversion revenue includes fees earned from converting foreign ordinary equities into an American Depository Receipt (“ADR”) or Global Depository Receipt (“GDR”) and fees earned from converting an ADR or GDR into foreign ordinary equities on behalf of clients. Trade conversion revenue is reported on a trade date basis. Underwriting Fees Revenues from investment banking consists of revenues earned from underwriting fixed income securities, primarily municipal and asset-backed securities, and are recognized in revenues upon completion of the underlying transaction, which is generally the trade date, based upon the terms of the assignment as the performance obligation is to successfully broker a specific transaction. Asset Management Fees The Company earns asset management fees on Company sponsored and managed mutual funds and on the advisory accounts of independent registered investment advisors on the Company’s platform. The Company provides ongoing investment advice and acts as a custodian, providing brokerage and execution services on transactions, and performs administrative services for these accounts. This series of performance obligations transfers control of the services to the client over time as the services are performed. This revenue is recognized ratably over time to match the continued delivery of the performance obligations to the client over the life of the contract. The asset management revenue generated is based on a percentage of the market value of the eligible assets in the clients’ accounts. As such, the consideration for this revenue is variable and this variable consideration is constrained until the market value of eligible assets in the clients’ accounts is determinable. Advisory and Consulting Fees Advisory and consulting fees are primarily related to risk management consulting fees which are billed and recognized as revenue on a monthly basis when risk management services are provided. Such agreements are generally for one year periods, but are generally cancelable by either party upon providing thirty days’ written notice to the other party and the amounts are not variable based on client trading activities. This revenue is generally recognized ratably over time to match the continued delivery of the performance obligation to the client over the life of the contract. Sweep Program Fees The Company earns fees generated in lieu of interest income from a multi-bank sweep program with unaffiliated banks and money market funds. Pursuant to contractual arrangements with clients and their introducing-brokers, available cash balances in client accounts are swept into either Federal Deposit Insurance Corporation (“FDIC”) insured cash accounts at unaffiliated banks or unaffiliated money market funds for which the Company earns a portion of the interest income generated by the client balances for administration and recordkeeping. The fees generated by the Company’s multi-bank sweep program are reported net of the balances remitted to the introducing-brokers and the clients of introducing-brokers. These fees are paid and recognized over time to match the continued delivery of the administration and recordkeeping performance obligations to the life of the contract. The fees earned under this program are generally based upon the type of sweep account, prevailing interest rates, and the amount of client balances invested. Client Accounts Fees Client accounts fees represent fees earned for custodial, recordkeeping, and administrative functions performed for the securities clearing accounts of clients. These include statement delivery fees, account transfer fees, safekeeping fees, errors and omission insurance fees, platform fees, and other fees. Client account fees that are transactional based, such as account transfer fees, are recognized at a point in time when the related performance obligation is satisfied. Client account fees that are related to ongoing services, such as statement delivery fees and errors and omission insurance fees, are recognized over time. Client account fees that relate to ongoing services are typically billed to clients’ accounts on a monthly or quarterly basis. Physical Precious Metals Trading The Company principally generates revenue from trading physical precious metals on an OTC basis. Revenues from the sale of physical precious metals are recorded on a trade date basis and generally settle on an unallocated basis. Substantially all of the Company’s sales of precious metals are conducted using sales contracts that meet the definition of derivative instruments in accordance with ASC 815 - Derivatives and Hedging (“Topic 815”). The contracts underlying the Company’s commitment to deliver precious metals are referred to as fixed price forward commodity contracts because the price of the commodity is fixed at the time the order is placed. Although the contracts typically are executed on a spot basis and settle on unallocated account, the client has the option to request delivery of the precious metals, the option to net settle out of the position by executing an offsetting trade, or the option to roll the transaction to a subsequent maturity date. Thus, the sales contracts contain embedded option derivatives that would be subject to the guidance in Topic 815. As the contracts are subject to the guidance in Topic 815, the fixed price derivative sales contracts are outside the scope of Topic 606. The Company recognizes revenue when control of the inventory is transferred within the meaning of Topic 606. Physical Agricultural Commodity Merchandising and Origination The Company principally generates revenue from merchandising and originating physical agricultural and energy commodities from forward firm sales commitments accounted in accordance with Topic 815. The fixed and provisionally-priced derivative sales contracts that result in physical delivery are outside the scope of Topic 606. The Company recognizes revenue when control of the inventory is transferred within the meaning of Topic 606. Principal Gains, Net Principal gains, net includes revenues on financial transactions or contracts for which the Company acts as principal that is reported on a net basis and is primarily outside the scope of ASC 606. Principal gains, net includes margins generated from OTC derivative trades, equities, fixed income, and foreign exchange executed with clients and other counterparties and are recognized on a trade-date basis. Principal gains, net, also includes realized and unrealized gains and losses derived principally from market making activities in OTC derivatives, equities, fixed income, and foreign exchange. Net dealer inventory and investment gains are recognized on a trade-date basis and include realized gains or losses and changes in unrealized gains or losses on investments at fair value. Principal gains, net also includes dividend income on long equity positions and dividend expense on short equity positions, which are recognized on the ex-dividend date. Interest Income Interest income is generated from client funds deposited with the Company to satisfy margin requirements which is held by third-party banks or on deposit with or pledged to exchange-clearing organizations or other FCMs. Interest income is also generated from the investment of client funds in allowable securities, primarily U.S. Treasury obligations. Interest income is also generated from trading fixed income securities that the Company holds in its market-making businesses. Interest income also includes interest generated from collateralized transactions, including securities borrowed and securities purchased under agreements to resell, and from extending margin loans to clients. Interest income is recognized on an accrual basis and is not within the scope of Topic 606. Remaining Performance Obligations Remaining performance obligations are services that the firm has committed to perform in the future in connection with its contracts with clients. The Company’s remaining performance obligations are generally related to its risk management consulting and asset management contracts with clients. Revenues associated with remaining performance obligations related to these contracts with clients are not material to the overall consolidated results of the Company. For the Company’s asset management activities, where fees are calculated based on a percentage of the market value of eligible assets in client’s accounts, future revenue associated with remaining performance obligations cannot be determined as such fees are subject to fluctuations in the market value of eligible assets in clients’ accounts. Practical Expedients The Company has applied Topic 606’s practical expedient that permits for the non-disclosure of the value of performance obligations for (i) contracts with an original expected length or one year or less and (ii) contracts for which the Company recognizes revenue at the amount to which is has the right to invoice for services performed. The Company has also applied Topic 606’s practical expedient that allows for no adjustment to consideration due to a significant financing component if the expectation at contract inception is such that the period between payment by the client and the transfer of the promised goods or services to the client will be one year or less. |
Subsequent Events (Notes)
Subsequent Events (Notes) | 3 Months Ended |
Dec. 31, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | Note 19 - Subsequent Event On December 11, 2018 the Company executed a stock purchase agreement with GMP International Holdings Corp., a wholly-owned subsidiary of Canada-based GMP Capital Inc., to acquire its U.S.-based broker-dealer subsidiary, GMP Securities LLC (“GMP”), formerly known as Miller Tabak Securities, LLC, an independent, SEC-registered broker-dealer and FINRA member. GMP has an institutional fixed-income trading business which deals in high yield, convertible and emerging market debt and makes markets in certain equity securities. This transaction also involved the purchase of GMP’s U.S.-based parent. This acquisition allows the Company to expand its fixed income product offerings to clients and adds over 2,400 new institutional clients who can benefit from the Company’s full suite of financial services. The transaction was subject to regulatory approval which was obtained in January 2019 with the acquisition closing on January 15, 2019. The aggregate purchase price for all of the outstanding shares of GMP and its U.S.-based parent is equal to the final tangible asset value determined as of the acquisition date less $2.0 million . On the acquisition date, the Company paid $8.2 million in cash consideration based upon estimated tangible book value. The initial cash consideration paid for the acquisition is subject to adjustment upon the final tangible book value to be agreed upon within a period of 90 days. The initial fair value allocation of the purchase price is not yet complete. |
Basis of Presentation and Con_2
Basis of Presentation and Consolidation and Recently Issued Accounting Standards (Policies) | 3 Months Ended |
Dec. 31, 2018 | |
Basis of Presentation and Consolidation [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | The accompanying unaudited condensed consolidated balance sheet as of September 30, 2018 , which was derived from the audited consolidated balance sheet as of September 30, 2018 , and the unaudited interim condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and note disclosures normally included in annual consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) have been condensed or omitted pursuant to those rules and regulations. The Company believes that the disclosures made are adequate to make the information presented not misleading. In the opinion of management, all adjustments (primarily consisting of recurring accruals) considered necessary for a fair presentation of the condensed consolidated financial statements for the interim periods presented have been reflected as required by Rule 10-01 of Regulation S-X. Operating results for interim periods are not necessarily indicative of the results that may be expected for the full year. These interim condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and related notes contained in the Company’s Form 10-K for the fiscal year ended September 30, 2018 filed with the SEC. |
Consolidation, Policy [Policy Text Block] | These condensed consolidated financial statements include the accounts of INTL FCStone Inc. and all other entities in which the Company has a controlling financial interest. All material intercompany transactions and balances have been eliminated in consolidation. |
Fiscal Period, Policy [Policy Text Block] | The Company’s fiscal year end is September 30, and the fiscal quarters end on December 31, March 31, June 30 and September 30. Unless otherwise stated, all dates refer to fiscal years and fiscal interim periods. |
Use of Estimates, Policy [Policy Text Block] | The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent liabilities as of the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. The most significant of these estimates and assumptions relate to fair value measurement for financial instruments and investments, revenue recognition, the provision for probable losses from bad debts, valuation of inventories, valuation of goodwill and intangible assets, incomes taxes, and contingencies. Although these and other estimates and assumptions are based on the best available information, actual results could be materially different from these estimates. |
Reclassification, Policy [Policy Text Block] | Reclassifications During the three months ended December 31, 2018, the Company reclassified certain brokerage related revenues for which the Company earns commissions on trading activity in the capacity of an agent. In performing this reclassification, the Company has made a retrospective adjustment to the condensed consolidated income statement for the three months ended December 31, 2017. For the three months ended December 31, 2017, brokerage related revenues of $7.5 million were reclassified from ‘Trading gains, net’ to ‘Commissions and clearing fees’. Additionally, the Company has renamed the line item ‘Trading gains, net’ to ‘Principal gains, net’ on the condensed consolidated income statements in order to reflect the fact that these revenue streams are earned from trading financial instruments in the capacity of a principal and in order to properly segregate revenues earned from contracts with clients in connection with the adoption of the new revenue standard as discussed below. |
New Accounting Pronouncements, Policy [Policy Text Block] | On October 1, 2018, the Company adopted Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers (“Topic 606”) using the modified retrospective transition method applied to those contracts which were not completed as of October 1, 2018. Results for reporting periods beginning after October 1, 2018, are presented under Topic 606, and amounts prior to October 1, 2018 are not adjusted and continue to be reported in accordance with historical accounting standard, FASB ASC 605, Revenue Recognition (“Topic 605”). The adoption of Topic 606 had no impact to retained earnings as of October 1, 2018, or to revenue for the three months ended December 31, 2018. The Company’s accounting for revenues within the scope of Topic 606 are materially consistent with those accounting principles and practices applied to accounting for revenues under Topic 605. The new revenue recognition model does not apply to revenues associated with financial instruments or contracts, including derivatives and interest income. For further information refer to Note 2 . In August 2016, the FASB issued ASU 2016-15, Statements of Cash Flows (“Topic 230”): Classification of Certain Cash Receipts and Cash Payments, which clarifies how companies present and classify certain cash receipts and cash payments in the statement of cash flows. The Company adopted the provisions of this guidance on October 1, 2018 and the adoption had no impact on its condensed consolidated financial statements. On October 1, 2018, the Company adopted FASB Accounting Standards Update (“ASU”) 2016-18, Statements of Cash Flows (“Topic 230”): Classification and Presentation of Restricted Cash in the Statements of Cash Flows, using the retrospective transition method. In accordance with the provisions of ASU 2016-18, the Company changed its condensed consolidated statements of cash flows presentation convention to explain the changes in cash and cash equivalents, as well as cash and cash equivalents segregated for regulatory purposes. U.S. Treasury obligations with original or acquired maturities of 90 days or less held with third-party banks or pledged with exchange-clearing organizations representing investments of segregated client funds, or which are held for particular clients in lieu of cash margin, are included in segregated cash equivalents. Purchases, sales, as well as client pledges and redemptions in lieu of cash margin, of U.S. Treasury obligations with original or acquired maturities of greater than 90 days representing investments of segregated client funds are presented as operating uses and sources of cash, respectively, within the operating section of the condensed consolidated statements of cash flows. In May 2017, the FASB issued ASU No. 2017- 09, Scope of Modification Accounting (“Topic 718”), which amends the scope of modification accounting for share- based payment arrangements. ASU 2017- 09 provides guidance on the types of changes to the terms or conditions of share- based payment awards to which an entity would be required to apply modification accounting under ASC 718. Specifically, an entity would not apply modification accounting if the fair value, vesting conditions, and classification of the awards are the same immediately before and after the modification. The Company adopted ASU 2017- 09 on October 1, 2018. The adoption of the ASU had no impact on the Company's condensed consolidated financial statements and related disclosures. |
Earnings per Share (Policies)
Earnings per Share (Policies) | 3 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Earnings Per Share, Potentially Dilutive Securities | The Company presents basic and diluted earnings (loss) per share (“EPS”) using the two-class method which requires all outstanding unvested share-based payment awards that contain rights to non-forfeitable dividends and therefore participate in undistributed earnings with common stockholders be included in computing earnings (loss) per share. Under the two-class method, net earnings are reduced by the amount of dividends declared in the period for each class of common stock and participating security. The remaining undistributed earnings are then allocated to common stock and participating securities, based on their respective rights to receive dividends and any undistributed losses are solely allocated to common stockholders. Restricted stock awards granted to certain employees and directors contain non-forfeitable rights to dividends at the same rate as common stock, and are considered participating securities. Basic EPS has been computed by dividing net (loss) income by the weighted-average number of common shares outstanding. |
Income Taxes (Policies)
Income Taxes (Policies) | 3 Months Ended |
Dec. 31, 2018 | |
Income Taxes [Abstract] | |
