DEI
DEI - shares | 3 Months Ended | |
Dec. 31, 2019 | Feb. 03, 2020 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | INTL FCSTONE INC. | |
Entity Central Index Key | 0000913760 | |
Current Fiscal Year End Date | --09-30 | |
Entity Filer Category | Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Dec. 31, 2019 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 19,301,552 | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Current Reporting Status | Yes | |
Entity Shell Company | false | |
Entity Interactive Data Current | Yes |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Dec. 31, 2019 | Sep. 30, 2019 |
ASSETS | ||
Cash and cash equivalents | $ 338,900,000 | $ 471,300,000 |
Cash, securities and other assets segregated under federal and other regulations (including $306.4 and $306.0 at fair value at December 31, 2019 and September 30, 2019, respectively) | 1,380,400,000 | 1,049,900,000 |
Collateralized transactions: | ||
Securities purchased under agreements to resell | 1,603,100,000 | 1,424,500,000 |
Securities borrowed | 1,427,700,000 | 1,423,200,000 |
Deposits with and receivables from broker-dealers, clearing organizations and counterparties, net (including $630.8 and $626.9 at fair value at December 31, 2019 and September 30, 2019, respectively) | 2,380,000,000 | 2,540,500,000 |
Receivables from clients, net | 329,000,000 | 422,300,000 |
Notes receivable, net | 5,800,000 | 2,900,000 |
Income taxes receivable | 4,700,000 | 5,200,000 |
Financial instruments owned, at fair value (includes securities pledged as collateral that can be sold or repledged of $577.9 and $478.8 at December 31, 2019 and September 30, 2019, respectively) | 2,177,400,000 | 2,175,200,000 |
Physical commodities inventory, net (including $200.5 and $151.9 at fair value at December 31, 2019 and September 30, 2019, respectively) | 249,700,000 | 229,300,000 |
Deferred income taxes, net | 18,600,000 | 18,000,000 |
Property and equipment, net | 43,300,000 | 43,900,000 |
Operating right of use assets | 33,100,000 | 0 |
Goodwill and intangible assets, net | 71,500,000 | 67,900,000 |
Other assets | 66,100,000 | 62,000,000 |
Total assets | 10,129,300,000 | 9,936,100,000 |
Liabilities: | ||
Accounts payable and other accrued liabilities (including $1.8 million at fair value at December 31, 2019 and September 30, 2019) | 128,900,000 | 157,500,000 |
Operating lease liabilities | 36,200,000 | 0 |
Payables to: | ||
Customers | 3,703,700,000 | 3,589,500,000 |
Broker-dealers, clearing organizations and counterparties (including $4.2 and $5.6 at fair value at December 31, 2019 and September 30, 2019, respectively) | 280,600,000 | 266,200,000 |
Lenders under loans | 138,700,000 | 202,300,000 |
Senior secured term loan, net | 186,700,000 | 167,600,000 |
Income taxes payable | 10,800,000 | 10,400,000 |
Collateralized transactions: | ||
Securities sold under agreements to repurchase | 2,931,600,000 | 2,773,700,000 |
Securities loaned | 1,430,800,000 | 1,459,900,000 |
Financial instruments sold, not yet purchased, at fair value | 666,400,000 | 714,800,000 |
Total liabilities | 9,514,400,000 | 9,341,900,000 |
INTL FCStone Inc. stockholders’ equity: | ||
Preferred stock, $0.01 par value. Authorized 1,000,000 shares; no shares issued or outstanding | 0 | 0 |
Common stock, $0.01 par value. Authorized 30,000,000 shares; 21,514,595 issued and 19,282,730 outstanding at December 31, 2019 and 21,297,317 issued and 19,075,360 outstanding at September 30, 2019 | 200,000 | 200,000 |
Common stock in treasury, at cost - 2,231,865 shares at December 31, 2019 and 2,221,957 shares September 30, 2019 | (50,500,000) | (50,100,000) |
Additional paid-in capital | 280,900,000 | 276,800,000 |
Total retained earnings | 419,100,000 | 402,100,000 |
Accumulated other comprehensive loss, net | (34,800,000) | (34,800,000) |
Total stockholders' equity | 614,900,000 | 594,200,000 |
Total liabilities and stockholders' equity | $ 10,129,300,000 | $ 9,936,100,000 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets Parentheticals - USD ($) $ in Millions | Dec. 31, 2019 | Sep. 30, 2019 |
Balance Sheet Parentheticals [Abstract] | ||
Securities and other assets segregated, fair value | $ 306.4 | $ 306 |
Dep and rec -b/d - fair value | 630.8 | 626.9 |
Physical commodities inventory at fair value | 200.5 | 151.9 |
Collateral that can be sold or repledged | 577.9 | 478.8 |
Accounts pay and other accrued - fair value | 1.8 | 1.8 |
Payables to b/d - fair value | $ 4.2 | $ 5.6 |
Preferred stock - par value | $ 0.01 | $ 0.01 |
Preferred stock - authorized | 1,000,000 | 1,000,000 |
Preferred stock - issued | 0 | 0 |
Preferred stock - outstanding | 0 | 0 |
Common stock - par value | $ 0.01 | $ 0.01 |
Common stock - authorized | 30,000,000 | 30,000,000 |
Common stock - issued | 21,514,595 | 21,297,317 |
Common stock - outstanding | 19,282,730 | 19,075,360 |
Treasury stock - shares | 2,231,865 | 2,221,957 |
Condensed Consolidated Income S
Condensed Consolidated Income Statements - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Revenues: | ||
Sales of physical commodities | $ 10,978 | $ 6,295.8 |
Principal gains, net | 112.5 | 94.9 |
Commission and clearing fees | 87.2 | 97.4 |
Consulting, management, and account fees | 21.3 | 19.1 |
Interest income | 46 | 45 |
Total revenues | 11,245 | 6,552.2 |
Cost of sales of physical commodities | 10,968.2 | 6,287.5 |
Operating revenues | 276.8 | 264.7 |
Transaction-based clearing expenses | 46.3 | 50.1 |
Introducing broker commissions | 26.2 | 32.6 |
Interest expense | 33.8 | 33 |
Net operating revenues | 170.5 | 149 |
Compensation and other expenses: | ||
Compensation and benefits | 104 | 89.1 |
Trading systems and market information | 10.4 | 9.2 |
Occupancy and equipment rental | 5 | 4.4 |
Professional fees | 6 | 5.3 |
Travel and business development | 4.5 | 3.8 |
Non-trading technology and support | 6 | 4.2 |
Depreciation and amortization | 3.9 | 2.9 |
Communications | 1.6 | 1.3 |
Bad debts | 0 | 0.3 |
Recovery of bad debt on physical coal | 0 | (2.4) |
Other | 7.5 | 6.5 |
Total compensation and other expenses | 148.9 | 124.6 |
Other gain | 0.1 | 0 |
Income before tax | 21.7 | 24.4 |
Income tax expense | 5.4 | 6.2 |
Net income | $ 16.3 | $ 18.2 |
Earnings per share: | ||
Basic | $ 0.85 | $ 0.96 |
Diluted | $ 0.84 | $ 0.94 |
Weighted-average number of common shares outstanding: | ||
Basic | 18,750,270 | 18,659,748 |
Diluted | 19,074,562 | 18,993,046 |
Condensed Consolidated Statemen
Condensed Consolidated Statement of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Condensed Consolidated Statement of Other Comprehensive Income (Loss) [Abstract] | ||
Net income | $ 16.3 | $ 18.2 |
Other comprehensive (loss) income, net of tax: | ||
Foreign currency translation adjustment | 0.7 | 0.3 |
Other comprehensive income | 0.7 | 0.3 |
Comprehensive income | $ 17 | $ 18.5 |
Condensed Consolidated Cash Flo
Condensed Consolidated Cash Flows Statements - USD ($) | 3 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Cash flows from operating activities: | ||
Net income | $ 16,300,000 | $ 18,200,000 |
Adjustments to reconcile net income to net cash used in operating activities: | ||
Depreciation and amortization | 3,900,000 | 2,900,000 |
Bad debts | 0 | 300,000 |
Recovery of bad debt on physical coal | 0 | (2,400,000) |
Deferred income taxes | (600,000) | 0 |
Amortization of debt issuance costs | 400,000 | 200,000 |
Amortization of share-based compensation | 2,600,000 | 1,900,000 |
Changes in operating assets and liabilities, net: | ||
Securities and other assets segregated under federal and other regulations | 299,000,000 | 330,300,000 |
Securities purchased under agreements to resell | (178,600,000) | (320,500,000) |
Securities borrowed | (4,500,000) | (737,900,000) |
Deposits with and receivables from broker-dealers, clearing organizations, and counterparties, net | 281,100,000 | (225,500,000) |
Receivables from clients, net | 93,300,000 | (63,700,000) |
Notes receivable, net | (2,900,000) | 2,200,000 |
Income taxes receivable | 500,000 | 100,000 |
Financial instruments owned, at fair value | (2,200,000) | 300,000 |
Physical commodities inventory, net | (20,400,000) | 0 |
Operating right of use assets | 1,500,000 | 0 |
Other assets | (4,100,000) | (6,100,000) |
Accounts payable and other accrued liabilities | (25,800,000) | (15,700,000) |
Operating lease liabilities | (1,300,000) | 0 |
Payables to clients | 114,200,000 | (361,200,000) |
Payables to broker-dealers, clearing organizations and counterparties | 14,400,000 | 133,600,000 |
Income taxes payable | 400,000 | 1,000,000 |
Securities sold under agreements to repurchase | 157,900,000 | 302,600,000 |
Securities loaned | (29,100,000) | 753,100,000 |
Financial instruments sold, not yet purchased, at fair value | (48,400,000) | (26,700,000) |
Net cash provided by (used in) operating activities | 667,600,000 | (213,000,000) |
Cash flows from investing activities: | ||
Cash paid for acquisitions, net | (5,100,000) | (700,000) |
Purchase of property and equipment | (1,800,000) | (4,500,000) |
Net cash used in investing activities | (6,900,000) | (5,200,000) |
Cash flows from financing activities: | ||
Net change in payable to lenders under loans with maturities 90 days or less | (106,000,000) | 80,400,000 |
Proceeds from payables to lenders under loans with maturities greater than 90 days | 180,500,000 | 0 |
Repayments of payables to lenders under loans with maturities greater than 90 days | (138,000,000) | 0 |
Proceeds from issuance of senior secured term loan | 21,500,000 | 0 |
Repayments of senior secured term loan | (2,500,000) | 0 |
Repayments of note payable | (100,000) | (200,000) |
Repurchase of common stock | (400,000) | 0 |
Debt issuance costs | (200,000) | (900,000) |
Exercise of stock options | 1,500,000 | 300,000 |
Net cash (used in) provided by financing activities | (43,700,000) | 79,600,000 |
Effect of exchange rates on cash, segregated cash, cash equivalents, and segregated cash equivalents | 700,000 | 300,000 |
Net increase (decrease) in cash, segregated cash, cash equivalents, and segregated cash equivalents | 617,700,000 | (138,300,000) |
Cash, segregated cash, cash equivalents, and segregated cash equivalents at beginning of period | 2,451,300,000 | 2,190,100,000 |
Cash, segregated cash, cash equivalents, and segregated cash equivalents at end of period | 3,069,000,000 | 2,051,800,000 |
Supplemental disclosure of cash flow information: | ||
Cash paid for interest | 33,000,000 | 33,700,000 |
Income taxes paid, net of cash refunds | 5,200,000 | 5,300,000 |
Supplemental disclosure of non-cash investing and financing activities: | ||
Identified intangible assets and goodwill on acquisitions | 4,400,000 | 0 |
Assets acquired | 296,500,000 | 3,100,000 |
Liabilities assumed | (295,800,000) | (900,000) |
Total net assets acquired | $ 700,000 | $ 2,200,000 |
Condensed Consolidated Cash F_2
Condensed Consolidated Cash Flows Statements Reconciliation of Cash, Segregated Cash, Cash Equivalents, and Segregated Cash Equivalents - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Reconciliation of Cash, Segregated Cash, Cash Equivalents, and Segregated Cash Equivalents [Abstract] | ||
Cash and cash equivalents | $ 338.9 | $ 358.2 |
Cash segregated under federal and other regulations(1) | 1,073.9 | 707.3 |
Securities segregated under federal and other regulations(1) | 300 | 0 |
Cash segregated and deposited with or pledged to exchange-clearing organizations and other futures commissions merchants | 993 | 959.5 |
Securities segregated and pledged to exchange-clearing organizations(2) | 363.7 | 26.8 |
Cash, segregated cash, cash equivalents, and segregated cash equivalents at end of period | $ 3,069 | $ 2,051.8 |
Condensed Consolidated Statem_2
Condensed Consolidated Statement of Stockholders' Equity - USD ($) $ in Millions | Total | Common Stock | Treasury Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Loss, net |
Balance at beginning of period at Sep. 30, 2018 | $ 505.3 | $ 0.2 | $ 46.3 | $ 267.5 | $ 317 | $ (33.1) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 18.2 | 18.2 | ||||
Other comprehensive income | 0.3 | 0.3 | ||||
Exercise of stock options | 0.3 | 0.3 | ||||
Share-based Compensation | 1.9 | 1.9 | ||||
Repurchase of common stock | 0 | |||||
Balance at end of period at Dec. 31, 2018 | 526 | 0.2 | 46.3 | 269.7 | 335.2 | (32.8) |
ASU 2018-02 cumulative transition adjustment | 0.7 | 0.7 | (0.7) | |||
Adjusted Balances | 594.2 | 0.2 | (50.1) | 276.8 | 402.8 | (35.5) |
Balance at beginning of period at Sep. 30, 2019 | 594.2 | 0.2 | (50.1) | 276.8 | 402.1 | (34.8) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 16.3 | 16.3 | ||||
Other comprehensive income | 0.7 | 0.7 | ||||
Exercise of stock options | 1.5 | 1.5 | ||||
Share-based Compensation | 2.6 | 2.6 | ||||
Repurchase of common stock | (0.4) | 0.4 | ||||
Balance at end of period at Dec. 31, 2019 | $ 614.9 | $ 0.2 | $ (50.5) | $ 280.9 | $ 419.1 | $ (34.8) |
Basis of Presentation and Conso
Basis of Presentation and Consolidation and Recently Issued Accounting Standards (Notes) | 3 Months Ended |
Dec. 31, 2019 | |
Basis of Presentation and Consolidation [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | Basis of Presentation and Consolidation and Accounting Standards Adopted INTL FCStone Inc. , a Delaware corporation, and its consolidated subsidiaries (collectively “INTL” or “the Company”), is a diversified global financial services organization providing execution, risk management and advisory services, market intelligence, and clearing services across asset classes and markets around the world. The Company’s services include comprehensive risk management advisory services for commercial clients; execution of listed futures and options on futures contracts on all major commodity exchanges; structured over-the-counter (“OTC”) products in a wide range of commodities; physical trading and hedging of precious metals and select other commodities; trading of more than 140 foreign currencies; market-making in international equities; fixed income; debt origination and asset management. The Company provides these services to a diverse group of more than 20,000 predominantly wholesale organizations located throughout the world, including producers, processors and end-users of nearly all widely-traded physical commodities to manage their risks and enhance margins; to commercial counterparties who are end-users of the Company’s products and services; to governmental and non-governmental organizations; and to commercial banks, brokers, institutional investors and major investment banks. Basis of Presentation and Consolidation The accompanying unaudited condensed consolidated balance sheet as of September 30, 2019 , which has been derived from the audited consolidated balance sheet of September 30, 2019 , and the unaudited interim condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and disclosures normally included in annual consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) have been condensed or omitted pursuant to those rules and regulations. The Company believes that the disclosures made are adequate to make the information presented not misleading. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation of the condensed consolidated financial statements for the interim periods presented have been reflected as required by Rule 10-01 of Regulation S-X. Operating results for interim periods are not necessarily indicative of the results that may be expected for the full year. These interim condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and related notes contained in the Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2019 filed with the SEC. These condensed consolidated financial statements include the accounts of INTL FCStone Inc. and all other entities in which the Company has a controlling financial interest. All material intercompany transactions and balances have been eliminated in consolidation. The Company’s fiscal year end is September 30, and the fiscal quarters end on December 31, March 31, June 30 and September 30. Unless otherwise stated, all dates refer to fiscal years and fiscal interim periods. The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent liabilities as of the date of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. The most significant of these estimates and assumptions relate to fair value measurement for financial instruments and investments, revenue recognition, the provision for bad debts, valuation of inventories, valuation of goodwill and intangible assets, incomes taxes, and contingencies. Although these and other estimates and assumptions are based on the best available information, actual results could be materially different from these estimates. In the condensed consolidated income statements, the total revenues reported combine gross revenues for the physical commodities business and net revenues for all other businesses. The subtotal ‘operating revenues’ in the condensed consolidated income statements is calculated by deducting cost of sales of physical commodities from total revenues. The subtotal ‘net operating revenues’ in the condensed consolidated income statements is calculated as operating revenues less transaction-based clearing expenses, introducing broker commissions and interest expense. Transaction-based clearing expenses represent variable expenses paid to executing brokers, exchanges, clearing organizations and banks in relation to transactional volumes. Introducing broker commissions include commission paid to non-employee third parties that have introduced clients to the Company. Net operating revenues represent revenues available to pay variable compensation to risk management consultants and traders and direct non-variable expenses, as well as variable and non-variable expenses of operational and administrative employees. Accounting Standards Adopted In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-02, Leases (Topic 842). This update requires a lessee to recognize on the balance sheet a liability to make lease payments and a corresponding right-of-use asset. The guidance also requires certain qualitative and quantitative disclosures about the amount, timing and uncertainty of cash flows arising from leases. In July 2018, the FASB issued ASU 2018-10, Codification Improvements to Topic 842, Leases and ASU 2018-11, Leases (Topic 842) Targeted Improvements. In March 2019, the FASB issued ASU 2019-01, Leases (Topic 842) Codification Improvements. Among other things, this updated guidance provides an optional transition method, which allows for the initial application of the new accounting standard at the adoption date and the recognition of a cumulative-effect adjustment to the opening balance of retained earnings as of the beginning of the period of adoption. The Company adopted the new ASUs on October 1, 2019, using the effective date modified retrospective transition approach and has not restated comparative periods. The Company elected the package of practical expedients permitted under the transition guidance within the new standard, which among other things, allowed the Company to not reassess contracts to determine if they contain leases, lease classification and initial direct costs. The Company’s application of the new standard resulted in changes to the condensed consolidated balance sheet but did not have an impact on the condensed consolidated income statement. See Note 2 for more information. In February 2018, the FASB issued ASU 2018-02, Income Statement – Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. The amendments in this updated standard allow a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act of 2017. The Company adopted this standard on October 1, 2019 and, as a result, recorded a $0.7 million reclassification between accumulated other comprehensive loss, net and retained earnings. |
Leases (Notes)
Leases (Notes) | 3 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Leases of Lessee Disclosure [Text Block] | Note 2 – Leases The Company currently leases office space under non-cancelable operating leases with third parties as of December 31, 2019 . Leases with an initial term of 12 months or less are not recorded on the condensed consolidated balance sheet and the Company recognizes lease expense for these leases on a straight-line basis over the lease term. Certain office space leases include one or more options to renew, with renewal terms that can extend the lease term from three to ten years, and some of which include the Company’s option to terminate the leases within two years of the balance sheet date. The Company has not considered any renewal options in the lease terms of its office space leases as the Company does not believe it is reasonably certain that any of the rights will be exercised. In determining the term of certain office space leases, the Company has not included the periods covered by an option to terminate if the Company believes it is reasonably certain to do so. As the office space leases do not provide an implicit rate, the Company applies a collateralized incremental borrowing rate based on the information available at the lease commencement date in determining the present value of lease payments. The Company applied a collateralized incremental borrowing rate as of October 1, 2019 for operating leases that commenced prior to that date. For office space leases executed by subsidiaries, including foreign subsidiaries, the Company has applied the incremental borrowing rate of the parent company. The Company believes this is a reasonable approach as its subsidiaries either do not have their own treasury functions or the credit facilities available to its subsidiaries do not permit the financing of right-of-use assets. Additionally, in certain instances, the parent company provides a guarantee of the lease payments to the lessor under office space leases executed by its subsidiaries. As such, the Company believes that the pricing of subsidiary leases is more significantly influenced by the credit standing of the parent company than that of its subsidiaries. Certain office space leases contain variable lease payments related to fair market rent adjustments and local inflation index measures. The Company estimates variable lease payments based upon information available at the lease commencement date in determining the present value of lease payments. The Company applied information available as of October 1, 2019 for operating leases that commenced prior to that date. The Company has elected to not separate lease components from nonlease components for all office space leases. The Company does not have any financing leases as of December 31, 2019 . Operating lease expense is recognized on a straight-line basis over the lease term and is reported within ‘occupancy and equipment rental’ on the condensed consolidated statement of income. As of December 31, 2019 , the Company recorded operating lease right-of-use assets and operating lease liabilities of $33.1 million and $36.2 million , respectively. The following table presents operating lease costs and other information as of and for the three months ended December 31, 2019 (in millions, except as stated): Operating lease costs (1) $ 3.5 Lease term and discount rate information: Weighted average remaining lease term (years) 4.39 Weighted average discount rate 5.1 % Supplemental cash flow information and non-cash activity: Cash paid for amounts included in the measurement of operating lease liabilities $ 2.7 Right-of-use assets obtained in exchange for operating lease liabilities $ 34.6 (1) Includes short-term leases and variable lease costs, which are immaterial. The maturities of the lease liabilities are as follows as of December 31, 2019 (in millions): Remainder of 2020 $ 8.5 2021 10.4 2022 7.7 2023 6.2 2024 4.4 After 2024 3.0 Total lease payments (1) 40.2 Less: interest 4.0 Present value of lease liabilities $ 36.2 (1) Total lease payments excludes $80.9 million of legally binding lease payments for leases signed and that will commence after December 31, 2019. In accordance with the disclosure requirements for the adoption of Topic 842, the Company is presenting its operating lease commitment table as of September 30, 2019, which was previously disclosed in Note 12 of the Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2019 (in millions): 2020 11.2 2021 9.9 2022 7.5 2023 6.2 2024 5.8 Thereafter 2.6 43.2 |
Revenue from Contracts with Cli
Revenue from Contracts with Clients (Notes) | 3 Months Ended |
Dec. 31, 2019 | |
Revenue from Contract with Clients [Abstract] | |
