(Unaudited)


		Nine Months Ended June 30,					Six Months Ended March 31,
(in millions)	(in millions)	2022		2021		(in millions)	2023		2022
Cash flows from operating activities:	Cash flows from operating activities:					Cash flows from operating activities:
Net income	Net income	$	154.8	$	109.0	Net income	$	118.3	$	105.7
Adjustments to reconcile net income to net cash (used in)/provided by operating activities:
Adjustments to reconcile net income to net cash provided (used in)/provided by operating activities:						Adjustments to reconcile net income to net cash provided (used in)/provided by operating activities:
Depreciation and amortization	Depreciation and amortization	32.1		26.7		Depreciation and amortization	25.8		20.4
Amortization of right of use assets	Amortization of right of use assets	12.1		6.5		Amortization of right of use assets	5.7		7.8
Bad debt expense, net		11.4		3.7
Bad debts, net of recoveries						Bad debts, net of recoveries	3.7		12.1

Deferred income taxes	Deferred income taxes	0.4		2.2		Deferred income taxes	1.8		(0.4)
Amortization of debt issuance costs	Amortization of debt issuance costs	3.5		2.9		Amortization of debt issuance costs	2.8		2.2

Amortization of share-based compensation	Amortization of share-based compensation	12.8		10.3		Amortization of share-based compensation	14.9		8.3
Gain on sale of property and equipment		—		(0.5)
Bargain purchase gain on acquisition		—		(3.3)

Gain on acquisition						Gain on acquisition	(23.5)		—
Changes in operating assets and liabilities, net:	Changes in operating assets and liabilities, net:					Changes in operating assets and liabilities, net:
Securities and other assets segregated under federal and other regulations	Securities and other assets segregated under federal and other regulations	(7.3)		(8.1)		Securities and other assets segregated under federal and other regulations	579.6		(11.5)
Securities purchased under agreements to resell	Securities purchased under agreements to resell	523.7		(331.0)		Securities purchased under agreements to resell	(951.2)		(290.7)
Securities borrowed	Securities borrowed	1,054.4		(257.3)		Securities borrowed	456.1		78.3
Deposits with and receivables from broker-dealers, clearing organizations, and counterparties, net	Deposits with and receivables from broker-dealers, clearing organizations, and counterparties, net	(2,931.3)		(164.1)		Deposits with and receivables from broker-dealers, clearing organizations, and counterparties, net	(1,314.1)		202.3
Receivables from clients, net	Receivables from clients, net	(176.7)		(217.8)		Receivables from clients, net	(363.3)		(126.7)
Notes receivable, net	Notes receivable, net	1.1		(4.9)		Notes receivable, net	—		1.0
Income taxes receivable	Income taxes receivable	17.4		(0.5)		Income taxes receivable	3.7		10.6
Financial instruments owned, at fair value	Financial instruments owned, at fair value	621.1		(739.5)		Financial instruments owned, at fair value	(859.3)		198.4
Physical commodities inventory, net	Physical commodities inventory, net	(117.9)		(203.7)		Physical commodities inventory, net	(36.1)		(134.5)

Other assets	Other assets	(12.4)		(13.7)		Other assets	(45.2)		6.8
Accounts payable and other accrued liabilities	Accounts payable and other accrued liabilities	36.4		35.2		Accounts payable and other accrued liabilities	60.1		31.6
Operating lease liabilities	Operating lease liabilities	(13.3)		(2.4)		Operating lease liabilities	(0.5)		(6.8)
Payables to clients	Payables to clients	2,311.0		1,488.5		Payables to clients	274.1		1,661.9
Payables to broker-dealers, clearing organizations, and counterparties	Payables to broker-dealers, clearing organizations, and counterparties	(182.8)		(162.0)		Payables to broker-dealers, clearing organizations, and counterparties	(101.8)		(93.6)
Income taxes payable	Income taxes payable	11.8		(6.3)		Income taxes payable	9.2		15.4
Securities sold under agreements to repurchase	Securities sold under agreements to repurchase	(1,533.2)		472.1		Securities sold under agreements to repurchase	1,827.5		(533.0)
Securities loaned	Securities loaned	(1,058.1)		258.4		Securities loaned	(425.0)		(49.9)
Financial instruments sold, not yet purchased, at fair value	Financial instruments sold, not yet purchased, at fair value	733.0		1,078.2		Financial instruments sold, not yet purchased, at fair value	134.0		986.3
Net cash (used in)/provided by operating activities	Net cash (used in)/provided by operating activities	(496.0)		1,378.6		Net cash (used in)/provided by operating activities	(602.7)		2,102.0
Cash flows from investing activities:	Cash flows from investing activities:					Cash flows from investing activities:

Cash paid for acquired intangible assets and business acquisitions, net		(0.2)		(0.4)
Proceeds from sale of property, plant, and equipment		—		3.1
Acquisition of businesses and assets, net of cash received						Acquisition of businesses and assets, net of cash received	(6.1)		—

Sale of exchange memberships and common stock	Sale of exchange memberships and common stock	0.2		—		Sale of exchange memberships and common stock	—		0.2

Purchases of property and equipment	Purchases of property and equipment	(37.6)		(53.5)		Purchases of property and equipment	(22.5)		(24.3)
Net cash used in investing activities	Net cash used in investing activities	(37.6)		(50.8)		Net cash used in investing activities	(28.6)		(24.1)
Cash flows from financing activities:	Cash flows from financing activities:					Cash flows from financing activities:
Net change in payables to lenders under loans with maturities 90 days or less	Net change in payables to lenders under loans with maturities 90 days or less	269.6		1.6		Net change in payables to lenders under loans with maturities 90 days or less	67.0		232.7
Proceeds from payables to lenders under loans with maturities greater than 90 days	Proceeds from payables to lenders under loans with maturities greater than 90 days	452.0		143.4		Proceeds from payables to lenders under loans with maturities greater than 90 days	150.0		430.0
Repayments of payables to lenders under loans with maturities greater than 90 days	Repayments of payables to lenders under loans with maturities greater than 90 days	(462.0)		(148.4)		Repayments of payables to lenders under loans with maturities greater than 90 days	(151.0)		(440.0)

Repayments of senior secured term loan	Repayments of senior secured term loan	(170.3)		(7.4)		Repayments of senior secured term loan	—		(4.9)

Repayment of senior secured notes		—		(1.6)
Issuance of note payable		—		9.0

Deferred payments on acquisitions	Deferred payments on acquisitions	(1.5)		(1.7)		Deferred payments on acquisitions	(17.2)		(1.5)
Payment of contingent consideration		(2.8)		—
Repurchase of common stock		—		(3.1)

Exercise of stock options	Exercise of stock options	6.2		7.6		Exercise of stock options	3.6		5.9

Net cash provided by/(used in) financing activities		91.2		(0.6)
Net cash provided by financing activities						Net cash provided by financing activities	52.4		222.2
Effect of exchange rates on cash, segregated cash, cash equivalents, and segregated cash equivalents	Effect of exchange rates on cash, segregated cash, cash equivalents, and segregated cash equivalents	(5.5)		16.7		Effect of exchange rates on cash, segregated cash, cash equivalents, and segregated cash equivalents	11.1		(0.1)
Net (decrease)/increase in cash, segregated cash, cash equivalents, and segregated cash equivalents	Net (decrease)/increase in cash, segregated cash, cash equivalents, and segregated cash equivalents	(447.9)		1,343.9		Net (decrease)/increase in cash, segregated cash, cash equivalents, and segregated cash equivalents	(567.8)		2,300.0
Cash, segregated cash, cash equivalents, and segregated cash equivalents at beginning of period	Cash, segregated cash, cash equivalents, and segregated cash equivalents at beginning of period	6,509.5		4,468.4		Cash, segregated cash, cash equivalents, and segregated cash equivalents at beginning of period	6,285.1		6,509.5
Cash, segregated cash, cash equivalents, and segregated cash equivalents at end of period	Cash, segregated cash, cash equivalents, and segregated cash equivalents at end of period	$	6,061.6	$	5,812.3	Cash, segregated cash, cash equivalents, and segregated cash equivalents at end of period	$	5,717.3	$	8,809.5
Supplemental disclosure of cash flow information:	Supplemental disclosure of cash flow information:					Supplemental disclosure of cash flow information:
Cash paid for interest	Cash paid for interest	$	85.4	$	58.0	Cash paid for interest	$	337.5	$	43.9
Income taxes paid, net of cash refunds	Income taxes paid, net of cash refunds	$	25.4	$	44.7	Income taxes paid, net of cash refunds	$	19.5	$	7.8
Supplemental disclosure of non-cash investing and financing activities:	Supplemental disclosure of non-cash investing and financing activities:					Supplemental disclosure of non-cash investing and financing activities:
Identified intangible assets and goodwill on acquisitions	Identified intangible assets and goodwill on acquisitions	$	—	$	0.5	Identified intangible assets and goodwill on acquisitions	$	10.3	$	—

Additional consideration payable related to acquisitions, net						Additional consideration payable related to acquisitions, net	$	28.7	$	—

Acquisition of business:	Acquisition of business:					Acquisition of business:
Assets acquired	Assets acquired	$	—	$	0.1	Assets acquired	$	143.0	$	—
Liabilities assumed	Liabilities assumed	—		(0.2)		Liabilities assumed	84.1		—
Total net liabilities assumed		$	—	$	(0.1)
Total net assets acquired						Total net assets acquired	$	58.9	$	—

•A secured uncommitted loan facility under which StoneX Financial Inc. may borrow requested amounts for short term funding of firm and client margin requirements. The uncommitted maximum 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 us under a clearing arrangement. As of June 30, 2022, there was $13.0 million outstanding balance on this facility.

•A secured uncommitted loan facility under which StoneX Financial Ltd may borrow funds, collateralized by commodities warehouse receipts, to facilitate the financing of inventory of commodities, subject to certain terms and conditions of the credit agreement. As of June 30, 2022, there was $45.0 million outstanding on this facility.

Other Capital Considerations

Our activities are subject to various significant governmental regulations and capital adequacy requirements, both in the U.S. and in the international jurisdictions in which we operate. ~~Certain of our non-U.S. subsidiaries are also subject to capital adequacy requirements promulgated by authorities of the countries in which they operate.~~ Our subsidiaries are in compliance with all of their capital regulatory ~~capital~~ requirements as of ~~June 30, 2022.~~March 31, 2023. Additional information on our subsidiaries subject to significant net capital and minimum net capital requirements can be found in Note 16 of the Condensed Consolidated Financial Statements.

The Dodd-Frank Act created a comprehensive new regulatory regime governing the OTC swaps and imposed further regulations on listed derivatives. The Dodd-Frank Act also created a registration regime for new categories of market participants, such as “swap dealers”, among others.

The Dodd-Frank Act generally introduced a framework for (i) swap data reporting and record keeping on counterparties and data repositories; (ii) centralized clearing for swaps, with limited exceptions for end-users; (iii) the requirement to execute swaps on regulated swap execution facilities; (iv) imposition on swap dealers to exchange margin on uncleared swaps with counterparties; and (v) the requirement to comply with new capital rules.

Swap dealers are subject to a comprehensive regulatory regime with new obligations for the swaps activities for which they are registered, including adherence to risk management policies, supervisory procedures, trade record and real time reporting requirements, as well as rules for minimum capital requirements which became effective October 6, 2021.

Our subsidiary, StoneX Markets LLC (“StoneX Markets”), is a CFTC provisionally registered swap dealer, and under these capital rules is subject to ~~prescribed~~a minimum regulatory capital requirement. StoneX Markets has elected to utilize the “bank-based” approach, as reflected in CFTC Rule 23.101(a)(1)(i) to calculate its capital requirements. Under the “bank-based” approach StoneX Markets must satisfy the following capital requirements: Common Equity Tier 1 (“CET1”) capital of at least $20 million; (ii) CET1 equal to at least 6.5% of its risk weighted assets (“RWA”); (iii) CET1, Additional Tier 1, and Tier 2 (collectively, total aggregate Bank Holding Company (“BHC”) capital) equal to at least 8% of its RWA; (iv) total aggregate BHC capital equal to 8% of its uncleared swap margin; and (v) the minimum capital required by NFA. Aggregate BHC capital and the related net capital requirement may fluctuate on a daily basis.