Income Tax, Policy [Policy Text Block] | Note 16 – Income Taxes The income tax provision for interim periods is comprised of tax on ordinary income (loss) provided at the most recent estimated annual effective tax rate, adjusted for the tax effect of discrete items. Management uses an estimated annual effective tax rate based on the forecasted pretax income (loss) and statutory tax rates in the various jurisdictions in which it operates. The Company’s effective tax rate differs from the U.S. statutory rate primarily due to state and local taxes, global intangible low taxed income and differing statutory tax rates applied to the income of non-U.S. subsidiaries. The Company records the tax effect of certain discrete items, including the effects of changes in tax laws, tax rates and adjustments with respect to valuation allowances or other unusual or nonrecurring tax adjustments, in the interim period in which they occur, as an addition to, or reduction from, the income tax provision, rather than being included in the estimated effective annual income tax rate. In addition, jurisdictions with a projected loss for the year or a year-to-date loss where no tax benefit can be recognized are excluded from the estimated annual effective income tax rate. The Company is required to assess its deferred tax assets and the need for a valuation allowance at each reporting period. This assessment requires judgment on the part of management with respect to benefits that may be realized. The Company will record a valuation allowance against deferred tax assets when it is considered more likely than not that all or a portion of the deferred tax assets will not be realized. Effects of the Tax Cuts and Jobs Act On December 22, 2017, the President of the United States signed and enacted into law H.R. 1, the Tax Cuts and Jobs Act (“the Tax Reform”). Among the significant changes to the U.S. Internal Revenue Code, the Tax Reform lowered the U.S. federal corporate income tax rate from 35% to 21% , effective January 1, 2018. The Company will compute its income tax expense (benefit) for the September 30, 2019 tax year using a U.S. statutory tax rate of 21.0% . The Company computed income tax expense for the year ended September 30, 2018 using a U.S. statutory tax rate of 24.5% . The Tax Reform imposed a one-time mandatory repatriation transition tax on previously untaxed accumulated and current earnings and profits (“E&P”) of certain foreign subsidiaries. The Tax Reform also establishes new tax laws that will affect the fiscal year ending September 30, 2019, including, but not limited to, (1) elimination of the corporate alternative minimum tax, (2) a new provision designed to tax global intangible low-taxed income (“GILTI”), (3) limitations on the utilization of net operating losses incurred in tax years beginning after September 30, 2018 to 80% of taxable income per tax year, (4) the creation of the base erosion anti-abuse tax (“BEAT”), (5) a general elimination of U.S. federal income taxes on dividends from foreign subsidiaries, and (6) limitations on the deductibility of interest expense and certain executive compensation. The Company made the policy election to treat GILTI as a current period expense when incurred. The estimated impact of GILTI is included in the forecasted effective tax rate and increases the effective rate by approximately 2% . The SEC staff issued Staff Accounting Bulletin No. 118 (“SAB 118”), which provides guidance on accounting for the tax effects of the Tax Reform. SAB 118 provides a provisional measurement period that should not extend beyond one year from the Tax Reform enactment date for companies to complete the accounting under ASC 740, Income Taxes. The Company’s income tax accounting provisional measurement period for the Tax Reform concluded during the three months ended December 31, 2018 with no adjustments to the provisional amounts previously recorded. For the three months ended December 31, 2017, the Company recorded tax expense of $8.9 million related to the remeasurement of deferred tax assets and liabilities based on the information available. As a result of additional information becoming available after December 31, 2017, the Company recorded a benefit of $0.3 million during the remainder of fiscal 2018 related to the remeasurement of deferred tax assets and liabilities, and as of September 30, 2018, the accounting for the remeasurement of the deferred tax assets and liabilities was complete. The Tax Reform also included a one-time mandatory repatriation transition tax on previously untaxed accumulated and current E&P of certain of the Company’s foreign subsidiaries. To determine the amount of the transition tax, the Company determined, in addition to other factors, the amount of post 1986 E&P of the relevant subsidiaries, as well as the amount of non-U.S. income taxes paid on such earnings. The Company made a reasonable estimate of the transition tax and recorded a provisional transition tax obligation of $12.0 million in the three months ended December 31, 2017. The Company recorded a benefit of $0.8 million during the remainder of fiscal 2018 due to revised E&P computations, refinement of the net operating loss carryforward available, and revised non-US income taxes paid. As of December 31, 2018, the accounting for the one-time mandatory repatriation transition tax on previously untaxed accumulated and current E&P of certain of the Company’s foreign subsidiaries is complete. Current and Prior Period Tax Expense Income tax expense of $6.2 million and $25.5 million for the three months ended December 31, 2018 and 2017 , respectively, reflect estimated federal, foreign, state and local taxes. Due to the Tax Reform, the Company recorded discrete expense of $20.9 million during the three months ended December 31, 2017. Tax expense, excluding the discrete expense related to the Tax Reform, was $4.6 million for the three months ended December 31, 2017. For the three months ended December 31, 2018 and 2017 , the Company’s effective tax rate was 25% and 137% , respectively. For the three months ended December 31, 2018, the effective rate was higher than the U.S. federal statutory rate of 21% due to U.S. state and local taxes, GILTI, and US and foreign permanent differences. The estimated GILTI tax expense increased the effective rate approximately 2% . The effective rate for the three months ended December 31, 2017 was 25% , excluding the impacts of Tax Reform, and was higher than the blended statutory rate of 24.5% due to U.S. state and local taxes and foreign permanent differences. For the three months ended December 31, 2017, the recorded discrete expense of $20.9 million related to Tax Reform, increased the effective tax rate by 112% . Further, the Company’s effective tax rate decreased 1.0% and 1.2% for the three months ended December 31, 2018 and 2017, respectively, due to excess tax benefits on share-based compensation recognized due to the adoption of ASU 2016-09. Deferred income tax balances reflect the effects of temporary differences between the carrying amounts of assets and liabilities and their tax bases and are stated at enacted tax rates expected to be in effect when taxes are actually paid or recovered. As of December 31, 2018 and September 30, 2018, the Company has net operating loss carryforwards for U.S. federal, state, local, and foreign income tax purposes of $9.4 million , net of valuation allowances, which are available to offset future taxable income in these jurisdictions. The state and local net operating loss carryforwards of $5.7 million , net of valuation allowance, begin to expire after September 2020. INTL Asia Pte. Ltd. has a Singapore net operating loss carryforward of $2.9 million . This Singapore net operating loss has an indefinite carryforward and, in the judgment of management, is more likely than not to be realized. As a result of Tax Reform, the alternative minimum tax (“AMT”) credit carryforward deferred tax asset has been reclassified to income taxes receivable. The Company can continue to utilize AMT credits to offset regular income tax liability in fiscal years 2019 through 2021. Any remaining amount is fully refundable by fiscal year 2022. In fiscal 2018, the Company generated $6.5 million in foreign tax credit carryforwards as part of the mandatory repatriation transition tax. These credits expire in fiscal year 2028. In the judgment of management, the Company believes that sufficient taxable income will be earned to utilize the foreign tax credit carryforwards within 10 years. The valuation allowance for deferred tax assets as of December 31, 2018 and September 30, 2018 was $3.5 million . The valuation allowances as of December 31, 2018 and September 30, 2018 were primarily related to acquired U.S. state and local net operating loss carryforwards and foreign net operating loss carryforwards that, in the judgment of management, are not more likely than not to be realized. When evaluating if U.S. federal, state, and local deferred taxes are realizable, the Company considers when deferred tax liabilities are scheduled to reverse as well as deferred tax liabilities associated with unrealized gains in securities which the Company could sell, if necessary. Furthermore, the Company considers its ability to implement business and tax planning strategies that would allow the remaining U.S. federal, state, and local deferred tax assets, net of valuation allowances, to be realized in less than 10 years. Based on the current and projected profitability of the Company, as well as tax planning strategies that can be implemented, management believes that it is more likely than not that the Company will realize the tax benefit of the deferred tax assets, net of the existing valuation allowances, in the future. As of December 31, 2018 and September 30, 2018, the Company has accumulated undistributed earnings generated by its foreign subsidiaries of approximately $360.1 million and $354.7 million , respectively. The Company recognized the mandatory repatriation tax related to these undistributed earnings as part of the Tax Reform and, as a result, repatriation of these amounts would not be subject to additional U.S. federal income tax but may be subject to applicable foreign withholding and state taxes in the relevant jurisdictions. With the exception of a $13.0 million dividend that was paid in the first quarter of fiscal year 2019, the Company intends to indefinitely reinvest these earnings outside of the United States as the Company expects future U.S. cash generation to be sufficient to meet future U.S. cash needs. Foreign withholding tax is not applicable to the first quarter distribution. The Company and its subsidiaries file income tax returns with the U.S. federal jurisdiction and various state, local and foreign jurisdictions. The Company has open tax years ranging from September 30, 2010 through September 30, 2018 with U.S. federal and state and local taxing authorities. The Company is currently under examination by the U.S. Internal Revenue Service for the 2016 fiscal tax year; however, no additional tax liability is expected. In the United Kingdom (“U.K.”), the Company has open tax years ending September 30, 2017 to September 30, 2018. In Brazil, the Company has open tax years ranging from December 31, 2013 through December 31, 2018. In Argentina, the Company has open tax years ranging from September 30, 2011 to September 30, 2018. In Singapore, the Company has open tax years ranging from September 30, 2014 to September 30, 2018. |
Revenues From Contracts With _2
Revenues From Contracts With Clients Commissions and Clearing Fees (Policies) | 3 Months Ended |
Dec. 31, 2018 | |
Commissions and Clearing Fees [Abstract] | |
Contract with Customer, Timing of Satisfaction of Performance Obligation and Payment | <div style="line-height:120%;padding-bottom:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Commission and Clearing Fees</font></div><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Commission revenue represents sales and brokerage commissions generated by internal brokers, introducing broker-dealers, or registered investment advisors of introducing-broker dealers for their clients’ trading activity in futures, options on futures, OTC derivatives, fixed income securities, equity securities, mutual funds, and annuities. The Company views the selling, distribution, and marketing, or any combination thereof, of mutual funds and insurance and annuity products to clients on the Company’s registered investment advisor (“RIA”) platform as a single performance obligation to the product sponsors. </font></div><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company is the principal for commission revenue, as it is responsible for the execution of the clients’ purchases and sales, and maintains relationships with product sponsors for trailing commission. Introducing broker dealers and registered investment advisors assist the Company in performing its obligations. Accordingly, total commission revenues are reported on a gross basis. </font></div><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company primarily generates commission revenue on exchange-traded derivatives, OTC derivatives, and securities. Exchange-traded and OTC derivative commissions are recognized at a point in time on the trade date when the client, either directly or through the use of an internal broker or introducing broker, requests the clearance and execution of a trade. Securities commissions are either sale-based commission that are recognized at a point in time on the trade date or trailing commission that are recognized over time as earned. Sales-based securities commission is for a flat fee per security transaction or in certain instances are based on a percentage of an investment product’s current market value at the time of purchase. Trailing commission revenue is generally based on a percentage of the current market value of clients’ investment holdings in trail-eligible assets, and is recognized over the period during which services, such as on-going support, are performed. As trailing commission revenue is based on the market value of clients’ investment holdings in trail-eligible assets, this variable consideration is constrained until the market value of trail-eligible assets is determinable. </font></div><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Clearing fees generally represent transactional based fees charged by the various exchanges and clearing organizations for which the Company or one of its clearing brokers is a member for the privilege of executing and clearing trades through them. Clearing fees are generally passed through to the clients’ accounts and are reported gross as the Company maintains control over the clearing and execution services provided, maintains relationships with the exchanges or clearing brokers, and has ultimate discretion in whether the fees are passed through to the clients and the rates at which they are passed through. As clearing fees are transactional based revenues they are recognized at a point in time on the trade date along with the related commission revenue when the client requests the clearance and execution of a trade. </font></div></div>" id="sjs-B4"><div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Commission and Clearing Fees</font></div><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Commission revenue represents sales and brokerage commissions generated by internal brokers, introducing broker-dealers, or registered investment advisors of introducing-broker dealers for their clients’ trading activity in futures, options on futures, OTC derivatives, fixed income securities, equity securities, mutual funds, and annuities. The Company views the selling, distribution, and marketing, or any combination thereof, of mutual funds and insurance and annuity products to clients on the Company’s registered investment advisor (“RIA”) platform as a single performance obligation to the product sponsors. </font></div><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company is the principal for commission revenue, as it is responsible for the execution of the clients’ purchases and sales, and maintains relationships with product sponsors for trailing commission. Introducing broker dealers and registered investment advisors assist the Company in performing its obligations. Accordingly, total commission revenues are reported on a gross basis. </font></div><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company primarily generates commission revenue on exchange-traded derivatives, OTC derivatives, and securities. Exchange-traded and OTC derivative commissions are recognized at a point in time on the trade date when the client, either directly or through the use of an internal broker or introducing broker, requests the clearance and execution of a trade. Securities commissions are either sale-based commission that are recognized at a point in time on the trade date or trailing commission that are recognized over time as earned. Sales-based securities commission is for a flat fee per security transaction or in certain instances are based on a percentage of an investment product’s current market value at the time of purchase. Trailing commission revenue is generally based on a percentage of the current market value of clients’ investment holdings in trail-eligible assets, and is recognized over the period during which services, such as on-going support, are performed. As trailing commission revenue is based on the market value of clients’ investment holdings in trail-eligible assets, this variable consideration is constrained until the market value of trail-eligible assets is determinable. </font></div><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Clearing fees generally represent transactional based fees charged by the various exchanges and clearing organizations for which the Company or one of its clearing brokers is a member for the privilege of executing and clearing trades through them. Clearing fees are generally passed through to the clients’ accounts and are reported gross as the Company maintains control over the clearing and execution services provided, maintains relationships with the exchanges or clearing brokers, and has ultimate discretion in whether the fees are passed through to the clients and the rates at which they are passed through. As clearing fees are transactional based revenues they are recognized at a point in time on the trade date along with the related commission revenue when the client requests the clearance and execution of a trade. </font></div></div> |
Revenues From Contracts With _3
Revenues From Contracts With Clients Trade Conversion Revenue (Policies) | 3 Months Ended |
Dec. 31, 2018 | |
Trade Conversion Revenue [Abstract] | |
Revenue, Performance Obligation, Description of Good or Service | <div style="line-height:120%;padding-bottom:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Sweep Program Fees</font></div><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company earns fees generated in lieu of interest income from a multi-bank sweep program with unaffiliated banks and money market funds. Pursuant to contractual arrangements with clients and their introducing-brokers, available cash balances in client accounts are swept into either Federal Deposit Insurance Corporation (“FDIC”) insured cash accounts at unaffiliated banks or unaffiliated money market funds for which the Company earns a portion of the interest income generated by the client balances for administration and recordkeeping. The fees generated by the Company’s multi-bank sweep program are reported net of the balances remitted to the introducing-brokers and the clients of introducing-brokers. These fees are paid and recognized over time to match the continued delivery of the administration and recordkeeping performance obligations to the life of the contract. The fees earned under this program are generally based upon the type of sweep account, prevailing interest rates, and the amount of client balances invested. </font></div></div><div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Trade Conversion Revenue </font></div><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Trade conversion revenue includes fees earned from converting foreign ordinary equities into an American Depository Receipt (“ADR”) or Global Depository Receipt (“GDR”) and fees earned from converting an ADR or GDR into foreign ordinary equities on behalf of clients. Trade conversion revenue is reported on a trade date basis. </font></div></div><div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Asset Management Fees </font></div><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company earns asset management fees on Company sponsored and managed mutual funds and on the advisory accounts of independent registered investment advisors on the Company’s platform. The Company provides ongoing investment advice and acts as a custodian, providing brokerage and execution services on transactions, and performs administrative services for these accounts. This series of performance obligations transfers control of the services to the client over time as the services are performed. This revenue is recognized ratably over time to match the continued delivery of the performance obligations to the client over the life of the contract. The asset management revenue generated is based on a percentage of the market value of the eligible assets in the clients’ accounts. As such, the consideration for this revenue is variable and this variable consideration is constrained until the market value of eligible assets in the clients’ accounts is determinable.