Cover
Cover - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2023 | Nov. 22, 2023 | Mar. 31, 2023 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Sep. 30, 2023 | ||
Current Fiscal Year End Date | --09-30 | ||
Document Transition Report | false | ||
Entity File Number | 000-23554 | ||
Entity Registrant Name | StoneX Group Inc. | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 59-2921318 | ||
Entity Address, Address Line One | 230 Park Ave | ||
Entity Address, Address Line Two | 10th Floor | ||
Entity Address, City or Town | New York | ||
Entity Address, State or Province | NY | ||
Entity Address, Postal Zip Code | 10169 | ||
City Area Code | 212 | ||
Local Phone Number | 485-3500 | ||
Title of 12(b) Security | Common Stock, $0.01 par value | ||
Trading Symbol | SNEX | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 1,547.4 | ||
Entity Common Stock, Shares Outstanding | 20,870,019 | ||
Documents Incorporated by Reference | Certain portions of the definitive Proxy Statement for the Registrant’s Annual Meeting of Stockholders to be held on February 27, 2024 are incorporated by reference into Part III of this Annual Report on Form 10-K. | ||
Entity Central Index Key | 0000913760 | ||
Document Fiscal Year Focus | 2023 | ||
Amendment Flag | false | ||
Document Fiscal Period Focus | FY |
Audit Information
Audit Information | 12 Months Ended |
Sep. 30, 2023 | |
Auditor Information [Abstract] | |
Auditor Name | KPMG LLP |
Auditor Location | Kansas City, MO |
Auditor Firm ID | 185 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Sep. 30, 2023 | Sep. 30, 2022 |
ASSETS | ||
Cash and cash equivalents | $ 1,108.3 | $ 1,108.5 |
Cash, securities and other assets segregated under federal and other regulations (including $5.8 million and $805.7 million at fair value at September 30, 2023 and 2022, respectively) | 2,426.3 | 3,267.2 |
Collateralized transactions: | ||
Securities purchased under agreements to resell | 2,979.5 | 1,672 |
Securities borrowed | 1,129.1 | 1,209.8 |
Deposits with and receivables from broker-dealers, clearing organizations and counterparties, net (including $4,248.3 million and $2,817.2 million at fair value at September 30, 2023 and 2022, respectively) | 7,443.8 | 6,842.6 |
Receivable from clients, net (including $(7.9) million and $(0.5) million at fair value at September 30, 2023 and 2022, respectively) | 683.1 | 566.2 |
Notes receivable, net | 5.2 | 5.1 |
Income taxes receivable | 25.1 | 16.8 |
Financial instruments owned, at fair value (includes securities pledged as collateral that can be sold or repledged of $1,466.4 million and $2,372.3 million at September 30, 2023 and 2022, respectively) | 5,044.8 | 4,167.3 |
Physical commodities inventory, net (including $386.5 million and $359.8 million at fair value at September 30, 2023 and 2022, respectively) | 537.3 | 513.5 |
Deferred tax assets | 45.4 | 52 |
Property and equipment, net | 123.5 | 112.9 |
Operating right of use assets | 122.1 | 121.8 |
Goodwill and intangible assets, net | 82.4 | 86.2 |
Other assets | 182.8 | 117.7 |
Total assets | 21,938.7 | 19,859.6 |
Liabilities: | ||
Accounts payable and other accrued liabilities (including $1.5 million and $0.0 million at fair value at September 30, 2023 and 2022, respectively) | 533 | 400.6 |
Operating lease liabilities | 149.3 | 143 |
Payables to: | ||
Clients (including $79.8 million and $(1,392.4) million at fair value at September 30, 2023 and 2022, respectively) | 9,976 | 9,891 |
Broker-dealers, clearing organizations and counterparties (including $10.2 million and $55.8 million at fair value at September 30, 2023 and 2022, respectively) | 442.4 | 659.8 |
Lenders under loans | 341 | 485.1 |
Senior secured borrowings, net | 342.1 | 339.1 |
Income taxes payable | 38.2 | 16.2 |
Deferred tax liabilities | 8.1 | 0 |
Collateralized transactions: | ||
Securities sold under agreements to repurchase | 4,526.6 | 3,195.6 |
Securities loaned | 1,117.3 | 1,189.5 |
Financial instruments sold, not yet purchased, at fair value | 3,085.6 | 2,469.6 |
Total liabilities | 20,559.6 | 18,789.5 |
Commitments and contingencies (Note 13) | ||
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 200,000,000 shares; 23,403,960 issued and 20,796,637 outstanding at September 30, 2023 and 22,911,227 issued and 20,303,904 outstanding at September 30, 2022 | 0.2 | 0.2 |
Common stock in treasury, at cost - 2,607,323 shares at September 30, 2023 and 2022 | (69.3) | (69.3) |
Additional paid-in-capital | 371.9 | 340.2 |
Retained earnings | 1,128.1 | 889.6 |
Accumulated other comprehensive loss, net | (51.8) | (90.6) |
Total equity | 1,379.1 | 1,070.1 |
Total liabilities and stockholders' equity | $ 21,938.7 | $ 19,859.6 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Sep. 30, 2023 | Sep. 30, 2022 |
Statement of Financial Position [Abstract] | ||
Cash, securities and other assets segregated under federal and other regulations at fair value | $ 5.8 | $ 805.7 |
Deposits with and receivables from broker-dealers, clearing organizations and counterparties at fair value | 4,248.3 | 2,817.2 |
Receivables from clients at fair value | (7.9) | (0.5) |
Financial instruments owned, securities pledged as collateral that can be sold or repledged | 1,466.4 | 2,372.3 |
Physical commodities inventory at fair value | 386.5 | 359.8 |
Accounts payable and other accrued liabilities at fair value | 1.5 | 0 |
Payables to client at fair value | 79.8 | (1,392.4) |
Payables to broker-dealers, clearing organizations and counterparties at fair value | $ 10.2 | $ 55.8 |
Preferred stock, par value (in dollar per share) | $ 0.01 | $ 0.01 |
Preferred stock, authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred stock, issued (in shares) | 0 | 0 |
Preferred stock, outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollar per share) | $ 0.01 | $ 0.01 |
Common stock, authorized (in shares) | 200,000,000 | 200,000,000 |
Common stock, issued (in shares) | 23,403,960 | 22,911,227 |
Common stock, outstanding (in shares) | 20,796,637 | 20,303,904 |
Treasury stock, shares (in shares) | 2,607,323 | 2,607,323 |
Consolidated Income Statements
Consolidated Income Statements - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021 | |
Revenues: | |||
Total revenues | $ 60,856.1 | $ 66,036 | $ 42,534.2 |
Cost of sales of physical commodities | 57,942 | 63,928.6 | 40,861.1 |
Operating revenues | 2,914.1 | 2,107.4 | 1,673.1 |
Transaction-based clearing expenses | 271.8 | 291.2 | 271.7 |
Introducing broker commissions | 161.6 | 160.1 | 160.5 |
Interest expense | 802.2 | 135.5 | 49.6 |
Interest expense on corporate funding | 57.5 | 44.7 | 41.3 |
Net operating revenues | 1,621 | 1,475.9 | 1,150 |
Compensation and other expenses: | |||
Compensation and benefits | 868.6 | 794.8 | 679.1 |
Trading systems and market information | 74 | 66.2 | 58.8 |
Professional fees | 57 | 54.3 | 40.9 |
Non-trading technology and support | 61.6 | 52.4 | 46 |
Occupancy and equipment rental | 40.4 | 36.1 | 34.2 |
Selling and marketing | 54 | 55.3 | 33.3 |
Travel and business development | 24.8 | 16.9 | 4.5 |
Communications | 9.1 | 8.3 | 9.3 |
Depreciation and amortization | 51 | 44.4 | 36.5 |
Bad debts, net of recoveries | 16.5 | 15.8 | 10.4 |
Other | 66.4 | 60.6 | 46.3 |
Total compensation and other expenses | 1,323.4 | 1,205.1 | 999.3 |
Gain on acquisitions and other gains, net | 25.4 | 6.4 | 3.4 |
Income from operations, before tax | 323 | 277.2 | 154.1 |
Income tax expense | 84.5 | 70.1 | 37.8 |
Net income | $ 238.5 | $ 207.1 | $ 116.3 |
Earnings per share: | |||
Basic (in dollar per share) | $ 11.55 | $ 10.27 | $ 5.90 |
Diluted (in dollar per share) | $ 11.18 | $ 10.01 | $ 5.74 |
Weighted-average number of common shares outstanding: | |||
Basic (in shares) | 19,957,333 | 19,570,403 | 19,130,643 |
Diluted (in shares) | 20,619,340 | 20,067,540 | 19,678,168 |
Sales of physical commodities | |||
Revenues: | |||
Total revenues | $ 58,131.2 | $ 64,052.6 | $ 40,961.6 |
Principal gains, net | |||
Revenues: | |||
Total revenues | 1,079.9 | 1,145.2 | 892 |
Commission and clearing fees | |||
Revenues: | |||
Total revenues | 498.4 | 507.9 | 487.2 |
Consulting, management, and account fees | |||
Revenues: | |||
Total revenues | 159 | 111.3 | 91 |
Interest income | |||
Revenues: | |||
Total revenues | $ 987.6 | $ 219 | $ 102.4 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 238.5 | $ 207.1 | $ 116.3 |
Other comprehensive income/(loss), net of tax: | |||
Foreign currency translation adjustment | 3.2 | (11.7) | 13.3 |
Cash flow hedges | 35.1 | (53.5) | 0 |
Pension liabilities adjustment | 0.5 | (0.3) | 1.5 |
Reclassification of adjustment for losses included in net income: | |||
Periodic pension costs (included in compensation and benefits) | 0 | 0 | 0.2 |
Reclassification adjustment for losses included in net income | 0 | 0 | 0.2 |
Other comprehensive income/(loss) | 38.8 | (65.5) | 15 |
Comprehensive income | $ 277.3 | $ 141.6 | $ 131.3 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021 | ||
Cash flows from operating activities: | ||||
Net income | $ 238.5 | $ 207.1 | $ 116.3 | |
Adjustments to reconcile net income to net cash (used in)/provided by operating activities: | ||||
Depreciation and amortization | 51 | 44.4 | 36.5 | |
Amortization of operating right of use assets | 14 | 15.9 | 12.2 | |
Provision for bad debts, net of recoveries | 16.5 | 15.8 | 10.4 | |
Deferred income taxes | (2.4) | (0.3) | 3.2 | |
Amortization and extinguishment of debt issuance costs | 5.8 | 4.5 | 3.9 | |
Actuarial adjustment on pension and postretirement benefits | 0.3 | (0.1) | (0.3) | |
Amortization of share-based compensation expense | 28 | 17.8 | 13.9 | |
Gain on acquisition | (23.5) | 0 | (3.3) | |
Gain on stock sales of clearing organization memberships | 0 | 0 | (0.7) | |
Changes in operating assets and liabilities, net: | ||||
Securities and other assets segregated under federal and other regulations | 599.5 | (591.5) | (1) | |
Securities purchased under agreements to resell | (1,307.5) | 567.9 | (543.7) | |
Securities borrowed | 80.7 | 953.3 | (723.1) | |
Deposits with and receivables from broker-dealers, clearing organizations, and counterparties, net | (595.6) | (2,174.3) | (132) | |
Receivable from clients, net | (80.5) | (119.7) | (68.3) | |
Notes receivable, net | (0.1) | 1 | (4.4) | |
Income taxes receivable | (13.4) | 10.4 | (9.6) | |
Financial instruments owned, at fair value | (857.9) | 187.3 | (1,626.9) | |
Physical commodities inventory, net | (1.3) | (67.2) | (166.4) | |
Other assets | (60.4) | (9.8) | (16.7) | |
Accounts payable and other accrued liabilities | 82.5 | 101.4 | 35.7 | |
Operating lease liabilities | (8) | (16) | (8.6) | |
Payable to clients | 81.4 | 2,055.1 | 2,146.7 | |
Payable to broker-dealers, clearing organizations and counterparties | (217.8) | 46.3 | 76 | |
Income taxes payable | 29.3 | 2.8 | (9.4) | |
Securities sold under agreements to repurchase | 1,331 | (1,145.3) | 1,185.4 | |
Securities loaned | (72.2) | (964.1) | 711.7 | |
Financial instruments sold, not yet purchased, at fair value | 658.4 | 627.8 | 1,085.2 | |
Net cash (used in)/provided by operating activities | (23.7) | (229.5) | 2,122.7 | |
Cash flows from investing activities: | ||||
Proceeds from stock sales of clearing organization memberships | 0 | 0.2 | 1.6 | |
Cash paid for acquisitions, net of cash acquired | (6.1) | (0.2) | (2.4) | |
Sale of property and equipment | 0 | 0 | 3.1 | |
Purchase of property and equipment and internally developed software | (46.9) | (49.5) | (62.1) | |
Net cash used in investing activities | (53) | (49.5) | (59.8) | |
Cash flows from financing activities: | ||||
Net change in lenders under loans with maturities 90 days or less | (119.3) | 211.5 | (33.5) | |
Proceeds from lenders under loans with maturities greater than 90 days | 187 | 547 | 191.4 | |
Repayments of lenders under loans with maturities greater than 90 days | (222) | (522) | (186.4) | |
Repayments of senior secured term loan | 0 | (170.3) | (9.8) | |
Repayment of senior secured notes | 0 | (0.5) | (1.6) | |
Issuance of note payable | 0 | 0 | 9 | |
Deferred payments on acquisitions | (18.7) | (3) | (2.2) | |
Payment of contingent consideration | 0 | (3.6) | 0 | |
Share repurchase | 0 | 0 | (11.7) | |
Exercise of stock options | 3.7 | 6.7 | 9.2 | |
Net cash (used in)/provided by financing activities | (169.3) | 65.8 | (35.6) | |
Effect of exchange rates on cash, segregated cash, cash equivalents, and segregated cash equivalents | 2.6 | (11.2) | 13.8 | |
Net (decrease)/increase in cash, segregated cash, cash equivalents, and segregated cash equivalents | (243.4) | (224.4) | 2,041.1 | |
Cash, segregated cash, cash equivalents, and segregated cash equivalents at beginning of period | 6,285.1 | 6,509.5 | 4,468.4 | |
Cash, segregated cash, cash equivalents, and segregated cash equivalents at end of period | 6,041.7 | 6,285.1 | 6,509.5 | |
Supplemental disclosure of cash flow information: | ||||
Cash paid for interest | 786.5 | 149.2 | 87 | |
Income taxes paid, net of cash refunds | 71 | 56.3 | 52 | |
Supplemental disclosure of non-cash investing and financing activities: | ||||
Identified intangible assets and goodwill on acquisitions | 10.6 | 0.2 | 6.5 | |
Additional consideration payable related to acquisitions | 11.1 | 0 | 3.9 | |
Acquisition of businesses: | ||||
Assets acquired | 141.6 | 0 | 6.5 | |
Liabilities acquired | (84.1) | 0 | (4.1) | |
Total net assets acquired | 57.5 | 0 | 2.4 | |
Cash and cash equivalents | 1,108.3 | 1,108.5 | 1,109.6 | |
Cash segregated under federal and other regulations | [1] | 2,420.5 | 2,461.6 | 2,260.3 |
Securities segregated under federal and other regulations | [1] | 0 | 200 | 0 |
Cash segregated and deposited with or pledged to exchange-clearing organizations and other futures commission merchants (“FCMs”) | [2] | 1,256.5 | 2,138.2 | 2,739.6 |
Securities segregated and pledged to exchange-clearing organizations | [2] | 1,256.4 | 376.8 | 400 |
Total cash, segregated cash, cash equivalents, and segregated cash equivalents shown in the consolidated statements of cash flows | 6,041.7 | 6,285.1 | 6,509.5 | |
Non cash equivalent segregated assets | 5.8 | 605.6 | 14.1 | |
Non segregated cash and other non cash equivalent assets included with in deposits and receivables from broker dealers clearing organizations and counter parties | $ 4,930.9 | $ 4,327.6 | $ 2,153.3 | |
[1] Represents segregated client cash held at third-party banks. Excludes segregated commodity warehouse receipts, segregated United States (“U.S.”) Treasury obligations with original or acquired maturities of greater than 90 days, and other assets, combined totaling $5.8 million , $605.6 million, and $14.1 million as of September 30, 2023, 2022, and 2021, respectively, included within Cash, securities and other assets segregated under federal and other regulations on the Consolidated Balance Sheets. Represents segregated client cash and U.S. Treasury obligations on deposit with, or pledged to, exchange clearing organizations and other FCMs. Excludes non-segregated cash, segregated securities pledged to exchange-clearing organizations with original or acquired maturities greater than 90 days, and other assets, combined totaling $4,930.9 million , $4,327.6 million, and $2,153.3 million as of September 30, 2023, 2022, and 2021, respectively, included within Deposits with and receivables from broker-dealers, clearing organizations, and counterparties, net on the Consolidated Balance Sheets. |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders’ Equity - USD ($) $ in Millions | Total | Cumulative transition adjustment | Adjusted balance | Common Stock | Common Stock Adjusted balance | Treasury Stock | Treasury Stock Adjusted balance | Additional Paid-in Capital | Additional Paid-in Capital Adjusted balance | Retained Earnings | Retained Earnings Cumulative transition adjustment | Retained Earnings Adjusted balance | Accumulated Other Comprehensive Loss, net | Accumulated Other Comprehensive Loss, net Adjusted balance |
Beginning balance at Sep. 30, 2020 | $ 767.5 | $ (6.2) | $ 761.3 | $ 0.2 | $ 0.2 | $ (57.6) | $ (57.6) | $ 292.6 | $ 292.6 | $ 572.4 | $ (6.2) | $ 566.2 | $ (40.1) | $ (40.1) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Net income | 116.3 | 116.3 | ||||||||||||
Other comprehensive income (loss) | 15 | 15 | ||||||||||||
Exercise of stock options | 9.2 | 9.2 | ||||||||||||
Share-based compensation | 13.9 | 13.9 | ||||||||||||
Repurchase of stock | (11.7) | (11.7) | ||||||||||||
Ending balance at Sep. 30, 2021 | 904 | 0.2 | (69.3) | 315.7 | 682.5 | (25.1) | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Net income | 207.1 | 207.1 | ||||||||||||
Other comprehensive income (loss) | (65.5) | (65.5) | ||||||||||||
Exercise of stock options | 6.7 | 6.7 | ||||||||||||
Share-based compensation | 17.8 | 17.8 | ||||||||||||
Ending balance at Sep. 30, 2022 | 1,070.1 | 0.2 | (69.3) | 340.2 | 889.6 | (90.6) | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Net income | 238.5 | 238.5 | ||||||||||||
Other comprehensive income (loss) | 38.8 | 38.8 | ||||||||||||
Exercise of stock options | 3.7 | 3.7 | ||||||||||||
Share-based compensation | 28 | 28 | ||||||||||||
Ending balance at Sep. 30, 2023 | $ 1,379.1 | $ 0.2 | $ (69.3) | $ 371.9 | $ 1,128.1 | $ (51.8) |
Description of Business and Sig
Description of Business and Significant Accounting Policies | 12 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Description of Business and Significant Accounting Policies | Description of Business and Significant Accounting Policies StoneX Group Inc., a Delaware corporation, and its consolidated subsidiaries (collectively “SNEX” or “the Company”), is a global financial services network that connects companies, organizations, traders and investors to the global market ecosystem through a unique blend of digital platforms, end-to-end clearing and execution services, high touch service, and deep expertise. The Company strives to be its clients’ sole trusted partner, providing its networks, products, and services to allow them to pursue trading opportunities, manage market risks, make investments and improve business performance. The Company offers a vertically integrated product suite, beginning with high-touch and electronic access to nearly all major financial markets worldwide, as well as numerous liquidity venues. The Company delivers access and service through the entire trade lifecycle, by delivering deep market expertise and on-the-ground intelligence, best execution, and finally post-trade clearing, custody, as well as settlement services. The Company has created revenue streams, diversified by asset class, client type and geography, that earn commissions and spreads as clients execute transactions across the Company’s financial networks, while the Company monetizes non-trading client activity including interest and fee earnings on client balances as well as earning consulting and fees for market intelligence and risk management services. The Company provides these services to a diverse group of clients in more than 180 countries. These clients include more than 54,000 commercial, institutional, and global payments clients and over 400,000 retail clients. The Company’s clients include commercial entities, asset managers, regional, national and introducing broker-dealers, insurance companies, brokers, institutional investors and professional traders, commercial and investment banks, and government and non-governmental organizations (“NGOs”). Basis of Presentation The accompanying consolidated financial statements include the accounts of StoneX Group Inc. and all entities in which the Company has a controlling financial interest. All material intercompany transactions and balances have been eliminated in consolidation. In the Consolidated Income Statements, total revenues reported combine gross revenues for the physical commodities business and net revenues for all other businesses. The subtotal Operating revenues in the Consolidated Income Statements is physical commodities cost of sales deducted from total revenues. The subtotal Net operating revenues in the Consolidated Income Statements is operating revenues less transaction-based clearing expenses, introducing broker commissions, and interest expense. Transaction-based clearing expenses are variable expenses paid to executing brokers, exchanges, clearing organizations, and banks, typically related 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, certain non-variable expenses, as well as variable and non-variable expenses related to both operational and administrative employees. Use of Estimates Preparing consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires that management make estimates and assumptions affecting the reported amounts of assets and liabilities, disclosure of contingent liabilities as of the date of the financial statements and the reported amounts of revenue and expense during the reporting period. The most significant of these estimates and assumptions in the current year relate to fair value measurements for financial instruments, revenue recognition, valuation of inventories, acquisition valuation, and income taxes. These estimates are based on management’s best knowledge of current events and actions the Company may undertake in the future. The Company reviews all significant estimates affecting the financial statements on a recurring basis and records the effect of any necessary adjustments prior to financial statement issuance. Although these and other estimates and assumptions are based on the best available information, actual results could be materially different from these estimates. Foreign Currency Translation The Company’s consolidated financial statements are reported in U.S. dollars. The Company’s subsidiaries maintain their records either in U.S. dollars or, as appropriate, the currencies of the countries in which they operate. The method of translating local currency financial information into U.S. dollars depends on whether the economy in which the foreign subsidiary operates has been designated as highly inflationary. Economies with a three-year cumulative inflation rate of more than 100% are considered highly inflationary. Assets and liabilities of foreign subsidiaries in non-highly inflationary economies are translated into U.S. dollars using rates of exchange at the balance sheet date. Translation adjustments are recorded in other comprehensive income (loss). Revenues and expense are translated at rates of exchange in effect at relevant times during the year. Transaction gains and losses related to changes in currency rates are recorded in earnings. Foreign subsidiaries that operate in highly inflationary countries use the U.S. dollar as their functional currency. Local currency monetary assets and liabilities are remeasured into U.S. dollars using rates of exchange as of each balance sheet date, with remeasurement adjustments and other transaction gains and losses recognized in earnings. Nonmonetary assets and liabilities do not fluctuate with changes in the local currency exchange rates to the dollar as the translated amounts for nonmonetary assets and liabilities at the end of the accounting period in which the economy becomes highly inflationary becomes the accounting basis for those assets and liabilities in the period of change and subsequent periods. Revenues and expenses are translated at rates of exchange in effect at relevant times during the year. The Company operates asset management and debt trading businesses in Argentina through various wholly-owned subsidiaries. Operating revenues from the Company’s Argentinean subsidiaries were approximately 1% of the consolidated operating revenues for the fiscal year ended September 30, 2023. The operating environment in Argentina continues to present business challenges, including ongoing devaluation of the Argentine peso and significant inflation. Based upon inflationary data published by the International Practices Task Force of the Center for Audit Quality, the economy of Argentina became highly inflationary during the three months ended June 30, 2018, and continues to be considered highly inflationary. Beginning July 1, 2018, the Company designated Argentina’s economy as highly inflationary for accounting purposes. As a result, the Company has accounted for its Argentinean entities using the U.S. dollar as their functional currency, beginning in the quarter ending September 30, 2018. The Company has implemented strategies to reduce exposure to the Argentine peso. As a result of Argentina’s highly inflationary status, the Company recorded translation gains through earnings of $6.6 million and $2.1 million for the years ended September 30, 2023 and 2022, respectively. The Company recorded de minimis translation adjustments through earnings for the year ended September 30, 2021. At September 30, 2023, the Company had net monetary liabilities denominated in Argentine pesos of $0.2 million, compared to net monetary assets of $0.4 million at September 30, 2022. The Company held cash and cash equivalents denominated in Argentine pesos of $0.8 million and less than $0.1 million as of September 30, 2023 and 2022, respectively. At September 30, 2023 and 2022, the Company had net nonmonetary assets denominated in Argentine pesos of $0.7 million and $1.1 million, respectively. Cash and Cash Equivalents The Company considers cash held at banks and all highly liquid investments not held for trading purposes, with original or acquired maturities of 90 days or less, including certificates of deposit and money market mutual funds, to be cash and cash equivalents. Cash and cash equivalents consists of cash, certificates of deposit, and money market mutual funds not deposited with or pledged to clearing organizations, broker-dealers, clearing organizations or counterparties, or segregated under federal or other regulations. Certificates of deposit are stated at cost plus accrued interest, which approximates fair value, and may be withdrawn at any time, at the discretion of the Company. Money market mutual funds are stated at their net asset value. Cash, Securities and Other Assets Segregated under Federal and other Regulations Pursuant to requirements of the Commodity Exchange Act and Commission Regulation 30.7 of the U.S. Commodity Futures Trading Commission (“CFTC”) in the U.S., the Markets in Financial Instruments Implementing Directive 2006/73/EC underpinning the Client Asset (“CASS”) rules in the Financial Services Authority (“FSA”) handbook in the United Kingdom (“U.K.”), and the Securities & Futures Act (“SFA”) in Singapore, funds deposited by clients relating to futures and options on futures contracts in regulated commodities must be carried in separate accounts, which are designated as segregated or secured client accounts. Additionally, in accordance with Rule 15c3-3 of the Securities Exchange Act of 1934 (“Rule 15c3-3”), the Company maintains separate accounts for the exclusive benefit of securities clients and proprietary accounts of broker dealers (“PABs”). Rule 15c3-3 requires the Company to maintain special reserve bank accounts (“SRBAs”) for the exclusive benefit of securities clients and PABs. The deposits in segregated client accounts and SRBAs are not commingled with Company funds. Under the FSA’s rules, certain categories of clients may choose to opt-out of segregation. As of September 30, 2023 and 2022, cash, securities, and other assets segregated under federal and other regulations consisted of cash held at banks of approximately $2,420.5 million and $2,461.6 million, respectively, U.S. Treasury obligations of approximately $0.0 million and $786.0 million, respectively, and commodities warehouse receipts of approximately $5.8 million and $19.7 million, respectively (see fair value measurements discussion in Note 3). Collateralized Transactions The Company enters into securities purchased under agreements to resell, securities sold under agreements to repurchase, securities borrowed transactions, and securities loaned transactions primarily to fund principal debt trading, acquire securities to cover short positions, acquire securities for settlement, or meet counterparty needs under matched-booked trading strategies. These transactions are accounted for as collateralized financing transactions and are recorded at their contractual amounts plus accrued interest. In connection with these agreements and transactions, it is the Company’s policy to receive or pledge cash or securities to collateralize such agreements and transactions in accordance with contractual arrangements. The Company monitors the fair value of its collateral on a daily basis, and the Company may require counterparties, or may be required by counterparties, to deposit additional collateral or return collateral pledged. Interest income and interest expense are recognized over the life of the arrangements and are recorded in the Consolidated Income Statements as Interest income or Interest expense , as applicable. The carrying amount of these transactions approximate fair value due to their short-term nature and the level of collateralization. Repurchase and Reverse repurchase agreement netting The Company undertakes certain clearing arrangements and related agreements that meet the criteria for netting under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 210-20, Balance Sheet – Offsetting. Netting occurs within Securities purchased under agreements to resell and Securities sold under agreements to repurchase. More details can be found in Note 12. Deposits with and Receivables from Broker-dealers, Clearing Organizations and Counterparties, and Payables to Broker-dealers, Clearing Organizations and Counterparties As required by regulations of the CFTC, FSA, and Monetary Authority of Singapore (“MAS”), client funds received to margin, guaranty, and/or secure commodity futures and futures on options as well as retail foreign exchange transactions are segregated and accounted for separately from the general assets of the Company. Deposits with broker-dealers, clearing organizations, and counterparties pertain primarily to deposits made to satisfy margin requirements on client and proprietary open futures and options on futures positions and to satisfy the requirements set by clearing exchanges for clearing membership. The Company also pledges margin deposits with various counterparties for over-the-counter (“OTC”) derivative contracts. These deposits are also included in deposits with broker-dealers, clearing organizations, and counterparties. The Company also deposits cash margin with various securities clearing organizations as an ongoing condition of the securities clearing relationships, and these deposits are included in deposits with and receivables from broker-dealers, clearing organizations, and counterparties. Deposits with and receivables from broker-dealers, clearing organizations, and counterparties are reported gross, except where a right of offset exists. As of September 30, 2023 and 2022, the Company had cash and cash equivalents on deposit with or pledged to broker-dealers, clearing organizations, and counterparties of approximately $2,512.9 million and $2,515.0 million, respectively. Deposits with and receivables from broker-dealers, clearing organizations, and counterparties also includes guaranty deposits with clearing exchanges. The guaranty deposits are held by the clearing exchanges for use in potential default situations by one or more members of the clearing exchanges. The guaranty deposits may be applied to the Company’s obligations to the clearing exchange, or to the clearing exchange’s obligations to unrelated parties. Deposits with and receivables from broker-dealers, clearing organizations, and counterparties also include securities pledged to clearing exchanges. These securities are either pledged to the Company by its clients or represent investments of client funds. It is the Company’s practice to include client-owned securities on its Consolidated Balance Sheets, as the rights to those securities have been transferred to the Company under the terms of the relevant futures trading agreements. Securities pledged primarily include U.S. Treasury obligations, foreign government obligations, and certain ETFs. Securities that are not client-owned, and represent an investment of client funds, are adjusted to fair value with associated changes in unrealized gains or losses recorded in Interest income in the Consolidated Income Statements. For client-owned securities, the change in fair value is offset against the payable to clients with no impact recognized in the Consolidated Income Statements. The total fair value of such client owned and non-client owned securities included within Deposits with and receivables from broker-dealers, clearing organizations, and counterparties, net was $4,041.6 million and $4,272.9 million as of September 30, 2023 and 2022, respectively. Management has considered guidance required by ASC 860, Transfers and Servicing as it relates to securities pledged by clients to margin their futures and options on futures trading accounts. Management believes that the transferor surrenders control over those assets because: (a) the transferred assets have been isolated from the transferor—put presumptively beyond the reach of the transferor and its creditors, even in bankruptcy or other receivership, (b) each transferee has the right to pledge or exchange the assets (or beneficial interests) it received, and no condition both constrains the transferee (or holder) from taking advantage of its right to pledge or exchange and provides more than a trivial benefit to the transferor and (c) the transferor does not maintain effective control over the transferred assets through either (1) an agreement that both entitles and obligates the transferor to repurchase or redeem them before their maturity or (2) the ability to unilaterally cause the holder to return specific assets, other than through a cleanup call. Under this guidance, the Company reflects the client collateral assets and corresponding liabilities in the Company’s Consolidated Balance Sheets as of September 30, 2023 and 2022. Deposits with and receivables from broker-dealers, clearing organizations, and counterparties also includes amounts due from clearing exchanges for unrealized gains and losses associated with clients’ options on futures contracts. See discussion in the Financial Instruments section below for additional information on the Company’s accounting policies for derivative contracts. For client-owned derivative contracts, the fair value is offset against the payable to clients with no impact recognized on the Consolidated Income Statements. The Company maintains client omnibus and proprietary accounts with other clearing organizations. The equity balances in those accounts, along with any margin cash or securities deposited with the clearing organizations are included in deposits with and receivables from broker-dealers, clearing organizations, and counterparties. Deposits with and receivables from broker-dealers, clearing organizations, and counterparties also include amounts due from or due to clearing exchanges for daily variation settlements on open futures and options on futures positions. The variation settlements due from or due to clearing exchanges are paid in cash on the following business day. Variation settlements equal the daily settlement of futures contracts and premiums on options on futures contracts. Deposits with and receivables from broker-dealers, clearing organizations, and counterparties further include amounts receivable for securities sold but not yet delivered by the Company on settlement date (“fails-to-deliver”) and net receivables arising from unsettled proprietary trades. Payables to broker-dealers, clearing organizations, and counterparties primarily include amounts payable for securities purchased but not yet received by the Company on settlement date (“fails-to-receive”) and net payables arising from unsettled proprietary trades. Deposits with and receivables from broker-dealers, clearing organizations and counterparties, and payables to broker-dealers, clearing organizations and counterparties also include amounts related to the value of registered broker-dealer clients cross-currency payment transactions related to the Global Payments segment. These amounts arise due to a clearing period before funds are received and payments are made, which usually is one to two business days. Receivable from and Payables to Clients Receivable from clients, net includes the total of net deficits in individual exchange-traded futures and OTC derivative trading accounts carried by the Company. Client deficits arise from realized and unrealized trading losses on client OTC, futures, options on futures, swaps and forwards and amounts due on cash and margin transactions. Client deficit accounts are reported gross of client accounts that contain net credit or positive balances, except where a right of offset exists. Net deficits in individual futures exchange-traded and OTC derivative trading accounts include both secured and unsecured deficit balances due from clients as of the balance sheet date. Secured deficit amounts are backed by U.S. Treasury obligations and commodity warehouse receipts. These U.S Treasury obligations and commodity warehouse receipts are netted against the secured deficit amounts when conditions necessary for the right to offset exist. Receivable from clients, net also includes the net amounts receivable from securities clients in connection with the settlement of regular-way cash securities, margin loans to clients, and client cash debits. It is the Company’s policy to report margin loans and payables that arise due to positive cash flows in the same client’s accounts on a net basis when the conditions for netting as specified in U.S. GAAP are met. Clients’ securities transactions cleared by the Company are recorded on a settlement date basis, but the Company makes accruals necessary to adjust any uncompleted transactions to a trade date basis for consolidated reporting, under U.S. GAAP. Securities cleared by the Company and pledged to the Company as a condition of custodial clearing arrangements are owned by the clients, including those that collateralize margin or other similar transactions, and are not reflected on the Consolidated Balance Sheets as the Company does not have title to, or beneficial interests, in those assets. The carrying value of the receivables and payables approximates fair value due to their short-term nature. Receivable from clients, net also include amounts receivable from non-broker-dealer clients for securities sold but not yet delivered by the Company on settlement date (“fails-to-deliver”) and net receivables arising from unsettled proprietary trades. Payables to clients represent the total of client accounts with credit or positive balances. Client accounts are used primarily in connection with exchange-traded and OTC commodity, foreign exchange, precious metals, and securities transactions and include gains and losses on open trades as well as securities and cash margin deposits made as required by the Company, the exchange-clearing organizations or other clearing organizations. Client accounts with credit or positive balances are reported gross of client deficit accounts, except where a right of offset exists. Payables to broker-dealers and counterparties also includes amounts payable to non-broker-dealer clients for securities purchased but not yet received by the Company on settlement date (“fails-to-receive”) and net payables arising from unsettled proprietary trades. Receivable from and payables to clients also include amounts related to the value of non-registered broker-dealer clients’ cross-currency payment