During 2016, CFTC 23.154, Calculation of Initial Margin rules came into effect, imposing new requirements on registered swap dealers and certain counterparties to exchange initial margin, with phased-in compliance dates, with StoneX Markets LLC falling in the final compliance date tier of September 2022.

Compliance with this or other swap-related regulatory capital requirements may require us to devote more capital to these businesses or otherwise restructure our operations, such as by combining these businesses with other regulated subsidiaries that must also satisfy regulatory capital requirements. StoneX Markets LLC has faced, and may continue to face, increased costs due to the registration and regulatory requirements listed above, as may any other of our subsidiaries that may be required to register, or may register voluntarily, as a swap dealer and/or swap execution facility.

Cash Flows

We include client cash and securities that meet the short-term requirement for cash classification to be segregated for regulatory purposes in our Condensed Consolidated Statements of Cash Flows. We hold a significant amount of U.S. Treasury obligations, which represent investments of client funds or client-owned investments pledged in lieu of cash margin. U.S. Treasury securities held with third-party banks or pledged with exchange-clearing organizations representing investments of client funds or which are held for particular clients in lieu of cash margin are included in the beginning and ending cash balances reconciled on our Condensed Consolidated Statements of Cash Flows to the extent that they have an original or acquired maturity of 90 days or less and, therefore, meet the definition of a segregated cash equivalent. Purchases and sales of U.S. Treasury securities representing investment of clients’ funds and U.S. Treasury securities pledged or redeemed by particular clients in lieu of cash margin are presented as operating uses and sources of cash, respectively, within the operating section of the consolidated statements of cash flows if they have an original or acquired maturity of greater than 90 days. Typically, there is an offsetting use or source of cash related to the change in the payables to clients. However, we will report a use of cash in periods where segregated U.S. Treasury securities that meet the aforementioned definition of a segregated cash equivalent mature and are replaced with U.S. Treasury securities that have original or acquired maturities that are greater than 90 days.

Our cash, segregated cash, cash equivalents, and segregated cash equivalents decreased by ~~$447.9~~$567.8 million from ~~$6,509.5~~$6,285.1 million as of September 30, ~~2021~~2022 to ~~$6,061.6~~$5,717.3 million as of ~~June 30, 2022.~~March 31, 2023. During the ~~nine~~six months ended ~~June 30, 2022,~~March 31, 2023, net cash of ~~$496.0~~$602.7 million was used in operating activities, ~~$37.6~~$28.6 million was used in investing activities and net cash of ~~$91.2~~$52.4 million was provided by financing activities.

Net cash provided by financing activities during the ~~nine~~six months ended ~~June 30, 2022~~March 31, 2023 included significant inflows from payables to lenders under 90 days of $269.6 million, including the newly agreed to revolver. These inflows were offset by the required principal payments and complete pay off of the senior term loan totaling $170.3 million during the period. Further outflows$67.0 million. Outflows related to ~~repayments on our revolving line~~payments of ~~credit with maturities greater than 90 days exceeding borrowings by $10.0~~deferred acquisitions costs of $17.2 million. Also, we recorded ~~$6.2~~$3.6 million in funds received for stock option exercises.

We continuously evaluate opportunities to expand our business. Investing activities include $37.6 million in capital expenditures for property and equipment during the nine months ended June 30, 2022 compared to $53.5 million during the prior year. The fluctuation in capital expenditures is principally related to leasehold improvement projects for new office space and purchasing our aircraft in the prior year.

~~Fluctuations in exchange rates decreased our cash, segregated cash, cash equivalents and segregated cash equivalents by $5.5 million.~~

In the broker-dealer and related trading industries, companies report trading activities in the operating section of the statement of cash flows. Due to the daily price volatility in the commodities market, as well as changes in margin requirements, fluctuations in the balances of deposits held at various exchanges, marketable securities and client commodity accounts may occur from day-to-day. A use of cash, as calculated on the consolidated statement of cash flows, includes unrestricted cash transferred and pledged to the exchanges or ~~guarantee~~guaranty funds. These funds are held in interest-bearing deposit accounts at the exchanges, and based on daily exchange requirements, may be withdrawn and returned to unrestricted cash. Additionally, within our unregulated OTC and foreign exchange operations, cash deposits received from clients are reflected as cash provided from operations. Subsequent ~~transfers~~transfer of these cash deposits to counterparties or exchanges to margin their open positions will be reflected as an operating use of cash to the extent the transfer occurs in a different period than the cash deposit was received.

Unrealized gains and losses on open positions revalued at prevailing foreign currency exchange rates are included in trading revenue but have no direct impact on cash flow from operations. Similarly, gains and losses become realized when client transactions are liquidated, though they do not affect cash flow. To some extent, the amount of net deposits made by our clients

in any given period is influenced by the impact of gains and losses on our client balances, such that clients may be required to post additional funds to maintain open positions or may choose to withdraw excess funds on open positions. ~~Only~~

We continuously evaluate opportunities to expand our business. Investing activities included $22.5 million in capital expenditures for property and equipment during the ~~latter activities result~~six months ended March 31, 2023 compared to $24.3 million during the prior year. Additionally, we expended $6.1 million of net cash on the Company’s acquisitions.

Fluctuations in exchange rates increased our cash, ~~movements.~~segregated cash, cash equivalents and segregated cash equivalents by $11.1 million.

On August ~~25, 2021,~~23, 2022, our Board of Directors authorized the repurchase of up to 1.0 million shares of our outstanding common stock ~~from time to time~~ in open market purchases and private transactions, commencing on October 1, ~~2021~~2022 and ending on September 30, ~~2022.~~2023. The repurchases are subject to the discretion of the senior management team to implement our stock repurchase plan, and subject to market conditions and as permitted by securities laws and other legal, regulatory and contractual requirements and covenants.

Apart from what has been disclosed above, there are no known trends, events or uncertainties that have had or are likely to have a material impact on our liquidity, financial condition and capital resources. Based upon our current operations, we believe that cash flows from operations, available cash and available borrowings under our credit facilities will be adequate to meet our future liquidity needs for the following year. Any projections of future earnings and cash flows are subject to substantial uncertainty, particularly in light of the rapidly changing market and economic conditions created by the COVID-19 pandemic.

We may need to access debt and equity markets in the future if unforeseen costs or opportunities arise, to meet working capital requirements, fund acquisitions or investments or repay our indebtedness under credit facilities. If we need to obtain new debt or equity financing in the future, the terms and availability of such financing may be impacted by economic and financial market conditions, as well as our financial condition and results of operations at the time we seek additional financing. Although we believe that our financial resources will allow us to manage the anticipated impact of COVID-19 on our operations for the foreseeable future, the challenges posed by COVID-19 on our business are expected to continue to shift rapidly. Consequently, we will continue to assess our liquidity needs and anticipated capital requirements in light of future developments, particularly those relating to COVID-19.

Commitments

Information about our commitments and contingent liabilities is contained in Note 11 of the ~~condensed consolidated financial statements.~~Condensed Consolidated Financial Statements.

Off Balance Sheet Arrangements

We are party to certain financial instruments with off-balance sheet risk in the normal course of business as a registered securities broker-dealer, futures commission merchant, U.K. based financial services firm, provisionally registered swap dealer and from our market-making and proprietary trading in the foreign exchange and commodities and debt securities markets. These financial instruments include futures, forward and foreign exchange contracts, exchange-traded and OTC options, To Be Announced (“TBA”) securities and interest rate swaps. 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 ~~consolidated balance sheets.~~Condensed Consolidated Balance Sheets. Exposure to market risk is influenced by a number of factors, including the relationships between the financial instruments and our 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 commodity pricing and foreign exchange rates. We attempt to manage our exposure to market risk through various techniques. Aggregate market limits have been established and market risk measures are routinely monitored against these ~~limits, and market limits change as market conditions change.~~limits. Derivative contracts are traded along with cash transactions because of the integrated nature of the markets for such products. We manage the risks associated with derivatives on an aggregate basis along with the risks associated with our proprietary trading and market-making activities in cash instruments as part of our firm-wide risk management policies.

A significant portion of these instruments are primarily the execution of orders for commodity futures and options on futures contracts on behalf of our clients, substantially all of which are transacted on a margin basis. Such transactions may expose us to significant credit risk in the event margin requirements are not sufficient to fully cover losses which clients may incur. We control the risks associated with these transactions by requiring clients to maintain margin deposits in compliance with both clearing organization requirements and internal guidelines. We monitor required margin levels daily and, therefore, may require clients to deposit additional collateral or reduce positions when necessary. We also establish contract limits for clients, which are monitored daily. We evaluate each client’s creditworthiness on a case-by-case basis. Clearing, financing, and settlement activities may require us to maintain funds with or pledge securities as collateral with other financial institutions. Generally, these exposures to exchanges are subject to netting of open positions and collateral, while exposures to clients are subject to netting, per the terms of the client agreements, which reduce the exposure to us 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 ~~June 30, 2022~~March 31, 2023 are adequate to minimize the risk of material loss that could be created by positions held at that time. Additionally, we monitor collateral fair value on a daily basis and adjust collateral levels in the event of excess market exposure. Generally, these exposures to both counterparties and clients are subject to master netting agreements and the terms of the client agreements, which reduce our exposure.

As a broker-dealer in U.S. Treasury obligations, U.S. government agency obligations, agency mortgage-backed obligations, and asset-backed obligations, we are engaged in various securities trading, borrowing and lending activities serving solely institutional counterparties. Our exposure to credit risk associated with the nonperformance of counterparties in fulfilling their contractual obligations pursuant to these securities transactions and market risk associated with the sale of securities not yet purchased can be directly impacted by volatile trading markets which may impair their ability to satisfy outstanding obligations to us. In the event of non-performance and unfavorable market price movements, we may be required to purchase or sell financial instruments, which may result in a loss to us.

We transact OTC and foreign exchange contracts with our clients, and our OTC and foreign exchange trade desks will generally offset the client’s transaction simultaneously with one of our trading counterparties or will offset that transaction with a similar, but not identical, position on the exchange. These unmatched transactions are intended to be short-term in nature and are conducted to facilitate the most effective transaction for our client.

Additionally, we hold options and futures on options contracts resulting from market-making and proprietary trading activities in these product lines. We assist clients in our commodities trading business to protect the value of their future production (precious or base metals) by selling them put options on an OTC basis. We also provide our physical commodities trading business clients with sophisticated option products, including combinations of buying and selling puts and calls. We mitigate our risk by effecting offsetting options with market counterparties or through the purchase or sale of exchange-traded commodities futures. The risk mitigation of offsetting options is not within the documented hedging designation requirements of the Derivatives and Hedging Topic of the ASC.

As part of the activities discussed above, we carry short positions. We sell financial instruments that we do not own, borrow the financial instruments to make good delivery, and therefore are obliged to purchase such financial instruments at a future date in order to return the borrowed financial instruments. We record these obligations in the condensed consolidated financial statements as of ~~June 30, 2022~~March 31, 2023 and September 30, ~~2021,~~2022, at fair value of the related financial instruments, totaling ~~$2,537.5~~$2,570.9 million and ~~$1,771.2~~$2,469.6 million, respectively. These positions are held to offset the risks related to financial assets owned, and reported in our Condensed Consolidated Balance Sheets in Financial instruments owned, at fair value and Physical commodities inventory, net. We will incur losses if the fair value of the financial instruments sold, not yet purchased, increases subsequent to ~~June 30, 2022,~~March 31, 2023, which might be partially or wholly offset by gains in the value of assets held as of ~~June 30, 2022.~~March 31, 2023. The totals of ~~$2,537.5~~$2,570.9 million and ~~$1,771.2~~$2,469.6 million include a net liability of ~~$445.6~~$209.7 million and ~~$368.5~~$313.4 million for derivatives, based on their fair value as of ~~June 30, 2022~~March 31, 2023 and September 30, ~~2021,~~2022, respectively.