</font></div></div><div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Advisory and Consulting Fees</font></div><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Advisory and consulting fees are primarily related to risk management consulting fees which are billed and recognized as revenue on a monthly basis when risk management services are provided. Such agreements are generally for one year periods, but are generally cancelable by either party upon providing thirty days’ written notice to the other party and the amounts are not variable based on client trading activities. This revenue is generally recognized ratably over time to match the continued delivery of the performance obligation to the client over the life of the contract. </font></div></div><div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Client Accounts Fees</font></div><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Client accounts fees represent fees earned for custodial, recordkeeping, and administrative functions performed for the securities clearing accounts of clients. These include statement delivery fees, account transfer fees, safekeeping fees, errors and omission insurance fees, platform fees, and other fees. Client account fees that are transactional based, such as account transfer fees, are recognized at a point in time when the related performance obligation is satisfied. Client account fees that are related to ongoing services, such as statement delivery fees and errors and omission insurance fees, are recognized over time. Client account fees that relate to ongoing services are typically billed to clients’ accounts on a monthly or quarterly basis. </font></div></div>" id="sjs-B4"><div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Sweep Program Fees</font></div><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company earns fees generated in lieu of interest income from a multi-bank sweep program with unaffiliated banks and money market funds. Pursuant to contractual arrangements with clients and their introducing-brokers, available cash balances in client accounts are swept into either Federal Deposit Insurance Corporation (“FDIC”) insured cash accounts at unaffiliated banks or unaffiliated money market funds for which the Company earns a portion of the interest income generated by the client balances for administration and recordkeeping. The fees generated by the Company’s multi-bank sweep program are reported net of the balances remitted to the introducing-brokers and the clients of introducing-brokers. These fees are paid and recognized over time to match the continued delivery of the administration and recordkeeping performance obligations to the life of the contract. The fees earned under this program are generally based upon the type of sweep account, prevailing interest rates, and the amount of client balances invested. </font></div></div><div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Trade Conversion Revenue </font></div><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Trade conversion revenue includes fees earned from converting foreign ordinary equities into an American Depository Receipt (“ADR”) or Global Depository Receipt (“GDR”) and fees earned from converting an ADR or GDR into foreign ordinary equities on behalf of clients. Trade conversion revenue is reported on a trade date basis. </font></div></div><div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Asset Management Fees </font></div><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company earns asset management fees on Company sponsored and managed mutual funds and on the advisory accounts of independent registered investment advisors on the Company’s platform. The Company provides ongoing investment advice and acts as a custodian, providing brokerage and execution services on transactions, and performs administrative services for these accounts. This series of performance obligations transfers control of the services to the client over time as the services are performed. This revenue is recognized ratably over time to match the continued delivery of the performance obligations to the client over the life of the contract. The asset management revenue generated is based on a percentage of the market value of the eligible assets in the clients’ accounts. As such, the consideration for this revenue is variable and this variable consideration is constrained until the market value of eligible assets in the clients’ accounts is determinable.</font></div></div><div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Advisory and Consulting Fees</font></div><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Advisory and consulting fees are primarily related to risk management consulting fees which are billed and recognized as revenue on a monthly basis when risk management services are provided. Such agreements are generally for one year periods, but are generally cancelable by either party upon providing thirty days’ written notice to the other party and the amounts are not variable based on client trading activities. This revenue is generally recognized ratably over time to match the continued delivery of the performance obligation to the client over the life of the contract. </font></div></div><div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Client Accounts Fees</font></div><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Client accounts fees represent fees earned for custodial, recordkeeping, and administrative functions performed for the securities clearing accounts of clients. These include statement delivery fees, account transfer fees, safekeeping fees, errors and omission insurance fees, platform fees, and other fees. Client account fees that are transactional based, such as account transfer fees, are recognized at a point in time when the related performance obligation is satisfied. Client account fees that are related to ongoing services, such as statement delivery fees and errors and omission insurance fees, are recognized over time. Client account fees that relate to ongoing services are typically billed to clients’ accounts on a monthly or quarterly basis. </font></div></div> |
Revenues From Contracts With _4
Revenues From Contracts With Clients Underwriting Fees (Policies) | 3 Months Ended |
Dec. 31, 2018 | |
Underwriting Fees [Abstract] | |
Revenue, Performance Obligation, Description of Timing | <div style="line-height:120%;padding-bottom:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Underwriting Fees</font></div><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Revenues from investment banking consists of revenues earned from underwriting fixed income securities, primarily municipal and asset-backed securities, and are recognized in revenues upon completion of the underlying transaction, which is generally the trade date, based upon the terms of the assignment as the performance obligation is to successfully broker a specific transaction. </font></div></div>" id="sjs-B4"><div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Underwriting Fees</font></div><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Revenues from investment banking consists of revenues earned from underwriting fixed income securities, primarily municipal and asset-backed securities, and are recognized in revenues upon completion of the underlying transaction, which is generally the trade date, based upon the terms of the assignment as the performance obligation is to successfully broker a specific transaction. </font></div></div> |
Revenues From Contracts With _5
Revenues From Contracts With Clients Asset Management Fees (Policies) | 3 Months Ended |
Dec. 31, 2018 | |
Investment Advisory, Management and Administrative Fees [Abstract] | |
Revenue, Performance Obligation, Description of Good or Service | <div style="line-height:120%;padding-bottom:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Sweep Program Fees</font></div><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company earns fees generated in lieu of interest income from a multi-bank sweep program with unaffiliated banks and money market funds. Pursuant to contractual arrangements with clients and their introducing-brokers, available cash balances in client accounts are swept into either Federal Deposit Insurance Corporation (“FDIC”) insured cash accounts at unaffiliated banks or unaffiliated money market funds for which the Company earns a portion of the interest income generated by the client balances for administration and recordkeeping. The fees generated by the Company’s multi-bank sweep program are reported net of the balances remitted to the introducing-brokers and the clients of introducing-brokers. These fees are paid and recognized over time to match the continued delivery of the administration and recordkeeping performance obligations to the life of the contract. The fees earned under this program are generally based upon the type of sweep account, prevailing interest rates, and the amount of client balances invested. </font></div></div><div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Trade Conversion Revenue </font></div><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Trade conversion revenue includes fees earned from converting foreign ordinary equities into an American Depository Receipt (“ADR”) or Global Depository Receipt (“GDR”) and fees earned from converting an ADR or GDR into foreign ordinary equities on behalf of clients. Trade conversion revenue is reported on a trade date basis. </font></div></div><div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Asset Management Fees </font></div><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company earns asset management fees on Company sponsored and managed mutual funds and on the advisory accounts of independent registered investment advisors on the Company’s platform. The Company provides ongoing investment advice and acts as a custodian, providing brokerage and execution services on transactions, and performs administrative services for these accounts. This series of performance obligations transfers control of the services to the client over time as the services are performed. This revenue is recognized ratably over time to match the continued delivery of the performance obligations to the client over the life of the contract. The asset management revenue generated is based on a percentage of the market value of the eligible assets in the clients’ accounts. As such, the consideration for this revenue is variable and this variable consideration is constrained until the market value of eligible assets in the clients’ accounts is determinable.</font></div></div><div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Advisory and Consulting Fees</font></div><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Advisory and consulting fees are primarily related to risk management consulting fees which are billed and recognized as revenue on a monthly basis when risk management services are provided. Such agreements are generally for one year periods, but are generally cancelable by either party upon providing thirty days’ written notice to the other party and the amounts are not variable based on client trading activities. This revenue is generally recognized ratably over time to match the continued delivery of the performance obligation to the client over the life of the contract. </font></div></div><div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Client Accounts Fees</font></div><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Client accounts fees represent fees earned for custodial, recordkeeping, and administrative functions performed for the securities clearing accounts of clients. These include statement delivery fees, account transfer fees, safekeeping fees, errors and omission insurance fees, platform fees, and other fees. Client account fees that are transactional based, such as account transfer fees, are recognized at a point in time when the related performance obligation is satisfied. Client account fees that are related to ongoing services, such as statement delivery fees and errors and omission insurance fees, are recognized over time. Client account fees that relate to ongoing services are typically billed to clients’ accounts on a monthly or quarterly basis. </font></div></div>" id="sjs-B4"><div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Sweep Program Fees</font></div><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company earns fees generated in lieu of interest income from a multi-bank sweep program with unaffiliated banks and money market funds. Pursuant to contractual arrangements with clients and their introducing-brokers, available cash balances in client accounts are swept into either Federal Deposit Insurance Corporation (“FDIC”) insured cash accounts at unaffiliated banks or unaffiliated money market funds for which the Company earns a portion of the interest income generated by the client balances for administration and recordkeeping. The fees generated by the Company’s multi-bank sweep program are reported net of the balances remitted to the introducing-brokers and the clients of introducing-brokers. These fees are paid and recognized over time to match the continued delivery of the administration and recordkeeping performance obligations to the life of the contract. The fees earned under this program are generally based upon the type of sweep account, prevailing interest rates, and the amount of client balances invested. </font></div></div><div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Trade Conversion Revenue </font></div><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Trade conversion revenue includes fees earned from converting foreign ordinary equities into an American Depository Receipt (“ADR”) or Global Depository Receipt (“GDR”) and fees earned from converting an ADR or GDR into foreign ordinary equities on behalf of clients. Trade conversion revenue is reported on a trade date basis. </font></div></div><div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Asset Management Fees </font></div><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company earns asset management fees on Company sponsored and managed mutual funds and on the advisory accounts of independent registered investment advisors on the Company’s platform. The Company provides ongoing investment advice and acts as a custodian, providing brokerage and execution services on transactions, and performs administrative services for these accounts. This series of performance obligations transfers control of the services to the client over time as the services are performed. This revenue is recognized ratably over time to match the continued delivery of the performance obligations to the client over the life of the contract. The asset management revenue generated is based on a percentage of the market value of the eligible assets in the clients’ accounts. As such, the consideration for this revenue is variable and this variable consideration is constrained until the market value of eligible assets in the clients’ accounts is determinable.</font></div></div><div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Advisory and Consulting Fees</font></div><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Advisory and consulting fees are primarily related to risk management consulting fees which are billed and recognized as revenue on a monthly basis when risk management services are provided. Such agreements are generally for one year periods, but are generally cancelable by either party upon providing thirty days’ written notice to the other party and the amounts are not variable based on client trading activities. This revenue is generally recognized ratably over time to match the continued delivery of the performance obligation to the client over the life of the contract. </font></div></div><div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Client Accounts Fees</font></div><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Client accounts fees represent fees earned for custodial, recordkeeping, and administrative functions performed for the securities clearing accounts of clients. These include statement delivery fees, account transfer fees, safekeeping fees, errors and omission insurance fees, platform fees, and other fees. Client account fees that are transactional based, such as account transfer fees, are recognized at a point in time when the related performance obligation is satisfied. Client account fees that are related to ongoing services, such as statement delivery fees and errors and omission insurance fees, are recognized over time. Client account fees that relate to ongoing services are typically billed to clients’ accounts on a monthly or quarterly basis. </font></div></div> |
Revenues From Contracts With _6
Revenues From Contracts With Clients Advisory and Consulting Fees (Policies) | 3 Months Ended |
Dec. 31, 2018 | |
Advisory and Consulting Fees [Abstract] | |
Revenue, Performance Obligation, Description of Good or Service | <div style="line-height:120%;padding-bottom:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Sweep Program Fees</font></div><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company earns fees generated in lieu of interest income from a multi-bank sweep program with unaffiliated banks and money market funds. Pursuant to contractual arrangements with clients and their introducing-brokers, available cash balances in client accounts are swept into either Federal Deposit Insurance Corporation (“FDIC”) insured cash accounts at unaffiliated banks or unaffiliated money market funds for which the Company earns a portion of the interest income generated by the client balances for administration and recordkeeping. The fees generated by the Company’s multi-bank sweep program are reported net of the balances remitted to the introducing-brokers and the clients of introducing-brokers. These fees are paid and recognized over time to match the continued delivery of the administration and recordkeeping performance obligations to the life of the contract. The fees earned under this program are generally based upon the type of sweep account, prevailing interest rates, and the amount of client balances invested. </font></div></div><div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Trade Conversion Revenue </font></div><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Trade conversion revenue includes fees earned from converting foreign ordinary equities into an American Depository Receipt (“ADR”) or Global Depository Receipt (“GDR”) and fees earned from converting an ADR or GDR into foreign ordinary equities on behalf of clients. Trade conversion revenue is reported on a trade date basis. </font></div></div><div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Asset Management Fees </font></div><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company earns asset management fees on Company sponsored and managed mutual funds and on the advisory accounts of independent registered investment advisors on the Company’s platform. The Company provides ongoing investment advice and acts as a custodian, providing brokerage and execution services on transactions, and performs administrative services for these accounts. This series of performance obligations transfers control of the services to the client over time as the services are performed. This revenue is recognized ratably over time to match the continued delivery of the performance obligations to the client over the life of the contract. The asset management revenue generated is based on a percentage of the market value of the eligible assets in the clients’ accounts. As such, the consideration for this revenue is variable and this variable consideration is constrained until the market value of eligible assets in the clients’ accounts is determinable.</font></div></div><div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Advisory and Consulting Fees</font></div><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Advisory and consulting fees are primarily related to risk management consulting fees which are billed and recognized as revenue on a monthly basis when risk management services are provided. Such agreements are generally for one year periods, but are generally cancelable by either party upon providing thirty days’ written notice to the other party and the amounts are not variable based on client trading activities. This revenue is generally recognized ratably over time to match the continued delivery of the performance obligation to the client over the life of the contract. </font></div></div><div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Client Accounts Fees</font></div><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Client accounts fees represent fees earned for custodial, recordkeeping, and administrative functions performed for the securities clearing accounts of clients. These include statement delivery fees, account transfer fees, safekeeping fees, errors and omission insurance fees, platform fees, and other fees. Client account fees that are transactional based, such as account transfer fees, are recognized at a point in time when the related performance obligation is satisfied. Client account fees that are related to ongoing services, such as statement delivery fees and errors and omission insurance fees, are recognized over time. Client account fees that relate to ongoing services are typically billed to clients’ accounts on a monthly or quarterly basis. </font></div></div>" id="sjs-B4"><div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Sweep Program Fees</font></div><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company earns fees generated in lieu of interest income from a multi-bank sweep program with unaffiliated banks and money market funds. Pursuant to contractual arrangements with clients and their introducing-brokers, available cash balances in client accounts are swept into either Federal Deposit Insurance Corporation (“FDIC”) insured cash accounts at unaffiliated banks or unaffiliated money market funds for which the Company earns a portion of the interest income generated by the client balances for administration and recordkeeping. The fees generated by the Company’s multi-bank sweep program are reported net of the balances remitted to the introducing-brokers and the clients of introducing-brokers. These fees are paid and recognized over time to match the continued delivery of the administration and recordkeeping performance obligations to the life of the contract. The fees earned under this program are generally based upon the type of sweep account, prevailing interest rates, and the amount of client balances invested. </font></div></div><div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Trade Conversion Revenue </font></div><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Trade conversion revenue includes fees earned from converting foreign ordinary equities into an American Depository Receipt (“ADR”) or Global Depository Receipt (“GDR”) and fees earned from converting an ADR or GDR into foreign ordinary equities on behalf of clients. Trade conversion revenue is reported on a trade date basis. </font></div></div><div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Asset Management Fees </font></div><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company earns asset management fees on Company sponsored and managed mutual funds and on the advisory accounts of independent registered investment advisors on the Company’s platform. The Company provides ongoing investment advice and acts as a custodian, providing brokerage and execution services on transactions, and performs administrative services for these accounts. This series of performance obligations transfers control of the services to the client over time as the services are performed. This revenue is recognized ratably over time to match the continued delivery of the performance obligations to the client over the life of the contract. The asset management revenue generated is based on a percentage of the market value of the eligible assets in the clients’ accounts. As such, the consideration for this revenue is variable and this variable consideration is constrained until the market value of eligible assets in the clients’ accounts is determinable.</font></div></div><div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Advisory and Consulting Fees</font></div><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Advisory and consulting fees are primarily related to risk management consulting fees which are billed and recognized as revenue on a monthly basis when risk management services are provided. Such agreements are generally for one year periods, but are generally cancelable by either party upon providing thirty days’ written notice to the other party and the amounts are not variable based on client trading activities. This revenue is generally recognized ratably over time to match the continued delivery of the performance obligation to the client over the life of the contract. </font></div></div><div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Client Accounts Fees</font></div><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Client accounts fees represent fees earned for custodial, recordkeeping, and administrative functions performed for the securities clearing accounts of clients. These include statement delivery fees, account transfer fees, safekeeping fees, errors and omission insurance fees, platform fees, and other fees. Client account fees that are transactional based, such as account transfer fees, are recognized at a point in time when the related performance obligation is satisfied. Client account fees that are related to ongoing services, such as statement delivery fees and errors and omission insurance fees, are recognized over time. Client account fees that relate to ongoing services are typically billed to clients’ accounts on a monthly or quarterly basis. </font></div></div> |