Revenue from Contract with Customer [Text Block] | Note 3 – Revenue from Contracts with Clients The Company accounts for revenue earned from contracts with clients for services such as the execution, clearing, brokering, and custody of futures and options on futures contracts, OTC derivatives, and securities, investment management, and underwriting services under FASB Accounting Standards Codification (“ASC”) 606, Revenues from Contracts with Customers (Topic 606). As such, revenues for these services are recognized when the performance obligations related to the underlying transaction are completed. Revenues are recognized when control of the promised goods or services are transferred to clients, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. Revenues are analyzed to determine whether the Company is the principal (i.e. reports revenue on a gross basis) or agent (i.e., reports revenues on a net basis) in the contract. Principal or agent designations depend primarily on the control an entity has over the good or service before control is transferred to a client. The indicators of which party exercises control include primary responsibility over performance obligations, inventory risk before the good or service is transferred, and discretion in establishing the price. Topic 606 does not apply to revenues associated with dealing, or market-making, activities in financial instruments or contracts in the capacity of a principal, including derivative sales contracts which result in physical settlement and interest income. The Company’s revenues from contracts with clients subject to Topic 606 represent approximately 1.0% and 1.8% of the Company’s total revenues for the three months ended December 31, 2019 and 2018 , respectively. The Company’ revenues from contracts with clients subject to Topic 606 represent approximately 39.2% and 44.8% of the Company’s operating revenues for the three months ended December 31, 2019 and 2018 , respectively. This includes all of the Company’s commission and clearing fees and consulting, management, and account fees revenues. Revenues within the scope of Topic 606 are presented within ‘Commission and clearing fees’ and ‘Consulting, management, and account fees’ on the condensed consolidated income statements. Revenues that are not within the scope of Topic 606 are presented within ‘Sales of physical commodities’, ‘Principal gains, net’, and ‘Interest income’ on the condensed consolidated income statements. The following table represents a disaggregation of the Company’s total revenues separated between revenues from contracts with clients and other sources of revenue for the three months ended December 31, 2019 and 2018 (in millions): Three Months Ended December 31, 2019 2018 Revenues from contracts with clients: Commission and clearing fees: Sales-based: Exchange-traded futures and options $ 32.4 $ 39.1 OTC derivative brokerage 5.5 8.9 Equities and fixed income 4.3 1.1 Mutual funds 1.3 2.6 Insurance and annuity products 2.1 1.5 Other 0.3 0.2 Total sales-based commission 45.9 53.4 Trailing: Mutual funds 3.1 3.2 Insurance and annuity products 3.7 3.7 Total trailing commission 6.8 6.9 Clearing fees 29.5 32.6 Trade conversion fees 1.5 1.6 Other 3.5 2.9 Total commission and clearing fees: 87.2 97.4 Consulting, management, and account fees: Underwriting fees 0.2 0.3 Asset management fees 7.5 6.2 Advisory and consulting fees 5.6 5.0 Sweep program fees 4.0 3.8 Client account fees 3.0 2.7 Other 1.0 1.1 Total consulting, management, and account fees 21.3 19.1 Total revenues from contracts with clients $ 108.5 $ 116.5 Method of revenue recognition: Point-in-time $ 84.6 $ 94.6 Time elapsed 23.9 21.9 Total revenues from contracts with clients 108.5 116.5 Other sources of revenues Physical precious metals trading 10,658.0 5,955.6 Physical agricultural and energy product trading 320.0 340.2 Principal gains, net 112.5 94.9 Interest income 46.0 45.0 Total revenues $ 11,245.0 $ 6,552.2 Primary geographic region: United States $ 512.3 $ 527.0 Europe 111.6 53.3 South America 15.2 11.4 Middle East and Asia 10,605.5 5,958.7 Other 0.4 1.8 Total revenues $ 11,245.0 $ 6,552.2 The substantial majority of the Company’s performance obligations for revenues from contracts with clients are satisfied at a point in time and are typically collected from clients by debiting their accounts with the Company. Commission and clearing fees revenue is primarily related to the Commercial Hedging and Clearing and Execution Services reportable segments. Consulting, management, and accounts fees are primarily related to the Commercial Hedging, Clearing and Execution Services, and Securities reportable segments. Principal gains, net is primarily related to the Commercial Hedging, Global Payments, and Securities reportable segments. Interest income is primarily related to the Commercial Hedging, Securities, and Clearing and Execution Services reportable segments. Physical precious metals trading and physical agricultural and energy product trading revenues are primarily related to the Physical Commodities reportable segment. Commission and Clearing Fees Commission revenue represents sales and brokerage commissions generated by internal brokers, introducing broker-dealers, or registered investment advisors of introducing-broker dealers for their clients’ trading activity in futures, options on futures, OTC derivatives, fixed income securities, equity securities, mutual funds, and annuities. The Company views the selling, distribution, and marketing, or any combination thereof, of mutual funds and insurance and annuity products to clients on the Company’s registered investment advisor (“RIA”) platform as a single performance obligation to the product sponsors. The Company is the principal for commission revenue, as it is responsible for the execution of the clients’ purchases and sales, and maintains relationships with product sponsors for trailing commission. Introducing broker dealers and registered investment advisors assist the Company in performing its obligations. Accordingly, total commission revenues are reported on a gross basis. The Company primarily generates commission revenue on exchange-traded derivatives, OTC derivatives, and securities. Exchange-traded and OTC derivative commissions are recognized at a point in time on the trade date when the client, either directly or through the use of an internal broker or introducing broker, requests the clearance and execution of a trade. Securities commissions are either sale-based commissions that are recognized at a point in time on the trade date or trailing commission that are recognized over time as earned. Sales-based securities commissions are typically a flat fee per security transaction and in certain instances are based on a percentage of the trade date transaction value. Trailing commission revenue is generally based on a percentage of the periodic fair value of clients’ investment holdings in trail-eligible assets, and is recognized over the period during which services, such as on-going support, are performed. As trailing commission revenue is based on the fair value of clients’ investment holdings in trail-eligible assets, this variable consideration is constrained until the fair value of trail-eligible assets is determinable. Clearing fees generally represent transactional based fees charged by the various exchanges and clearing organizations for which the Company or one of its clearing organizations is a member for the privilege of executing and clearing trades through them. Clearing fees are generally passed through to the clients’ accounts and are reported gross as the Company maintains control over the clearing and execution services provided, maintains relationships with the exchanges or clearing brokers, and has ultimate discretion in whether the fees are passed through to the clients and the rates at which they are passed through. As clearing fees are transactional based revenues, they are recognized at a point in time on the trade date along with the related commission revenue when the client requests the clearance and execution of a trade. Trade Conversion Fees Trade conversion fees include revenue earned from converting foreign ordinary equities into an American Depository Receipt (“ADR”) or Global Depository Receipt (“GDR”) and fees earned from converting an ADR or GDR into foreign ordinary equities on behalf of clients. Trade conversion revenue is recognized at a point in time on the trade date. Underwriting Fees Revenues from investment banking consists of revenues earned from underwriting fixed income securities, primarily municipal and asset-backed securities, and are recognized in revenues upon completion of the underlying transaction, which is generally the trade date, based upon the terms of the assignment as the performance obligation is to successfully broker a specific transaction. Asset Management Fees The Company earns asset management fees on Company sponsored and managed mutual funds and on the advisory accounts of independent registered investment advisors on the Company’s RIA platform. The Company provides ongoing investment advice and acts as a custodian, providing brokerage and execution services on transactions, and performs administrative services for these accounts. This series of performance obligations transfers control of the services to the client over time as the services are performed. This revenue is recognized ratably over time to match the continued delivery of the performance obligations to the client over the life of the contract. The asset management revenue generated is based on a percentage of the fair value of the eligible assets in the clients’ accounts. As such, the consideration for this revenue is variable and this variable consideration is constrained until the fair value of eligible assets in the clients’ accounts is determinable. Advisory and Consulting Fees Advisory and consulting fees are primarily related to risk management consulting fees which are billed and recognized as revenue on a monthly basis when risk management services are provided. Such agreements are generally for one year periods but are generally cancelable by either party upon providing thirty days’ written notice to the other party and the amounts are not variable based on client trading activities. This revenue is generally recognized ratably over time to match the continued delivery of the performance obligation to the client over the life of the contract. Sweep Program Fees The Company earns fees generated in lieu of interest income from a multi-bank sweep program with unaffiliated banks and money market funds. Pursuant to contractual arrangements with clients and their introducing-brokers, available cash balances in client accounts are swept into either Federal Deposit Insurance Corporation (“FDIC”) insured cash accounts at unaffiliated banks or unaffiliated Securities Investor Protection Corporation (“SIPC”) insured money market funds for which the Company earns a portion of the interest income generated by the client balances for administration and recordkeeping. The fees generated by the Company’s multi-bank sweep program are reported net of the balances remitted to the introducing-brokers and clients. These fees are paid and recognized over time to match the continued delivery of the administration and recordkeeping performance obligations to the life of the contract. The fees earned under this program are generally based upon the type of sweep account, prevailing interest rates, and the amount of client balances invested. Client Account Fees Client account fees represent fees earned for custodial, recordkeeping, and administrative functions performed for the securities clearing accounts of clients. These include statement delivery fees, account transfer fees, safekeeping fees, errors and omission insurance fees, platform fees, and other fees. Client account fees that are transactional based, such as account transfer fees, are recognized at a point in time when the related performance obligation is satisfied. Client account fees that are related to ongoing services, such as statement delivery fees and errors and omission insurance fees, are recognized over time. Client account fees that relate to ongoing services are typically billed to clients’ accounts on a monthly or quarterly basis. Physical Precious Metals Trading The Company principally generates revenue from trading physical precious metals on an OTC basis. Revenues from the sale of physical precious metals are recorded on a trade date basis and generally settle on an unallocated basis. Substantially all of the Company’s sales of precious metals are conducted using sales contracts that meet the definition of derivative instruments in accordance with ASC 815 - Derivatives and Hedging (“Topic 815”). The contracts underlying the Company’s commitment to deliver precious metals are referred to as fixed price forward commodity contracts because the price of the commodity is fixed at the time the order is placed. Although the contracts typically are executed on a spot basis and settle on unallocated account, the client has the option to request delivery of the precious metals, the option to net settle out of the position by executing an offsetting trade, or the option to roll the transaction to a subsequent maturity date. Thus, the sales contracts contain embedded option derivatives that are subject to Topic 815. As the contracts are subject to the guidance in Topic 815, the fixed price derivative sales contracts are outside the scope of Topic 606. The Company recognizes revenue when control of the inventory is transferred within the meaning of Topic 606. Physical Agricultural and Energy Product Trading The Company principally generates revenue from merchandising and originating physical agricultural and energy commodities from forward firm sales commitments accounted for in accordance with Topic 815. The fixed and provisionally-priced derivative sales contracts that result in physical delivery are outside the scope of Topic 606. The Company recognizes revenue when control of the inventory is transferred within the meaning of Topic 606. Principal Gains, Net Principal gains, net includes revenues on financial transactions or contracts for which the Company acts as principal that is reported on a net basis and is outside the scope of ASC 606. Principal gains, net includes margins generated from OTC derivative trades, equities, fixed income, and foreign exchange executed with clients and other counterparties and are recognized on a trade-date basis. Principal gains, net, also includes realized and unrealized gains and losses derived principally from market making activities in OTC derivatives, equities, fixed income, and foreign exchange. Net dealer inventory and investment gains are recognized on a trade-date basis and include realized gains or losses and changes in unrealized gains or losses on investments at fair value. Principal gains, net also includes dividend income on long equity positions and dividend expense on short equity positions, which are recognized on the ex-dividend date. Interest Income Interest income is generated from client funds deposited with the Company to satisfy margin requirements which is held by third-party banks or on deposit with or pledged to exchange-clearing organizations or other FCMs. Interest income is also generated from the investment of client funds in allowable securities, primarily U.S. Treasury obligations. Interest income is also generated from trading fixed income securities that the Company holds in its market-making businesses. Interest income also includes interest generated from collateralized transactions, including securities borrowed and securities purchased under agreements to resell, and from extending margin loans to clients. Interest income is recognized on an accrual basis and is not within the scope of Topic 606. Remaining Performance Obligations Remaining performance obligations are services that the Company has committed to perform in the future in connection with its contracts with clients. The Company’s remaining performance obligations are generally related to its risk management consulting and asset management contracts with clients. Revenues associated with remaining performance obligations related to these contracts with clients are not material to the overall consolidated results of the Company. For the Company’s asset management activities, where fees are calculated based on a percentage of the fair value of eligible assets in client’s accounts, future revenue associated with remaining performance obligations cannot be determined as such fees are subject to fluctuations in the fair value of eligible assets in clients’ accounts. |
Earnings per Share (Notes)
Earnings per Share (Notes) | 3 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | Earnings per Share The Company presents basic and diluted earnings per share (“EPS”) using the two-class method which requires all outstanding unvested share-based payment awards that contain rights to non-forfeitable dividends and therefore participate in undistributed earnings with common stockholders be included in computing earnings per share. Under the two-class method, net income is reduced by the amount of dividends declared in the period for each class of common stock and participating security. The remaining undistributed earnings are then allocated to common stock and participating securities, based on their respective rights to receive dividends. Restricted stock awards granted to certain employees and directors contain non-forfeitable rights to dividends at the same rate as common stock and are considered participating securities. Basic EPS has been computed by dividing net income by the weighted-average number of common shares outstanding. The following is a reconciliation of the numerator and denominator of the diluted earnings per share computations for the periods presented below. Three Months Ended December 31, (in millions, except share amounts) 2019 2018 Numerator: Net income $ 16.3 $ 18.2 Less: Allocation to participating securities (0.3 ) (0.3 ) Net income allocated to common stockholders $ 16.0 $ 17.9 Denominator: Weighted average number of: Common shares outstanding 18,750,270 18,659,748 Dilutive potential common shares outstanding: Share-based awards 324,292 333,298 Diluted weighted-average common shares 19,074,562 18,993,046 The dilutive effect of share-based awards is reflected in diluted earnings per share by application of the treasury stock method, which includes consideration of unamortized share-based compensation expense required under the Compensation – Stock Compensation Topic of the ASC. Options to purchase 1,022,350 and 178,958 shares of common stock for the three months ended December 31, 2019 and 2018 , respectively, were excluded from the calculation of diluted earnings per share as they would have been anti-dilutive |
Assets and Liabilities, at Fair
Assets and Liabilities, at Fair Value (Notes) | 3 Months Ended |
Dec. 31, 2019 | |
Assets and Liabilities, at Fair Value [Abstract] | |
Fair Value Disclosures [Text Block] | Assets and Liabilities, at Fair Value Fair value is defined by U.S. GAAP as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between willing market participants on the measurement date. Fair value is a market-based measure considered from the perspective of a market participant rather than an entity-specific measure. Therefore, even when market assumptions are not readily available, the Company is required to develop a set of assumptions that reflect those that market participants would use in pricing the asset or liability at the measurement date. The Company uses prices and inputs that are current as of the measurement date, including periods of market dislocation. In periods of market dislocation, the observability of prices and inputs may be reduced for many securities. This condition could cause a security to be reclassified to a lower level within the fair value hierarchy. The Company has designed independent price verification controls and periodically performs such controls to ensure the reasonableness of such values. In accordance with FASB ASC 820, Fair Value Measurement, the Company groups its assets and liabilities measured at fair value in three levels based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value. These levels are: Level 1 - Valuation is based upon unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. Level 1 consists of financial assets and liabilities whose fair values are estimated using quoted market prices. Level 2 - Valuation is based upon quoted prices for identical or similar assets or liabilities in markets that are less active, that is, markets in which there are few transactions for the asset or liability that are observable for substantially the full term. Included in Level 2 are those financial assets and liabilities for which fair values are estimated using models or other valuation methodologies. These models are primarily industry-standard models that consider various observable inputs, including time value, yield curve, volatility factors, observable current market and contractual prices for the underlying financial instruments, as well as other relevant economic measures. Level 3 - Valuation is based on prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity). Level 3 comprises financial assets and liabilities whose fair value is estimated based on internally developed models or methodologies utilizing significant inputs that are not readily observable from objective sources. Level 3 includes contingent liabilities that have been valued using an income approach based upon management developed discounted cash flow projections, which are an unobservable input. The Company had $1.8 million of contingent liabilities classified within Level 3 of the fair value hierarchy as of December 31, 2019 and September 30, 2019 . The Company had no Level 3 assets as of December 31, 2019 and September 30, 2019. Financial and nonfinancial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). A market is active if there are sufficient transactions on an ongoing basis to provide current pricing information for the asset or liability, pricing information is released publicly, and price quotations do not vary substantially either over time or among market participants. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. The guidance requires the Company to consider counterparty credit risk of all parties of outstanding derivative instruments that would be considered by a market participant in the transfer or settlement of such contracts (exit price). The Company’s exposure to credit risk on derivative financial instruments principally relates to the portfolio of OTC derivative contracts as all exchange-traded contracts held can be settled on an active market with a credit guarantee from the respective exchange. The Company requires each counterparty to deposit margin collateral for all OTC instruments and is also required to deposit margin collateral with counterparties. The Company has assessed the nature of these deposits and used its discretion to adjust each based on the underlying credit considerations for the counterparty and determined that the collateral deposits minimize the exposure to counterparty credit risk in the evaluation of the fair value of OTC instruments as determined by a market participant. Fair value of financial and nonfinancial assets and liabilities that are carried on the Condensed Consolidated Balance Sheets at fair value on a recurring basis Cash and cash equivalents reported at fair value on a recurring basis includes certificates of deposit and money market mutual funds, which are stated at cost plus accrued interest, which approximates fair value. Cash, securities and other assets segregated under federal and other regulations reported at fair value on a recurring basis include the value of pledged investments, primarily U.S. Treasury obligations and commodities warehouse receipts. Deposits with and receivables from broker-dealers, clearing organizations and counterparties and payable to clients and broker-dealers, clearing organizations and counterparties include the value of pledged investments, primarily U.S. Treasury obligations and foreign government obligations. These balances also include the fair value of exchange-traded options on futures and OTC derivative financial instruments. Financial instruments owned and sold, not yet purchased include the fair value of equity securities, which includes common, preferred, and foreign ordinary shares, ADRs, GDRs, and exchange-traded funds (“ETFs”), corporate and municipal bonds, U.S. Treasury obligations, U.S. government agency obligations, foreign government obligations, agency mortgage-backed obligations, asset-backed obligations, derivative financial instruments, commodities warehouse receipts, exchange firm common stock, and mutual funds and investments in managed funds. The fair value of exchange firm common stock is determined by quoted market prices. Cash equivalents, debt and equity securities, commodities warehouse receipts, physical commodities inventory, derivative financial instruments, and contingent liabilities are carried at fair value, on a recurring basis, and are classified and disclosed into three levels in the fair value hierarchy. The following section describes the valuation methodologies used by the Company to measure classes of financial instruments at fair value and specifies the level within the fair value hierarchy where various financial instruments are classified. The Company uses quoted prices in active markets, where available, and classifies such instruments within Level 1 of the fair value hierarchy. Examples include U.S. Treasury obligations, foreign government obligations, commodities warehouse receipts, certain equity securities traded in active markets, physical precious metals held by a regulated broker-dealer subsidiary, exchange firm common stock, investments in managed funds, as well as options on futures contracts traded on national exchanges. The fair value of exchange firm common stock is determined by recent sale transactions and is included within Level 1. When instruments are traded in secondary markets and observable prices are not available for substantially the full term, the Company generally relies on internal valuation techniques or prices obtained from third-party pricing services or brokers or a combination thereof, and accordingly, classified these instruments as Level 2. Examples include corporate and municipal bonds, U.S. government agency obligations, agency-mortgage backed obligations, asset-backed obligations, certain equity securities traded in less active markets, and OTC derivative contracts, which include purchase and sale commitments related to the Company’s agricultural and energy commodities. Certain derivatives without a quoted price in an active market and derivatives executed OTC are valued using internal valuation techniques, including pricing models which utilize inputs observable to market participants. The valuation techniques and inputs depend on the type of derivative and the nature of the underlying instrument. The key inputs depend upon the type of derivative and the nature of the underlying instrument and include interest yield curves, foreign exchange rates, commodity prices, volatilities and correlation. These derivative instruments are included within Level 2 of the fair value hierarchy. Physical commodities inventory includes precious metals that are a part of the trading activities of a regulated broker-dealer subsidiary and is recorded at fair value using exchange-quoted prices. Physical commodities inventory also includes agricultural commodities that are a part of the trading activities of a non-broker dealer subsidiary and are recorded at net realizable value using exchange-quoted prices. The fair value of precious metals physical commodities inventory is based upon unadjusted exchange-quoted prices and is, therefore, classified within Level 1 of the fair value hierarchy. The fair value of agricultural physical commodities inventory and the related OTC firm sale and purchase commitments are generally based upon exchange-quoted prices, adjusted for basis or differences in local markets, broker or dealer quotations or market transactions in either listed or OTC markets. Exchange-quoted prices are adjusted for location and quality because the exchange-quoted prices for agricultural and energy related products represent contracts that have standardized terms for commodity, quantity, future delivery period, delivery location, and commodity quality or grade. The basis or local market adjustments are observable inputs or have an insignificant impact on the measurement of fair value and, therefore, the agricultural physical commodities inventory as well as the related OTC forward firm sale and purchase commitments have been included within Level 2 of the fair value hierarchy. With the exception of certain derivative instruments where the valuation approach is disclosed above, financial instruments owned and sold are primarily valued using third-party pricing sources. Third-party pricing vendors compile prices from various sources and often apply matrix pricing for similar securities when market-observable transactions for the instruments are not observable for substantially the full term. The Company reviews the pricing methodologies used by third-party pricing vendors in order to evaluate the fair value hierarchy classification of vendor-priced financial instruments and the accuracy of vendor pricing, which typically involves the comparison of primary vendor prices to internal trader prices or secondary vendor prices. When evaluating the propriety of vendor-priced financial instruments using secondary prices, considerations include the range and quality of vendor prices, level of observable transactions for identical and similar instruments, and judgments based upon knowledge of a particular market and asset class. If the primary vendor price does not represent fair value, justification for using a secondary price, including source data used to make the determination, is subject to review and approval by authorized personnel prior to using a secondary price. Financial instruments owned and sold that are valued using third party pricing sources are included within either Level 1 or Level 2 of the fair value hierarchy based upon the observability of the inputs used and the level of activity in the market. The fair value estimates presented herein are based on pertinent information available to management as of December 31, 2019 and September 30, 2019 . Although management is not aware of any factors that would significantly affect the estimated fair value amounts, such amounts have not been comprehensively revalued for purposes of these condensed consolidated financial statements since that date and current estimates of fair value may differ significantly from the amounts presented herein. The following tables set forth the Company’s financial and nonfinancial assets and liabilities accounted for at fair value, on a recurring basis, as of December 31, 2019 by level in the fair value