transactions related to the Global Payments segment. These amounts arise due to a clearing period before the funds are received and payments are made, which usually is one to two business days. The future collectability of receivable from clients can be impacted by the Company’s collection efforts, client financial stability, and the general economic climate. In determining collectability, the Company considers a number of factors including, but not limited to, historical collection experience, current and forecasted economic and business conditions, internal and external credit risk ratings, collateral terms, payment terms and aging of the financial asset, as well as specific-identification in certain circumstances. The Company evaluates accounts that it believes may become uncollectible on a specific identification basis, through reviewing daily margin deficit reports, the historical daily aging of the receivables, and by monitoring the financial strength of its clients. The Company may unilaterally close client trading positions in certain circumstances. In addition, to evaluate client margining and collateral requirements, client positions are stress tested regularly and monitored for excessive concentration levels relative to the overall market size. Furthermore, in certain instances, the Company is indemnified and able to charge back introducing broker-dealers for bad debts incurred by their clients. The Company generally writes off an outstanding receivable balance when all economic means of recovery have been exhausted. That determination considers information such as the occurrence of significant changes in the client’s financial position such that the client can no longer pay the obligation, or that the proceeds from collateral will not be sufficient to pay the balance. Notes Receivable Accrual of commodity financing income on any note is discontinued when, in the opinion of management, there is reasonable doubt as to the timely collectability of interest or principal. Nonaccrual notes are returned to an accrual status when, in the opinion of management, the financial position of the borrower indicates there is no longer any reasonable doubt as to the timely payment of principal and interest. The Company records a charge against earnings for notes receivable losses when management believes that the collection of outstanding principal is not probable. Physical Commodities Inventory Inventories of certain agricultural commodities are carried at net realizable value, which approximates fair value less disposal costs. Agricultural commodities inventories have reliable, readily determinable and realizable market prices, relatively predictable and insignificant costs of disposal, and are available for immediate delivery. Changes in the fair values of these agricultural commodities inventories are included as a component of Cost of sales of physical commodities in the Consolidated Income Statements. Inventories of energy related products are valued at the lower of cost or net realizable value. Inventories of precious metals held by subsidiaries that are not broker-dealers are valued at the lower of cost or net realizable value, using the weighted-average price and first-in first-out costing method. Changes in the values of these inventories are included as a component of Cost of sales of physical commodities in the Consolidated Income Statements. Precious metals inventory held by StoneX Financial Ltd, a U.K. based broker-dealer subsidiary, is measured at fair value, with changes in fair value included as a component of Principal gains, net in the Consolidated Income Statements, in accordance with U.S. GAAP accounting requirements for broker-dealers. Property and Equipment Property and equipment is stated at cost, net of accumulated depreciation and amortization and depreciated using the straight-line method over the estimated useful life. Leasehold improvements are amortized on a straight-line basis over the estimated useful life of the improvement or the term of the lease, whichever is shorter. Expenditures that increase the value or productive capacity of assets are capitalized. When an asset is retired, sold, or otherwise disposed of, the carrying amount and related accumulated depreciation are removed from the accounts and any gain or loss is included in earnings. The Company had no assets held for sale at September 30, 2023 and 2022. The Company accounts for costs incurred to develop its trading platforms and related software in accordance with ASC 350-40, Internal-Use Software, which requires that such technology be capitalized in the application development stage. Costs related to planning, training, administration, and non-value added maintenance are charged to expense as incurred. Capitalized software development costs are amortized over the useful life of the software, which the Company generally estimates at three years. In accordance with ASC 360-10, Property, Plant and Equipment, the Company periodically evaluates the carrying value of long-lived assets when events and circumstances warrant such review. The carrying value of a long-lived asset is considered impaired when the anticipated identifiable undiscounted cash flows from such an asset (or asset group) are less than carrying value. In that event, a loss is recognized in the amount by which the carrying value exceeds fair market value of the long-lived asset. The Company has identified no impairment indicators as of September 30, 2023 and 2022. This standard applies to assets held for use and not to assets held for sale. Acquisitions The Company applies acquisition accounting on the date of acquisition to those transactions meeting the definition of a business under ASC 805. Applying acquisition accounting requires the Company to allocate the purchase consideration to the fair value of the identifiable tangible and intangible assets acquired and liabilities assumed on acquisition date. In determining the fair value of identifiable assets acquired and liabilities assumed, the Company frequently utilizes a third-party valuation specialist. The Company applies certain significant assumptions, estimates, and judgments in determining the fair value of assets acquired and liabilities assumed on acquisition date. These significant assumptions, estimates, and judgments include, but are not limited to, cash flow forecasts, discount rates, client churn rates, royalty rates, and economic lives. Any excess of the purchase consideration over the fair value of the net assets acquired is recorded as goodwill. Alternatively, in an instance where the fair value of the net assets acquired exceeds the purchase consideration, the Company records a bargain purchase gain in the Consolidated Income Statements at the date of acquisition. While the Company uses its best estimates and assumptions as a part of the purchase price allocation to accurately value assets acquired and liabilities assumed at the acquisition date, these estimates are inherently uncertain and subject to refinement. As a result, during the remeasurement period, which may extend one year from the acquisition date, the Company may record adjustments to the assets acquired and liabilities assumed, with the corresponding offset to goodwill or bargain purchase gain. Upon conclusion of the measurement period or final determination of the fair values of assets acquired and liabilities assumed, whichever comes first, any subsequent adjustments are recorded to the Consolidated Income Statements rather than adjusted through goodwill or bargain purchase gains. The Company includes the post-acquisition results of acquired businesses in the Consolidated Income Statements from the date of acquisition. Acquisition related costs, such as fees for attorneys, accountants, and investment bankers, are expensed as incurred and are not capitalized as part of the purchase price. Goodwill and Identifiable Intangible Assets Goodwill is the cost of acquired companies in excess of the fair value of identifiable net assets at acquisition date. Goodwill is not subject to amortization, but rather is evaluated for impairment at least annually. The Company evaluates its goodwill for impairment during the fourth quarter of its fiscal year or more frequently if indicators of potential impairment exist, in accordance with ASC 350, Intangibles - Goodwill and Other. Goodwill impairment is determined by comparing the estimated fair value of a reporting unit (generally defined as the businesses for which financial information is available and reviewed regularly by management) with its respective carrying value. If the estimated fair value exceeds the carrying value, goodwill at the reporting unit level is not deemed to be impaired. However, if the estimated fair value is below carrying value, further analysis is required to determine the amount of the impairment. In the course of evaluating the potential impairment of goodwill, the Company may perform either a qualitative or a quantitative assessment. The Company’s qualitative assessment of potential impairment may result in the determination that a quantitative impairment analysis is not necessary. Under this elective process, the Company assesses qualitative factors to determine whether the existence of events or circumstances leads the Company to determine that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If after assessing the totality of events and circumstances, the Company determines it is more likely than not that the fair value of a reporting unit is greater than its carrying amount, then performing a quantitative analysis is not required. However, if the Company concludes otherwise, then the Company performs a quantitative impairment analysis. If the Company either chooses not to perform a qualitative assessment, or the Company chooses to |
Earnings per Share
Earnings per Share | 12 Months Ended |
Sep. 30, 2023 | |
Earnings Per Share [Abstract] | |
Earnings per Share | 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 net income per share computations for the periods presented below. Year Ended September 30, (in millions, except share amounts) 2023 2022 2021 Numerator: Net income $ 238.5 $ 207.1 $ 116.3 Less: Allocation to participating securities (8.1) (6.1) (3.5) Net income allocated to common stockholders $ 230.4 $ 201.0 $ 112.8 Denominator: Weighted average number of: Common shares outstanding 19,957,333 19,570,403 19,130,643 Dilutive potential common shares outstanding: Share-based awards 662,007 497,137 547,525 Diluted shares outstanding 20,619,340 20,067,540 19,678,168 Earnings per share - basic $ 11.55 $ 10.27 $ 5.90 Earnings per share - diluted $ 11.18 $ 10.01 $ 5.74 The dilutive effect of share-based awards is reflected in diluted net income per share by application of the treasury stock method, which includes consideration of unamortized share-based compensation expense. Options to purchase 247,771, 451,907 and 298,786 shares of common stock for the years ended September 30, 2023, 2022, and 2021, respectively, were excluded from the calculation of diluted earnings per share because they would have been anti-dilutive. |
Assets and Liabilities, at Fair
Assets and Liabilities, at Fair Value | 12 Months Ended |
Sep. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Assets and Liabilities, at Fair Value | 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. Financial and nonfinancial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). A market is active if there are sufficient transactions on an ongoing basis to provide current pricing information for the asset or liability, pricing information is released publicly, and price quotations do not vary substantially either over time or among market makers. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. The guidance requires the Company to consider counterparty credit risk of all parties of outstanding derivative instruments that would be considered by a market participant in the transfer or settlement of such contracts (exit price). The Company’s exposure to credit risk on derivative financial instruments relates to the portfolio of OTC derivative contracts as all exchange-traded contracts held can be settled on an active market with a credit guaranty 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. In accordance with 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. Fair value of financial and nonfinancial assets and liabilities that are carried on the 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 includes the fair value of pledged investments, primarily U.S. Treasury obligations and foreign government obligations. These balances also include the fair value of exchange-traded options on futures and OTC forwards, swaps, and options. Financial instruments owned and sold, not yet purchased include the fair value of equity securities, which includes common, preferred, and foreign ordinary shares, American Depository Receipts (“ADRs”), Global Depository Receipts (“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 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 inventory 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, classifies these instruments as Level 2. Examples include corporate and municipal bonds, U.S. government agency obligations, agency-mortgage backed obligations, asset-backed obligations, certain equity securities traded in less active markets, and OTC derivative contracts, which include purchase and sale commitments related to the Company’s agricultural and energy commodities. Certain derivatives without a quoted price in an active market and derivatives executed OTC are valued using internal valuation techniques, including pricing models which utilize significant inputs observable to market participants. The valuation techniques and inputs depend on the type of derivative and the nature of the underlying instrument. The key inputs depend upon the type of derivative and the nature of the underlying instrument and include interest yield curves, foreign exchange rates, commodity prices, volatilities and correlation. These derivative instruments are included within Level 2 of the fair value hierarchy. Physical commodities inventory includes precious metals that are a part of the trading activities of a regulated broker-dealer subsidiary that records these assets 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 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 a 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 vendors 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 September 30, 2023 and 2022. 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 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 September 30, 2023 and 2022 by level in the fair value hierarchy. All fair value measurements were performed on a recurring basis as of September 30, 2023 and 2022. September 30, 2023 (in millions) Level 1 Level 2 Level 3 Netting (1) Total Assets: Certificates of deposit $ 8.7 $ — $ — $ — $ 8.7 Money market mutual funds 57.8 — — — 57.8 Cash and cash equivalents 66.5 — — — 66.5 Commodities warehouse receipts 5.8 — — — 5.8 Securities and other assets segregated under federal and other regulations 5.8 — — — 5.8 U.S. Treasury obligations 4,023.8 — — — 4,023.8 To be announced ("TBA") and forward settling securities — 73.5 — (31.7) 41.8 Foreign government obligations 17.8 — — — 17.8 Derivatives 5,497.5 1,135.9 — (6,468.5) 164.9 Deposits with and receivables from broker-dealers, clearing organizations and counterparties, net 9,539.1 1,209.4 — (6,500.2) 4,248.3 Receivable from clients, net - Derivatives 61.7 561.3 (630.9) (7.9) Equity securities 324.0 10.3 — — 334.3 Corporate and municipal bonds — 284.2 — — 284.2 U.S. Treasury obligations 531.7 — — — 531.7 U.S. government agency obligations — 451.7 — — 451.7 Foreign government obligations 43.3 — — — 43.3 Agency mortgage-backed obligations — 2,865.8 — — 2,865.8 Asset-backed obligations — 138.8 — — 138.8 Derivatives 0.6 868.1 — (600.2) 268.5 Commodities leases — 16.0 — — 16.0 Commodities warehouse receipts 54.7 — — — 54.7 Exchange firm common stock 12.0 — — — 12.0 Cash flow hedges — 1.7 — — 1.7 Mutual funds and other 39.3 — 2.8 — 42.1 Financial instruments owned 1,005.6 4,636.6 2.8 (600.2) 5,044.8 Physical commodities inventory 240.3 146.2 — — 386.5 Total assets at fair value $ 10,919.0 $ 6,553.5 $ 2.8 $ (7,731.3) $ 9,744.0 Liabilities: Accounts payable and other accrued liabilities - contingent liabilities $ — $ — $ 1.5 $ — $ 1.5 Payables to clients - Derivatives 5,430.7 226.2 — (5,577.1) 79.8 TBA and forward settling securities — 47.5 — (31.4) 16.1 Derivatives 112.2 1,402.0 — (1,520.1) (5.9) Payable to broker-dealers, clearing organizations and counterparties 112.2 1,449.5 — (1,551.5) 10.2 Equity securities 230.6 5.5 — — 236.1 Foreign government obligations 21.5 — — — 21.5 Corporate and municipal bonds — 81.6 — — 81.6 U.S. Treasury obligations 2,409.3 — — — 2,409.3 U.S. government agency obligations — 5.1 — — 5.1 Agency mortgage-backed obligations — 31.7 — — 31.7 Derivatives 2.4 769.2 — (510.4) 261.2 Cash flow hedges — 27.1 — — 27.1 Other — 10.9 1.1 — 12.0 Financial instruments sold, not yet purchased 2,663.8 931.1 1.1 (510.4) 3,085.6 Total liabilities at fair value $ 8,206.7 $ 2,606.8 $ 2.6 $ (7,639.0) $ 3,177.1 (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 are included in that level. September 30, 2022 (in millions) Level 1 Level 2 Level 3 Netting (1) Total Assets: Certificates of deposit $ 4.0 $ — $ — $ — $ 4.0 Money market mutual funds 39.5 — — — 39.5 Cash and cash equivalents 43.5 — — — 43.5 Commodities warehouse receipts 19.7 — — — 19.7 U.S. Treasury obligations 786.0 — — — 786.0 Securities and other assets segregated under federal and other regulations 805.7 — — — 805.7 U.S. Treasury obligations 4,258.5 — — — 4,258.5 TBA and forward settling securities — 207.6 — (91.4) 116.2 Foreign government obligations 14.4 — — — 14.4 Derivatives 7,714.4 461.4 — (9,747.7) (1,571.9) Deposits with and receivables from broker-dealers, clearing organizations and counterparties, net 11,987.3 669.0 — (9,839.1) 2,817.2 Receivable from clients, net - Derivatives 67.2 511.6 (579.3) (0.5) Equity securities 367.9 11.8 — — 379.7 Corporate and municipal bonds — 156.8 — — 156.8 U.S. Treasury obligations 347.6 — — — 347.6 U.S. government agency obligations — 343.0 — — 343.0 Foreign government obligations 4.8 — — — 4.8 Agency mortgage-backed obligations — 2,588.7 — — 2,588.7 Asset-backed obligations — 70.7 — — 70.7 Derivatives 0.7 694.3 — (502.4) 192.6 Commodities leases — 26.4 — — 26.4 Commodities warehouse receipts 24.9 — — — 24.9 Exchange firm common stock 10.6 — — — 10.6 Mutual funds and other 17.4 4.1 — — 21.5 Financial instruments owned 773.9 3,895.8 — (502.4) 4,167.3 Physical commodities inventory 136.3 223.5 — — 359.8 Total assets at fair value $ 13,813.9 $ 5,299.9 $ — $ (10,920.8) $ 8,193.0 Liabilities: Payables to clients - Derivatives 7,722.5 175.4 — (9,290.3) (1,392.4) TBA and forward settling securities — 154.9 — (96.9) 58.0 Derivatives 58.7 590.6 — (651.5) (2.2) Payable to broker-dealers, clearing organizations and counterparties 58.7 745.5 — (748.4) 55.8 Equity securities 299.9 5.7 — — 305.6 Foreign government obligations 0.5 — — — 0.5 Corporate and municipal bonds — 63.2 — — 63.2 U.S. Treasury obligations 1,686.5 — — — 1,686.5 U.S. government agency obligations — 24.3 — — 24.3 Agency mortgage-backed obligations — 5.4 — — 5.4 Derivatives — 779.7 — (466.3) 313.4 Cash flow hedges — 70.6 — — 70.6 Commodities leases — — — — — Financial instruments sold, not yet purchased 1,986.9 949.0 — (466.3) 2,469.6 Total liabilities at fair value $ 9,768.1 $ 1,869.9 $ — $ (10,505.0) $ 1,133.0 (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 are 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 Consolidated Income Statements. The fair value of an exchange-traded options on futures contract is equal to the unrealized gain or loss on the contract determined by marking the contract to the current settlement price for a like contract on the valuation date of the contract. A settlement price may not be used if the market makes a limit move with respect to a particular options on futures contract or if the contract’s underlying experiences significant price fluctuations after the determination of the settlement price. When a settlement price cannot be used, options on futures contracts will be valued at their fair value as determined in good faith pursuant to procedures adopted by management of the Company. Information on Level 3 Financial Liabilities The acquisition of CDI-Societe Cotonniere De Distribution S.A, as further discussed in Note 20, included a put and call option feature that will be settled in a future period. The future value of these options, which are both an asset and liability, is dependent upon certain financial metrics. The preceding table contains the current values in Level 3, within Financial instruments owned and Financial instruments sold, not yet purchased , respectively. The acquisition of Incomm S.A.S., as further discussed in Note 20, included a contingent earn-out. Pursuant to the consideration agreement, the Company is required to make additional future cash payments based on a percentage of the acquired business line’s pre-tax profits. The balance of the earn-out is included in Accounts payable and other accrued liabilities in the Consolidated Balance Sheets. The acquisition of Chasing Returns Limited, as further discussed in Note 20, included a contingent consideration arrangement as a component of the purchase price. Pursuant to the contingent consideration agreement, the Company was required to make additional cash payments based on certain implementation milestones. As of September 30, 2022, the Company had fully satisfied the liability for the contingent consideration, with payments of $3.6 million made during the year ended September 30, 2022. Additional Disclosures about the Fair Value of Financial Instruments that are not carried on the 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 Consolidated Balance Sheets. The following represents financial instruments in which the ending balances at September 30, 2023 and 2022 were not carried at fair value in accordance with U.S. GAAP on our Consolidated Balance Sheets: Short-term financial instruments: The carrying values of short-term financial instruments, including cash and cash equivalents, cash segregated under federal and other regulations, securities purchased under agreements to re-sell and securities sold under agreements to re-purchase, and securities borrowed and loaned are recorded at amounts that approximate the fair value of these instruments due to their short-term nature and level of collateralization. These financial instruments generally expose the Company to limited credit risk and have no stated maturities or have short-term maturities and carry interest rates that approximate market rates. Under the fair value hierarchy, cash and cash equivalents and cash segregated under federal and other regulations are classified as Level 1. Securities purchased under agreements to re-sell and securities sold under agreements to re-purchase, and securities borrowed and loaned are classified as Level 2 under the fair value hierarchy as they are generally overnight, or short-term in nature, and are collateralized by common stock, U.S. Treasury obligations, U.S. government agency obligations, agency mortgage-backed obligations, and asset-backed obligations. Receivables and other assets: Deposits with and receivables from broker-dealers, clearing organizations, and counterparties, receivable from clients, net, notes receivables, net and certain other assets are recorded at amounts that approximate fair value due to their short-term nature and are classified as Level 2 under the fair value hierarchy. Payables: 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. They are classified as Level 2 under the fair value hierarchy. Lenders under loans : Payables to lenders under loans carry variable rates of interest and thus approximate fair value and are classified as Level 2 under the fair value hierarchy. Senior secured borrowings, net : Senior secured borrowings, net includes the Company's 8.625% Senior Secured Notes due 2025 (the “Senior Secured Notes”), as further described in Note 11 with a carrying value of $342.1 million as of September 30, 2023. The carrying value of the Senior Secured Notes represent their principal amounts net of unamortized deferred financing costs and original issue discount. As of September 30, 2023, the Senior Secured Notes had a fair value of $351.8 million and are classified as Level 2 under the fair value hierarchy. |
Financial Instruments with Off-
Financial Instruments with Off-Balance Sheet Risk and Concentrations of Credit Risk | 12 Months Ended |
Sep. 30, 2023 | |
Financial Instruments with Off-Balance Sheet Risk and Concentrations of Credit Risk [Abstract] | |
Financial Instruments with Off-Balance Sheet Risk and Concentrations of Credit Risk | 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 consolidated financial statements as of September 30, 2023 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 September 30, 2023. The total Financial instruments sold, not yet purchased, at fair value of $3,085.6 million as of September 30, 2023 includes $261.2 million for derivative contracts not designated as hedges, which represent a liability to the Company based on their fair values as of September 30, 2023. 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 Company’s derivative positions are included in the Consolidating Balance Sheets in Deposits with and receivables from broker-dealers, clearing organizations, and counterparties; Receivable from clients, net; Financial instruments owned , net ; Financial instruments sold, not yet purchased, at fair value; Payables to clients; 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 September 30, 2023 and 2022. Assets represent net unrealized gains and liabilities represent net unrealized losses. September 30, 2023 September 30, 2022 (in millions) Assets (1) Liabilities (1) Assets (1) Liabilities (1) Derivative contracts not accounted for as hedges: Exchange-traded commodity derivatives $ 1,907.0 $ 1,890.3 $ 4,520.4 $ 4,519.3 OTC commodity derivatives 1,523.3 1,456.0 756.9 695.6 Exchange-traded foreign exchange derivatives 4.3 4.3 25.6 25.7 OTC foreign exchange derivatives 497.1 455.3 577.1 549.3 Exchange-traded interest rate derivatives 1,507.6 1,509.8 2,626.8 2,626.7 OTC interest rate derivatives 417.6 417.6 168.9 205.1 Exchange-traded equity index derivatives 2,140.9 2,140.9 609.5 609.5 OTC equity and indices derivatives 127.3 68.5 164.4 95.7 TBA and forward settling securities 73.5 47.5 207.6 154.9 Total derivative contracts not accounted for as hedges 8,198.6 7,990.2 9,657.2 9,481.8 Derivative contracts designated as hedging instruments: Interest rate swaps — 24.6 — 48.8 Foreign currency forwards 1.7 2.5 — 21.8 Total derivative contracts designated as hedging instruments 1.7 27.1 — 70.6 Gross fair value of derivative contracts $ 8,200.3 $ 8,017.3 $ 9,657.2 $ 9,552.4 Impact of netting and collateral (7,731.3) (7,639.0) (10,920.8) (10,505.0) Total fair value included in Deposits with and receivables from broker-dealers, clearing organizations, and counterparties, net $ 206.7 $ (1,455.7) Total fair value included in Receivable from clients, net $ (7.9) $ (0.5) Total fair value included in Financial instruments owned, at fair value $ 270.2 $ 192.6 Total fair value included in Payables to clients $ 79.8 $ (1,392.4) Total fair value included in Payables to broker-dealers, clearing organizations and counterparties $ 10.2 $ 55.8 Fair value included in Financial instruments sold, not yet purchased, at fair value $ 288.3 $ 384.0 (1) As of September 30, 2023 and 2022, the Company’s derivative contract volume for open positions was approximately 13.4 million and 13.3 million contracts, respectively. The Company’s derivative contracts are principally held in its Institutional, Commercial, and Retail segments. The Company provides its Institutional segment clients access to exchanges at which they can carry out their trading strategies. The Company assists its Commercial 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 segment clients with exchange products, including combinations of buying and selling puts and calls. In its Retail segment, the Company provides its retail clients with access to spot foreign exchange, precious metals trading, as well as contracts for difference (“CFD”) and spread bets, where permitted. The Company mitigates its risk by generally offsetting the client’s transaction simultaneously with one of the Company’s trading counterparties or will offset that transaction with a similar but not identical position on the exchange. The risk mitigation of these offsetting trades is not within the documented hedging designation requirements of the Derivatives and Hedging Topic of the ASC. These derivative contracts are traded along with cash transactions because of the integrated nature of the markets for these products. The Company manages the risks associated with derivatives on an aggregate basis along with the risks associated with its proprietary trading and market-making activities in cash instruments as part of its firm-wide risk management policies. In particular, the risks related to derivative positions may be partially offset by inventory, other derivatives, or cash collateral paid or received. Hedging Activities The Company uses interest rate derivatives, in the form of swaps, to hedge risk related to variability in overnight rates. These hedges are designated cash flow hedges, through which the Company mitigates uncertainty in its interest income by converting floating-rate interest income to fixed-rate interest income. While the swaps mitigate interest rate risk, they do introduce credit risk, which is the possibility that the Company’s trading counterparty fails to meet its obligation. The Company minimizes this risk by entering into its swaps with highly-rated, multi-national institutions. In addition to credit risk, there is market risk associated with the swap positions. The Company’s market risk is limited, because any amounts the Company must pay from having exchanged variable interest will be funded by the variable interest the Company receives on its deposits. These hedges will all mature within approximately 1 year from the end of the current period. The Company also uses foreign currency derivatives, in the form of forward contracts, to hedge risk related to the variability in exchange rates relative to certain of the Company’s non-USD expenditures. These hedges are designated cash flow hedges, through which the Company mitigates variability in exchange rates by exchanging foreign currency for USD at fixed exchange rates at a pre-determined future date, or several cash flows at several pre-determined future dates. While the forward contracts mitigate exchange rate variability risk, they do introduce credit risk, which is the possibility that the Company’s trading counterparty fails to meet its obligation. The Company minimizes this risk by entering into its forward contracts with highly-rated, multi-national institutions. These hedges will all mature within 2 years from the end of the current period. The Company assesses the effectiveness of its hedges at each reporting period to identify any required reclassifications into current earnings. During the fiscal years ended September 30, 2023 and 2022, the Company did not designate any portion of its hedges as ineffective and thus did not have any values in current earnings related to ineffective hedges. The fair values of derivative instruments designated for hedging held as of September 30, 2023 and 2022 are as follow: September 30, 2023 September 30, 2022 (in millions) Balance Sheet Location Fair Value Fair Value Asset Derivatives Derivatives designated as hedging instruments: Foreign currency forward contracts Financial instruments owned, net $ 1.7 $ — Total derivatives designated as hedging instruments $ 1.7 $ — Derivative assets, net expected to be released from Other comprehensive income into earnings within the next 12 months: Foreign currency forward contracts $ 1.4 $ — Total expected to be released from Other comprehensive income into earnings $ 1.4 $ — Liability Derivatives Derivatives designated as hedging instruments: Interest rate contracts Financial instruments sold, not yet purchased $ 24.6 $ 48.8 Foreign currency forward contracts Financial instruments sold, not yet purchased 2.5 21.8 Total derivatives designated as hedging instruments $ 27.1 $ 70.6 Derivative liabilities, net expected to be released from Other comprehensive income into earnings within the next 12 months: Interest rate contracts $ 20.3 $ 9.7 Foreign currency forward contracts 1.0 8.9 Total expected to be released from Other comprehensive income into earnings $ 21.3 $ 18.6 The notional values of derivative instruments designated for hedging held as of September 30, 2023 and 2022 are as follows: September 30, 2023 September 30, 2022 (in millions) Notional Value Notional Value Derivatives designated as hedging instruments: Interest rate contracts $ 2,000.0 $ 1,500.0 Foreign currency forward contracts: Foreign currency forward contracts to purchase Polish Zloty: Local currency zł 156.1 zł — USD $ 34.0 $ — Foreign currency forward contracts to purchase British Pound Sterling: Local currency £ 168.0 £ 168.0 USD $ 206.9 $ 207.3 The Consolidated Income Statement effects of derivative instruments designated for hedging held for the fiscal years ended September 30, 2023 and 2022 are as follows: (in millions) Income Statement Location Year Ended September 30, 2023 Year Ended September 30, 2022 Total amounts in income related to hedges Interest rate contracts Interest income $ (47.0) $ 2.4 Foreign currency forward contracts Compensation and benefits 2.3 — Total derivatives designated as hedging instruments $ (44.7) $ 2.4 Loss on cash flow hedging relationships: Amount of gain reclassified from accumulated other comprehensive income into income as a result of a forecasted transaction that is no longer probable of occurring $ — $ — The accumulated other comprehensive income effects of derivative instruments designated for hedging held for fiscal years ended September 30, 2023 and 2022 are as follows: Year Ended September 30, 2023 (in millions) Amount of Gain Recognized in Other Comprehensive Income on Derivatives, net of tax Location of Gain Reclassified from Accumulated Other Comprehensive Income into Income Amount Reclassified from Accumulated Other Comprehensive Income into Income Derivatives in Cash Flow Hedging Relationships: Interest rate contracts $ 18.4 Interest Income $ (47.0) Foreign currency forward contracts 16.7 Compensation and benefits 2.3 Total $ 35.1 $ (44.7) Year Ended September 30, 2022 (in millions) Amount of Loss Recognized in Other Comprehensive Income on Derivatives, net of tax Location of Loss Reclassified from Accumulated Other Comprehensive Income into Income Amount of Loss Reclassified from Accumulated Other Comprehensive Income into Income Derivatives in Cash Flow Hedging Relationships: Interest rate contracts $ 37.0 Interest Income $ 2.4 Foreign currency forward contracts 16.5 N/A — Total $ 53.5 $ 2.4 The following table sets forth the Company’s net gains/(losses) related to derivative financial instruments for the periods indicated, in accordance with the Derivatives and Hedging Topic of the ASC. The net gains/(losses) set forth below are included in Principal gains, net and Cost of sales of physical commodities in the Consolidated Income Statements. Year Ended September 30, (in millions) 2023 2022 2021 Commodities $ 446.5 $ 303.7 $ 207.8 Foreign exchange 269.2 174.4 116.3 Interest rate, equities, and indices 109.0 100.4 80.8 TBA and forward settling securities 73.0 226.8 (6.3) Net gains from derivative contracts $ 897.7 $ 805.3 $ 398.6 Credit Risk In the normal course of business, the Company purchases and sells financial instruments, commodities and foreign currencies as either principal or agent on behalf of its clients. If either the client or counterparty fails to perform, the Company may be required to discharge the obligations of the nonperforming party. In such circumstances, the Company may sustain a loss if the fair value of the financial instrument or foreign currency is different from the contract value of the transaction. The majority of the Company’s transactions and, consequently, the concentration of its credit exposure are with commodity exchanges, clients, broker-dealers and other financial institutions. These activities involve both 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 limits based upon a review of counterparties financial condition and credit ratings. The Company monitors collateral levels on a daily basis for compliance with regulatory and internal guidelines. The Company 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 execution of orders for commodity futures, options on futures and forward foreign currency contracts on behalf of its clients, substantially all of these transactions occur 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 client credit limits, 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 counterparties 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 September 30, 2023 and 2022 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. Derivative financial instruments involve varying degrees of off-balance sheet market risk whereby changes in the fair values of underlying financial instruments may result in changes in the fair value of the financial instruments in excess of the amounts reflected in the Consolidated Balance Sheets. 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 commodity pricing and 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. |
Allowance for Doubtful Accounts
Allowance for Doubtful Accounts | 12 Months Ended |
Sep. 30, 2023 | |
Receivables [Abstract] | |
Allowance for Doubtful Accounts | Allowance for Doubtful Accounts Deposits with and receivables from broker-dealers, clearing organizations, and counterparties, net; receivable from clients, net; and notes receivable, net include allowances for doubtful accounts, which reflect the Company’s best estimates of probable losses inherent in the accounts. In determining expected credit losses and establishing its allowance for doubtful accounts, the Company considers a number of factors including, but not limited to, historical collection experience, current and forecasted economic and business conditions, internal and external credit risk ratings, collateral terms, payment terms and aging of the financial asset, as well as specific-identification in certain circumstances. The Company continually reviews its allowance for doubtful accounts. The allowance for doubtful accounts related to deposits with and receivables from broker-dealers, clearing organizations, and counterparties was $0.1 million and $1.4 million as of September 30, 2023 and 2022. The allowance for doubtful accounts related to receivable from clients was $59.8 million and $46.4 million as of September 30, 2023 and 2022, respectively. The Company had no allowance for doubtful accounts related to notes receivable as of September 30, 2023 and 2022. Activity in the allowance for doubtful accounts for the years ended September 30, 2023, 2022, and 2021 was as follows: (in millions) 2023 2022 2021 Balance, beginning of year $ 47.8 $ 39.8 $ 27.1 ASU 2016-13 cumulative transition adjustment — — 8.2 Adjusted balance, beginning of year 47.8 39.8 35.3 Provision for bad debts (1) 12.5 12.4 10.4 Allowance charge-offs (0.5) (5.6) (5.9) Other (2) 0.1 1.2 — Balance, end of year $ 59.9 $ 47.8 $ 39.8 (1) An additional $4.0 million is included in bad debt expense for the year ended September 30, 2023 on the consolidated income statement, which is not included in the allowance at the year then ended. (2) Allowance increase is related to a recoverable amount due from an affiliated party and recorded in Other assets on the Consolidated Balance Sheets. |