Revenues From Contracts With _7
Revenues From Contracts With Clients Sweep Program Fees (Policies) | 3 Months Ended |
Dec. 31, 2018 | |
Sweep Program Fees [Abstract] | |
Revenue, Performance Obligation, Description of Good or Service | <div style="line-height:120%;padding-bottom:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Sweep Program Fees</font></div><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company earns fees generated in lieu of interest income from a multi-bank sweep program with unaffiliated banks and money market funds. Pursuant to contractual arrangements with clients and their introducing-brokers, available cash balances in client accounts are swept into either Federal Deposit Insurance Corporation (“FDIC”) insured cash accounts at unaffiliated banks or unaffiliated money market funds for which the Company earns a portion of the interest income generated by the client balances for administration and recordkeeping. The fees generated by the Company’s multi-bank sweep program are reported net of the balances remitted to the introducing-brokers and the clients of introducing-brokers. These fees are paid and recognized over time to match the continued delivery of the administration and recordkeeping performance obligations to the life of the contract. The fees earned under this program are generally based upon the type of sweep account, prevailing interest rates, and the amount of client balances invested. </font></div></div><div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Trade Conversion Revenue </font></div><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Trade conversion revenue includes fees earned from converting foreign ordinary equities into an American Depository Receipt (“ADR”) or Global Depository Receipt (“GDR”) and fees earned from converting an ADR or GDR into foreign ordinary equities on behalf of clients. Trade conversion revenue is reported on a trade date basis. </font></div></div><div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Asset Management Fees </font></div><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company earns asset management fees on Company sponsored and managed mutual funds and on the advisory accounts of independent registered investment advisors on the Company’s platform. The Company provides ongoing investment advice and acts as a custodian, providing brokerage and execution services on transactions, and performs administrative services for these accounts. This series of performance obligations transfers control of the services to the client over time as the services are performed. This revenue is recognized ratably over time to match the continued delivery of the performance obligations to the client over the life of the contract. The asset management revenue generated is based on a percentage of the market value of the eligible assets in the clients’ accounts. As such, the consideration for this revenue is variable and this variable consideration is constrained until the market value of eligible assets in the clients’ accounts is determinable.</font></div></div><div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Advisory and Consulting Fees</font></div><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Advisory and consulting fees are primarily related to risk management consulting fees which are billed and recognized as revenue on a monthly basis when risk management services are provided. Such agreements are generally for one year periods, but are generally cancelable by either party upon providing thirty days’ written notice to the other party and the amounts are not variable based on client trading activities. This revenue is generally recognized ratably over time to match the continued delivery of the performance obligation to the client over the life of the contract. </font></div></div><div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Client Accounts Fees</font></div><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Client accounts fees represent fees earned for custodial, recordkeeping, and administrative functions performed for the securities clearing accounts of clients. These include statement delivery fees, account transfer fees, safekeeping fees, errors and omission insurance fees, platform fees, and other fees. Client account fees that are transactional based, such as account transfer fees, are recognized at a point in time when the related performance obligation is satisfied. Client account fees that are related to ongoing services, such as statement delivery fees and errors and omission insurance fees, are recognized over time. Client account fees that relate to ongoing services are typically billed to clients’ accounts on a monthly or quarterly basis. </font></div></div>" id="sjs-B4"><div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Sweep Program Fees</font></div><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company earns fees generated in lieu of interest income from a multi-bank sweep program with unaffiliated banks and money market funds. Pursuant to contractual arrangements with clients and their introducing-brokers, available cash balances in client accounts are swept into either Federal Deposit Insurance Corporation (“FDIC”) insured cash accounts at unaffiliated banks or unaffiliated money market funds for which the Company earns a portion of the interest income generated by the client balances for administration and recordkeeping. The fees generated by the Company’s multi-bank sweep program are reported net of the balances remitted to the introducing-brokers and the clients of introducing-brokers. These fees are paid and recognized over time to match the continued delivery of the administration and recordkeeping performance obligations to the life of the contract. The fees earned under this program are generally based upon the type of sweep account, prevailing interest rates, and the amount of client balances invested. </font></div></div><div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Trade Conversion Revenue </font></div><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Trade conversion revenue includes fees earned from converting foreign ordinary equities into an American Depository Receipt (“ADR”) or Global Depository Receipt (“GDR”) and fees earned from converting an ADR or GDR into foreign ordinary equities on behalf of clients. Trade conversion revenue is reported on a trade date basis. </font></div></div><div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Asset Management Fees </font></div><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company earns asset management fees on Company sponsored and managed mutual funds and on the advisory accounts of independent registered investment advisors on the Company’s platform. The Company provides ongoing investment advice and acts as a custodian, providing brokerage and execution services on transactions, and performs administrative services for these accounts. This series of performance obligations transfers control of the services to the client over time as the services are performed. This revenue is recognized ratably over time to match the continued delivery of the performance obligations to the client over the life of the contract. The asset management revenue generated is based on a percentage of the market value of the eligible assets in the clients’ accounts. As such, the consideration for this revenue is variable and this variable consideration is constrained until the market value of eligible assets in the clients’ accounts is determinable.</font></div></div><div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Advisory and Consulting Fees</font></div><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Advisory and consulting fees are primarily related to risk management consulting fees which are billed and recognized as revenue on a monthly basis when risk management services are provided. Such agreements are generally for one year periods, but are generally cancelable by either party upon providing thirty days’ written notice to the other party and the amounts are not variable based on client trading activities. This revenue is generally recognized ratably over time to match the continued delivery of the performance obligation to the client over the life of the contract. </font></div></div><div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Client Accounts Fees</font></div><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Client accounts fees represent fees earned for custodial, recordkeeping, and administrative functions performed for the securities clearing accounts of clients. These include statement delivery fees, account transfer fees, safekeeping fees, errors and omission insurance fees, platform fees, and other fees. Client account fees that are transactional based, such as account transfer fees, are recognized at a point in time when the related performance obligation is satisfied. Client account fees that are related to ongoing services, such as statement delivery fees and errors and omission insurance fees, are recognized over time. Client account fees that relate to ongoing services are typically billed to clients’ accounts on a monthly or quarterly basis. </font></div></div> |
Revenues From Contracts With _8
Revenues From Contracts With Clients Client Account Fees (Policies) | 3 Months Ended |
Dec. 31, 2018 | |
Client Account Fees [Abstract] | |
Revenue, Performance Obligation, Description of Good or Service | <div style="line-height:120%;padding-bottom:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Sweep Program Fees</font></div><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company earns fees generated in lieu of interest income from a multi-bank sweep program with unaffiliated banks and money market funds. Pursuant to contractual arrangements with clients and their introducing-brokers, available cash balances in client accounts are swept into either Federal Deposit Insurance Corporation (“FDIC”) insured cash accounts at unaffiliated banks or unaffiliated money market funds for which the Company earns a portion of the interest income generated by the client balances for administration and recordkeeping. The fees generated by the Company’s multi-bank sweep program are reported net of the balances remitted to the introducing-brokers and the clients of introducing-brokers. These fees are paid and recognized over time to match the continued delivery of the administration and recordkeeping performance obligations to the life of the contract. The fees earned under this program are generally based upon the type of sweep account, prevailing interest rates, and the amount of client balances invested. </font></div></div><div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Trade Conversion Revenue </font></div><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Trade conversion revenue includes fees earned from converting foreign ordinary equities into an American Depository Receipt (“ADR”) or Global Depository Receipt (“GDR”) and fees earned from converting an ADR or GDR into foreign ordinary equities on behalf of clients. Trade conversion revenue is reported on a trade date basis. </font></div></div><div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Asset Management Fees </font></div><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company earns asset management fees on Company sponsored and managed mutual funds and on the advisory accounts of independent registered investment advisors on the Company’s platform. The Company provides ongoing investment advice and acts as a custodian, providing brokerage and execution services on transactions, and performs administrative services for these accounts. This series of performance obligations transfers control of the services to the client over time as the services are performed. This revenue is recognized ratably over time to match the continued delivery of the performance obligations to the client over the life of the contract. The asset management revenue generated is based on a percentage of the market value of the eligible assets in the clients’ accounts. As such, the consideration for this revenue is variable and this variable consideration is constrained until the market value of eligible assets in the clients’ accounts is determinable.</font></div></div><div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Advisory and Consulting Fees</font></div><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Advisory and consulting fees are primarily related to risk management consulting fees which are billed and recognized as revenue on a monthly basis when risk management services are provided. Such agreements are generally for one year periods, but are generally cancelable by either party upon providing thirty days’ written notice to the other party and the amounts are not variable based on client trading activities. This revenue is generally recognized ratably over time to match the continued delivery of the performance obligation to the client over the life of the contract. </font></div></div><div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Client Accounts Fees</font></div><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Client accounts fees represent fees earned for custodial, recordkeeping, and administrative functions performed for the securities clearing accounts of clients. These include statement delivery fees, account transfer fees, safekeeping fees, errors and omission insurance fees, platform fees, and other fees. Client account fees that are transactional based, such as account transfer fees, are recognized at a point in time when the related performance obligation is satisfied. Client account fees that are related to ongoing services, such as statement delivery fees and errors and omission insurance fees, are recognized over time. Client account fees that relate to ongoing services are typically billed to clients’ accounts on a monthly or quarterly basis. </font></div></div>" id="sjs-B4"><div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Sweep Program Fees</font></div><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company earns fees generated in lieu of interest income from a multi-bank sweep program with unaffiliated banks and money market funds. Pursuant to contractual arrangements with clients and their introducing-brokers, available cash balances in client accounts are swept into either Federal Deposit Insurance Corporation (“FDIC”) insured cash accounts at unaffiliated banks or unaffiliated money market funds for which the Company earns a portion of the interest income generated by the client balances for administration and recordkeeping. The fees generated by the Company’s multi-bank sweep program are reported net of the balances remitted to the introducing-brokers and the clients of introducing-brokers. These fees are paid and recognized over time to match the continued delivery of the administration and recordkeeping performance obligations to the life of the contract. The fees earned under this program are generally based upon the type of sweep account, prevailing interest rates, and the amount of client balances invested. </font></div></div><div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Trade Conversion Revenue </font></div><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Trade conversion revenue includes fees earned from converting foreign ordinary equities into an American Depository Receipt (“ADR”) or Global Depository Receipt (“GDR”) and fees earned from converting an ADR or GDR into foreign ordinary equities on behalf of clients. Trade conversion revenue is reported on a trade date basis. </font></div></div><div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Asset Management Fees </font></div><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company earns asset management fees on Company sponsored and managed mutual funds and on the advisory accounts of independent registered investment advisors on the Company’s platform. The Company provides ongoing investment advice and acts as a custodian, providing brokerage and execution services on transactions, and performs administrative services for these accounts. This series of performance obligations transfers control of the services to the client over time as the services are performed. This revenue is recognized ratably over time to match the continued delivery of the performance obligations to the client over the life of the contract. The asset management revenue generated is based on a percentage of the market value of the eligible assets in the clients’ accounts. As such, the consideration for this revenue is variable and this variable consideration is constrained until the market value of eligible assets in the clients’ accounts is determinable.</font></div></div><div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Advisory and Consulting Fees</font></div><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Advisory and consulting fees are primarily related to risk management consulting fees which are billed and recognized as revenue on a monthly basis when risk management services are provided. Such agreements are generally for one year periods, but are generally cancelable by either party upon providing thirty days’ written notice to the other party and the amounts are not variable based on client trading activities. This revenue is generally recognized ratably over time to match the continued delivery of the performance obligation to the client over the life of the contract. </font></div></div><div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Client Accounts Fees</font></div><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Client accounts fees represent fees earned for custodial, recordkeeping, and administrative functions performed for the securities clearing accounts of clients. These include statement delivery fees, account transfer fees, safekeeping fees, errors and omission insurance fees, platform fees, and other fees. Client account fees that are transactional based, such as account transfer fees, are recognized at a point in time when the related performance obligation is satisfied. Client account fees that are related to ongoing services, such as statement delivery fees and errors and omission insurance fees, are recognized over time. Client account fees that relate to ongoing services are typically billed to clients’ accounts on a monthly or quarterly basis. </font></div></div> |