hierarchy. December 31, 2019 (in millions) Level 1 Level 2 Level 3 Netting (1) Total Assets: Certificates of deposit $ 6.9 $ — $ — $ — $ 6.9 Money market mutual funds 7.9 — — — 7.9 Cash and cash equivalents 14.8 — — — 14.8 Commodities warehouse receipts 6.7 — — — 6.7 U.S. Treasury obligations 299.7 — — — 299.7 Securities and other assets segregated under federal and other regulations 306.4 — — — 306.4 U.S. Treasury obligations 548.0 — — — 548.0 "To be announced" (TBA) and forward settling securities — 5.9 — (0.5 ) 5.4 Foreign government obligations 10.3 — — — 10.3 Derivatives 1,620.1 38.1 — (1,591.1 ) 67.1 Deposits with and receivables from broker-dealers, clearing organizations and counterparties, net 2,178.4 44.0 — (1,591.6 ) 630.8 Equity securities 178.9 15.3 — — 194.2 Corporate and municipal bonds — 69.8 — — 69.8 U.S. Treasury obligations 226.6 — — — 226.6 U.S. government agency obligations — 273.3 — — 273.3 Foreign government obligations 0.6 — — — 0.6 Agency mortgage-backed obligations — 1,253.1 — — 1,253.1 Asset-backed obligations — 16.5 — — 16.5 Derivatives 1.7 449.3 — (363.8 ) 87.2 Commodities leases — 29.9 — — 29.9 Commodities warehouse receipts 12.2 — — — 12.2 Exchange firm common stock 12.1 — — — 12.1 Mutual funds and other 1.9 — — — 1.9 Financial instruments owned 434.0 2,107.2 — (363.8 ) 2,177.4 Physical commodities inventory, net 24.1 176.4 — — 200.5 Total assets at fair value $ 2,957.7 $ 2,327.6 $ — $ (1,955.4 ) $ 3,329.9 Liabilities: Accounts payable and other accrued liabilities - contingent liabilities — — 1.8 — 1.8 TBA and forward settling securities — 4.4 — (0.5 ) 3.9 Derivatives 1,556.1 67.2 — (1,623.0 ) 0.3 Payable to broker-dealers, clearing organizations and counterparties 1,556.1 71.6 — (1,623.5 ) 4.2 Equity securities 164.2 2.0 — — 166.2 Foreign government obligations 2.2 — — — 2.2 Corporate and municipal bonds — 31.8 — — 31.8 U.S. Treasury obligations 219.5 — — — 219.5 U.S. government agency obligations — 38.9 — — 38.9 Derivatives — 463.9 — (384.3 ) 79.6 Commodities leases — 128.2 — — 128.2 Financial instruments sold, not yet purchased 385.9 664.8 — (384.3 ) 666.4 Total liabilities at fair value $ 1,942.0 $ 736.4 $ 1.8 $ (2,007.8 ) $ 672.4 (1) Represents cash collateral and the impact of netting across the levels of the fair value hierarchy. Netting among positions classified within the same level is included in that level. The following table sets forth the Company’s financial and nonfinancial assets and liabilities accounted for at fair value, on a recurring basis, as of September 30, 2019 by level in the fair value hierarchy. September 30, 2019 (in millions) Level 1 Level 2 Level 3 Netting (1) Total Assets: Certificates of deposit $ 4.9 $ — $ — $ — $ 4.9 Money market funds 8.9 — — — 8.9 Cash and cash equivalents - certificates of deposit 13.8 — — — 13.8 Commodities warehouse receipts 6.2 — — — 6.2 U.S. Treasury obligations 299.8 — — — 299.8 Securities and other assets segregated under federal and other regulations 306.0 — — — 306.0 U.S. Treasury obligations 593.9 — — — 593.9 TBA and forward settling securities — 9.8 — (1.5 ) 8.3 Foreign government obligations 9.9 — — — 9.9 Derivatives 3,131.2 43.2 — (3,159.6 ) 14.8 Deposits with and receivables from broker-dealers, clearing organizations and counterparties, net 3,735.0 53.0 — (3,161.1 ) 626.9 Equity securities 159.5 9.0 — — 168.5 Corporate and municipal bonds — 80.0 — — 80.0 U.S. Treasury obligations 248.7 — — — 248.7 U.S. government agency obligations — 447.1 — — 447.1 Foreign government obligations 0.5 — — — 0.5 Agency mortgage-backed obligations — 1,045.0 — — 1,045.0 Asset-backed obligations — 29.1 — — 29.1 Derivatives 1.0 486.3 — (420.8 ) 66.5 Commodities leases — 28.6 — — 28.6 Commodities warehouse receipts 48.4 — — — 48.4 Exchange firm common stock 12.7 — — — 12.7 Mutual funds and other 0.1 — — — 0.1 Financial instruments owned 470.9 2,125.1 — (420.8 ) 2,175.2 Physical commodities inventory, net 7.1 144.8 — — 151.9 Total assets at fair value $ 4,532.8 $ 2,322.9 $ — $ (3,581.9 ) $ 3,273.8 Liabilities: Accounts payable and other accrued liabilities - contingent liabilities $ — $ — $ 1.8 $ — $ 1.8 TBA and forward settling securities — 6.8 — (1.5 ) 5.3 Derivatives 3,079.1 38.3 — (3,117.1 ) 0.3 Payable to broker-dealers, clearing organizations and counterparties 3,079.1 45.1 — (3,118.6 ) 5.6 Equity securities 147.3 10.8 — — 158.1 Corporate and municipal bonds — 39.2 — — 39.2 U.S. Treasury obligations 272.3 — — — 272.3 U.S. government agency obligations — 43.8 — — 43.8 Agency mortgage-backed obligations — 29.6 — — 29.6 Derivatives — 480.3 — (422.2 ) 58.1 Commodities leases — 113.7 — — 113.7 Financial instruments sold, not yet purchased 419.6 717.4 — (422.2 ) 714.8 Total liabilities at fair value $ 3,498.7 $ 762.5 $ 1.8 $ (3,540.8 ) $ 722.2 (1) Represents cash collateral and the impact of netting across the levels of the fair value hierarchy. Netting among positions classified within the same level is included in that level. Realized and unrealized gains and losses are included in ‘principal gains, net’, ‘interest income’, and ‘cost of sales of physical commodities’ in the condensed consolidated income statements. Additional disclosures about the fair value of financial instruments that are not carried on the Condensed Consolidated Balance Sheets at fair value Many, but not all, of the financial instruments that the Company holds are recorded at fair value in the Condensed Consolidated Balance Sheets. The following represents financial instruments in which the ending balance at December 31, 2019 and September 30, 2019 was not carried at fair value in accordance with U.S. GAAP on the Condensed Consolidated Balance Sheets: Short-term financial instruments : The carrying value of short-term financial instruments, including cash and cash equivalents, cash segregated under federal and other regulations, securities purchased under agreements to resell and securities sold under agreements to repurchase, and securities borrowed and loaned are recorded at amounts that approximate the fair value of these instruments due to their short-term nature and level of collateralization. These financial instruments generally expose the Company to limited credit risk and have no stated maturities or have short-term maturities and carry interest rates that approximate market rates. Under the fair value hierarchy, cash and cash equivalents and cash segregated under federal and other regulations are classified as Level 1. Securities purchased under agreements to resell and securities sold under agreements to repurchase, and securities borrowed and loaned are classified as Level 2 under the fair value hierarchy as they are generally overnight or short-term in nature and are collateralized by equity securities, U.S. Treasury obligations, U.S. government agency obligations, agency mortgage-backed obligations, and asset-backed obligations. Receivables and other assets : Receivables from broker-dealers, clearing organizations, and counterparties, receivables from clients, net, notes receivables, and certain other assets are recorded at amounts that approximate fair value due to their short-term nature and are classified as Level 2 under the fair value hierarchy. Payables : Payables to clients and payables to brokers-dealers, clearing organizations, and counterparties are recorded at amounts that approximate fair value due to their short-term nature and are classified as Level 2 under the fair value hierarchy. Lenders under loans : Payables to lenders under loans carry variable rates of interest and are relatively short-term in duration and, thus, approximate fair value and are classified as Level 2 under the fair value hierarchy. Senior secured term loan : The senior secured term loan carries a variable rate of interest and thus approximates fair value and is classified as Level 2 under the fair value hierarchy. |
Financial Instruments with Off-
Financial Instruments with Off-Balance Sheet Risk and Concentrations of Credit Risk (Notes) | 3 Months Ended |
Dec. 31, 2019 | |
Financial Instruments with Off-Balance Sheet Risk and Concentrations of Credit Risk [Abstract] | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | Financial Instruments with Off-Balance Sheet Risk and Concentrations of Credit Risk The Company is party to certain financial instruments with off-balance sheet risk in the normal course of its business. The Company has sold financial instruments that it does not currently own and will therefore be obliged to purchase such financial instruments at a future date. The Company has recorded these obligations in the condensed consolidated financial statements as of December 31, 2019 and September 30, 2019 at the fair values of the related financial instruments. The Company will incur losses if the fair value of the underlying financial instruments increases subsequent to December 31, 2019 . The total financial instruments sold, not yet purchased of $666.4 million and $714.8 million as of December 31, 2019 and September 30, 2019 , respectively, includes $79.6 million and $58.1 million for derivative contracts, respectively, which represented a liability to the Company based on their fair values as of December 31, 2019 and September 30, 2019 . Derivatives The Company utilizes derivative products in its trading capacity as a dealer in order to satisfy client needs and mitigate risk. The Company manages risks from both derivatives and non-derivative cash instruments on a consolidated basis. The risks of derivatives should not be viewed in isolation, but in aggregate with the Company’s other trading activities. The majority of the Company’s derivative positions are included in the condensed consolidated balance sheets in ‘Deposits with and receivables from broker-dealers, clearing organizations and counterparties, net’, ‘Financial instruments owned, at fair value’, ‘Financial instruments sold, not yet purchased, at fair value’ and ‘Payables to broker-dealers, clearing organizations and counterparties’. Listed below are the fair values of the Company’s derivative assets and liabilities as of December 31, 2019 and September 30, 2019 . Assets represent net unrealized gains and liabilities represent net unrealized losses. December 31, 2019 September 30, 2019 (in millions) Assets (1) Liabilities (1) Assets (1) Liabilities (1) Derivative contracts not accounted for as hedges: Exchange-traded commodity derivatives $ 1,109.3 $ 1,122.6 $ 1,437.1 $ 1,463.4 OTC commodity derivatives 219.5 284.0 84.2 106.2 Exchange-traded foreign exchange derivatives 5.9 11.3 36.9 33.5 OTC foreign exchange derivatives 235.2 212.8 403.2 368.8 Exchange-traded interest rate derivatives 309.6 292.8 900.1 882.0 OTC interest rate derivatives 32.7 34.3 42.1 43.6 Exchange-traded equity index derivatives 197.0 129.4 758.1 700.2 TBA and forward settling securities 5.9 4.4 9.8 6.8 Gross fair value of derivative contracts 2,115.1 2,091.6 3,671.5 3,604.5 Impact of netting and collateral (1,955.4 ) (2,007.8 ) (3,581.9 ) (3,540.8 ) Total fair value included in 'Deposits with and receivables from broker-dealers, clearing organizations, and counterparties, net' $ 72.5 $ 23.1 Total fair value included in 'Financial instruments owned, at fair value $ 87.2 $ 66.5 Total fair value included in 'Payables to broker-dealers, clearing organizations and counterparties $ 4.2 $ 5.6 Fair value included in 'Financial instruments sold, not yet purchased, at fair value' $ 79.6 $ 58.1 (1) As of December 31, 2019 and September 30, 2019 , the Company’s derivative contract volume for open positions were approximately 8.1 million and 10.6 million contracts, respectively. The Company’s derivative contracts are principally held in its Commercial Hedging and Clearing and Execution Services segments. The Company assists its Commercial Hedging segment clients in protecting the value of their future production by entering into option or forward agreements with them on an OTC basis. The Company also provides its Commercial Hedging segment clients with option products, including combinations of buying and selling puts and calls. The Company mitigates its risk by offsetting the client’s transaction simultaneously with one of the Company’s trading counterparties or with a similar but not identical exchange-traded position. The risk mitigation of these offsetting trades is not within the documented hedging designation requirements of Topic 815. These derivative contracts are traded along with cash transactions because of the integrated nature of the markets for these products. The Company manages the risks associated with derivatives on an aggregate basis along with the risks associated with its proprietary trading and market-making activities in cash instruments as part of its firm-wide risk management policies. In particular, the risks related to derivative positions may be partially offset by inventory, unrealized gains in inventory or cash collateral paid or received. The Company has derivative instruments, which consist of TBA securities and forward settling transactions that are used to manage risk exposures in the trading inventory of the Company’s domestic institutional fixed income business. The fair value on these transactions are recorded in ‘deposits with and receivables from or payables to broker-dealers, clearing organizations and counterparties, net’. Realized and unrealized gains and losses on securities and derivative transactions are reflected in ‘principal gains, net’. As of December 31, 2019 and September 30, 2019 , these transactions are summarized as follows: December 31, 2019 September 30, 2019 (in millions) Gain / (Loss) Notional Amounts Gain / (Loss) Notional Amounts Unrealized gain on TBA securities purchased within deposits with and receivables from broker-dealers, clearing organizations and counterparties, net and related notional amounts $ 2.5 $ 1,283.0 $ 3.7 $ 1,778.4 Unrealized loss on TBA securities purchased within deposits with and receivables from broker-dealers, clearing organizations and counterparties, net and related notional amounts $ (0.1 ) $ 174.1 $ (0.6 ) $ 234.5 Unrealized gain on TBA securities sold within payables to broker-dealers, clearing organizations and counterparties and related notional amounts $ 0.4 $ (280.1 ) $ 0.9 $ (451.6 ) Unrealized loss on TBA securities sold within payables to broker-dealers, clearing organizations and counterparties and related notional amounts $ (3.7 ) $ (2,182.9 ) $ (5.9 ) $ (2,788.0 ) Unrealized loss on forward settling securities purchased within payables to broker-dealers, clearing organizations and counterparties and related notional amounts $ (0.6 ) $ 406.7 $ (0.3 ) $ 1,243.5 Unrealized gain on forward settling securities sold within deposits with and receivables from broker-dealers, clearing organizations and counterparties, net and related notional amounts $ 3.0 $ (294.4 ) $ 5.2 $ (581.2 ) (1) The notional amounts of these instruments reflect the extent of the Company's involvement in TBA and forward settling securities and do not represent risk of loss due to counterparty non-performance. The following table sets forth the Company’s net gains from derivative contracts for the three months ended December 31, 2019 and 2018 in accordance with Topic 815. The net gains set forth below are included in ‘Cost of sales of physical commodities’ and ‘principal gains, net’ in the condensed consolidated income statements. Three Months Ended December 31, (in millions) 2019 2018 Commodities $ 18.2 $ 8.1 Foreign exchange 2.2 1.9 Interest rate and equity (0.4 ) (3.3 ) TBA and forward settling securities (0.9 ) (9.3 ) Net gains from derivative contracts $ 19.1 $ (2.6 ) Credit Risk In the normal course of business, the Company purchases and sells financial instruments, commodities and foreign currencies as either a principal or agent on behalf of its clients. If either the client or counterparty fails to perform, the Company may be required to discharge the obligations of the nonperforming party. In such circumstances, the Company may sustain a loss if the fair value of the financial instrument, commodity, or foreign currency is different from the contract value of the transaction. The majority of the Company’s transactions and, consequently, the concentration of its credit exposure are with commodity exchanges, clients, broker-dealers and other financial institutions. These activities primarily involve collateralized and uncollateralized arrangements and may result in credit exposure in the event that a counterparty fails to meet its contractual obligations. The Company’s exposure to credit risk can be directly impacted by volatile financial markets, which may impair the ability of counterparties to satisfy their contractual obligations. The Company seeks to control its credit risk through a variety of reporting and control procedures, including establishing credit and/or position limits based upon a review of the counterparties’ financial condition and credit ratings. The Company monitors collateral levels on a daily basis for compliance with regulatory and internal guidelines and requests changes in collateral levels as appropriate. The Company is a party to financial instruments in the normal course of its business through client and proprietary trading accounts in exchange-traded and OTC derivative instruments. These instruments are primarily the result of the execution of orders for commodity futures, options on futures, OTC swaps and options and spot and forward foreign currency contracts on behalf of its clients, substantially all of which are transacted on a margin basis. Such transactions may expose the Company to significant credit risk in the event margin requirements are not sufficient to fully cover losses which clients may incur. The Company controls the risks associated with these transactions by requiring clients to maintain margin deposits in compliance with individual exchange regulations and internal guidelines. The Company monitors required margin levels daily, and therefore may require clients to deposit additional collateral or reduce positions when necessary. The Company also establishes credit limits for clients, which are monitored daily. The Company evaluates each client’s creditworthiness on a case by case basis. Clearing, financing, and settlement activities may require the Company to maintain funds with or pledge securities as collateral with other financial institutions. Generally, these exposures to both clients and exchanges are subject to master netting, or client agreements, which reduce the exposure to the Company by permitting receivables and payables with such clients to be offset in the event of a client default. Management believes that the margin deposits held as of December 31, 2019 and September 30, 2019 were adequate to minimize the risk of material loss that could be created by positions held at that time. Additionally, the Company monitors collateral fair value on a daily basis and adjusts collateral levels in the event of excess market exposure. Generally, these exposures to both clients and counterparties are subject to master netting or client agreements which reduce the exposure to the Company. Derivative financial instruments involve varying degrees of off-balance sheet market risk whereby changes in the fair values of underlying financial instruments may result in changes in the fair value of the financial instruments in excess of the amounts reflected in the condensed consolidated balance sheets. Exposure to market risk is influenced by a number of factors, including the relationships between the financial instruments and the Company’s positions, as well as the volatility and liquidity in the markets in which the financial instruments are traded. The principal risk components of financial instruments include, among other things, interest rate volatility, the duration of the underlying instruments and changes in foreign exchange rates. The Company attempts to manage its exposure to market risk through various techniques. Aggregate market limits have been established and market risk measures are routinely monitored against these limits. |
Receivables From Customers, Net
Receivables From Customers, Net and Notes Receivable, Net (Notes) | 3 Months Ended |
Dec. 31, 2019 | |
Receivables from customers and notes receivable, net [Abstract] | |
Financing Receivables [Text Block] | Allowance for Doubtful Accounts The allowance for doubtful accounts related to deposits with and receivables from broker-dealers, clearing organizations, and counterparties was $36.9 million as of December 31, 2019 and September 30, 2019 . The allowance for doubtful accounts related to receivables from clients was $11.6 million and $11.7 million as of December 31, 2019 and September 30, 2019 , respectively. The Company had no allowance for doubtful accounts related to notes receivable as of December 31, 2019 and September 30, 2019 . During the three months ended December 31, 2019 , the Company recorded bad debt expense of less than $0.1 million . During the three months ended December 31, 2018, the Company recorded bad debt expense of $0.3 million . Additionally, during the three months ended December 31, 2018, the Company reached settlements with clients, paying $8.4 million related to demurrage, dead freight, and other penalty charges regarding coal supplied during fiscal 2017. The settlement amount paid was less than the accrued liability for the transactions recorded during fiscal 2017 and fiscal 2018, and accordingly the Company recorded a recovery on the bad debt on physical coal of $2.4 million in the three months ended December 31, 2018. |
Physical Commodities Inventory
Physical Commodities Inventory (Notes) | 3 Months Ended |
Dec. 31, 2019 | |
Physical Commodities Inventory [Abstract] | |
Inventory Disclosure [Text Block] | Physical Commodities Inventory The Company’s inventories consist of finished physical commodities. Inventories by component of the Company’s Physical Commodities segment are shown below. (in millions) December 31, September 30, Physical Ag & Energy (1) $ 176.4 $ 144.8 Precious metals - held by broker-dealer subsidiary (2) 24.1 7.1 Precious metals - held by non-broker-dealer subsidiaries (3) 49.2 77.4 Physical commodities inventory $ 249.7 $ 229.3 (1) Physical Ag & Energy consists of agricultural commodity inventories, including corn, soybeans, wheat, dried distillers grain, canola, sorghum, coffee, cocoa, cotton, and others. The agricultural commodity inventories are carried at net realizable value, which approximates selling prices in the ordinary course of business, less disposal costs, with changes in net realizable value included as a component of ‘cost of sales of physical commodities’ on the condensed consolidated income statements. The agricultural inventories have reliable, readily determinable and realizable market prices, have relatively insignificant costs of disposal and are available for immediate delivery. Physical Ag & Energy also maintains energy related inventory which is valued at the lower of cost or net realizable value. (2) Precious metals held by the Company’s subsidiary, INTL FCStone Ltd, a United Kingdom based broker-dealer subsidiary, is measured at fair value, with changes in fair value included as a component of ‘principal gains, net’ on the condensed consolidated income statements, in accordance with U.S. GAAP accounting requirements for broker-dealers. (3) Precious metals inventory held by subsidiaries that are not broker-dealers are valued at the lower of cost or net realizable value. The Company has recorded lower of cost or net realizable adjustments for certain precious metals inventory of $1.2 million and $0.5 million as of December 31, 2019 and September 30, 2019, respectively. The adjustments are included in ‘cost of sales of physical commodities’ in the condensed consolidated income statements. |
Goodwill (Notes)
Goodwill (Notes) | 3 Months Ended |
Dec. 31, 2019 | |
Goodwill [Abstract] | |
Goodwill Disclosure [Text Block] | Goodwill The carrying value of goodwill is allocated to the Company’s operating segments as follows: (in millions) December 31, September 30, Commercial Hedging $ 30.3 $ 30.3 Global Payments 7.6 7.6 Securities 8.7 8.7 Physical Commodities 4.6 4.6 Clearing and Execution 4.3 — Goodwill $ 55.5 $ 51.2 The Company recorded additional goodwill of $4.3 million during the three months ended December 31, 2019 within the Clearing and Execution operating segment related to the initial purchase price allocation for the acquisition of UOB Bullion and Futures Limited as further discussed in Note 18 . |
Intangible Assets - (Notes)
Intangible Assets - (Notes) | 3 Months Ended |
Dec. 31, 2019 | |
Intangible Assets [Abstract] | |
Intangible Assets Disclosure [Text Block] | Intangible Assets The gross and net carrying values of intangible assets as of the balance sheet dates, by major intangible asset class are as follows (in millions): December 31, 2019 September 30, 2019 Gross Amount Accumulated Amortization Net Amount Gross Amount Accumulated Amortization Net Amount Intangible assets subject to amortization: Software programs/platforms $ 5.3 $ (3.1 ) $ 2.2 $ 5.3 $ (3.0 ) $ 2.3 Client base 22.1 (13.1 ) 9.0 22.1 (12.5 ) 9.6 Total intangible assets subject to amortization: 27.4 (16.2 ) 11.2 27.4 (15.5 ) 11.9 Intangible assets not subject to amortization: Website domains 2.1 — 2.1 2.1 — 2.1 Business licenses 2.7 — 2.7 2.7 — 2.7 Total intangible assets not subject to amortization: 4.8 — 4.8 4.8 — 4.8 Total intangible assets $ 32.2 $ (16.2 ) $ 16.0 $ 32.2 $ (15.5 ) $ 16.7 Amortization expense related to intangible assets was $0.7 million and $0.6 million for the three months ended December 31, 2019 and 2018 , respectively. As of December 31, 2019 , the estimated future amortization expense was as follows: (in millions) Fiscal 2020 (remaining nine months) $ 2.2 Fiscal 2021 2.9 Fiscal 2022 1.6 Fiscal 2023 1.4 Fiscal 2024 and thereafter 3.1 Total intangible assets subject to amortization $ 11.2 |
Credit Facilities (Notes)
Credit Facilities (Notes) | 3 Months Ended |
Dec. 31, 2019 | |
Credit Facilities [Abstract] | |