Physical Commodities Inventory
Physical Commodities Inventory | 12 Months Ended |
Sep. 30, 2023 | |
Inventory Disclosure [Abstract] | |
Physical Commodities Inventory | Physical Commodities Inventory The Company’s inventories consist of finished physical commodities as shown below. September 30, (in millions) 2023 2022 Physical Ag & Energy (1) $ 146.2 $ 223.6 Precious metals - held by broker-dealer subsidiary 240.3 136.3 Precious metals - held by non-broker-dealer subsidiaries 150.8 153.6 Physical commodities inventory $ 537.3 $ 513.5 (1) Physical Ag & Energy consists of agricultural commodity inventories, including corn, soybeans, wheat, dried distillers grain, canola, sorghum, coffee, cocoa, cotton, and various energy commodity inventories. Agricultural inventories have reliable, readily determinable and realizable market prices, have relatively insignificant costs of disposal and are available for immediate delivery. The Company records changes to these values in Cost of sales of physical commodities on the Consolidated Income Statements. |
Property and Equipment, net
Property and Equipment, net | 12 Months Ended |
Sep. 30, 2023 | |
Property, Plant and Equipment, Net [Abstract] | |
Property and Equipment, net | Property and Equipment, net Property and equipment is stated at cost, and reported net of accumulated depreciation and amortization on the Consolidated Balance Sheets. Depreciation on property and equipment is generally calculated using the straight-line method over the relevant asset’s estimated useful life. The estimated useful lives of property and equipment range from 3 to 10 years. During the years ended September 30, 2023, 2022, and 2021, depreciation expense was $36.3 million, $30.0 million, and $21.3 million respectively. The Company capitalized $29.9 million and $24.8 million of software development costs during the years ended September 30, 2023 and September 30, 2022. A summary of property and equipment, at cost less accumulated depreciation and amortization as of September 30, 2023 and 2022 is as follows: September 30, (in millions) 2023 2022 Property and equipment: Furniture and fixtures $ 17.5 $ 16.0 Software 38.1 34.4 Equipment 49.9 45.3 Leasehold improvements 47.7 43.3 Capitalized software development 77.0 47.1 Total property and equipment 230.2 186.1 Less: accumulated depreciation and amortization (106.7) (73.2) Property and equipment, net $ 123.5 $ 112.9 |
Goodwill
Goodwill | 12 Months Ended |
Sep. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | Goodwill Goodwill allocated to the Company’s operating segments as of September 30, 2023 and 2022 is as follows: September 30, (in millions) 2023 2022 Commercial $ 33.7 $ 32.6 Institutional 9.8 9.8 Retail 5.8 5.8 Global Payments 10.0 10.0 Total Goodwill $ 59.3 $ 58.2 |
Intangible Assets
Intangible Assets | 12 Months Ended |
Sep. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | Intangible Assets The Company recorded $8.5 million of customer list assets and $0.4 million of trade name assets related to the acquisition of CDI during the fiscal year ended September 30, 2023. 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): September 30, 2023 September 30, 2022 Gross Accumulated Net Amount Gross Accumulated Net Amount Intangible assets subject to amortization: Trade/domain names $ 4.1 $ (2.4) $ 1.7 $ 3.7 $ (1.6) $ 2.1 Software programs/platforms 28.5 (26.9) 1.6 28.3 (19.4) 8.9 Client base 38.3 (24.1) 14.2 29.5 (18.0) 11.5 Total intangible assets subject to amortization 70.9 (53.4) 17.5 61.5 (39.0) 22.5 Intangible assets not subject to amortization Website domains 1.9 — 1.9 1.8 — 1.8 Business licenses 3.7 — 3.7 3.7 — 3.7 Total intangible assets not subject to amortization 5.6 — 5.6 5.5 — 5.5 Total intangible assets $ 76.5 $ (53.4) $ 23.1 $ 67.0 $ (39.0) $ 28.0 Amortization expense related to intangible assets was $14.7 million, $14.4 million, and $15.1 million for the years ended September 30, 2023, 2022, and 2021, respectively. As of September 30, 2023, estimated future amortization expense was as follows: (in millions) Fiscal 2024 $ 6.7 Fiscal 2025 3.6 Fiscal 2026 2.8 Fiscal 2027 2.2 Fiscal 2028 and thereafter 2.2 $ 17.5 |
Leases
Leases | 12 Months Ended |
Sep. 30, 2023 | |
Leases [Abstract] | |
Leases | Leases The Company leases office space under non-cancelable operating leases with third parties as of September 30, 2023. Leases with an initial term of twelve months or less are not recorded on the Consolidated Balance Sheets 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 As the office space leases do not provide an implicit rate, the Company applies a collateralized incremental borrowing rate based on information available at lease commencement date in determining the present value of lease payments. For office space leases executed by subsidiaries, including foreign subsidiaries, the Company has applied its incremental borrowing rate. 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 financing of right-of-use assets. Additionally, in certain instances, the parent company provides a guaranty of the lease payments to the lessor under office space leases executed by its subsidiaries. The Company believes that pricing 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 lease commencement date in determining the present value of lease payments. 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 September 30, 2023. Operating lease expense is recognized on a straight-line basis over the lease term and is reported within Occupancy and equipment rental on the Consolidated Income Statements. As of September 30, 2023 and 2022, the Company recorded operating lease right-of-use assets of $122.1 million and $121.8 million, respectively, and operating lease liabilities of $149.3 million and $143.0 million, respectively. The following table presents operating lease costs and other related information as of and for the fiscal years ended September 30, 2023 and 2022 (in millions, except as stated): Year Ended September 30, 2023 2022 Operating lease costs (1) $ 28.0 $ 25.7 Supplemental cash flow information and non-cash activity: Cash paid for amounts included in the measurement of operating lease liabilities $ 18.4 $ 16.4 Right-of-use assets obtained in exchange for operating lease liabilities $ 14.3 $ 12.4 Lease term and discount rate information: Weighted average remaining lease term (years) 9.8 10.9 Weighted average discount rate 4.5 % 4.3 % (1) Includes short-term leases and variable lease costs, which are immaterial. The maturities of the lease liabilities are as follows as of September 30, 2023 (in millions): 2024 $ 19.9 2025 19.7 2026 20.2 2027 19.8 2028 17.8 After 2028 85.9 Total lease payments 183.3 Less: interest 34.0 Present value of lease liabilities $ 149.3 |
Credit Facilities
Credit Facilities | 12 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
Credit Facilities | Credit Facilities Committed Credit Facilities The Company and its subsidiaries have committed credit facilities under which they may borrow up to $1,200.0 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 committed credit facilities generally have covenant requirements that relate to various leverage, debt to net worth, fixed charge, tangible net worth, excess net capital, or profitability measures, as agreed for each. The Company and its subsidiaries were in compliance with all relevant covenants as of September 30, 2023. Uncommitted Credit Facilities The Company has access to certain uncommitted financing agreements that support its ordinary course securities and commodities business activities. The agreements are subject to certain borrowing terms and conditions. Notes Payable to Bank The Company has notes payable to bank related to financing certain equipment which secures the notes. Senior Secured Notes The Company issued Senior Secured Notes (the “Senior Secured Notes”) in June 2020. The Senior Secured Notes are fully and unconditionally guaranteed, jointly and severally, on a senior second lien secured basis, by certain subsidiaries of the Company that guarantee the Company’s senior committed credit facility and by Gain and certain of its domestic subsidiaries. The Company incurred debt issuance costs of $9.5 million in connection with the issuance of the Senior Secured Notes, which are being amortized over the term of the Senior Secured Notes under the effective interest method. Since June 15, 2022, the Company has had the right to redeem the Senior Secured Notes, in whole or in part, at the redemption prices set forth in the indenture. The notes will mature on June 15, 2025. The following table sets forth a listing of credit facilities, the current committed amounts as of the report date on the facilities, and outstanding (in millions, except for percentages): Amounts Outstanding Borrower Security Renewal or Interest Rate Total Commitment September 30, 2023 September 30, Committed Credit Facilities Senior StoneX Group Inc. Committed Credit Facility (1) April 21, 2026 Base rate - 9.50% SOFR - 7.42% 500.0 (5) 150.0 260.0 StoneX Financial Inc. (6) None October 29, 2024 8.00 % 190.0 (5) — — StoneX Commodity Solutions LLC Certain assets July 28, 2024 Base rate - 8.5% SOFR - 7.69% 400.0 (5) 103.0 217.0 StoneX Financial Ltd. None October 12, 2024 7.81 % 100.0 (5) 25.0 — StoneX Financial Pte. Ltd. None September 6, 2024 7.81 % 10.0 — — $ 1,200.0 $ 278.0 $ 477.0 Uncommitted Credit Facilities Various Various Various (5) 55.5 — Notes payable to bank Certain equipment December 1, 2025 Index rate plus 2.35% (5) 7.5 8.1 Senior Secured Notes (2) June 15, 2025 8.625 % (4) 342.1 (3) 339.1 Total outstanding borrowings $ 683.1 $ 824.2 (1) The StoneX Group Inc. committed credit facility is a revolving facility secured by substantially all of the assets of StoneX Group 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. The maturity date remains April 21, 2025 for one lender representing $42.5 million of the facility commitment. (2) The Senior Secured Notes and the related guarantees are secured by liens on substantially all of the Company’s and the guarantors’ assets, subject to certain customary and other exceptions and permitted liens. The liens on the assets that secure the Senior Secured Notes and the related guarantees are contractually subordinated to the liens on the assets that secure the Company’s and the guarantors’ existing and future first lien secured indebtedness, including indebtedness under the Company’s senior committed credit facility. (3) Amounts outstanding under the Senior Secured Notes are reported net of unamortized deferred financing costs and original issue discount of $5.8 million. (4) Included in Senior secured borrowings, net on the Consolidated Balance Sheets. (5) Included in Lenders under loans on the Consolidated Balance Sheets. (6) The table depicts an extension and an increase to available amounts that were both agreed to after fiscal year end but before the date of this report. As reflected above, $410.0 million of the Company’s committed credit facilities are scheduled to expire during the upcoming fiscal year. The Company intends to renew or replace all of its facilities as they expire over time, and based on the Company’s liquidity position and capital structure, the Company believes it will be able to do so. |
Securities and Commodity Financ
Securities and Commodity Financing Transactions | 12 Months Ended |
Sep. 30, 2023 | |
Broker-Dealer [Abstract] | |
Securities and Commodity Financing Transactions | Securities and Commodity Financing Transactions The Company’s repurchase agreements and securities borrowing and lending arrangements are generally recorded at cost in the Condensed Consolidated Balance Sheets, which is a reasonable approximation of their fair values due to their short-term nature. Secured borrowing and lending arrangements are entered into to obtain collateral necessary to effect settlement, finance inventory positions, meet customer needs or re-lend as part of our dealer operations. The fair value of securities loaned and borrowed is monitored daily compared with the related payable or receivable, and additional collateral or returning excess collateral is requested, as appropriate. These arrangements may serve to limit credit risk resulting from our transactions with our counterparties. Financial instruments are pledged as collateral under repurchase agreements, securities lending agreements and other secured arrangements, including clearing arrangements. Agreements with counterparties generally contain contractual provisions allowing counterparties the right to sell or repledge collateral. Either the Company or its counterparties may require additional collateral. All collateral is held by the Company or a custodian. The following tables set forth the carrying value of repurchase agreements, and securities lending agreements by remaining contractual maturity (in millions): September 30, 2023 Overnight and Open Less than 30 Days 30-90 Days Over 90 Days Total Securities sold under agreements to repurchase $ 8,300.0 $ 786.8 $ 107.0 $ 2.6 $ 9,196.4 Securities loaned 1,117.3 — — — 1,117.3 Gross amount of secured financing $ 9,417.3 $ 786.8 $ 107.0 $ 2.6 $ 10,313.7 September 30, 2022 Overnight and Open Less than 30 Days 30-90 Days Over 90 Days Total Securities sold under agreements to repurchase $ 3,664.7 $ 2,279.1 $ 186.3 $ 3.4 $ 6,133.5 Securities loaned 1,189.5 — — — 1,189.5 Gross amount of secured financing $ 4,854.2 $ 2,279.1 $ 186.3 $ 3.4 $ 7,323.0 Offsetting of Collateralized Transactions The following table sets forth the carrying value of repurchase agreements and securities lending agreements by class of collateral pledged (in millions): September 30, Securities sold under agreements to repurchase 2023 2022 U.S. Treasury obligations $ 3,696.1 $ 1,311.0 U.S. government agency obligations 542.2 604.1 Asset-backed obligations 102.9 178.0 Agency mortgage-backed obligations 4,371.6 3,762.5 Foreign government obligations 148.1 97.2 Corporate bonds 335.5 180.7 Total securities sold under agreement to repurchase $ 9,196.4 $ 6,133.5 Securities loaned Equity securities $ 1,117.3 $ 1,189.5 Total securities loaned 1,117.3 1,189.5 Gross amount of secured financing $ 10,313.7 $ 7,323.0 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): September 30, 2023 Offsetting of collateralized transactions: Gross Amounts Recognized Amounts Offset in the Consolidated Balance Sheet Net Amounts Presented in the Consolidated Balance Sheet Securities purchased under agreements to resell $ 7,649.3 $ (4,669.8) $ 2,979.5 Securities borrowed $ 1,129.1 $ — $ 1,129.1 Securities sold under agreements to repurchase $ 9,196.4 $ (4,669.8) $ 4,526.6 Securities loaned $ 1,117.3 $ — $ 1,117.3 September 30, 2022 Offsetting of collateralized transactions: Gross Amounts Recognized Amounts Offset in the Consolidated Balance Sheet Net Amounts Presented in the Consolidated Balance Sheet Securities purchased under agreements to resell $ 4,609.9 $ (2,937.9) $ 1,672.0 Securities borrowed $ 1,209.8 $ — $ 1,209.8 Securities sold under agreements to repurchase $ 6,133.5 $ (2,937.9) $ 3,195.6 Securities loaned $ 1,189.5 $ — $ 1,189.5 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Sep. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Legal and Regulatory Proceedings Certain conditions may exist as of the date the financial statements are issued, which may result in a loss to the Company but which will only be resolved when one or more future events occur or fail to occur. The Company assesses such contingent liabilities, and such assessment inherently involves an exercise of judgment. In assessing loss contingencies related to legal and regulatory proceedings that are pending against the Company or unasserted claims that may result in such proceedings, the Company’s legal counsel evaluates the perceived merits of any legal or regulatory proceedings or unasserted claims as well as the perceived merits of the amount of relief sought or expected to be sought therein. If the assessment of a contingency indicates that it is probable that a material loss has been incurred at the date of the financial statements and the amount of the liability can be estimated, then the estimated liability would be accrued in the Company’s financial statements. If the assessment indicates that a potentially material loss contingency is not probable, but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, together with an estimate of the range of possible loss if determinable and material, would be disclosed. Neither accrual nor disclosure is required for loss contingencies that are deemed remote. The Company accrues legal fees related to contingent liabilities as they are incurred. 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 limits of the respective policy. Additionally, the Company is subject to extensive regulation and supervision by U.S. federal and international governmental agencies and various self-regulatory organizations. The Company and its advisors periodically engage with such regulatory agencies and organizations, in the context of examinations or otherwise, to respond to inquiries, informational requests, and investigations. From time to time, such engagements result in regulatory complaints or other matters, the resolution of which can include fines and other remediation. As of September 30, 2023 and 2022, the Consolidated Balance Sheets include loss contingency accruals, recorded during and prior to these years then ended, which are not material, individually or in the aggregate, to the Company’s financial position or liquidity. Management does not currently believe exposure from loss contingencies in excess of the amounts accrued, and in addition to the possible losses discussed below, to be material to the Company’s earnings, financial position or liquidity. The following is a summary of a significant legal matter involving the Company: OptionSellers In November 2018, balances in approximately 300 client accounts of the FCM division of the Company’s wholly owned subsidiary, StoneX Financial Inc., declined below required maintenance margin levels and into deficit balances, 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 StoneX 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 was registered under a CFTC Rule 4.7 exemption for providing services only to “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 clients’ accounts, while StoneX Financial Inc. acted solely as the clearing firm in its role as the FCM. StoneX Financial Inc.’s client agreements hold account holders liable for all losses in their accounts and obligate the account holders to reimburse StoneX Financial Inc. for any deficits in their accounts. As of September 30, 2023, the receivable from these client accounts, net of collections and other allowable deductions (the “Net Client Accounts Receivable”), was $17.2 million, with no individual account receivable exceeding $1.4 million. As of September 30, 2023, the allowance against these uncollected balances was $5.1 million. The Company is pursuing collection of the uncollected balances through arbitration proceedings against the account holders. The Company will consider developments in these proceedings, and any other relevant matters, in determining whether any changes in the allowance against the uncollected balances are required. In these and other arbitration proceedings, clients are seeking damages from StoneX Financial Inc. relating to the trading losses in their accounts. During the fiscal year ended September 30, 2023, the Company resolved several of these arbitration claims through arbitration decisions and privately negotiated settlements. All of the arbitration panels that issued decisions during the year awarded StoneX Financial Inc. the full amount of the uncollected balances. A portion of the panels also awarded relief to account holders. The amount of relief awarded was not material to the Company, individually or in the aggregate. As noted, several of the arbitrations were resolved through privately negotiated settlement, pursuant to which the account holders agreed to pay some or all of their outstanding deficit balances. In October 2022, the Company reached an additional privately negotiated settlement of an arbitration proceeding, pursuant to which the account holders agreed to pay all of their outstanding deficit balances and the Company made certain immaterial payments to the account holders. The Company intends to continue vigorously pursuing claims through arbitration and settling cases in what the Company determines to be appropriate circumstances. The ultimate outcome of remaining arbitrations cannot presently be determined. Depending on future collections and the outcomes of arbitration proceedings, any provisions for bad debts and actual losses may or may not be material to the Company’s financial results. However, the Company believes that the likelihood of a material adverse outcome is remote, and does not currently believe that any potential losses related to this matter would impact its ability to comply with its ongoing liquidity, capital, and regulatory requirements. Contractual Commitments Post-Acquisition Commitment Subsequent to the Gain Capital Holdings, Inc (“Gain”) acquisition date of July 30, 2020 (“the Gain acquisition date”), holders of 3.6 million shares of Gain common stock outstanding at the Gain acquisition date who did not vote to approve the merger (“Dissenting Holders”, and the shares held by such Dissenting Holders, the “Dissenting Shares”) purportedly demanded appraisal rights pursuant to Section 262 of the Delaware General Corporation Law in the Court of Chancery of the State of Delaware. As of September 30, 2023, $20.1 million of merger consideration, based upon approximately 3.4 million Dissenting Shares and assuming a right to receive $6.00 per share at the acquisition date, remains payable. Any subsequent settlement with the Dissenting Holders in excess of this amount will be considered the settlement of a post-acquisition contingency to be included in the Company’s post-acquisition Consolidated Income Statements. Purchase Commitments The Company determines an estimate of contractual purchase commitments in the ordinary course of business primarily for the purchase of precious metals and agricultural and energy commodities. Unpriced contract commitments have been estimated using September 30, 2023 fair values. Purchase commitments and other obligations as of September 30, 2023 for less than one year, one to three years, three to five years, and after five years were $5,901.5 million, $593.0 million, $53.1 million, and $90.3 million respectively. The purchase commitments for less than one year will be offset by corresponding sales commitments of $5,689.0 million. Exchange Member Guaranties The Company is a member of various exchanges that trade and clear futures and option contracts. The Company is also a member of and provides guaranties to securities clearinghouses and exchanges in connection with client trading activities. Associated with its memberships, the Company may be required to pay a proportionate share of the financial obligations of another member who may default on its obligations to the exchanges. While the rules governing different exchange memberships vary, in general the Company’s guaranty obligations would arise only if the exchange had previously exhausted its resources. In addition, any such guaranty obligation would be apportioned among the other non-defaulting members of the exchange. Any potential contingent liability under these arrangements is not quantifiable and could exceed the cash and securities posted to the clearinghouse as collateral. The Company has not recorded any contingent liability in the consolidated financial statements for these agreements and believes that any potential requirement to make payments under these agreements is remote. Self-Insurance The Company self-insures its medical and dental claims costs up to a stop loss amount, for eligible participating employees and retirees, and for qualified dependents, subject to deductibles and limitations. Liabilities are recognized based on claims filed and an estimate of claims incurred but not reported. The Company has purchased stop-loss coverage to limit its exposure on a per claim basis and in aggregate in the event that aggregated actual claims would exceed 120% of the actuarial estimate. The Company is insured for covered costs in excess of these limits. Although the ultimate outcome of these matters may exceed the amounts recorded and additional losses may be incurred, the Company does not believe that any additional potential exposure for such liabilities will have a material adverse effect on the Company’s consolidated financial position or results of operations. As of September 30, 2023 and 2022, the Company had $1.9 million and $1.3 million, respectively, accrued for self-insured medical and dental claims included in Accounts payable and other liabilities in the Consolidated Balance Sheets. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss, Net | 12 Months Ended |
Sep. 30, 2023 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss, Net | 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 loss and income includes losses on cash flow hedges, net actuarial gains and losses from defined benefit pension plans, and gains and losses on foreign currency translations. The following table summarizes the changes in accumulated other comprehensive loss for the years ended September 30, 2023, 2022, and 2021. (in millions) Foreign Currency Translation Adjustment Pension Benefits Adjustment Cash Flow Hedge Accumulated Other Comprehensive Loss, net Balances as of September 30, 2020 $ (36.0) $ (4.1) $ — $ (40.1) Other comprehensive income 13.3 1.5 — 14.8 Amounts reclassified from AOCI, net of tax — 0.2 — 0.2 Other comprehensive income net of tax 13.3 1.7 — 15.0 Balances as of September 30, 2021 $ (22.7) $ (2.4) $ — $ (25.1) Other comprehensive loss (11.7) (0.3) (53.5) (65.5) Other comprehensive loss net of tax (11.7) (0.3) (53.5) (65.5) Balances as of September 30, 2022 $ (34.4) $ (2.7) $ (53.5) $ (90.6) Other comprehensive income 3.2 0.5 35.1 38.8 Other comprehensive income net of tax 3.2 0.5 35.1 38.8 Balances as of September 30, 2023 $ (31.2) $ (2.2) $ (18.4) $ (51.8) |
Revenue from Contracts with Cli
Revenue from Contracts with Clients | 12 Months Ended |
Sep. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Clients | Revenue from Contracts with Clients The Company’s revenues from contracts with clients subject to FASB ASC 606, Revenue from Contracts with Customers (“Topic 606”) represent approxim ately 5.7%, 5.5%, and 5.0% of the Company’s total revenues for the years ended September 30, 2023, 2022, and 2021, respectively. Revenues within the scope of Topic 606 are presented within Commission and clearing fees , Consulting, management, and account fees , and Sales of physical commodities , on the 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 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 periods indicated (in millions): Year Ended September 30, 2023 2022 2021 Revenues from contracts with clients: Commission and clearing fees: Sales-based: Exchange-traded futures and options $ 214.1 $ 210.7 $ 190.6 OTC derivative brokerage 14.5 16.8 15.9 Equities and fixed income 57.8 62.9 60.5 Mutual funds 3.0 4.1 5.5 Insurance and annuity products 9.2 9.3 9.7 Other 3.4 3.1 2.3 Total sales-based commission 302.0 306.9 284.5 Trailing: Mutual funds 12.4 14.1 14.5 Insurance and annuity products 14.2 16.0 17.0 Total trailing commission 26.6 30.1 31.5 Clearing fees 153.3 153.2 150.9 Trade conversion fees 8.5 11.5 11.2 Other 8.0 6.2 9.1 Total commission and clearing fees 498.4 507.9 487.2 Consulting, management, and account fees: Underwriting fees 0.7 0.5 0.6 Asset management fees 45.1 43.9 38.3 Advisory and consulting fees 35.0 30.9 24.9 Sweep program fees 48.6 13.1 3.0 Client account fees 15.9 16.0 15.8 Other 13.7 6.9 8.4 Total consulting, management, and account fees 159.0 111.3 91.0 Sales of physical commodities: Precious metals sales under ASC Topic 606 2,836.0 2,988.3 1,541.3 Total revenues from contracts with clients $ 3,493.4 $ 3,607.5 $ 2,119.5 Method of revenue recognition: Point-in-time $ 3,338.1 $ 3,489.5 $ 2,021.8 Time elapsed 155.3 118.0 97.7 Total revenues from contracts with clients 3,493.4 3,607.5 2,119.5 Other sources of revenues Physical precious metals under ASC Topic 815 50,979.5 57,404.3 37,250.4 Physical agricultural and energy products 4,315.7 3,660.0 2,169.9 Principal gains, net 1,079.9 1,145.2 892.0 Interest income 987.6 219.0 102.4 Total revenues $ 60,856.1 $ 66,036.0 $ 42,534.2 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 client trading accounts with the Company. Commission and clearing fee revenue and consulting, management, and account fees revenue are primarily related to the Commercial, Institutional and Retail reportable segments. Principal gains, net are contributed by all of the Company’s reportable segments. Interest income is primarily related to the Commercial and Institutional reportable segments. Precious metals trading and agricultural and energy product trading revenues are primarily related to the Commercial reportable segment. Precious metals retail sales revenues are primarily related to the Retail 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 executing client purchases and sales, and maintaining relationships with product sponsors for trailing commissions. 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 transaction based fees charged by the various exchanges and clearing organizations at which the Company or one of its clearing brokers is a member for the privilege of executing and clearing trades through them. Clearing fees are generally passed through to the clients’ accounts and are reported gross as the Company maintains control over the clearing and execution services provided, maintains relationships with the exchanges or clearing brokers, and has ultimate discretion in whether the fees are passed through to the clients and the rates at which they are passed through. As clearing fees are transactional based revenues they are recognized at a point in time on the trade date along with the related commission revenue when the client requests the clearance and execution of a trade. Trade Conversion 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 platform. The Company provides ongoing investment advice and acts as a custodian, providing brokerage and execution services on transactions, and performs administrative services for these accounts. This series of performance obligations transfers control of the services to the client over time as the services are performed. This revenue is recognized ratably over time to match the continued delivery of the performance obligations to the client over the life of the contract. The asset management revenue generated is based on a percentage of the market value of the eligible assets in the clients’ accounts. As such, the consideration for this revenue is variable and this variable consideration is constrained until the market value of eligible assets in the clients’ accounts is determinable. Advisory and Consulting Fees Advisory and consulting fees are primarily related to risk management consulting fees which are billed and recognized as revenue on a monthly basis when risk management services are provided. Risk management consulting contracts are generally for a minimum term of six months and then continue from month to month, but may be terminated at any time after the original six months by either party upon providing written notice. Advisory and consulting fees are not variable based on client trading activities. This revenue is generally recognized ratably over time to match the continued delivery of the performance obligation to the client over the life of the contract. Sweep Program Fees The Company earns fees generated in lieu of interest income from a multi-bank sweep program with unaffiliated banks and money market funds. Pursuant to contractual arrangements with clients and their introducing-brokers, available cash balances in client accounts are swept into either Federal Deposit Insurance Corporation (“FDIC”) insured cash accounts at unaffiliated banks or unaffiliated money market funds for which the Company earns a portion of the income generated by the client balances for administration and recordkeeping. The fees generated by the Company’s multi-bank sweep program are reported net of the balances remitted to the introducing-brokers and the clients of introducing-brokers. These fees are paid and recognized over time to match the continued delivery of the administration and recordkeeping performance obligations to the life of the contract. The fees earned under this program are generally based upon the type of sweep account, prevailing interest rates, and the amount of client balances invested. Client Account Fees Client account fees represent fees earned for custodial, recordkeeping, and administrative functions performed for client accounts. These functions 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. Precious Metals Sales Under ASC Topic 606 The Company principally generates revenue from sale of bullion coins and small bars of precious metal via its websites. Revenues from the sale of physical precious metals are recognized when control of the inventory is transferred within the meaning of Topic 606. This revenue source primarily executes its contracts on a spot basis at agreed upon rates and amounts, which further aligns with Topic 606. Physical Precious Metals Under ASC 815 The Company principally generates revenue from trading physical precious metals on an OTC basis. Revenues from the sale of physical precious metals are recorded on a trade date basis and generally settle on an unallocated basis. Substantially all of the Company’s sales of precious metals are conducted using sales contracts that meet the definition of derivative instruments in accordance with ASC 815, Derivatives and Hedging (“Topic 815”). The contracts underlying the Company’s commitment to deliver precious metals are referred to as fixed price forward commodity contracts because the price of the commodity is fixed at the time the order is placed. Although the contracts typically are executed on a spot basis and settle on unallocated account, the client has the option to request delivery of the precious metals, the option to net settle out of the position by executing an offsetting trade, or the option to roll the transaction to a subsequent maturity date. Thus, the sales contracts contain embedded option derivatives that would be subject to the guidance in Topic 815. As the contracts are subject to the guidance in Topic 815, the fixed price derivative sales contracts are outside the scope of Topic 606. The Company recognizes revenue when control of the inventory is transferred within the meaning of Topic 606. Physical precious metals trading revenue generated by registered broker-dealer subsidiaries is presented on a net basis and included as a component of Principal gains, net in the Consolidated Income Statements, in accordance with U.S GAAP for broker-dealers. Physical Agricultural and Energy Products 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. This revenue is reported on a net basis and is primarily outside the scope of ASC 606. Principal gains, net includes margins generated from OTC derivative trades, equities, fixed income, precious metals with derivative characteristics, 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. The following table indicates the relevant income and expense: Year Ended September 30, (in millions) 2023 2022 2021 Dividend income on long equity positions $ 32.0 $ 142.3 $ 282.7 Dividend expense on short equity positions 33.3 134.0 281.3 Dividend (loss)/income net of dividend expense reported within Principal Gains, net $ (1.3) $ 8.3 $ 1.4 Interest Income Interest income is generated from client funds deposited with the Company to satisfy margin required by third-party banks, exchange-clearing organizations, or other FCMs. Interest income is also generated from investing client funds in allowable securities, primarily U.S. Treasury obligations and from trading fixed income securities that the Company holds in its market-making businesses. Interest income also includes interest generated from collateralized transactions, including securities borrowed and securities purchased under agreements to resell, and from extending margin loans to clients. Interest income is recognized on an accrual basis and is not within the scope of Topic 606. Remaining Performance Obligations Remaining performance obligations are services that the firm has committed to perform in the future in connection with its contracts with clients. The Company’s remaining performance obligations are generally related to its risk management consulting and asset management contracts with clients. Revenues associated with remaining performance obligations related to these contracts with clients are not material to the overall consolidated results of the Company. Similar to the above, risk management consulting contracts are generally for a minimum term of six months and then continue from month to month, but may be terminated at any time after the original six months by either party upon providing written notice. Asset management contracts may be terminated by the client at any time. For the Company’s asset management activities, where fees are calculated based on a percentage of the market value of eligible assets in client’s accounts, future revenue associated with remaining performance obligations cannot be determined as such fees are subject to fluctuations in the market value of eligible assets in clients’ accounts. Practical Expedients The Company has applied Topic 606’s practical expedient that permits for the non-disclosure of the value of performance obligations for (i) contracts with an original expected length or one year or less and (ii) contracts for which the Company recognizes revenue at the amount to which is has the right to invoice for services performed. |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Sep. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Share-Based Compensation | Share-Based Compensation Under the 2022 Omnibus Incentive Compensation Plan (the “Omnibus Plan”), the Company is authorized to grant up to 2.4 million shares, including both stock options and restricted stock. 1.7 million shares are available for grant as of September 30, 2023. Share-based compensation expense is included in Compensation and benefits in the Consolidated Income Statements and totaled $28.0 million, $17.8 million and $13.9 million for the years ended September 30, 2023, 2022, and 2021, respectively. Stock Options The Company sponsors the Omnibus Plan for its directors, officers, employees and consultants. Awards that expire or are canceled generally become available for issuance again under the Omnibus Plan. The Company settles stock option exercises with newly issued shares of common stock. Fair value is estimated at the grant date based on a Black-Scholes-Merton option-pricing model using the following weighted-average assumptions: Year Ended September 30, 2023 2022 2021 Expected stock price volatility 42 % 39 % 38 % Expected dividend yield — % — % — % Risk free interest rate 1.60 % 1.54 % 1.68 % Average expected life (in years) 4.25 5.21 4.50 Expected stock price volatility rates are primarily based on historical volatility. The Company has not paid dividends in the past and does not currently expect to do so in the future. Risk free interest rates are based on the U.S. Treasury yield curve in effect at the time of grant for periods corresponding with the expected life of the option or award. The average expected life represents the estimated period of time that options or awards granted are expected to be outstanding, based on the Company’s historical share option exercise experience for similar option grants. The weighted average fair value of options issued during the years ended September 30, 2023, 2022, and 2021 was $33.21, $22.82, and $19.83, respectively. The following is a summary of stock option activity for the year ended September 30, 2023: Number of Weighted Weighted Weighted Aggregate Balances as of September 30, 2022 1,199,345 $ 50.46 $ 14.57 4.54 $ 39.0 Granted 81,750 $ 93.70 $ 33.21 Exercised (83,794) $ 47.13 $ 13.06 Forfeited (19,849) $ 65.10 $ 23.39 Expired (2,088) $ 49.92 $ 14.74 Balances as of September 30, 2023 1,175,364 $ 53.46 $ 15.82 3.80 $ 51.1 Exercisable at September 30, 2023 387,810 $ 49.20 $ 13.61 3.49 $ 18.5 The total compensation cost not yet recognized for non-vested awards of $9.2 million as of September 30, 2023 has a weighted-average period of 3.95 years over which the compensation expense is expected to be recognized. The total intrinsic value of options exercised during the years ended September 30, 2023, 2022, and 2021 was $4.2 million, $39.0 million and $11.7 million, respectively. The options outstanding as of September 30, 2023 broken down by exercise price are as follows: Exercise Price Number of Options Outstanding Weighted Average Exercise Price Weighted Average Remaining Term $ 40.00 - $ 45.00 700,000 $ 45.00 3.18 $ 45.00 - $ 95.00 475,364 $ 65.92 4.71 1,175,364 $ 53.46 3.80 Restricted Stock The Company sponsors restricted stock under the Omnibus Plan for its directors, officers, and employees. Awards that expire or are canceled generally become available for issuance again under the Omnibus Plan. The Company utilizes newly issued shares of common stock to make restricted stock grants. The following is a summary of restricted stock activity through September 30, 2023: Number of Weighted Weighted Aggregate Balances as of September 30, 2022 579,666 $ 60.22 1.22 $ 48.1 Granted 413,545 $ 93.59 Vested (305,561) $ 58.38 Forfeited (638) $ 80.69 Balances as of September 30, 2023 687,012 $ 81.10 1.24 $ 66.5 The total compensation cost not yet recognized of $40.5 million as of September 30, 2023 has a weighted-average period of 1.24 years over which the compensation expense is expected to be recognized. Compensation expense is amortized on a straight-line basis over the vesting period. Restricted stock grants are included in the Company’s total issued and outstanding common shares. |