We do not anticipate non-performance by counterparties in the above situations. We have a policy of reviewing the credit standing of each counterparty with which we conduct business. We have credit guidelines that limit our current and potential credit exposure to any one counterparty. We administer limits, monitor credit exposure, and periodically review the financial soundness of counterparties. We manage the credit exposure relating to our trading activities in various ways, including entering into collateral arrangements and limiting the duration of exposure. Risk is mitigated in certain cases by closing out transactions and entering into risk reducing transactions.

We are a member of various exchanges that trade and clear futures and option contracts. We are also a member of and provide ~~guarantees~~guaranties to securities clearinghouses and exchanges in connection with client trading activities. Associated with our memberships, we may be required to pay a proportionate share of the financial obligations of another member who may default on its obligations to the exchanges. While the rules governing different exchange memberships vary, in general our ~~guarantee~~guaranty obligations would arise only if the exchange had previously exhausted its resources. In addition, any such ~~guarantee~~guaranty obligation would be apportioned among the other non-defaulting members of the exchange. Our liability under these arrangements is not quantifiable and could exceed the cash and securities we have posted as collateral at the exchanges. However, management believes that the potential for us to be required to make payments under these arrangements is remote. Accordingly, no contingent liability for these arrangements has been recorded in the Condensed Consolidated Balance Sheets as of ~~June 30, 2022~~March 31, 2023 and September 30, ~~2021.~~2022.

Effects of Inflation

Increases in our expenses, such as compensation and benefits, transaction-based clearing expenses, occupancy and equipment rental, may result from inflation, while we may not be readily recoverable from increasing the prices of our services. Rising interest rates are generally favorable for us, to the extent that inflation has other adverse effects on the financial markets and on the value of the financial instruments held in inventory, it may adversely affect our financial position and results of operations.

Critical Accounting Policies

See our critical accounting policies discussed in the Management’s Discussion and Analysis of the most recent Annual Report filed on Form 10-K. There have been no material changes to these policies.

Other Accounting Policies

Note 1 to the Consolidated Financial Statements included within the most recent Annual Report filed on Form 10-K includes our significant accounting policies. There have been no material changes to these ~~policies, except as described below:~~

During the three months ended December 31, 2021, the Company began executing interest rate swaps, which it designated as hedging instruments. Beginning with the three months ended March 31, 2022, the financial statement impact related to these activities became more significant, with the previous quarter’s effects being negligible. The Company accounted for its interest rate swaps under ASC 815-30-35-3, which dictates that, given continued highly effective character of the hedging instrument, changes in fair value be recorded within other comprehensive income. Swap settlements will be reclassified to earnings, net of accruals, in the period in which a given swap is settled.policies.

Accounting Development Updates

Recently Issued Accounting Pronouncements

None.

Item 3. Quantitative and Qualitative Disclosures about Market Risk

Credit Risk

See also Note 4 to the condensed consolidated financial statements, ‘Financial Instruments with Off-Balance Sheet Risk and Concentrations of Credit Risk’.

Market Risk

We conduct our market-making and trading activities predominantly as a principal, which subjects our capital to significant risks. These risks include, but are not limited to, absolute and relative price movements, price volatility and changes in liquidity, over which we have virtually no control. Our exposure to market risk varies in accordance with the volume of client-driven market-making transactions, the size of the proprietary positions and the volatility of the financial instruments traded.

We seek to mitigate exposure to market risk by utilizing a variety of qualitative and quantitative ~~techniques, including:~~techniques:

•Diversification of business activities and instruments;

•Limitations on positions;

•Allocation of capital and limits based on estimated weighted risks; and

•Daily monitoring of positions and mark-to-market profitability.

We utilize derivative products in a trading capacity as a dealer to satisfy client needs and mitigate risk. We manage 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 our other trading activities.

We are exposed to market risk in connection with our retail trading activities. Because we act as counterparty to our retail ~~customers’~~clients’ transactions, we are exposed to risk on each trade that the value of our position will decline. Accordingly, accurate and efficient management of our net exposure is a high priority, and we have developed policies addressing both our automated and manual procedures to manage our exposure. These risk-management policies and procedures are established and reviewed regularly by the Risk Committee of our Board of Directors. Our risk-management policies require quantitative analyses by instrument, as well as assessment of a range of market inputs, including trade size, dealing rate, ~~customer~~client margin and market liquidity. Our risk-management procedures require our team of senior traders to monitor risk exposure on a continuous basis and update senior management both informally over the course of the trading day and formally through intraday and end of day reporting. A key component of our approach to managing market risk is that we do not initiate market positions for our own account in anticipation of future movements in the relative prices of products we offer.

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Management believes that the volatility of revenues is a key indicator of the effectiveness of our risk management techniques. The graph below summarizes volatility of our daily revenue, determined on a marked-to-market basis, during the ~~nine~~six months ended ~~June 30, 2022.~~March 31, 2023.

In our Securities market-making and trading activities, we maintain inventories of equity and debt securities. In our Commercial segment, our positions include physical commodities inventories, precious metals on lease, forwards, futures and options on futures, and OTC derivatives. Our commodity trading activities are managed as one consolidated book for each commodity encompassing both cash positions and derivative instruments. We monitor the aggregate position for each commodity in equivalent physical ounces, metric tons, or other relevant unit.

Interest Rate Risk

In the ordinary course of our operations, we have interest rate risk from the possibility that changes in interest rates will affect the values of financial instruments and impact interest income earned. Within our domestic institutional dealer in fixed income securities business, we maintain a significant amount of trading assets and liabilities which are sensitive to changes in interest rates. These trading activities primarily consist of securities trading in connection with U.S. Treasury, U.S. government agency, agency mortgage-backed and agency asset-backed obligations, as well as investment grade, high-yield, convertible and emerging markets debt securities. Derivative instruments, which consist of futures, TBA securities and forward settling transactions, are used to manage risk exposures in the trading inventory. We enter into TBA securities transactions for the sole purpose of managing risk associated with mortgage-backed securities.

In addition, we generate interest income from the positive spread earned on client deposits. We typically invest in U.S. Treasury bills, notes, and obligations issued by government sponsored entities, reverse repurchase agreements involving U.S. Treasury bills and government obligations or AA-rated ~~or better~~ money market funds. In some instances, we maintain interest earning cash deposits with banks, clearing organizations and counterparties. We have an investment policy which establishes acceptable standards of credit quality and limits the amount of funds that can be invested within a particular fund, institution, clearing organization or counterparty. We estimate that as of ~~June 30, 2022,~~March 31, 2023, an immediate 25 basis point decrease in short-term interest rates would result in approximately ~~$8.0~~$5.9 million less in annual net ~~income, assuming an effective tax rate of 27.5%.~~income.

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In December 2021, we began to use derivative financial instruments in the form of interest rate swaps to hedge a portion of our aggregate interest rate position. Our objective is to invest the majority of customer segregated deposits in high quality, short-term investments and swap a portion of the resulting variable interest earnings into medium-term fixed-interest earnings.

These hedges are designated cash flow hedges, through which the Company mitigates uncertainty in its interest income by converting floating-rate interest income to fixed-rate interest income. While the swaps mitigate interest rate risk, they do introduce credit risk, which is the possibility that the Company’s trading counterparty fails to meet its obligation. The Company minimizes this risk through exchanging of collateral and by entering into swaps with highly rated, well-capitalized institutions. In addition to credit risk, there is market risk associated with the swap positions. The Company’s market risk is limited, because any amounts the Company must pay from having exchanged variable interest will be funded by the variable interest the Company receives on its deposits.

We manage interest expense using a combination of variable and fixed rate debt. ~~As of June 30, 2022, $508.2 million of outstanding principal debt was variable-rate debt.~~ The ~~variable-rate~~ debt instruments are carried at their unpaid principal balance which approximates fair value. As of March 31, 2023, $561.3 million of outstanding principal debt was variable-rate debt. We are subject to earnings and liquidity risks for changes in the interest rate on this debt. As of ~~June 30, 2022, $348.4~~March 31, 2023, $348.0 million of outstanding principal debt was fixed-rate long-term debt. ~~As of June 30, 2022, the fixed-rate debt had a fair value of $351.7 million.~~

Foreign Currency Risk

Currency risk arises from the possibility that fluctuations in foreign exchange rates will impact the value of our earnings and assets. Entities that have assets and liabilities denominated in currencies other than the primary economic environment in which the entity operates are subject to remeasurement. ~~The majority of~~Virtually all sales and related operating costs are denominated in the currency of the local country and translated into USD for consolidated reporting purposes. Although the majority of the assets and liabilities of these subsidiaries are denominated in the functional currency of the subsidiary, they may also hold assets or liabilities denominated in other currencies. As a result, our results of operations and financial position are exposed to changing currency rates. We may consider entering into hedging transactions to mitigate our exposure to foreign currency exchange rates. These hedging transactions may not be successful.

Item 4. Controls and Procedures

In connection with the filing of this Form 10-Q, our management, including the Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) as of ~~June 30, 2022.~~March 31, 2023. Our Chief Executive Officer and Chief Financial Officer have concluded that our disclosure controls and procedures were effective to provide reasonable assurance that their objectives were met as of ~~June 30, 2022.~~March 31, 2023.

There are limitations inherent in any internal control, such as the possibility of human error and the circumvention or overriding of controls. A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met, and may not prevent or detect misstatements. As conditions change over time, so too may the effectiveness of internal controls. As a result, there can be no assurance that a control system will succeed in preventing all possible instances of error and fraud. Our disclosure controls and procedures are designed to provide reasonable assurance of achieving their objectives, and the conclusions our Chief Executive Officer and Chief Financial Officer are made at the “reasonable assurance” level.

There were no changes in our internal controls over financial reporting during the quarter ended ~~June 30, 2022~~March 31, 2023 that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II

Item 1. Legal Proceedings

For information regarding certain legal proceedings to which we are currently a party, see Note 11, “Commitments and Contingencies” in the notes to our Condensed Consolidated Financial Statements included in this Quarterly Report on Form 10-Q.

Item 1A. Risk Factors

In addition to the other information set forth in this report, information regarding risks affecting us appears in Part I, Item 1A of our Annual Report on Form 10-K for the fiscal year ended September 30, ~~2021.~~2022. These are not the only risks we face. Additional risks and uncertainties not currently known to us or that management currently considers to be non-material may in the future adversely affect our business, financial condition and operating results. ~~There~~

During the three months ended March 31, 2023, we identified updates to certain of our existing risk factors, which have been restated below:

We are subject to risk of default by financial institutions that hold our funds and our clients’ funds.

We have significant deposits of our own funds and our clients' funds with banks and other financial institutions, including liquidity providers. Although we do not have any material deposits with any of the banks affected by the recent banking crisis (such as the recent closure of Silicon Valley Bank, receiverships of First Republic Bank and Signature Bank, and announced acquisition of Credit Suisse Group AG), we could experience losses on cash and investments holdings due to failures of financial institutions and other parties. If other banks and financial institutions enter receivership or become insolvent in the future in response to financial conditions affecting the banking system and financial markets, we might not be able to fully recover the assets we have deposited or deposited on our customers’ behalf since, in certain cases, we will be among the institution’s unsecured creditors. As a result, our business, financial condition and results of operations could be materially adversely affected by the loss of these funds.

The success of our business depends on having access to significant liquidity.

Our business requires substantial cash to support our operating activities, including establishing and carrying substantial open positions for clients on futures exchanges and in the OTC derivatives markets by posting and maintaining margin or credit support for these positions. Although we collect margin or other deposits from our clients for these positions, significant adverse price movements can occur which will require us to post margin or other deposits on short notice, whether or not we are able to collect additional margin or credit support from our clients. We have systems in place to collect margin and other deposits from clients on a same-day basis, however, there can be no ~~material changes~~assurance that these facilities and systems will be enable us to obtain additional cash on a timely basis. As such, the Company is highly dependent on its lines of credit and other financing facilities in order to fund margin calls and other operating activities and the loss of access to these sources of financing could materially adversely affect our results of operations, financial condition and cash flows.