Debt Disclosure [Text Block] | Credit Facilities Committed Credit Facilities The Company has four committed credit facilities, including a senior secured term loan, under which the Company and its subsidiaries may borrow up to $769.0 million , subject to the terms and conditions for these facilities. The amounts outstanding under these credit facilities carry variable rates of interest, thus approximating fair value. The Company’s committed credit facilities consist of the following: • $384.0 million facility available to INTL FCStone Inc. for general working capital requirements. During the three months ended December 31, 2019, additional members were added to the lending syndication increasing the committed amount to $393.0 million. The amended facility is comprised of a $196.5 million revolving credit facility and a $196.5 million Term Loan facility. The Company is required to make quarterly principal payments against the Term Loan equal to 1.25% of the original balance with the remaining balance due on the maturity date. Amounts repaid on the Term Loan may not be reborrowed. • $75.0 million facility available to the Company’s wholly owned subsidiary, INTL FCStone Financial Inc., for short-term funding of margin to exchange-clearing organizations. The facility is subject to annual review and guaranteed by INTL FCStone Inc. • $260.0 million facility available to the Company’s wholly owned subsidiary, FCStone Merchant Services, LLC, for financing traditional commodity financing arrangements and commodity repurchase agreements. The facility is guaranteed by INTL FCStone Inc. • $50.0 million facility available to the Company’s wholly owned subsidiary, INTL FCStone Ltd, for short-term funding of margin to exchange-clearing organizations. The facility is subject to annual review and is guaranteed by INTL FCStone Inc. Uncommitted Credit Facilities The Company has a secured, uncommitted loan facility under which INTL FCStone Financial Inc. may borrow up to $75.0 million , collateralized by commodities warehouse receipts, to facilitate U.S. commodity exchange deliveries of its clients, subject to certain terms and conditions of the credit agreement. There were no borrowings outstanding under this credit facility as of December 31, 2019 , and September 30, 2019 . The Company has a secured, uncommitted loan facility under which INTL FCStone Financial Inc. may borrow for short term funding of proprietary and client securities margin requirements, subject to certain terms and conditions of the agreement. The uncommitted amount available to be borrowed is not specified, and all requests for borrowing are subject to the sole discretion of the lender. The borrowings are secured by first liens on Company owned marketable securities or client owned securities which have been pledged to the Company. The amounts borrowed under the facilities are payable on demand. There were $16.7 million and zero in borrowings outstanding under this credit facility as of December 31, 2019 , and September 30, 2019 , respectively. The Company has secured, uncommitted loan facilities under which INTL FCStone Financial Inc. may borrow up to $100.0 million for short term funding of proprietary and client securities margin requirements, subject to certain terms and conditions of the agreement. The borrowings are secured by first liens on Company owned marketable securities or client owned securities which have been pledged to the Company. The amounts borrowed under the facilities are payable on demand. There were no borrowings outstanding under this credit facility as of December 31, 2019 and September 30, 2019 . The Company has a secured, uncommitted loan facility under which FCStone Merchant Services, LLC can borrow up to $20.0 million to facilitate the financing of inventory of commodities and other products or goods approved by the lender in its sole discretion, subject to certain terms and conditions of the loan facility agreement. The loan facility is collateralized by a first priority security interest in goods and inventory of FCStone Merchant Services, LLC that is (a) either located outside of the U.S. and Canada or in transit to a destination outside the U.S. or Canada and (b) acquired with any extension of credit (whether in the form of a loan or by the issuance of a letter of credit) under the loan facility. The amounts borrowed under the facilities are payable on demand. There were $0.7 million and $3.4 million in borrowings outstanding under this credit facility as of December 31, 2019 , and September 30, 2019 , respectively. Note Payable to Bank The Company has a loan from a commercial bank, secured by equipment purchased with the proceeds. The note is payable in monthly installments, ending in March 2020. The note bears interest at a rate per annum equal to LIBOR plus 2.00% . The following table sets forth a listing of credit facilities, the current committed amounts as of the report date on the facilities, and outstanding borrowings on the facilities as well as indebtedness on a promissory note as of the periods indicated: (in millions) Amounts Outstanding Borrower Security Renewal/Expiration Date Total Commitment December 31, September 30, Committed Credit Facilities Term Loan (1) February 22, 2022 $ 187.5 $ 186.7 (2) $ 167.6 Revolving Line of Credit (1) February 22, 2022 196.5 — 70.0 INTL FCStone Inc. 384.0 186.7 237.6 INTL FCStone Financial Inc. None April 3, 2020 75.0 — — FCStone Merchants Services, LLC Certain commodities assets January 29, 2022 260.0 121.0 128.5 INTL FCStone Ltd. None April 14, 2020 50.0 — — $ 769.0 $ 307.7 $ 366.1 Uncommitted Credit Facilities INTL FCStone Financial Inc. Commodities warehouse receipts and certain pledged securities n/a n/a 16.7 — FCStone Merchant Services, LLC Certain commodities assets n/a n/a 0.7 3.4 Note Payable to Bank Monthly installments, due March 2020 and secured by certain equipment 0.3 0.4 Total outstanding borrowings $ 325.4 $ 369.9 (1) The INTL FCStone Inc. committed credit facility is secured by substantially all of the assets of INTL FCStone Inc. and certain subsidiaries identified in the credit facility agreement as obligors, and pledged equity of certain subsidiaries identified in the credit facility as limited guarantors. (2) Amount outstanding under the Term Loan is reported net of unamortized deferred financing costs of $0.8 million . As reflected above, $125.0 million of the Company’s committed credit facilities are scheduled to expire within twelve months of this filing. The Company intends to renew or replace the facilities when they expire, and based on the Company’s liquidity position and capital structure, the Company believes it will be able to do so. The Company’s credit facility agreements contain financial covenants relating to financial measures on a consolidated basis, as well as on a certain stand-alone subsidiary basis, including minimum tangible net worth, minimum regulatory capital, minimum net unencumbered liquid assets, maximum net loss, minimum fixed charge coverage ratio and maximum funded debt to net worth ratio. Failure to comply with these covenants could result in the debt becoming payable on demand. As of December 31, 2019 , the Company was in compliance with all of its financial covenants under its credit facilities. |
Commodity and Other Repurchase
Commodity and Other Repurchase Agreements and Collateralized Transactions (Notes) | 3 Months Ended |
Dec. 31, 2019 | |
Commodity and Other Repurchase Agreements [Abstract] | |
Commodity and Other Repurchase Agreements and Collateralized Transactions | Securities and Commodity Financing Transactions The Company enters into securities purchased under agreements to resell, securities sold under agreements to repurchase, securities borrowed and securities loaned transactions to, among other things, fund principal debt trading, acquire securities to cover short positions, acquire securities for settlement, and to accommodate counterparties’ needs under matched-book trading strategies. These agreements are recorded as collateralized financings at their contractual amounts plus accrued interest. The related interest is recorded in the condensed consolidated income statements as interest income or interest expense, as applicable. In connection with these agreements and transactions, it is the policy of the Company to receive or pledge cash or securities to adequately collateralize such agreements and transactions in accordance with contractual agreements. The collateral is valued daily and the Company may require counterparties to deposit additional collateral or return collateral pledged. The carrying amounts of these agreements and transactions approximate fair value due to their short-term nature and the level of collateralization. The Company pledges financial instruments owned to collateralize repurchase agreements. At December 31, 2019 and September 30, 2019 , financial instruments owned, at fair value of $577.9 million and $478.8 million , respectively, were pledged as collateral under repurchase agreements. The counterparty has the right to sell or repledge the collateral in connection with these transactions. These financial instruments owned have been pledged as collateral and have been parenthetically disclosed on the condensed consolidated balance sheets. In addition, as of December 31, 2019 and September 30, 2019 , the Company pledged financial instruments owned, at fair value of $1,038.4 million and $1,228.9 million , respectively, to cover collateral requirements for tri-party repurchase agreements. These securities have not been parenthetically disclosed on the condensed consolidated balance sheets since the counterparties do not have the right to sell or repledge the collateral. The Company also repledged securities received under reverse repurchase agreements of $1,372.8 million and $1,175.1 million , respectively, to cover collateral requirements for tri-party repurchase agreements. The Company also has repledged securities borrowed and client securities held under custodial clearing arrangements to collateralize securities loaned agreements with a fair value of $1,403.0 million and $1,414.0 million as of December 31, 2019 , and September 30, 2019 , respectively. Additionally, the Company had also pledged financial instruments owned with a fair value of $21.5 million and zero as of December 31, 2019 , and September 30, 2019 , respectively, to collateralize uncommitted loan facilities with certain banks as discussed further in Note 11 . At December 31, 2019 and September 30, 2019, the Company had accepted collateral that it is permitted by contract to sell or repledge. This collateral consists primarily of securities received in reverse repurchase agreements, securities borrowed agreements, and margin securities held on behalf of correspondent brokers. The fair value of such collateral at December 31, 2019 and September 30, 2019 , was $3,180.7 million and $3,060.2 million , respectively, of which $268.0 million and $329.8 million , respectively, was used to cover securities sold short which are recorded in financial instruments sold, not yet purchased on the condensed consolidated balance sheets. In the normal course of business, this collateral is used by the Company to cover financial instruments sold, not yet purchased, to obtain financing in the form of repurchase agreements, and to meet counterparties’ needs under lending arrangement and matched-booked trading strategies. The following tables provide the contractual maturities of gross obligations under repurchase and securities lending agreements as of December 31, 2019 and September 30, 2019 (in millions): December 31, 2019 Overnight and Open Less than 30 Days 30-90 Days Total Securities sold under agreements to repurchase $ 1,339.9 $ 826.3 $ 765.4 $ 2,931.6 Securities loaned 1,430.8 — — 1,430.8 Gross amount of secured financing $ 2,770.7 $ 826.3 $ 765.4 $ 4,362.4 September 30, 2019 Overnight and Open Less than 30 Days 30-90 Days Total Securities sold under agreements to repurchase $ 1,553.9 $ 565.8 $ 654.0 $ 2,773.7 Securities loaned 1,459.9 — — 1,459.9 Gross amount of secured financing $ 3,013.8 $ 565.8 $ 654.0 $ 4,233.6 The following table provides the underlying collateral types of the gross obligations under repurchase and securities lending agreements as of December 31, 2019 and September 30, 2019 (in millions): Securities sold under agreements to repurchase December 31, 2019 September 30, 2019 U.S. Treasury obligations $ 35.3 $ 108.8 U.S. government agency obligations 263.0 359.5 Asset-backed obligations 84.5 96.7 Agency mortgage-backed obligations 2,548.8 2,208.7 Total securities sold under agreement to repurchase 2,931.6 2,773.7 Securities loaned Equity securities 1,430.8 1,459.9 Total securities loaned 1,430.8 1,459.9 Gross amount of secured financing $ 4,362.4 $ 4,233.6 The following tables provide the netting of securities purchased under agreements to resell, securities sold under agreements to repurchase, securities borrowed and securities loaned as of the periods indicated (in millions): December 31, 2019 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 $ 1,609.6 $ (6.5 ) $ 1,603.1 Securities borrowed $ 1,427.7 $ — $ 1,427.7 Securities sold under agreements to repurchase $ 2,938.1 $ (6.5 ) $ 2,931.6 Securities loaned $ 1,430.8 $ — $ 1,430.8 September 30, 2019 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 $ 1,474.4 $ (49.9 ) $ 1,424.5 Securities borrowed $ 1,423.2 $ — $ 1,423.2 Securities sold under agreements to repurchase $ 2,823.6 $ (49.9 ) $ 2,773.7 Securities loaned $ 1,459.9 $ — $ 1,459.9 |
Commitments and Contingencies (
Commitments and Contingencies (Notes) | 3 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | Commitments and Contingencies Contingencies During the week ended November 16, 2018, balances in approximately 300 accounts of the FCM division of the Company’s wholly owned subsidiary, INTL FCStone Financial Inc., declined below required maintenance margin levels, primarily as a result of significant and unexpected price fluctuations in the natural gas markets. All positions in these accounts, which were managed by OptionSellers.com Inc. (“OptionSellers”), an independent Commodity Trading Advisor (“CTA”), were liquidated in accordance with the INTL FCStone Financial Inc.’s client agreements and obligations under market regulation standards. A CTA is registered with the U.S. Commodity Futures Trading Commission (“CFTC”) and a member of, and subject to audit by, the National Futures Association (“NFA”). OptionSellers is registered under a CFTC Rule 4.7 exemption for “qualified eligible persons,” which requires the account holders authorizing OptionSellers to act as their CTA to meet or exceed certain minimum financial requirements. OptionSellers, in its role as a CTA, had been granted by each of its clients full discretionary authority to manage the trading in the client accounts, while INTL FCStone Financial Inc. acted solely as the clearing firm in its role as the FCM. INTL FCStone Financial Inc.’s client agreements hold account holders liable for all losses in their accounts and obligate the account holders to reimburse INTL FCStone Financial Inc. for any account deficits in their accounts. As of December 31, 2019, the aggregate receivable from these client accounts, net of collections and other allowable deductions, was $29.0 million , with no individual account receivable exceeding $1.4 million . INTL FCStone Financial Inc. continues to pursue collection of these receivables and intends both to enforce and to defend its rights aggressively, and to claim interest and costs of collection where applicable. The Company has completed an assessment of the collectability of these accounts and has concluded that it does not have a sufficient basis to record an allowance against these uncollected balances. The assessment included the consideration of numerous arbitration proceedings the Company has initiated against these clients to recover deficit balances in their accounts. The Company believes it has a valid claim against its clients, based on the express language of the client contracts and legal precedent, and intends to pursue collection of these claims vigorously. As the Company moves through the collection and arbitration processes and additional information becomes available, the Company will continue to consider the need for an allowance against the carrying value of these uncollected balances. Additionally, INTL FCStone Financial Inc. has been named in arbitrations brought by clients seeking damages relating to the trading losses in these accounts. The Company believes that such cases are without merit and intends to defend them vigorously. The ultimate outcome of these arbitrations cannot presently be determined, however the Company believes the likelihood of a material adverse outcome is remote. Depending on future collections and arbitration proceedings, any provisions for bad debts and actual losses ultimately may or may not be material to the Company’s financial results. Currently, the Company does not believe that any potential losses related to this matter would impact its ability to comply with its ongoing liquidity, capital, and regulatory requirements. Legal Proceedings From time to time and in the ordinary course of business, the Company is involved in various legal actions and proceedings, including tort claims, contractual disputes, employment matters, workers’ compensation claims and collections. The Company carries insurance that provides protection against certain types of claims, up to the policy limits of the insurance. As of December 31, 2019 and September 30, 2019, the condensed consolidated balance sheets include loss contingency accruals which are not material, individually or in the aggregate, to the Company’s financial position or liquidity. In the opinion of management, possible exposure from loss contingencies in excess of the amounts accrued, is not likely to be material to the Company’s earnings, financial position or liquidity. There have been no material changes to the legal actions and proceedings compared to September 30, 2019. Contractual Commitments Self-Insurance The Company self-insures its costs related to medical and dental claims. The Company is self-insured, up to a stop loss amount, for eligible participating employees and retirees, and for qualified dependent medical and dental claims, subject to deductibles and limitations. As of December 31, 2019 , the Company had $1.0 million accrued for self-insured medical and dental claims included in ‘accounts payable and other accrued liabilities’ in the condensed consolidated balance sheet. |
Capital and Other Regulatory Re
Capital and Other Regulatory Requirements (Notes) | 3 Months Ended |
Dec. 31, 2019 | |
Capital and Other Regulatory Requirements [Abstract] | |
Regulatory Capital Requirements under Banking Regulations [Text Block] | Capital and Other Regulatory Requirements The Company’s activities are subject to significant governmental regulation, both in the United States and in the international jurisdictions in which it operates. The subsidiaries of the Company were in compliance with all of their regulatory requirements as of December 31, 2019. The following table details those subsidiaries with minimum regulatory requirements in excess of $5 million along with the actual balance maintained as of December 31, 2019. (in millions) As of December 31, 2019 Subsidiary Regulatory Authority Jurisdiction Requirement Type Actual Minimum Requirement INTL FCStone Financial Inc. SEC and CFTC United States Net capital $ 163.4 $ 96.2 INTL FCStone Financial Inc. CFTC United States Segregated funds $ 2,272.5 $ 2,215.7 INTL FCStone Financial Inc. CFTC United States Secured funds $ 166.6 $ 154.0 INTL FCStone Financial Inc. SEC United States Customer reserve $ 9.7 $ 9.1 INTL FCStone Ltd Financial Conduct Authority ("FCA") United Kingdom Net capital $ 270.6 $ 130.4 INTL FCStone Ltd FCA United Kingdom Segregated funds $ 381.9 $ 376.6 INTL FCStone Pte Ltd Monetary Authority of Singapore ("MAS") Singapore Segregated funds $ 271.4 $ 238.3 Certain other non-U.S. subsidiaries of the Company are also subject to capital adequacy requirements promulgated by authorities of the countries in which they operate. As of December 31, 2019 , these subsidiaries were in compliance with their local capital adequacy requirements. |
Other Expenses (Notes)
Other Expenses (Notes) | 3 Months Ended |
Dec. 31, 2019 | |
Other Expenses [Abstract] | |
Other Expenses [Text Block] | Other Expenses Other expenses for the three months ended December 31, 2019 and 2018 consisted of the following: Three Months Ended December 31, (in millions) 2019 2018 Insurance 1.0 0.8 Advertising, meetings and conferences 1.4 1.4 Office supplies and printing 0.4 0.5 Other clearing related expenses 0.8 0.4 Other non-income taxes 1.3 0.9 Other 2.6 2.5 Total other expenses $ 7.5 $ 6.5 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) (Notes) | 3 Months Ended |
Dec. 31, 2019 | |
Accumulated Other Comprehensive Income (Loss) [Abstract] | |
Comprehensive Income (Loss) Note [Text Block] | Accumulated Other Comprehensive Loss, Net Comprehensive income consists of net income and other gains and losses affecting stockholders’ equity that, under U.S. GAAP, are excluded from net income. Other comprehensive income includes net actuarial losses from defined benefit pension plans and foreign currency translation adjustments. The following table summarizes the changes in accumulated other comprehensive loss, net for the three months ended December 31, 2019 . (in millions) Foreign Currency Translation Adjustment Pension Benefits Adjustment Accumulated Other Comprehensive Loss, Net Balances as of September 30, 2019 $ (31.5 ) $ (3.3 ) $ (34.8 ) ASU 2018-02 cumulative transition adjustment $ — $ (0.7 ) $ (0.7 ) Adjusted Balances as of September 30, 2019 (31.5 ) (4.0 ) (35.5 ) Other comprehensive income 0.7 — 0.7 Balances as of December 31, 2019 $ (30.8 ) $ (4.0 ) $ (34.8 ) |
Income Taxes (Notes)
Income Taxes (Notes) | 3 Months Ended |
Dec. 31, 2019 | |
Income Taxes [Abstract] | |
Income Tax Disclosure [Text Block] | Income Taxes The income tax provision for interim periods is comprised of income tax on jurisdiction-level income (loss) figures provided at the most recent estimated annual effective income tax rate, adjusted for the income tax effect of discrete items. Management uses an estimated annual effective income tax rate based on the forecasted pretax income (loss) and statutory tax rates in the various jurisdictions in which it operates. The Company’s effective income tax rate differs from the U.S. statutory income tax rate primarily due to state and local taxes, global intangible low taxed income (“GILTI”), and differing statutory tax rates applied to the income of non-U.S. subsidiaries. The Company records the tax effect of certain discrete items, including the effects of changes in tax laws, tax rates and adjustments with respect to valuation allowances or other unusual or nonrecurring tax adjustments, in the interim period in which they occur, as an addition to, or reduction from, the income tax provision, rather than being included in the estimated effective annual income tax rate. In addition, jurisdictions with a projected loss for the year or a year-to-date loss where no income tax benefit can be recognized are excluded from the estimated annual effective income tax rate. The Company is required to assess its deferred tax assets and the need for a valuation allowance at each reporting period. This assessment requires judgment on the part of management with respect to benefits that may be realized. The Company will record a valuation allowance against deferred tax assets when it is considered more likely than not that all or a portion of the deferred tax assets will not be realized. Current and Prior Period Tax Expense Income tax expense of $5.4 million and $6.2 million for the three months ended December 31, 2019 and 2018 , respectively, reflects estimated federal, foreign, state and local income taxes. For the three months ended December 31, 2019 and 2018 , the Company’s effective tax rate was 24.9% and 25.4% , respectively. For the three months ended December 31, 2019 and 2018, the effective rate was higher than the U.S. federal statutory rate of 21% due to U.S. state and local taxes, GILTI, U.S. and foreign permanent differences, and the amount of foreign earnings taxed at higher tax rates. The estimated GILTI tax expense increased the effective rate approximately 1.5% and 2.0% for the three months ended December 31, 2019 and 2018, respectively. Further, the Company's effective tax rate decreased 3.0% and 0.1% for the three months ended December 31, 2019 and 2018, respectively, due to excess tax benefits on share-based compensation. Deferred income tax balances reflect the effects of temporary differences between the carrying amounts of assets and liabilities and their tax bases and are stated at enacted tax rates expected to be in effect when taxes are actually paid or recovered. As of December 31, 2019 and September 30, 2019, the Company has net operating loss carryforwards for U.S. federal, state, local, and foreign income tax purposes of $7.1 million , net of valuation allowances, which are available to offset future taxable income in these jurisdictions. The state and local net operating loss carryforwards of $5.6 million , net of valuation allowance, begin to expire after September 2020. INTL Asia Pte. Ltd. has a Singapore net operating loss carryforward of $0.2 million . This Singapore net operating loss has an indefinite carryforward and, in the judgment of management, is more likely than not to be realized. As a result of the Tax Cuts and Jobs Act of 2017, the alternative minimum tax (“AMT”) credit carryforward deferred tax asset has been reclassified to income taxes receivable. The Company can continue to utilize AMT credits to offset regular income tax liability in fiscal years 2020 through 2021. Any remaining amount is fully refundable by fiscal year 2022. In fiscal 2018, the Company generated $5.1 million in foreign tax credit carryforwards as part of the mandatory repatriation transition tax. These credits expire in fiscal year 2028. In the judgment of management, it is more likely than not that sufficient taxable income will be earned to utilize the foreign tax credit carryforwards within 10 years. The valuation allowance for deferred tax assets as of December 31, 2019 and September 30, 2019 was $8.5 million . The valuation allowances as of December 31, 2019 and September 30, 2019 were primarily related to U.S., state and local net operating loss carryforwards and foreign net operating loss carryforwards that, in the judgment of management, are not more likely than not to be realized. As of December 31, 2019 and September 30, 2019, the Company had accumulated undistributed earnings generated by its foreign subsidiaries of approximately $373.7 million and $383.5 million , respectively. The repatriation of these amounts would not be subject to U.S. federal income tax, but may be subject to applicable foreign withholding and state taxes in the relevant jurisdictions. T he Company does not intend to distribute earnings in a taxable manner, and therefore intends to limit distributions to earnings previously taxed in the U.S., or earnings that would qualify for the 100 percent dividends received deduction, and earnings that would not result in any significant foreign withholding or state taxes. The Company has repatriated $30.0 million and $13.0 million as of December 31, 2019 and September 30, 2019, respectively, of earnings previously taxed in the U.S. resulting in no significant incremental taxes upon repatriation. Therefore, the Company has not recognized a deferred tax liability on its investment in foreign subsidiaries. The Company and its subsidiaries file income tax returns with the U.S. federal and various U.S. state and local, as well as foreign jurisdictions. The Company has open tax years ranging from September 30, 2012 through September 30, 2019 with U.S. federal and state and local taxing authorities. The Company is currently under examination by the U.S. Internal Revenue Service for the 2016 tax year; however, no additional tax liability is expected. In the United Kingdom (“U.K.”), the Company has open tax years ending September 30, 2017 to September 30, 2019. The Company is currently under examination by HM Revenue and Customs in the UK for the 2017 tax year; however, no additional tax liability is expected. In Brazil, the Company has open tax years ranging from December 31, 2014 through December 31, 2019. In Argentina, the Company has open tax years ranging from September 30, 2012 to September 30, 2019. In Singapore, the Company has open tax years ranging from September 30, 2015 to September 30, 2019 and is currently under examination by the Inland Revenue Authority of Singapore for the year ended September 30, 2017; however, no additional tax liability is expected. |
Acquisitions Acquisitions (Note
Acquisitions Acquisitions (Notes) | 3 Months Ended |
Dec. 31, 2019 | |
Acquisitions (Notes) [Abstract] | |