Retirement Plans
Retirement Plans | 12 Months Ended |
Sep. 30, 2023 | |
Retirement Benefits [Abstract] | |
Retirement Plans | Retirement Plans Defined Benefit Retirement Plans The Company has a frozen qualified defined benefit pension plan (the “Qualified Plan”) and a nonqualified defined benefit pension plan (the “Nonqualified Plan”), and recognizes their funded status, measured as the difference between the fair value of the plan assets and the projected benefit obligation, in Other assets or Accounts payable and other accrued liabilities in the Consolidated Balance Sheets, depending on the funded status of each plan. The Qualified Plan assets, which are managed in a third-party trust, primarily consist of a diversified blend of approximately 90% debt securities and 10% equity investments and had a total fair value of $29.6 million and $30.9 million as of September 30, 2023 and 2022, respectively. All Qualified Plan assets fall within Level 2 of the fair value hierarchy. The benefit obligation associated with the Qualified Plan will vary over time only as a result of changes in market interest rates, the life expectancy of the plan participants, and benefit payments, since the accrual of benefits was suspended when the Qualified Plan was frozen in 2006. The benefit obligation was $24.6 million and $26.3 million and the discount rate assumption used in the measurement of this obligation was 5.80% and 5.40% as of September 30, 2023 and 2022, respectively. Related to the Qualified Plan, the Company’s net pension obligation was in a funded status of $5.0 million and $4.6 million as of September 30, 2023 and 2022, respectively. The Nonqualified Plan assets had a total fair value of less than $0.1 million as of September 30, 2023 and 2022. The benefit obligation associated with the Nonqualified Plan will vary over time only as a result of changes in market interest rates, the life expectancy of the plan participants, and benefit payments. There are no active participants in the Nonqualified plan. The benefit obligation was $1.1 million and $1.2 million as of September 30, 2023 and 2022, respectively. Related to the Nonqualified Plan, the Company’s unfunded pension obligation was $1.1 million and $1.2 million as of September 30, 2023 and 2022, respectively. The Company recognized a net periodic benefit cost of $0.3 million for the year ended September 30, 2023, and a net periodic benefit of $0.1 million and $0.3 million for the years ended September 30, 2022 and 2021, respectively. The expected long-term return on plan assets assumption was 4.15% for 2023. The Company made contributions of $0.1 million to the plans in the years ended September 30, 2023 and 2022. The Company complies with minimum funding requirements. The estimated undiscounted future benefit payments are expected to be $2.1 million in 2024, $2.0 million in 2025, $2.0 million in 2026, $2.1 million in 2027, $2.1 million in 2028, and $9.9 million in 2028 through 2033. Defined Contribution Retirement Plans The Company offers participation in the StoneX Group Inc. 401(k) Plan (“401(k) Plan”), a defined contribution plan providing retirement benefits to all domestic full-time non-temporary employees who have reached 21 years of age. Employees may contribute from 1% to 80% of their annual compensation to the 401(k) Plan, limited to a maximum annual amount as set periodically by the Internal Revenue Service. The Company makes matching contributions to the 401(k) Plan in an amount equal to 62.5% of each participant’s eligible elective deferral contribution to the 401(k) Plan, up to 8% of employee compensation. Matching contributions vest, by participant, based on the following years of service schedule: less than two years – none, after two years – 33%, after three years – 66%, and after four years – 100%. U.K. based employees of StoneX Group are eligible to participate in a defined contribution pension plan. The Company contributes double the employee’s contribution up to 10% of total base salary for this plan. For this plan, employees are 100% vested in both the employee and employer contributions at all times. |
Other Expenses
Other Expenses | 12 Months Ended |
Sep. 30, 2023 | |
Other Expenses [Abstract] | |
Other Expenses | Other Expenses Other expenses consisted of the following, for the periods indicated. Year Ended September 30, (in millions) 2023 2022 2021 Non-income taxes $ 16.8 $ 13.5 $ 14.8 Insurance 11.1 10.8 7.1 Employee related expenses 10.1 9.6 7.0 Other direct business expenses 14.8 10.0 6.3 Membership fees 3.4 3.3 2.8 Director and public company expenses 2.3 1.8 1.5 Office expenses 1.9 1.7 1.3 Other expenses 6.0 9.9 5.5 Total other expenses $ 66.4 $ 60.6 $ 46.3 During the quarter ended December 31, 2021, the Company modified its Other expenses presentation to better explain its current entities and businesses. Prior year values have been adjusted to reflect this format, but total Other expenses has not changed within this footnote or the consolidated income statements. |
Income Taxes
Income Taxes | 12 Months Ended |
Sep. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Inflation Reduction Act In August 2022, the Inflation Reduction Act of 2022 (“Act”) was signed into U.S. law. Under the Act, there is a new 15% corporate minimum tax and a new 1% excise tax on stock repurchases that are effective after December 31, 2022. Further, the Act includes provisions related to climate change, energy, and health care. These provisions should not have a material impact on the Company’s consolidated financial statements. Income tax expense/(benefit) for the years ended September 30, 2023, 2022, and 2021 was allocated as follows: Year Ended September 30, (in millions) 2023 2022 2021 Income tax expense attributable to income from operations $ 84.5 $ 70.1 $ 37.8 Taxes allocated to stockholders’ equity, related to pension liabilities 0.2 (0.1) 0.5 Taxes allocated to stockholders’ equity, related to hedge accounting 11.1 (17.0) — Total income tax expense $ 95.8 $ 53.0 $ 38.3 The components of income tax expense/(benefit) attributable to income from operations were as follows: Year Ended September 30, (in millions) 2023 2022 2021 Current taxes: U.S. federal $ 15.8 $ 8.2 $ 6.7 U.S. state and local 3.9 3.6 (0.1) Australia 2.2 2.8 1.8 Brazil 16.0 12.6 8.0 Germany 4.5 8.9 6.0 Singapore 4.9 2.0 1.9 Switzerland 2.6 — — United Kingdom 30.9 29.2 6.6 Other international 6.1 3.1 3.7 Total current taxes 86.9 70.4 34.6 Deferred taxes: U.S. federal (1.1) 3.4 1.4 U.S. state and local — (0.1) 2.7 Australia 0.1 (0.2) 0.3 Brazil — (0.8) (1.3) Singapore — — 0.4 Switzerland 0.4 — — United Kingdom (1.4) (2.7) 0.1 Other international (0.4) 0.1 (0.4) Total deferred taxes (2.4) (0.3) 3.2 Income tax expense $ 84.5 $ 70.1 $ 37.8 U.S. and international components of income from operations, before tax, were as follows: Year Ended September 30, (in millions) 2023 2022 2021 U.S. $ 135.1 $ 50.0 $ 37.3 Australia 7.4 8.7 7.8 Brazil 35.3 25.3 13.7 Germany 13.3 27.8 17.2 Singapore 38.1 19.4 16.0 Switzerland 22.5 — — United Kingdom 77.7 104.8 41.4 Other international (6.4) 41.2 20.7 Income from operations, before tax $ 323.0 $ 277.2 $ 154.1 Items accounting for the difference between income taxes computed at the federal statutory rate and income tax expense were as follows: Year Ended September 30, 2023 2022 2021 Federal statutory rate effect of: 21.0 % 21.0 % 21.0 % U.S. State and local income taxes 1.0 % 1.0 % 1.8 % Foreign earnings and losses taxed at different rates 1.1 % 1.1 % 1.0 % Change in valuation allowance (0.4) % 0.9 % 1.9 % U.K. bank tax 0.3 % 2.6 % 0.4 % U.S. permanent items 0.2 % 0.2 % (1.2) % Non-deductible compensation 2.0 % 0.7 % 1.9 % Foreign permanent items 0.4 % (2.8) % (2.3) % U.S. bargain purchase gain (1.4) % — % (0.5) % GILTI 2.0 % 0.6 % 0.6 % Effective rate 26.2 % 25.3 % 24.6 % The components of deferred income tax assets and liabilities were as follows: (in millions) September 30, 2023 September 30, 2022 Deferred tax assets: Share-based compensation $ 7.4 $ 4.8 Deferred compensation 5.4 5.1 Net operating loss carryforwards 17.2 18.7 Intangible assets 3.8 6.4 Bad debt reserve 9.6 7.8 Hedging 5.9 17.0 Foreign tax credit carryforwards 0.6 1.6 Other compensation 7.8 8.0 Pension 3.6 2.1 Right of use assets 20.1 23.8 Other 1.1 2.0 Total gross deferred tax assets 82.5 97.3 Less valuation allowance (12.4) (15.8) Deferred tax assets 70.1 81.5 Deferred income tax liabilities: Unrealized gain on securities 2.8 2.5 Prepaid expenses 5.0 3.8 Property and equipment 1.6 2.0 Right of use liabilities 17.2 20.8 Mark to market on inventory 4.8 — Other deferred liabilities 1.4 0.4 Deferred income tax liabilities 32.8 29.5 Deferred income taxes, net $ 37.3 $ 52.0 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 September 30, 2023 and 2022, the Company has net operating loss carryforwards for U.S. federal, state, local, and foreign income tax purposes o f $5.4 million and $5.2 million, net of valuation allowances, respectively, which are available to offset future taxable income in these jurisdictions. The state and local net operating loss carryforwards of $4.4 million, net of valuation allowance, begin to expire after September 2023. The Company also has $0.7 million, net of valuation allowances, of federal net operating loss carryforwards, which consist of a portion that will expire in tax years ending 2031 through 2036. The remaining portion of the federal net operating loss carryforwards do not expire, but cannot be utilized until after 2037 and are limited by Internal Revenue Code (“IRC”) Section 382. As of September 30, 2023, the Company has $0.4 million, net of valuation allowance, of foreign net operating loss carryforwards primarily in Columbia and Ireland, which have various carryforward periods. The valuation allowance for deferred tax assets as of September 30, 2023 was $12.4 million. The net change in the total valuation allowance for the year ended September 30, 2023 was a decrease of $3.4 million. The decrease was related to the decrease in foreign net operating loss carryforwards and decreases related to foreign tax credits. The valuation allowances as of September 30, 2023 and 2022 were primarily related to U.S. state and local and foreign net operating loss carryforwards that, in the judgment of management, are not more likely than not to be realized. T he Company does not intend to distribute earnings of its foreign subsidiaries 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 taxes. The Company repatriated $35.5 million and $29.7 million during the years ended September 30, 2023 and 2022, respectively, of earnings previously taxed in the U.S. resulting in no significant incremental taxes. Therefore, the Company has not recognized a deferred tax liability on its investment in foreign subsidiaries. The Company had a de minimis balance of unrecognized tax benefits as of September 30, 2023, 2022, and 2021 that, if recognized, would affect the effective tax rate. Accrued interest and penalties are included in the related tax liability line in the Consolidated Balance Sheets. The Company had no accrued interest and penalties included in the Consolidated Balance Sheets as of September 30, 2023 and 2022. |
Acquisitions
Acquisitions | 12 Months Ended |
Sep. 30, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
Acquisitions | Acquisitions The Company’s consolidated financial statements include the operating results and cash flows of the acquired businesses from the dates of acquisition. Acquisitions in Fiscal 2023 Cotton Distributors Inc. On October 31, 2022, the Company’s wholly owned subsidiary, StoneX Netherlands B.V., acquired CDI-Societe Cotonniere De Distribution S.A (“CDI”), based in Switzerland. CDI operates a global cotton merchant business with clients and producers in Brazil and West Africa as well as buyers throughout Asia. The purchase price is approximately $42.7 million, which is based on CDI’s estimated acquisition date tangible book value as defined by the terms of the purchase agreement and based on Swiss accounting practices, and an earn-out payment due to the seller. The earn-out value was determined by CDI’s performance with respect to certain contracts entered into before the acquisition date and settling after the closing date. During the year ended September 30, 2023, CDI contributed $36.9 million of Net operating revenue and $18.6 million of Net income . The measurement period for the CDI acquisition remains open as the Company finalizes certain valuation calculations related to intangible assets, net tangible asset value adjustments, the fair values of forward contracts and other derivatives. The gain on acquisition was principally due to the fair value of commodity forward purchases and sales contracts and fair value of identified intangible assets acquired exceeding the consideration paid for these assets. (in millions) Fair Value Cash and cash equivalents $ 8.2 Deposits with and receivables from broker-dealers, clearing organizations, and counterparties 7.7 Receivable from clients, net 51.9 Financial instruments owned, at fair value 45.7 Deferred income taxes, net (3.3) Property and equipment, net 0.1 Physical commodities inventory, net 22.5 Other assets 6.7 Total fair value of tangible assets acquired 139.5 Accounts payable and other accrued liabilities 40.0 Financial instruments sold, not yet purchased, at fair value 28.3 Payables to lenders under loans 10.1 Payables to broker-dealers, clearing organizations, and counterparties 0.4 Payables to clients 2.6 Income taxes payable 0.8 Total fair value of liabilities assumed 82.2 Fair value of tangible net assets acquired $ 57.3 Identifiable intangible assets acquired Client relationships $ 4.7 Supplier relationships 3.7 Trade name 0.4 Non-compete 0.1 Total fair value of intangible assets acquired 8.9 Fair value of identifiable net assets acquired 66.2 Total merger consideration 42.7 Gain on acquisition $ 23.5 Incomm S.A.S. On February 3, 2023, the Company’s subsidiary StoneX Commodity Solutions LLC executed a sale and purchase agreement to acquire all of the outstanding shares of Incomm S.A.S. (“Incomm”), a company duly incorporated and in existence according with the laws of Colombia. This transaction was effective on the closing date of February 3, 2023. Incomm was established to support the import of grain and feed products for Colombian clients, and is a proven resource in management of customs clearing, inventory management at destination ports and providing non-recourse trade finance for destination buyers via local Colombian banks. The purchase price consists of $0.2 million of cash consideration and also includes a contingent earn-out valued at approximately $1.3 million with annual payments over the four years following the acquisition. The contingent earn-out payments are variable in nature, as they equal a percentage of the acquired business line’s pre-tax profits, as defined in the purchase agreement. The business activities of Incomm will be assigned to the Company’s Commercial reportable segment. The acquisition generated $1.3 million of Goodwill. Acquisitions in Fiscal 2021 Chasing Returns Ltd. In August 2021, the Company’s wholly owned subsidiary, StoneX Netherlands B.V., acquired Chasing Returns Limited, a Company based in Ireland, which specializes in financial behavioral science designed to assist traders in analyzing trends and decision making. Chasing Returns Limited enhances the Company’s offerings to its retail clients. The estimated purchase price was approximately $6.0 million, all of which was excess purchase price over net assets acquired. The Company recognized $2.4 million in acquired intangible assets, classified as software, and $3.6 million in goodwill. |
Regulatory Requirements and Sub
Regulatory Requirements and Subsidiary Dividend Restrictions | 12 Months Ended |
Sep. 30, 2023 | |
Capital and Other Regulatory Requirements [Abstract] | |
Regulatory Requirements and Subsidiary Dividend Restrictions | Regulatory Requirements and Subsidiary Dividend Restrictions The Company’s subsidiary StoneX Financial Inc. is registered as a broker dealer and member of the Financial Industry Regulatory Authority (“FINRA”) subject to the SEC Uniform Net Capital Rule 15c3-1, which requires the maintenance of minimum net capital. StoneX Financial Inc. is also a futures commission merchant registered with the CFTC and subject to the net capital requirements of the CFTC Regulation 1.17. Under the more restrictive of these rules, StoneX Financial Inc. is required to maintain “adjusted net capital”, equivalent to the greater of $1.5 million or 8% of client and non-client risk maintenance margin requirements on all positions, as defined in such rules, regulations, and requirements. Adjusted net capital and the related net capital requirement may fluctuate on a daily basis. StoneX Financial Inc., along with certain regulated affiliates, including Gain Capital Group, LLC and others, has a restriction on dividends. For StoneX Financial Inc. withdrawn excess capital cannot reduce excess capital, after haircuts and charges, to an amount less than 120% of the greatest minimum requirement. The Company’s subsidiary, Gain Capital Group, LLC, is subject to regulation by the CFTC and NFA and is required to maintain specific levels of regulatory capital. As a futures commission merchant and retail foreign exchange dealer, Gain Capital Group, LLC is required to maintain adjusted net capital of the greater of $1.0 million or 8% of customer and non-customer risk maintenance margin, or $20.0 million plus 5.0% of the amount of retail customer liabilities over $10.0 million, plus 10% of all liabilities owed to eligible contract participant counterparties acting as a dealer that are not an affiliate. Swap dealers are subject to a comprehensive regulatory regime with new obligations for the swaps activities for which they are registered, including adherence to risk management policies, supervisory procedures, trade record and real time reporting requirements, as well as rules for minimum capital requirements which became effective October 6, 2021. Our subsidiary, StoneX Markets LLC, is a CFTC registered swap dealer, and under these capital rules, StoneX Markets LLC is subject to a minimum regulatory capital requirement of $20.0 million. StoneX Financial Inc. as a registered securities carrying broker dealer is also subject to Rule 15c3-3 of the Securities Exchange Act of 1934 (“Rule 15c3-3”), which requires the Company to maintain separate accounts for the benefit of securities clients and proprietary accounts of broker dealers (“PABs”). These client protection rules require the Company to maintain special reserve bank accounts (“SRBAs”) for the exclusive benefit of securities clients and PABs. As of September 30, 2023, StoneX Financial Inc. prepared reserve computations for the client accounts and PAB accounts in accordance with the customer reserve computation guidelines set forth in Rule 15c3-3. Based upon these computations, excess of total credits over debits was $4.3 million as of September 30, 2023. The Company held $13.8 million in customer SRBAs as of September 30, 2023, and met the customer segregation and segregated deposit timing requirements of Rule 15c3-3. The total PAB credits over total PAB debits was $6.9 million as of September 30, 2023 and the PAB reserve requirement was $6.9 million as of September 30, 2023. The Company held $4.2 million in the PAB SRBA as of September 30, 2023, and made additional deposits of $3.7 million on October 3, 2023, to meet the PAB segregation and segregated deposit timing requirements of Rule 15c3-3. Pursuant to the requirements of the Commodity Exchange Act, funds deposited by clients of StoneX Financial Inc. supporting trading of futures and options on futures on a U.S. commodities exchange must be carried in separate accounts which are designated as segregated client accounts. Pursuant to the requirements of the CFTC, funds deposited by clients of StoneX Financial Inc. related to trading futures and options on futures traded on, or subject to the rules of a foreign board of trade, must be carried in separate accounts in, which are designated as secured clients’ accounts. As of September 30, 2023, StoneX Financial Inc. had client segregated and client secured funds of $6,166.2 million and $261.0 million, respectively, compared to a minimum regulatory requirement of $6,091.9 million and $249.0 million, respectively. The Company’s subsidiary StoneX Financial Ltd. is regulated by the Financial Conduct Authority (“FCA”), the regulator of the financial services industry in the U.K. The regulations impose regulatory capital, as well as conduct of business, governance, and other requirements. The conduct of business rules include those that govern the treatment of client money and other assets which, under certain circumstances, for certain classes of client, must be segregated from the firm’s own assets. As of September 30, 2023, StoneX Financial Ltd. had client segregated funds of $1,266.6 million, compared to a minimum regulatory requirement of $1,253.7 million. StoneX Financial Pte. Ltd. is regulated by the Monetary Authority of Singapore (“MAS”) and operates as an approved holder of a Capital Market Services and a Payments Service License. StoneX Financial Pte. Ltd. is subject to the requirements of MAS pursuant to the Securities and Futures Act and the Payments Services Act 2019. The regulations include those that govern the treatment of client money and other assets which under certain circumstances must be segregated from the firm’s own assets. As of September 30, 2023, StoneX Financial Pte. Ltd. had client segregated funds of $789.0 million compared to a minimum regulatory requirement of $772.4 million. The following table details the Company’s subsidiaries with a minimum regulatory net capital requirement in excess of $10.0 million as well as the actual regulatory capital of the subsidiary as of September 30, 2023 (in millions): Subsidiary Regulatory Authority Actual Minimum StoneX Financial Inc. SEC and CFTC $ 353.0 $ 220.5 StoneX Financial Ltd. FCA $ 458.5 $ 358.0 Gain Capital Group, LLC CFTC and NFA $ 50.1 $ 29.3 StoneX Financial Pte. Ltd. MAS $ 76.5 $ 24.4 StoneX Markets LLC CFTC and NFA $ 221.3 $ 122.1 |
Segment and Geographic Informat
Segment and Geographic Information | 12 Months Ended |
Sep. 30, 2023 | |
Segment Reporting [Abstract] | |
Segment and Geographic Information | Segment and Geographic Information The Company's operating segments are principally based on the nature of the clients we serve (commercial, institutional, and retail), and a fourth operating segment, its global payments business. The Company manages its business in this manner due to its large global footprint, in which it has more than 4,000 employees allowing it to serve clients in more than 180 countries. The Company’s business activities are managed as operating segments and organized into reportable segments as follows: • Commercial • Institutional • Retail • Global Payments Commercial The Company offers commercial clients a comprehensive array of products and services, including risk management and hedging services, execution and clearing of exchange-traded and OTC products, voice brokerage, market intelligence and physical trading as well as commodity financing and logistics services. The ability to provide these high-value-added products and services, differentiates the Company from its competitors and maximizes the opportunity to retain clients. Institutional The Company provides institutional clients with a complete suite of equity trading services to help them find liquidity with best execution, consistent liquidity across a robust array of fixed income products, competitive and efficient clearing and execution in all major futures and securities exchanges globally as well as prime brokerage in equities and major foreign currency pairs and swap transactions. In addition, the Company originates, structures and place debt instruments in the international and domestic capital markets. These instruments include asset-backed securities (primarily in Argentina) and domestic municipal securities. Retail The Company provides retail clients around the world access to over 18,000 global financial markets, including spot foreign exchange ("forex"), both financial trading and physical investment in precious metals, as well as CFDs, which are investment products with returns linked to the performance of underlying assets. In addition, its independent wealth management business offers a comprehensive product suite to retail investors in the United States. Global Payments The Company provides customized payment, technology and treasury services to banks and commercial businesses as well as charities and non-governmental organizations and government organizations. The Company provides transparent pricing and offers payments services in more than 180 countries and 140 currencies, which it believes is more than any other payments solution provider. ******** The total revenues reported combine gross revenues from physical contracts 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 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. Total revenues, operating revenues and net operating revenues shown as “Corporate Unallocated” primarily consist of interest income from its centralized corporate treasury function. In the normal course of operations, the Company operates a centralized corporate treasury function in which it may sweep excess cash from certain subsidiaries, where permitted within regulatory limitations, in exchange for a short-term interest bearing intercompany payable, or provide excess cash to subsidiaries in exchange for a short-term interest bearing intercompany receivable in lieu of the subsidiary borrowing on external credit facilities. The intercompany receivables and payables are eliminated during consolidation; however, this practice may impact reported total assets between segments. Net costs not allocated to operating segments include costs and expenses of certain shared services such as information technology, accounting and treasury, credit and risk, legal and compliance, and human resources and other activities. Information for the reportable segments is shown in accordance with the Segment Reporting Topic of the ASC as follows: Year Ended September 30, (in millions) 2023 2022 2021 Total revenues: Commercial $ 58,249.2 $ 63,743.2 $ 39,884.0 Institutional 1,513.6 831.8 668.4 Retail 888.5 1,304.2 1,859.9 Global Payments 212.6 172.0 137.3 Corporate Unallocated 31.7 7.8 1.7 Eliminations (39.5) (23.0) (17.1) Total $ 60,856.1 $ 66,036.0 $ 42,534.2 Operating revenues: Commercial $ 862.7 $ 692.1 $ 534.8 Institutional 1,513.6 831.8 668.4 Retail 333.0 426.7 348.0 Global Payments 212.6 172.0 137.3 Corporate Unallocated 31.7 7.8 1.7 Eliminations (39.5) (23.0) (17.1) Total $ 2,914.1 $ 2,107.4 $ 1,673.1 Net operating revenues (loss): Commercial $ 721.3 $ 586.5 $ 433.1 Institutional 532.0 483.5 419.4 Retail 227.3 302.9 222.4 Global Payments 203.3 162.5 129.9 Corporate Unallocated (62.9) (59.5) (54.8) Total $ 1,621.0 $ 1,475.9 $ 1,150.0 Net contribution: (Revenues less cost of sales of physical commodities, transaction-based clearing expenses, variable compensation, introducing broker commissions and interest expense) Commercial $ 544.9 $ 415.3 $ 299.7 Institutional 351.5 295.1 260.9 Retail 212.7 280.3 204.4 Global Payments 164.5 131.2 103.7 Total $ 1,273.6 $ 1,121.9 $ 868.7 Segment income: (Net contribution less non-variable direct segment costs) Commercial (1) $ 390.7 $ 288.3 $ 192.2 Institutional 217.9 174.6 167.7 Retail 45.8 115.4 67.8 Global Payments 109.1 97.4 78.5 Total $ 763.5 $ 675.7 $ 506.2 Reconciliation of segment income to income before tax: Segment income $ 763.5 $ 675.7 $ 506.2 Net costs not allocated to operating segments (463.8) (398.5) (355.5) Gain on acquisitions and other gains, net 23.3 — 3.4 Income before tax $ 323.0 $ 277.2 $ 154.1 (in millions) As of September 30, 2023 As of September 30, 2022 As of September 30, 2021 Total assets: Commercial $ 4,676.3 $ 5,931.0 $ 3,969.9 Institutional 15,059.3 11,687.1 12,403.3 Retail 1,014.2 971.2 1,380.9 Global Payments 376.6 524.0 243.8 Corporate unallocated 812.3 746.3 841.7 Total $ 21,938.7 $ 19,859.6 $ 18,839.6 Information regarding revenues and operating revenues for the ended September 30, 2023, 2022, and 2021, and information regarding long-lived assets (defined as property, equipment, leasehold improvements and software) as of September 30, 2023, 2022, and 2021 in geographic areas were as follows: Year Ended September 30, (in millions) 2023 2022 2021 Total revenues: United States $ 6,017.4 $ 5,102.3 $ 3,313.1 Europe 3,498.9 3,440.2 1,889.6 South America 271.4 87.2 64.5 Middle East and Asia 51,023.6 57,395.5 37,259.1 Other 44.8 10.8 7.9 Total $ 60,856.1 $ 66,036.0 $ 42,534.2 Operating revenues: United States $ 2,120.4 $ 1,448.2 $ 1,157.4 Europe 494.3 474.6 371.3 South America 127.0 87.2 64.5 Middle East and Asia 127.6 86.6 72.0 Other 44.8 10.8 7.9 Total $ 2,914.1 $ 2,107.4 $ 1,673.1 (in millions) As of September 30, 2023 As of September 30, 2022 As of September 30, 2021 Long-lived assets, as defined: United States $ 76.0 $ 67.9 $ 54.1 Europe 40.7 41.1 36.0 South America 4.4 2.9 2.1 Middle East and Asia 2.4 1.0 0.9 Other — — 0.2 Total $ 123.5 $ 112.9 $ 93.3 |
Condensed Financial Information
Condensed Financial Information of Parent Company Only Disclosure | 12 Months Ended |
Sep. 30, 2023 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Financial Information of Parent Company Only Disclosure | Schedule I StoneX Group Inc. Condensed Balance Sheets Parent Company Only (in millions) September 30, 2023 September 30, ASSETS Cash and cash equivalents $ 2.1 $ 6.1 Receivable from clients, net — 0.2 Deposits with and receivables from subsidiary broker-dealer, net 77.0 89.1 Notes receivable, net 5.0 5.0 Income taxes receivable 132.1 55.5 Investment in subsidiaries (1) 1,325.3 1,286.8 Financial instruments owned, at fair value 7.6 5.1 Deferred tax assets 7.2 14.7 Property and equipment, net 66.3 62.1 Operating right of use assets 65.5 69.0 Other assets 35.6 30.8 Total assets $ 1,723.7 $ 1,624.4 LIABILITIES AND EQUITY Liabilities: Accounts payable and other accrued liabilities $ 135.7 $ 90.7 Operating lease liabilities 91.1 93.3 Payable to subsidiaries, net 288.3 293.3 Payable to lenders under loans 157.5 268.1 Senior secured borrowings, net 342.1 339.1 Financial instruments sold, not yet purchased, at fair value 27.0 73.6 Total liabilities 1,041.7 1,158.1 Equity: StoneX Group Inc. (Parent Company Only) stockholders’ equity: Preferred stock, $0.01 par value. Authorized 1,000,000 shares; no shares issued or outstanding — — Common stock, $0.01 par value. Authorized 200,000,000 shares; 23,403,960 issued and 20,796,637 outstanding at September 30, 2023 and 22,911,227 issued and 20,303,904 outstanding at September 30, 2022 0.2 0.2 Common stock in treasury, at cost - 2,607,323 shares at September 30, 2023 and 2022 (69.3) (69.3) Additional paid-in capital 371.9 340.2 Retained earnings (1) 397.9 248.8 Accumulated other comprehensive loss, net (18.7) (53.6) Total StoneX Group Inc. (Parent Company Only) stockholders’ equity 682.0 466.3 Total liabilities and equity $ 1,723.7 $ 1,624.4 (1) Within the Condensed Balance Sheets and Condensed Statements of Operations of StoneX Group Inc. - Parent Company Only, the Company has accounted for its investment in wholly owned subsidiaries using the cost method of accounting. Under this method, the Company’s share of the earnings or losses of such subsidiaries is not included in the Condensed Balance Sheet or Condensed Statements of Operations. If the accounting for its investment in wholly owned subsidiaries was presented under the equity method of accounting, investment in subsidiaries and retained earnings would each increase by $730.2 million as of September 30, 2023, and $640.8 million, as of September 30, 2022, respectively. Schedule I StoneX Group Inc. Condensed Statements of Operations Parent Company Only Year Ended September 30, (in millions) 2023 2022 2021 Revenues: Management fees from affiliates $ 328.7 $ 109.9 $ 52.5 Trading gains (losses), net 1.8 (2.8) (0.1) Consulting fees 0.2 0.1 0.3 Interest income 3.3 2.2 1.5 Dividend income from subsidiaries (1) 281.1 124.4 372.7 Total revenues 615.1 233.8 426.9 Interest expense 83.1 60.9 49.6 Net revenues 532.0 172.9 377.3 Non-interest expenses: Compensation and benefits 137.9 113.7 99.9 Trade systems and market information 10.2 6.5 6.0 Occupancy and equipment rental 9.3 8.4 8.7 Selling and marketing 2.2 4.9 1.0 Professional fees 12.7 11.9 6.9 Travel and business development 3.1 2.3 0.8 Non-trading technology and support 37.4 30.6 24.9 Depreciation and amortization 13.7 11.0 8.7 Communications 3.4 1.8 1.7 Impairment — — 0.1 Management services fees to affiliates 188.4 4.3 3.6 Other 12.1 12.4 8.7 Total non-interest expenses 430.4 207.8 171.0 Gain on acquisitions 2.1 — 3.4 Income (loss) before tax 103.7 (34.9) 209.7 Income tax benefit 45.4 45.0 33.8 Net income $ 149.1 $ 10.1 $ 243.5 (1) W ithin the Condensed Balance Sheets and Condensed Statements of Operations of StoneX Group Inc. - Parent Company Only, the Company has accounted for its investment in wholly owned subsidiaries using the cost method of accounting. Under this method, the Company’s share of the earnings or losses of such subsidiaries is not included in the Condensed Balance Sheet or Condensed Statements of Operations. If the accounting for its investment in wholly owned subsidiaries was presented under the equity method of accounting, total revenues would also include subsidiary earnings/(losses) of $89.4 million , $197.0 million, and $(127.2) million for the years ended September 30, 2023, 2022, and 2021, respectively. Schedule I StoneX Group Inc. Condensed Statements of Cash Flows Parent Company Only Year Ended September 30, (in millions) 2023 2022 2021 Cash flows from operating activities: Net income $ 149.1 $ 10.1 $ 243.5 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 13.7 11.0 8.7 Amortization of operating right of use assets 5.8 6.1 6.1 Deferred income taxes (3.6) 4.7 1.8 Amortization and extinguishment of debt issuance costs 3.9 3.2 3.3 Loss on extinguishment of debt — — 0.1 Amortization of share-based compensation expense 26.2 16.5 12.9 Dividends (12.7) (9.6) (125.0) Gain on acquisition — — (3.3) Changes in operating assets and liabilities: Payable to subsidiaries, net 11.0 113.6 118.3 Receivable from clients, net 0.2 0.2 — Deposits with and receivables from subsidiary broker-dealer, net 12.1 (89.1) — Notes receivable, net — 1.1 (4.4) Income taxes receivable (76.6) 8.2 (17.4) Financial instruments owned, at fair value (0.8) (5.1) — Other assets (5.7) (7.3) (4.2) Accounts payable and other accrued liabilities 45.8 12.0 12.7 Operating lease liabilities (4.5) (1.7) (2.6) Payable to clients — — (0.3) Financial instruments sold, not yet purchased, at fair value (3.1) 2.1 (0.2) Net cash provided by operating activities 160.8 76.0 250.0 Cash flows from investing activities: Capital contribution to affiliates (40.0) (180.8) (170.2) Purchase of property and equipment and internally developed software (17.9) (17.8) (22.0) Net cash used in investing activities (57.9) (198.6) (192.2) Cash flows from financing activities: Net change in lenders under loans (110.6) 259.5 (23.4) Repayments of senior secured term loan — (170.3) (9.8) Repayments of senior secured notes — — (1.6) Issuance of note payable — — 9.0 Deferred payments on acquisitions — (1.9) (2.2) Share repurchase — — (11.7) Exercise of stock options 3.7 6.7 9.2 Net cash (used in)/provided by financing activities (106.9) 94.0 (30.5) Net (decrease)/increase in cash and cash equivalents (4.0) (28.6) 27.3 Cash and cash equivalents at beginning of period 6.1 34.7 7.4 Cash and cash equivalents at end of period $ 2.1 $ 6.1 $ 34.7 Supplemental disclosure of cash flow information: Cash paid for interest $ 15.3 $ 34.9 $ 28.5 Income taxes paid, net of cash refunds $ 34.9 $ 2.6 $ 9.8 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021 | |
Pay vs Performance Disclosure | |||
Net income | $ 238.5 | $ 207.1 | $ 116.3 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended | 12 Months Ended |
Sep. 30, 2023 shares | Sep. 30, 2023 shares | |
Trading Arrangements, by Individual | ||
Material Terms of Trading Arrangement | During the three months ended September 30, 2023, none of our directors or officers (as defined in Rule 16a-1(f) of the Exchange Act) adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408 of Regulation S-K, except as described below. Name and Title Type of Plan Adoption Date Duration or End Date Aggregate Number of Securities to be Sold Description of Trading Arrangement Scott J. Branch - Director Rule 10b5-1 trading arrangement 7/20/2023 11/29/2024 80,000 Sales of shares John M. Fowler - Director Rule 10b5-1 trading arrangement 8/9/2023 11/29/2024 1,600 Sales of shares | |