Revenues From Contracts With _9
Revenues From Contracts With Clients Interest Income (Policies) | 3 Months Ended |
Dec. 31, 2018 | |
Interest Income [Abstract] | |
Revenue Recognition, Interest [Policy Text Block] | Interest Income Interest income is generated from client funds deposited with the Company to satisfy margin requirements which is held by third-party banks or on deposit with or pledged to exchange-clearing organizations or other FCMs. Interest income is also generated from the investment of client funds in allowable securities, primarily U.S. Treasury obligations. Interest income is also generated from trading fixed income securities that the Company holds in its market-making businesses. Interest income also includes interest generated from collateralized transactions, including securities borrowed and securities purchased under agreements to resell, and from extending margin loans to clients. Interest income is recognized on an accrual basis and is not within the scope of Topic 606. |
Revenues From Contracts With_10
Revenues From Contracts With Clients Remaining Performance Obligations (Policies) | 3 Months Ended |
Dec. 31, 2018 | |
Remaining Performance Obligations [Abstract] | |
Remaining Performance Obligations | <div style="line-height:120%;padding-bottom:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Remaining Performance Obligations </font></div><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Remaining performance obligations are services that the firm has committed to perform in the future in connection with its contracts with clients. The Company’s remaining performance obligations are generally related to its risk management consulting and asset management contracts with clients. Revenues associated with remaining performance obligations related to these contracts with clients are not material to the overall consolidated results of the Company. For the Company’s asset management activities, where fees are calculated based on a percentage of the market value of eligible assets in client’s accounts, future revenue associated with remaining performance obligations cannot be determined as such fees are subject to fluctuations in the market value of eligible assets in clients’ accounts.</font></div></div>" id="sjs-B4"><div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Remaining Performance Obligations </font></div><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Remaining performance obligations are services that the firm has committed to perform in the future in connection with its contracts with clients. The Company’s remaining performance obligations are generally related to its risk management consulting and asset management contracts with clients. Revenues associated with remaining performance obligations related to these contracts with clients are not material to the overall consolidated results of the Company. For the Company’s asset management activities, where fees are calculated based on a percentage of the market value of eligible assets in client’s accounts, future revenue associated with remaining performance obligations cannot be determined as such fees are subject to fluctuations in the market value of eligible assets in clients’ accounts.</font></div></div> |
Revenues From Contracts With_11
Revenues From Contracts With Clients Practical Expedients (Policies) | 3 Months Ended |
Dec. 31, 2018 | |
Practical Expedients [Abstract] | |
Revenue, Practical Expedient, Remaining Performance Obligation [true/false] | <div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company has applied Topic 606’s practical expedient that permits for the non-disclosure of the value of performance obligations for (i) contracts with an original expected length or one year or less and (ii) contracts for which the Company recognizes revenue at the amount to which is has the right to invoice for services performed. </font></div></div>" id="sjs-B4"><div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company has applied Topic 606’s practical expedient that permits for the non-disclosure of the value of performance obligations for (i) contracts with an original expected length or one year or less and (ii) contracts for which the Company recognizes revenue at the amount to which is has the right to invoice for services performed. </font></div></div> |
Earnings per Share (Tables)
Earnings per Share (Tables) | 3 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Schedule of Calculation of Numerator and Denominator in Earnings Per Share [Table Text Block] | Basic EPS has been computed by dividing net (loss) income by the weighted-average number of common shares outstanding. The following is a reconciliation of the numerator and denominator of the diluted earnings (loss) per share computations for the periods presented below. Three Months Ended December 31, (in millions, except share amounts) 2018 2017 Numerator: Net income (loss) $ 18.2 $ (6.9 ) Less: Allocation to participating securities (0.3 ) — Net income (loss) allocated to common stockholders $ 17.9 $ (6.9 ) Denominator: Weighted average number of: Common shares outstanding 18,659,748 18,419,072 Dilutive potential common shares outstanding: Share-based awards 333,298 — Diluted weighted-average common shares 18,993,046 18,419,072 |
Assets and Liabilities, at Fa_2
Assets and Liabilities, at Fair Value (Tables) | 3 Months Ended |
Dec. 31, 2018 | |
Assets and Liabilities, at Fair Value [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | The following tables set forth the Company’s financial and nonfinancial assets and liabilities accounted for at fair value, on a recurring basis, as of December 31, 2018 by level in the fair value hierarchy. December 31, 2018 (in millions) Level 1 Level 2 Level 3 Netting and Total Assets: Unrestricted cash equivalents - certificate of deposits $ 4.8 $ — $ — $ — $ 4.8 Commodities warehouse receipts 13.5 — — — 13.5 U.S. Treasury obligations 299.4 — — — 299.4 Securities and other assets segregated under federal and other regulations 312.9 — — — 312.9 U.S. Treasury obligations 623.1 — — — 623.1 "To be announced" (TBA) and forward settling securities — 6.5 — — 6.5 Foreign government obligations 10.2 — — — 10.2 Derivatives 5,275.0 2.2 — (5,609.7 ) (332.5 ) Deposits with and receivables from broker-dealers, clearing organization and counterparties 5,908.3 8.7 — (5,609.7 ) 307.3 Equity securities 140.0 5.1 — — 145.1 Corporate and municipal bonds — 74.8 — — 74.8 U.S. Treasury obligations 239.2 — — — 239.2 U.S. government agency obligations — 328.4 — — 328.4 Foreign government obligations 2.3 — — — 2.3 Agency mortgage-backed obligations — 1,047.1 — — 1,047.1 Asset-backed obligations — 39.2 — — 39.2 Derivatives 1.5 563.6 — (425.8 ) 139.3 Commodities leases — 34.7 — (15.2 ) 19.5 Commodities warehouse receipts 4.3 — — — 4.3 Exchange firm common stock 11.3 — — — 11.3 Mutual funds and other 4.0 — — — 4.0 Financial instruments owned 402.6 2,092.9 — (441.0 ) 2,054.5 Physical commodities inventory, net 13.3 151.1 — — 164.4 Total assets at fair value $ 6,641.9 $ 2,252.7 $ — $ (6,050.7 ) $ 2,843.9 Liabilities: TBA and forward settling securities — 12.7 — — 12.7 Derivatives 5,612.2 7.7 — (5,619.9 ) — Payable to broker-dealers, clearing organizations and counterparties 5,612.2 20.4 — (5,619.9 ) 12.7 Equity securities 153.2 3.6 — — 156.8 Foreign government obligations 2.0 — — — 2.0 Corporate and municipal bonds — 14.1 — — 14.1 U.S. Treasury obligations 325.1 — — — 325.1 U.S. government agency obligations — 144.6 — — 144.6 Agency mortgage-backed obligations — 1.2 — — 1.2 Derivatives — 644.3 — (501.7 ) 142.6 Commodities leases — 70.8 — (17.5 ) 53.3 Financial instruments sold, not yet purchased 480.3 878.6 — (519.2 ) 839.7 Total liabilities at fair value $ 6,092.5 $ 899.0 $ — $ (6,139.1 ) $ 852.4 (1) Represents cash collateral and the impact of netting across the levels of the fair value hierarchy. Netting among positions classified within the same level is included in that level. The following table sets forth the Company’s financial and nonfinancial assets and liabilities accounted for at fair value, on a recurring basis, as of September 30, 2018 by level in the fair value hierarchy. September 30, 2018 (in millions) Level 1 Level 2 Level 3 Netting and Total Assets: Unrestricted cash equivalents - certificates of deposits $ 3.8 $ — $ — $ — $ 3.8 Commodities warehouse receipts 42.9 — — — 42.9 U.S. Treasury obligations 600.4 — — — 600.4 Securities and other assets segregated under federal and other regulations 643.3 — — — 643.3 U.S. Treasury obligations 778.4 — — — 778.4 TBA and forward settling securities — 5.0 — (2.1 ) 2.9 Foreign government obligations 7.7 — — — 7.7 Derivatives 7,495.9 19.6 — (7,787.1 ) (271.6 ) Deposits with and receivables from broker-dealers, clearing organizations, and counterparties 8,282.0 24.6 — (7,789.2 ) 517.4 Equity securities 71.2 3.0 — — 74.2 Corporate and municipal bonds — 79.1 — — 79.1 U.S. Treasury obligations 120.1 — — — 120.1 U.S. government agency obligations — 472.9 — 472.9 Foreign government obligations 6.4 — — — 6.4 Agency mortgage-backed obligations — 1,022.5 — — 1,022.5 Asset-backed obligations — 42.9 — — 42.9 Derivatives 0.8 514.6 — (329.3 ) 186.1 Commodities leases — 29.5 — (11.8 ) 17.7 Commodities warehouse receipts 16.4 — — — 16.4 Exchange firm common stock 10.2 — — — 10.2 Mutual funds and other 6.3 — — — 6.3 Financial instruments owned 231.4 2,164.5 — (341.1 ) 2,054.8 Physical commodities inventory, net 42.1 114.8 — — 156.9 Total assets at fair value $ 9,202.6 $ 2,303.9 $ — $ (8,130.3 ) $ 3,376.2 Liabilities: TBA and forward settling securities — 2.1 — (2.1 ) — Derivatives 7,809.3 11.6 — (7,820.9 ) — Payable to broker-dealers, clearing organizations and counterparties 7,809.3 13.7 — (7,823.0 ) — Equity securities 51.1 0.4 — — 51.5 Corporate and municipal bonds — 20.1 — — 20.1 U.S. Treasury obligations 484.8 — — — 484.8 U.S. government agency obligations — 57.2 — — 57.2 Agency mortgage-backed obligations — 0.2 — — 0.2 Derivatives — 688.0 — (494.6 ) 193.4 Commodities leases — 75.5 — (16.2 ) 59.3 Financial instruments sold, not yet purchased 535.9 841.4 — (510.8 ) 866.5 Total liabilities at fair value $ 8,345.2 $ 855.1 $ — $ (8,333.8 ) $ 866.5 (1) Represents cash collateral and the impact of netting across the levels of the fair value hierarchy. Netting among positions classified within the same level is included in that level. |
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | . |
Financial Instruments with Of_2
Financial Instruments with Off-Balance Sheet Risk and Concentrations of Credit Risk (Tables) | 3 Months Ended |
Dec. 31, 2018 | |
Financial Instruments with Off-Balance Sheet Risk and Concentrations of Credit Risk [Abstract] | |
Schedule of Derivative Instruments [Table Text Block] | Listed below are the fair values of the Company’s derivative assets and liabilities as of December 31, 2018 and September 30, 2018. Assets represent net unrealized gains and liabilities represent net unrealized losses. December 31, 2018 September 30, 2018 (in millions) Assets (1) Liabilities (1) Assets (1) Liabilities (1) Derivative contracts not accounted for as hedges: Exchange-traded commodity derivatives $ 2,039.1 $ 2,313.7 $ 2,455.7 $ 2,499.3 OTC commodity derivatives 218.1 322.6 207.0 369.9 Exchange-traded foreign exchange derivatives 57.1 51.5 49.8 37.2 OTC foreign exchange derivatives 324.1 303.8 302.5 303.9 Exchange-traded interest rate derivatives 606.3 591.4 449.3 478.7 OTC interest rate derivatives 23.5 25.6 24.8 25.9 Exchange traded equity index derivatives 2,574.1 2,655.6 4,541.8 4,794.0 TBA and forward settling securities 6.5 12.7 5.0 2.1 Gross fair value of derivative contracts 5,848.8 6,276.9 8,035.9 8,511.0 Impact of netting and collateral (6,035.5 ) (6,121.6 ) (8,118.5 ) (8,317.6 ) Total fair value included in ‘Deposits with and receivables from broker-dealers, clearing organizations, and counterparties’ $ (326.0 ) $ (268.7 ) Total fair value included in ‘Financial instruments owned, at fair value’ $ 139.3 $ 186.1 Total fair value included in ‘Payables to broker-dealers, clearing organizations and counterparties $ 12.7 $ — Fair value included in ‘Financial instruments sold, not yet purchased, at fair value’ $ 142.6 $ 193.4 (1) As of December 31, 2018 and September 30, 2018, the Company’s derivative contract volume for open positions were approximately 9.9 million and 10.6 million contracts, respectively. The Company’s derivative contracts are principally held in its Commercial Hedging and Clearing and Execution Services segments. The Company assists its Commercial Hedging segment clients in protecting the value of their future production by entering into option or forward agreements with them on an OTC basis. The Company also provides its Commercial Hedging segment clients with option products, including combinations of buying and selling puts and calls. The Company mitigates its risk by offsetting the client’s transaction simultaneously with one of the Company’s trading counterparties or with a similar but not identical exchange-traded position. The risk mitigation of these offsetting trades is not within the documented hedging designation requirements of the Derivatives and Hedging Topic of the ASC. These derivative contracts are traded along with cash transactions because of the integrated nature of the markets for these products. The Company manages the risks associated with derivatives on an aggregate basis along with the risks associated with its proprietary trading and market-making activities in cash instruments as part of its firm-wide risk management policies. In particular, the risks related to derivative positions may be partially offset by inventory, unrealized gains in inventory or cash collateral paid or received. The Company transacts in derivative instruments, which consist of mortgage-backed TBA securities and forward settling transactions that are used to manage risk exposures in the trading inventory of the Company’s domestic institutional dealer in fixed income securities business. The fair value of these transactions is recorded in deposits with and receivables from or payables to broker-dealers, clearing organizations and counterparties. Realized and unrealized gains and losses on these derivative transactions are reflected in ‘principal gains, net’. As of December 31, 2018 and September 30, 2018, these transactions are summarized as follows: December 31, 2018 September 30, 2018 (in millions) Gain / (Loss) Notional Amounts Gain / (Loss) Notional Amounts Unrealized gain on TBA securities purchased within deposits with and receivables from broker-dealers, clearing organizations and counterparties and related notional amounts (1) $ 3.7 $ 718.4 $ 1.2 $ 721.5 Unrealized loss on TBA securities purchased within deposits with and receivables from broker-dealers, clearing organizations and counterparties and related notional amounts (1) $ — $ 5.2 $ (0.6 ) $ 293.2 Unrealized gain on TBA securities sold within deposits with and receivables from broker-dealers, clearing organizations and counterparties and related notional amounts (1) $ — $ (8.3 ) $ 3.2 $ (1,099.5 ) Unrealized loss on TBA securities sold within payables to broker-dealers, clearing organizations and counterparties and related notional amounts (1) $ (11.7 ) $ (1,651.6 ) $ — $ — Unrealized loss on TBA securities sold within deposits with and receivables from broker-dealers, clearing organizations and counterparties and related notional amounts (1) $ — $ — $ (1.5 ) $ (812.7 ) Unrealized gain on forward settling securities purchased within deposits with and receivables from broker-dealers, clearing organizations and counterparties and related notional amounts (1) $ 2.8 $ 505.8 $ 0.5 $ 614.3 Unrealized loss on forward settling securities sold within payables to broker-dealers, clearing organizations and counterparties and related notional amounts (1) $ (1.0 ) $ (261.8 ) $ — $ — Unrealized gain on forward settling securities sold within deposits with and receivables from and payables to broker-dealers, clearing organizations and counterparties and related notional amounts (1) $ — $ — $ 0.1 $ (427.2 ) (1) The notional amounts of these instruments reflect the extent of the Company's involvement in TBA and forward settling securities and do not represent risk of loss due to counterparty non-performance. |
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Table Text Block] | The following table sets forth the Company’s gains (losses) related to derivative financial instruments for the three months ended December 31, 2018 and 2017 in accordance with the Derivatives and Hedging Topic of the ASC. The net gains set forth below are included in ‘Cost of sales of physical commodities’ and ‘Principal gains, net’ in the condensed consolidated income statements. Three Months Ended December 31, (in millions) 2018 2017 Commodities $ 8.1 $ 7.7 Foreign exchange 1.9 2.3 Equity (3.3 ) — Interest rate — 0.4 TBA and forward settling securities (9.3 ) (0.4 ) Net (losses) gains from derivative contracts $ (2.6 ) $ 10.0 |
Physical Commodities Inventor_2
Physical Commodities Inventory Physical Commodities Table (Tables) | 3 Months Ended |
Dec. 31, 2018 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | (in millions) December 31, September 30, Physical Ag & Energy (1) $ 151.1 $ 114.7 Precious metals - held by broker-dealer subsidiary (2) 13.3 42.1 Precious metals - held by non-broker-dealer subsidiaries (3) 58.1 65.7 Physical commodities inventory $ 222.5 $ 222.5 |
Goodwill (Tables)
Goodwill (Tables) | 3 Months Ended |
Dec. 31, 2018 | |
Goodwill [Abstract] | |
Schedule of Goodwill [Table Text Block] | The carrying value of goodwill is allocated to the Company’s operating segments as follows: (in millions) December 31, September 30, Commercial Hedging $ 30.3 $ 30.3 Global Payments 8.9 8.9 Physical Commodities 2.4 2.4 Securities 7.0 6.8 Goodwill $ 48.6 $ 48.4 |
Intangible Assets - (Tables)
Intangible Assets - (Tables) | 3 Months Ended |
Dec. 31, 2018 | |
Intangible Assets [Abstract] | |
Schedule of Finite and Indefinite-Lived Intangible Assets [Table Text Block] | The gross and net carrying values of intangible assets as of the balance sheet dates, by major intangible asset class are as follows (in millions): December 31, 2018 September 30, 2018 Gross Amount Accumulated Amortization Net Amount Gross Amount Accumulated Amortization Net Amount Intangible assets subject to amortization: Software programs/platforms $ 2.7 $ (2.6 ) $ 0.1 $ 2.7 $ (2.6 ) $ 0.1 Customer base 21.4 (10.8 ) 10.6 21.4 (10.1 ) 11.3 Total intangible assets $ 24.1 $ (13.4 ) $ 10.7 $ 24.1 $ (12.7 ) $ 11.4 |
Schedule of Expected Amortization Expense [Table Text Block] | Amortization expense related to intangible assets was $0.6 million for the three months ended December 31, 2018 and 2017 . As of December 31, 2018 , the estimated future amortization expense was as follows: (in millions) Fiscal 2019 (remaining nine months) $ 1.9 Fiscal 2020 2.2 Fiscal 2021 2.2 Fiscal 2022 1.0 Fiscal 2023 and thereafter 3.4 $ 10.7 |
Credit Facilities (Tables)
Credit Facilities (Tables) | 3 Months Ended |
Dec. 31, 2018 | |
Credit Facilities [Abstract] | |
Schedule of Debt [Table Text Block] | The following table sets forth a listing of credit facilities, the current committed amounts as of the report date on the facilities, outstanding borrowings on the facilities, as well as indebtedness on a promissory note as of December 31, 2018 and September 30, 2018. (in millions) Credit Facilities Amounts Outstanding Borrower Security Renewal / Expiration Date Total Commitment December 31, September 30, Committed Credit Facilities INTL FCStone Inc. Pledged shares of certain subsidiaries March 18, 2019 $ 262.0 $ 220.0 $ 208.2 INTL FCStone Financial Inc. None April 4, 2019 75.0 — — FCStone Merchant Services, LLC Certain commodities assets November 1, 2019 232.5 163.5 128.0 INTL FCStone Ltd. None February 28, 2019 25.0 25.0 — $ 594.5 $ 408.5 $ 336.2 Uncommitted Credit Facilities INTL FCStone Financial Inc. Commodities warehouse receipts and certain pledged securities n/a n/a $ 20.0 $ 14.0 INTL FCStone Ltd. Commodities warehouse receipts n/a n/a $ — $ — FCStone Merchant Services, LLC Certain commodities assets n/a n/a $ 5.9 $ 3.8 Note Payable to Bank Monthly installments, due March 2020 and secured by certain equipment 1.0 1.2 Total Payables to lenders under loans $ 435.4 $ 355.2 |
Commodity and Other Repurchas_2
Commodity and Other Repurchase Agreements and Collateralized Transactions Schedule of Gross Collateralized Financings by Maturity (Tables) | 3 Months Ended |
Dec. 31, 2018 | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Schedule of Repurchase Agreement Counterparties with Whom Repurchase Agreements Exceed 10 Percent of Stockholders' Equity [Table Text Block] | December 31, 2018 Overnight and Open Less than 30 Days 30-90 Days Total Securities sold under agreements to repurchase $ 1,593.8 $ 370.0 $ 275.5 $ 2,239.3 Securities loaned 1031.0 — — 1031.0 Gross amount of secured financing $ 2,624.8 $ 370.0 $275.5 $ 3,270.3 September 30, 2018 Overnight and Open Less than 30 Days 30-90 Days Total Securities sold under agreements to repurchase $ 934.9 $ 661.3 $ 340.5 $ 1,936.7 Securities loaned 277.9 — — 277.9 Gross amount of secured financing $ 1,212.8 $ 661.3 $ 340.5 $ 2,214.6 |
Commodity and Other Repurchas_3