Business Combination Disclosure [Text Block] | Note 18 - Acquisitions UOB Bullion and Futures Limited On March 19, 2019, the Company’s subsidiary INTL FCStone Pte Ltd executed an asset purchase agreement to acquire the futures and options brokerage and clearing business of UOB Bullion and Futures Limited, a subsidiary of United Overseas Bank Limited. Closing was conditional upon receiving regulatory approval by the Monetary Authority of Singapore (“MAS”). This acquisition provides the Company access to an established institutional client base and also augments the Company’s global service capabilities in Singapore. The purchase price for the acquired assets was $5.0 million of which $2.5 million was due upon the execution of the asset purchase agreement and the remaining $2.5 million was due to the seller upon the closing of the acquisition, which occurred on October 7, 2019. The Company acquired certain client base intangible assets and property and equipment in connection with the acquisition. The Company has engaged a third-party valuation specialist to assist with the valuation of the acquired assets. As of December 31, 2019, the valuation of the acquired assets was not yet complete as the Company continues to acquire the information necessary to complete the valuation analysis. As of December 31, 2019, given the status of the valuation analysis, $0.7 million of the purchase price was allocated to the net book value of the property and equipment acquired and the excess consideration of $4.3 million was recorded as goodwill. Once the valuation analysis is complete, the Company will record measurement period adjustments to reclassify a portion of the purchase price recorded to goodwill to the fair value of the identifiable intangible assets acquired and to adjust the property and equipment to its fair market value on the acquisition date. The initial purchase price allocation resulted in the recognition of certain futures and options on futures client account balances of approximately $295.8 million as of the acquisition date, which was recorded within ‘payables to clients’ on the condensed consolidated balance sheet, and an equal and offsetting amount of assets. The business acquired has been assigned to the Company’s Clearing and Execution reportable segment. Quest Capital In August 2019, the Company’s subsidiary, SA Stone Wealth Management, executed an asset purchase agreement to acquire certain client accounts of Quest Capital Strategies, Inc. The asset purchase agreement was subject to FINRA approval and other conditions of closing. FINRA approval was obtained and the other conditions of closing were fulfilled with the closing of the transaction occurring on December 9, 2019. The cash purchase price for the acquired client accounts is equal to an amount not to exceed $1.7 million , which is reflected in an escrow account within ‘Other assets’ on the condensed consolidated balance sheet as of December 31, 2019. The final cash purchase price is dependent upon the value of the client accounts ultimately transferred to the Company following a conversion period of 60 days. This transaction will be accounted for as an asset acquisition at cost following the completion of the conversion period. Tellimer In December 2019, the Company executed a definitive purchase agreement to acquire the brokerage businesses of Tellimer Group (“Tellimer”). This transaction will involve the stock purchase of 100% of Exotix Partners, LLP, based in the U.K., the stock purchase of 100% of Tellimer Capital Ltd based in Nigeria, and the acquisition of the broking business assets of Tellimer Markets, Inc. based in the U.S. The closing of this transaction is subject to limited conditions including regulatory approval in the relevant jurisdictions. The purchase price will be equal to net tangible book value upon closing. |
Segment Analysis (Notes)
Segment Analysis (Notes) | 3 Months Ended |
Dec. 31, 2019 | |
Segment Analysis [Abstract] | |
Segment Reporting Disclosure [Text Block] | Segment Analysis The Company reports its operating segments based on services provided to clients. The Company’s business activities are managed as operating segments and organized into reportable segments as follows: • Commercial Hedging (includes components Financial Agricultural (“Ag”) & Energy and LME Metals) • Global Payments • Securities (includes components Equity Capital Markets, Debt Capital Markets and Asset Management) • Physical Commodities (includes components Precious Metals and Physical Ag & Energy) • Clearing and Execution Services (includes components Exchange-Traded Futures & Options, FX Prime Brokerage, Correspondent Clearing, Independent Wealth Management, and Derivative Voice Brokerage) The total revenues reported combine gross revenues for the physical commodities business for subsidiaries that are not broker-dealers and net revenues for all other businesses. In order to reflect the way that the Company’s management views the results, the table below also reflects the segment contribution to ‘operating revenues’, which is shown on the face of the condensed consolidated income statements and which is calculated by deducting physical commodities cost of sales from total revenues. Segment data includes the profitability measure of net contribution by segment. Net contribution is one of the key measures used by management to assess the performance of each segment and for decisions regarding the allocation of the Company’s resources. Net contribution is calculated as revenue less direct cost of sales, transaction-based clearing expenses, variable compensation, introducing broker commissions, and interest expense. Variable compensation paid to risk management consultants/traders generally represents a fixed percentage of revenues generated, and in some cases, revenues generated less transaction-based clearing expenses, base salaries and an overhead allocation. Segment data also includes segment income which is calculated as net contribution less non-variable direct expenses of the segment. These non-variable direct expenses include trader base compensation and benefits, operational employee compensation and benefits, communication and data services, business development, professional fees, bad debt expense and other direct expenses. Inter-segment revenues, expenses, receivables and payables are eliminated upon consolidation, except revenues and expenses related to foreign currency transactions undertaken on an arm’s length basis by the foreign exchange trading business for the securities business. The foreign exchange trading business competes for this business as it does any other business. If its rates are not competitive, the securities businesses buy or sell their foreign currency through other market participants. On a recurring basis, the Company sweeps excess cash from certain U.S. operating segments to a centralized corporate treasury function in exchange for an intercompany receivable asset. The intercompany receivable asset is eliminated during consolidation, and therefore this practice may impact reported total assets between segments. Information for the reportable segments is shown in accordance with the Segment Reporting Topic of the ASC as follows Three Months Ended December 31, (in millions) 2019 2018 Total revenues: Commercial Hedging $ 69.7 $ 59.8 Global Payments 31.4 29.7 Securities 81.1 69.0 Physical Commodities 10,988.3 6,301.8 Clearing and Execution Services 75.9 95.2 Corporate Unallocated 5.2 2.9 Eliminations (6.6 ) (6.2 ) Total $ 11,245.0 $ 6,552.2 Operating revenues: Commercial Hedging $ 69.7 $ 59.8 Global Payments 31.4 29.7 Securities 81.1 69.0 Physical Commodities 20.1 14.3 Clearing and Execution Services 75.9 95.2 Corporate Unallocated 5.2 2.9 Eliminations (6.6 ) (6.2 ) Total $ 276.8 $ 264.7 Net operating revenues (loss): Commercial Hedging $ 54.4 $ 45.3 Global Payments 29.8 28.4 Securities 43.1 32.1 Physical Commodities 15.9 10.4 Clearing and Execution Services 30.0 37.5 Corporate Unallocated (2.7 ) (4.7 ) Total $ 170.5 $ 149.0 Net contribution: (Revenues less cost of sales of physical commodities, transaction-based clearing expenses, variable compensation, introducing broker commissions and interest expense) Commercial Hedging $ 38.8 $ 30.6 Global Payments 23.8 23.1 Securities 27.4 21.8 Physical Commodities 11.3 7.1 Clearing and Execution Services 24.5 29.7 Total $ 125.8 $ 112.3 Segment income: (Net contribution less non-variable direct segment costs) Commercial Hedging $ 21.5 $ 13.3 Global Payments 18.9 18.6 Securities 16.7 16.0 Physical Commodities 7.6 5.9 Clearing and Execution Services 11.1 17.7 Total $ 75.8 $ 71.5 Reconciliation of segment income to income before tax: Segment income $ 75.8 $ 71.5 Net costs not allocated to operating segments 54.2 47.1 Other gain 0.1 — Income before tax $ 21.7 $ 24.4 (in millions) As of December 31, 2019 As of September 30, 2019 Total assets: Commercial Hedging $ 1,991.5 $ 2,041.0 Global Payments 257.8 278.3 Securities 5,296.6 5,219.1 Physical Commodities 392.6 357.8 Clearing and Execution Services 2,023.3 1,892.1 Corporate Unallocated 167.5 147.8 Total $ 10,129.3 $ 9,936.1 |
Subsequent Events Subsequent Ev
Subsequent Events Subsequent Events (Notes) | 3 Months Ended |
Dec. 31, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | Note 20 – Subsequent Event s On January 2, 2020, the Company’s wholly owned subsidiary, INTL Netherlands B.V., executed and closed on a stock purchase agreement to acquire 100% of IFCM Commodities GmbH (“IFCM”) based in Germany. IFCM specializes in providing commodity price risk management solutions for base metals serving clients across Germany and continental Europe and historically introduced clients to INTL FCStone Ltd. This purchase is part of the Company’s overall strategic plan to expand the Company’s footprint in Germany and continental Europe in order to handle European clients and regional metals business following Brexit. The purchase price is equal to net tangible book value upon closing plus a premium of approximately $2.2 million . In January 2020, the Company’s wholly owned subsidiary, INTL FCStone Ltd, executed a stock purchase agreement to acquire 100% of GIROXX Gmbh based in Germany. Through its digital platform, GIROXX Gmbh provides online payment and foreign exchange hedging services to small and medium sized enterprises in Germany, Austria and Switzerland. The Company offers a wide range of financial services including advisory and execution services in commodities, which will be offered to GIROXX’s corporate client base. This purchase completes a series of acquisitions and restructuring to ensure that all clients of the Company are secure with their continuity of service and market access following Brexit. The closing of the transaction is conditional upon the approval of financial services regulators in Germany. The estimated purchase price is approximately $4.5 million . |
Basis of Presentation and Con_2
Basis of Presentation and Consolidation and Recently Issued Accounting Standards (Policies) | 3 Months Ended |
Dec. 31, 2019 | |
Basis of Presentation and Consolidation [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | The accompanying unaudited condensed consolidated balance sheet as of September 30, 2019 , which has been derived from the audited consolidated balance sheet of September 30, 2019 , and the unaudited interim condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and disclosures normally included in annual consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) have been condensed or omitted pursuant to those rules and regulations. The Company believes that the disclosures made are adequate to make the information presented not misleading. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation of the condensed consolidated financial statements for the interim periods presented have been reflected as required by Rule 10-01 of Regulation S-X. Operating results for interim periods are not necessarily indicative of the results that may be expected for the full year. These interim condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and related notes contained in the Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2019 filed with the SEC. |
Consolidation, Policy [Policy Text Block] | These condensed consolidated financial statements include the accounts of INTL FCStone Inc. and all other entities in which the Company has a controlling financial interest. All material intercompany transactions and balances have been eliminated in consolidation. |
Fiscal Period, Policy [Policy Text Block] | The Company’s fiscal year end is September 30, and the fiscal quarters end on December 31, March 31, June 30 and September 30. Unless otherwise stated, all dates refer to fiscal years and fiscal interim periods. |
Use of Estimates, Policy [Policy Text Block] | The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent liabilities as of the date of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. The most significant of these estimates and assumptions relate to fair value measurement for financial instruments and investments, revenue recognition, the provision for bad debts, valuation of inventories, valuation of goodwill and intangible assets, incomes taxes, and contingencies. Although these and other estimates and assumptions are based on the best available information, actual results could be materially different from these estimates. |
Reclassification, Policy [Policy Text Block] | |
New Accounting Pronouncement or Change in Accounting Principle, Description | Accounting Standards Adopted In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-02, Leases (Topic 842). This update requires a lessee to recognize on the balance sheet a liability to make lease payments and a corresponding right-of-use asset. The guidance also requires certain qualitative and quantitative disclosures about the amount, timing and uncertainty of cash flows arising from leases. In July 2018, the FASB issued ASU 2018-10, Codification Improvements to Topic 842, Leases and ASU 2018-11, Leases (Topic 842) Targeted Improvements. In March 2019, the FASB issued ASU 2019-01, Leases (Topic 842) Codification Improvements. Among other things, this updated guidance provides an optional transition method, which allows for the initial application of the new accounting standard at the adoption date and the recognition of a cumulative-effect adjustment to the opening balance of retained earnings as of the beginning of the period of adoption. The Company adopted the new ASUs on October 1, 2019, using the effective date modified retrospective transition approach and has not restated comparative periods. The Company elected the package of practical expedients permitted under the transition guidance within the new standard, which among other things, allowed the Company to not reassess contracts to determine if they contain leases, lease classification and initial direct costs. The Company’s application of the new standard resulted in changes to the condensed consolidated balance sheet but did not have an impact on the condensed consolidated income statement. See Note 2 for more information. In February 2018, the FASB issued ASU 2018-02, Income Statement – Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. The amendments in this updated standard allow a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act of 2017. The Company adopted this standard on October 1, 2019 and, as a result, recorded a $0.7 million reclassification between accumulated other comprehensive loss, net and retained earnings. |
Earnings per Share (Policies)
Earnings per Share (Policies) | 3 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Share, Potentially Dilutive Securities | The Company presents basic and diluted earnings per share (“EPS”) using the two-class method which requires all outstanding unvested share-based payment awards that contain rights to non-forfeitable dividends and therefore participate in undistributed earnings with common stockholders be included in computing earnings per share. Under the two-class method, net income is reduced by the amount of dividends declared in the period for each class of common stock and participating security. The remaining undistributed earnings are then allocated to common stock and participating securities, based on their respective rights to receive dividends. Restricted stock awards granted to certain employees and directors contain non-forfeitable rights to dividends at the same rate as common stock and are considered participating securities. Basic EPS has been computed by dividing net income by the weighted-average number of common shares outstanding. |
Income Taxes (Policies)
Income Taxes (Policies) | 3 Months Ended |
Dec. 31, 2019 | |
Income Taxes [Abstract] | |
Income Tax, Policy [Policy Text Block] | Note 17 – Income Taxes The income tax provision for interim periods is comprised of income tax on jurisdiction-level income (loss) figures provided at the most recent estimated annual effective income tax rate, adjusted for the income tax effect of discrete items. Management uses an estimated annual effective income tax rate based on the forecasted pretax income (loss) and statutory tax rates in the various jurisdictions in which it operates. The Company’s effective income tax rate differs from the U.S. statutory income tax rate primarily due to state and local taxes, global intangible low taxed income (“GILTI”), and differing statutory tax rates applied to the income of non-U.S. subsidiaries. The Company records the tax effect of certain discrete items, including the effects of changes in tax laws, tax rates and adjustments with respect to valuation allowances or other unusual or nonrecurring tax adjustments, in the interim period in which they occur, as an addition to, or reduction from, the income tax provision, rather than being included in the estimated effective annual income tax rate. In addition, jurisdictions with a projected loss for the year or a year-to-date loss where no income tax benefit can be recognized are excluded from the estimated annual effective income tax rate. The Company is required to assess its deferred tax assets and the need for a valuation allowance at each reporting period. This assessment requires judgment on the part of management with respect to benefits that may be realized. The Company will record a valuation allowance against deferred tax assets when it is considered more likely than not that all or a portion of the deferred tax assets will not be realized. Current and Prior Period Tax Expense Income tax expense of $5.4 million and $6.2 million for the three months ended December 31, 2019 and 2018 , respectively, reflects estimated federal, foreign, state and local income taxes. For the three months ended December 31, 2019 and 2018 , the Company’s effective tax rate was 24.9% and 25.4% , respectively. For the three months ended December 31, 2019 and 2018, the effective rate was higher than the U.S. federal statutory rate of 21% due to U.S. state and local taxes, GILTI, U.S. and foreign permanent differences, and the amount of foreign earnings taxed at higher tax rates. The estimated GILTI tax expense increased the effective rate approximately 1.5% and 2.0% for the three months ended December 31, 2019 and 2018, respectively. Further, the Company's effective tax rate decreased 3.0% and 0.1% for the three months ended December 31, 2019 and 2018, respectively, due to excess tax benefits on share-based compensation. Deferred income tax balances reflect the effects of temporary differences between the carrying amounts of assets and liabilities and their tax bases and are stated at enacted tax rates expected to be in effect when taxes are actually paid or recovered. As of December 31, 2019 and September 30, 2019, the Company has net operating loss carryforwards for U.S. federal, state, local, and foreign income tax purposes of $7.1 million , net of valuation allowances, which are available to offset future taxable income in these jurisdictions. The state and local net operating loss carryforwards of $5.6 million , net of valuation allowance, begin to expire after September 2020. INTL Asia Pte. Ltd. has a Singapore net operating loss carryforward of $0.2 million . This Singapore net operating loss has an indefinite carryforward and, in the judgment of management, is more likely than not to be realized. As a result of the Tax Cuts and Jobs Act of 2017, the alternative minimum tax (“AMT”) credit carryforward deferred tax asset has been reclassified to income taxes receivable. The Company can continue to utilize AMT credits to offset regular income tax liability in fiscal years 2020 through 2021. Any remaining amount is fully refundable by fiscal year 2022. In fiscal 2018, the Company generated $5.1 million in foreign tax credit carryforwards as part of the mandatory repatriation transition tax. These credits expire in fiscal year 2028. In the judgment of management, it is more likely than not that sufficient taxable income will be earned to utilize the foreign tax credit carryforwards within 10 years. The valuation allowance for deferred tax assets as of December 31, 2019 and September 30, 2019 was $8.5 million . The valuation allowances as of December 31, 2019 and September 30, 2019 were primarily related to U.S., state and local net operating loss carryforwards and foreign net operating loss carryforwards that, in the judgment of management, are not more likely than not to be realized. As of December 31, 2019 and September 30, 2019, the Company had accumulated undistributed earnings generated by its foreign subsidiaries of approximately $373.7 million and $383.5 million , respectively. The repatriation of these amounts would not be subject to U.S. federal income tax, but may be subject to applicable foreign withholding and state taxes in the relevant jurisdictions. T he Company does not intend to distribute earnings in a taxable manner, and therefore intends to limit distributions to earnings previously taxed in the U.S., or earnings that would qualify for the 100 percent dividends received deduction, and earnings that would not result in any significant foreign withholding or state taxes. The Company has repatriated $30.0 million and $13.0 million as of December 31, 2019 and September 30, 2019, respectively, of earnings previously taxed in the U.S. resulting in no significant incremental taxes upon repatriation. Therefore, the Company has not recognized a deferred tax liability on its investment in foreign subsidiaries. The Company and its subsidiaries file income tax returns with the U.S. federal and various U.S. state and local, as well as foreign jurisdictions. The Company has open tax years ranging from September 30, 2012 through September 30, 2019 with U.S. federal and state and local taxing authorities. The Company is currently under examination by the U.S. Internal Revenue Service for the 2016 tax year; however, no additional tax liability is expected. In the United Kingdom (“U.K.”), the Company has open tax years ending September 30, 2017 to September 30, 2019. The Company is currently under examination by HM Revenue and Customs in the UK for the 2017 tax year; however, no additional tax liability is expected. In Brazil, the Company has open tax years ranging from December 31, 2014 through December 31, 2019. In Argentina, the Company has open tax years ranging from September 30, 2012 to September 30, 2019. In Singapore, the Company has open tax years ranging from September 30, 2015 to September 30, 2019 and is currently under examination by the Inland Revenue Authority of Singapore for the year ended September 30, 2017; however, no additional tax liability is expected. |
Leases Operating Lease Select I
Leases Operating Lease Select Information (Tables) | 3 Months Ended |
Dec. 31, 2019 | |
Lessee, Lease, Description [Line Items] | |
Lease, Cost [Table Text Block] | Operating lease costs (1) $ 3.5 Lease term and discount rate information: Weighted average remaining lease term (years) 4.39 Weighted average discount rate 5.1 % Supplemental cash flow information and non-cash activity: Cash paid for amounts included in the measurement of operating lease liabilities $ 2.7 Right-of-use assets obtained in exchange for operating lease liabilities $ 34.6 |
Leases Operating Lease Liabilit
Leases Operating Lease Liability Maturities (Tables) | 3 Months Ended |
Dec. 31, 2019 | |
Operating Lease Liabilities Maturities [Abstract] | |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Remainder of 2020 $ 8.5 2021 10.4 2022 7.7 2023 6.2 2024 4.4 After 2024 3.0 Total lease payments (1) 40.2 Less: interest 4.0 Present value of lease liabilities $ 36.2 |
Lessee, Operating Lease, Disclosure [Table Text Block] | 2020 11.2 2021 9.9 2022 7.5 2023 6.2 2024 5.8 Thereafter 2.6 43.2 |
Revenue from Contracts with C_2
Revenue from Contracts with Clients Disaggregation of Revenues Table (Tables) | 3 Months Ended |
Dec. 31, 2019 | |
Disaggregation of Revenue [Line Items] | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended December 31, 2019 2018 Revenues from contracts with clients: Commission and clearing fees: Sales-based: Exchange-traded futures and options $ 32.4 $ 39.1 OTC derivative brokerage 5.5 8.9 Equities and fixed income 4.3 1.1 Mutual funds 1.3 2.6 Insurance and annuity products 2.1 1.5 Other 0.3 0.2 Total sales-based commission 45.9 53.4 Trailing: Mutual funds 3.1 3.2 Insurance and annuity products 3.7 3.7 Total trailing commission 6.8 6.9 Clearing fees 29.5 32.6 Trade conversion fees 1.5 1.6 Other 3.5 2.9 Total commission and clearing fees: 87.2 97.4 Consulting, management, and account fees: Underwriting fees 0.2 0.3 Asset management fees 7.5 6.2 Advisory and consulting fees 5.6 5.0 Sweep program fees 4.0 3.8 Client account fees 3.0 2.7 Other 1.0 1.1 Total consulting, management, and account fees 21.3 19.1 Total revenues from contracts with clients $ 108.5 $ 116.5 Method of revenue recognition: Point-in-time $ 84.6 $ 94.6 Time elapsed 23.9 21.9 Total revenues from contracts with clients 108.5 116.5 Other sources of revenues Physical precious metals trading 10,658.0 5,955.6 Physical agricultural and energy product trading 320.0 340.2 Principal gains, net 112.5 94.9 Interest income 46.0 45.0 Total revenues $ 11,245.0 $ 6,552.2 Primary geographic region: United States $ 512.3 $ 527.0 Europe 111.6 53.3 South America 15.2 11.4 Middle East and Asia 10,605.5 5,958.7 Other 0.4 1.8 Total revenues $ 11,245.0 $ 6,552.2 |
Earnings per Share (Tables)
Earnings per Share (Tables) | 3 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of Calculation of Numerator and Denominator in Earnings Per Share [Table Text Block] | Basic EPS has been computed by dividing net income by the weighted-average number of common shares outstanding. The following is a reconciliation of the numerator and denominator of the diluted earnings per share computations for the periods presented below. Three Months Ended December 31, (in millions, except share amounts) 2019 2018 Numerator: Net income $ 16.3 $ 18.2 Less: Allocation to participating securities (0.3 ) (0.3 ) Net income allocated to common stockholders $ 16.0 $ 17.9 Denominator: Weighted average number of: Common shares outstanding 18,750,270 18,659,748 Dilutive potential common shares outstanding: Share-based awards 324,292 333,298 Diluted weighted-average common shares 19,074,562 18,993,046 |
Assets and Liabilities, at Fa_2
Assets and Liabilities, at Fair Value (Tables) | 3 Months Ended |
Dec. 31, 2019 | |