In addition, tightening of the credit markets could limit our ability to obtain external financing to fund our operations and capital expenditures if, and when, needed. For example, Signature Bank was a lender under certain of our credit facilities. Although we did not experience any adverse impact upon the receivership of Signature Bank, we could experience reduced access to liquidity due to failures of other financial institutions and other parties. If other banks and financial institutions enter receivership or become insolvent in the future in response to financial conditions affecting the banking system and financial markets, our ability to access our existing cash, cash equivalents and investments may be threatened and could substantially and negatively impact our financial condition and ability to do business.

In January 2023, we identified the following additional risk factor:

Our revenues, operational costs, regulatory compliance and client satisfaction could be adversely affected by the failure of a vendor or other third party to continue providing services to us.

We rely on vendors and other third-parties to provide us with services that are essential to our ~~risk factors since the filing~~ability to provide clients with our products and services. These services range from core infrastructure, such as utilities, communications and web hosting services, to systems that allow us to execute and process transactions entered into by our clients.

If these vendors or other third-parties suffer operations issues, including as a result of cyber attacks, and they are unable to continue to provide these services to us, we may be exposed to a variety of risks, including loss of revenue if our clients cannot trade with us, increased costs if we are required to employ alternative solutions and reputational harm.

In addition, some of our ~~Form 10-K.~~vendors hold sensitive information on our behalf, including personally identifiable information relating to our clients. If this data were to be compromised, either as a result of a cyber attack or otherwise, we could be in breach of our obligations to our clients, as well as applicable data protections laws, which could materially adversely affect our results of operations and reputation.

Cyber attacks directed at our vendors may also make us more vulnerable to being targeted for cyber attacks ourselves if the bad actors are able to obtain information relating to our company and / or systems.

If one of our vendors experiences a cyberbreach of its own systems or has data that it holds misappropriated, we could be exposed to a number of additional risks, including:

a.heightened risk that we will not be able to comply with applicable regulatory requirements;

6365

b.increased risk that external parties will be able to execute fraudulent transactions using our systems;

c.losses from fraudulent transactions, as well as potential liability for losses suffered by our clients;

d.increased operational costs to remediate the consequences of the external party’s security breach; and

e.reputational harm arising from the perception that our systems may not be secure.

In some cases, operational issues or security breaches affecting our vendors may require us to take steps to protect the integrity of our own operational systems or to safeguard confidential information that we hold, including restricting the ability of our clients to trade or have access to their accounts. These actions could potentially diminish customer satisfaction and confidence in us, materially adversely affecting our results of operations.

For example, on January 31, 2023, we were notified by ION Group, one of our vendors which provides back office trade processing services relating to certain of our listed derivatives businesses, that it had experienced a cybersecurity incident, which rendered certain of its services inaccessible to us and its other clients. As a result of the incident, we imposed restrictions on clients of our UK subsidiary relating to the trading of listed derivatives. We are continuing to assess the impact of the ION incident.

Furthermore, the widespread and expanding interconnectivity among financial institutions, clearing banks, CCPs, payment processors, financial technology companies, securities exchanges, clearing houses and other financial market infrastructures increases the risk that the disruption of an operational system involving one institution or entity, including due to a cyber attack, may cause industry-wide operational disruptions that could materially affect our ability to conduct business.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

On August 25, 2021, our Board of Directors authorized the repurchase of up to 1.0 million shares of our outstanding common stock from time to time in open market purchases and private transactions, commencing on October 1, 2021 and ending on September 30, 2022. The repurchases are subject to the discretion of the senior management team to implement our stock repurchase plan, and subject to market conditions and as permitted by securities laws and other legal, regulatory and contractual requirements and covenants.

Our common stock repurchase program activity for the three months ended ~~June 30, 2022~~March 31, 2023 was as follows:


Period	Total Number of Shares Purchased	Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Program	Maximum Number of Shares Remaining to be Purchased Under the Program
~~April~~January 1, ~~2022~~2023 to ~~April 30, 2022~~January 31, 2023	—	$	—	—	1,000,000
~~May~~February 1, ~~2022~~2023 to ~~May 31, 2022~~February 28, 2023	—	—		—	1,000,000
~~June~~March 1, ~~2022~~2023 to ~~June 30, 2022~~March 31, 2023	—	—		—	1,000,000
Total	—	$	—	—

Item 6. Exhibits


~~10.1~~						Sixth Amendment dated April 21, 2022, to the Amended and Restated Credit Agreement, dated as of February 22, 2019 by and between StoneX Group Inc. (f/k/a INTL FCStone Inc.) as Borrower, the Lenders from time to time party thereto and Bank of America, N.A., as Administrative Agent (Annex A to the Sixth Amendment contains the Amended and Restated Credit Agreement, as amended by the Sixth Amendment thereto) ~~(incorporated by reference from Exhibit 10.1 to~~ t ~~he Company~~’~~s Current Report on Form 8-K filed~~ ~~with the SEC on April 2~~7 ~~, 2022~~).

~~10.2~~						Second Supplemental Indenture, dated as of April 21, 2022, by and among StoneX Payment Services Ltd., StoneX Group Inc. (f/k/a INTL FCStone Inc.), the Guaranteeing Subsidiaries and the Trustee and Collateral Agent ~~(incorporated by reference from Exhibit 10.~~2 ~~to the Company’s Current Report on Form 8-K filed with the SEC on April 27, 2022).~~

~~10.3~~						Intercreditor Joinder Agreement, dated April 21, 2022, by and among StoneX Payment Services Ltd., Bank of America, N.A., as Administrative Agent and Control Agent, The Bank of New York Mellon, as Indenture Trustee and Collateral Agent ~~(incorporated by reference from Exhibit 10.~~3 ~~to the Company’s Current Report on Form 8-K filed with the SEC on April 27, 2022).~~

~~10.4~~						Joinder Agreement, dated April 21, 2022, to the Amended and Restated Credit Agreement, dated as of February 22, 2019, by and between StoneX Payment Services Ltd., and Bank of America, N.A., as Administrative Agent ~~(incorporated by reference from Exhibit 10.~~4 ~~to the Company’s Current Report on Form 8-K filed with the SEC on April 27, 2022).~~

~~10.5~~						~~Third Amended and Restated Credit Agreement, entered into as of July~~ 2 8 ~~, 202~~2 ~~, by and among~~ ~~Stone~~X C ~~ommodity~~ S ~~olutions~~ ~~LLC~~ ~~(formerly known as FCStone~~ ~~Merchant Services, LLC), as Borrower,~~ ~~StoneX Group~~ ~~Inc., as Guarantor, the several financial institutions from time to time party to this Agreement, as Lenders, and COÖPERATIEVE RABOBANK U.A., NEW YORK BRANCH, as Administrative Agent.~~*

31.1						Certification of Chief Executive Officer, pursuant to Rule 13a—14(a).*

31.2						Certification of Chief Financial Officer, pursuant to Rule 13a—14(a).*

32.1						Certification of Chief Executive Officer, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.*

32.2						Certification of Chief Financial Officer, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.*

101.INS						Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document)

101.SCH						Inline XBRL Taxonomy Extension Schema Document

101.CAL						Inline XBRL Taxonomy Extension Calculation Linkbase Document

101.DEF						Inline XBRL Taxonomy Extension Definition Linkbase Document

101.LAB						Inline XBRL Taxonomy Extension Label Linkbase Document

101.PRE						Inline XBRL Taxonomy Extension Presentation Linkbase Document

104						Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101)
*						Filed as part of this report.

6466

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

StoneX Group Inc.

Date:

~~August~~May 3, ~~2022~~2023

/s/ Sean M. O’Connor

Sean M. O’Connor

Chief Executive Officer

Date:

~~August~~May 3, ~~2022~~2023

/s/ William J. Dunaway

William J. Dunaway

Chief Financial Officer

6567


Delaware						59-2921318
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)


(in millions, except par value and share amounts)	(in millions, except par value and share amounts)	June 30, 2022		September 30, 2021		(in millions, except par value and share amounts)	March 31, 2023		September 30, 2022
ASSETS	ASSETS					ASSETS
Cash and cash equivalents	Cash and cash equivalents	$	1,363.7	$	1,109.6	Cash and cash equivalents	$	1,263.9	$	1,108.5
Cash, securities and other assets segregated under federal and other regulations (including $21.5 million and $14.1 million at fair value at June 30, 2022 and September 30, 2021, respectively)		2,543.8		2,274.4
Cash, securities and other assets segregated under federal and other regulations (including $25.8 million and $805.7 million at fair value at March 31, 2023 and September 30, 2022, respectively)						Cash, securities and other assets segregated under federal and other regulations (including $25.8 million and $805.7 million at fair value at March 31, 2023 and September 30, 2022, respectively)	2,512.3		3,267.2
Collateralized transactions:	Collateralized transactions:					Collateralized transactions:
Securities purchased under agreements to resell	Securities purchased under agreements to resell	1,716.2		2,239.9		Securities purchased under agreements to resell	2,623.2		1,672.0
Securities borrowed	Securities borrowed	1,108.7		2,163.1		Securities borrowed	753.7		1,209.8

Deposits with and receivables from broker-dealers, clearing organizations and counterparties, net (including $3,543.1 million and $1,070.6 million at fair value at June 30, 2022 and September 30, 2021, respectively)		7,260.1		5,292.9
Receivable from clients, net (including $(21.2) million and $2.6 million at fair value at June 30, 2022 and September 30, 2021, respectively)		627.6		461.1
Deposits with and receivables from broker-dealers, clearing organizations and counterparties, net (including $4,655.7 million and $2,817.2 million at fair value at March 31, 2023 and September 30, 2022, respectively)						Deposits with and receivables from broker-dealers, clearing organizations and counterparties, net (including $4,655.7 million and $2,817.2 million at fair value at March 31, 2023 and September 30, 2022, respectively)	7,616.3		6,842.6
Receivable from clients, net (including $2.3 million and $(0.5) million at fair value at March 31, 2023 and September 30, 2022, respectively)						Receivable from clients, net (including $2.3 million and $(0.5) million at fair value at March 31, 2023 and September 30, 2022, respectively)	978.7		566.2
Notes receivable, net	Notes receivable, net	5.0		6.1		Notes receivable, net	5.1		5.1
Income taxes receivable	Income taxes receivable	9.2		26.6		Income taxes receivable	15.5		16.8
Financial instruments owned, at fair value (includes securities pledged as collateral that can be sold or repledged of $2,040.8 million and $843.3 million at June 30, 2022 and September 30, 2021, respectively)		3,733.5		4,354.6
Physical commodities inventory, net (including $396.0 million and $359.9 million at fair value at June 30, 2022 and September 30, 2021, respectively)		564.2		447.5
Financial instruments owned, at fair value (includes securities pledged as collateral that can be sold or repledged of $1,593.1 million and $2,372.3 million at March 31, 2023 and September 30, 2022, respectively)						Financial instruments owned, at fair value (includes securities pledged as collateral that can be sold or repledged of $1,593.1 million and $2,372.3 million at March 31, 2023 and September 30, 2022, respectively)	5,049.1		4,167.3
Physical commodities inventory, net (including $351.6 million and $359.8 million at fair value at March 31, 2023 and September 30, 2022, respectively)						Physical commodities inventory, net (including $351.6 million and $359.8 million at fair value at March 31, 2023 and September 30, 2022, respectively)	572.1		513.5
Deferred income taxes, net	Deferred income taxes, net	43.0		35.1		Deferred income taxes, net	35.5		52.0
Property and equipment, net	Property and equipment, net	109.8		93.3		Property and equipment, net	117.7		112.9
Operating right of use assets	Operating right of use assets	113.8		125.3		Operating right of use assets	117.7		121.8
Goodwill and intangible assets, net	Goodwill and intangible assets, net	90.0		100.8		Goodwill and intangible assets, net	88.9		86.2
Other assets	Other assets	120.2		109.3		Other assets	169.2		117.7
Total assets	Total assets	$	19,408.8	$	18,839.6	Total assets	$	21,918.9	$	19,859.6
LIABILITIES AND STOCKHOLDERS' EQUITY	LIABILITIES AND STOCKHOLDERS' EQUITY					LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:	Liabilities:					Liabilities:
Accounts payable and other accrued liabilities (including $0.0 million and $2.8 million at fair value at June 30, 2022 and September 30, 2021, respectively)		$	337.2	$	305.1
Accounts payable and other accrued liabilities (including $1.3 million and $0 at fair value at March 31, 2023 and September 30, 2022, respectively)						Accounts payable and other accrued liabilities (including $1.3 million and $0 at fair value at March 31, 2023 and September 30, 2022, respectively)	$	513.8	$	400.6
Operating lease liabilities	Operating lease liabilities	133.9		146.6		Operating lease liabilities	144.1		143.0
Payables to:	Payables to:					Payables to:
Clients (including $624.9 million and $291.5 million at fair value at June 30, 2022 and September 30, 2021, respectively)		10,146.9		7,835.9
Broker-dealers, clearing organizations and counterparties (including $6.5 million and $12.7 million at fair value at June 30, 2022 and September 30, 2021, respectively)		430.7		613.5
Clients (including $669.5 million and $(1,392.4) million at fair value at March 31, 2023 and September 30, 2022, respectively)						Clients (including $669.5 million and $(1,392.4) million at fair value at March 31, 2023 and September 30, 2022, respectively)	10,168.7		9,891.0
Broker-dealers, clearing organizations and counterparties (including $34.1 million and $55.8 million at fair value at March 31, 2023 and September 30, 2022, respectively)						Broker-dealers, clearing organizations and counterparties (including $34.1 million and $55.8 million at fair value at March 31, 2023 and September 30, 2022, respectively)	558.4		659.8
Lenders under loans	Lenders under loans	508.2		248.6		Lenders under loans	561.3		485.1
Senior secured borrowings, net	Senior secured borrowings, net	338.9		507.0		Senior secured borrowings, net	340.6		339.1
Income taxes payable	Income taxes payable	25.0		13.2		Income taxes payable	26.2		16.2
Collateralized transactions:	Collateralized transactions:					Collateralized transactions:
Securities sold under agreements to repurchase	Securities sold under agreements to repurchase	2,807.7		4,340.9		Securities sold under agreements to repurchase	5,023.1		3,195.6
Securities loaned	Securities loaned	1,095.5		2,153.6		Securities loaned	764.5		1,189.5
Financial instruments sold, not yet purchased, at fair value	Financial instruments sold, not yet purchased, at fair value	2,537.5		1,771.2		Financial instruments sold, not yet purchased, at fair value	2,570.9		2,469.6