Non-Rule 10b5-1 Arrangement Adopted | false | |
Rule 10b5-1 Arrangement Terminated | false | |
Non-Rule 10b5-1 Arrangement Terminated | false | |
Scott J. Branch [Member] | ||
Trading Arrangements, by Individual | ||
Name | Scott J. Branch | |
Title | Director | |
Rule 10b5-1 Arrangement Adopted | true | |
Adoption Date | 7/20/2023 | |
Arrangement Duration | 498 days | |
Aggregate Available | 80,000 | 80,000 |
John M. Fowler [Member] | ||
Trading Arrangements, by Individual | ||
Name | John M. Fowler | |
Title | Director | |
Rule 10b5-1 Arrangement Adopted | true | |
Adoption Date | 8/9/2023 | |
Arrangement Duration | 478 days | |
Aggregate Available | 1,600 | 1,600 |
Description of Business and S_2
Description of Business and Significant Accounting Policies (Policies) | 12 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Consolidation | The accompanying consolidated financial statements include the accounts of StoneX Group Inc. and all entities in which the Company has a controlling financial interest. All material intercompany transactions and balances have been eliminated in consolidation. |
Basis of Presentation | In the Consolidated Income Statements, total revenues reported combine gross revenues for the physical commodities business and net revenues for all other businesses. The subtotal Operating revenues in the Consolidated Income Statements is physical commodities cost of sales deducted from total revenues. The subtotal Net operating revenues in the Consolidated Income Statements is operating revenues less transaction-based clearing expenses, introducing broker commissions, and interest expense. Transaction-based clearing expenses are variable expenses paid to executing brokers, exchanges, clearing organizations, and banks, typically related 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, certain non-variable expenses, as well as variable and non-variable expenses related to both operational and administrative employees. |
Use of Estimates | Use of Estimates Preparing consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires that management make estimates and assumptions affecting the reported amounts of assets and liabilities, disclosure of contingent liabilities as of the date of the financial statements and the reported amounts of revenue and expense during the reporting period. The most significant of these estimates and assumptions in the current year relate to fair value measurements for financial instruments, revenue recognition, valuation of inventories, acquisition valuation, and income taxes. These estimates are based on management’s best knowledge of current events and actions the Company may undertake in the future. The Company reviews all significant estimates affecting the financial statements on a recurring basis and records the effect of any necessary adjustments prior to financial statement issuance. Although these and other estimates and assumptions are based on the best available information, actual results could be materially different from these estimates. |
Foreign Currency Translation | Foreign Currency Translation The Company’s consolidated financial statements are reported in U.S. dollars. The Company’s subsidiaries maintain their records either in U.S. dollars or, as appropriate, the currencies of the countries in which they operate. The method of translating local currency financial information into U.S. dollars depends on whether the economy in which the foreign subsidiary operates has been designated as highly inflationary. Economies with a three-year cumulative inflation rate of more than 100% are considered highly inflationary. Assets and liabilities of foreign subsidiaries in non-highly inflationary economies are translated into U.S. dollars using rates of exchange at the balance sheet date. Translation adjustments are recorded in other comprehensive income (loss). Revenues and expense are translated at rates of exchange in effect at relevant times during the year. Transaction gains and losses related to changes in currency rates are recorded in earnings. Foreign subsidiaries that operate in highly inflationary countries use the U.S. dollar as their functional currency. Local currency monetary assets and liabilities are remeasured into U.S. dollars using rates of exchange as of each balance sheet date, with remeasurement adjustments and other transaction gains and losses recognized in earnings. Nonmonetary assets and liabilities do not fluctuate with changes in the local currency exchange rates to the dollar as the translated amounts for nonmonetary assets and liabilities at the end of the accounting period in which the economy becomes highly inflationary becomes the accounting basis for those assets and liabilities in the period of change and subsequent periods. Revenues and expenses are translated at rates of exchange in effect at relevant times during the year. The Company operates asset management and debt trading businesses in Argentina through various wholly-owned subsidiaries. Operating revenues from the Company’s Argentinean subsidiaries were approximately 1% of the consolidated operating revenues for the fiscal year ended September 30, 2023. The operating environment in Argentina continues to present business challenges, including ongoing devaluation of the Argentine peso and significant inflation. Based upon inflationary data published by the International Practices Task Force of the Center for Audit Quality, the economy of Argentina became highly inflationary during the three months ended June 30, 2018, and continues to be considered highly inflationary. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers cash held at banks and all highly liquid investments not held for trading purposes, with original or acquired maturities of 90 days or less, including certificates of deposit and money market mutual funds, to be cash and cash equivalents. Cash and cash equivalents consists of cash, certificates of deposit, and money market mutual funds not deposited with or pledged to clearing organizations, broker-dealers, clearing organizations or counterparties, or segregated under federal or other regulations. Certificates of deposit are stated at cost plus accrued interest, which approximates fair value, and may be withdrawn at any time, at the discretion of the Company. Money market mutual funds are stated at their net asset value. |
Cash, Securities and Other Assets Segregated under Federal and other Regulations | Cash, Securities and Other Assets Segregated under Federal and other Regulations Pursuant to requirements of the Commodity Exchange Act and Commission Regulation 30.7 of the U.S. Commodity Futures Trading Commission (“CFTC”) in the U.S., the Markets in Financial Instruments Implementing Directive 2006/73/EC underpinning the Client Asset (“CASS”) rules in the Financial Services Authority (“FSA”) handbook in the United Kingdom (“U.K.”), and the Securities & Futures Act (“SFA”) in Singapore, funds deposited by clients relating to futures and options on futures contracts in regulated commodities must be carried in separate accounts, which are designated as segregated or secured client accounts. Additionally, in accordance with Rule 15c3-3 of the Securities Exchange Act of 1934 (“Rule 15c3-3”), the Company maintains separate accounts for the exclusive benefit of securities clients and proprietary accounts of broker dealers (“PABs”). Rule 15c3-3 requires the Company to maintain special reserve bank accounts (“SRBAs”) for the exclusive benefit of securities clients and PABs. The deposits in segregated client accounts and SRBAs are not commingled with Company funds. Under the FSA’s rules, certain categories of clients may choose to opt-out of segregation. |
Collateralized Transactions | Collateralized Transactions The Company enters into securities purchased under agreements to resell, securities sold under agreements to repurchase, securities borrowed transactions, and securities loaned transactions primarily to fund principal debt trading, acquire securities to cover short positions, acquire securities for settlement, or meet counterparty needs under matched-booked trading strategies. These transactions are accounted for as collateralized financing transactions and are recorded at their contractual amounts plus accrued interest. In connection with these agreements and transactions, it is the Company’s policy to receive or pledge cash or securities to collateralize such agreements and transactions in accordance with contractual arrangements. The Company monitors the fair value of its collateral on a daily basis, and the Company may require counterparties, or may be required by counterparties, to deposit additional collateral or return collateral pledged. Interest income and interest expense are recognized over the life of the arrangements and are recorded in the Consolidated Income Statements as Interest income or Interest expense |
Repurchase and Reverse repurchase agreement netting | Repurchase and Reverse repurchase agreement netting The Company undertakes certain clearing arrangements and related agreements that meet the criteria for netting under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 210-20, Balance Sheet – Offsetting. Netting occurs within Securities purchased under agreements to resell and Securities sold under agreements to repurchase. More details can be found in Note 12. |
Deposits with and Receivables from Broker-dealers, Clearing Organizations and Counterparties, and Payables to Broker-dealers, Clearing Organizations and Counterparties | Deposits with and Receivables from Broker-dealers, Clearing Organizations and Counterparties, and Payables to Broker-dealers, Clearing Organizations and Counterparties As required by regulations of the CFTC, FSA, and Monetary Authority of Singapore (“MAS”), client funds received to margin, guaranty, and/or secure commodity futures and futures on options as well as retail foreign exchange transactions are segregated and accounted for separately from the general assets of the Company. Deposits with broker-dealers, clearing organizations, and counterparties pertain primarily to deposits made to satisfy margin requirements on client and proprietary open futures and options on futures positions and to satisfy the requirements set by clearing exchanges for clearing membership. The Company also pledges margin deposits with various counterparties for over-the-counter (“OTC”) derivative contracts. These deposits are also included in deposits with broker-dealers, clearing organizations, and counterparties. The Company also deposits cash margin with various securities clearing organizations as an ongoing condition of the securities clearing relationships, and these deposits are included in deposits with and receivables from broker-dealers, clearing organizations, and counterparties. Deposits with and receivables from broker-dealers, clearing organizations, and counterparties are reported gross, except where a right of offset exists. As of September 30, 2023 and 2022, the Company had cash and cash equivalents on deposit with or pledged to broker-dealers, clearing organizations, and counterparties of approximately $2,512.9 million and $2,515.0 million, respectively. Deposits with and receivables from broker-dealers, clearing organizations, and counterparties also includes guaranty deposits with clearing exchanges. The guaranty deposits are held by the clearing exchanges for use in potential default situations by one or more members of the clearing exchanges. The guaranty deposits may be applied to the Company’s obligations to the clearing exchange, or to the clearing exchange’s obligations to unrelated parties. Deposits with and receivables from broker-dealers, clearing organizations, and counterparties also include securities pledged to clearing exchanges. These securities are either pledged to the Company by its clients or represent investments of client funds. It is the Company’s practice to include client-owned securities on its Consolidated Balance Sheets, as the rights to those securities have been transferred to the Company under the terms of the relevant futures trading agreements. Securities pledged primarily include U.S. Treasury obligations, foreign government obligations, and certain ETFs. Securities that are not client-owned, and represent an investment of client funds, are adjusted to fair value with associated changes in unrealized gains or losses recorded in Interest income in the Consolidated Income Statements. For client-owned securities, the change in fair value is offset against the payable to clients with no impact recognized in the Consolidated Income Statements. The total fair value of such client owned and non-client owned securities included within Deposits with and receivables from broker-dealers, clearing organizations, and counterparties, net was $4,041.6 million and $4,272.9 million as of September 30, 2023 and 2022, respectively. Management has considered guidance required by ASC 860, Transfers and Servicing as it relates to securities pledged by clients to margin their futures and options on futures trading accounts. Management believes that the transferor surrenders control over those assets because: (a) the transferred assets have been isolated from the transferor—put presumptively beyond the reach of the transferor and its creditors, even in bankruptcy or other receivership, (b) each transferee has the right to pledge or exchange the assets (or beneficial interests) it received, and no condition both constrains the transferee (or holder) from taking advantage of its right to pledge or exchange and provides more than a trivial benefit to the transferor and (c) the transferor does not maintain effective control over the transferred assets through either (1) an agreement that both entitles and obligates the transferor to repurchase or redeem them before their maturity or (2) the ability to unilaterally cause the holder to return specific assets, other than through a cleanup call. Under this guidance, the Company reflects the client collateral assets and corresponding liabilities in the Company’s Consolidated Balance Sheets as of September 30, 2023 and 2022. Deposits with and receivables from broker-dealers, clearing organizations, and counterparties also includes amounts due from clearing exchanges for unrealized gains and losses associated with clients’ options on futures contracts. See discussion in the Financial Instruments section below for additional information on the Company’s accounting policies for derivative contracts. For client-owned derivative contracts, the fair value is offset against the payable to clients with no impact recognized on the Consolidated Income Statements. The Company maintains client omnibus and proprietary accounts with other clearing organizations. The equity balances in those accounts, along with any margin cash or securities deposited with the clearing organizations are included in deposits with and receivables from broker-dealers, clearing organizations, and counterparties. Deposits with and receivables from broker-dealers, clearing organizations, and counterparties also include amounts due from or due to clearing exchanges for daily variation settlements on open futures and options on futures positions. The variation settlements due from or due to clearing exchanges are paid in cash on the following business day. Variation settlements equal the daily settlement of futures contracts and premiums on options on futures contracts. Deposits with and receivables from broker-dealers, clearing organizations, and counterparties further include amounts receivable for securities sold but not yet delivered by the Company on settlement date (“fails-to-deliver”) and net receivables arising from unsettled proprietary trades. Payables to broker-dealers, clearing organizations, and counterparties primarily include amounts payable for securities purchased but not yet received by the Company on settlement date (“fails-to-receive”) and net payables arising from unsettled proprietary trades. Deposits with and receivables from broker-dealers, clearing organizations and counterparties, and payables to broker-dealers, clearing organizations and counterparties also include amounts related to the value of registered broker-dealer clients cross-currency payment transactions related to the Global Payments segment. These amounts arise due to a clearing period before funds are received and payments are made, which usually is one to two business days. |
Receivable from and Payables to Clients | Receivable from and Payables to Clients Receivable from clients, net includes the total of net deficits in individual exchange-traded futures and OTC derivative trading accounts carried by the Company. Client deficits arise from realized and unrealized trading losses on client OTC, futures, options on futures, swaps and forwards and amounts due on cash and margin transactions. Client deficit accounts are reported gross of client accounts that contain net credit or positive balances, except where a right of offset exists. Net deficits in individual futures exchange-traded and OTC derivative trading accounts include both secured and unsecured deficit balances due from clients as of the balance sheet date. Secured deficit amounts are backed by U.S. Treasury obligations and commodity warehouse receipts. These U.S Treasury obligations and commodity warehouse receipts are netted against the secured deficit amounts when conditions necessary for the right to offset exist. Receivable from clients, net also includes the net amounts receivable from securities clients in connection with the settlement of regular-way cash securities, margin loans to clients, and client cash debits. It is the Company’s policy to report margin loans and payables that arise due to positive cash flows in the same client’s accounts on a net basis when the conditions for netting as specified in U.S. GAAP are met. Clients’ securities transactions cleared by the Company are recorded on a settlement date basis, but the Company makes accruals necessary to adjust any uncompleted transactions to a trade date basis for consolidated reporting, under U.S. GAAP. Securities cleared by the Company and pledged to the Company as a condition of custodial clearing arrangements are owned by the clients, including those that collateralize margin or other similar transactions, and are not reflected on the Consolidated Balance Sheets as the Company does not have title to, or beneficial interests, in those assets. The carrying value of the receivables and payables approximates fair value due to their short-term nature. Receivable from clients, net also include amounts receivable from non-broker-dealer clients for securities sold but not yet delivered by the Company on settlement date (“fails-to-deliver”) and net receivables arising from unsettled proprietary trades. Payables to clients represent the total of client accounts with credit or positive balances. Client accounts are used primarily in connection with exchange-traded and OTC commodity, foreign exchange, precious metals, and securities transactions and include gains and losses on open trades as well as securities and cash margin deposits made as required by the Company, the exchange-clearing organizations or other clearing organizations. Client accounts with credit or positive balances are reported gross of client deficit accounts, except where a right of offset exists. Payables to broker-dealers and counterparties also includes amounts payable to non-broker-dealer clients for securities purchased but not yet received by the Company on settlement date (“fails-to-receive”) and net payables arising from unsettled proprietary trades. Receivable from and payables to clients also include amounts related to the value of non-registered broker-dealer clients’ cross-currency payment transactions related to the Global Payments segment. These amounts arise due to a clearing period before the funds are received and payments are made, which usually is one to two business days. The future collectability of receivable from clients can be impacted by the Company’s collection efforts, client financial stability, and the general economic climate. In determining collectability, the Company considers a number of factors including, but not limited to, historical collection experience, current and forecasted economic and business conditions, internal and external credit risk ratings, collateral terms, payment terms and aging of the financial asset, as well as specific-identification in certain circumstances. The Company evaluates accounts that it believes may become uncollectible on a specific identification basis, through reviewing daily margin deficit reports, the historical daily aging of the receivables, and by monitoring the financial strength of its clients. The Company may unilaterally close client trading positions in certain circumstances. In addition, to evaluate client margining and collateral requirements, client positions are stress tested regularly and monitored for excessive concentration levels relative to the overall market size. Furthermore, in certain instances, the Company is indemnified and able to charge back introducing broker-dealers for bad debts incurred by their clients. The Company generally writes off an outstanding receivable balance when all economic means of recovery have been exhausted. That determination considers information such as the occurrence of significant changes in the client’s financial position such that the client can no longer pay the obligation, or that the proceeds from collateral will not be sufficient to pay the balance. |
Notes Receivable | Notes Receivable Accrual of commodity financing income on any note is discontinued when, in the opinion of management, there is reasonable doubt as to the timely collectability of interest or principal. Nonaccrual notes are returned to an accrual status when, in the opinion of management, the financial position of the borrower indicates there is no longer any reasonable doubt as to the timely payment of principal and interest. The Company records a charge against earnings for notes receivable losses when management believes that the collection of outstanding principal is not probable. |
Physical Commodities Inventory | Physical Commodities Inventory Inventories of certain agricultural commodities are carried at net realizable value, which approximates fair value less disposal costs. Agricultural commodities inventories have reliable, readily determinable and realizable market prices, relatively predictable and insignificant costs of disposal, and are available for immediate delivery. Changes in the fair values of these agricultural commodities inventories are included as a component of Cost of sales of physical commodities in the Consolidated Income Statements. Inventories of energy related products are valued at the lower of cost or net realizable value. Inventories of precious metals held by subsidiaries that are not broker-dealers are valued at the lower of cost or net realizable value, using the weighted-average price and first-in first-out costing method. Changes in the values of these inventories are included as a component of Cost of sales of physical commodities in the Consolidated Income Statements. Precious metals inventory held by StoneX Financial Ltd, a U.K. based broker-dealer subsidiary, is measured at fair value, with changes in fair value included as a component of Principal gains, net |
Property and Equipment | Property and Equipment Property and equipment is stated at cost, net of accumulated depreciation and amortization and depreciated using the straight-line method over the estimated useful life. Leasehold improvements are amortized on a straight-line basis over the estimated useful life of the improvement or the term of the lease, whichever is shorter. Expenditures that increase the value or productive capacity of assets are capitalized. When an asset is retired, sold, or otherwise disposed of, the carrying amount and related accumulated depreciation are removed from the accounts and any gain or loss is included in earnings. The Company had no assets held for sale at September 30, 2023 and 2022. The Company accounts for costs incurred to develop its trading platforms and related software in accordance with ASC 350-40, Internal-Use Software, which requires that such technology be capitalized in the application development stage. Costs related to planning, training, administration, and non-value added maintenance are charged to expense as incurred. Capitalized software development costs are amortized over the useful life of the software, which the Company generally estimates at three years. |
Acquisitions and Contingent Consideration | Acquisitions The Company applies acquisition accounting on the date of acquisition to those transactions meeting the definition of a business under ASC 805. Applying acquisition accounting requires the Company to allocate the purchase consideration to the fair value of the identifiable tangible and intangible assets acquired and liabilities assumed on acquisition date. In determining the fair value of identifiable assets acquired and liabilities assumed, the Company frequently utilizes a third-party valuation specialist. The Company applies certain significant assumptions, estimates, and judgments in determining the fair value of assets acquired Contingent Consideration For acquisitions which include contingent consideration as a component of the purchase price, the Company estimates and records the fair value of the contingent consideration at the acquisition date. Additionally, each reporting period, the Company estimates changes in the fair value of contingent consideration, and any change in fair value is recognized in the Consolidated Income Statements. Estimating contingent consideration fair value incorporates assumptions regarding future operating results, discount rates, and probabilities assigned to various potential operating results scenarios. |
Goodwill and Identifiable Intangible Assets | Goodwill and Identifiable Intangible Assets Goodwill is the cost of acquired companies in excess of the fair value of identifiable net assets at acquisition date. Goodwill is not subject to amortization, but rather is evaluated for impairment at least annually. The Company evaluates its goodwill for impairment during the fourth quarter of its fiscal year or more frequently if indicators of potential impairment exist, in accordance with ASC 350, Intangibles - Goodwill and Other. Goodwill impairment is determined by comparing the estimated fair value of a reporting unit (generally defined as the businesses for which financial information is available and reviewed regularly by management) with its respective carrying value. If the estimated fair value exceeds the carrying value, goodwill at the reporting unit level is not deemed to be impaired. However, if the estimated fair value is below carrying value, further analysis is required to determine the amount of the impairment. In the course of evaluating the potential impairment of goodwill, the Company may perform either a qualitative or a quantitative assessment. The Company’s qualitative assessment of potential impairment may result in the determination that a quantitative impairment analysis is not necessary. Under this elective process, the Company assesses qualitative factors to determine whether the existence of events or circumstances leads the Company to determine that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If after assessing the totality of events and circumstances, the Company determines it is more likely than not that the fair value of a reporting unit is greater than its carrying amount, then performing a quantitative analysis is not required. However, if the Company concludes otherwise, then the Company performs a quantitative impairment analysis. If the Company either chooses not to perform a qualitative assessment, or the Company chooses to perform a qualitative assessment but is unable to qualitatively conclude that no impairment has occurred, then the Company performs a quantitative evaluation. In the case of a quantitative assessment, the Company estimates the fair value of the reporting unit with which the goodwill that is subject to the quantitative analysis is associated and compares it to the carrying value. If the estimated fair value of a reporting unit is less than its carrying value, the Company estimates the fair value of all assets and liabilities of the reporting unit, including goodwill. If the carrying value of the reporting unit’s goodwill is greater than the estimated fair value, an impairment charge is recognized for the excess. The fair value of the Company’s reporting units exceeded their respective carrying values under the qualitative assessment approach. No goodwill impairment charges were recorded for any of the periods presented, nor were any indicators present. Identifiable intangible assets subject to amortization are amortized using the straight-line method over their estimated period of benefit, ranging from five |
Financial Instruments Owned and Sold, Not Yet Purchased | Financial Instruments Owned and Sold, Not Yet Purchased Financial instruments owned and sold, not yet purchased, at fair value consist of financial instruments carried at fair value, measured on a recurring basis, or amounts that approximate fair value. Related realized and unrealized gains and losses are recognized in current period earnings within Principal gains, net , Interest income , Interest expense , and Cost of sales of physical commodities in the Consolidated Income Statements. The fair value of a financial instrument is the amount at which the instrument could be exchanged in a current transaction between willing parties. Financial instruments owned and sold, not yet purchased comprise primarily the financial instruments held by the Company’s broker-dealer subsidiaries and the Company’s OTC derivative swap dealer. Financial instruments owned and financial instruments sold, not yet purchased, includes trading securities that the Company holds as a principal. The Company has not classified any financial instruments owned or sold, not yet purchased, as available-for-sale or held-to-maturity. Financial instruments owned and sold, not yet purchased includes derivative instruments that the Company holds as a principal which are primarily transacted on an OTC basis. As a derivatives dealer, the Company utilizes these instruments to manage exposures to foreign currency, commodity price and interest rate risks for the Company and its clients. The Company’s objectives for holding derivatives include reducing, eliminating, and efficiently managing the economic impact of these exposures as effectively as possible. The Company’s derivative instruments also include forward purchase and sale commitments for the physical delivery of agricultural and energy related commodities in a future period. Contracts for the sale of agricultural and energy commodities generally do not extend beyond one year, while contracts to purchase agricultural and energy commodities generally relate to the current or future crop year. Derivative instruments are measured at fair value on a recurring basis. For derivatives for which the Company does not elect hedge accounting, realized and unrealized gains and losses from the changes in fair value of derivative instruments are recognized immediately in current period earnings. Realized and unrealized gains and losses from the derivative instruments in which the Company acts as a dealer are included within Principal gains, net on the Consolidated Income Statements. Realized and unrealized gains and losses on firm purchase and sale commitments are included within Cost of sales of physical commodities on the Consolidated Income Statements. To reduce credit exposure on the derivative instruments for which the Company acts as a dealer, the Company may enter into a master netting arrangement that allows for settlement of all derivative transactions with each counterparty. In addition, the credit support annex that accompanies master netting arrangements allows parties to the master netting agreement to mitigate their credit risk by requiring the party which is out of the money to post collateral. The Company accepts collateral in the form of cash or other marketable securities. Where permitted, the Company elects to net-by-counterparty certain derivative instruments entered into under a legally enforceable master netting agreement and, therefore, the fair value of those derivative instruments are netted by counterparty in the Consolidated Balance Sheets. As the Company elects to net-by-counterparty the fair value of such derivative instruments, the Company also nets-by-counterparty cash collateral exchanged as part of those derivative instruments. The Company also brokers foreign exchange forwards, options and cash, or spot, transactions between clients and external counterparties. A portion of the contracts are arranged on an offsetting basis, limiting the Company’s risk to performance of the two offsetting parties. The offsetting nature of the contracts eliminates the effects of market fluctuations on the Company’s operating results. Due to the Company’s role as a principal participating in both sides of these contracts, the amounts are presented gross on the Consolidated Balance Sheets at their respective fair values, net of offsetting assets and liabilities. The Company holds proprietary positions in its foreign exchange line of business. On a limited basis, the Company’s foreign exchange trade desk will accept a client transaction and will offset that transaction with a similar but not identical position with a counterparty. These unmatched transactions are intended to be short-term in nature and are often conducted to facilitate the most effective transaction for the Company’s client. These spot and forward contracts are accounted for as free-standing derivatives and reported in the Consolidated Balance Sheets at their fair values. |
Derivative instruments and hedging activities | Derivative instruments and hedging activities The Company executes interest rate swaps and foreign currency hedges to lessen the impacts of changes to interest rates and currency exchange rates, respectively, as well as benefit from favorable conditions. The Company recognizes all derivative instruments as either assets or liabilities at fair value. For all of the Company’s derivative positions that are designated and qualify as part of a cash flow hedging relationship, the effective portion of the gain or loss on the derivatives is reported as a component of other comprehensive income and reclassified into earnings in the same period or periods during which the hedged transactions affect earnings. Gains and losses on derivatives representing any ineffective component of the hedge are recognized in current earnings. All of the Company’s cash flow hedges have been deemed effective as of September 30, 2023 for both accounting and tax purposes. The Company has elected hedge accounting for both U.S. GAAP and tax purposes. The Company maintains formal documentation through a periodic memo and accounting analysis that cover what is being hedged, how it is being hedged, hedge effectiveness, the nature of the risk being hedged, among other required analyses. Company policy further includes a quarterly probability analysis covering hedge effectiveness. |
Exchange and Clearing Organization Memberships | Exchange and Clearing Organization Memberships The Company or its affiliates are required to hold certain exchange and clearing organization memberships and pledges them for clearing purposes, in order to provide the right to process trades directly with the respective venues. Exchange memberships include seats on the Chicago Board of Trade (“CBOT”), the Minneapolis Grain Exchange, the New York Mercantile Exchange (“NYMEX”), the Commodity Exchange, Inc. (“COMEX”) Division of the New York Mercantile Exchange, Mercado de Valores de Buenos Aires S.A. (“MERVAL”), the Chicago Mercantile Exchange (“CME”) Growth and Emerging Markets, InterContinental Exchange, Inc. (“ICE”) Futures US, and the London Metal Exchange (“LME”). Exchange firm and clearing organization common stock include shares of CME Group, Inc., ICE, LME Holdings Limited, and the Depository Trust & Clearing Corporation (“DTCC”). Exchange and clearing organization memberships required in order to conduct business through the respective venues are recorded at cost and are included in Other assets on the Consolidated Balance Sheets. Equity investments in exchange firm common stock not required in order to conduct business on the exchanges are classified as trading securities included within Financial instruments owned, at fair value on the Consolidated Balance Sheets and recorded at fair value, with unrealized gains and losses recorded as a component of Principal gains, net on the Consolidated Income Statements. The fair value of exchange firm common stock not required in order to conduct business on the exchanges is determined from quoted market prices. Exchange memberships that represent both (a) an ownership interest and the right to conduct business in the respective venues and are held for operating purposes, or (b) an ownership interest, which must be held by the Company to conduct business in the respective venues are accounted for as an ownership interest at cost with appropriate consideration for other-than-temporary impairment. Alternatively, exchange memberships, or seats, that only represent the right to conduct business on an exchange, but not an ownership interest in the exchange, are accounted for as intangible assets at cost with potential impairment determined under Accounting Standards Codification 350-30- Intangibles - Goodwill and Other . As of and during the year ended September 30, 2023, there were no indicators of impairment that would suggest that the carrying value of exchange memberships that don’t represent an ownership interest are impaired, primarily based upon projections of future cash flows and earnings attributable to access these respective venues. |
Commodity Financing | Commodity Financing The Company also participates in commodity repurchase transactions that are accounted for as commodity inventory and purchases and sales of physical commodities as opposed to secured borrowings. The repurchase price under these arrangements is not fixed at the time of execution and, therefore, does not meet all the criteria to be accounted for as product financing arrangements. |
Lenders Under Loans and Senior Secured Borrowings | Lenders Under Loans Lenders under loans are accounted for at amortized cost, which approximates fair value due to variable rates of interest. Senior Secured Borrowings |
Revenue Recognition | Revenue Recognition 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 ASC 606, Revenue from Contracts with Customers (“Topic 606”). Revenues for these services are recognized when the performance obligations related to the underlying transaction are completed. Only when goods or services are transferred to clients are revenues recognized and the amount reflects the consideration that 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 |