Assets and Liabilities, at Fair Value [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | The following tables set forth the Company’s financial and nonfinancial assets and liabilities accounted for at fair value, on a recurring basis, as of December 31, 2019 by level in the fair value hierarchy. December 31, 2019 (in millions) Level 1 Level 2 Level 3 Netting (1) Total Assets: Certificates of deposit $ 6.9 $ — $ — $ — $ 6.9 Money market mutual funds 7.9 — — — 7.9 Cash and cash equivalents 14.8 — — — 14.8 Commodities warehouse receipts 6.7 — — — 6.7 U.S. Treasury obligations 299.7 — — — 299.7 Securities and other assets segregated under federal and other regulations 306.4 — — — 306.4 U.S. Treasury obligations 548.0 — — — 548.0 "To be announced" (TBA) and forward settling securities — 5.9 — (0.5 ) 5.4 Foreign government obligations 10.3 — — — 10.3 Derivatives 1,620.1 38.1 — (1,591.1 ) 67.1 Deposits with and receivables from broker-dealers, clearing organizations and counterparties, net 2,178.4 44.0 — (1,591.6 ) 630.8 Equity securities 178.9 15.3 — — 194.2 Corporate and municipal bonds — 69.8 — — 69.8 U.S. Treasury obligations 226.6 — — — 226.6 U.S. government agency obligations — 273.3 — — 273.3 Foreign government obligations 0.6 — — — 0.6 Agency mortgage-backed obligations — 1,253.1 — — 1,253.1 Asset-backed obligations — 16.5 — — 16.5 Derivatives 1.7 449.3 — (363.8 ) 87.2 Commodities leases — 29.9 — — 29.9 Commodities warehouse receipts 12.2 — — — 12.2 Exchange firm common stock 12.1 — — — 12.1 Mutual funds and other 1.9 — — — 1.9 Financial instruments owned 434.0 2,107.2 — (363.8 ) 2,177.4 Physical commodities inventory, net 24.1 176.4 — — 200.5 Total assets at fair value $ 2,957.7 $ 2,327.6 $ — $ (1,955.4 ) $ 3,329.9 Liabilities: Accounts payable and other accrued liabilities - contingent liabilities — — 1.8 — 1.8 TBA and forward settling securities — 4.4 — (0.5 ) 3.9 Derivatives 1,556.1 67.2 — (1,623.0 ) 0.3 Payable to broker-dealers, clearing organizations and counterparties 1,556.1 71.6 — (1,623.5 ) 4.2 Equity securities 164.2 2.0 — — 166.2 Foreign government obligations 2.2 — — — 2.2 Corporate and municipal bonds — 31.8 — — 31.8 U.S. Treasury obligations 219.5 — — — 219.5 U.S. government agency obligations — 38.9 — — 38.9 Derivatives — 463.9 — (384.3 ) 79.6 Commodities leases — 128.2 — — 128.2 Financial instruments sold, not yet purchased 385.9 664.8 — (384.3 ) 666.4 Total liabilities at fair value $ 1,942.0 $ 736.4 $ 1.8 $ (2,007.8 ) $ 672.4 (1) Represents cash collateral and the impact of netting across the levels of the fair value hierarchy. Netting among positions classified within the same level is included in that level. The following table sets forth the Company’s financial and nonfinancial assets and liabilities accounted for at fair value, on a recurring basis, as of September 30, 2019 by level in the fair value hierarchy. September 30, 2019 (in millions) Level 1 Level 2 Level 3 Netting (1) Total Assets: Certificates of deposit $ 4.9 $ — $ — $ — $ 4.9 Money market funds 8.9 — — — 8.9 Cash and cash equivalents - certificates of deposit 13.8 — — — 13.8 Commodities warehouse receipts 6.2 — — — 6.2 U.S. Treasury obligations 299.8 — — — 299.8 Securities and other assets segregated under federal and other regulations 306.0 — — — 306.0 U.S. Treasury obligations 593.9 — — — 593.9 TBA and forward settling securities — 9.8 — (1.5 ) 8.3 Foreign government obligations 9.9 — — — 9.9 Derivatives 3,131.2 43.2 — (3,159.6 ) 14.8 Deposits with and receivables from broker-dealers, clearing organizations and counterparties, net 3,735.0 53.0 — (3,161.1 ) 626.9 Equity securities 159.5 9.0 — — 168.5 Corporate and municipal bonds — 80.0 — — 80.0 U.S. Treasury obligations 248.7 — — — 248.7 U.S. government agency obligations — 447.1 — — 447.1 Foreign government obligations 0.5 — — — 0.5 Agency mortgage-backed obligations — 1,045.0 — — 1,045.0 Asset-backed obligations — 29.1 — — 29.1 Derivatives 1.0 486.3 — (420.8 ) 66.5 Commodities leases — 28.6 — — 28.6 Commodities warehouse receipts 48.4 — — — 48.4 Exchange firm common stock 12.7 — — — 12.7 Mutual funds and other 0.1 — — — 0.1 Financial instruments owned 470.9 2,125.1 — (420.8 ) 2,175.2 Physical commodities inventory, net 7.1 144.8 — — 151.9 Total assets at fair value $ 4,532.8 $ 2,322.9 $ — $ (3,581.9 ) $ 3,273.8 Liabilities: Accounts payable and other accrued liabilities - contingent liabilities $ — $ — $ 1.8 $ — $ 1.8 TBA and forward settling securities — 6.8 — (1.5 ) 5.3 Derivatives 3,079.1 38.3 — (3,117.1 ) 0.3 Payable to broker-dealers, clearing organizations and counterparties 3,079.1 45.1 — (3,118.6 ) 5.6 Equity securities 147.3 10.8 — — 158.1 Corporate and municipal bonds — 39.2 — — 39.2 U.S. Treasury obligations 272.3 — — — 272.3 U.S. government agency obligations — 43.8 — — 43.8 Agency mortgage-backed obligations — 29.6 — — 29.6 Derivatives — 480.3 — (422.2 ) 58.1 Commodities leases — 113.7 — — 113.7 Financial instruments sold, not yet purchased 419.6 717.4 — (422.2 ) 714.8 Total liabilities at fair value $ 3,498.7 $ 762.5 $ 1.8 $ (3,540.8 ) $ 722.2 (1) Represents cash collateral and the impact of netting across the levels of the fair value hierarchy. Netting among positions classified within the same level is included in that level. |
Financial Instruments with Of_2
Financial Instruments with Off-Balance Sheet Risk and Concentrations of Credit Risk (Tables) | 3 Months Ended |
Dec. 31, 2019 | |
Financial Instruments with Off-Balance Sheet Risk and Concentrations of Credit Risk [Abstract] | |
Schedule of Derivative Instruments [Table Text Block] | Listed below are the fair values of the Company’s derivative assets and liabilities as of December 31, 2019 and September 30, 2019 . Assets represent net unrealized gains and liabilities represent net unrealized losses. December 31, 2019 September 30, 2019 (in millions) Assets (1) Liabilities (1) Assets (1) Liabilities (1) Derivative contracts not accounted for as hedges: Exchange-traded commodity derivatives $ 1,109.3 $ 1,122.6 $ 1,437.1 $ 1,463.4 OTC commodity derivatives 219.5 284.0 84.2 106.2 Exchange-traded foreign exchange derivatives 5.9 11.3 36.9 33.5 OTC foreign exchange derivatives 235.2 212.8 403.2 368.8 Exchange-traded interest rate derivatives 309.6 292.8 900.1 882.0 OTC interest rate derivatives 32.7 34.3 42.1 43.6 Exchange-traded equity index derivatives 197.0 129.4 758.1 700.2 TBA and forward settling securities 5.9 4.4 9.8 6.8 Gross fair value of derivative contracts 2,115.1 2,091.6 3,671.5 3,604.5 Impact of netting and collateral (1,955.4 ) (2,007.8 ) (3,581.9 ) (3,540.8 ) Total fair value included in 'Deposits with and receivables from broker-dealers, clearing organizations, and counterparties, net' $ 72.5 $ 23.1 Total fair value included in 'Financial instruments owned, at fair value $ 87.2 $ 66.5 Total fair value included in 'Payables to broker-dealers, clearing organizations and counterparties $ 4.2 $ 5.6 Fair value included in 'Financial instruments sold, not yet purchased, at fair value' $ 79.6 $ 58.1 (1) As of December 31, 2019 and September 30, 2019 , the Company’s derivative contract volume for open positions were approximately 8.1 million and 10.6 million contracts, respectively. The Company’s derivative contracts are principally held in its Commercial Hedging and Clearing and Execution Services segments. The Company assists its Commercial Hedging segment clients in protecting the value of their future production by entering into option or forward agreements with them on an OTC basis. The Company also provides its Commercial Hedging segment clients with option products, including combinations of buying and selling puts and calls. The Company mitigates its risk by offsetting the client’s transaction simultaneously with one of the Company’s trading counterparties or with a similar but not identical exchange-traded position. The risk mitigation of these offsetting trades is not within the documented hedging designation requirements of Topic 815. These derivative contracts are traded along with cash transactions because of the integrated nature of the markets for these products. The Company manages the risks associated with derivatives on an aggregate basis along with the risks associated with its proprietary trading and market-making activities in cash instruments as part of its firm-wide risk management policies. In particular, the risks related to derivative positions may be partially offset by inventory, unrealized gains in inventory or cash collateral paid or received. The Company has derivative instruments, which consist of TBA securities and forward settling transactions that are used to manage risk exposures in the trading inventory of the Company’s domestic institutional fixed income business. The fair value on these transactions are recorded in ‘deposits with and receivables from or payables to broker-dealers, clearing organizations and counterparties, net’. Realized and unrealized gains and losses on securities and derivative transactions are reflected in ‘principal gains, net’. As of December 31, 2019 and September 30, 2019 , these transactions are summarized as follows: December 31, 2019 September 30, 2019 (in millions) Gain / (Loss) Notional Amounts Gain / (Loss) Notional Amounts Unrealized gain on TBA securities purchased within deposits with and receivables from broker-dealers, clearing organizations and counterparties, net and related notional amounts $ 2.5 $ 1,283.0 $ 3.7 $ 1,778.4 Unrealized loss on TBA securities purchased within deposits with and receivables from broker-dealers, clearing organizations and counterparties, net and related notional amounts $ (0.1 ) $ 174.1 $ (0.6 ) $ 234.5 Unrealized gain on TBA securities sold within payables to broker-dealers, clearing organizations and counterparties and related notional amounts $ 0.4 $ (280.1 ) $ 0.9 $ (451.6 ) Unrealized loss on TBA securities sold within payables to broker-dealers, clearing organizations and counterparties and related notional amounts $ (3.7 ) $ (2,182.9 ) $ (5.9 ) $ (2,788.0 ) Unrealized loss on forward settling securities purchased within payables to broker-dealers, clearing organizations and counterparties and related notional amounts $ (0.6 ) $ 406.7 $ (0.3 ) $ 1,243.5 Unrealized gain on forward settling securities sold within deposits with and receivables from broker-dealers, clearing organizations and counterparties, net and related notional amounts $ 3.0 $ (294.4 ) $ 5.2 $ (581.2 ) (1) The notional amounts of these instruments reflect the extent of the Company's involvement in TBA and forward settling securities and do not represent risk of loss due to counterparty non-performance. |
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Table Text Block] | The following table sets forth the Company’s net gains from derivative contracts for the three months ended December 31, 2019 and 2018 in accordance with Topic 815. The net gains set forth below are included in ‘Cost of sales of physical commodities’ and ‘principal gains, net’ in the condensed consolidated income statements. Three Months Ended December 31, (in millions) 2019 2018 Commodities $ 18.2 $ 8.1 Foreign exchange 2.2 1.9 Interest rate and equity (0.4 ) (3.3 ) TBA and forward settling securities (0.9 ) (9.3 ) Net gains from derivative contracts $ 19.1 $ (2.6 ) |
Physical Commodities Inventor_2
Physical Commodities Inventory Physical Commodities Table (Tables) | 3 Months Ended |
Dec. 31, 2019 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | (in millions) December 31, September 30, Physical Ag & Energy (1) $ 176.4 $ 144.8 Precious metals - held by broker-dealer subsidiary (2) 24.1 7.1 Precious metals - held by non-broker-dealer subsidiaries (3) 49.2 77.4 Physical commodities inventory $ 249.7 $ 229.3 |
Goodwill (Tables)
Goodwill (Tables) | 3 Months Ended |
Dec. 31, 2019 | |
Goodwill [Abstract] | |
Schedule of Goodwill [Table Text Block] | The carrying value of goodwill is allocated to the Company’s operating segments as follows: (in millions) December 31, September 30, Commercial Hedging $ 30.3 $ 30.3 Global Payments 7.6 7.6 Securities 8.7 8.7 Physical Commodities 4.6 4.6 Clearing and Execution 4.3 — Goodwill $ 55.5 $ 51.2 |
Intangible Assets - (Tables)
Intangible Assets - (Tables) | 3 Months Ended |
Dec. 31, 2019 | |
Intangible Assets [Abstract] | |
Schedule of Finite and Indefinite-Lived Intangible Assets [Table Text Block] | The gross and net carrying values of intangible assets as of the balance sheet dates, by major intangible asset class are as follows (in millions): December 31, 2019 September 30, 2019 Gross Amount Accumulated Amortization Net Amount Gross Amount Accumulated Amortization Net Amount Intangible assets subject to amortization: Software programs/platforms $ 5.3 $ (3.1 ) $ 2.2 $ 5.3 $ (3.0 ) $ 2.3 Client base 22.1 (13.1 ) 9.0 22.1 (12.5 ) 9.6 Total intangible assets subject to amortization: 27.4 (16.2 ) 11.2 27.4 (15.5 ) 11.9 Intangible assets not subject to amortization: Website domains 2.1 — 2.1 2.1 — 2.1 Business licenses 2.7 — 2.7 2.7 — 2.7 Total intangible assets not subject to amortization: 4.8 — 4.8 4.8 — 4.8 Total intangible assets $ 32.2 $ (16.2 ) $ 16.0 $ 32.2 $ (15.5 ) $ 16.7 |
Schedule of Expected Amortization Expense [Table Text Block] | Amortization expense related to intangible assets was $0.7 million and $0.6 million for the three months ended December 31, 2019 and 2018 , respectively. As of December 31, 2019 , the estimated future amortization expense was as follows: (in millions) Fiscal 2020 (remaining nine months) $ 2.2 Fiscal 2021 2.9 Fiscal 2022 1.6 Fiscal 2023 1.4 Fiscal 2024 and thereafter 3.1 Total intangible assets subject to amortization $ 11.2 |
Credit Facilities (Tables)
Credit Facilities (Tables) | 3 Months Ended |
Dec. 31, 2019 | |
Credit Facilities [Abstract] | |
Schedule of Debt [Table Text Block] | The following table sets forth a listing of credit facilities, the current committed amounts as of the report date on the facilities, and outstanding borrowings on the facilities as well as indebtedness on a promissory note as of the periods indicated: (in millions) Amounts Outstanding Borrower Security Renewal/Expiration Date Total Commitment December 31, September 30, Committed Credit Facilities Term Loan (1) February 22, 2022 $ 187.5 $ 186.7 (2) $ 167.6 Revolving Line of Credit (1) February 22, 2022 196.5 — 70.0 INTL FCStone Inc. 384.0 186.7 237.6 INTL FCStone Financial Inc. None April 3, 2020 75.0 — — FCStone Merchants Services, LLC Certain commodities assets January 29, 2022 260.0 121.0 128.5 INTL FCStone Ltd. None April 14, 2020 50.0 — — $ 769.0 $ 307.7 $ 366.1 Uncommitted Credit Facilities INTL FCStone Financial Inc. Commodities warehouse receipts and certain pledged securities n/a n/a 16.7 — FCStone Merchant Services, LLC Certain commodities assets n/a n/a 0.7 3.4 Note Payable to Bank Monthly installments, due March 2020 and secured by certain equipment 0.3 0.4 Total outstanding borrowings $ 325.4 $ 369.9 |
Commodity and Other Repurchas_2
Commodity and Other Repurchase Agreements and Collateralized Transactions Schedule of Gross Collateralized Financings by Maturity (Tables) | 3 Months Ended |
Dec. 31, 2019 | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Schedule of Repurchase Agreement Counterparties with Whom Repurchase Agreements Exceed 10 Percent of Stockholders' Equity [Table Text Block] | December 31, 2019 Overnight and Open Less than 30 Days 30-90 Days Total Securities sold under agreements to repurchase $ 1,339.9 $ 826.3 $ 765.4 $ 2,931.6 Securities loaned 1,430.8 — — 1,430.8 Gross amount of secured financing $ 2,770.7 $ 826.3 $ 765.4 $ 4,362.4 September 30, 2019 Overnight and Open Less than 30 Days 30-90 Days Total Securities sold under agreements to repurchase $ 1,553.9 $ 565.8 $ 654.0 $ 2,773.7 Securities loaned 1,459.9 — — 1,459.9 Gross amount of secured financing $ 3,013.8 $ 565.8 $ 654.0 $ 4,233.6 |
Commodity and Other Repurchas_3
Commodity and Other Repurchase Agreements and Collateralized Transactions Schedule of Collateralized Financings by Collateral Type (Tables) | 3 Months Ended |
Dec. 31, 2019 | |
Financial Instruments Owned and Pledged as Collateral [Line Items] | |
Schedule of Financial Instruments Owned and Pledged as Collateral [Table Text Block] | Securities sold under agreements to repurchase December 31, 2019 September 30, 2019 U.S. Treasury obligations $ 35.3 $ 108.8 U.S. government agency obligations 263.0 359.5 Asset-backed obligations 84.5 96.7 Agency mortgage-backed obligations 2,548.8 2,208.7 Total securities sold under agreement to repurchase 2,931.6 2,773.7 Securities loaned Equity securities 1,430.8 1,459.9 Total securities loaned 1,430.8 1,459.9 Gross amount of secured financing $ 4,362.4 $ 4,233.6 The following tables provide the netting of securities purchased under agreements to resell, securities sold under agreements to repurchase, securities borrowed and securities loaned as of the periods indicated (in millions): December 31, 2019 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 $ 1,609.6 $ (6.5 ) $ 1,603.1 Securities borrowed $ 1,427.7 $ — $ 1,427.7 Securities sold under agreements to repurchase $ 2,938.1 $ (6.5 ) $ 2,931.6 Securities loaned $ 1,430.8 $ — $ 1,430.8 September 30, 2019 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 $ 1,474.4 $ (49.9 ) $ 1,424.5 Securities borrowed $ 1,423.2 $ — $ 1,423.2 Securities sold under agreements to repurchase $ 2,823.6 $ (49.9 ) $ 2,773.7 Securities loaned $ 1,459.9 $ — $ 1,459.9 |
Capital and Other Regulatory _2
Capital and Other Regulatory Requirements (Tables) | 3 Months Ended |
Dec. 31, 2019 | |
Capital and Other Regulatory Requirements [Abstract] | |
Regulatory Capital Requirements under Banking Regulations [Text Block] | Capital and Other Regulatory Requirements The Company’s activities are subject to significant governmental regulation, both in the United States and in the international jurisdictions in which it operates. The subsidiaries of the Company were in compliance with all of their regulatory requirements as of December 31, 2019. The following table details those subsidiaries with minimum regulatory requirements in excess of $5 million along with the actual balance maintained as of December 31, 2019. (in millions) As of December 31, 2019 Subsidiary Regulatory Authority Jurisdiction Requirement Type Actual Minimum Requirement INTL FCStone Financial Inc. SEC and CFTC United States Net capital $ 163.4 $ 96.2 INTL FCStone Financial Inc. CFTC United States Segregated funds $ 2,272.5 $ 2,215.7 INTL FCStone Financial Inc. CFTC United States Secured funds $ 166.6 $ 154.0 INTL FCStone Financial Inc. SEC United States Customer reserve $ 9.7 $ 9.1 INTL FCStone Ltd Financial Conduct Authority ("FCA") United Kingdom Net capital $ 270.6 $ 130.4 INTL FCStone Ltd FCA United Kingdom Segregated funds $ 381.9 $ 376.6 INTL FCStone Pte Ltd Monetary Authority of Singapore ("MAS") Singapore Segregated funds $ 271.4 $ 238.3 Certain other non-U.S. subsidiaries of the Company are also subject to capital adequacy requirements promulgated by authorities of the countries in which they operate. As of December 31, 2019 , these subsidiaries were in compliance with their local capital adequacy requirements. |
Other Expenses (Tables)
Other Expenses (Tables) | 3 Months Ended |
Dec. 31, 2019 | |
Other Expenses [Abstract] | |
Schedule of Other Operating Cost and Expense, by Component [Table Text Block] | Other expenses for the three months ended December 31, 2019 and 2018 consisted of the following: Three Months Ended December 31, (in millions) 2019 2018 Insurance 1.0 0.8 Advertising, meetings and conferences 1.4 1.4 Office supplies and printing 0.4 0.5 Other clearing related expenses 0.8 0.4 Other non-income taxes 1.3 0.9 Other 2.6 2.5 Total other expenses $ 7.5 $ 6.5 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Dec. 31, 2019 | |
Accumulated Other Comprehensive Income (Loss) [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The following table summarizes the changes in accumulated other comprehensive loss, net for the three months ended December 31, 2019 . (in millions) Foreign Currency Translation Adjustment Pension Benefits Adjustment Accumulated Other Comprehensive Loss, Net Balances as of September 30, 2019 $ (31.5 ) $ (3.3 ) $ (34.8 ) ASU 2018-02 cumulative transition adjustment $ — $ (0.7 ) $ (0.7 ) Adjusted Balances as of September 30, 2019 (31.5 ) (4.0 ) (35.5 ) Other comprehensive income 0.7 — 0.7 Balances as of December 31, 2019 $ (30.8 ) $ (4.0 ) $ (34.8 ) |
Segment Analysis (Tables)
Segment Analysis (Tables) | 3 Months Ended |
Dec. 31, 2019 | |
Segment Analysis [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Information for the reportable segments is shown in accordance with the Segment Reporting Topic of the ASC as follows Three Months Ended December 31, (in millions) 2019 2018 Total revenues: Commercial Hedging $ 69.7 $ 59.8 Global Payments 31.4 29.7 Securities 81.1 69.0 Physical Commodities 10,988.3 6,301.8 Clearing and Execution Services 75.9 95.2 Corporate Unallocated 5.2 2.9 Eliminations (6.6 ) (6.2 ) Total $ 11,245.0 $ 6,552.2 Operating revenues: Commercial Hedging $ 69.7 $ 59.8 Global Payments 31.4 29.7 Securities 81.1 69.0 Physical Commodities 20.1 14.3 Clearing and Execution Services 75.9 95.2 Corporate Unallocated 5.2 2.9 Eliminations (6.6 ) (6.2 ) Total $ 276.8 $ 264.7 Net operating revenues (loss): Commercial Hedging $ 54.4 $ 45.3 Global Payments 29.8 28.4 Securities 43.1 32.1 Physical Commodities 15.9 10.4 Clearing and Execution Services 30.0 37.5 Corporate Unallocated (2.7 ) (4.7 ) Total $ 170.5 $ 149.0 Net contribution: (Revenues less cost of sales of physical commodities, transaction-based clearing expenses, variable compensation, introducing broker commissions and interest expense) Commercial Hedging $ 38.8 $ 30.6 Global Payments 23.8 23.1 Securities 27.4 21.8 Physical Commodities 11.3 7.1 Clearing and Execution Services 24.5 29.7 Total $ 125.8 $ 112.3 Segment income: (Net contribution less non-variable direct segment costs) Commercial Hedging $ 21.5 $ 13.3 Global Payments 18.9 18.6 Securities 16.7 16.0 Physical Commodities 7.6 5.9 Clearing and Execution Services 11.1 17.7 Total $ 75.8 $ 71.5 Reconciliation of segment income to income before tax: Segment income $ 75.8 $ 71.5 Net costs not allocated to operating segments 54.2 47.1 Other gain 0.1 — Income before tax $ 21.7 $ 24.4 (in millions) As of December 31, 2019 As of September 30, 2019 Total assets: Commercial Hedging $ 1,991.5 $ 2,041.0 Global Payments 257.8 278.3 Securities 5,296.6 5,219.1 Physical Commodities 392.6 357.8 Clearing and Execution Services 2,023.3 1,892.1 Corporate Unallocated 167.5 147.8 Total $ 10,129.3 $ 9,936.1 |
Basis of Presentation and Con_3
Basis of Presentation and Consolidation and Recently Issued Accounting Standards (Details) $ in Millions | 3 Months Ended | |
Dec. 31, 2019 | Sep. 30, 2019USD ($) | |
Basis of Presentation and Consolidation [Abstract] | ||
ASU 2018-02 cumulative transition adjustment | $ 0.7 | |
Number of different types of foreign currencies | 140 | |
Number of accounts for customers company-wide | 20,000 |
Leases (Details)
Leases (Details) - USD ($) | 3 Months Ended | |
Dec. 31, 2019 | Sep. 30, 2019 | |
Leases [Abstract] | ||
Operating right of use assets | $ 33,100,000 | $ 0 |
Operating Lease, Cost | $ 3,500,000 | |
Operating Lease, Weighted Average Remaining Lease Term | 4 years 4 months 21 days | |
Operating Lease, Weighted Average Discount Rate, Percent | 5.10% | |
Operating Lease, Payments | $ 2,700,000 | |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | 34,600,000 | |
Operating lease liabilities | $ 36,200,000 | $ 0 |
Leases Maturities of Operating
Leases Maturities of Operating Lease Liabilities (Details) - USD ($) | Dec. 31, 2019 | Sep. 30, 2019 |
Maturities of Operating Lease Liabilities [Abstract] | ||
Lessee, Operating Lease, Liability, Payments, Due Next Twelve Months | $ 8,500,000 | |
Lessee, Operating Lease, Liability, Payments, Due Year Two | 10,400,000 | |
Lessee, Operating Lease, Liability, Payments, Due Year Three | 7,700,000 | |
Lessee, Operating Lease, Liability, Payments, Due Year Four | 6,200,000 | |
Lessee, Operating Lease, Liability, Payments, Due Year Five | 4,400,000 | |
Lessee, Operating Lease, Liability, Payments, Due after Year Five | 3,000,000 | |
Lessee, Operating Lease, Liability, Payments, Due | 40,200,000 | |
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | 4,000,000 | |
Operating lease liabilities | $ 36,200,000 | $ 0 |
Leases Operating Lease Commitme
Leases Operating Lease Commitments Under ASC 840 (Details) $ in Millions | Sep. 30, 2019USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Operating Leases, Future Minimum Payments Due, Next Twelve Months | $ 11.2 |
Operating Leases, Future Minimum Payments, Remainder of Fiscal Year | 43.2 |
Operating Leases, Future Minimum Payments, Due in Two Years | 9.9 |
Operating Leases, Future Minimum Payments, Due in Three Years | 7.5 |
Operating Leases, Future Minimum Payments, Due in Four Years | 6.2 |
Operating Leases, Future Minimum Payments, Due in Five Years | 5.8 |
Operating Leases, Future Minimum Payments, Due Thereafter | $ 2.6 |
Revenue from Contracts with C_3
Revenue from Contracts with Clients Disaggregation of Revenues Table (Details) - USD ($) | 3 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Including Assessed Tax | $ 108,500,000 | $ 116,500,000 |
Revenues | 11,245,000,000 | 6,552,200,000 |
Consulting, management, and account fees | 21,300,000 | 19,100,000 |
Transferred at Point in Time [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Including Assessed Tax | 84,600,000 | 94,600,000 |
Transferred over Time [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Including Assessed Tax | 23,900,000 | 21,900,000 |
UNITED STATES | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 512,300,000 | 527,000,000 |
Europe [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 111,600,000 | 53,300,000 |
South America [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 15,200,000 | 11,400,000 |
Middle East and Asia [Domain] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 10,605,500,000 | 5,958,700,000 |
Other (geographic location) [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 400,000 | 1,800,000 |
Commission and Clearing Fees [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 87,200,000 | 97,400,000 |
Sales Based Commissions [Domain] | ||
Disaggregation of Revenue [Line Items] | ||
Sales Commissions and Fees | 45,900,000 | 53,400,000 |
Sales Based Commissions [Domain] | Exhange-Traded Futures and Options [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 32,400,000 | 39,100,000 |
Sales Based Commissions [Domain] | OTC Derivative Brokerage [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 5,500,000 | 8,900,000 |
Sales Based Commissions [Domain] | Equities and Fixed Income Commissions [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 4,300,000 | 1,100,000 |
Sales Based Commissions [Domain] | Mutual Fund Sales Based Commissions [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 1,300,000 | 2,600,000 |
Sales Based Commissions [Domain] | Variable Annuity [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 2,100,000 | 1,500,000 |
Sales Based Commissions [Domain] | Other Sales Based Commissions [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 300,000 | 200,000 |
Trailing Commissions [Domain] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 6,800,000 | 6,900,000 |
Trailing Commissions [Domain] | Variable Annuity [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 3,700,000 | 3,700,000 |
Trailing Commissions [Domain] | Mutual Fund Trailing Commissions [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 3,100,000 | 3,200,000 |
Interest Income [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 46,000,000 | 45,000,000 |
Clearing Fees [Domain] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 29,500,000 | 32,600,000 |
Trade Conversion Fees [Domain] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 1,500,000 | 1,600,000 |
Other Commissions [Domain] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 3,500,000 | 2,900,000 |
Consulting, management, and account fees [Domain] | Sweep Program Fees [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 4,000,000 | 3,800,000 |
Consulting, management, and account fees [Domain] | Advisory and Consulting Fees [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 5,600,000 | 5,000,000 |
Consulting, management, and account fees [Domain] | Asset Management [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 7,500,000 | 6,200,000 |
Consulting, management, and account fees [Domain] | Underwriting Fees [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 200,000 | 300,000 |
Consulting, management, and account fees [Domain] | Client Account Fees [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 3,000,000 | 2,700,000 |
Consulting, management, and account fees [Domain] | Other Consulting, Management, and Account Fees [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 1,000,000 | 1,100,000 |