Commodity and Other Repurchase Agreements and Collateralized Transactions Schedule of Collateralized Financings by Collateral Type (Tables) | 3 Months Ended |
Dec. 31, 2018 | |
Financial Instruments Owned and Pledged as Collateral [Line Items] | |
Schedule of Financial Instruments Owned and Pledged as Collateral [Table Text Block] | Securities sold under agreements to repurchase: December 31, 2018 September 30, 2018 U.S. Treasury obligations $ 103.1 $ 39.6 U.S. government agency obligations 449.9 461.7 Asset-backed obligations 65.0 50.0 Agency mortgage-backed obligations 1,621.3 1,385.4 Total securities sold under agreements to repurchase $ 2,239.3 $ 1,936.7 Securities loaned: Equity securities 1,031.0 277.9 Total securities loaned 1,031.0 277.9 Gross amount of secured financing $ 3,270.3 $ 2,214.6 |
Capital and Other Regulatory _2
Capital and Other Regulatory Requirements (Tables) | 3 Months Ended |
Dec. 31, 2018 | |
Capital and Other Regulatory Requirements [Abstract] | |
Regulatory Capital Requirements under Banking Regulations [Text Block] | Capital and Other Regulatory Requirements The Company’s activities are subject to significant governmental regulation, both in the United States and overseas. The subsidiaries of the Company were in compliance with all of their regulatory requirements as of December 31, 2018 , as follows: (in millions) As of December 31, 2018 Subsidiary Regulatory Authority Jurisdiction Requirement Type Actual Minimum Requirement INTL FCStone Financial Inc. SEC and CFTC United States Net capital $ 158.0 $ 89.4 INTL FCStone Financial Inc. CFTC United States Segregated funds $ 2,211.0 $ 2,151.6 INTL FCStone Financial Inc. CFTC United States Secured funds $ 133.6 $ 118.0 INTL FCStone Financial Inc. SEC United States Customer reserve $ — $ — INTL FCStone Financial Inc. SEC United States PAB reserve $ — $ — SA Stone Wealth Management Inc. SEC United States Net capital $ 5.1 $ 0.4 INTL FCStone Ltd (1) Financial Conduct Authority ("FCA") United Kingdom Net capital $ 186.5 $ 183.4 INTL FCStone Ltd FCA United Kingdom Segregated funds $ 237.5 $ 97.6 INTL Netherlands BV (1) FCA United Kingdom Net capital $ 236.5 $ 98.5 INTL FCStone DTVM Ltda. Brazilian Central Bank and Securities and Exchange Commission of Brazil Brazil Capital adequacy $ 12.1 $ 2.2 INTL Gainvest S.A. National Securities Commission ("CNV") Argentina Capital adequacy $ 4.1 $ 0.1 INTL Gainvest S.A. CNV Argentina Net capital $ 1.8 $ 0.1 INTL CIBSA S.A. CNV Argentina Capital adequacy $ 4.8 $ 0.5 INTL CIBSA S.A. CNV Argentina Net capital $ 0.9 $ 0.3 (1) INTL Netherlands BV is a holding company that includes the ownership equity of INTL FCStone Ltd. The associated net capital amounts and minimum requirements should not be considered in aggregate. Certain other non-U.S. subsidiaries of the Company are also subject to capital adequacy requirements promulgated by authorities of the countries in which they operate. As of December 31, 2018 , these subsidiaries were in compliance with their local capital adequacy requirements. |
Other Expenses (Tables)
Other Expenses (Tables) | 3 Months Ended |
Dec. 31, 2018 | |
Other Expenses [Abstract] | |
Schedule of Other Operating Cost and Expense, by Component [Table Text Block] | Other expenses for the three months ended December 31, 2018 and 2017 consisted of the following: Three Months Ended December 31, (in millions) 2018 2017 Insurance $ 0.8 $ 0.6 Advertising, meetings and conferences 1.4 0.9 Office supplies and printing 0.5 0.4 Other clearing related expenses 0.4 0.5 Other non-income taxes 0.9 1.2 Other 2.5 2.1 Total other expenses $ 6.5 $ 5.7 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Dec. 31, 2018 | |
Accumulated Other Comprehensive Income (Loss) [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The following table summarizes the changes in accumulated other comprehensive loss, net for the three months ended December 31, 2018 . (in millions) Foreign Currency Translation Adjustment Pension Benefits Adjustment Accumulated Other Comprehensive Loss Balances as of September 30, 2018 $ (30.5 ) $ (2.6 ) $ (33.1 ) Other comprehensive income, net of tax 0.3 — 0.3 Balances as of December 31, 2018 $ (30.2 ) $ (2.6 ) $ (32.8 ) |
Segment Analysis (Tables)
Segment Analysis (Tables) | 3 Months Ended |
Dec. 31, 2018 | |
Segment Analysis [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Information for the reportable segments is shown in accordance with the Segment Reporting Topic of the ASC as follows: Three Months Ended December 31, (in millions) 2018 2017 Total revenues: Commercial Hedging $ 59.8 $ 61.5 Global Payments 29.7 24.6 Securities 69.0 43.0 Physical Commodities 6,301.8 7,716.6 Clearing and Execution Services 95.2 72.2 Corporate unallocated (3.3 ) 0.7 Total $ 6,552.2 $ 7,918.6 Operating revenues (loss): Commercial Hedging $ 59.8 $ 61.5 Global Payments 29.7 24.6 Securities 69.0 43.0 Physical Commodities 14.3 10.6 Clearing and Execution Services 95.2 72.2 Corporate unallocated (3.3 ) 0.7 Total $ 264.7 $ 212.6 Net operating revenues (loss): Commercial Hedging $ 45.3 $ 49.1 Global Payments 28.4 23.0 Securities 32.1 23.5 Physical Commodities 10.4 8.4 Clearing and Execution Services 37.5 27.4 Corporate unallocated (4.7 ) (1.1 ) Total $ 149.0 $ 130.3 Net contribution: (Revenues less cost of sales of physical commodities, transaction-based clearing expenses, variable bonus compensation, introducing broker commissions and interest expense) Commercial Hedging $ 30.6 $ 36.5 Global Payments 23.1 18.4 Securities 21.8 17.8 Physical Commodities 7.1 5.6 Clearing and Execution Services 29.7 20.5 Total $ 112.3 $ 98.8 Segment income: (Net contribution less non-variable direct segment costs) Commercial Hedging $ 13.3 $ 21.1 Global Payments 18.6 14.6 Securities 16.0 11.0 Physical Commodities 5.9 1.1 Clearing and Execution Services 17.7 10.5 Total $ 71.5 $ 58.3 Reconciliation of segment income to income before tax: Segment income $ 71.5 $ 58.3 Net costs not allocated to operating segments 47.1 39.7 Income before tax $ 24.4 $ 18.6 (in millions) As of December 31, 2018 As of September 30, 2018 Total assets: Commercial Hedging $ 1,901.3 $ 1,935.7 Global Payments 200.6 206.6 Securities 4,330.6 3,058.2 Physical Commodities 372.2 413.7 Clearing and Execution Services 1,821.4 2,109.9 Corporate unallocated 84.4 100.6 Total $ 8,710.5 $ 7,824.7 |
Basis of Presentation and Con_3
Basis of Presentation and Consolidation and Recently Issued Accounting Standards (Details) $ in Millions | 3 Months Ended |
Dec. 31, 2018USD ($) | |
Prior Period Reclassification Adjustment | $ 7.5 |
Number of different types of foreign currencies | 140 |
Number of accounts for customers company-wide | 20,000 |
Earnings per Share - EPS Reconc
Earnings per Share - EPS Reconciliation (Details) - USD ($) | 3 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Earnings Per Share [Abstract] | ||
Net income | $ 18.2 | $ (6.9) |
Less: Net income allocated to participating securities | (0.3) | 0 |
Net income allocated to common shareholders | $ 0 | $ 0 |
Weighted average number of common shares outstanding | 18,659,748 | 18,419,072 |
Dilutive potential common shares outstanding: | ||
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 333,298 | 0 |
Diluted weighted-average shares | 18,993,046 | 18,419,072 |
Earnings per Share - Antiduliti
Earnings per Share - Antidulitive Securities (Details) - shares | 3 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Earnings Per Share [Abstract] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 178,958 | 489,721 |
Assets and Liabilities, at Fa_3
Assets and Liabilities, at Fair Value - Financial Assets and Liabilities Measured at Fair Value (Details) - USD ($) | Dec. 31, 2018 | Sep. 30, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Securities Segregated under Federal and Other Regulations | $ 1,020.2 | $ 1,408.7 |
Receivables from Brokers-Dealers and Clearing Organizations | 2,364 | 2,234.5 |
Financial Instruments, Owned, at Fair Value | 2,054.5 | 2,054.8 |
Physical commodities inventory | 222.5 | 222.5 |
Accounts Payable and Other Accrued Liabilities | 130.4 | 145.4 |
Payables to Broker-Dealers and Clearing Organizations | (223.2) | (89.5) |
Financial Instruments Sold, Not yet Purchased, at Fair Value | 839.7 | 866.5 |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Securities Segregated under Federal and Other Regulations | 312.9 | 643.3 |
Receivables from Clearing Organizations | 307.3 | 517.4 |
Financial Instruments, Owned, at Fair Value | 2,054.5 | 2,054.8 |
Assets, Fair Value Disclosure | 2,843.9 | 3,376.2 |
Liabilities, Fair Value Disclosure | 852.4 | 866.5 |
Fair Value, Measurements, Recurring [Member] | TBA and forward settling securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Payables to Broker-Dealers and Clearing Organizations | (12.7) | 0 |
Fair Value, Measurements, Recurring [Member] | Derivative [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Receivables from Brokers-Dealers and Clearing Organizations | 0 | |
Payables to Broker-Dealers and Clearing Organizations | 0 | |
Fair Value, Measurements, Recurring [Member] | Payable to broker-dealers, clearing organizations and counterparties [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Payables to Broker-Dealers and Clearing Organizations | (12.7) | 0 |
Fair Value, Measurements, Recurring [Member] | Physical commodities inventory - precious metals [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Physical commodities inventory | 164.4 | 156.9 |
Fair Value, Measurements, Recurring [Member] | Asset-backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Instruments, Owned, at Fair Value | 39.2 | 42.9 |
Fair Value, Measurements, Recurring [Member] | US Government Agencies Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Instruments, Owned, at Fair Value | 328.4 | 472.9 |
Financial Instruments Sold, Not yet Purchased, at Fair Value | 144.6 | 57.2 |
Fair Value, Measurements, Recurring [Member] | Exchangeable foreign ordinary equities and ADRs [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Instruments Sold, Not yet Purchased, at Fair Value | 2 | |
Fair Value, Measurements, Recurring [Member] | Corporate Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Instruments, Owned, at Fair Value | 74.8 | 79.1 |
Financial Instruments Sold, Not yet Purchased, at Fair Value | 14.1 | 20.1 |
Fair Value, Measurements, Recurring [Member] | US Government Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Instruments, Owned, at Fair Value | 239.2 | 120.1 |
Financial Instruments Sold, Not yet Purchased, at Fair Value | 325.1 | 484.8 |
Fair Value, Measurements, Recurring [Member] | Foreign Government Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Instruments, Owned, at Fair Value | 2.3 | 6.4 |
Financial Instruments Sold, Not yet Purchased, at Fair Value | 1.2 | 0.2 |
Fair Value, Measurements, Recurring [Member] | Collateralized Mortgage Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Instruments, Owned, at Fair Value | 1,047.1 | 1,022.5 |
Fair Value, Measurements, Recurring [Member] | Derivative [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Instruments, Owned, at Fair Value | 139.3 | 186.1 |
Financial Instruments Sold, Not yet Purchased, at Fair Value | 142.6 | |
Fair Value, Measurements, Recurring [Member] | Commodities leases [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Instruments, Owned, at Fair Value | 19.5 | 17.7 |
Financial Instruments Sold, Not yet Purchased, at Fair Value | 53.3 | 59.3 |
Fair Value, Measurements, Recurring [Member] | Commodities warehouse receipts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Instruments, Owned, at Fair Value | 4.3 | 16.4 |
Fair Value, Measurements, Recurring [Member] | Exchange firm common stock [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Instruments, Owned, at Fair Value | 11.3 | 10.2 |
Fair Value, Measurements, Recurring [Member] | Mutual funds and other [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Instruments, Owned, at Fair Value | 4 | 6.3 |
Fair Value, Measurements, Recurring [Member] | Equity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Instruments, Owned, at Fair Value | 145.1 | 74.2 |
Financial Instruments Sold, Not yet Purchased, at Fair Value | 156.8 | 51.5 |
Fair Value, Measurements, Recurring [Member] | US Government Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Receivables from Clearing Organizations | 623.1 | |
Fair Value, Measurements, Recurring [Member] | Foreign Government Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Receivables from Clearing Organizations | 10.2 | 7.7 |
Fair Value, Measurements, Recurring [Member] | Collateralized Mortgage Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Receivables from Clearing Organizations | 6.5 | 2.9 |
Fair Value, Measurements, Recurring [Member] | Derivative [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Payables to Broker-Dealers and Clearing Organizations | (332.5) | |
Fair Value, Measurements, Recurring [Member] | US Government Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Receivables from Clearing Organizations | 778.4 | |
Fair Value, Measurements, Recurring [Member] | Derivative [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Payables to Broker-Dealers and Clearing Organizations | (271.6) | |
Fair Value, Measurements, Recurring [Member] | Commodities warehouse receipts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Securities Segregated under Federal and Other Regulations | 13.5 | 42.9 |
Fair Value, Measurements, Recurring [Member] | US Government Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Securities Segregated under Federal and Other Regulations | 299.4 | 600.4 |
Fair Value, Measurements, Recurring [Member] | Certificates of Deposit [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 4.8 | 3.8 |
Fair Value, Measurements, Recurring [Member] | Counterparty And Cash Collateral Netting Adjustment [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Securities Segregated under Federal and Other Regulations | 0 | 0 |
Receivables from Clearing Organizations | (5,609.7) | (7,789.2) |
Financial Instruments, Owned, at Fair Value | (441) | (341.1) |
Assets, Fair Value Disclosure | (6,050.7) | (8,130.3) |
Financial Instruments Sold, Not yet Purchased, at Fair Value | (519.2) | (510.8) |
Liabilities, Fair Value Disclosure | (6,139.1) | (8,333.8) |
Fair Value, Measurements, Recurring [Member] | Counterparty And Cash Collateral Netting Adjustment [Member] | TBA and forward settling securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Payables to Broker-Dealers and Clearing Organizations | 0 | 2.1 |
Fair Value, Measurements, Recurring [Member] | Counterparty And Cash Collateral Netting Adjustment [Member] | Derivative [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Payables to Broker-Dealers and Clearing Organizations | 5,619.9 | 7,820.9 |
Fair Value, Measurements, Recurring [Member] | Counterparty And Cash Collateral Netting Adjustment [Member] | Payable to broker-dealers, clearing organizations and counterparties [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Payables to Broker-Dealers and Clearing Organizations | 5,619.9 | 7,823 |
Fair Value, Measurements, Recurring [Member] | Counterparty And Cash Collateral Netting Adjustment [Member] | Physical commodities inventory - precious metals [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Physical commodities inventory | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Counterparty And Cash Collateral Netting Adjustment [Member] | Asset-backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Instruments, Owned, at Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Counterparty And Cash Collateral Netting Adjustment [Member] | US Government Agencies Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Instruments, Owned, at Fair Value | 0 | |
Financial Instruments Sold, Not yet Purchased, at Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Counterparty And Cash Collateral Netting Adjustment [Member] | Exchangeable foreign ordinary equities and ADRs [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Instruments Sold, Not yet Purchased, at Fair Value | 0 | |
Fair Value, Measurements, Recurring [Member] | Counterparty And Cash Collateral Netting Adjustment [Member] | Corporate Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Instruments, Owned, at Fair Value | 0 | 0 |
Financial Instruments Sold, Not yet Purchased, at Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Counterparty And Cash Collateral Netting Adjustment [Member] | US Government Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Instruments, Owned, at Fair Value | 0 | 0 |
Financial Instruments Sold, Not yet Purchased, at Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Counterparty And Cash Collateral Netting Adjustment [Member] | Foreign Government Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Instruments, Owned, at Fair Value | 0 | 0 |
Financial Instruments Sold, Not yet Purchased, at Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Counterparty And Cash Collateral Netting Adjustment [Member] | Collateralized Mortgage Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Instruments, Owned, at Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Counterparty And Cash Collateral Netting Adjustment [Member] | Derivative [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Instruments, Owned, at Fair Value | (425.8) | (329.3) |
Financial Instruments Sold, Not yet Purchased, at Fair Value | (501.7) | (494.6) |
Fair Value, Measurements, Recurring [Member] | Counterparty And Cash Collateral Netting Adjustment [Member] | Commodities leases [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Instruments, Owned, at Fair Value | (15.2) | (11.8) |
Financial Instruments Sold, Not yet Purchased, at Fair Value | (17.5) | (16.2) |
Fair Value, Measurements, Recurring [Member] | Counterparty And Cash Collateral Netting Adjustment [Member] | Commodities warehouse receipts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Instruments, Owned, at Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Counterparty And Cash Collateral Netting Adjustment [Member] | Exchange firm common stock [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Instruments, Owned, at Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Counterparty And Cash Collateral Netting Adjustment [Member] | Mutual funds and other [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Instruments, Owned, at Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Counterparty And Cash Collateral Netting Adjustment [Member] | Equity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Instruments, Owned, at Fair Value | 0 | 0 |
Financial Instruments Sold, Not yet Purchased, at Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Counterparty And Cash Collateral Netting Adjustment [Member] | US Government Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Receivables from Clearing Organizations | 0 | |
Fair Value, Measurements, Recurring [Member] | Counterparty And Cash Collateral Netting Adjustment [Member] | Foreign Government Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Receivables from Clearing Organizations | 0 | |
Fair Value, Measurements, Recurring [Member] | Counterparty And Cash Collateral Netting Adjustment [Member] | Collateralized Mortgage Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Receivables from Clearing Organizations | 0 | |
Fair Value, Measurements, Recurring [Member] | Counterparty And Cash Collateral Netting Adjustment [Member] | Derivative [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Receivables from Clearing Organizations | (5,609.7) | |
Fair Value, Measurements, Recurring [Member] | Counterparty And Cash Collateral Netting Adjustment [Member] | Foreign Government Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Receivables from Clearing Organizations | 0 | |
Fair Value, Measurements, Recurring [Member] | Counterparty And Cash Collateral Netting Adjustment [Member] | Collateralized Mortgage Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Receivables from Clearing Organizations | (2.1) | |
Fair Value, Measurements, Recurring [Member] | Counterparty And Cash Collateral Netting Adjustment [Member] | US Government Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Receivables from Clearing Organizations | 0 | |
Fair Value, Measurements, Recurring [Member] | Counterparty And Cash Collateral Netting Adjustment [Member] | Derivative [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Receivables from Clearing Organizations | (7,787.1) | |
Fair Value, Measurements, Recurring [Member] | Counterparty And Cash Collateral Netting Adjustment [Member] | Commodities warehouse receipts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Securities Segregated under Federal and Other Regulations | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Counterparty And Cash Collateral Netting Adjustment [Member] | US Government Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Securities Segregated under Federal and Other Regulations | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Counterparty And Cash Collateral Netting Adjustment [Member] | Certificates of Deposit [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Securities Segregated under Federal and Other Regulations | 312.9 | 643.3 |
Receivables from Clearing Organizations | 5,908.3 | 8,282 |
Financial Instruments, Owned, at Fair Value | 402.6 | 231.4 |
Assets, Fair Value Disclosure | 6,641.9 | 9,202.6 |