Cost of Sales of Physical Commodities | Cost of Sales of Physical Commodities Cost of sales of physical commodities include finished commodity or raw material and processing costs along with operating costs relating to the receipt, storage and delivery of physical commodities. Cost of sales of physical commodities also includes changes in the fair value of agricultural commodity inventories held for sale and adjustments for related forward purchase and sale commitments and exchange-traded futures and options contracts. Cost of sales of physical commodities further includes lower of cost or net realizable value for energy commodities and certain precious metals. |
Interest Expense | Interest Expense Interest expense is recognized on an accrual basis. Interest expense is incurred on outstanding balances on the Company’s credit facilities. Interest expense is also incurred on fixed income securities sold, not yet purchased, that the Company holds in its market-marking businesses. Interest expense is also incurred from collateralized transactions, including securities loaned and securities sold under agreements to repurchase. |
Transaction-Based Clearing Expenses | Transaction-Based Clearing Expenses Clearing fees and related expenses include primarily variable expenses for clearing and settlement services, including fees the Company pays to executing brokers, exchanges, clearing organizations and banks. These fees are based on transaction volume and recorded as expense on trade date. Clearing fees are passed on to clients and are presented gross in the consolidated statements of income as the Company acts as a principal for these transactions. |
Introducing Broker Commissions | Introducing Broker Commissions Introducing broker commissions include commissions paid to non-employee individuals or organizations that maintain relationships with clients and introduce them to the Company. Introducing brokers accept exchange-based futures and options orders from those clients, while the Company directly provides all account, transaction and margining services, including accepting money, securities and property from the clients. Introducing brokers bring clients to the Company’s OTC business as well. Introducing broker commissions are determined monthly and settled regularly. |
Compensation and Benefits | Compensation and Benefits Compensation and benefits consists primarily of salaries, incentive compensation, variable compensation, including commissions, related payroll taxes and employee benefits. The Company classifies employees as either risk management consultants / traders, operational or administrative personnel, which includes executive officers. Variable compensation paid to risk management consultants and traders generally represents a fixed percentage of revenues generated, and in some cases, revenues produced less direct costs and an overhead allocation. The Company accrues commission expense on a trade-date basis. |
Share-Based Compensation | Share-Based Compensation The Company accounts for share-based compensation from option and restricted stock unit awards in accordance with the guidance in ASC 718-10, Compensation - Stock Compensation. The cost of employee services received in exchange for a share-based award is generally measured based on the grant-date fair value of the award. Share-based employee awards that require future service are amortized over the relevant service period. Forfeitures are accounted for as they occur in determining share-based employee compensation expense. For awards granted, compensation cost is recognized on a straight-line basis over the vesting period for the entire award. |
Selling and Marketing | Selling and Marketing The Company generally expenses Selling and marketing costs as incurred. The Company’s policy includes expensing commercial media development costs as incurred, rather than deferring them until the related commercial airs. The Company expenses air time, such as television air-time, as used. |
Income Taxes | Income TaxesIncome tax expense includes U.S. federal, state and local and foreign income taxes. Certain items of income and expense are not reported in tax returns and financial statements in the same year. Accounting for income taxes aims to recognize the amount of taxes payable or refundable for the current year. The Company utilizes the asset and liability method to provide income taxes on all transactions recorded in the consolidated financial statements. This method requires that income taxes reflect the expected future tax consequences of temporary differences between the carrying amounts of assets or liabilities for book and tax purposes. Accordingly, a deferred tax asset or liability for each temporary difference is determined based on the tax rates that the Company expects to be in effect when the underlying items of income and expense are realized. Judgment is required in assessing the future tax consequences of events that have been recognized in the Company’s financial statements or tax returns, including the repatriation of undistributed earnings of foreign subsidiaries. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some or all of the deferred tax assets will not be realized. The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authority, based upon the technical merits of the position. The tax benefit recognized in the consolidated financial statements from such a position is measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. |
Additional Paid-In Capital | Additional Paid-In Capital The Company’s additional paid-in capital (“APIC”) consists of stockholder contributions that are in excess of par value of common stock, also including amounts related to stock options exercises and share-based compensation. |
Comprehensive Income | Comprehensive Income 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 (loss) includes net actuarial gains and losses from defined benefit pension plans, the unrealized gains and losses from the Company’s cash flow hedges, as well as and gains and losses on foreign currency translations. |
Accounting Standards Adopted | Accounting Standards Adopted In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. This ASU removed certain exceptions for recognizing deferred taxes for investments, performing intraperiod allocation and calculating income taxes in interim periods. The ASU also adds guidance to reduce complexity in certain areas, including recognizing deferred taxes for tax goodwill and allocating taxes to members of a consolidated group. The Company adopted this standard as of October 1, 2021 on a prospective basis, as permitted by the standard. There was no cumulative effect adjustment recorded to retained earnings. The effects of this standard on the Company’s consolidated financial position, results of operations and cash flows are not material. In June 2016, the FASB issued ASU No. 2016-13 The guidance replaces the previous incurred loss impairment guidance and introduces a new credit reserving model known as the Current Expected Credit Loss (“CECL”) model, which is based on expected losses over the life of an asset, and applies to financial assets carried at amortized cost, held-to-maturity debt securities and off-balance sheet credit exposures. The allowance must reflect management’s estimate of credit losses over the life of the assets taking future economic changes into consideration. The Company adopted this guidance on October 1, 2020, using the modified retrospective approach, which resulted in a recognized cumulative-effect adjustment of $6.2 million, net of tax of $2.0 million, to the opening balance of retained earnings - see Note 5 and Note 13. The adoption impact was attributable to an increase in allowance for credit losses related to the OptionSellers.com Inc. clients discussed in further detail within Note 13 of the consolidated financial statements. Results for reporting periods beginning after October 1, 2020 are presented using the CECL model, while prior period amounts continue to be reported in accordance with previously applicable U.S. GAAP. Current Expected Credit Losses The Company estimates its allowance for credit losses on financial assets measured at amortized cost based on expected credit losses over the life of the financial asset. In determining expected credit losses, the Company considers a number of factors including, but not limited to, historical collection experience, current and forecasted economic and business conditions, internal and external credit risk ratings, collateral terms, payment terms and aging of the financial asset. The Company estimates expected credit losses primarily using a probability of default (“PD”)/loss given default (“LGD”) model (“PD/LGD model”), under which the expected credit loss is calculated as the product of PD, LGD and exposure at default. |
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. |
Earnings per Share (Tables)
Earnings per Share (Tables) | 12 Months Ended |
Sep. 30, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Calculation of Numerator and Denominator in Earnings Per Share | The following is a reconciliation of the numerator and denominator of the diluted net income per share computations for the periods presented below. Year Ended September 30, (in millions, except share amounts) 2023 2022 2021 Numerator: Net income $ 238.5 $ 207.1 $ 116.3 Less: Allocation to participating securities (8.1) (6.1) (3.5) Net income allocated to common stockholders $ 230.4 $ 201.0 $ 112.8 Denominator: Weighted average number of: Common shares outstanding 19,957,333 19,570,403 19,130,643 Dilutive potential common shares outstanding: Share-based awards 662,007 497,137 547,525 Diluted shares outstanding 20,619,340 20,067,540 19,678,168 Earnings per share - basic $ 11.55 $ 10.27 $ 5.90 Earnings per share - diluted $ 11.18 $ 10.01 $ 5.74 The following table presents unaudited proforma earnings per share on a post-split basis for the periods indicated. Year Ended September 30, (in millions, except share amounts) 2023 2022 2021 (Unaudited) Numerator: Net income allocated to common stockholders, as reported $ 230.4 $ 201.0 $ 112.8 Proforma Denominator (with effect of stock split): Weighted average number of: Common shares outstanding 29,936,000 29,355,605 28,695,965 Dilutive potential common shares outstanding: Share-based awards 993,011 745,706 821,288 Proforma diluted shares outstanding 30,929,011 30,101,311 29,517,253 Proforma earnings per share - basic $ 7.71 $ 6.85 $ 3.93 Proforma earnings per share - diluted $ 7.45 $ 6.67 $ 3.82 |
Assets and Liabilities, at Fa_2
Assets and Liabilities, at Fair Value (Tables) | 12 Months Ended |
Sep. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets Measured on Recurring Basis | 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 September 30, 2023 and 2022 by level in the fair value hierarchy. All fair value measurements were performed on a recurring basis as of September 30, 2023 and 2022. September 30, 2023 (in millions) Level 1 Level 2 Level 3 Netting (1) Total Assets: Certificates of deposit $ 8.7 $ — $ — $ — $ 8.7 Money market mutual funds 57.8 — — — 57.8 Cash and cash equivalents 66.5 — — — 66.5 Commodities warehouse receipts 5.8 — — — 5.8 Securities and other assets segregated under federal and other regulations 5.8 — — — 5.8 U.S. Treasury obligations 4,023.8 — — — 4,023.8 To be announced ("TBA") and forward settling securities — 73.5 — (31.7) 41.8 Foreign government obligations 17.8 — — — 17.8 Derivatives 5,497.5 1,135.9 — (6,468.5) 164.9 Deposits with and receivables from broker-dealers, clearing organizations and counterparties, net 9,539.1 1,209.4 — (6,500.2) 4,248.3 Receivable from clients, net - Derivatives 61.7 561.3 (630.9) (7.9) Equity securities 324.0 10.3 — — 334.3 Corporate and municipal bonds — 284.2 — — 284.2 U.S. Treasury obligations 531.7 — — — 531.7 U.S. government agency obligations — 451.7 — — 451.7 Foreign government obligations 43.3 — — — 43.3 Agency mortgage-backed obligations — 2,865.8 — — 2,865.8 Asset-backed obligations — 138.8 — — 138.8 Derivatives 0.6 868.1 — (600.2) 268.5 Commodities leases — 16.0 — — 16.0 Commodities warehouse receipts 54.7 — — — 54.7 Exchange firm common stock 12.0 — — — 12.0 Cash flow hedges — 1.7 — — 1.7 Mutual funds and other 39.3 — 2.8 — 42.1 Financial instruments owned 1,005.6 4,636.6 2.8 (600.2) 5,044.8 Physical commodities inventory 240.3 146.2 — — 386.5 Total assets at fair value $ 10,919.0 $ 6,553.5 $ 2.8 $ (7,731.3) $ 9,744.0 Liabilities: Accounts payable and other accrued liabilities - contingent liabilities $ — $ — $ 1.5 $ — $ 1.5 Payables to clients - Derivatives 5,430.7 226.2 — (5,577.1) 79.8 TBA and forward settling securities — 47.5 — (31.4) 16.1 Derivatives 112.2 1,402.0 — (1,520.1) (5.9) Payable to broker-dealers, clearing organizations and counterparties 112.2 1,449.5 — (1,551.5) 10.2 Equity securities 230.6 5.5 — — 236.1 Foreign government obligations 21.5 — — — 21.5 Corporate and municipal bonds — 81.6 — — 81.6 U.S. Treasury obligations 2,409.3 — — — 2,409.3 U.S. government agency obligations — 5.1 — — 5.1 Agency mortgage-backed obligations — 31.7 — — 31.7 Derivatives 2.4 769.2 — (510.4) 261.2 Cash flow hedges — 27.1 — — 27.1 Other — 10.9 1.1 — 12.0 Financial instruments sold, not yet purchased 2,663.8 931.1 1.1 (510.4) 3,085.6 Total liabilities at fair value $ 8,206.7 $ 2,606.8 $ 2.6 $ (7,639.0) $ 3,177.1 (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 are included in that level. September 30, 2022 (in millions) Level 1 Level 2 Level 3 Netting (1) Total Assets: Certificates of deposit $ 4.0 $ — $ — $ — $ 4.0 Money market mutual funds 39.5 — — — 39.5 Cash and cash equivalents 43.5 — — — 43.5 Commodities warehouse receipts 19.7 — — — 19.7 U.S. Treasury obligations 786.0 — — — 786.0 Securities and other assets segregated under federal and other regulations 805.7 — — — 805.7 U.S. Treasury obligations 4,258.5 — — — 4,258.5 TBA and forward settling securities — 207.6 — (91.4) 116.2 Foreign government obligations 14.4 — — — 14.4 Derivatives 7,714.4 461.4 — (9,747.7) (1,571.9) Deposits with and receivables from broker-dealers, clearing organizations and counterparties, net 11,987.3 669.0 — (9,839.1) 2,817.2 Receivable from clients, net - Derivatives 67.2 511.6 (579.3) (0.5) Equity securities 367.9 11.8 — — 379.7 Corporate and municipal bonds — 156.8 — — 156.8 U.S. Treasury obligations 347.6 — — — 347.6 U.S. government agency obligations — 343.0 — — 343.0 Foreign government obligations 4.8 — — — 4.8 Agency mortgage-backed obligations — 2,588.7 — — 2,588.7 Asset-backed obligations — 70.7 — — 70.7 Derivatives 0.7 694.3 — (502.4) 192.6 Commodities leases — 26.4 — — 26.4 Commodities warehouse receipts 24.9 — — — 24.9 Exchange firm common stock 10.6 — — — 10.6 Mutual funds and other 17.4 4.1 — — 21.5 Financial instruments owned 773.9 3,895.8 — (502.4) 4,167.3 Physical commodities inventory 136.3 223.5 — — 359.8 Total assets at fair value $ 13,813.9 $ 5,299.9 $ — $ (10,920.8) $ 8,193.0 Liabilities: Payables to clients - Derivatives 7,722.5 175.4 — (9,290.3) (1,392.4) TBA and forward settling securities — 154.9 — (96.9) 58.0 Derivatives 58.7 590.6 — (651.5) (2.2) Payable to broker-dealers, clearing organizations and counterparties 58.7 745.5 — (748.4) 55.8 Equity securities 299.9 5.7 — — 305.6 Foreign government obligations 0.5 — — — 0.5 Corporate and municipal bonds — 63.2 — — 63.2 U.S. Treasury obligations 1,686.5 — — — 1,686.5 U.S. government agency obligations — 24.3 — — 24.3 Agency mortgage-backed obligations — 5.4 — — 5.4 Derivatives — 779.7 — (466.3) 313.4 Cash flow hedges — 70.6 — — 70.6 Commodities leases — — — — — Financial instruments sold, not yet purchased 1,986.9 949.0 — (466.3) 2,469.6 Total liabilities at fair value $ 9,768.1 $ 1,869.9 $ — $ (10,505.0) $ 1,133.0 (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 are included in that level. |
Financial Instruments with Of_2
Financial Instruments with Off-Balance Sheet Risk and Concentrations of Credit Risk (Tables) | 12 Months Ended |
Sep. 30, 2023 | |
Financial Instruments with Off-Balance Sheet Risk and Concentrations of Credit Risk [Abstract] | |
Schedule of Derivative Instruments | Listed below are the fair values of the Company’s derivative assets and liabilities as of September 30, 2023 and 2022. Assets represent net unrealized gains and liabilities represent net unrealized losses. September 30, 2023 September 30, 2022 (in millions) Assets (1) Liabilities (1) Assets (1) Liabilities (1) Derivative contracts not accounted for as hedges: Exchange-traded commodity derivatives $ 1,907.0 $ 1,890.3 $ 4,520.4 $ 4,519.3 OTC commodity derivatives 1,523.3 1,456.0 756.9 695.6 Exchange-traded foreign exchange derivatives 4.3 4.3 25.6 25.7 OTC foreign exchange derivatives 497.1 455.3 577.1 549.3 Exchange-traded interest rate derivatives 1,507.6 1,509.8 2,626.8 2,626.7 OTC interest rate derivatives 417.6 417.6 168.9 205.1 Exchange-traded equity index derivatives 2,140.9 2,140.9 609.5 609.5 OTC equity and indices derivatives 127.3 68.5 164.4 95.7 TBA and forward settling securities 73.5 47.5 207.6 154.9 Total derivative contracts not accounted for as hedges 8,198.6 7,990.2 9,657.2 9,481.8 Derivative contracts designated as hedging instruments: Interest rate swaps — 24.6 — 48.8 Foreign currency forwards 1.7 2.5 — 21.8 Total derivative contracts designated as hedging instruments 1.7 27.1 — 70.6 Gross fair value of derivative contracts $ 8,200.3 $ 8,017.3 $ 9,657.2 $ 9,552.4 Impact of netting and collateral (7,731.3) (7,639.0) (10,920.8) (10,505.0) Total fair value included in Deposits with and receivables from broker-dealers, clearing organizations, and counterparties, net $ 206.7 $ (1,455.7) Total fair value included in Receivable from clients, net $ (7.9) $ (0.5) Total fair value included in Financial instruments owned, at fair value $ 270.2 $ 192.6 Total fair value included in Payables to clients $ 79.8 $ (1,392.4) Total fair value included in Payables to broker-dealers, clearing organizations and counterparties $ 10.2 $ 55.8 Fair value included in Financial instruments sold, not yet purchased, at fair value $ 288.3 $ 384.0 (1) As of September 30, 2023 and 2022, the Company’s derivative contract volume for open positions was approximately 13.4 million and 13.3 million contracts, respectively. |
Schedule of Fair Value of Derivative Instruments Designated for Hedging | The fair values of derivative instruments designated for hedging held as of September 30, 2023 and 2022 are as follow: September 30, 2023 September 30, 2022 (in millions) Balance Sheet Location Fair Value Fair Value Asset Derivatives Derivatives designated as hedging instruments: Foreign currency forward contracts Financial instruments owned, net $ 1.7 $ — Total derivatives designated as hedging instruments $ 1.7 $ — Derivative assets, net expected to be released from Other comprehensive income into earnings within the next 12 months: Foreign currency forward contracts $ 1.4 $ — Total expected to be released from Other comprehensive income into earnings $ 1.4 $ — Liability Derivatives Derivatives designated as hedging instruments: Interest rate contracts Financial instruments sold, not yet purchased $ 24.6 $ 48.8 Foreign currency forward contracts Financial instruments sold, not yet purchased 2.5 21.8 Total derivatives designated as hedging instruments $ 27.1 $ 70.6 Derivative liabilities, net expected to be released from Other comprehensive income into earnings within the next 12 months: Interest rate contracts $ 20.3 $ 9.7 Foreign currency forward contracts 1.0 8.9 Total expected to be released from Other comprehensive income into earnings $ 21.3 $ 18.6 |
Schedule of Notional Amounts of Outstanding Derivative Positions | The notional values of derivative instruments designated for hedging held as of September 30, 2023 and 2022 are as follows: September 30, 2023 September 30, 2022 (in millions) Notional Value Notional Value Derivatives designated as hedging instruments: Interest rate contracts $ 2,000.0 $ 1,500.0 Foreign currency forward contracts: Foreign currency forward contracts to purchase Polish Zloty: Local currency zł 156.1 zł — USD $ 34.0 $ — Foreign currency forward contracts to purchase British Pound Sterling: Local currency £ 168.0 £ 168.0 USD $ 206.9 $ 207.3 |
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | The Consolidated Income Statement effects of derivative instruments designated for hedging held for the fiscal years ended September 30, 2023 and 2022 are as follows: (in millions) Income Statement Location Year Ended September 30, 2023 Year Ended September 30, 2022 Total amounts in income related to hedges Interest rate contracts Interest income $ (47.0) $ 2.4 Foreign currency forward contracts Compensation and benefits 2.3 — Total derivatives designated as hedging instruments $ (44.7) $ 2.4 Loss on cash flow hedging relationships: Amount of gain reclassified from accumulated other comprehensive income into income as a result of a forecasted transaction that is no longer probable of occurring $ — $ — The following table sets forth the Company’s net gains/(losses) related to derivative financial instruments for the periods indicated, in accordance with the Derivatives and Hedging Topic of the ASC. The net gains/(losses) set forth below are included in Principal gains, net and Cost of sales of physical commodities in the Consolidated Income Statements. Year Ended September 30, (in millions) 2023 2022 2021 Commodities $ 446.5 $ 303.7 $ 207.8 Foreign exchange 269.2 174.4 116.3 Interest rate, equities, and indices 109.0 100.4 80.8 TBA and forward settling securities 73.0 226.8 (6.3) Net gains from derivative contracts $ 897.7 $ 805.3 $ 398.6 |
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income | The accumulated other comprehensive income effects of derivative instruments designated for hedging held for fiscal years ended September 30, 2023 and 2022 are as follows: Year Ended September 30, 2023 (in millions) Amount of Gain Recognized in Other Comprehensive Income on Derivatives, net of tax Location of Gain Reclassified from Accumulated Other Comprehensive Income into Income Amount Reclassified from Accumulated Other Comprehensive Income into Income Derivatives in Cash Flow Hedging Relationships: Interest rate contracts $ 18.4 Interest Income $ (47.0) Foreign currency forward contracts 16.7 Compensation and benefits 2.3 Total $ 35.1 $ (44.7) Year Ended September 30, 2022 (in millions) Amount of Loss Recognized in Other Comprehensive Income on Derivatives, net of tax Location of Loss Reclassified from Accumulated Other Comprehensive Income into Income Amount of Loss Reclassified from Accumulated Other Comprehensive Income into Income Derivatives in Cash Flow Hedging Relationships: Interest rate contracts $ 37.0 Interest Income $ 2.4 Foreign currency forward contracts 16.5 N/A — Total $ 53.5 $ 2.4 |
Allowance for Doubtful Accoun_2
Allowance for Doubtful Accounts (Tables) | 12 Months Ended |
Sep. 30, 2023 | |
Receivables [Abstract] | |
Schedule of Allowance for Doubtful Accounts | Activity in the allowance for doubtful accounts for the years ended September 30, 2023, 2022, and 2021 was as follows: (in millions) 2023 2022 2021 Balance, beginning of year $ 47.8 $ 39.8 $ 27.1 ASU 2016-13 cumulative transition adjustment — — 8.2 Adjusted balance, beginning of year 47.8 39.8 35.3 Provision for bad debts (1) 12.5 12.4 10.4 Allowance charge-offs (0.5) (5.6) (5.9) Other (2) 0.1 1.2 — Balance, end of year $ 59.9 $ 47.8 $ 39.8 (1) An additional $4.0 million is included in bad debt expense for the year ended September 30, 2023 on the consolidated income statement, which is not included in the allowance at the year then ended. (2) Allowance increase is related to a recoverable amount due from an affiliated party and recorded in Other assets on the Consolidated Balance Sheets. |
Physical Commodities Inventory
Physical Commodities Inventory (Tables) | 12 Months Ended |
Sep. 30, 2023 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory | The Company’s inventories consist of finished physical commodities as shown below. September 30, (in millions) 2023 2022 Physical Ag & Energy (1) $ 146.2 $ 223.6 Precious metals - held by broker-dealer subsidiary 240.3 136.3 Precious metals - held by non-broker-dealer subsidiaries 150.8 153.6 Physical commodities inventory $ 537.3 $ 513.5 (1) Physical Ag & Energy consists of agricultural commodity inventories, including corn, soybeans, wheat, dried distillers grain, canola, sorghum, coffee, cocoa, cotton, and various energy commodity inventories. Agricultural inventories have reliable, readily determinable and realizable market prices, have relatively insignificant costs of disposal and are available for immediate delivery. The Company records changes to these values in Cost of sales of physical commodities on the Consolidated Income Statements. |
Property and Equipment, net (Ta
Property and Equipment, net (Tables) | 12 Months Ended |
Sep. 30, 2023 | |
Property, Plant and Equipment, Net [Abstract] | |
Schedule of Property and Equipment at cost less Accumulated Depreciation and Amortization | A summary of property and equipment, at cost less accumulated depreciation and amortization as of September 30, 2023 and 2022 is as follows: September 30, (in millions) 2023 2022 Property and equipment: Furniture and fixtures $ 17.5 $ 16.0 Software 38.1 34.4 Equipment 49.9 45.3 Leasehold improvements 47.7 43.3 Capitalized software development 77.0 47.1 Total property and equipment 230.2 186.1 Less: accumulated depreciation and amortization (106.7) (73.2) Property and equipment, net $ 123.5 $ 112.9 |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Sep. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | Goodwill allocated to the Company’s operating segments as of September 30, 2023 and 2022 is as follows: September 30, (in millions) 2023 2022 Commercial $ 33.7 $ 32.6 Institutional 9.8 9.8 Retail 5.8 5.8 Global Payments 10.0 10.0 Total Goodwill $ 59.3 $ 58.2 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Sep. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Finite and Indefinite-Lived 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): September 30, 2023 September 30, 2022 Gross Accumulated Net Amount Gross Accumulated Net Amount Intangible assets subject to amortization: Trade/domain names $ 4.1 $ (2.4) $ 1.7 $ 3.7 $ (1.6) $ 2.1 Software programs/platforms 28.5 (26.9) 1.6 28.3 (19.4) 8.9 Client base 38.3 (24.1) 14.2 29.5 (18.0) 11.5 Total intangible assets subject to amortization 70.9 (53.4) 17.5 61.5 (39.0) 22.5 Intangible assets not subject to amortization Website domains 1.9 — 1.9 1.8 — 1.8 Business licenses 3.7 — 3.7 3.7 — 3.7 Total intangible assets not subject to amortization 5.6 — 5.6 5.5 — 5.5 Total intangible assets $ 76.5 $ (53.4) $ 23.1 $ 67.0 $ (39.0) $ 28.0 |
Schedule of Expected Amortization Expense | As of September 30, 2023, estimated future amortization expense was as follows: (in millions) Fiscal 2024 $ 6.7 Fiscal 2025 3.6 Fiscal 2026 2.8 Fiscal 2027 2.2 Fiscal 2028 and thereafter 2.2 $ 17.5 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Sep. 30, 2023 | |
Leases [Abstract] | |
Schedule of Operating Lease Costs and Other Related Information | The following table presents operating lease costs and other related information as of and for the fiscal years ended September 30, 2023 and 2022 (in millions, except as stated): Year Ended September 30, 2023 2022 Operating lease costs (1) $ 28.0 $ 25.7 Supplemental cash flow information and non-cash activity: Cash paid for amounts included in the measurement of operating lease liabilities $ 18.4 $ 16.4 Right-of-use assets obtained in exchange for operating lease liabilities $ 14.3 $ 12.4 Lease term and discount rate information: Weighted average remaining lease term (years) 9.8 10.9 Weighted average discount rate 4.5 % 4.3 % |
Schedule of Maturities of the Lease Liabilities | The maturities of the lease liabilities are as follows as of September 30, 2023 (in millions): 2024 $ 19.9 2025 19.7 2026 20.2 2027 19.8 2028 17.8 After 2028 85.9 Total lease payments 183.3 Less: interest 34.0 Present value of lease liabilities $ 149.3 |
Credit Facilities (Tables)
Credit Facilities (Tables) | 12 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | The following table sets forth a listing of credit facilities, the current committed amounts as of the report date on the facilities, and outstanding (in millions, except for percentages): Amounts Outstanding Borrower Security Renewal or Interest Rate Total Commitment September 30, 2023 September 30, Committed Credit Facilities Senior StoneX Group Inc. Committed Credit Facility (1) April 21, 2026 Base rate - 9.50% SOFR - 7.42% 500.0 (5) 150.0 260.0 StoneX Financial Inc. (6) None October 29, 2024 8.00 % 190.0 (5) — — StoneX Commodity Solutions LLC Certain assets July 28, 2024 Base rate - 8.5% SOFR - 7.69% 400.0 (5) 103.0 217.0 StoneX Financial Ltd. None October 12, 2024 7.81 % 100.0 (5) 25.0 — StoneX Financial Pte. Ltd. None September 6, 2024 7.81 % 10.0 — — $ 1,200.0 $ 278.0 $ 477.0 Uncommitted Credit Facilities Various Various Various (5) 55.5 — Notes payable to bank Certain equipment December 1, 2025 Index rate plus 2.35% (5) 7.5 8.1 Senior Secured Notes (2) June 15, 2025 8.625 % (4) 342.1 (3) 339.1 Total outstanding borrowings $ 683.1 $ 824.2 (1) The StoneX Group Inc. committed credit facility is a revolving facility secured by substantially all of the assets of StoneX Group 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. The maturity date remains April 21, 2025 for one lender representing $42.5 million of the facility commitment. (2) The Senior Secured Notes and the related guarantees are secured by liens on substantially all of the Company’s and the guarantors’ assets, subject to certain customary and other exceptions and permitted liens. The liens on the assets that secure the Senior Secured Notes and the related guarantees are contractually subordinated to the liens on the assets that secure the Company’s and the guarantors’ existing and future first lien secured indebtedness, including indebtedness under the Company’s senior committed credit facility. (3) Amounts outstanding under the Senior Secured Notes are reported net of unamortized deferred financing costs and original issue discount of $5.8 million. (4) Included in Senior secured borrowings, net on the Consolidated Balance Sheets. (5) Included in Lenders under loans on the Consolidated Balance Sheets. (6) The table depicts an extension and an increase to available amounts that were both agreed to after fiscal year end but before the date of this report. |
Securities and Commodity Fina_2
Securities and Commodity Financing Transactions (Tables) | 12 Months Ended |
Sep. 30, 2023 | |
Broker-Dealer [Abstract] | |
Schedule of Underlying Assets of Repurchase Agreements when Amount of Repurchase Agreements Exceeds 10 Percent of Assets | September 30, 2023 Overnight and Open Less than 30 Days 30-90 Days Over 90 Days Total Securities sold under agreements to repurchase $ 8,300.0 $ 786.8 $ 107.0 $ 2.6 $ 9,196.4 Securities loaned 1,117.3 — — — 1,117.3 Gross amount of secured financing $ 9,417.3 $ 786.8 $ 107.0 $ 2.6 $ 10,313.7 September 30, 2022 Overnight and Open Less than 30 Days 30-90 Days Over 90 Days Total Securities sold under agreements to repurchase $ 3,664.7 $ 2,279.1 $ 186.3 $ 3.4 $ 6,133.5 Securities loaned 1,189.5 — — — 1,189.5 Gross amount of secured financing $ 4,854.2 $ 2,279.1 $ 186.3 $ 3.4 $ 7,323.0 |
Schedule of Financial Instruments Owned and Pledged as Collateral | September 30, Securities sold under agreements to repurchase 2023 2022 U.S. Treasury obligations $ 3,696.1 $ 1,311.0 U.S. government agency obligations 542.2 604.1 Asset-backed obligations 102.9 178.0 Agency mortgage-backed obligations 4,371.6 3,762.5 Foreign government obligations 148.1 97.2 Corporate bonds 335.5 180.7 Total securities sold under agreement to repurchase $ 9,196.4 $ 6,133.5 Securities loaned Equity securities $ 1,117.3 $ 1,189.5 Total securities loaned 1,117.3 1,189.5 Gross amount of secured financing $ 10,313.7 $ 7,323.0 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): September 30, 2023 Offsetting of collateralized transactions: Gross Amounts Recognized Amounts Offset in the Consolidated Balance Sheet Net Amounts Presented in the Consolidated Balance Sheet Securities purchased under agreements to resell $ 7,649.3 $ (4,669.8) $ 2,979.5 Securities borrowed $ 1,129.1 $ — $ 1,129.1 Securities sold under agreements to repurchase $ 9,196.4 $ (4,669.8) $ 4,526.6 Securities loaned $ 1,117.3 $ — $ 1,117.3 September 30, 2022 Offsetting of collateralized transactions: Gross Amounts Recognized Amounts Offset in the Consolidated Balance Sheet Net Amounts Presented in the Consolidated Balance Sheet Securities purchased under agreements to resell $ 4,609.9 $ (2,937.9) $ 1,672.0 Securities borrowed $ 1,209.8 $ — $ 1,209.8 Securities sold under agreements to repurchase $ 6,133.5 $ (2,937.9) $ 3,195.6 Securities loaned $ 1,189.5 $ — $ 1,189.5 |
Schedule of Carrying Value of Collateral Pledged, Received and Repledged | The following table sets forth the carrying value, which approximates fair value because of its short term nature, of collateral pledged, received and repledged (in millions): September 30, 2023 September 30, 2022 Securities pledged or repledged to cover collateral requirements for tri-party arrangements $ 4,726.6 $ 3,787.8 Securities received as collateral that may be repledged $ 9,180.1 $ 5,836.1 Securities received as collateral that may be repledged covering securities sold short $ 2,461.1 $ 1,615.3 Repledged securities borrowed and client securities held under custodial clearing arrangements to collateralize securities loaned agreements $ 1,097.3 $ 1,146.0 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss, Net (Tables) | 12 Months Ended |
Sep. 30, 2023 | |
Equity [Abstract] | |
Summary of Changes in Accumulated Other Comprehensive Loss | The following table summarizes the changes in accumulated other comprehensive loss for the years ended September 30, 2023, 2022, and 2021. (in millions) Foreign Currency Translation Adjustment Pension Benefits Adjustment Cash Flow Hedge Accumulated Other Comprehensive Loss, net Balances as of September 30, 2020 $ (36.0) $ (4.1) $ — $ (40.1) Other comprehensive income 13.3 1.5 — 14.8 Amounts reclassified from AOCI, net of tax — 0.2 — 0.2 Other comprehensive income net of tax 13.3 1.7 — 15.0 Balances as of September 30, 2021 $ (22.7) $ (2.4) $ — $ (25.1) Other comprehensive loss (11.7) (0.3) (53.5) (65.5) Other comprehensive loss net of tax (11.7) (0.3) (53.5) (65.5) Balances as of September 30, 2022 $ (34.4) $ (2.7) $ (53.5) $ (90.6) Other comprehensive income 3.2 0.5 35.1 38.8 Other comprehensive income net of tax 3.2 0.5 35.1 38.8 Balances as of September 30, 2023 $ (31.2) $ (2.2) $ (18.4) $ (51.8) |
Revenue from Contracts with C_2
Revenue from Contracts with Clients (Tables) | 12 Months Ended |
Sep. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Disaggregation of Revenue | 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 periods indicated (in millions): Year Ended September 30, 2023 2022 2021 Revenues from contracts with clients: Commission and clearing fees: Sales-based: Exchange-traded futures and options $ 214.1 $ 210.7 $ 190.6 OTC derivative brokerage 14.5 16.8 15.9 Equities and fixed income 57.8 62.9 60.5 Mutual funds 3.0 4.1 5.5 Insurance and annuity products 9.2 9.3 9.7 Other 3.4 3.1 2.3 Total sales-based commission 302.0 306.9 284.5 Trailing: Mutual funds 12.4 14.1 14.5 Insurance and annuity products 14.2 16.0 17.0 Total trailing commission 26.6 30.1 31.5 Clearing fees 153.3 153.2 150.9 Trade conversion fees 8.5 11.5 11.2 Other 8.0 6.2 9.1 Total commission and clearing fees 498.4 507.9 487.2 Consulting, management, and account fees: Underwriting fees 0.7 0.5 0.6 Asset management fees 45.1 43.9 38.3 Advisory and consulting fees 35.0 30.9 24.9 Sweep program fees 48.6 13.1 3.0 Client account fees 15.9 16.0 15.8 Other 13.7 6.9 8.4 Total consulting, management, and account fees 159.0 111.3 91.0 Sales of physical commodities: Precious metals sales under ASC Topic 606 2,836.0 2,988.3 1,541.3 Total revenues from contracts with clients $ 3,493.4 $ 3,607.5 $ 2,119.5 Method of revenue recognition: Point-in-time $ 3,338.1 $ 3,489.5 $ 2,021.8 Time elapsed 155.3 118.0 97.7 Total revenues from contracts with clients 3,493.4 3,607.5 2,119.5 Other sources of revenues Physical precious metals under ASC Topic 815 50,979.5 57,404.3 37,250.4 Physical agricultural and energy products 4,315.7 3,660.0 2,169.9 Principal gains, net 1,079.9 1,145.2 892.0 Interest income 987.6 219.0 102.4 Total revenues $ 60,856.1 $ 66,036.0 $ 42,534.2 |
Schedule of Income and Expense | The following table indicates the relevant income and expense: Year Ended September 30, (in millions) 2023 2022 2021 Dividend income on long equity positions $ 32.0 $ 142.3 $ 282.7 Dividend expense on short equity positions 33.3 134.0 281.3 Dividend (loss)/income net of dividend expense reported within Principal Gains, net $ (1.3) $ 8.3 $ 1.4 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Sep. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Stock options, Assumptions | Fair value is estimated at the grant date based on a Black-Scholes-Merton option-pricing model using the following weighted-average assumptions: Year Ended September 30, 2023 2022 2021 Expected stock price volatility 42 % 39 % 38 % Expected dividend yield — % — % — % Risk free interest rate 1.60 % 1.54 % 1.68 % Average expected life (in years) 4.25 5.21 4.50 |
Schedule of Stock Option Activity | The following is a summary of stock option activity for the year ended September 30, 2023: Number of Weighted Weighted Weighted Aggregate Balances as of September 30, 2022 1,199,345 $ 50.46 $ 14.57 4.54 $ 39.0 Granted 81,750 $ 93.70 $ 33.21 Exercised (83,794) $ 47.13 $ 13.06 Forfeited (19,849) $ 65.10 $ 23.39 Expired (2,088) $ 49.92 $ 14.74 Balances as of September 30, 2023 1,175,364 $ 53.46 $ 15.82 3.80 $ 51.1 Exercisable at September 30, 2023 387,810 $ 49.20 $ 13.61 3.49 $ 18.5 |
Schedule of Options Outstanding Broken Down by Exercise Price | The options outstanding as of September 30, 2023 broken down by exercise price are as follows: Exercise Price Number of Options Outstanding Weighted Average Exercise Price Weighted Average Remaining Term $ 40.00 - $ 45.00 700,000 $ 45.00 3.18 $ 45.00 - $ 95.00 475,364 $ 65.92 4.71 1,175,364 $ 53.46 3.80 |
Schedule of Restricted Stock Units Activity | The following is a summary of restricted stock activity through September 30, 2023: Number of Weighted Weighted Aggregate Balances as of September 30, 2022 579,666 $ 60.22 1.22 $ 48.1 Granted 413,545 $ 93.59 Vested (305,561) $ 58.38 Forfeited (638) $ 80.69 Balances as of September 30, 2023 687,012 $ 81.10 1.24 $ 66.5 |
Other Expenses (Tables)
Other Expenses (Tables) | 12 Months Ended |
Sep. 30, 2023 | |
Other Expenses [Abstract] | |
Schedule of Other Operating Cost and Expense, by Component | Other expenses consisted of the following, for the periods indicated. Year Ended September 30, (in millions) 2023 2022 2021 Non-income taxes $ 16.8 $ 13.5 $ 14.8 Insurance 11.1 10.8 7.1 Employee related expenses 10.1 9.6 7.0 Other direct business expenses 14.8 10.0 6.3 Membership fees 3.4 3.3 2.8 Director and public company expenses 2.3 1.8 1.5 Office expenses 1.9 1.7 1.3 Other expenses 6.0 9.9 5.5 Total other expenses $ 66.4 $ 60.6 $ 46.3 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Sep. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | Income tax expense/(benefit) for the years ended September 30, 2023, 2022, and 2021 was allocated as follows: Year Ended September 30, (in millions) 2023 2022 2021 Income tax expense attributable to income from operations $ 84.5 $ 70.1 $ 37.8 Taxes allocated to stockholders’ equity, related to pension liabilities 0.2 (0.1) 0.5 Taxes allocated to stockholders’ equity, related to hedge accounting 11.1 (17.0) — Total income tax expense $ 95.8 $ 53.0 $ 38.3 The components of income tax expense/(benefit) attributable to income from operations were as follows: Year Ended September 30, (in millions) 2023 2022 2021 Current taxes: U.S. federal $ 15.8 $ 8.2 $ 6.7 U.S. state and local 3.9 3.6 (0.1) Australia 2.2 2.8 1.8 Brazil 16.0 12.6 8.0 Germany 4.5 8.9 6.0 Singapore 4.9 2.0 1.9 Switzerland 2.6 — — United Kingdom 30.9 29.2 6.6 Other international 6.1 3.1 3.7 Total current taxes 86.9 70.4 34.6 Deferred taxes: U.S. federal (1.1) 3.4 1.4 U.S. state and local — (0.1) 2.7 Australia 0.1 (0.2) 0.3 Brazil — (0.8) (1.3) Singapore — — 0.4 Switzerland 0.4 — — United Kingdom (1.4) (2.7) 0.1 Other international (0.4) 0.1 (0.4) Total deferred taxes (2.4) (0.3) 3.2 Income tax expense $ 84.5 $ 70.1 $ 37.8 |