Total liabilities	Total liabilities	18,361.5		17,935.6		Total liabilities	20,671.6		18,789.5
Commitments and contingencies (Note 11)	Commitments and contingencies (Note 11)	0		0		Commitments and contingencies (Note 11)
Stockholders' equity:	Stockholders' equity:					Stockholders' equity:

Preferred stock, $0.01 par value. Authorized 1,000,000 shares; no shares issued or outstanding	Preferred stock, $0.01 par value. Authorized 1,000,000 shares; no shares issued or outstanding	—		—		Preferred stock, $0.01 par value. Authorized 1,000,000 shares; no shares issued or outstanding	—		—
Common stock, $0.01 par value. Authorized 30,000,000 shares; 22,864,795 issued and 20,257,472 outstanding at June 30, 2022 and 22,431,233 issued and 19,823,910 outstanding at September 30, 2021		0.2		0.2
Common stock in treasury, at cost. 2,607,323 shares at June 30, 2022 and 2,607,323 shares at September 30, 2021		(69.3)		(69.3)
Common stock, $0.01 par value. Authorized 30,000,000 shares; 23,286,021 issued and 20,678,698 outstanding at March 31, 2023 and 22,911,227 issued and 20,303,904 outstanding at September 30, 2022						Common stock, $0.01 par value. Authorized 30,000,000 shares; 23,286,021 issued and 20,678,698 outstanding at March 31, 2023 and 22,911,227 issued and 20,303,904 outstanding at September 30, 2022	0.2		0.2
Common stock in treasury, at cost. 2,607,323 shares at March 31, 2023 and September 30, 2022						Common stock in treasury, at cost. 2,607,323 shares at March 31, 2023 and September 30, 2022	(69.3)		(69.3)
Additional paid-in-capital	Additional paid-in-capital	334.7		315.7		Additional paid-in-capital	358.7		340.2
Retained earnings	Retained earnings	837.3		682.5		Retained earnings	1,007.9		889.6
Accumulated other comprehensive loss, net	Accumulated other comprehensive loss, net	(55.6)		(25.1)		Accumulated other comprehensive loss, net	(50.2)		(90.6)

Total equity	Total equity	1,047.3		904.0		Total equity	1,247.3		1,070.1
Total liabilities and stockholders' equity	Total liabilities and stockholders' equity	$	19,408.8	$	18,839.6	Total liabilities and stockholders' equity	$	21,918.9	$	19,859.6


		Three Months Ended June 30,				Nine Months Ended June 30,					Three Months Ended March 31,				Six Months Ended March 31,
(in millions, except share and per share amounts)	(in millions, except share and per share amounts)	2022		2021		2022		2021		(in millions, except share and per share amounts)	2023		2022		2023		2022
Revenues:	Revenues:									Revenues:
Sales of physical commodities	Sales of physical commodities	$	18,431.0	$	9,785.9	$	48,214.1	$	29,473.7	Sales of physical commodities	$	15,506.2	$	15,864.2	$	27,909.6	$	29,783.1
Principal gains, net	Principal gains, net	295.2		232.1		869.8		700.7		Principal gains, net	256.6		323.5		510.8		574.6
Commission and clearing fees	Commission and clearing fees	126.9		124.0		381.6		373.2		Commission and clearing fees	130.7		138.4		248.7		254.7
Consulting, management, and account fees	Consulting, management, and account fees	27.7		22.3		77.2		67.4		Consulting, management, and account fees	40.7		25.4		80.5		49.5
Interest income	Interest income	50.1		27.8		112.3		72.4		Interest income	226.8		31.2		423.0		62.2
Total revenues	Total revenues	18,930.9		10,192.1		49,655.0		30,687.4		Total revenues	16,161.0		16,382.7		29,172.6		30,724.1
Cost of sales of physical commodities	Cost of sales of physical commodities	18,402.1		9,760.6		48,131.0		29,404.4		Cost of sales of physical commodities	15,456.6		15,838.0		27,813.4		29,728.9
Operating revenues	Operating revenues	528.8		431.5		1,524.0		1,283.0		Operating revenues	704.4		544.7		1,359.2		995.2
Transaction-based clearing expenses	Transaction-based clearing expenses	74.7		67.1		222.1		207.3		Transaction-based clearing expenses	69.2		76.5		136.5		147.4
Introducing broker commissions	Introducing broker commissions	41.2		41.8		122.7		120.8		Introducing broker commissions	42.2		43.2		79.0		81.5
Interest expense	Interest expense	28.1		14.5		57.9		35.5		Interest expense	178.7		14.1		333.0		29.8
Interest expense on corporate funding	Interest expense on corporate funding	10.7		10.1		33.1		31.1		Interest expense on corporate funding	14.9		10.6		29.3		22.4
Net operating revenues	Net operating revenues	374.1		298.0		1,088.2		888.3		Net operating revenues	399.4		400.3		781.4		714.1
Compensation and other expenses:	Compensation and other expenses:									Compensation and other expenses:
Compensation and benefits	Compensation and benefits	202.2		177.3		584.3		515.9		Compensation and benefits	232.5		207.1		431.5		382.1
Trading systems and market information	Trading systems and market information	16.0		14.4		49.0		42.9		Trading systems and market information	17.8		16.9		35.5		33.0
Professional fees	Professional fees	13.2		9.5		38.9		27.8		Professional fees	11.3		13.8		27.2		25.7
Non-trading technology and support	Non-trading technology and support	12.9		11.3		38.7		32.8		Non-trading technology and support	16.2		12.8		31.0		25.8
Occupancy and equipment rental	Occupancy and equipment rental	9.2		9.7		26.7		25.8		Occupancy and equipment rental	10.6		8.8		19.5		17.5
Selling and marketing	Selling and marketing	16.0		8.1		41.3		23.4		Selling and marketing	14.2		14.3		27.1		25.3
Travel and business development	Travel and business development	4.9		1.3		10.8		2.8		Travel and business development	5.8		3.0		11.5		5.9
Communications	Communications	2.0		2.3		6.0		7.0		Communications	2.1		2.1		4.3		4.0
Depreciation and amortization	Depreciation and amortization	11.7		9.7		32.1		26.7		Depreciation and amortization	13.1		11.3		25.8		20.4
Bad debt (recovery) expense, net		(0.7)		1.3		11.4		3.7
Bad debts, net of recoveries										Bad debts, net of recoveries	3.0		12.3		3.7		12.1
Other	Other	15.8		10.7		44.6		33.9		Other	15.3		16.9		34.7		28.8
Total compensation and other expenses	Total compensation and other expenses	303.2		255.6		883.8		742.7		Total compensation and other expenses	341.9		319.3		651.8		580.6
Other gain		—		3.6		6.4		3.6
Gain on acquisition and other gain										Gain on acquisition and other gain	—		6.4		23.5		6.4
Income before tax	Income before tax	70.9		46.0		210.8		149.2		Income before tax	57.5		87.4		153.1		139.9
Income tax expense	Income tax expense	21.8		11.8		56.0		40.2		Income tax expense	15.8		23.4		34.8		34.2
Net income	Net income	$	49.1	$	34.2	$	154.8	$	109.0	Net income	$	41.7	$	64.0	$	118.3	$	105.7
Earnings per share:	Earnings per share:									Earnings per share:
Basic	Basic	$	2.42	$	1.72	$	7.69	$	5.53	Basic	$	2.02	$	3.18	$	5.77	$	5.27
Diluted	Diluted	$	2.37	$	1.67	$	7.52	$	5.38	Diluted	$	1.95	$	3.11	$	5.57	$	5.15
Weighted-average number of common shares outstanding:	Weighted-average number of common shares outstanding:									Weighted-average number of common shares outstanding:
Basic	Basic	19,634,450		19,255,452		19,529,843		19,102,244		Basic	19,930,027		19,573,871		19,850,052		19,477,540
Diluted	Diluted	20,109,992		19,855,226		19,984,898		19,669,397		Diluted	20,621,194		20,012,709		20,553,913		19,930,047


		Three Months Ended June 30,				Nine Months Ended June 30,					Three Months Ended March 31,				Six Months Ended March 31,
(in millions)	(in millions)	2022		2021		2022		2021		(in millions)	2023		2022		2023		2022
Net income	Net income	$	49.1	$	34.2	$	154.8	$	109.0	Net income	$	41.7	$	64.0	$	118.3	$	105.7
Other comprehensive (loss)/gain, net of tax:
Other comprehensive gain/(loss), net of tax:										Other comprehensive gain/(loss), net of tax:
Foreign currency translation adjustment	Foreign currency translation adjustment	(5.4)		4.0		(5.5)		16.3		Foreign currency translation adjustment	3.2		1.2		11.4		(0.1)
Cash flow hedges	Cash flow hedges	(6.8)		—		(25.0)		—		Cash flow hedges	14.3		(18.1)		29.0		(18.2)

Other comprehensive (loss)/gain, net of tax		(12.2)		4.0		(30.5)		16.3
Total other comprehensive gain/(loss), net of tax										Total other comprehensive gain/(loss), net of tax	17.5		(16.9)		40.4		(18.3)
Comprehensive income	Comprehensive income	$	36.9	$	38.2	$	124.3	$	125.3	Comprehensive income	$	59.2	$	47.1	$	158.7	$	87.4


		June 30,					March 31,
(in millions)	(in millions)	2022		2021		(in millions)	2023		2022
Cash and cash equivalents	Cash and cash equivalents	$	1,363.7	$	1,075.6	Cash and cash equivalents	$	1,263.9	$	1,299.7