Financial Instruments Sold, Not yet Purchased, at Fair Value | 480.3 | 535.9 |
Liabilities, Fair Value Disclosure | 6,092.5 | 8,345.2 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | TBA and forward settling securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Payables to Broker-Dealers and Clearing Organizations | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Derivative [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Payables to Broker-Dealers and Clearing Organizations | (5,612.2) | (7,809.3) |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Payable to broker-dealers, clearing organizations and counterparties [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Payables to Broker-Dealers and Clearing Organizations | (5,612.2) | (7,809.3) |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Physical commodities inventory - precious metals [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Physical commodities inventory | 13.3 | 42.1 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Asset-backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Instruments, Owned, at Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | US Government Agencies Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Instruments, Owned, at Fair Value | 0 | 0 |
Financial Instruments Sold, Not yet Purchased, at Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Exchangeable foreign ordinary equities and ADRs [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Instruments Sold, Not yet Purchased, at Fair Value | 2 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Corporate Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Instruments, Owned, at Fair Value | 0 | 0 |
Financial Instruments Sold, Not yet Purchased, at Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | US Government Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Instruments, Owned, at Fair Value | 239.2 | 120.1 |
Financial Instruments Sold, Not yet Purchased, at Fair Value | 325.1 | 484.8 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Foreign Government Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Instruments, Owned, at Fair Value | 2.3 | 6.4 |
Financial Instruments Sold, Not yet Purchased, at Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Collateralized Mortgage Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Instruments, Owned, at Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Derivative [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Instruments, Owned, at Fair Value | 1.5 | 0.8 |
Financial Instruments Sold, Not yet Purchased, at Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Commodities leases [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Instruments, Owned, at Fair Value | 0 | 0 |
Financial Instruments Sold, Not yet Purchased, at Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Commodities warehouse receipts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Instruments, Owned, at Fair Value | 4.3 | 16.4 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Exchange firm common stock [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Instruments, Owned, at Fair Value | 11.3 | 10.2 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Mutual funds and other [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Instruments, Owned, at Fair Value | 4 | 6.3 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Equity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Instruments, Owned, at Fair Value | 140 | 71.2 |
Financial Instruments Sold, Not yet Purchased, at Fair Value | 153.2 | 51.1 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | US Government Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Receivables from Clearing Organizations | 623.1 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Foreign Government Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Receivables from Clearing Organizations | 10.2 | 7.7 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Collateralized Mortgage Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Receivables from Clearing Organizations | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Derivative [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Receivables from Clearing Organizations | 5,275 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | US Government Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Receivables from Clearing Organizations | 778.4 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Derivative [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Receivables from Clearing Organizations | 7,495.9 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Commodities warehouse receipts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Securities Segregated under Federal and Other Regulations | 13.5 | 42.9 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | US Government Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Securities Segregated under Federal and Other Regulations | 299.4 | 600.4 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Certificates of Deposit [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 4.8 | 3.8 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Securities Segregated under Federal and Other Regulations | 0 | 0 |
Receivables from Clearing Organizations | 8.7 | 24.6 |
Financial Instruments, Owned, at Fair Value | 2,092.9 | 2,164.5 |
Assets, Fair Value Disclosure | 2,252.7 | 2,303.9 |
Financial Instruments Sold, Not yet Purchased, at Fair Value | 878.6 | 841.4 |
Liabilities, Fair Value Disclosure | 899 | 855.1 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | TBA and forward settling securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Payables to Broker-Dealers and Clearing Organizations | (12.7) | (2.1) |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Derivative [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Payables to Broker-Dealers and Clearing Organizations | (7.7) | (11.6) |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Payable to broker-dealers, clearing organizations and counterparties [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Payables to Broker-Dealers and Clearing Organizations | (20.4) | (13.7) |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Physical commodities inventory - precious metals [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Physical commodities inventory | 151.1 | 114.8 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Asset-backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Instruments, Owned, at Fair Value | 39.2 | 42.9 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | US Government Agencies Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Instruments, Owned, at Fair Value | 328.4 | 472.9 |
Financial Instruments Sold, Not yet Purchased, at Fair Value | 144.6 | 57.2 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Exchangeable foreign ordinary equities and ADRs [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Instruments Sold, Not yet Purchased, at Fair Value | 0 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Corporate Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Instruments, Owned, at Fair Value | 74.8 | 79.1 |
Financial Instruments Sold, Not yet Purchased, at Fair Value | 14.1 | 20.1 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | US Government Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Instruments, Owned, at Fair Value | 0 | 0 |
Financial Instruments Sold, Not yet Purchased, at Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Foreign Government Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Instruments, Owned, at Fair Value | 0 | 0 |
Financial Instruments Sold, Not yet Purchased, at Fair Value | 1.2 | 0.2 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Collateralized Mortgage Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Instruments, Owned, at Fair Value | 1,047.1 | 1,022.5 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Derivative [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Instruments, Owned, at Fair Value | 563.6 | 514.6 |
Financial Instruments Sold, Not yet Purchased, at Fair Value | 644.3 | 688 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Commodities leases [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Instruments, Owned, at Fair Value | 34.7 | 29.5 |
Financial Instruments Sold, Not yet Purchased, at Fair Value | 70.8 | 75.5 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Commodities warehouse receipts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Instruments, Owned, at Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Exchange firm common stock [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Instruments, Owned, at Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Mutual funds and other [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Instruments, Owned, at Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Equity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Instruments, Owned, at Fair Value | 5.1 | 3 |
Financial Instruments Sold, Not yet Purchased, at Fair Value | 3.6 | 0.4 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | US Government Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Receivables from Clearing Organizations | 0 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Foreign Government Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Receivables from Clearing Organizations | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Collateralized Mortgage Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Receivables from Clearing Organizations | 6.5 | 5 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Derivative [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Receivables from Clearing Organizations | 2.2 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | US Government Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Receivables from Clearing Organizations | 0 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Derivative [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Receivables from Clearing Organizations | 19.6 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Commodities warehouse receipts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Securities Segregated under Federal and Other Regulations | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | US Government Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Securities Segregated under Federal and Other Regulations | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Certificates of Deposit [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Securities Segregated under Federal and Other Regulations | 0 | 0 |
Receivables from Clearing Organizations | 0 | 0 |
Financial Instruments, Owned, at Fair Value | 0 | 0 |
Assets, Fair Value Disclosure | 0 | 0 |
Financial Instruments Sold, Not yet Purchased, at Fair Value | 0 | 0 |
Liabilities, Fair Value Disclosure | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | TBA and forward settling securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Payables to Broker-Dealers and Clearing Organizations | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Derivative [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Payables to Broker-Dealers and Clearing Organizations | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Payable to broker-dealers, clearing organizations and counterparties [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Payables to Broker-Dealers and Clearing Organizations | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Physical commodities inventory - precious metals [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Physical commodities inventory | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Asset-backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Instruments, Owned, at Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | US Government Agencies Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Instruments, Owned, at Fair Value | 0 | 0 |
Financial Instruments Sold, Not yet Purchased, at Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Exchangeable foreign ordinary equities and ADRs [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Instruments Sold, Not yet Purchased, at Fair Value | 0 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Corporate Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Instruments, Owned, at Fair Value | 0 | 0 |
Financial Instruments Sold, Not yet Purchased, at Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | US Government Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Instruments, Owned, at Fair Value | 0 | 0 |
Financial Instruments Sold, Not yet Purchased, at Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Foreign Government Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Instruments, Owned, at Fair Value | 0 | 0 |
Financial Instruments Sold, Not yet Purchased, at Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Collateralized Mortgage Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Instruments, Owned, at Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Derivative [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Instruments, Owned, at Fair Value | 0 | 0 |
Financial Instruments Sold, Not yet Purchased, at Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Commodities leases [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Instruments, Owned, at Fair Value | 0 | 0 |
Financial Instruments Sold, Not yet Purchased, at Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Commodities warehouse receipts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Instruments, Owned, at Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Exchange firm common stock [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Instruments, Owned, at Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Mutual funds and other [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Instruments, Owned, at Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Equity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Instruments, Owned, at Fair Value | 0 | 0 |
Financial Instruments Sold, Not yet Purchased, at Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | US Government Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Receivables from Clearing Organizations | 0 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Foreign Government Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Receivables from Clearing Organizations | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Collateralized Mortgage Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Receivables from Clearing Organizations | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Derivative [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Receivables from Clearing Organizations | 0 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | US Government Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Receivables from Clearing Organizations | 0 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Derivative [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Receivables from Clearing Organizations | 0 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Commodities warehouse receipts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Securities Segregated under Federal and Other Regulations | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | US Government Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Securities Segregated under Federal and Other Regulations | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Certificates of Deposit [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | $ 0 | $ 0 |
Assets and Liabilities, at Fa_4
Assets and Liabilities, at Fair Value - Details of Level 3 Assets and Liabilities (Details) - USD ($) | Dec. 31, 2018 | Sep. 30, 2018 |
Assets and Liabilities, at Fair Value [Abstract] | ||
Assets | $ 8,710.5 | $ 7,824.7 |
Assets and Liabilities, at Fa_5
Assets and Liabilities, at Fair Value - Contingent Consideration (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2015USD ($) | |
Contingent Consideration [Member] | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Change in fair value of contingent consideration for acquisitions | $ 0.2 |
Financial Instruments with Of_3
Financial Instruments with Off-Balance Sheet Risk and Concentrations of Credit Risk - Obligations to Purchase Financial Instruments at a Future Date (Details) - USD ($) | Dec. 31, 2018 | Sep. 30, 2018 |
Financial Instruments Sold, Not yet Purchased, at Fair Value | $ 839.7 | $ 866.5 |
Financial instrument sold, not yet purchased [Member] | ||
Derivative, Fair Value, Net | $ 142.6 | $ 193.4 |
Financial Instruments with Of_4
Financial Instruments with Off-Balance Sheet Risk and Concentrations of Credit Risk - Gross Derivative Assets and Liabilities by Type and Balance Sheet Location (Details) - USD ($) | Dec. 31, 2018 | Sep. 30, 2018 |
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | $ 5,848.8 | $ 8,035.9 |
Derivative Liability, Fair Value, Gross Liability | 6,276.9 | 8,511 |
Impact of netting and collateral | (6,035.5) | (8,118.5) |
Impact of netting and collateral | (6,121.6) | (8,317.6) |
Deposits and Receivables from Exchange Clearing Organizations [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Fair Value, Net | (326) | (268.7) |
Financial instruments owned [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Fair Value, Net | 139.3 | 186.1 |
Payable to broker-dealers, clearing organizations and counterparties [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Fair Value, Net | 12.7 | 0 |
Financial instrument sold, not yet purchased [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Fair Value, Net | 142.6 | 193.4 |
Exchange-traded Commodity Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 2,039.1 | 2,455.7 |
Derivative Liability, Fair Value, Gross Liability | 2,313.7 | 2,499.3 |
Over the Counter (OTC) Commodity Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 218.1 | 207 |
Derivative Liability, Fair Value, Gross Liability | 322.6 | 369.9 |
Foreign Exchange Forward [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 57.1 | 49.8 |
Derivative Liability, Fair Value, Gross Liability | 51.5 | 37.2 |
Over the Counter (OTC) Foreign Exchange Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 324.1 | 302.5 |
Derivative Liability, Fair Value, Gross Liability | 303.8 | 303.9 |
Exchange-traded interest rate contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 606.3 | 449.3 |
Derivative Liability, Fair Value, Gross Liability | 591.4 | 478.7 |
Interest Rate Contract [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 23.5 | 24.8 |
Derivative Liability, Fair Value, Gross Liability | 25.6 | 25.9 |
Equity Contract [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 2,574.1 | 4,541.8 |
Derivative Liability, Fair Value, Gross Liability | 2,655.6 | 4,794 |
TBA and forward settling securities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 6.5 | 5 |
Derivative Liability, Fair Value, Gross Liability | $ 12.7 | $ 2.1 |
Financial Instruments with Of_5
Financial Instruments with Off-Balance Sheet Risk and Concentrations of Credit Risk - Derivatives Volume (Details) number in Millions | Dec. 31, 2018 | Sep. 30, 2018 |
Financial Instruments with Off-Balance Sheet Risk and Concentrations of Credit Risk [Abstract] | ||
Derivative, Number of Instruments Held | 9.9 | 10.6 |
Financial Instruments with Of_6
Financial Instruments with Off-Balance Sheet Risk and Concentrations of Credit Risk Financial Instruments with Off-Balance Sheet Risk and Concentrations of Credit Risk - TBAs and Forward Settling Securities (Details) - USD ($) | Dec. 31, 2018 | Sep. 30, 2018 |
Derivative Asset, Fair Value, Gross Asset | $ 5,848.8 | $ 8,035.9 |
Derivative Liability, Fair Value, Gross Liability | 6,276.9 | 8,511 |
TBA securities purchased [Member] | ||
Derivative Asset, Fair Value, Gross Asset | 3,700,000 | 1,200,000 |
Derivative Liability, Notional Amount | (5,200,000) | (293,200,000) |
Derivative Liability, Fair Value, Gross Liability | 0 | (600,000) |
Derivative Asset, Notional Amount | 718,400,000 | 721,500,000 |
TBA securities sold [Member] | ||
Derivative Asset, Fair Value, Gross Asset | 0 | 3,200,000 |
Derivative Liability, Notional Amount | (1,651,600,000) | 0 |
Derivative Liability, Fair Value, Gross Liability | (11,700,000) | 0 |
Derivative Asset, Notional Amount | 8,300,000 | 1,099,500,000 |
Forward settling securities purchased [Member] | ||
Derivative Asset, Fair Value, Gross Asset | 2,800,000 | 500,000 |
Derivative Asset, Notional Amount | 505,800,000 | 614,300,000 |
Over the Counter (OTC) Commodity Contracts [Member] | ||
Derivative Asset, Fair Value, Gross Asset | 100,000 | |
Derivative Liability, Notional Amount | (261,800,000) | 0 |
Derivative Liability, Fair Value, Gross Liability | $ (1,000,000) | 0 |
Derivative Asset, Notional Amount | $ 427,200,000 |
Financial Instruments with Of_7
Financial Instruments with Off-Balance Sheet Risk and Concentrations of Credit Risk - Realized Gains/Losses on Derivative Contracts (Details) - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Commodity Contract [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments, Gain (Loss) Recognized in Income, Net | $ 8.1 | $ 7.7 |
Foreign Exchange Forward [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments, Gain (Loss) Recognized in Income, Net | 1.9 | 2.3 |
Equity [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments, Gain (Loss) Recognized in Income, Net | (3.3) | 0 |