Schedule of Income before Income Tax, Domestic and Foreign | U.S. and international components of income from operations, before tax, were as follows: Year Ended September 30, (in millions) 2023 2022 2021 U.S. $ 135.1 $ 50.0 $ 37.3 Australia 7.4 8.7 7.8 Brazil 35.3 25.3 13.7 Germany 13.3 27.8 17.2 Singapore 38.1 19.4 16.0 Switzerland 22.5 — — United Kingdom 77.7 104.8 41.4 Other international (6.4) 41.2 20.7 Income from operations, before tax $ 323.0 $ 277.2 $ 154.1 |
Schedule of Effective Income Tax Rate Reconciliation | Items accounting for the difference between income taxes computed at the federal statutory rate and income tax expense were as follows: Year Ended September 30, 2023 2022 2021 Federal statutory rate effect of: 21.0 % 21.0 % 21.0 % U.S. State and local income taxes 1.0 % 1.0 % 1.8 % Foreign earnings and losses taxed at different rates 1.1 % 1.1 % 1.0 % Change in valuation allowance (0.4) % 0.9 % 1.9 % U.K. bank tax 0.3 % 2.6 % 0.4 % U.S. permanent items 0.2 % 0.2 % (1.2) % Non-deductible compensation 2.0 % 0.7 % 1.9 % Foreign permanent items 0.4 % (2.8) % (2.3) % U.S. bargain purchase gain (1.4) % — % (0.5) % GILTI 2.0 % 0.6 % 0.6 % Effective rate 26.2 % 25.3 % 24.6 % |
Schedule of Deferred Tax Assets and Liabilities | The components of deferred income tax assets and liabilities were as follows: (in millions) September 30, 2023 September 30, 2022 Deferred tax assets: Share-based compensation $ 7.4 $ 4.8 Deferred compensation 5.4 5.1 Net operating loss carryforwards 17.2 18.7 Intangible assets 3.8 6.4 Bad debt reserve 9.6 7.8 Hedging 5.9 17.0 Foreign tax credit carryforwards 0.6 1.6 Other compensation 7.8 8.0 Pension 3.6 2.1 Right of use assets 20.1 23.8 Other 1.1 2.0 Total gross deferred tax assets 82.5 97.3 Less valuation allowance (12.4) (15.8) Deferred tax assets 70.1 81.5 Deferred income tax liabilities: Unrealized gain on securities 2.8 2.5 Prepaid expenses 5.0 3.8 Property and equipment 1.6 2.0 Right of use liabilities 17.2 20.8 Mark to market on inventory 4.8 — Other deferred liabilities 1.4 0.4 Deferred income tax liabilities 32.8 29.5 Deferred income taxes, net $ 37.3 $ 52.0 |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Sep. 30, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
Schedule of Aggregate Merger Consideration | (in millions) Fair Value Cash and cash equivalents $ 8.2 Deposits with and receivables from broker-dealers, clearing organizations, and counterparties 7.7 Receivable from clients, net 51.9 Financial instruments owned, at fair value 45.7 Deferred income taxes, net (3.3) Property and equipment, net 0.1 Physical commodities inventory, net 22.5 Other assets 6.7 Total fair value of tangible assets acquired 139.5 Accounts payable and other accrued liabilities 40.0 Financial instruments sold, not yet purchased, at fair value 28.3 Payables to lenders under loans 10.1 Payables to broker-dealers, clearing organizations, and counterparties 0.4 Payables to clients 2.6 Income taxes payable 0.8 Total fair value of liabilities assumed 82.2 Fair value of tangible net assets acquired $ 57.3 Identifiable intangible assets acquired Client relationships $ 4.7 Supplier relationships 3.7 Trade name 0.4 Non-compete 0.1 Total fair value of intangible assets acquired 8.9 Fair value of identifiable net assets acquired 66.2 Total merger consideration 42.7 Gain on acquisition $ 23.5 |
Regulatory Requirements and S_2
Regulatory Requirements and Subsidiary Dividend Restrictions (Tables) | 12 Months Ended |
Sep. 30, 2023 | |
Capital and Other Regulatory Requirements [Abstract] | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations | The following table details the Company’s subsidiaries with a minimum regulatory net capital requirement in excess of $10.0 million as well as the actual regulatory capital of the subsidiary as of September 30, 2023 (in millions): Subsidiary Regulatory Authority Actual Minimum StoneX Financial Inc. SEC and CFTC $ 353.0 $ 220.5 StoneX Financial Ltd. FCA $ 458.5 $ 358.0 Gain Capital Group, LLC CFTC and NFA $ 50.1 $ 29.3 StoneX Financial Pte. Ltd. MAS $ 76.5 $ 24.4 StoneX Markets LLC CFTC and NFA $ 221.3 $ 122.1 |
Segment and Geographic Inform_2
Segment and Geographic Information (Tables) | 12 Months Ended |
Sep. 30, 2023 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information | Information for the reportable segments is shown in accordance with the Segment Reporting Topic of the ASC as follows: Year Ended September 30, (in millions) 2023 2022 2021 Total revenues: Commercial $ 58,249.2 $ 63,743.2 $ 39,884.0 Institutional 1,513.6 831.8 668.4 Retail 888.5 1,304.2 1,859.9 Global Payments 212.6 172.0 137.3 Corporate Unallocated 31.7 7.8 1.7 Eliminations (39.5) (23.0) (17.1) Total $ 60,856.1 $ 66,036.0 $ 42,534.2 Operating revenues: Commercial $ 862.7 $ 692.1 $ 534.8 Institutional 1,513.6 831.8 668.4 Retail 333.0 426.7 348.0 Global Payments 212.6 172.0 137.3 Corporate Unallocated 31.7 7.8 1.7 Eliminations (39.5) (23.0) (17.1) Total $ 2,914.1 $ 2,107.4 $ 1,673.1 Net operating revenues (loss): Commercial $ 721.3 $ 586.5 $ 433.1 Institutional 532.0 483.5 419.4 Retail 227.3 302.9 222.4 Global Payments 203.3 162.5 129.9 Corporate Unallocated (62.9) (59.5) (54.8) Total $ 1,621.0 $ 1,475.9 $ 1,150.0 Net contribution: (Revenues less cost of sales of physical commodities, transaction-based clearing expenses, variable compensation, introducing broker commissions and interest expense) Commercial $ 544.9 $ 415.3 $ 299.7 Institutional 351.5 295.1 260.9 Retail 212.7 280.3 204.4 Global Payments 164.5 131.2 103.7 Total $ 1,273.6 $ 1,121.9 $ 868.7 Segment income: (Net contribution less non-variable direct segment costs) Commercial (1) $ 390.7 $ 288.3 $ 192.2 Institutional 217.9 174.6 167.7 Retail 45.8 115.4 67.8 Global Payments 109.1 97.4 78.5 Total $ 763.5 $ 675.7 $ 506.2 Reconciliation of segment income to income before tax: Segment income $ 763.5 $ 675.7 $ 506.2 Net costs not allocated to operating segments (463.8) (398.5) (355.5) Gain on acquisitions and other gains, net 23.3 — 3.4 Income before tax $ 323.0 $ 277.2 $ 154.1 (in millions) As of September 30, 2023 As of September 30, 2022 As of September 30, 2021 Total assets: Commercial $ 4,676.3 $ 5,931.0 $ 3,969.9 Institutional 15,059.3 11,687.1 12,403.3 Retail 1,014.2 971.2 1,380.9 Global Payments 376.6 524.0 243.8 Corporate unallocated 812.3 746.3 841.7 Total $ 21,938.7 $ 19,859.6 $ 18,839.6 |
Schedule of Revenue Long-Lived Assets, by Geographical Areas | Information regarding revenues and operating revenues for the ended September 30, 2023, 2022, and 2021, and information regarding long-lived assets (defined as property, equipment, leasehold improvements and software) as of September 30, 2023, 2022, and 2021 in geographic areas were as follows: Year Ended September 30, (in millions) 2023 2022 2021 Total revenues: United States $ 6,017.4 $ 5,102.3 $ 3,313.1 Europe 3,498.9 3,440.2 1,889.6 South America 271.4 87.2 64.5 Middle East and Asia 51,023.6 57,395.5 37,259.1 Other 44.8 10.8 7.9 Total $ 60,856.1 $ 66,036.0 $ 42,534.2 Operating revenues: United States $ 2,120.4 $ 1,448.2 $ 1,157.4 Europe 494.3 474.6 371.3 South America 127.0 87.2 64.5 Middle East and Asia 127.6 86.6 72.0 Other 44.8 10.8 7.9 Total $ 2,914.1 $ 2,107.4 $ 1,673.1 (in millions) As of September 30, 2023 As of September 30, 2022 As of September 30, 2021 Long-lived assets, as defined: United States $ 76.0 $ 67.9 $ 54.1 Europe 40.7 41.1 36.0 South America 4.4 2.9 2.1 Middle East and Asia 2.4 1.0 0.9 Other — — 0.2 Total $ 123.5 $ 112.9 $ 93.3 |
Description of Business and S_3
Description of Business and Significant Accounting Policies (Details) | 12 Months Ended | ||||
Oct. 01, 2020 USD ($) | Sep. 30, 2023 USD ($) client country $ / shares shares | Sep. 30, 2022 USD ($) $ / shares shares | Sep. 30, 2021 USD ($) | Sep. 30, 2020 | |
Number of countries in which entity operates (more than) | country | 180 | ||||
Number of commercial, institutional and global payment clients (more than) | client | 54,000 | ||||
Number retail clients (more than) | client | 400,000 | ||||
Translation gains | $ 0 | ||||
Net liabilities denominated in argentine pesos | $ 200,000 | ||||
Net assets denominated in argentine pesos | $ 400,000 | ||||
Cash denominated in argentine pesos (less than) | 800,000 | 100,000 | |||
Net nonmonetary denominated in Argentine pesos | 700,000 | 1,100,000 | |||
Cash held at banks and money market funds - segregated | 2,420,500,000 | 2,461,600,000 | |||
US government obligations and other securities | 0 | 786,000,000 | |||
Commodities warehouse receipts | 5,800,000 | 19,700,000 | |||
Cash and cash equivalents - deposits and receivables | 2,512,900,000 | 2,515,000,000 | |||
US government securities and other securities - deposits and receivables | $ 4,041,600,000 | 4,272,900,000 | |||
Acquired finite-lived intangible asset, weighted average useful life | 1 year | ||||
Goodwill impairment charges | $ 0 | 0 | 0 | ||
Intangible assets impairment charges | $ 0 | $ 0 | 0 | ||
Preferred stock, authorized (in shares) | shares | 1,000,000 | 1,000,000 | |||
Preferred stock, par value (in dollar per share) | $ / shares | $ 0.01 | $ 0.01 | |||
Preferred stock, outstanding (in shares) | shares | 0 | 0 | |||
Accounting Standards Update [Extensible Enumeration] | Accounting Standards Update 2016-13 [Member] | ||||
Retained earnings | $ 1,128,100,000 | $ 889,600,000 | |||
Income tax expense | $ 84,500,000 | 70,100,000 | $ 37,800,000 | ||
Cumulative transition adjustment | |||||
Retained earnings | $ 6,200,000 | ||||
Income tax expense | $ 2,000,000 | ||||
Minimum | |||||
Property plant and equipment, useful life | 3 years | ||||
Identifiable intangible assets | 5 years | ||||
Maximum | |||||
Property plant and equipment, useful life | 10 years | ||||
Identifiable intangible assets | 20 years | ||||
Capitalized software development | |||||
Property plant and equipment, useful life | 3 years | ||||
Argentina | |||||
Translation gains | $ 6,600,000 | $ 2,100,000 | |||
Argentina | Revenue Benchmark | Geographic Concentration Risk | |||||
Percentage of operating revenues | 1% | ||||
Retail | |||||
Number of countries in which entity operates (more than) | country | 180 |
Earnings per Share - EPS Reconc
Earnings per Share - EPS Reconciliation (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021 | |
Numerator: | |||
Net income | $ 238.5 | $ 207.1 | $ 116.3 |
Less: Allocation to participating securities | (8.1) | (6.1) | (3.5) |
Net income allocated to common stockholders | 230.4 | 201 | 112.8 |
Net income allocated to common stockholders | $ 230.4 | $ 201 | $ 112.8 |
Denominator: | |||
Common shares outstanding (in shares) | 19,957,333 | 19,570,403 | 19,130,643 |
Dilutive potential common shares outstanding: | |||
Share-based awards (in shares) | 662,007 | 497,137 | 547,525 |
Diluted shares outstanding (in shares) | 20,619,340 | 20,067,540 | 19,678,168 |
Earnings per share: | |||
Basic (in dollar per share) | $ 11.55 | $ 10.27 | $ 5.90 |
Diluted (in dollar per share) | $ 11.18 | $ 10.01 | $ 5.74 |
Common Stock Split | |||
Denominator: | |||
Common shares outstanding (in shares) | 29,936,000 | 29,355,605 | 28,695,965 |
Dilutive potential common shares outstanding: | |||
Share-based awards (in shares) | 993,011 | 745,706 | 821,288 |
Diluted shares outstanding (in shares) | 30,929,011 | 30,101,311 | 29,517,253 |
Earnings per share: | |||
Basic (in dollar per share) | $ 7.71 | $ 6.85 | $ 3.93 |
Diluted (in dollar per share) | $ 7.45 | $ 6.67 | $ 3.82 |
Earnings per Share - Narrative
Earnings per Share - Narrative (Details) | 12 Months Ended | |||
Nov. 07, 2023 | Sep. 30, 2023 shares | Sep. 30, 2022 shares | Sep. 30, 2021 shares | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities (in shares) | 247,771 | 451,907 | 298,786 | |
Subsequent Event | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Stock split, conversion ratio | 1.5 |
Assets and Liabilities, at Fa_3
Assets and Liabilities, at Fair Value - Financial Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Sep. 30, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | $ 5.8 | $ 805.7 |
Securities and other assets segregated under federal and other regulations | 2,426.3 | 3,267.2 |
Financial instruments owned | 5,044.8 | 4,167.3 |
Physical commodities inventory | 537.3 | 513.5 |
Financial instruments sold, not yet purchased, at fair value | 3,085.6 | 2,469.6 |
Accounts payable and other accrued liabilities | 533 | 400.6 |
Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 66.5 | 43.5 |
Securities and other assets segregated under federal and other regulations | 5.8 | 805.7 |
Deposits with and receivables from broker-dealers, clearing organizations and counterparties, net | 4,248.3 | 2,817.2 |
Receivable from clients, net - Derivatives | (7.9) | (0.5) |
Financial instruments owned | 5,044.8 | 4,167.3 |
Total assets at fair value | 9,744 | 8,193 |
Payables to clients - Derivatives | 79.8 | (1,392.4) |
Total liabilities at fair value | 3,177.1 | 1,133 |
Fair Value, Measurements, Recurring | Contingent Consideration | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Accounts payable and other accrued liabilities | 1.5 | |
Fair Value, Measurements, Recurring | TBA and forward settling securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Payable to broker-dealers, clearing organizations and counterparties | 16.1 | 58 |
Fair Value, Measurements, Recurring | Derivatives | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Payable to broker-dealers, clearing organizations and counterparties | (5.9) | (2.2) |
Fair Value, Measurements, Recurring | Payables to Broker-dealers, Clearing Organizations and Counterparties | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Payable to broker-dealers, clearing organizations and counterparties | 10.2 | 55.8 |
Fair Value, Measurements, Recurring | Physical commodities inventory | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Physical commodities inventory | 386.5 | 359.8 |
Fair Value, Measurements, Recurring | Equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 334.3 | 379.7 |
Financial instruments sold, not yet purchased, at fair value | 236.1 | 305.6 |
Fair Value, Measurements, Recurring | Corporate and municipal bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 284.2 | 156.8 |
Financial instruments sold, not yet purchased, at fair value | 81.6 | 63.2 |
Fair Value, Measurements, Recurring | U.S. Treasury obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 531.7 | 347.6 |
Financial instruments sold, not yet purchased, at fair value | 2,409.3 | 1,686.5 |
Fair Value, Measurements, Recurring | U.S. government agency obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 451.7 | 343 |
Financial instruments sold, not yet purchased, at fair value | 5.1 | 24.3 |
Fair Value, Measurements, Recurring | Foreign government obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 43.3 | 4.8 |
Financial instruments sold, not yet purchased, at fair value | 21.5 | 0.5 |
Fair Value, Measurements, Recurring | Agency mortgage-backed obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 2,865.8 | 2,588.7 |
Financial instruments sold, not yet purchased, at fair value | 31.7 | 5.4 |
Fair Value, Measurements, Recurring | Asset-backed obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 138.8 | 70.7 |
Fair Value, Measurements, Recurring | Derivatives | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 268.5 | 192.6 |
Financial instruments sold, not yet purchased, at fair value | 261.2 | 313.4 |
Fair Value, Measurements, Recurring | Commodities leases | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 16 | 26.4 |
Financial instruments sold, not yet purchased, at fair value | 0 | |
Fair Value, Measurements, Recurring | Commodities warehouse receipts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 54.7 | 24.9 |
Fair Value, Measurements, Recurring | Exchange firm common stock | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 12 | 10.6 |
Fair Value, Measurements, Recurring | Mutual funds and other | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 42.1 | 21.5 |
Fair Value, Measurements, Recurring | Cash flow hedges | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 1.7 | |
Financial instruments sold, not yet purchased, at fair value | 27.1 | 70.6 |
Fair Value, Measurements, Recurring | Other | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments sold, not yet purchased, at fair value | 12 | |
Fair Value, Measurements, Recurring | TBA and forward settling securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Deposits with and receivables from broker-dealers, clearing organizations and counterparties, net | 41.8 | 116.2 |
Fair Value, Measurements, Recurring | Foreign government obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Deposits with and receivables from broker-dealers, clearing organizations and counterparties, net | 17.8 | 14.4 |
Fair Value, Measurements, Recurring | U.S. Treasury obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Deposits with and receivables from broker-dealers, clearing organizations and counterparties, net | 4,023.8 | 4,258.5 |
Fair Value, Measurements, Recurring | Derivatives | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Deposits with and receivables from broker-dealers, clearing organizations and counterparties, net | 164.9 | (1,571.9) |
Fair Value, Measurements, Recurring | Commodities warehouse receipts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities and other assets segregated under federal and other regulations | 5.8 | 19.7 |
Fair Value, Measurements, Recurring | U.S. Treasury obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities and other assets segregated under federal and other regulations | 786 | |
Fair Value, Measurements, Recurring | Certificates of deposit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 8.7 | 4 |
Fair Value, Measurements, Recurring | Money market mutual funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 57.8 | 39.5 |
Fair Value, Measurements, Recurring | Netting | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 0 | 0 |
Securities and other assets segregated under federal and other regulations | 0 | 0 |
Deposits with and receivables from broker-dealers, clearing organizations and counterparties, net | (6,500.2) | (9,839.1) |
Receivable from clients, net - Derivatives | (630.9) | (579.3) |
Financial instruments owned | (600.2) | (502.4) |
Total assets at fair value | (7,731.3) | (10,920.8) |
Payables to clients - Derivatives | (5,577.1) | (9,290.3) |
Financial instruments sold, not yet purchased, at fair value | (510.4) | (466.3) |
Total liabilities at fair value | (7,639) | (10,505) |
Fair Value, Measurements, Recurring | Netting | Contingent Consideration | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Accounts payable and other accrued liabilities | 0 | |
Fair Value, Measurements, Recurring | Netting | TBA and forward settling securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Payable to broker-dealers, clearing organizations and counterparties | (31.4) | (96.9) |
Fair Value, Measurements, Recurring | Netting | Derivatives | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Payable to broker-dealers, clearing organizations and counterparties | (1,520.1) | (651.5) |
Fair Value, Measurements, Recurring | Netting | Payables to Broker-dealers, Clearing Organizations and Counterparties | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Payable to broker-dealers, clearing organizations and counterparties | (1,551.5) | (748.4) |
Fair Value, Measurements, Recurring | Netting | Physical commodities inventory | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Physical commodities inventory | 0 | 0 |
Fair Value, Measurements, Recurring | Netting | Equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 0 | 0 |
Financial instruments sold, not yet purchased, at fair value | 0 | 0 |
Fair Value, Measurements, Recurring | Netting | Corporate and municipal bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 0 | 0 |
Financial instruments sold, not yet purchased, at fair value | 0 | 0 |
Fair Value, Measurements, Recurring | Netting | U.S. Treasury obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 0 | 0 |
Financial instruments sold, not yet purchased, at fair value | 0 | 0 |
Fair Value, Measurements, Recurring | Netting | U.S. government agency obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 0 | 0 |
Financial instruments sold, not yet purchased, at fair value | 0 | 0 |
Fair Value, Measurements, Recurring | Netting | Foreign government obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 0 | 0 |
Financial instruments sold, not yet purchased, at fair value | 0 | 0 |
Fair Value, Measurements, Recurring | Netting | Agency mortgage-backed obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 0 | 0 |
Financial instruments sold, not yet purchased, at fair value | 0 | 0 |
Fair Value, Measurements, Recurring | Netting | Asset-backed obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 0 | 0 |
Fair Value, Measurements, Recurring | Netting | Derivatives | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | (600.2) | (502.4) |
Financial instruments sold, not yet purchased, at fair value | (510.4) | (466.3) |
Fair Value, Measurements, Recurring | Netting | Commodities leases | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 0 | 0 |
Financial instruments sold, not yet purchased, at fair value | 0 | |
Fair Value, Measurements, Recurring | Netting | Commodities warehouse receipts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 0 | 0 |
Fair Value, Measurements, Recurring | Netting | Exchange firm common stock | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 0 | 0 |
Fair Value, Measurements, Recurring | Netting | Mutual funds and other | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 0 | 0 |
Fair Value, Measurements, Recurring | Netting | Cash flow hedges | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 0 | |
Financial instruments sold, not yet purchased, at fair value | 0 | 0 |
Fair Value, Measurements, Recurring | Netting | Other | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments sold, not yet purchased, at fair value | 0 | |
Fair Value, Measurements, Recurring | Netting | TBA and forward settling securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Deposits with and receivables from broker-dealers, clearing organizations and counterparties, net | (31.7) | (91.4) |
Fair Value, Measurements, Recurring | Netting | Foreign government obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Deposits with and receivables from broker-dealers, clearing organizations and counterparties, net | 0 | 0 |
Fair Value, Measurements, Recurring | Netting | U.S. Treasury obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Deposits with and receivables from broker-dealers, clearing organizations and counterparties, net | 0 | 0 |
Fair Value, Measurements, Recurring | Netting | Derivatives | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Deposits with and receivables from broker-dealers, clearing organizations and counterparties, net | (6,468.5) | (9,747.7) |
Fair Value, Measurements, Recurring | Netting | Commodities warehouse receipts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities and other assets segregated under federal and other regulations | 0 | 0 |
Fair Value, Measurements, Recurring | Netting | U.S. Treasury obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities and other assets segregated under federal and other regulations | 0 | |
Fair Value, Measurements, Recurring | Netting | Certificates of deposit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 0 | 0 |
Fair Value, Measurements, Recurring | Netting | Money market mutual funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 66.5 | 43.5 |
Securities and other assets segregated under federal and other regulations | 5.8 | 805.7 |
Deposits with and receivables from broker-dealers, clearing organizations and counterparties, net | 9,539.1 | 11,987.3 |
Receivable from clients, net - Derivatives | 61.7 | 67.2 |
Financial instruments owned | 1,005.6 | 773.9 |
Total assets at fair value | 10,919 | 13,813.9 |
Payables to clients - Derivatives | 5,430.7 | 7,722.5 |
Financial instruments sold, not yet purchased, at fair value | 2,663.8 | 1,986.9 |
Total liabilities at fair value | 8,206.7 | 9,768.1 |
Fair Value, Measurements, Recurring | Level 1 | Contingent Consideration | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Accounts payable and other accrued liabilities | 0 | |
Fair Value, Measurements, Recurring | Level 1 | TBA and forward settling securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Payable to broker-dealers, clearing organizations and counterparties | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | Derivatives | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Payable to broker-dealers, clearing organizations and counterparties | 112.2 | 58.7 |
Fair Value, Measurements, Recurring | Level 1 | Payables to Broker-dealers, Clearing Organizations and Counterparties | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Payable to broker-dealers, clearing organizations and counterparties | 112.2 | 58.7 |
Fair Value, Measurements, Recurring | Level 1 | Physical commodities inventory | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Physical commodities inventory | 240.3 | 136.3 |
Fair Value, Measurements, Recurring | Level 1 | Equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 324 | 367.9 |
Financial instruments sold, not yet purchased, at fair value | 230.6 | 299.9 |
Fair Value, Measurements, Recurring | Level 1 | Corporate and municipal bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 0 | 0 |
Financial instruments sold, not yet purchased, at fair value | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | U.S. Treasury obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 531.7 | 347.6 |
Financial instruments sold, not yet purchased, at fair value | 2,409.3 | 1,686.5 |
Fair Value, Measurements, Recurring | Level 1 | U.S. government agency obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 0 | 0 |
Financial instruments sold, not yet purchased, at fair value | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | Foreign government obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 43.3 | 4.8 |
Financial instruments sold, not yet purchased, at fair value | 21.5 | 0.5 |
Fair Value, Measurements, Recurring | Level 1 | Agency mortgage-backed obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 0 | 0 |
Financial instruments sold, not yet purchased, at fair value | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | Asset-backed obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | Derivatives | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 0.6 | 0.7 |
Financial instruments sold, not yet purchased, at fair value | 2.4 | 0 |
Fair Value, Measurements, Recurring | Level 1 | Commodities leases | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 0 | 0 |
Financial instruments sold, not yet purchased, at fair value | 0 | |
Fair Value, Measurements, Recurring | Level 1 | Commodities warehouse receipts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 54.7 | 24.9 |
Fair Value, Measurements, Recurring | Level 1 | Exchange firm common stock | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 12 | 10.6 |
Fair Value, Measurements, Recurring | Level 1 | Mutual funds and other | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 39.3 | 17.4 |
Fair Value, Measurements, Recurring | Level 1 | Cash flow hedges | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 0 | |
Financial instruments sold, not yet purchased, at fair value | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | Other | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments sold, not yet purchased, at fair value | 0 | |
Fair Value, Measurements, Recurring | Level 1 | TBA and forward settling securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Deposits with and receivables from broker-dealers, clearing organizations and counterparties, net | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | Foreign government obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Deposits with and receivables from broker-dealers, clearing organizations and counterparties, net | 17.8 | 14.4 |
Fair Value, Measurements, Recurring | Level 1 | U.S. Treasury obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Deposits with and receivables from broker-dealers, clearing organizations and counterparties, net | 4,023.8 | 4,258.5 |
Fair Value, Measurements, Recurring | Level 1 | Derivatives | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Deposits with and receivables from broker-dealers, clearing organizations and counterparties, net | 5,497.5 | 7,714.4 |
Fair Value, Measurements, Recurring | Level 1 | Commodities warehouse receipts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities and other assets segregated under federal and other regulations | 5.8 | 19.7 |
Fair Value, Measurements, Recurring | Level 1 | U.S. Treasury obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities and other assets segregated under federal and other regulations | 786 | |
Fair Value, Measurements, Recurring | Level 1 | Certificates of deposit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 8.7 | 4 |
Fair Value, Measurements, Recurring | Level 1 | Money market mutual funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 57.8 | 39.5 |
Fair Value, Measurements, Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 0 | 0 |
Securities and other assets segregated under federal and other regulations | 0 | 0 |
Deposits with and receivables from broker-dealers, clearing organizations and counterparties, net | 1,209.4 | 669 |
Receivable from clients, net - Derivatives | 561.3 | 511.6 |
Financial instruments owned | 4,636.6 | 3,895.8 |
Total assets at fair value | 6,553.5 | 5,299.9 |
Payables to clients - Derivatives | 226.2 | 175.4 |
Financial instruments sold, not yet purchased, at fair value | 931.1 | 949 |
Total liabilities at fair value | 2,606.8 | 1,869.9 |
Fair Value, Measurements, Recurring | Level 2 | Contingent Consideration | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Accounts payable and other accrued liabilities | 0 | |
Fair Value, Measurements, Recurring | Level 2 | TBA and forward settling securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Payable to broker-dealers, clearing organizations and counterparties | 47.5 | 154.9 |
Fair Value, Measurements, Recurring | Level 2 | Derivatives | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Payable to broker-dealers, clearing organizations and counterparties | 1,402 | 590.6 |
Fair Value, Measurements, Recurring | Level 2 | Payables to Broker-dealers, Clearing Organizations and Counterparties | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Payable to broker-dealers, clearing organizations and counterparties | 1,449.5 | 745.5 |
Fair Value, Measurements, Recurring | Level 2 | Physical commodities inventory | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Physical commodities inventory | 146.2 | 223.5 |
Fair Value, Measurements, Recurring | Level 2 | Equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 10.3 | 11.8 |
Financial instruments sold, not yet purchased, at fair value | 5.5 | 5.7 |
Fair Value, Measurements, Recurring | Level 2 | Corporate and municipal bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 284.2 | 156.8 |
Financial instruments sold, not yet purchased, at fair value | 81.6 | 63.2 |
Fair Value, Measurements, Recurring | Level 2 | U.S. Treasury obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 0 | 0 |
Financial instruments sold, not yet purchased, at fair value | 0 | 0 |
Fair Value, Measurements, Recurring | Level 2 | U.S. government agency obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 451.7 | 343 |
Financial instruments sold, not yet purchased, at fair value | 5.1 | 24.3 |
Fair Value, Measurements, Recurring | Level 2 | Foreign government obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 0 | 0 |
Financial instruments sold, not yet purchased, at fair value | 0 | 0 |
Fair Value, Measurements, Recurring | Level 2 | Agency mortgage-backed obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 2,865.8 | 2,588.7 |
Financial instruments sold, not yet purchased, at fair value | 31.7 | 5.4 |
Fair Value, Measurements, Recurring | Level 2 | Asset-backed obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 138.8 | 70.7 |
Fair Value, Measurements, Recurring | Level 2 | Derivatives | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 868.1 | 694.3 |
Financial instruments sold, not yet purchased, at fair value | 769.2 | 779.7 |
Fair Value, Measurements, Recurring | Level 2 | Commodities leases | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 16 | 26.4 |
Financial instruments sold, not yet purchased, at fair value | 0 | |
Fair Value, Measurements, Recurring | Level 2 | Commodities warehouse receipts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 0 | 0 |
Fair Value, Measurements, Recurring | Level 2 | Exchange firm common stock | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 0 | 0 |
Fair Value, Measurements, Recurring | Level 2 | Mutual funds and other | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 0 | 4.1 |
Fair Value, Measurements, Recurring | Level 2 | Cash flow hedges | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 1.7 | |
Financial instruments sold, not yet purchased, at fair value | 27.1 | 70.6 |
Fair Value, Measurements, Recurring | Level 2 | Other | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments sold, not yet purchased, at fair value | 10.9 | |
Fair Value, Measurements, Recurring | Level 2 | TBA and forward settling securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Deposits with and receivables from broker-dealers, clearing organizations and counterparties, net | 73.5 | 207.6 |
Fair Value, Measurements, Recurring | Level 2 | Foreign government obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Deposits with and receivables from broker-dealers, clearing organizations and counterparties, net | 0 | 0 |
Fair Value, Measurements, Recurring | Level 2 | U.S. Treasury obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Deposits with and receivables from broker-dealers, clearing organizations and counterparties, net | 0 | 0 |
Fair Value, Measurements, Recurring | Level 2 | Derivatives | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Deposits with and receivables from broker-dealers, clearing organizations and counterparties, net | 1,135.9 | 461.4 |
Fair Value, Measurements, Recurring | Level 2 | Commodities warehouse receipts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities and other assets segregated under federal and other regulations | 0 | 0 |
Fair Value, Measurements, Recurring | Level 2 | U.S. Treasury obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities and other assets segregated under federal and other regulations | 0 | |
Fair Value, Measurements, Recurring | Level 2 | Certificates of deposit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 0 | 0 |
Fair Value, Measurements, Recurring | Level 2 | Money market mutual funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 0 | 0 |
Securities and other assets segregated under federal and other regulations | 0 | 0 |
Deposits with and receivables from broker-dealers, clearing organizations and counterparties, net | 0 | 0 |
Receivable from clients, net - Derivatives | ||
Financial instruments owned | 2.8 | 0 |
Total assets at fair value | 2.8 | 0 |
Payables to clients - Derivatives | 0 | 0 |
Financial instruments sold, not yet purchased, at fair value | 1.1 | 0 |
Total liabilities at fair value | 2.6 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Contingent Consideration | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Accounts payable and other accrued liabilities | 1.5 | |
Fair Value, Measurements, Recurring | Level 3 | TBA and forward settling securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Payable to broker-dealers, clearing organizations and counterparties | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Derivatives | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Payable to broker-dealers, clearing organizations and counterparties | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Payables to Broker-dealers, Clearing Organizations and Counterparties | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Payable to broker-dealers, clearing organizations and counterparties | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Physical commodities inventory | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Physical commodities inventory | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 0 | 0 |
Financial instruments sold, not yet purchased, at fair value | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Corporate and municipal bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 0 | 0 |
Financial instruments sold, not yet purchased, at fair value | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | U.S. Treasury obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 0 | 0 |
Financial instruments sold, not yet purchased, at fair value | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | U.S. government agency obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 0 | 0 |
Financial instruments sold, not yet purchased, at fair value | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Foreign government obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 0 | 0 |
Financial instruments sold, not yet purchased, at fair value | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Agency mortgage-backed obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 0 | 0 |
Financial instruments sold, not yet purchased, at fair value | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Asset-backed obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Derivatives | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 0 | 0 |
Financial instruments sold, not yet purchased, at fair value | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Commodities leases | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 0 | 0 |
Financial instruments sold, not yet purchased, at fair value | 0 | |
Fair Value, Measurements, Recurring | Level 3 | Commodities warehouse receipts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Exchange firm common stock | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Mutual funds and other | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 2.8 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Cash flow hedges | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 0 | |
Financial instruments sold, not yet purchased, at fair value | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Other | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments sold, not yet purchased, at fair value | 1.1 | |