Cash segregated under federal and other regulations(1)	Cash segregated under federal and other regulations(1)	2,522.3		2,229.5		Cash segregated under federal and other regulations(1)	2,486.4		2,740.9
Securities segregated under federal and other regulations(1)	Securities segregated under federal and other regulations(1)	0.1		75.0		Securities segregated under federal and other regulations(1)	0.2		—
Cash segregated and deposited with or pledged to exchange-clearing organizations and other futures commission merchants (“FCMs”)(2)	Cash segregated and deposited with or pledged to exchange-clearing organizations and other futures commission merchants (“FCMs”)(2)	1,910.0		2,245.0		Cash segregated and deposited with or pledged to exchange-clearing organizations and other futures commission merchants (“FCMs”)(2)	1,032.5		4,294.1
Securities segregated and pledged to exchange-clearing organizations(2)	Securities segregated and pledged to exchange-clearing organizations(2)	265.5		187.2		Securities segregated and pledged to exchange-clearing organizations(2)	934.3		474.8
Total cash, segregated cash, cash equivalents, and segregated cash equivalents shown in the condensed consolidated statements of cash flows	Total cash, segregated cash, cash equivalents, and segregated cash equivalents shown in the condensed consolidated statements of cash flows	$	6,061.6	$	5,812.3	Total cash, segregated cash, cash equivalents, and segregated cash equivalents shown in the condensed consolidated statements of cash flows	$	5,717.3	$	8,809.5


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


		Page
Part I. FINANCIAL INFORMATION

Item 1.	Financial Statements (Unaudited)

	Condensed Consolidated Balance Sheets	1

	Condensed Consolidated Income Statements	2

	Condensed Consolidated Statements of Comprehensive Income	3

	Condensed Consolidated Statements of Cash Flows	4

	Condensed Consolidated Statements of Stockholders’ Equity	6

	Notes to Condensed Consolidated Financial Statements	7

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	3132

Item 3.	Quantitative and Qualitative Disclosures about Market Risk	6162

Item 4.	Controls and Procedures	6364

Part II. OTHER INFORMATION

Item 1.	Legal Proceedings	6364

Item 1A.	Risk Factors	6365

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	6466

Item 6.	Exhibits	6466

Signatures		6567


		Three Months Ended June 30, 2021													Three Months Ended March 31, 2022
(in millions)	(in millions)	Common Stock		Treasury Stock		Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Loss, net		Total		(in millions)	Common Stock		Treasury Stock		Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Loss, net		Total
Balances as of March 31, 2021		$	0.2	$	(57.6)	$	304.4	$	641.0	$	(27.8)	$	860.2
Balances as of December 31, 2021														Balances as of December 31, 2021	$	0.2	$	(69.3)	$	324.4	$	724.2	$	(26.5)	$	953.0

Net income	Net income	—		—		—		34.2		—		34.2		Net income	—		—		—		64.0		—		64.0
Other comprehensive loss, net of tax	Other comprehensive loss, net of tax	—		—		—		—		4.0		4.0		Other comprehensive loss, net of tax	—		—		—		—		(16.9)		(16.9)
Exercise of stock options	Exercise of stock options	—		—		2.3		—		—		2.3		Exercise of stock options	—		—		1.3		—		—		1.3
Share-based compensation	Share-based compensation	—		—		3.8		—		—		3.8		Share-based compensation	—		—		4.2		—		—		4.2
Repurchase of common stock		—		(3.1)		—		—		—		(3.1)
Balances as of June 30, 2021		$	0.2	$	(60.7)	$	310.5	$	675.2	$	(23.8)	$	901.4

Balances as of March 31, 2022														Balances as of March 31, 2022	$	0.2	$	(69.3)	$	329.9	$	788.2	$	(43.4)	$	1,005.6


		Three Months Ended June 30, 2022													Three Months Ended March 31, 2023
(in millions)	(in millions)	Common Stock		Treasury Stock		Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Loss, net		Total		(in millions)	Common Stock		Treasury Stock		Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Loss, net		Total
Balances as of March 31, 2022		$	0.2	$	(69.3)	$	329.9	$	788.2	$	(43.4)	$	1,005.6
Balances as of December 31, 2022														Balances as of December 31, 2022	$	0.2	$	(69.3)	$	347.2	$	966.2	$	(67.7)	$	1,176.6
Net income	Net income	—		—		—		49.1		—		49.1		Net income	—		—		—		41.7		—		41.7
Other comprehensive loss, net of tax		—		—		—		—		(12.2)		(12.2)
Other comprehensive gain, net of tax														Other comprehensive gain, net of tax	—		—		—		—		17.5		17.5
Exercise of stock options	Exercise of stock options	—		—		0.3		—		—		0.3		Exercise of stock options	—		—		2.1		—		—		2.1
Share-based compensation	Share-based compensation	—		—		4.5		—		—		4.5		Share-based compensation	—		—		9.4		—		—		9.4

Balances as of June 30, 2022		$	0.2	$	(69.3)	$	334.7	$	837.3	$	(55.6)	$	1,047.3
Balances as of March 31, 2023														Balances as of March 31, 2023	$	0.2	$	(69.3)	$	358.7	$	1,007.9	$	(50.2)	$	1,247.3


	Nine Months Ended June 30, 2021
(in millions)	Common Stock		Treasury Stock		Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Loss, net		Total
Balances as of September 30, 2020	$	0.2	$	(57.6)	$	292.6	$	572.4	$	(40.1)	$	767.5
ASU 2016-13 cumulative transition adjustment	—		—		—		(6.2)		—		(6.2)
Adjusted balances as of September 30, 2020	0.2		(57.6)		292.6		566.2		(40.1)		761.3
Net income	—		—		—		109.0		—		109.0
Other comprehensive income, net of tax	—		—		—		—		16.3		16.3
Exercise of stock options	—		—		7.6		—		—		7.6
Share-based compensation	—		—		10.3		—		—		10.3
Repurchase of common stock	$	—	(3.1)		$	—	$	—	$	—	(3.1)
Balances as of June 30, 2021	$	0.2	$	(60.7)	$	310.5	$	675.2	$	(23.8)	$	901.4


	Six Months Ended March 31, 2022
(in millions)	Common Stock		Treasury Stock		Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Loss, net		Total
Balances as of September 30, 2021	$	0.2	$	(69.3)	$	315.7	$	682.5	$	(25.1)	$	904.0


Net income	—		—		—		105.7		—		105.7
Other comprehensive loss, net of tax	—		—		—		—		(18.3)		(18.3)
Exercise of stock options	—		—		5.9		—		—		5.9
Share-based compensation	—		—		8.3		—		—		8.3

Balances as of March 31, 2022	$	0.2	$	(69.3)	$	329.9	$	788.2	$	(43.4)	$	1,005.6


		Nine Months Ended June 30, 2022													Six Months Ended March 31, 2023
(in millions)	(in millions)	Common Stock		Treasury Stock		Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Loss, net		Total		(in millions)	Common Stock		Treasury Stock		Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Loss, net		Total
Balances as of September 30, 2021		$	0.2	$	(69.3)	$	315.7	$	682.5	$	(25.1)	$	904.0
Balances as of September 30, 2022														Balances as of September 30, 2022	$	0.2	$	(69.3)	$	340.2	$	889.6	$	(90.6)	$	1,070.1
Net income	Net income	—		—		—		154.8		—		154.8		Net income	—		—		—		118.3		—		118.3
Other comprehensive loss, net of tax		—		—		—		—		(30.5)		(30.5)
Other comprehensive gain, net of tax														Other comprehensive gain, net of tax	—		—		—		—		40.4		40.4
Exercise of stock options	Exercise of stock options	—		—		6.2		—		—		6.2		Exercise of stock options	—		—		3.6		—		—		3.6
Share-based compensation	Share-based compensation	—		—		12.8		—		—		12.8		Share-based compensation	—		—		14.9		—		—		14.9

Balances as of June 30, 2022		$	0.2	$	(69.3)	$	334.7	$	837.3	$	(55.6)	$	1,047.3
Balances as of March 31, 2023														Balances as of March 31, 2023	$	0.2	$	(69.3)	$	358.7	$	1,007.9	$	(50.2)	$	1,247.3


		June 30, 2022											March 31, 2023
(in millions)	(in millions)	Level 1		Level 2		Level 3		Netting (1)		Total		(in millions)	Level 1		Level 2		Level 3		Netting (1)		Total
Assets:	Assets:											Assets:
Certificates of deposit	Certificates of deposit	$	5.2	$	—	$	—	$	—	$	5.2	Certificates of deposit	$	15.8	$	—	$	—	$	—	$	15.8
Money market mutual funds	Money market mutual funds	39.2		—		—		—		39.2		Money market mutual funds	66.1		—		—		—		66.1
Cash and cash equivalents	Cash and cash equivalents	44.4		—		—		—		44.4		Cash and cash equivalents	81.9		—		—		—		81.9
Commodities warehouse receipts	Commodities warehouse receipts	21.4		—		—		—		21.4		Commodities warehouse receipts	25.7		—		—		—		25.7
U.S. Treasury obligations	U.S. Treasury obligations	0.1		—		—		—		0.1		U.S. Treasury obligations	0.1		—		—		—		0.1
Securities and other assets segregated under federal and other regulations	Securities and other assets segregated under federal and other regulations	21.5		—		—		—		21.5		Securities and other assets segregated under federal and other regulations	25.8		—		—		—		25.8
U.S. Treasury obligations	U.S. Treasury obligations	2,935.0		—		—		—		2,935.0		U.S. Treasury obligations	4,153.3		—		—		—		4,153.3
To be announced ("TBA") and forward settling securities		—		83.9		—		(63.5)		20.4
To be announced and forward settling securities												To be announced and forward settling securities	—		55.4		—		(41.1)		14.3
Foreign government obligations	Foreign government obligations	14.4		—		—		—		14.4		Foreign government obligations	16.4		—		—		—		16.4
Derivatives	Derivatives	10,388.3		216.3		—		(10,031.3)		573.3		Derivatives	6,505.1		1,261.5		—		(7,294.9)		471.7
Deposits with and receivables from broker-dealers, clearing organizations and counterparties, net	Deposits with and receivables from broker-dealers, clearing organizations and counterparties, net	13,337.7		300.2		—		(10,094.8)		3,543.1		Deposits with and receivables from broker-dealers, clearing organizations and counterparties, net	10,674.8		1,316.9		—		(7,336.0)		4,655.7
Receivables from clients, net - Derivatives	Receivables from clients, net - Derivatives	88.9		574.0		0		(684.1)		(21.2)		Receivables from clients, net - Derivatives	50.8		495.4		—		(543.9)		2.3
Equity securities	Equity securities	536.3		26.9		—		—		563.2		Equity securities	372.4		18.5		—		—		390.9
Corporate and municipal bonds	Corporate and municipal bonds	—		158.1		—		—		158.1		Corporate and municipal bonds	—		196.8		—		—		196.8
U.S. Treasury obligations	U.S. Treasury obligations	248.8		—		—		—		248.8		U.S. Treasury obligations	641.0		—		—		—		641.0
U.S. government agency obligations	U.S. government agency obligations	—		237.9		—		—		237.9		U.S. government agency obligations	—		334.1		—		—		334.1

Foreign government obligations												Foreign government obligations	4.1		—		—		—		4.1
Agency mortgage-backed obligations	Agency mortgage-backed obligations	—		2,207.6		—		—		2,207.6		Agency mortgage-backed obligations	—		3,021.4		—		—		3,021.4
Asset-backed obligations	Asset-backed obligations	—		70.6		—		—		70.6		Asset-backed obligations	—		75.8		—		—		75.8
Derivatives	Derivatives	0.6		957.7		—		(788.8)		169.5		Derivatives	0.6		901.5		—		(616.7)		285.4
Commodities leases	Commodities leases	—		26.4		—		—		26.4		Commodities leases	—		23.9		—		—		23.9
Commodities warehouse receipts	Commodities warehouse receipts	20.8		—		—		—		20.8		Commodities warehouse receipts	33.1		—		—		—		33.1
Exchange firm common stock	Exchange firm common stock	12.3		—		—		—		12.3		Exchange firm common stock	11.5		—		—		—		11.5