Interest Rate Contract [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments, Gain (Loss) Recognized in Income, Net | 0 | 0.4 |
TBA and forward settling securities [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments, Gain (Loss) Recognized in Income, Net | (9.3) | (0.4) |
Derivative [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments, Gain (Loss) Recognized in Income, Net | $ (2.6) | $ 10 |
Receivables From Customers, N_2
Receivables From Customers, Net and Notes Receivable, Net - Allowance for Customer Receivables (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Sep. 30, 2018 |
Receivables from customers and notes receivable, net [Abstract] | ||
Allowance for Doubtful Accounts Receivable | $ 11.3 | $ 10.2 |
Allowance for Doubtful Accounts, Premiums and Other Receivables | $ 45.6 | $ 48 |
Receivables From Customers, N_3
Receivables From Customers, Net and Notes Receivable, Net Receivables from Customers, Net and Notes Receivables, Net - Bad Debt Expense and Recoveries (Details) - USD ($) | 3 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Bad debts | $ 0.3 | $ 0.1 |
(Recovery) bad debt on physical coal | $ 2.4 | $ (1) |
Physical Commodities Inventor_3
Physical Commodities Inventory - Physical Commodities Inventory by CIP and Finished (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Sep. 30, 2018 |
Inventory [Line Items] | ||
Physical Ag & Energy(1) | $ 151.1 | $ 114.7 |
Precious metals - held by non-broker-dealer subsidiaries(3) | 164.4 | 156.9 |
Physical commodities inventory | 222.5 | 222.5 |
Physical commodities inventory - precious metals [Member] | ||
Inventory [Line Items] | ||
Precious metals - held by non-broker-dealer subsidiaries(3) | 13.3 | 42.1 |
Finished commodities | $ 58.1 | $ 65.7 |
Physical Commodities Inventor_4
Physical Commodities Inventory - LCM Adjustments (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Sep. 30, 2018 | Sep. 30, 2016 |
Physical Commodities Inventory [Abstract] | |||
Inventory Adjustments | $ 2 | $ 0.4 | $ 0.6 |
Goodwill - Goodwill by Segment
Goodwill - Goodwill by Segment (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Sep. 30, 2018 |
Goodwill [Line Items] | ||
Goodwill | $ 48.6 | $ 48.4 |
Commercial Hedging [Member] | ||
Goodwill [Line Items] | ||
Goodwill | 30.3 | 30.3 |
Global Payments [Member] | ||
Goodwill [Line Items] | ||
Goodwill | 8.9 | 8.9 |
Physical Commodities [Member] | ||
Goodwill [Line Items] | ||
Goodwill | 2.4 | 2.4 |
Securities [Member] | ||
Goodwill [Line Items] | ||
Goodwill | $ 7 | $ 6.8 |
Goodwill Goodwill Adjustments (
Goodwill Goodwill Adjustments (Details) - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Goodwill, Translation and Purchase Accounting Adjustments | $ 0 | $ 1.2 |
Goodwill, Acquired During Period | $ 0.2 |
Intangible Assets - Gross and N
Intangible Assets - Gross and Net Intangible Assets by Major Class (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Sep. 30, 2018 |
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Net | $ 10.7 | |
Computer Software, Intangible Asset [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Computer Software, Gross | 2.7 | $ 2.7 |
Finite-Lived Intangible Assets, Accumulated Amortization | (2.6) | (2.6) |
Finite-Lived Intangible Assets, Net | 0.1 | 0.1 |
Customer Relationships [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Customer Lists, Gross | 21.4 | 21.4 |
Finite-Lived Intangible Assets, Accumulated Amortization | (10.8) | (10.1) |
Finite-Lived Intangible Assets, Net | $ 10.6 | $ 11.3 |
Intangible Assets - Indefinite-
Intangible Assets - Indefinite-Lived Intangible Assets (Details) - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2018 | Sep. 30, 2018 | |
Indefinite-lived Intangible Assets [Line Items] | ||
Amortization of Intangible Assets | $ 0.6 | |
Gross Finite and Indefinite-Lived Intangible Assets | 24.1 | $ 24.1 |
Finite and Indefinited-Lived Accumulated Amortization and Impairment Charges | (13.4) | (12.7) |
Intangible Assets, Net (Excluding Goodwill) | $ 10.7 | $ 11.4 |
Intangible Assets - Finite-Live
Intangible Assets - Finite-Lived Intangible Assets Future Amortization Expense (Details) $ in Millions | 3 Months Ended |
Dec. 31, 2018USD ($) | |
Amortization of Intangible Assets | $ 0.6 |
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract] | |
Fiscal 2016 (remaining nine months) | 1.9 |
Fiscal 2,017 | 2.2 |
Fiscal 2,018 | 2.2 |
Fiscal 2,019 | 1 |
Fiscal 2020 and thereafter | 3.4 |
Finite-Lived Intangible Assets, Net | $ 10.7 |
Credit Facilities - Number of C
Credit Facilities - Number of Credit Facilities (Details) | Dec. 31, 2018 |
Number of credit facilities | 4 |
Credit Facilities - Credit Faci
Credit Facilities - Credit Facilities (Details) - USD ($) | Dec. 31, 2018 | Sep. 30, 2018 |
Line of Credit Facility [Line Items] | ||
Short-term Debt | $ 408,500,000 | $ 336,200,000 |
Lenders under loans | 435.4 | 355.2 |
Notes Payable to Bank | 1,000,000 | 1,200,000 |
Debt and Capital Lease Obligations | 435,400,000 | 355,200,000 |
Main line of credit facilities [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Current Borrowing Capacity | 595,000,000 | |
Line of Credit Facility, Maximum Borrowing Capacity | 594,500,000 | |
IFFI Uncommitted Lines of Credit [Member] [Member] | ||
Line of Credit Facility [Line Items] | ||
Lenders under loans | 20,000,000 | 14,000,000 |
HCO Syndicated line of credit facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | 262,000,000 | |
Lenders under loans | 220,000,000 | 208,200,000 |
FCS Margin line of credit facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | 75,000,000 | |
Lenders under loans | 0 | 0 |
FMS Sub-note commodity line of credit facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | 232,500,000 | |
Lenders under loans | 163,500,000 | 128,000,000 |
INTL FCStone Ltd [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | 25,000,000 | |
Lenders under loans | 25,000,000 | 0 |
IFL Uncommitted Line of Credit [Member] [Member] | ||
Line of Credit Facility [Line Items] | ||
Lenders under loans | 0 | 0 |
FMS Uncommitted Line of Credit [Member] | ||
Line of Credit Facility [Line Items] | ||
Lenders under loans | $ 5,900,000 | $ 3,800,000 |
Commodity and Other Repurchas_4
Commodity and Other Repurchase Agreements Commodity and Other Repurchase Agreements (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Sep. 30, 2018 |
Fair Value of Securities Received as Collateral that Can be Resold or Repledged | $ 1,959.7 | $ 1,294.8 |
Fair Value of Securities Received as Collateral that Have Been Resold or Repledged | 429.7 | 473.9 |
Financing Receivables, net - Sales/Repurchase Agreements | 0.7 | 1.9 |
Financial Instruments Owned and Pledged as Collateral, Amount Eligible to be Repledged by Counterparty | 320.9 | 123 |
Securities Loaned, Fair Value of Collateral | 1,018.1 | 267.9 |
Securities Sold under Agreements to Repurchase, Fair Value of Collateral | 320.9 | 123 |
Trading Securities Pledged as Collateral | 1,212.2 | 1,481.1 |
Pledged Assets Separately Reported, Securities Pledged for Repurchase Agreements, at Fair Value | $ 752.6 | $ 369.8 |
Commodity and Other Repurchas_5
Commodity and Other Repurchase Agreements and Collateralized Transactions Gross Financings Collateral Maturities Table (Details) - USD ($) | Dec. 31, 2018 | Sep. 30, 2018 |
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities sold under agreements to repurchase | $ 2,239.3 | $ 1,936.7 |
Securities Loaned | 1,031 | 277.9 |
Collateralized transactions: | 0 | 0 |
Maturity Overnight and on Demand [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities sold under agreements to repurchase | 1,593.8 | 934.9 |
Securities Loaned | 1,031 | 277.9 |
Collateralized transactions: | 0 | 0 |
Maturity Less than 30 Days [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities sold under agreements to repurchase | 370 | 661.3 |
Securities Loaned | 0 | 0 |
Collateralized transactions: | 0 | 0 |
Maturity 30 to 90 Days [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities sold under agreements to repurchase | 275.5 | 340.5 |
Securities Loaned | 0 | 0 |
Collateralized transactions: | $ 0 | $ 0 |
Commodity and Other Repurchas_6
Commodity and Other Repurchase Agreements and Collateralized Transactions Gross Collateralized Financings by Collateral Type Table (Details) - USD ($) | Dec. 31, 2018 | Sep. 30, 2018 |
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities sold under agreements to repurchase | $ 2,239.3 | $ 1,936.7 |
Securities Loaned | 1,031 | 277.9 |
Collateralized transactions: | 0 | 0 |
US Government Debt Securities [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities sold under agreements to repurchase | 103.1 | 39.6 |
US Government Agencies Debt Securities [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities sold under agreements to repurchase | 449.9 | 461.7 |
Asset-backed Securities [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities sold under agreements to repurchase | 65 | 50 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities sold under agreements to repurchase | 1,621.3 | 1,385.4 |
Equity Securities [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities Loaned | $ 1,031 | $ 277.9 |
Commitments and Contingencies C
Commitments and Contingencies Commitments and Contingencies - Contingencies and Litigation (Details) $ in Millions | Dec. 31, 2018USD ($) |
Commitments and Contingencies - Litigations and Contingencies [Abstract] | |
Accounts Receivable, Gross, Noncurrent | $ 30 |
Commitments and Contingencies -
Commitments and Contingencies - Contigent Consideration for Acquisitions (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2015USD ($) | |
Contingent Consideration [Member] | |
Business Acquisition, Contingent Consideration [Line Items] | |
Change in fair value of contingent consideration for acquisitions | $ 0.2 |
Commitments and Contingencies_2
Commitments and Contingencies Commitments and Contingencies - Self Insurance (Details) $ in Millions | Dec. 31, 2018USD ($) |
Commitments and Contingencies [Abstract] | |
Self Insurance Reserve | $ 0.8 |
Capital and Other Regulatory _3
Capital and Other Regulatory Requirements - Regulatory Capital Requirements (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Sep. 30, 2018 |
FCStone LLC [Member] | ||
Net Capital under Commodity Exchange Act Computation | $ 158 | |
Required Net Capital under Commodity Exchange Act | $ 89.4 | |
Cash and Securities Segregated under Commodity Exchange Act Regulation | 2,211 | |
Cash and Securities Segregated under Commodity Exchange Act Regulation, Amount Required to be Segregated | 2,151.6 | |
Secured Funds | 133.6 | |
Secured Funds Required Under Commodity Exchange Act | 118 | |
Sterne Agee, and Leach, Inc [Member] | ||
Net Capital under Commodity Exchange Act Computation | 5.1 | |
Required Net Capital under Commodity Exchange Act | 0.4 | |
INTL FCStone Ltd [Member] | ||
Net Capital under Commodity Exchange Act Computation | 186.5 | |
Required Net Capital under Commodity Exchange Act | 183.4 | |
Cash and Securities Segregated under Commodity Exchange Act Regulation | 237.5 | |
Cash and Securities Segregated under Commodity Exchange Act Regulation, Amount Required to be Segregated | 97.6 | |
INTL Netherlands BV [Member] | ||
Net Capital under Commodity Exchange Act Computation | 236.5 | |
Required Net Capital under Commodity Exchange Act | 98.5 | |
INTL FCStone DTVM Ltda [Member] | ||
Net Capital | 12.1 | |
Capital Required for Capital Adequacy | 2.2 | |
Gainvest S.A. Sociedad Gerente de FCI - Comision Nacional de Valores [Member] | ||
Net Capital under Commodity Exchange Act Computation | 1.8 | |
Required Net Capital under Commodity Exchange Act | 0.1 | |
Net Capital | 4.1 | |
Capital Required for Capital Adequacy | 0.1 | |
INTL Capital S.A. – General Inspector of Justice [Member] [Domain] | ||
Net Capital under Commodity Exchange Act Computation | 4.8 | |
Required Net Capital under Commodity Exchange Act | 0.5 | |
INTL Capital S.A. – Superintendence of Securities Markets of Buenos Aires [Member] [Domain] | ||
Net Capital under Commodity Exchange Act Computation | $ 0.9 | |
Required Net Capital under Commodity Exchange Act | $ 0.3 |
Other Expenses - Other Expenses
Other Expenses - Other Expenses Breakout (Details) - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Other Expenses [Abstract] | ||
General Insurance Expense | $ 0.8 | $ 0.6 |
Advertising Expense | 1.4 | 0.9 |
Supplies and Postage Expense | 0.5 | 0.4 |
Clearance Fees | 0.4 | 0.5 |
Taxes, Miscellaneous | 0.9 | 1.2 |
Other Expenses | 2.5 | 2.1 |
Other Cost and Expense, Operating | $ 6.5 | $ 5.7 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) Rollforward (Details) - USD ($) | 3 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2018 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated other comprehensive loss, net | $ (32.8) | $ (33.1) | |
Other comprehensive loss | 0.3 | $ (2.2) | |
Accumulated Translation Adjustment [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated other comprehensive loss, net | (30,200,000) | (30,500,000) | |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 300,000 | ||
Accumulated Defined Benefit Plans Adjustment [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated other comprehensive loss, net | (2,600,000) | (2,600,000) | |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 0 | ||
Accumulated Other Comprehensive Loss [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated other comprehensive loss, net | (32,800,000) | $ (33,100,000) | |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 300,000 | ||
Other comprehensive loss | $ 0.3 | $ (2.2) |
Income Taxes (Details)
Income Taxes (Details) - USD ($) | 3 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | |
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Percent | 21.00% | |||
Deferred Tax Assets, Valuation Allowance | $ 3,500,000 | $ 3,600,000 | ||
Income Tax Expense (Benefit) | $ 6.2 | $ 25.5 | ||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate | 25.00% | 137.00% | ||
Deferred Income Tax Expense (Benefit) | $ 8,900,000 | |||
Effective Income Tax Rate Reconciliation, Repatriation of Foreign Earnings, Amount | $ 12,000,000 |
Acquisitions Acquisitions (Deta
Acquisitions Acquisitions (Details) $ in Millions | 3 Months Ended |
Dec. 31, 2018USD ($) | |
Business Combination, Consideration Transferred | $ 2.4 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | 1.7 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables | 1.1 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Equipment | 0.1 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 0.1 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 0.6 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Other | 0.2 |
Goodwill, Acquired During Period | 0.2 |
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | $ 0.2 |
Segment Analysis (Details)
Segment Analysis (Details) - USD ($) | 3 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2018 | |
Segment Reporting Information [Line Items] | |||
Total revenues | $ 6,552.2 | $ 7,918.6 | |
Operating revenues | 264.7 | 212.6 | |
Net operating revenues | 149 | 130.3 | |
Net Segment Contribution | 112.3 | 98.8 | |
Segment Income | 71.5 | 58.3 | |
Costs not allocated to operating segments | 47.1 | 39.7 | |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | 24.4 | 18.6 | |
Assets | 8,710.5 | $ 7,824.7 | |
Commercial Hedging [Member] | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 59.8 | 61.5 | |
Operating revenues | 59.8 | 61.5 | |
Net operating revenues | 45.3 | 49.1 | |
Net Segment Contribution | 30.6 | 36.5 | |
Segment Income | 13.3 | 21.1 | |
Assets | 1,901.3 | 1,935.7 | |
Global Payments [Member] | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 29.7 | 24.6 | |
Operating revenues | 29.7 | 24.6 | |
Net operating revenues | 28.4 | 23 | |
Net Segment Contribution | 23.1 | 18.4 | |
Segment Income | 18.6 | 14.6 | |
Assets | 200.6 | 206.6 | |
Securities Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 69 | 43 | |
Operating revenues | 69 | 43 | |
Net operating revenues | 32.1 | 23.5 | |
Net Segment Contribution | 21.8 | 17.8 | |
Segment Income | 16 | 11 | |
Assets | 4,330.6 | 3,058.2 | |
Physical Commodities [Member] | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 6,301.8 | 7,716.6 | |
Operating revenues | 14.3 | 10.6 | |
Net operating revenues | 10.4 | 8.4 | |
Net Segment Contribution | 7.1 | 5.6 | |
Segment Income | 5.9 | 1.1 | |
Assets | 372.2 | 413.7 | |
Clearing and Execution Services Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 95.2 | 72.2 | |
Operating revenues | 95.2 | 72.2 | |
Net operating revenues | 37.5 | 27.4 | |
Net Segment Contribution | 29.7 | 20.5 | |
Segment Income | 17.7 | 10.5 | |
Assets | 1,821.4 | 2,109.9 | |
Corporate [Member] | |||
Segment Reporting Information [Line Items] | |||
Total revenues | (3.3) | 0.7 | |
Operating revenues | (3.3) | 0.7 | |
Net operating revenues | (4.7) | $ (1.1) | |
Assets | $ 84.4 | $ 100.6 |
Revenues From Contracts With_12
Revenues From Contracts With Clients Disaggregation of Revenues (Details) - USD ($) | 3 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Commissions and clearing fees: | ||
Total commission and clearing fees | $ 97.4 | $ 85.3 |
Consulting, management, and account fees | 19.1 | 16.6 |
Total revenues from contracts with clients | 116.5 | 101.9 |
Sales of physical commodities | 6,295.8 | 7,714.4 |
Principal gains, net | 94.9 | 78.3 |
Interest income | 45 | 24 |
Total revenues | 6,552.2 | 7,918.6 |
Transferred at Point in Time [Member] | ||
Commissions and clearing fees: | ||
Total revenues from contracts with clients | 94.6 | 82.2 |
Transferred over Time [Member] | ||
Commissions and clearing fees: | ||
Total revenues from contracts with clients | 21.9 | 19.7 |
UNITED STATES | ||
Commissions and clearing fees: | ||
Total revenues | 527 | 324 |
Europe [Member] | ||
Commissions and clearing fees: | ||
Total revenues | 53.3 | 45.2 |
South America [Member] | ||
Commissions and clearing fees: | ||
Total revenues | 11.4 | 14.9 |
Middle East and Asia [Domain] | ||
Commissions and clearing fees: | ||
Total revenues | 5,958.7 | 7,533.6 |
Other (geographic location) [Member] | ||
Commissions and clearing fees: | ||
Total revenues | 1.8 | 0.9 |
Precious Metals Trading Revenues [Member] | ||
Commissions and clearing fees: | ||
Sales of physical commodities | 5,955.6 | 7,531.9 |
Physical Commodity Origination and Merchandising [Member] | ||
Commissions and clearing fees: | ||
Sales of physical commodities | 340.2 | 182.5 |
Sales Based Commissions [Domain] | ||
Commissions and clearing fees: | ||
Total sales-based commissions | 53.4 | 47.9 |
Sales Based Commissions [Domain] | Exhange-Traded Futures and Options [Member] | ||
Commissions and clearing fees: | ||
Total commission and clearing fees | 39.1 | 34.6 |
Sales Based Commissions [Domain] | OTC Derivative Brokerage [Member] | ||
Commissions and clearing fees: | ||
OTC derivative brokerage | 8.9 | 7.5 |
Sales Based Commissions [Domain] | Equities and Fixed Income Commissions [Member] | ||
Commissions and clearing fees: | ||
Total commission and clearing fees | 1.1 | 1.5 |
Sales Based Commissions [Domain] | Mutual Fund Sales Based Commissions [Member] | ||
Commissions and clearing fees: | ||
Total commission and clearing fees | 2.6 | 2 |
Sales Based Commissions [Domain] | Variable Annuity [Member] | ||
Commissions and clearing fees: | ||
Total commission and clearing fees | 1.5 | 1.6 |
Sales Based Commissions [Domain] | Other Sales Based Commissions [Member] | ||
Commissions and clearing fees: | ||
Total commission and clearing fees | 0.2 | 0.7 |
Trailing Commissions [Domain] | ||
Commissions and clearing fees: | ||
Total commission and clearing fees | 6.9 | 6.9 |
Trailing Commissions [Domain] | Mutual Fund Trailing Commissions [Member] | ||
Commissions and clearing fees: | ||
Total commission and clearing fees | 3.2 | 3.3 |
Trailing Commissions [Domain] | Variable Annuity [Member] | ||
Commissions and clearing fees: | ||
Total commission and clearing fees | 3.7 | 3.6 |
Clearing Fees [Domain] | ||
Commissions and clearing fees: | ||
Clearing fees | 32.6 | 24.9 |
Trade Conversion Fees [Domain] | ||
Commissions and clearing fees: | ||
Trade conversion fees | 1.6 | 1.8 |
Other Commissions [Domain] | ||
Commissions and clearing fees: | ||
Trade conversion fees | 2.9 | 3.8 |
Consulting, management, and account fees [Domain] | Underwriting Fees [Member] | ||
Commissions and clearing fees: | ||
Underwriting fees | 0.3 | 0.7 |
Consulting, management, and account fees [Domain] | Asset Management Fees [Member] | ||
Commissions and clearing fees: | ||
Consulting, management, and account fees | 6.2 | 6.1 |
Consulting, management, and account fees [Domain] | Advisory and Consulting Fees [Member] | ||
Commissions and clearing fees: | ||
Consulting, management, and account fees | 5 | 4.6 |
Consulting, management, and account fees [Domain] | Sweep Program Fees [Member] | ||
Commissions and clearing fees: | ||
Consulting, management, and account fees | 3.8 | 2.1 |
Consulting, management, and account fees [Domain] | Client Account Fees [Member] | ||
Commissions and clearing fees: | ||
Consulting, management, and account fees | 2.7 | 2.8 |
Consulting, management, and account fees [Domain] | Other Consulting, Management, and Account Fees [Member] | ||
Commissions and clearing fees: | ||
Consulting, management, and account fees | $ 1.1 | $ 0.3 |