Principal or Proprietary Transactions [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 112,500,000 | 94,900,000 |
Sales of physical commodities [Member] | Precious Metals Trading Revenues [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 10,658,000,000 | 5,955,600,000 |
Sales of physical commodities [Member] | Physical Commodity Origination and Merchandising [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | $ 320,000,000 | $ 340,200,000 |
Earnings per Share - EPS Reconc
Earnings per Share - EPS Reconciliation (Details) - USD ($) | 3 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Earnings Per Share [Abstract] | ||
Net income | $ 16,300,000 | $ 18,200,000 |
Less: Net income allocated to participating securities | (300,000) | (300,000) |
Net income allocated to common shareholders | $ 16,000,000 | $ 17,900,000 |
Weighted average number of common shares outstanding | 18,750,270 | 18,659,748 |
Dilutive potential common shares outstanding: | ||
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 324,292 | 333,298 |
Diluted weighted-average shares | 19,074,562 | 18,993,046 |
Earnings per Share - Antiduliti
Earnings per Share - Antidulitive Securities (Details) - shares | 3 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Earnings Per Share [Abstract] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1,022,350 | 178,958 |
Assets and Liabilities, at Fa_3
Assets and Liabilities, at Fair Value - Financial Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Sep. 30, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Securities Segregated under Federal and Other Regulations | $ 1,380.4 | $ 1,049.9 |
Receivables from Brokers-Dealers and Clearing Organizations | 2,380 | 2,540.5 |
Financial Instruments, Owned, at Fair Value | 2,177.4 | 2,175.2 |
Physical commodities inventory | 249.7 | 229.3 |
Accounts Payable and Other Accrued Liabilities | 128.9 | 157.5 |
Payables to Broker-Dealers and Clearing Organizations | (280.6) | (266.2) |
Financial Instruments Sold, Not yet Purchased, at Fair Value | 666.4 | 714.8 |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Securities Segregated under Federal and Other Regulations | 306.4 | 306 |
Receivables from Clearing Organizations | 630.8 | 626.9 |
Financial Instruments, Owned, at Fair Value | 2,177.4 | 2,175.2 |
Assets, Fair Value Disclosure | 3,329.9 | 3,273.8 |
Financial Instruments Sold, Not yet Purchased, at Fair Value | 666.4 | |
Liabilities, Fair Value Disclosure | 672.4 | 722.2 |
Fair Value, Measurements, Recurring [Member] | TBA and forward settling securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Payables to Broker-Dealers and Clearing Organizations | (3.9) | (5.3) |
Fair Value, Measurements, Recurring [Member] | Derivative [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Payables to Broker-Dealers and Clearing Organizations | (0.3) | (0.3) |
Fair Value, Measurements, Recurring [Member] | Payable to broker-dealers, clearing organizations and counterparties [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Payables to Broker-Dealers and Clearing Organizations | (4.2) | (5.6) |
Fair Value, Measurements, Recurring [Member] | Physical commodities inventory [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Physical commodities inventory | 200.5 | 151.9 |
Fair Value, Measurements, Recurring [Member] | Asset-backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Instruments, Owned, at Fair Value | 16.5 | 29.1 |
Fair Value, Measurements, Recurring [Member] | US Government Agencies Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Instruments, Owned, at Fair Value | 273.3 | 447.1 |
Financial Instruments Sold, Not yet Purchased, at Fair Value | 38.9 | 43.8 |
Fair Value, Measurements, Recurring [Member] | US Government Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Instruments, Owned, at Fair Value | 226.6 | 248.7 |
Financial Instruments Sold, Not yet Purchased, at Fair Value | 219.5 | 272.3 |
Fair Value, Measurements, Recurring [Member] | Debt Security, Government, Non-US [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Instruments, Owned, at Fair Value | 0.6 | 0.5 |
Financial Instruments Sold, Not yet Purchased, at Fair Value | 2.2 | 29.6 |
Fair Value, Measurements, Recurring [Member] | Collateralized Mortgage Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Instruments, Owned, at Fair Value | 1,253.1 | 1,045 |
Fair Value, Measurements, Recurring [Member] | Derivative [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Instruments, Owned, at Fair Value | 87.2 | 66.5 |
Fair Value, Measurements, Recurring [Member] | Commodities leases [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Instruments, Owned, at Fair Value | 29.9 | 28.6 |
Financial Instruments Sold, Not yet Purchased, at Fair Value | 128.2 | 113.7 |
Fair Value, Measurements, Recurring [Member] | Commodities warehouse receipts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Instruments, Owned, at Fair Value | 12.2 | 48.4 |
Fair Value, Measurements, Recurring [Member] | Exchange firm common stock [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Instruments, Owned, at Fair Value | 12.1 | 12.7 |
Fair Value, Measurements, Recurring [Member] | Mutual funds and other [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Instruments, Owned, at Fair Value | 1.9 | 0.1 |
Fair Value, Measurements, Recurring [Member] | Equity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Instruments, Owned, at Fair Value | 194.2 | 168.5 |
Financial Instruments Sold, Not yet Purchased, at Fair Value | 166.2 | 158.1 |
Fair Value, Measurements, Recurring [Member] | Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Instruments, Owned, at Fair Value | 69.8 | 80 |
Financial Instruments Sold, Not yet Purchased, at Fair Value | 31.8 | 39.2 |
Fair Value, Measurements, Recurring [Member] | US Government Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Receivables from Clearing Organizations | 548 | |
Fair Value, Measurements, Recurring [Member] | Debt Security, Government, Non-US [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Receivables from Clearing Organizations | 10.3 | 9.9 |
Fair Value, Measurements, Recurring [Member] | TBA and forward settling securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Receivables from Clearing Organizations | 5.4 | 8.3 |
Fair Value, Measurements, Recurring [Member] | Derivative [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Receivables from Brokers-Dealers and Clearing Organizations | 67.1 | |
Fair Value, Measurements, Recurring [Member] | Commodities warehouse receipts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Securities Segregated under Federal and Other Regulations | 6.7 | 6.2 |
Fair Value, Measurements, Recurring [Member] | US Government Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Securities Segregated under Federal and Other Regulations | 299.7 | 299.8 |
Fair Value, Measurements, Recurring [Member] | Money Market Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 7.9 | 8.9 |
Fair Value, Measurements, Recurring [Member] | Certificates of Deposit [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 6.9 | 4.9 |
Fair Value, Measurements, Recurring [Member] | Cash Equivalents [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 14.8 | 13.8 |
Fair Value, Measurements, Recurring [Member] | Counterparty And Cash Collateral Netting Adjustment [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Securities Segregated under Federal and Other Regulations | 0 | 0 |
Receivables from Clearing Organizations | (1,591.6) | (3,161.1) |
Financial Instruments, Owned, at Fair Value | (363.8) | (420.8) |
Assets, Fair Value Disclosure | (1,955.4) | (3,581.9) |
Financial Instruments Sold, Not yet Purchased, at Fair Value | (384.3) | (422.2) |
Liabilities, Fair Value Disclosure | (2,007.8) | (3,540.8) |
Fair Value, Measurements, Recurring [Member] | Counterparty And Cash Collateral Netting Adjustment [Member] | TBA and forward settling securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Payables to Broker-Dealers and Clearing Organizations | 0.5 | 1.5 |
Fair Value, Measurements, Recurring [Member] | Counterparty And Cash Collateral Netting Adjustment [Member] | Derivative [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Payables to Broker-Dealers and Clearing Organizations | 1,623 | 3,117.1 |
Fair Value, Measurements, Recurring [Member] | Counterparty And Cash Collateral Netting Adjustment [Member] | Payable to broker-dealers, clearing organizations and counterparties [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Payables to Broker-Dealers and Clearing Organizations | 1,623.5 | 3,118.6 |
Fair Value, Measurements, Recurring [Member] | Counterparty And Cash Collateral Netting Adjustment [Member] | Physical commodities inventory [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Physical commodities inventory | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Counterparty And Cash Collateral Netting Adjustment [Member] | Asset-backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Instruments, Owned, at Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Counterparty And Cash Collateral Netting Adjustment [Member] | US Government Agencies Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Instruments, Owned, at Fair Value | 0 | 0 |
Financial Instruments Sold, Not yet Purchased, at Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Counterparty And Cash Collateral Netting Adjustment [Member] | US Government Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Instruments, Owned, at Fair Value | 0 | 0 |
Financial Instruments Sold, Not yet Purchased, at Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Counterparty And Cash Collateral Netting Adjustment [Member] | Debt Security, Government, Non-US [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Instruments, Owned, at Fair Value | 0 | 0 |
Financial Instruments Sold, Not yet Purchased, at Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Counterparty And Cash Collateral Netting Adjustment [Member] | Collateralized Mortgage Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Instruments, Owned, at Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Counterparty And Cash Collateral Netting Adjustment [Member] | Derivative [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Instruments, Owned, at Fair Value | (363.8) | (420.8) |
Financial Instruments Sold, Not yet Purchased, at Fair Value | (384.3) | (422.2) |
Fair Value, Measurements, Recurring [Member] | Counterparty And Cash Collateral Netting Adjustment [Member] | Commodities leases [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Instruments, Owned, at Fair Value | 0 | 0 |
Financial Instruments Sold, Not yet Purchased, at Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Counterparty And Cash Collateral Netting Adjustment [Member] | Commodities warehouse receipts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Instruments, Owned, at Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Counterparty And Cash Collateral Netting Adjustment [Member] | Exchange firm common stock [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Instruments, Owned, at Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Counterparty And Cash Collateral Netting Adjustment [Member] | Mutual funds and other [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Instruments, Owned, at Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Counterparty And Cash Collateral Netting Adjustment [Member] | Equity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Instruments, Owned, at Fair Value | 0 | 0 |
Financial Instruments Sold, Not yet Purchased, at Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Counterparty And Cash Collateral Netting Adjustment [Member] | Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Instruments, Owned, at Fair Value | 0 | 0 |
Financial Instruments Sold, Not yet Purchased, at Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Counterparty And Cash Collateral Netting Adjustment [Member] | US Government Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Receivables from Clearing Organizations | 0 | |
Fair Value, Measurements, Recurring [Member] | Counterparty And Cash Collateral Netting Adjustment [Member] | Debt Security, Government, Non-US [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Receivables from Clearing Organizations | 0 | |
Fair Value, Measurements, Recurring [Member] | Counterparty And Cash Collateral Netting Adjustment [Member] | TBA and forward settling securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Receivables from Clearing Organizations | (0.5) | |
Fair Value, Measurements, Recurring [Member] | Counterparty And Cash Collateral Netting Adjustment [Member] | Derivative [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Receivables from Clearing Organizations | (1,591.1) | |
Fair Value, Measurements, Recurring [Member] | Counterparty And Cash Collateral Netting Adjustment [Member] | Commodities warehouse receipts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Securities Segregated under Federal and Other Regulations | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Counterparty And Cash Collateral Netting Adjustment [Member] | US Government Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Securities Segregated under Federal and Other Regulations | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Counterparty And Cash Collateral Netting Adjustment [Member] | Money Market Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Counterparty And Cash Collateral Netting Adjustment [Member] | Certificates of Deposit [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Counterparty And Cash Collateral Netting Adjustment [Member] | Cash Equivalents [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Securities Segregated under Federal and Other Regulations | 306.4 | 306 |
Receivables from Clearing Organizations | 2,178.4 | 3,735 |
Financial Instruments, Owned, at Fair Value | 434 | 470.9 |
Assets, Fair Value Disclosure | 2,957.7 | 4,532.8 |
Financial Instruments Sold, Not yet Purchased, at Fair Value | 385.9 | 419.6 |
Liabilities, Fair Value Disclosure | 1,942 | 3,498.7 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | TBA and forward settling securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Payables to Broker-Dealers and Clearing Organizations | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Derivative [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Payables to Broker-Dealers and Clearing Organizations | (1,556.1) | (3,079.1) |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Payable to broker-dealers, clearing organizations and counterparties [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Payables to Broker-Dealers and Clearing Organizations | (1,556.1) | (3,079.1) |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Physical commodities inventory [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Physical commodities inventory | 24.1 | 7.1 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Asset-backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Instruments, Owned, at Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | US Government Agencies Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Instruments, Owned, at Fair Value | 0 | 0 |
Financial Instruments Sold, Not yet Purchased, at Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | US Government Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Instruments, Owned, at Fair Value | 226.6 | 248.7 |
Financial Instruments Sold, Not yet Purchased, at Fair Value | 219.5 | 272.3 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Debt Security, Government, Non-US [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Instruments, Owned, at Fair Value | 0.6 | 0.5 |
Financial Instruments Sold, Not yet Purchased, at Fair Value | 2.2 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Collateralized Mortgage Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Instruments, Owned, at Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Derivative [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Instruments, Owned, at Fair Value | 1.7 | 1 |
Financial Instruments Sold, Not yet Purchased, at Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Commodities leases [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Instruments, Owned, at Fair Value | 0 | 0 |
Financial Instruments Sold, Not yet Purchased, at Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Commodities warehouse receipts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Instruments, Owned, at Fair Value | 12.2 | 48.4 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Exchange firm common stock [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Instruments, Owned, at Fair Value | 12.1 | 12.7 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Mutual funds and other [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Instruments, Owned, at Fair Value | 1.9 | 0.1 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Equity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Instruments, Owned, at Fair Value | 178.9 | 159.5 |
Financial Instruments Sold, Not yet Purchased, at Fair Value | 164.2 | 147.3 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Instruments, Owned, at Fair Value | 0 | 0 |
Financial Instruments Sold, Not yet Purchased, at Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | US Government Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Receivables from Clearing Organizations | 548 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Debt Security, Government, Non-US [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Receivables from Clearing Organizations | 10.3 | 9.9 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | TBA and forward settling securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Receivables from Clearing Organizations | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Derivative [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Receivables from Clearing Organizations | 1,620.1 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Commodities warehouse receipts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Securities Segregated under Federal and Other Regulations | 6.7 | 6.2 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | US Government Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Securities Segregated under Federal and Other Regulations | 299.7 | 299.8 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Money Market Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 7.9 | 8.9 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Certificates of Deposit [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 6.9 | 4.9 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Cash Equivalents [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 14.8 | 13.8 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Securities Segregated under Federal and Other Regulations | 0 | 0 |
Receivables from Clearing Organizations | 44 | 53 |
Financial Instruments, Owned, at Fair Value | 2,107.2 | 2,125.1 |
Assets, Fair Value Disclosure | 2,327.6 | 2,322.9 |
Financial Instruments Sold, Not yet Purchased, at Fair Value | 664.8 | 717.4 |
Liabilities, Fair Value Disclosure | 736.4 | 762.5 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | TBA and forward settling securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Payables to Broker-Dealers and Clearing Organizations | (4.4) | (6.8) |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Derivative [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Payables to Broker-Dealers and Clearing Organizations | (67.2) | (38.3) |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Payable to broker-dealers, clearing organizations and counterparties [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Payables to Broker-Dealers and Clearing Organizations | (71.6) | (45.1) |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Physical commodities inventory [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Physical commodities inventory | 176.4 | 144.8 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Asset-backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Instruments, Owned, at Fair Value | 16.5 | 29.1 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | US Government Agencies Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Instruments, Owned, at Fair Value | 273.3 | 447.1 |
Financial Instruments Sold, Not yet Purchased, at Fair Value | 38.9 | 43.8 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | US Government Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Instruments, Owned, at Fair Value | 0 | 0 |
Financial Instruments Sold, Not yet Purchased, at Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Debt Security, Government, Non-US [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Instruments, Owned, at Fair Value | 0 | 0 |
Financial Instruments Sold, Not yet Purchased, at Fair Value | 0 | 29.6 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Collateralized Mortgage Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Instruments, Owned, at Fair Value | 1,253.1 | 1,045 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Derivative [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Instruments, Owned, at Fair Value | 449.3 | 486.3 |
Financial Instruments Sold, Not yet Purchased, at Fair Value | 463.9 | 480.3 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Commodities leases [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Instruments, Owned, at Fair Value | 29.9 | 28.6 |
Financial Instruments Sold, Not yet Purchased, at Fair Value | 128.2 | 113.7 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Commodities warehouse receipts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Instruments, Owned, at Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Exchange firm common stock [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Instruments, Owned, at Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Mutual funds and other [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Instruments, Owned, at Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Equity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Instruments, Owned, at Fair Value | 15.3 | 9 |
Financial Instruments Sold, Not yet Purchased, at Fair Value | 2 | 10.8 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Instruments, Owned, at Fair Value | 69.8 | 80 |
Financial Instruments Sold, Not yet Purchased, at Fair Value | 31.8 | 39.2 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | US Government Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Receivables from Clearing Organizations | 0 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Debt Security, Government, Non-US [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Receivables from Clearing Organizations | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | TBA and forward settling securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Receivables from Clearing Organizations | 5.9 | 9.8 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Derivative [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Receivables from Clearing Organizations | 38.1 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Commodities warehouse receipts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Securities Segregated under Federal and Other Regulations | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | US Government Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Securities Segregated under Federal and Other Regulations | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Money Market Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Certificates of Deposit [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Cash Equivalents [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Securities Segregated under Federal and Other Regulations | 0 | 0 |
Receivables from Clearing Organizations | 0 | 0 |
Financial Instruments, Owned, at Fair Value | 0 | 0 |
Assets, Fair Value Disclosure | 0 | 0 |
Financial Instruments Sold, Not yet Purchased, at Fair Value | 0 | 0 |
Liabilities, Fair Value Disclosure | 1.8 | 1.8 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | TBA and forward settling securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Payables to Broker-Dealers and Clearing Organizations | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Derivative [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Payables to Broker-Dealers and Clearing Organizations | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Payable to broker-dealers, clearing organizations and counterparties [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Payables to Broker-Dealers and Clearing Organizations | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Physical commodities inventory [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Physical commodities inventory | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Asset-backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Instruments, Owned, at Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | US Government Agencies Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Instruments, Owned, at Fair Value | 0 | 0 |
Financial Instruments Sold, Not yet Purchased, at Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | US Government Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Instruments, Owned, at Fair Value | 0 | 0 |
Financial Instruments Sold, Not yet Purchased, at Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Debt Security, Government, Non-US [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Instruments, Owned, at Fair Value | 0 | 0 |
Financial Instruments Sold, Not yet Purchased, at Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Collateralized Mortgage Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Instruments, Owned, at Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Derivative [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Instruments, Owned, at Fair Value | 0 | 0 |
Financial Instruments Sold, Not yet Purchased, at Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Commodities leases [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Instruments, Owned, at Fair Value | 0 | 0 |
Financial Instruments Sold, Not yet Purchased, at Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Commodities warehouse receipts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Instruments, Owned, at Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Exchange firm common stock [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Instruments, Owned, at Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Mutual funds and other [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Instruments, Owned, at Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Equity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Instruments, Owned, at Fair Value | 0 | 0 |
Financial Instruments Sold, Not yet Purchased, at Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Instruments, Owned, at Fair Value | 0 | 0 |
Financial Instruments Sold, Not yet Purchased, at Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | US Government Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Receivables from Clearing Organizations | 0 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Debt Security, Government, Non-US [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Receivables from Clearing Organizations | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | TBA and forward settling securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Receivables from Clearing Organizations | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Derivative [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Receivables from Clearing Organizations | 0 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Commodities warehouse receipts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Securities Segregated under Federal and Other Regulations | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | US Government Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Securities Segregated under Federal and Other Regulations | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Money Market Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Certificates of Deposit [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Cash Equivalents [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | $ 0 | 0 |