Cash flow hedges												Cash flow hedges	—		4.7		—		—		4.7
Mutual funds and other	Mutual funds and other	17.0		1.3		—		—		18.3		Mutual funds and other	25.8		—		0.6		—		26.4
Financial instruments owned	Financial instruments owned	835.8		3,686.5		—		(788.8)		3,733.5		Financial instruments owned	1,088.5		4,576.7		0.6		(616.7)		5,049.1
Physical commodities inventory	Physical commodities inventory	165.0		231.0		—		—		396.0		Physical commodities inventory	111.5		240.1		—		—		351.6
Total assets at fair value	Total assets at fair value	$	14,493.3	$	4,791.7	$	—	$	(11,567.7)	$	7,717.3	Total assets at fair value	$	12,033.3	$	6,629.1	$	0.6	$	(8,496.6)	$	10,166.4
Liabilities:	Liabilities:											Liabilities:

Accounts payable and other accrued liabilities												Accounts payable and other accrued liabilities	$	—	$	—	$	1.3	$	—	$	1.3
Payables to clients - Derivatives	Payables to clients - Derivatives	10,412.2		232.6		—		(10,019.9)		624.9		Payables to clients - Derivatives	6,435.2		207.0		—		(5,972.7)		669.5
TBA and forward settling securities	TBA and forward settling securities	—		75.6		—		(61.8)		13.8		TBA and forward settling securities	—		72.5		—		(37.5)		35.0
Derivatives	Derivatives	73.8		229.1		—		(310.2)		(7.3)		Derivatives	109.9		1,505.4		—		(1,616.2)		(0.9)
Payable to broker-dealers, clearing organizations and counterparties	Payable to broker-dealers, clearing organizations and counterparties	73.8		304.7		—		(372.0)		6.5		Payable to broker-dealers, clearing organizations and counterparties	109.9		1,577.9		—		(1,653.7)		34.1
Equity securities	Equity securities	409.3		23.6		—		—		432.9		Equity securities	318.0		13.0		—		—		331.0

Foreign government obligations												Foreign government obligations	5.9		—		—		—		5.9
Corporate and municipal bonds	Corporate and municipal bonds	—		57.8		—		—		57.8		Corporate and municipal bonds	—		98.6		—		—		98.6
U.S. Treasury obligations	U.S. Treasury obligations	1,548.8		—		—		—		1,548.8		U.S. Treasury obligations	1,830.6		—		—		—		1,830.6
U.S. government agency obligations	U.S. government agency obligations	—		9.5		—		—		9.5		U.S. government agency obligations	—		13.8		—		—		13.8
Agency mortgage-backed obligations	Agency mortgage-backed obligations	—		3.8		—		—		3.8		Agency mortgage-backed obligations	—		40.8		—		—		40.8
Derivatives	Derivatives	—		1,198.1		—		(752.5)		445.6		Derivatives	2.5		762.7		—		(555.5)		209.7
Cash flow hedges	Cash flow hedges	—		33.3		—		—		33.3		Cash flow hedges	—		38.5		—		—		38.5

Other	Other	—		5.8		—		—		5.8		Other	—		0.8		1.2		—		2.0
Financial instruments sold, not yet purchased	Financial instruments sold, not yet purchased	1,958.1		1,331.9		—		(752.5)		2,537.5		Financial instruments sold, not yet purchased	2,157.0		968.2		1.2		(555.5)		2,570.9
Total liabilities at fair value	Total liabilities at fair value	$	12,444.1	$	1,869.2	$	—	$	(11,144.4)	$	3,168.9	Total liabilities at fair value	$	8,702.1	$	2,753.1	$	2.5	$	(8,181.9)	$	3,275.8


		September 30, 2021											September 30, 2022
(in millions)	(in millions)	Level 1		Level 2		Level 3		Netting (1)		Total		(in millions)	Level 1		Level 2		Level 3		Netting (1)		Total
Assets:	Assets:											Assets:
Certificates of deposit	Certificates of deposit	$	7.9	$	—	$	—	$	—	$	7.9	Certificates of deposit	$	4.0	$	—	$	—	$	—	$	4.0
Money market mutual funds	Money market mutual funds	12.9		—		—		—		12.9		Money market mutual funds	39.5		—		—		—		39.5
Cash and cash equivalents	Cash and cash equivalents	20.8		—		—		—		20.8		Cash and cash equivalents	43.5		—		—		—		43.5
Commodities warehouse receipts	Commodities warehouse receipts	13.9		—		—		—		13.9		Commodities warehouse receipts	19.7		—		—		—		19.7
U.S. Treasury obligations	U.S. Treasury obligations	0.2		—		—		—		0.2		U.S. Treasury obligations	786.0		—		—		—		786.0
Securities and other assets segregated under federal and other regulations	Securities and other assets segregated under federal and other regulations	14.1		—		—		—		14.1		Securities and other assets segregated under federal and other regulations	805.7		—		—		—		805.7
U.S. Treasury obligations	U.S. Treasury obligations	798.5		—		—		—		798.5		U.S. Treasury obligations	4,258.5		—		—		—		4,258.5
TBA and forward settling securities	TBA and forward settling securities	—		59.1		—		(40.1)		19.0		TBA and forward settling securities	—		207.6		—		(91.4)		116.2
Foreign government obligations	Foreign government obligations	12.2		—		—		—		12.2		Foreign government obligations	14.4		—		—		—		14.4
Derivatives	Derivatives	4,475.8		167.4		—		(4,402.3)		240.9		Derivatives	7,714.4		461.4		—		(9,747.7)		(1,571.9)
Deposits with and receivables from broker-dealers, clearing organizations and counterparties, net	Deposits with and receivables from broker-dealers, clearing organizations and counterparties, net	5,286.5		226.5		—		(4,442.4)		1,070.6		Deposits with and receivables from broker-dealers, clearing organizations and counterparties, net	11,987.3		669.0		—		(9,839.1)		2,817.2
Receivables from clients, net - Derivatives	Receivables from clients, net - Derivatives	—		413.7		0		(411.1)		2.6		Receivables from clients, net - Derivatives	67.2		511.6				(579.3)		(0.5)
Equity securities	Equity securities	512.4		14.6		—		—		527.0		Equity securities	367.9		11.8		—		—		379.7
Corporate and municipal bonds	Corporate and municipal bonds	—		150.8		—		—		150.8		Corporate and municipal bonds	—		156.8		—		—		156.8
U.S. Treasury obligations	U.S. Treasury obligations	433.1		—		—		—		433.1		U.S. Treasury obligations	347.6		—		—		—		347.6
U.S. government agency obligations	U.S. government agency obligations	—		327.6		—		—		327.6		U.S. government agency obligations	—		343.0		—		—		343.0

Foreign government obligations												Foreign government obligations	4.8		—		—		—		4.8
Agency mortgage-backed obligations	Agency mortgage-backed obligations	—		2,599.8		—		—		2,599.8		Agency mortgage-backed obligations	—		2,588.7		—		—		2,588.7
Asset-backed obligations	Asset-backed obligations	—		110.4		—		—		110.4		Asset-backed obligations	—		70.7		—		—		70.7
Derivatives	Derivatives	0.6		644.1		—		(500.4)		144.3		Derivatives	0.7		694.3		—		(502.4)		192.6
Commodities leases	Commodities leases	—		18.1		—		—		18.1		Commodities leases	—		26.4		—		—		26.4
Commodities warehouse receipts	Commodities warehouse receipts	21.4		—		—		—		21.4		Commodities warehouse receipts	24.9		—		—		—		24.9
Exchange firm common stock	Exchange firm common stock	11.6		—		—		—		11.6		Exchange firm common stock	10.6		—		—		—		10.6
Mutual funds and other	Mutual funds and other	10.5		—		—		—		10.5		Mutual funds and other	17.4		4.1		—		—		21.5

Financial instruments owned	Financial instruments owned	989.6		3,865.4		—		(500.4)		4,354.6		Financial instruments owned	773.9		3,895.8		—		(502.4)		4,167.3
Physical commodities inventory	Physical commodities inventory	111.2		248.7		—		—		359.9		Physical commodities inventory	136.3		223.5		—		—		359.8
Total assets at fair value	Total assets at fair value	$	6,422.2	$	4,754.3	$	—	$	(5,353.9)	$	5,822.6	Total assets at fair value	$	13,813.9	$	5,299.9	$	—	$	(10,920.8)	$	8,193.0
Liabilities:	Liabilities:											Liabilities:
Accounts payable and other accrued liabilities - contingent liabilities		$	—	$	—	$	2.8	$	—	$	2.8

Payables to clients - Derivatives	Payables to clients - Derivatives	4,413.8		156.1		0		(4,278.4)		291.5		Payables to clients - Derivatives	7,722.5		175.4				(9,290.3)		(1,392.4)
TBA and forward settling securities	TBA and forward settling securities	—		52.2		—		(39.5)		12.7		TBA and forward settling securities	—		154.9		—		(96.9)		58.0
Derivatives	Derivatives	63.1		239.4		—		(302.5)		—		Derivatives	58.7		590.6		—		(651.5)		(2.2)
Payable to broker-dealers, clearing organizations and counterparties	Payable to broker-dealers, clearing organizations and counterparties	63.1		291.6		—		(342.0)		12.7		Payable to broker-dealers, clearing organizations and counterparties	58.7		745.5		—		(748.4)		55.8
Equity securities	Equity securities	429.9		6.2		—		—		436.1		Equity securities	299.9		5.7		—		—		305.6

Foreign government obligations												Foreign government obligations	0.5		—		—		—		0.5
Corporate and municipal bonds	Corporate and municipal bonds	—		51.1		—		—		51.1		Corporate and municipal bonds	—		63.2		—		—		63.2
U.S. Treasury obligations	U.S. Treasury obligations	851.2		—		—		—		851.2		U.S. Treasury obligations	1,686.5		—		—		—		1,686.5

U.S. government agency obligations												U.S. government agency obligations	—		24.3		—		—		24.3
Agency mortgage-backed obligations	Agency mortgage-backed obligations	—		63.4		—		—		63.4		Agency mortgage-backed obligations	—		5.4		—		—		5.4
Derivatives	Derivatives	3.2		700.3		—		(335.0)		368.5		Derivatives	—		779.7		—		(466.3)		313.4
Commodities leases		—		0.9		—		—		0.9
Cash flow hedges												Cash flow hedges	—		70.6		—		—		70.6
Other												Other	—		0.1		—		—		0.1

Financial instruments sold, not yet purchased	Financial instruments sold, not yet purchased	1,284.3		821.9		—		(335.0)		1,771.2		Financial instruments sold, not yet purchased	1,986.9		949.0		—		(466.3)		2,469.6
Total liabilities at fair value	Total liabilities at fair value	$	5,761.2	$	1,269.6	$	2.8	$	(4,955.4)	$	2,078.2	Total liabilities at fair value	$	9,768.1	$	1,869.9	$	—	$	(10,505.0)	$	1,133.0


	~~June 30, 2022~~
~~(in millions)~~	~~Balance Sheet Location~~	~~Fair Value~~
~~Asset Derivatives~~
~~Derivatives designated as hedging instruments:~~
~~Interest rate contracts~~	NA	$	—
~~Total derivatives designated as hedging instruments~~		$	—

~~Liability Derivatives~~
~~Derivatives designated as hedging instruments:~~
~~Interest rate contracts~~	~~Financial instruments sold, not yet purchased~~	$	~~33.3~~
~~Total derivatives designated as hedging instruments~~		$	~~33.3~~


(in millions)
Fiscal ~~2022~~2023 (remaining ~~three~~six months)	$	6.3
Fiscal 2024	6.8
Fiscal 2025	3.6
Fiscal ~~2023~~2026	~~12.7~~2.8
Fiscal ~~2024~~	~~5.2~~
~~Fiscal 2025~~	~~1.9~~
~~Fiscal 2026~~2027 and thereafter	~~2.7~~4.3
Total intangible assets subject to amortization	$	~~26.1~~23.8


(in millions)	Income Statement Location	Three Months Ended March 31, 2022		Six Months Ended March 31, 2022
Total amounts in income related to hedges
Interest rate contracts	Interest Income	$	1.6	$	1.7
Total derivatives designated as hedging instruments		$	1.6	$	1.7

Gain on cash flow hedging relationships:
Amount of gain reclassified from accumulated other comprehensive income into income		$	1.6	$	1.7
Amount of gain reclassified from accumulated other comprehensive income into income as a result of a forecasted transaction that is no longer probable of occurring		$	—	$	—