Collateralized Mortgage Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | Counterparty And Cash Collateral Netting Adjustment [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Receivables from Clearing Organizations | (1.5) | |
Debt Security, Government, Non-US [Member] | Fair Value, Measurements, Recurring [Member] | Counterparty And Cash Collateral Netting Adjustment [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Receivables from Clearing Organizations | 0 | |
Derivative [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Receivables from Brokers-Dealers and Clearing Organizations | 14.8 | |
Derivative [Member] | Fair Value, Measurements, Recurring [Member] | Counterparty And Cash Collateral Netting Adjustment [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Receivables from Clearing Organizations | (3,159.6) | |
Derivative [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Receivables from Clearing Organizations | 3,131.2 | |
Derivative [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Receivables from Clearing Organizations | 43.2 | |
Derivative [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Receivables from Clearing Organizations | 0 | |
US Government Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Receivables from Clearing Organizations | 593.9 | |
US Government Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | Counterparty And Cash Collateral Netting Adjustment [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Receivables from Clearing Organizations | 0 | |
US Government Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Receivables from Clearing Organizations | 593.9 | |
US Government Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Receivables from Clearing Organizations | 0 | |
US Government Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Receivables from Clearing Organizations | $ 0 |
Financial Instruments with Of_3
Financial Instruments with Off-Balance Sheet Risk and Concentrations of Credit Risk - Obligations to Purchase Financial Instruments at a Future Date (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Sep. 30, 2019 |
Financial Instruments Sold, Not yet Purchased, at Fair Value | $ 666.4 | $ 714.8 |
Financial instrument sold, not yet purchased [Member] | ||
Derivative, Fair Value, Net | $ 79.6 | $ 58.1 |
Financial Instruments with Of_4
Financial Instruments with Off-Balance Sheet Risk and Concentrations of Credit Risk - Gross Derivative Assets and Liabilities by Type and Balance Sheet Location (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Sep. 30, 2019 |
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | $ 2,115.1 | $ 3,671.5 |
Derivative Liability, Fair Value, Gross Liability | 2,091.6 | 3,604.5 |
Impact of netting and collateral | 1,955.4 | 3,581.9 |
Impact of netting and collateral | 2,007.8 | 3,540.8 |
Deposits with and receivables from broker-dealers, clearing organizations, and counterparties [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Fair Value, Net | 72.5 | 23.1 |
Financial instruments owned [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Fair Value, Net | 87.2 | 66.5 |
Payable to broker-dealers, clearing organizations and counterparties [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Fair Value, Net | 4.2 | 5.6 |
Financial instrument sold, not yet purchased [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Fair Value, Net | 79.6 | 58.1 |
Exchange-traded Commodity Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 1,109.3 | 1,437.1 |
Derivative Liability, Fair Value, Gross Liability | 1,122.6 | 1,463.4 |
Over the Counter (OTC) Commodity Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 219.5 | 84.2 |
Derivative Liability, Fair Value, Gross Liability | 284 | 106.2 |
Foreign Exchange Forward [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 5.9 | 36.9 |
Derivative Liability, Fair Value, Gross Liability | 11.3 | 33.5 |
Over the Counter (OTC) Foreign Exchange Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 235.2 | 403.2 |
Derivative Liability, Fair Value, Gross Liability | 212.8 | 368.8 |
Exchange-traded interest rate contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 309.6 | 900.1 |
Derivative Liability, Fair Value, Gross Liability | 292.8 | 882 |
Interest Rate Contract [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 32.7 | 42.1 |
Derivative Liability, Fair Value, Gross Liability | 34.3 | 43.6 |
Equity Contract [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 197 | 758.1 |
Derivative Liability, Fair Value, Gross Liability | 129.4 | 700.2 |
TBA and forward settling securities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 5.9 | 9.8 |
Derivative Liability, Fair Value, Gross Liability | $ 4.4 | $ 6.8 |
Financial Instruments with Of_5
Financial Instruments with Off-Balance Sheet Risk and Concentrations of Credit Risk - Derivatives Volume (Details) number in Millions | Dec. 31, 2019 | Sep. 30, 2019 |
Financial Instruments with Off-Balance Sheet Risk and Concentrations of Credit Risk [Abstract] | ||
Derivative, Number of Instruments Held | 8.1 | 10.6 |
Financial Instruments with Of_6
Financial Instruments with Off-Balance Sheet Risk and Concentrations of Credit Risk Financial Instruments with Off-Balance Sheet Risk and Concentrations of Credit Risk - TBAs and Forward Settling Securities (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Sep. 30, 2019 |
Derivative Asset, Fair Value, Gross Asset | $ 2,115.1 | $ 3,671.5 |
Derivative Liability, Fair Value, Gross Liability | 2,091.6 | 3,604.5 |
TBA securities purchased [Member] | ||
Derivative Liability, Notional Amount | 174.1 | 234.5 |
Derivative Asset, Notional Amount | (1,283) | (1,778.4) |
TBA securities sold [Member] | ||
Derivative Liability, Notional Amount | 2,182.9 | |
Derivative Asset, Notional Amount | (280.1) | |
Over the Counter (OTC) Commodity Contracts [Member] | ||
Derivative Liability, Notional Amount | 406.7 | 1,243.5 |
Derivative Asset, Notional Amount | (294.4) | (581.2) |
Deposits and receivables from broker-dealers, clearing organizations and counterparties [Domain] | TBA securities purchased [Member] | ||
Derivative Asset, Fair Value, Gross Asset | 2.5 | 3.7 |
Derivative Liability, Fair Value, Gross Liability | (0.1) | (0.6) |
Deposits and receivables from broker-dealers, clearing organizations and counterparties [Domain] | Over the Counter (OTC) Commodity Contracts [Member] | ||
Derivative Asset, Fair Value, Gross Asset | 3 | 5.2 |
Payable to broker-dealers, clearing organizations and counterparties [Member] | TBA securities sold [Member] | ||
Derivative Asset, Fair Value, Gross Asset | 0.4 | 0.9 |
Derivative Liability, Fair Value, Gross Liability | (3.7) | (5.9) |
Payable to broker-dealers, clearing organizations and counterparties [Member] | Over the Counter (OTC) Commodity Contracts [Member] | ||
Derivative Liability, Fair Value, Gross Liability | $ (0.6) | $ (0.3) |
Financial Instruments with Of_7
Financial Instruments with Off-Balance Sheet Risk and Concentrations of Credit Risk - Realized Gains/Losses on Derivative Contracts (Details) - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Commodity Contract [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments, Gain (Loss) Recognized in Income, Net | $ 18.2 | $ 8.1 |
Foreign Exchange Forward [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments, Gain (Loss) Recognized in Income, Net | 2.2 | 1.9 |
Interest Rate Contract [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments, Gain (Loss) Recognized in Income, Net | (0.4) | (3.3) |
TBA and forward settling securities [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments, Gain (Loss) Recognized in Income, Net | (0.9) | (9.3) |
Derivative [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments, Gain (Loss) Recognized in Income, Net | $ 19.1 | $ (2.6) |
Receivables From Customers, N_2
Receivables From Customers, Net and Notes Receivable, Net - Allowance for Customer Receivables (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Sep. 30, 2019 |
Receivables from customers and notes receivable, net [Abstract] | ||
Allowance for Doubtful Accounts Receivable | $ 11.6 | $ 11.7 |
Allowance for Doubtful Accounts, Premiums and Other Receivables | $ 36.9 |
Receivables From Customers, N_3
Receivables From Customers, Net and Notes Receivable, Net Receivables from Customers, Net and Notes Receivables, Net - Bad Debt Expense and Recoveries (Details) - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Bad debts | $ 0 | $ 0.3 |
Payments for Legal Settlements | 8.4 | |
Recovery of bad debt on physical coal | $ 0 | $ (2.4) |
Physical Commodities Inventor_3
Physical Commodities Inventory - Physical Commodities Inventory by CIP and Finished (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Sep. 30, 2019 |
Inventory [Line Items] | ||
Physical Ag & Energy(1) | $ 176.4 | $ 144.8 |
Precious metals - held by non-broker-dealer subsidiaries(3) | 200.5 | 151.9 |
Physical commodities inventory | 249.7 | 229.3 |
Physical commodities inventory - precious metals [Member] | ||
Inventory [Line Items] | ||
Precious metals - held by non-broker-dealer subsidiaries(3) | 24.1 | 7.1 |
Finished commodities | $ 49.2 | $ 77.4 |
Physical Commodities Inventor_4
Physical Commodities Inventory - LCM Adjustments (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Sep. 30, 2019 | Sep. 30, 2016 |
Physical Commodities Inventory [Abstract] | |||
Inventory Adjustments | $ 1.2 | $ 0.5 | $ 0.6 |
Goodwill - Goodwill by Segment
Goodwill - Goodwill by Segment (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Sep. 30, 2019 |
Goodwill [Line Items] | ||
Goodwill | $ 55.5 | $ 51.2 |
Commercial Hedging | ||
Goodwill [Line Items] | ||
Goodwill | 30.3 | 30.3 |
Global Payments | ||
Goodwill [Line Items] | ||
Goodwill | 7.6 | 7.6 |
Physical Commodities | ||
Goodwill [Line Items] | ||
Goodwill | 4.6 | 4.6 |
Securities | ||
Goodwill [Line Items] | ||
Goodwill | 8.7 | 8.7 |
Clearing and Execution Services Segment | ||
Goodwill [Line Items] | ||
Goodwill | $ 4.3 | $ 0 |
Goodwill Goodwill Adjustments (
Goodwill Goodwill Adjustments (Details) $ in Millions | 3 Months Ended |
Dec. 31, 2019USD ($) | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill, Acquired During Period | $ 4.3 |
Intangible Assets - Gross and N
Intangible Assets - Gross and Net Intangible Assets by Major Class (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Sep. 30, 2019 |
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Indefinite-Lived License Agreements | $ 2.7 | $ 2.7 |
Indefinite-lived Intangible Assets (Excluding Goodwill) | 4.8 | 4.8 |
Finite-Lived Intangible Assets, Accumulated Amortization | (16.2) | (15.5) |
Finite-Lived Intangible Assets, Net | 11.2 | 11.9 |
Other Indefinite-lived Intangible Assets | 2.1 | 2.1 |
Finite-Lived Intangible Assets, Gross | 27.4 | 27.4 |
Gross Finite and Indefinite-Lived Intangible Assets | 32.2 | 32.2 |
Finite and Indefinited-Lived Accumulated Amortization and Impairment Charges | (16.2) | (15.5) |
Intangible Assets, Net (Excluding Goodwill) | 16 | 16.7 |
Computer Software, Intangible Asset [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Computer Software, Gross | 5.3 | 5.3 |
Finite-Lived Intangible Assets, Accumulated Amortization | (3.1) | (3) |
Finite-Lived Intangible Assets, Net | 2.2 | 2.3 |
Customer Relationships [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Customer Lists, Gross | 22.1 | 22.1 |
Finite-Lived Intangible Assets, Accumulated Amortization | (13.1) | (12.5) |
Finite-Lived Intangible Assets, Net | $ 9 | $ 9.6 |
Intangible Assets - Indefinite-
Intangible Assets - Indefinite-Lived Intangible Assets (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Sep. 30, 2019 |
Indefinite-lived Intangible Assets [Line Items] | ||
Gross Finite and Indefinite-Lived Intangible Assets | $ 32.2 | $ 32.2 |
Finite and Indefinited-Lived Accumulated Amortization and Impairment Charges | (16.2) | (15.5) |
Intangible Assets, Net (Excluding Goodwill) | $ 16 | $ 16.7 |
Intangible Assets - Finite-Live
Intangible Assets - Finite-Lived Intangible Assets Future Amortization Expense (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Sep. 30, 2019 |
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract] | ||
Fiscal 2020 (remaining nine months) | $ 2.2 | |
Fiscal 2021 | 2.9 | |
Fiscal 2022 | 1.6 | |
Fiscal 2023 | 1.4 | |
Fiscal 2024 and thereafter | 3.1 | |
Finite-Lived Intangible Assets, Net | $ 11.2 | $ 11.9 |
Intangible Assets Definite Live
Intangible Assets Definite Lived Intangible Assets Amortization (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | Jun. 30, 2017 | |
Definite Lived Intangible Assets Amortization [Abstract] | |||
Amortization of Intangible Assets | $ 0.7 | $ 0.6 | $ 2.1 |
Credit Facilities - Number of C
Credit Facilities - Number of Credit Facilities (Details) $ in Millions | Dec. 31, 2019USD ($) |
Number of credit facilities | 4 |
Main line of credit facilities [Member] | |
Borrowing Capacity Under Credit Facilities | $ 769 |
HCO Syndicated line of credit facility [Member] | |
Line of Credit Facility, Maximum Borrowing Capacity | 196.5 |
Borrowing Capacity Under Credit Facilities | 384 |
FCS Margin line of credit facility [Member] | |
Line of Credit Facility, Maximum Borrowing Capacity | 75 |
FMS Sub-note commodity line of credit facility [Member] | |
Line of Credit Facility, Maximum Borrowing Capacity | 260 |
INTL FCStone Ltd [Member] | |
Line of Credit Facility, Maximum Borrowing Capacity | 100 |
INTL FCStone Ltd [Member] | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 50 |
Credit Facilities - Credit Faci
Credit Facilities - Credit Facilities (Details) - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2019 | Sep. 30, 2019 | |
Line of Credit Facility [Line Items] | ||
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | $ 0.8 | |
Long-term Debt, Gross | 187.5 | |
Long-term Debt | 186.7 | $ 167.6 |
Short-term Debt | 307.7 | 366.1 |
Notes Payable to Bank | 0.3 | 0.4 |
Debt and Capital Lease Obligations | $ 325.4 | 369.9 |
Debt Instrument, Interest Rate During Period | 2.00% | |
Main line of credit facilities [Member] | ||
Line of Credit Facility [Line Items] | ||
Credit Facilities Expiring Within One Year | $ 125 | |
Borrowing Capacity Under Credit Facilities | 769 | |
IFFI Uncommitted Lines of Credit [Member] [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | 100 | |
Short-term Debt | 16.7 | 0 |
HCO Syndicated line of credit facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | 196.5 | |
Line of Credit, Current | 0 | 70 |
Borrowing Capacity Under Credit Facilities | 384 | |
Lenders under loans | 186.7 | 237.6 |
FCS Margin line of credit facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | 75 | |
Line of Credit, Current | 0 | 0 |
FMS Sub-note commodity line of credit facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | 260 | |
Line of Credit, Current | 121 | 128.5 |
INTL FCStone Ltd [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | 50 | |
Line of Credit, Current | 0 | 0 |
INTL FCStone Financial Inc. Uncommitted Commodities Delivery Line [Domain] | ||
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | 75 | |
Rabobank Uncommited Line of Credit [Domain] | ||
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | 20 | |
Short-term Debt | $ 0.7 | $ 3.4 |
Commodity and Other Repurchas_4
Commodity and Other Repurchase Agreements Commodity and Other Repurchase Agreements (Details) - USD ($) | Dec. 31, 2019 | Sep. 30, 2019 |
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Fair Value of Securities Received as Collateral that Can be Resold or Repledged | $ 3,180,700,000 | $ 3,060,200,000 |
Financial Instruments Owned and Pledged as Collateral, Amount Eligible to be Repledged by Counterparty | 577,900,000 | 478,800,000 |
Securities Loaned, Fair Value of Collateral | 1,403,000,000 | 1,414,000,000 |
Securities Sold under Agreements to Repurchase, Fair Value of Collateral | 577,900,000 | 478,800,000 |
Trading Securities Pledged as Collateral | 1,038,400,000 | 1,228,900,000 |
Pledged Financial Instruments, Not Separately Reported, Securities for Repurchase Agreements | 1,372,800,000 | 1,175,100,000 |
Fair Value of Securities Received as Collateral that Have Been Resold or Repledged | $ 268,000,000 | $ 329,800,000 |
Commodity and Other Repurchas_5
Commodity and Other Repurchase Agreements and Collateralized Transactions Gross Financings Collateral Maturities Table (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Sep. 30, 2019 |
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities sold under agreements to repurchase | $ 2,931.6 | $ 2,773.7 |
Securities Loaned | 1,430.8 | 1,459.9 |
Collateralized transactions: | 4,362.4 | 4,233.6 |
Maturity Overnight and on Demand [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities sold under agreements to repurchase | 1,339.9 | 1,553.9 |
Securities Loaned | 1,430.8 | 1,459.9 |
Collateralized transactions: | 2,770.7 | 3,013.8 |
Maturity Less than 30 Days [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities sold under agreements to repurchase | 826.3 | 565.8 |
Securities Loaned | 0 | 0 |
Collateralized transactions: | 826.3 | 565.8 |
Maturity 30 to 90 Days [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities sold under agreements to repurchase | 765.4 | 654 |
Securities Loaned | 0 | 0 |
Collateralized transactions: | $ 765.4 | $ 654 |
Commodity and Other Repurchas_6
Commodity and Other Repurchase Agreements and Collateralized Transactions Gross Collateralized Financings by Collateral Type Table (Details) - USD ($) | Dec. 31, 2019 | Sep. 30, 2019 |
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities sold under agreements to repurchase | $ 2,931,600,000 | $ 2,773,700,000 |
Securities Loaned | 1,430,800,000 | 1,459,900,000 |
Collateralized transactions: | 4,362,400,000 | 4,233,600,000 |
US Government Debt Securities [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities sold under agreements to repurchase | 35,300,000 | 108,800,000 |
US Government Agencies Debt Securities [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities sold under agreements to repurchase | 263,000,000 | 359,500,000 |
Asset-backed Securities [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities sold under agreements to repurchase | 84,500,000 | 96,700,000 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities sold under agreements to repurchase | 2,548,800,000 | 2,208,700,000 |
Equity Securities [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities Loaned | $ 1,430,800,000 | $ 1,459,900,000 |
Commitments and Contingencies C
Commitments and Contingencies Commitments and Contingencies - Contingencies and Litigation (Details) $ in Millions | Dec. 31, 2019USD ($) |
Loss Contingencies [Line Items] | |
Loss Contingency, Estimate of Possible Loss | $ 29 |
Commitments and Contingencies_2
Commitments and Contingencies Commitments and Contingencies - Self Insurance (Details) $ in Millions | Dec. 31, 2019USD ($) |
Commitments and Contingencies [Abstract] | |
Self Insurance Reserve | $ 1 |
Capital and Other Regulatory _3
Capital and Other Regulatory Requirements - Regulatory Capital Requirements (Details) $ in Millions | Dec. 31, 2019USD ($) |
FCStone LLC [Member] | |
Cash Reserve Deposit Required and Made | $ 9.7 |
Cash Reserve Deposit Required | 9.1 |
Net Capital under Commodity Exchange Act Computation | 163.4 |
Required Net Capital under Commodity Exchange Act | 96.2 |
Cash and Securities Segregated under Commodity Exchange Act Regulation | 2,272.5 |
Cash and Securities Segregated under Commodity Exchange Act Regulation, Amount Required to be Segregated | 2,215.7 |
Secured Funds | 166.6 |
Secured Funds Required Under Commodity Exchange Act | 154 |
INTL FCStone Ltd [Member] | |
Net Capital under Commodity Exchange Act Computation | 270.6 |
Required Net Capital under Commodity Exchange Act | 130.4 |
Cash and Securities Segregated under Commodity Exchange Act Regulation | 381.9 |
Cash and Securities Segregated under Commodity Exchange Act Regulation, Amount Required to be Segregated | 376.6 |
INTL FCStone Pte Ltd [Member] | |
Cash and Securities Segregated under Commodity Exchange Act Regulation | 271.4 |
Cash and Securities Segregated under Commodity Exchange Act Regulation, Amount Required to be Segregated | $ 238.3 |
Other Expenses - Other Expenses
Other Expenses - Other Expenses Breakout (Details) - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Other Expenses [Abstract] | ||
Insurance | $ 1 | $ 0.8 |
Advertising, meetings, and conferences | 1.4 | 1.4 |
Office supplies and printing | 0.4 | 0.5 |
Other clearing related expenses | 0.8 | 0.4 |
Other non-income taxes | 1.3 | 0.9 |
Other | 2.6 | 2.5 |
Total other expenses | $ 7.5 | $ 6.5 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) Rollforward (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2019 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated other comprehensive loss, net | $ (34.8) | $ (34.8) | |
ASU 2018-02 cumulative transition adjustment | 0.7 | ||
Other comprehensive income | 0.7 | $ 0.3 | |
Accumulated Translation Adjustment [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated other comprehensive loss, net | (30.8) | (31.5) | |
ASU 2018-02 cumulative transition adjustment | 0 | ||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 0.7 | ||
Accumulated Defined Benefit Plans Adjustment [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated other comprehensive loss, net | (4) | (3.3) | |
ASU 2018-02 cumulative transition adjustment | (0.7) | ||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 0 | ||
Accumulated Other Comprehensive Loss, net | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated other comprehensive loss, net | (34.8) | (34.8) | |
ASU 2018-02 cumulative transition adjustment | $ (0.7) | ||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 0.7 | ||
Other comprehensive income | $ 0.7 | $ 0.3 |
Effective Income Tax Rate Recon
Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Income Taxes [Abstract] | ||
Income Tax Expense (Benefit) | $ 5.4 | $ 6.2 |
Effective Income Tax Rate Reconciliation, Percent | 25.00% | 25.00% |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate | 21.00% | |
Effective Income Tax Rate Reconciliation, Other Adjustments, Percent | 2.00% | 2.00% |
Effective Income Tax Rate Reconciliation, Share-based Compensation, Excess Tax Benefit, Percent | 3.00% | 0.10% |
Income Taxes Accumulated Foreig
Income Taxes Accumulated Foreign Undistributed Earnings (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Dec. 31, 2019 | Sep. 30, 2019 | |
Income Tax Disclosure [Abstract] | ||
Undistributed Earnings of Foreign Subsidiaries | $ 373.7 | $ 383.5 |
Foreign Earnings Repatriated | $ 30 | $ 13 |
Income Taxes Operating Loss Car
Income Taxes Operating Loss Carryforwards (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Sep. 30, 2016 |
Operating Loss Carryforwards [Line Items] | ||
Operating Loss Carryforwards | $ 7.1 | |
Deferred Tax Assets, Tax Credit Carryforwards, Foreign | 5.1 | |
Deferred Tax Assets, Valuation Allowance | 8.5 | $ 3.6 |
State and Local Jurisdiction [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating Loss Carryforwards | 5.6 | |
Inland Revenue, Singapore (IRAS) [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating Loss Carryforwards | $ 0.2 |
Acquisitions UOB Acquisition (D
Acquisitions UOB Acquisition (Details) - USD ($) $ in Millions | 3 Months Ended | 7 Months Ended | |
Dec. 31, 2019 | Mar. 31, 2019 | Oct. 07, 2019 | |
Business Acquisition [Line Items] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Equipment | $ 0.7 | ||
Goodwill, Acquired During Period | $ 4.3 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Financial Liabilities | 295.8 | ||
UOB Bullion and Futures Limited [Member] | |||
Business Acquisition [Line Items] | |||
Business Combination, Consideration Transferred | $ 2.5 | $ 2.5 | $ 5 |
Acquisitions Quest Capital (Det
Acquisitions Quest Capital (Details) $ in Millions | 3 Months Ended |
Dec. 31, 2019USD ($) | |
Quest Capital Strategies, Inc. [Member] | |
Business Acquisition [Line Items] | |
Business Combination, Consideration Transferred | $ 1.7 |
Segment Analysis (Details)
Segment Analysis (Details) - USD ($) | 3 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2019 | |
Segment Reporting Information [Line Items] | |||
Revenues | $ 11,245,000,000 | $ 6,552,200,000 | |
Operating revenues | 276,800,000 | 264,700,000 | |
Net operating revenues | 170,500,000 | 149,000,000 | |
Net Segment Contribution | 125,800,000 | 112,300,000 | |
Segment Income | 75,800,000 | 71,500,000 | |
Net costs not allocated to operating segments | 54,200,000 | 47,100,000 | |
Other gain | 100,000 | 0 | |
Income before tax | 21,700,000 | 24,400,000 | |
Assets | 10,129,300,000 | $ 9,936,100,000 | |
Commercial Hedging | |||
Segment Reporting Information [Line Items] | |||
Revenues | 69,700,000 | 59,800,000 | |
Operating revenues | 69,700,000 | 59,800,000 | |
Net operating revenues | 54,400,000 | 45,300,000 | |
Net Segment Contribution | 38,800,000 | 30,600,000 | |
Segment Income | 21,500,000 | 13,300,000 | |
Assets | 1,991,500,000 | 2,041,000,000 | |
Global Payments | |||
Segment Reporting Information [Line Items] | |||
Revenues | 31,400,000 | 29,700,000 | |
Operating revenues | 31,400,000 | 29,700,000 | |
Net operating revenues | 29,800,000 | 28,400,000 | |
Net Segment Contribution | 23,800,000 | 23,100,000 | |
Segment Income | 18,900,000 | 18,600,000 | |
Assets | 257,800,000 | 278,300,000 | |
Securities Segment | |||
Segment Reporting Information [Line Items] | |||
Revenues | 81,100,000 | 69,000,000 | |
Operating revenues | 81,100,000 | 69,000,000 | |
Net operating revenues | 43,100,000 | 32,100,000 | |
Net Segment Contribution | 27,400,000 | 21,800,000 | |
Segment Income | 16,700,000 | 16,000,000 | |
Assets | 5,296,600,000 | 5,219,100,000 | |
Physical Commodities | |||
Segment Reporting Information [Line Items] | |||
Revenues | 10,988,300,000 | 6,301,800,000 | |
Operating revenues | 20,100,000 | 14,300,000 | |
Net operating revenues | 15,900,000 | 10,400,000 | |
Net Segment Contribution | 11,300,000 | 7,100,000 | |
Segment Income | 7,600,000 | 5,900,000 | |
Assets | 392,600,000 | 357,800,000 | |
Clearing and Execution Services Segment | |||
Segment Reporting Information [Line Items] | |||
Revenues | 75,900,000 | 95,200,000 | |
Operating revenues | 75,900,000 | 95,200,000 | |
Net operating revenues | 30,000,000 | 37,500,000 | |
Net Segment Contribution | 24,500,000 | 29,700,000 | |
Segment Income | 11,100,000 | 17,700,000 | |
Assets | 2,023,300,000 | 1,892,100,000 | |
Corporate unallocated | |||
Segment Reporting Information [Line Items] | |||
Revenues | 5,200,000 | 2,900,000 | |
Operating revenues | 5,200,000 | 2,900,000 | |
Net operating revenues | (2,700,000) | (4,700,000) | |
Assets | 167,500,000 | $ 147,800,000 | |
Eliminations | |||
Segment Reporting Information [Line Items] | |||
Revenues | (6,600,000) | (6,200,000) | |
Operating revenues | $ (6,600,000) | $ (6,200,000) |
Subsequent Events Subsequent _2
Subsequent Events Subsequent Events - Acquisitions - Subsequent Event [Member] - USD ($) $ in Millions | Jan. 02, 2020 | Jan. 31, 2020 |
IFCM Commodities Acquisition [Member] | ||
Subsequent Event [Line Items] | ||
Business Combination, Consideration Transferred | $ 2.2 | |
GIROXX Acquisition [Member] | ||
Subsequent Event [Line Items] | ||
Business Combination, Consideration Transferred | $ 4.5 |