	Three Months Ended March 31, 2022
(in millions)	Amount of Gain/(loss) Recognized in Other Comprehensive Income on Derivatives, net of tax		Location of amount Reclassified from Accumulated Other Comprehensive Income into Income	Amount Reclassified from Accumulated Other Comprehensive Income into Income
Derivatives in Cash Flow Hedging Relationships:
Interest rate contracts	$	18.1	Interest Income	$	1.6
Total	$	18.1		$	1.6


	Six Months Ended March 31, 2022
(in millions)	Amount of Loss Recognized in Other Comprehensive Income on Derivatives, net of tax		Location of Gain Reclassified from Accumulated Other Comprehensive Income into Income	Amount of Gain Reclassified from Accumulated Other Comprehensive Income into Income
Derivatives in Cash Flow Hedging Relationships:
Interest rate contracts	$	18.2	Interest Income	$	1.7
Total	$	18.2		$	1.7


(in millions)
Balance as of September 30, ~~2021~~2022	$	~~39.8~~47.8
Provision for bad debts	~~8.4~~1.3
Allowance charge-offs	~~(6.0)~~(0.3)

~~Other(1)~~	~~0.8~~
Balance as of ~~June 30, 2022~~March 31, 2023	$	~~43.0~~48.8


	March 31, 2023
	Overnight and Open		Less than 30 Days		30-90 Days		Over 90 Days		Total
Securities sold under agreements to repurchase	$	7,237.3	$	1,564.1	$	1,492.4	$	38.3	$	10,332.1
Securities loaned	764.5		—		—		—		764.5
Gross amount of secured financing	$	8,001.8	$	1,564.1	$	1,492.4	$	38.3	$	11,096.6


	June 30, 2022
Offsetting of collateralized transactions:	Gross Amounts Recognized		Amounts Offset in the Condensed Consolidated Balance Sheet		Net Amounts Presented in the Condensed Consolidated Balance Sheet
Securities purchased under agreements to resell	$	4,510.2	$	(2,794.0)	$	1,716.2
Securities borrowed	$	1,108.7	$	—	$	1,108.7
Securities sold under agreements to repurchase	$	5,601.7	$	(2,794.0)	$	2,807.7
Securities loaned	$	1,095.5	$	—	$	1,095.5


	March 31, 2023		September 30, 2022
Securities pledged or repledged to cover collateral requirements for tri-party arrangements	$	4,824.6	$	3,787.8
Securities received as collateral that may be repledged	$	8,832.5	$	5,836.1
Securities received as collateral that may be repledged covering securities sold short	$	2,005.2	$	1,615.3
Repledged securities borrowed and client securities held under custodial clearing arrangements to collateralize securities loaned agreements	$	754.9	$	1,146.0


(in millions)	Foreign Currency Translation Adjustment		Pension Benefits Adjustment		Cash Flow Hedge		Accumulated Other Comprehensive Loss, net
Balances as of September 30, 2021	$	(22.7)	$	(2.4)	$	—	$	(25.1)
Other comprehensive income/(loss), net of tax	(5.5)		—		(25.0)		(30.5)
Balances as of June 30, 2022	$	(28.2)	$	(2.4)	$	(25.0)	$	(55.6)


(in millions)	(in millions)		As of June 30, 2022				(in millions)		As of March 31, 2023
Subsidiary	Subsidiary	Regulatory Authority	Actual		Minimum Requirement		Subsidiary	Regulatory Authority	Actual		Minimum Requirement
StoneX Financial Inc.	StoneX Financial Inc.	SEC and CFTC	$	352.7	$	233.8	StoneX Financial Inc.	SEC and CFTC	$	394.7	$	228.8
StoneX Financial Ltd.	StoneX Financial Ltd.	Financial Conduct Authority (“FCA”)	$	403.0	$	358.0	StoneX Financial Ltd.	Financial Conduct Authority (“FCA”)	$	493.1	$	358.0
Gain Capital Group, LLC	Gain Capital Group, LLC	CFTC and NFA	$	55.8	$	29.1	Gain Capital Group, LLC	CFTC and NFA	$	54.3	$	29.3
StoneX Financial Pte. Ltd.							StoneX Financial Pte. Ltd.	Monetary Authority of Singapore ("MAS")	$	65.9	$	17.8
StoneX Markets LLC	StoneX Markets LLC	CFTC and NFA	$	182.7	$	127.9	StoneX Markets LLC	CFTC and NFA	$	211.3	$	121.4


(in millions)	Fair Value
Cash and cash equivalents	$	8.2

Deposits with and receivables from broker-dealers, clearing organizations, and counterparties	7.7
Receivables from clients, net	51.9
Financial instruments owned, at fair value	45.7
Deferred income taxes, net	(3.3)
Property and equipment, net	0.1

Physical commodities inventory, net	22.5
Other assets	6.7
Total fair value of tangible assets acquired	139.5

Accounts payable and other accrued liabilities	40.0
Financial instruments sold, not yet purchased, at fair value	28.3
Payables to lenders under loans	10.1

Payable to broker-dealers, clearing organizations, and counterparties	0.4
Payable to clients	2.6
Income taxes payable	0.8

Total fair value of tangible liabilities assumed	82.2
Fair value of tangible net assets acquired	$	57.3

Identifiable intangible assets acquired
Client relationships	$	4.7
Supplier relationships	3.7
Trade name	0.4
Non-compete	0.1
Total fair value of intangible assets acquired	8.9
Fair value of identifiable net assets acquired	66.2
Total merger consideration	42.7
Gain on acquisition	$	23.5


All $ amounts are U.S. dollar or U.S. dollar equivalents	All $ amounts are U.S. dollar or U.S. dollar equivalents	Three Months Ended June 30,					Nine Months Ended June 30,					All $ amounts are U.S. dollar or U.S. dollar equivalents	Three Months Ended March 31,					Six Months Ended March 31,
		2022		2021		% Change	2022		2021		% Change		2023		2022		% Change	2023		2022		% Change
Operating Revenues (in millions):	Operating Revenues (in millions):											Operating Revenues (in millions):
Listed derivatives	Listed derivatives	$	106.1	$	101.8	4%	$	329.7	$	297.9	11%	Listed derivatives	$	110.5	$	123.0	(10)%	$	210.3	$	223.6	(6)%
Over-the-counter (“OTC”) derivatives	Over-the-counter (“OTC”) derivatives	50.2		49.7		1%	159.3		109.0		46%	Over-the-counter (“OTC”) derivatives	57.9		62.4		(7)%	100.4		109.1		(8)%
Securities	Securities	154.6		137.1		13%	428.6		421.5		2%	Securities	249.2		151.3		65%	483.3		274.0		76%
FX / Contract For Difference (“CFD”) contracts		86.8		51.8		68%	257.9		186.3		38%
FX / Contracts For Difference (“CFD”) contracts												FX / Contracts For Difference (“CFD”) contracts	61.8		98.9		(38)%	110.6		171.1		(35)%
Global payments	Global payments	42.8		34.1		26%	124.2		100.5		24%	Global payments	48.5		40.1		21%	102.7		81.4		26%
Physical contracts	Physical contracts	50.8		37.2		37%	132.4		110.5		20%	Physical contracts	54.1		40.7		33%	113.8		81.6		39%
Interest / fees earned on client balances	Interest / fees earned on client balances	21.5		7.0		207%	40.2		18.1		122%	Interest / fees earned on client balances	103.4		10.4		894%	189.6		18.7		914%
Other	Other	19.3		19.2		1%	60.4		52.9		14%	Other	25.6		21.1		21%	52.1		41.1		27%
Corporate Unallocated	Corporate Unallocated	2.9		(2.0)		n/m	6.9		(1.3)		n/m	Corporate Unallocated	2.5		1.9		32%	15.3		4.0		283%
Eliminations	Eliminations	(6.2)		(4.4)		41%	(15.6)		(12.4)		26%	Eliminations	(9.1)		(5.1)		78%	(18.9)		(9.4)		101%
		$	528.8	$	431.5	23%	$	1,524.0	$	1,283.0	19%		$	704.4	$	544.7	29%	$	1,359.2	$	995.2	37%

Volumes and Other Select Data (all $ amounts are U.S. dollar or U.S. dollar equivalents):	Volumes and Other Select Data (all $ amounts are U.S. dollar or U.S. dollar equivalents):											Volumes and Other Select Data (all $ amounts are U.S. dollar or U.S. dollar equivalents):
Listed derivatives (contracts, 000’s)	Listed derivatives (contracts, 000’s)	41,049		35,756		15%	119,796		110,097		9%	Listed derivatives (contracts, 000’s)	41,588		42,033		(1)%	81,787		78,746		4%
Listed derivatives, average rate per contract (1)	Listed derivatives, average rate per contract (1)	$	2.41	$	2.75	(12)%	$	2.60	$	2.59	—%	Listed derivatives, average rate per contract (1)	$	2.54	$	2.77	(8)%	$	2.42	$	2.70	(10)%
Average client equity - listed derivatives (millions)	Average client equity - listed derivatives (millions)	$	6,145	$	3,967	55%	$	5,362	$	3,735	44%	Average client equity - listed derivatives (millions)	$	7,222	$	5,267	37%	$	7,722	$	4,971	55%
OTC derivatives (contracts, 000’s)	OTC derivatives (contracts, 000’s)	730		771		(5)%	2,231		1,889		18%	OTC derivatives (contracts, 000’s)	858		738		16%	1,576		1,500		5%
OTC derivatives, average rate per contract	OTC derivatives, average rate per contract	$	69.16	$	64.17	8%	$	71.64	$	57.27	25%	OTC derivatives, average rate per contract	$	67.94	$	84.98	(20)%	$	64.37	$	72.85	(12)%
Securities average daily volume (“ADV”) (millions)	Securities average daily volume (“ADV”) (millions)	$	6,602	$	2,901	128%	$	4,252	$	2,687	58%	Securities average daily volume (“ADV”) (millions)	$	5,759	$	3,492	65%	$	4,995	$	3,095	61%
Securities rate per million (“RPM”) (2)	Securities rate per million (“RPM”) (2)	$	314	$	603	(48)%	$	434	$	681	(36)%	Securities rate per million (“RPM”) (2)	$	282	$	554	(49)%	$	341	$	543	(37)%
Average money market / FDIC sweep client balances (millions)	Average money market / FDIC sweep client balances (millions)	$	1,863	$	1,611	16%	$	1,730	$	1,431	21%	Average money market / FDIC sweep client balances (millions)	$	1,374	$	1,751	(22)%	$	1,455	$	1,663	(13)%
FX / CFD contracts ADV (millions)	FX / CFD contracts ADV (millions)	$	13,147	$	9,650	36%	$	13,615	$	10,490	30%	FX / CFD contracts ADV (millions)	$	13,490	$	14,937	(10)%	$	13,160	$	13,849	(5)%
FX / CFD contracts RPM	FX / CFD contracts RPM	$	102	$	83	23%	$	98	$	93	5%	FX / CFD contracts RPM	$	72	$	104	(31)%	$	67	$	96	(30)%
Global Payments ADV (millions)	Global Payments ADV (millions)	$	66	$	55	20%	$	61	$	53	15%	Global Payments ADV (millions)	$	65	$	56	16%	$	70	$	59	19%
Global Payments RPM	Global Payments RPM	$	10,652	$	9,786	9%	$	10,952	$	10,041	9%	Global Payments RPM	$	11,916	$	11,668	2%	$	11,655	$	11,118	5%


(1)			Give-up fees, as well as cash and voice brokerage revenues are excluded from the calculation of listed derivatives, average rate per contract.
(2)			Interest expense associated with our fixed income activities is deducted from operating revenues in the calculation of Securities RPM, while interest income related to securities lending is ~~excluded from the calculation of Securities RPM.~~excluded.


(1)			Give-up fee revenues are excluded from the calculation of listed derivatives, average rate per contract.
(2)			Interest expense associated with our fixed income activities is deducted from operating revenues in the calculation of Securities RPM, while interest income related to securities lending is ~~excluded from the calculation of Securities RPM.~~excluded.