Fair Value, Measurements, Recurring | Level 3 | TBA and forward settling securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Deposits with and receivables from broker-dealers, clearing organizations and counterparties, net | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Foreign government obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Deposits with and receivables from broker-dealers, clearing organizations and counterparties, net | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | U.S. Treasury obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Deposits with and receivables from broker-dealers, clearing organizations and counterparties, net | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Derivatives | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Deposits with and receivables from broker-dealers, clearing organizations and counterparties, net | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Commodities warehouse receipts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities and other assets segregated under federal and other regulations | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | U.S. Treasury obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities and other assets segregated under federal and other regulations | 0 | |
Fair Value, Measurements, Recurring | Level 3 | Certificates of deposit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Money market mutual funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | $ 0 | $ 0 |
Assets and Liabilities, at Fa_4
Assets and Liabilities, at Fair Value - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2023 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Additional consideration payable related to acquisitions | $ 3.6 | |
Carrying value | $ 339.1 | $ 342.1 |
Senior Secured Notes due 2025 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate percentage | 8.625% | |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt, fair value | $ 351.8 |
Financial Instruments with Of_3
Financial Instruments with Off-Balance Sheet Risk and Concentrations of Credit Risk - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Derivatives, Fair Value [Line Items] | ||
Financial instruments sold, not yet purchased, at fair value | $ 3,085.6 | $ 2,469.6 |
Interest rate contracts | ||
Derivatives, Fair Value [Line Items] | ||
Maximum length of time hedged in cash flow hedge (in years) | 1 year | |
Foreign currency forwards | ||
Derivatives, Fair Value [Line Items] | ||
Maximum length of time hedged in cash flow hedge (in years) | 2 years | |
Fair Value, Measurements, Recurring | Derivatives | ||
Derivatives, Fair Value [Line Items] | ||
Financial instruments sold, not yet purchased, at fair value | $ 261.2 | $ 313.4 |
Fair Value, Measurements, Recurring | Not designated as hedging instrument | Derivatives | ||
Derivatives, Fair Value [Line Items] | ||
Financial instruments sold, not yet purchased, at fair value | $ 261.2 |
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) contract in Millions, $ in Millions | Sep. 30, 2023 USD ($) contract | Sep. 30, 2022 USD ($) contract |
Derivatives, Fair Value [Line Items] | ||
Derivative asset, fair value, gross asset | $ 8,200.3 | $ 9,657.2 |
Derivative liability, fair value, gross liability | 8,017.3 | 9,552.4 |
Impact of netting and collateral asset | (7,731.3) | (10,920.8) |
Impact of netting and collateral liability | $ (7,639) | $ (10,505) |
Derivative, number of instruments held | contract | 13.4 | 13.3 |
Not designated as hedging instrument | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, fair value, gross asset | $ 8,198.6 | $ 9,657.2 |
Derivative liability, fair value, gross liability | 7,990.2 | 9,481.8 |
Designated as hedging instrument | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, fair value, gross asset | 1.7 | 0 |
Derivative liability, fair value, gross liability | 27.1 | 70.6 |
Total fair value included in Deposits with and receivables from broker-dealers, clearing organizations, and counterparties, net | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, fair value, net | 206.7 | (1,455.7) |
Total fair value included in Receivable from clients, net | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, fair value, net | (7.9) | (0.5) |
Total fair value included in Financial instruments owned, at fair value | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, fair value, net | 270.2 | 192.6 |
Total fair value included in Payables to clients | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, fair value, net | 79.8 | (1,392.4) |
Total fair value included in Payables to broker-dealers, clearing organizations and counterparties | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, fair value, net | 10.2 | 55.8 |
Fair value included in Financial instruments sold, not yet purchased, at fair value | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, fair value, net | 288.3 | 384 |
Exchange-traded commodity derivatives | Not designated as hedging instrument | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, fair value, gross asset | 1,907 | 4,520.4 |
Derivative liability, fair value, gross liability | 1,890.3 | 4,519.3 |
OTC commodity derivatives | Not designated as hedging instrument | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, fair value, gross asset | 1,523.3 | 756.9 |
Derivative liability, fair value, gross liability | 1,456 | 695.6 |
Exchange-traded foreign exchange derivatives | Not designated as hedging instrument | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, fair value, gross asset | 4.3 | 25.6 |
Derivative liability, fair value, gross liability | 4.3 | 25.7 |
OTC foreign exchange derivatives | Not designated as hedging instrument | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, fair value, gross asset | 497.1 | 577.1 |
Derivative liability, fair value, gross liability | 455.3 | 549.3 |
Exchange-traded interest rate derivatives | Not designated as hedging instrument | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, fair value, gross asset | 1,507.6 | 2,626.8 |
Derivative liability, fair value, gross liability | 1,509.8 | 2,626.7 |
OTC interest rate derivatives | Not designated as hedging instrument | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, fair value, gross asset | 417.6 | 168.9 |
Derivative liability, fair value, gross liability | 417.6 | 205.1 |
OTC interest rate derivatives | Designated as hedging instrument | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liability, fair value, gross liability | 24.6 | 48.8 |
Exchange-traded equity index derivatives | Not designated as hedging instrument | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, fair value, gross asset | 2,140.9 | 609.5 |
Derivative liability, fair value, gross liability | 2,140.9 | 609.5 |
OTC equity and indices derivatives | Not designated as hedging instrument | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, fair value, gross asset | 127.3 | 164.4 |
Derivative liability, fair value, gross liability | 68.5 | 95.7 |
TBA and forward settling securities | Not designated as hedging instrument | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, fair value, gross asset | 73.5 | 207.6 |
Derivative liability, fair value, gross liability | 47.5 | 154.9 |
Interest rate swaps | Designated as hedging instrument | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, fair value, gross asset | 0 | 0 |
Derivative liability, fair value, gross liability | 24.6 | 48.8 |
Foreign currency forwards | Designated as hedging instrument | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, fair value, gross asset | 1.7 | 0 |
Derivative liability, fair value, gross liability | $ 2.5 | $ 21.8 |
Financial Instruments with Of_5
Financial Instruments with Off-Balance Sheet Risk and Concentrations of Credit Risk - Fair Values of Derivative Instruments Designated for Hedging Held (Details) - USD ($) $ in Millions | 12 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | $ 8,200.3 | $ 9,657.2 |
Liability Derivatives | 8,017.3 | 9,552.4 |
Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 1.7 | 0 |
Derivative assets, net expected to be released from Other comprehensive income into earnings within the next 12 months: | 1.4 | 0 |
Liability Derivatives | 27.1 | 70.6 |
Derivative liabilities, net expected to be released from Other comprehensive income into earnings within the next 12 months: | 21.3 | 18.6 |
Designated as Hedging Instrument | Interest rate contracts | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | 24.6 | 48.8 |
Derivative liabilities, net expected to be released from Other comprehensive income into earnings within the next 12 months: | 20.3 | 9.7 |
Designated as Hedging Instrument | Foreign currency forwards | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 1.7 | 0 |
Derivative assets, net expected to be released from Other comprehensive income into earnings within the next 12 months: | 1.4 | 0 |
Liability Derivatives | 2.5 | 21.8 |
Derivative liabilities, net expected to be released from Other comprehensive income into earnings within the next 12 months: | $ 1 | $ 8.9 |
Financial Instruments with Of_6
Financial Instruments with Off-Balance Sheet Risk and Concentrations of Credit Risk - Notional Values For Derivatives Instrument (Details) - Designated as Hedging Instrument £ in Millions, zł in Millions, $ in Millions | Sep. 30, 2023 USD ($) | Sep. 30, 2023 PLN (zł) | Sep. 30, 2023 GBP (£) | Sep. 30, 2022 USD ($) | Sep. 30, 2022 PLN (zł) | Sep. 30, 2022 GBP (£) |
Interest rate contracts | ||||||
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items] | ||||||
Derivative, notional amount | $ 2,000 | $ 1,500 | ||||
Foreign currency forwards | Polish Zloty | ||||||
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items] | ||||||
Derivative, notional amount | 34 | zł 156.1 | 0 | zł 0 | ||
Foreign currency forwards | British Pound Sterling | ||||||
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items] | ||||||
Derivative, notional amount | $ 206.9 | £ 168 | $ 207.3 | £ 168 |
Financial Instruments with Of_7
Financial Instruments with Off-Balance Sheet Risk and Concentrations of Credit Risk - Income Statement Effects of Derivative Instruments (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021 | |
Designated as Hedging Instrument | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Total derivatives designated as hedging instruments | $ (44.7) | $ 2.4 | |
Amount of gain reclassified from accumulated other comprehensive income into income as a result of a forecasted transaction that is no longer probable of occurring | 0 | 0 | |
Interest rate contracts | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Total derivatives designated as hedging instruments | 109 | 100.4 | $ 80.8 |
Interest rate contracts | Designated as Hedging Instrument | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Total derivatives designated as hedging instruments | (47) | 2.4 | |
Foreign currency forwards | Designated as Hedging Instrument | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Total derivatives designated as hedging instruments | $ 2.3 | $ 0 |
Financial Instruments with Of_8
Financial Instruments with Off-Balance Sheet Risk and Concentrations of Credit Risk - Accumulated Other Comprehensive Income Effects of Derivative Instruments (Details) - USD ($) $ in Millions | 12 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Amount of Gain (loss) Recognized in Other Comprehensive Income on Derivatives, net of tax | $ 35.1 | $ 53.5 |
Amount of Loss Reclassified from Accumulated Other Comprehensive Income into Income | (44.7) | 2.4 |
Interest rate contracts | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Amount of Gain (loss) Recognized in Other Comprehensive Income on Derivatives, net of tax | 18.4 | 37 |
Amount of Loss Reclassified from Accumulated Other Comprehensive Income into Income | (47) | 2.4 |
Foreign currency forwards | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Amount of Gain (loss) Recognized in Other Comprehensive Income on Derivatives, net of tax | 16.7 | 16.5 |
Amount of Loss Reclassified from Accumulated Other Comprehensive Income into Income | $ 2.3 | $ 0 |
Financial Instruments with Of_9
Financial Instruments with Off-Balance Sheet Risk and Concentrations of Credit Risk - Realized Gains/Losses on Derivative Contracts (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Cost of sales of physical commodities, Total revenues | Cost of sales of physical commodities, Total revenues | Cost of sales of physical commodities, Total revenues |
Commodities | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative instruments, gain (loss) recognized in income, net | $ 446.5 | $ 303.7 | $ 207.8 |
Foreign exchange | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative instruments, gain (loss) recognized in income, net | 269.2 | 174.4 | 116.3 |
Interest rate contracts | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative instruments, gain (loss) recognized in income, net | 109 | 100.4 | 80.8 |
TBA and forward settling securities | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative instruments, gain (loss) recognized in income, net | 73 | 226.8 | (6.3) |
Derivatives | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative instruments, gain (loss) recognized in income, net | $ 897.7 | $ 805.3 | $ 398.6 |
Allowance for Doubtful Accoun_3
Allowance for Doubtful Accounts - Narrative (Details) - USD ($) | Sep. 30, 2023 | Sep. 30, 2022 |
Receivables [Abstract] | ||
Allowance for doubtful accounts, deposits with and receivables from broker-dealers, clearings organizations, and counterparties | $ 100,000 | $ 1,400,000 |
Allowance for doubtful accounts receivable | 59,800,000 | 46,400,000 |
Allowance for doubtful accounts | $ 0 | $ 0 |
Allowance for Doubtful Accoun_4
Allowance for Doubtful Accounts - Allowance for Bad Debts (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2020 | |
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | ||||
Balance, beginning of year | $ 47.8 | $ 39.8 | $ 27.1 | |
Provision for bad debts | 12.5 | 12.4 | 10.4 | |
Allowance charge-offs | (0.5) | (5.6) | (5.9) | |
Other | 0.1 | 1.2 | 0 | |
Balance, end of year | 59.9 | 47.8 | 39.8 | $ 27.1 |
Bad debt expense not included in allowance | 4 | |||
Accounting Standards Update [Extensible Enumeration] | Accounting Standards Update 2016-13 [Member] | |||
Cumulative transition adjustment | ||||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | ||||
Balance, beginning of year | 0 | 0 | 8.2 | |
Balance, end of year | 0 | 0 | $ 8.2 | |
Adjusted balance | ||||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | ||||
Balance, beginning of year | $ 47.8 | 39.8 | 35.3 | |
Balance, end of year | $ 47.8 | $ 39.8 | $ 35.3 |
Physical Commodities Inventor_2
Physical Commodities Inventory - Physical Commodities Inventory (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Sep. 30, 2022 |
Inventory [Line Items] | ||
Physical Ag & Energy | $ 146.2 | $ 223.6 |
Precious metals - held by broker-dealer subsidiary | 386.5 | 359.8 |
Physical commodities inventory | 537.3 | 513.5 |
Physical Commodities Inventory - Precious Metals | ||
Inventory [Line Items] | ||
Precious metals - held by broker-dealer subsidiary | 240.3 | 136.3 |
Precious metals - held by non-broker-dealer subsidiaries | $ 150.8 | $ 153.6 |
Property and Equipment, net - N
Property and Equipment, net - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation expense | $ 36.3 | $ 30 | $ 21.3 |
Capitalized computer software, additions | $ 29.9 | $ 24.8 | |
Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Property plant and equipment, useful life | 3 years | ||
Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Property plant and equipment, useful life | 10 years |
Property and Equipment, net - P
Property and Equipment, net - Property and Equipment at cost less Accumulated Depreciation and Amortization (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Sep. 30, 2022 |
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | $ 230.2 | $ 186.1 |
Less: accumulated depreciation and amortization | (106.7) | (73.2) |
Property and equipment, net | 123.5 | 112.9 |
Furniture and fixtures | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 17.5 | 16 |
Software | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 38.1 | 34.4 |
Equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 49.9 | 45.3 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 47.7 | 43.3 |
Capitalized software development | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | $ 77 | $ 47.1 |
Goodwill - Goodwill by Segment
Goodwill - Goodwill by Segment (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Sep. 30, 2022 |
Goodwill [Line Items] | ||
Goodwill | $ 59.3 | $ 58.2 |
Commercial | ||
Goodwill [Line Items] | ||
Goodwill | 33.7 | 32.6 |
Institutional | ||
Goodwill [Line Items] | ||
Goodwill | 9.8 | 9.8 |
Retail | ||
Goodwill [Line Items] | ||
Goodwill | 5.8 | 5.8 |
Global Payments | ||
Goodwill [Line Items] | ||
Goodwill | $ 10 | $ 10 |
Goodwill - Narrative (Details)
Goodwill - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Goodwill, foreign currency translation gain (loss) | $ (0.3) | $ (0.1) |
Intangible Assets - Narrative (
Intangible Assets - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021 | |
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Amortization of intangible assets | $ 14.7 | $ 14.4 | $ 15.1 |
Client base | CDI | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived intangible assets acquired | 8.5 | ||
Trade/domain names | CDI | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived intangible assets acquired | $ 0.4 |
Intangible Assets - Gross and N
Intangible Assets - Gross and Net Intangible Assets by Major Class (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Sep. 30, 2022 |
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets, gross amount | $ 70.9 | $ 61.5 |
Finite-lived intangible assets, accumulated amortization | (53.4) | (39) |
Finite-lived intangible assets, net amount | 17.5 | 22.5 |
Indefinite-lived intangible assets | 5.6 | 5.5 |
Intangible assets, gross amount | 76.5 | 67 |
Total intangible assets, net amount | 23.1 | 28 |
Website domains | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Indefinite-lived intangible assets | 1.9 | 1.8 |
Business licenses | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Indefinite-lived intangible assets | 3.7 | 3.7 |
Trade/domain names | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived trade/domain names, gross amount | 4.1 | 3.7 |
Finite-lived intangible assets, accumulated amortization | (2.4) | (1.6) |
Finite-lived intangible assets, net amount | 1.7 | 2.1 |
Software programs/platforms | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived software programs/platforms, gross amount | 28.5 | 28.3 |
Finite-lived intangible assets, accumulated amortization | (26.9) | (19.4) |
Finite-lived intangible assets, net amount | 1.6 | 8.9 |
Client base | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived customer base, gross amount | 38.3 | 29.5 |
Finite-lived intangible assets, accumulated amortization | (24.1) | (18) |
Finite-lived intangible assets, net amount | $ 14.2 | $ 11.5 |
Intangible Assets - Finite-Live
Intangible Assets - Finite-Lived Intangible Assets Future Amortization Expense (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Sep. 30, 2022 |
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract] | ||
Fiscal 2024 | $ 6.7 | |
Fiscal 2025 | 3.6 | |
Fiscal 2026 | 2.8 | |
Fiscal 2027 | 2.2 | |
Fiscal 2028 and thereafter | 2.2 | |
Finite-lived intangible assets, net amount | $ 17.5 | $ 22.5 |
Leases - Narrative (Details)
Leases - Narrative (Details) $ in Millions | 12 Months Ended | |
Sep. 30, 2023 USD ($) option | Sep. 30, 2022 USD ($) | |
Lessee, Lease, Description [Line Items] | ||
Number of options to renew (or more) | option | 1 | |
Termination period | 2 years | |
Operating right of use assets | $ 122.1 | $ 121.8 |
Operating lease liabilities | $ 149.3 | $ 143 |
Building | Minimum | ||
Lessee, Lease, Description [Line Items] | ||
Renewal term | 3 years | |
Building | Maximum | ||
Lessee, Lease, Description [Line Items] | ||
Renewal term | 10 years |
Leases - Operating Lease Costs
Leases - Operating Lease Costs and Other Related Information (Details) - USD ($) $ in Millions | 12 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Leases [Abstract] | ||
Operating lease costs | $ 28 | $ 25.7 |
Cash paid for amounts included in the measurement of operating lease liabilities | 18.4 | 16.4 |
Right-of-use assets obtained in exchange for operating lease liabilities | $ 14.3 | $ 12.4 |
Weighted average remaining lease term (years) | 9 years 9 months 18 days | 10 years 10 months 24 days |
Weighted average discount rate | 4.50% | 4.30% |
Leases - Maturities of Lease Li
Leases - Maturities of Lease Liabilities (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Sep. 30, 2022 |
Leases [Abstract] | ||
2024 | $ 19.9 | |
2025 | 19.7 | |
2026 | 20.2 | |
2027 | 19.8 | |
2028 | 17.8 | |
After 2028 | 85.9 | |
Total lease payments | 183.3 | |
Less: interest | 34 | |
Present value of lease liabilities | $ 149.3 | $ 143 |
Credit Facilities - Credit Faci
Credit Facilities - Credit Facilities (Details) | Sep. 30, 2023 USD ($) |
Revolving Credit Facility | |
Line of Credit Facility [Line Items] | |
Maximum borrowing capacity under credit facilities | $ 1,200,000,000 |
Credit Facilities - Senior Secu
Credit Facilities - Senior Secured Notes (Details) | Sep. 30, 2023 USD ($) |
Revolving Credit Facility | |
Debt Instrument [Line Items] | |
Maximum borrowing capacity under credit facilities, current | $ 410,000,000 |
Senior Notes | |
Debt Instrument [Line Items] | |
Interest rate percentage | 8.625% |
Senior Secured Notes due 2025 | |
Debt Instrument [Line Items] | |
Interest rate percentage | 8.625% |
Senior Secured Notes due 2025 | Senior Notes | |
Debt Instrument [Line Items] | |
Debt issuance costs, gross | $ 9,500,000 |
Credit Facilities - Credit Fa_2
Credit Facilities - Credit Facilities and Financing Bridge Commitment (Details) | 12 Months Ended | |
Sep. 30, 2023 USD ($) lender | Sep. 30, 2022 USD ($) | |
Line of Credit Facility [Line Items] | ||
Uncommitted Credit Facilities | $ 55,500,000 | $ 0 |
Notes payable to bank | 7,500,000 | 8,100,000 |
Senior Secured Notes | 342,100,000 | 339,100,000 |
Lenders under loans | $ 683,100,000 | 824,200,000 |
Notes payable to bank | ||
Line of Credit Facility [Line Items] | ||
Debt instrument, basis spread on variable rate | 2.35% | |
Senior Secured Notes | ||
Line of Credit Facility [Line Items] | ||
Interest rate percentage | 8.625% | |
Debt instrument, unamortized discount (premium) and debt issuance costs, net | $ 5,800,000 | |
Senior StoneX Group Inc. Committed Credit Facility | Secured Debt | ||
Line of Credit Facility [Line Items] | ||
Line of credit facility borrowing | $ 42,500,000 | |
Debt instrument, number of lenders | lender | 1 | |
Revolving Credit Facility | ||
Line of Credit Facility [Line Items] | ||
Maximum borrowing capacity under credit facilities | $ 1,200,000,000 | |
Amount outstanding | 278,000,000 | 477,000,000 |
Revolving Credit Facility | Senior StoneX Group Inc. Committed Credit Facility | ||
Line of Credit Facility [Line Items] | ||
Line of credit facility borrowing | 500,000,000 | |
Long-term line of credit, noncurrent | $ 150,000,000 | 260,000,000 |
Revolving Credit Facility | Senior StoneX Group Inc. Committed Credit Facility | Base Rate | ||
Line of Credit Facility [Line Items] | ||
Debt instrument, basis spread on variable rate | 9.50% | |
Revolving Credit Facility | Senior StoneX Group Inc. Committed Credit Facility | SOFR | ||
Line of Credit Facility [Line Items] | ||
Debt instrument, basis spread on variable rate | 7.42% | |
Revolving Credit Facility | StoneX Financial Inc. | ||
Line of Credit Facility [Line Items] | ||
Line of credit facility borrowing | $ 190,000,000 | |
Line of credit facility | $ 0 | 0 |
Interest rate percentage | 8% | |
Revolving Credit Facility | StoneX Commodity Solutions LLC | ||
Line of Credit Facility [Line Items] | ||
Line of credit facility borrowing | $ 400,000,000 | |
Line of credit facility | $ 103,000,000 | 217,000,000 |
Revolving Credit Facility | StoneX Commodity Solutions LLC | Base Rate | ||
Line of Credit Facility [Line Items] | ||
Debt instrument, basis spread on variable rate | 8.50% | |
Revolving Credit Facility | StoneX Commodity Solutions LLC | SOFR | ||
Line of Credit Facility [Line Items] | ||
Debt instrument, basis spread on variable rate | 7.69% | |
Revolving Credit Facility | StoneX Financial Ltd. | ||
Line of Credit Facility [Line Items] | ||
Line of credit facility borrowing | $ 100,000,000 | |
Line of credit facility | $ 25,000,000 | 0 |
Interest rate percentage | 7.81% | |
Revolving Credit Facility | StoneX Financial Pte. Ltd. | ||
Line of Credit Facility [Line Items] | ||
Line of credit facility borrowing | $ 10,000,000 | |
Line of credit facility | $ 0 | $ 0 |
Interest rate percentage | 7.81% |
Securities and Commodity Fina_3
Securities and Commodity Financing Transactions - Collateral Maturities of Gross Obligations (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Sep. 30, 2022 |
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities sold under agreements to repurchase, gross | $ 9,196.4 | $ 6,133.5 |
Securities loaned | 1,117.3 | 1,189.5 |
Gross amount of secured financing | 10,313.7 | 7,323 |
Overnight and Open | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities sold under agreements to repurchase, gross | 8,300 | 3,664.7 |
Securities loaned | 1,117.3 | 1,189.5 |
Gross amount of secured financing | 9,417.3 | 4,854.2 |
Less than 30 Days | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities sold under agreements to repurchase, gross | 786.8 | 2,279.1 |
Securities loaned | 0 | 0 |
Gross amount of secured financing | 786.8 | 2,279.1 |
30-90 Days | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities sold under agreements to repurchase, gross | 107 | 186.3 |
Securities loaned | 0 | 0 |
Gross amount of secured financing | 107 | 186.3 |
Over 90 Days | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities sold under agreements to repurchase, gross | 2.6 | 3.4 |
Securities loaned | 0 | 0 |
Gross amount of secured financing | $ 2.6 | $ 3.4 |
Securities and Commodity Fina_4
Securities and Commodity Financing Transactions - Underlying Collateral Types of Gross Obligations (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Sep. 30, 2022 |
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities sold under agreements to repurchase | $ 9,196.4 | $ 6,133.5 |
Securities loaned | 1,117.3 | 1,189.5 |
Gross amount of secured financing | 10,313.7 | 7,323 |
U.S. Treasury obligations | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities sold under agreements to repurchase | 3,696.1 | 1,311 |
U.S. government agency obligations | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities sold under agreements to repurchase | 542.2 | 604.1 |
Asset-backed obligations | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities sold under agreements to repurchase | 102.9 | 178 |
Agency mortgage-backed obligations | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities sold under agreements to repurchase | 4,371.6 | 3,762.5 |
Foreign government obligations | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities sold under agreements to repurchase | 148.1 | 97.2 |
Corporate bonds | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities sold under agreements to repurchase | 335.5 | 180.7 |
Equity securities | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities loaned | $ 1,117.3 | $ 1,189.5 |
Securities and Commodity Fina_5
Securities and Commodity Financing Transactions - Netting of Securities Purchased Under Agreements (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Sep. 30, 2022 |
Broker-Dealer [Abstract] | ||
Securities purchased under agreements to resell, gross | $ 7,649.3 | $ 4,609.9 |
Securities purchased under agreements to resell, offset | (4,669.8) | (2,937.9) |
Securities purchased under agreements to resell, net | 2,979.5 | 1,672 |
Securities borrowed, gross | 1,129.1 | 1,209.8 |
Securities borrowed, net | 1,129.1 | 1,209.8 |
Securities sold under agreements to repurchase, gross | 9,196.4 | 6,133.5 |
Securities sold under agreements to repurchase, offset | (4,669.8) | (2,937.9) |
Securities sold under agreements to repurchase, net | 4,526.6 | 3,195.6 |
Securities loaned, gross | 1,117.3 | 1,189.5 |
Securities loaned, net | $ 1,117.3 | $ 1,189.5 |
Securities and Commodity Fina_6
Securities and Commodity Financing Transactions - Carrying Value of Collateral Pledged, Received and Repledged (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Sep. 30, 2022 |
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities pledged or repledged to cover collateral requirements for tri-party arrangements | $ 5,044.8 | $ 4,167.3 |
Securities received as collateral that may be repledged | 9,180.1 | 5,836.1 |
Securities received as collateral that may be repledged covering securities sold short | 2,461.1 | 1,615.3 |
Asset Pledged as Collateral with Right | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Repledged securities borrowed and client securities held under custodial clearing arrangements to collateralize securities loaned agreements | 1,097.3 | 1,146 |
Tri-party Repurchase Agreements | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities pledged or repledged to cover collateral requirements for tri-party arrangements | $ 4,726.6 | $ 3,787.8 |
Commitments and Contingencies (
Commitments and Contingencies (Details) $ / shares in Units, $ in Millions | 1 Months Ended | 12 Months Ended | |||
Sep. 30, 2023 USD ($) $ / shares shares | Nov. 30, 2018 account | Sep. 30, 2023 USD ($) $ / shares shares | Sep. 30, 2022 USD ($) shares | Jul. 30, 2020 shares | |
Loss Contingencies [Line Items] | |||||
Loss contingency, range of possible loss, portion not accrued | $ 17.2 | $ 17.2 | |||
Maximum amount of individual accounts receivable account | 1.4 | 1.4 | |||
Accrual | $ 5.1 | $ 5.1 | |||
Common stock outstanding (in shares) | shares | 20,796,637 | 20,796,637 | 20,303,904 | ||
Purchase obligation, due in next twelve months | $ 5,901.5 | $ 5,901.5 | |||
Purchase obligation, due in second and third year | 593 | 593 | |||
Purchase obligation, due in fourth and fifth year | 53.1 | 53.1 | |||
Purchase obligation, due after fifth year | 90.3 | 90.3 | |||
Purchase obligation, due in next twelve months | 5,689 | $ 5,689 | |||
Percentage of stop loss actual estimated claims | 120% | ||||
Self insurance reserve and dental claims | 1.9 | $ 1.9 | $ 1.3 | ||
Gain Capital Holdings Inc | |||||
Loss Contingencies [Line Items] | |||||
Purchase of shareholders equity interest | $ 20.1 | ||||
Business acquisition, share price (in dollars per share) | $ / shares | $ 6 | $ 6 | |||
StoneX Financial | |||||
Loss Contingencies [Line Items] | |||||
Number of accounts | account | 300 | ||||
Gain Capital Holdings Inc | |||||
Loss Contingencies [Line Items] | |||||
Common stock outstanding (in shares) | shares | 3,400,000 | 3,400,000 | 3,600,000 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss, Net (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | $ 1,070.1 | $ 904 | $ 767.5 |
Other comprehensive income (loss) | 38.8 | (65.5) | 14.8 |
Amounts reclassified from AOCI, net of tax | 0 | 0 | 0.2 |
Other comprehensive income/(loss) | 38.8 | (65.5) | 15 |
Ending balance | 1,379.1 | 1,070.1 | 904 |
Foreign Currency Translation Adjustment | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | (34.4) | (22.7) | (36) |
Other comprehensive income (loss) | 3.2 | (11.7) | 13.3 |
Amounts reclassified from AOCI, net of tax | 0 | ||
Other comprehensive income/(loss) | 3.2 | (11.7) | 13.3 |
Ending balance | (31.2) | (34.4) | (22.7) |
Pension Benefits Adjustment | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | (2.7) | (2.4) | (4.1) |
Other comprehensive income (loss) | 0.5 | (0.3) | 1.5 |
Amounts reclassified from AOCI, net of tax | 0.2 | ||
Other comprehensive income/(loss) | 0.5 | (0.3) | 1.7 |
Ending balance | (2.2) | (2.7) | (2.4) |
Cash Flow Hedge | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | (53.5) | 0 | 0 |
Other comprehensive income (loss) | 35.1 | (53.5) | 0 |
Amounts reclassified from AOCI, net of tax | 0 | ||
Other comprehensive income/(loss) | 35.1 | (53.5) | 0 |
Ending balance | (18.4) | (53.5) | 0 |
Accumulated Other Comprehensive Loss, net | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | (90.6) | (25.1) | (40.1) |
Other comprehensive income/(loss) | 38.8 | (65.5) | 15 |
Ending balance | $ (51.8) | $ (90.6) | $ (25.1) |
Revenue from Contracts with C_3
Revenue from Contracts with Clients - Narrative (Details) | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021 | |
Disaggregation of Revenue [Line Items] | |||
Term of risk management consulting contracts | 6 months | ||
Clients | Revenue from Contract with Customer Benchmark | Customer Concentration Risk | |||
Disaggregation of Revenue [Line Items] | |||
Percentage of operating revenues | 5.70% | 5.50% | 5% |
Revenue from Contracts with C_4
Revenue from Contracts with Clients - Revenue from Contracts with Clients (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021 | |
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | $ 3,493.4 | $ 3,607.5 | $ 2,119.5 |
Principal gains, net | 1,079.9 | 1,145.2 | 892 |
Interest income | 987.6 | 219 | 102.4 |
Total revenues | 60,856.1 | 66,036 | 42,534.2 |
Point-in-time | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 3,338.1 | 3,489.5 | 2,021.8 |
Time elapsed | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 155.3 | 118 | 97.7 |
Exchange-traded futures and options | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 214.1 | 210.7 | 190.6 |
OTC derivative brokerage | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 14.5 | 16.8 | 15.9 |
Equities and fixed income | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 57.8 | 62.9 | 60.5 |
Mutual funds | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 3 | 4.1 | 5.5 |
Insurance and annuity products | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 9.2 | 9.3 | 9.7 |
Other | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 3.4 | 3.1 | 2.3 |
Total sales-based commission | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 302 | 306.9 | 284.5 |
Mutual funds | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 12.4 | 14.1 | 14.5 |
Insurance and annuity products | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 14.2 | 16 | 17 |
Total trailing commission | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 26.6 | 30.1 | 31.5 |
Clearing fees | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 153.3 | 153.2 | 150.9 |
Trade conversion fees | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 8.5 | 11.5 | 11.2 |
Other | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 8 | 6.2 | 9.1 |
Total commission and clearing fees | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 498.4 | 507.9 | 487.2 |
Total revenues | 498.4 | 507.9 | 487.2 |
Underwriting fees | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 0.7 | 0.5 | 0.6 |
Asset management fees | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 45.1 | 43.9 | 38.3 |
Advisory and consulting fees | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 35 | 30.9 | 24.9 |
Sweep program fees | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 48.6 | 13.1 | 3 |
Client account fees | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 15.9 | 16 | 15.8 |
Other | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 13.7 | 6.9 | 8.4 |
Total consulting, management, and account fees | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 159 | 111.3 | 91 |
Total revenues | 159 | 111.3 | 91 |
Precious metals sales under ASC Topic 606 | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 2,836 | 2,988.3 | 1,541.3 |
Physical precious metals under ASC Topic 815 | |||
Disaggregation of Revenue [Line Items] | |||
Sales of physical commodities | 50,979.5 | 57,404.3 | 37,250.4 |
Physical agricultural and energy products | |||
Disaggregation of Revenue [Line Items] | |||
Sales of physical commodities | $ 4,315.7 | $ 3,660 | $ 2,169.9 |
Revenue from Contracts with C_5
Revenue from Contracts with Clients - Schedule of Principal Gains, Net Related To Income and Expense of Dividends (Details) - Equity position - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021 | |
Disaggregation of Revenue [Line Items] | |||
Dividend (loss)/income net of dividend expense reported within Principal Gains, net | $ (1.3) | $ 8.3 | $ 1.4 |
Long | |||
Disaggregation of Revenue [Line Items] | |||
Dividend (loss)/income net of dividend expense reported within Principal Gains, net | 32 | 142.3 | 282.7 |
Short | |||
Disaggregation of Revenue [Line Items] | |||
Dividend (loss)/income net of dividend expense reported within Principal Gains, net | $ (33.3) | $ (134) | $ (281.3) |
Share-Based Compensation - Narr
Share-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021 | |
Share-Based Payment Arrangement [Abstract] | |||
Share-based compensation arrangement by share-based payment award, number of shares authorized (in shares) | 2.4 | ||
Stock options authorized (in shares) | 1.7 | ||
Allocated share-based compensation expense | $ 28 | $ 17.8 | $ 13.9 |
Weighted average grant date fair value, granted (in dollar per share) | $ 33.21 | $ 22.82 | $ 19.83 |
Employee service share-based compensation, non vested awards, total compensation cost not yet recognized, stock options | $ 9.2 | ||
Employee service share-based compensation, non vested awards, total compensation cost not yet recognized, period for recognition (in years) | 3 years 11 months 12 days | ||
Share-based compensation arrangement by share-based payment award, options, exercises in period, total intrinsic value | $ 4.2 | $ 39 | $ 11.7 |
Employee service share-based compensation, nonvested awards, total compensation cost not yet recognized | $ 40.5 | ||
Employee service share-based compensation, nonvested awards, total compensation cost not yet recognized, period for recognition, restricted stock | 1 year 2 months 26 days |
Share-Based Compensation - Stoc
Share-Based Compensation - Stock Option Plan Fair Value Weighted-Average Assumptions (Details) | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021 | |
Share-Based Payment Arrangement [Abstract] | |||
Expected stock price volatility | 42% | 39% | 38% |
Expected dividend yield | 0% | 0% | 0% |
Risk free interest rate | 1.60% | 1.54% | 1.68% |
Average expected life (in years) | 4 years 3 months | 5 years 2 months 15 days | 4 years 6 months |
Share-Based Compensation - St_2
Share-Based Compensation - Stock Options Activity (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021 | |
Number of Options Outstanding | |||
Number of options outstanding, beginning (in shares) | 1,199,345 | ||
Number of options outstanding, granted (in shares) | 81,750 | ||
Number of options outstanding, exercised (in shares) | (83,794) | ||
Number of options outstanding, forfeited (in shares) | (19,849) | ||
Number of options outstanding, expired (in shares) | (2,088) | ||
Number of options outstanding, ending (in shares) | 1,175,364 | 1,199,345 | |
Number of options outstanding, exercisable (in shares) | 387,810 | ||
Weighted Average Exercise Price | |||
Weighted average exercise price, beginning (in dollar per share) | $ 50.46 | ||
Weighted average exercise price, granted (in dollar per share) | 93.70 | ||
Weighted average exercise price, exercised (in dollar per share) | 47.13 | ||
Weighted average exercise price, forfeited (in dollar per share) | 65.10 | ||
Weighted average exercise price, expired (in dollar per share) | 49.92 | ||
Weighted average exercise price, ending (in dollar per share) | 53.46 | $ 50.46 | |
Weighted average exercise price, exercisable (in dollar per share) | 49.20 | ||
Weighted Average Grant Date Fair Value | |||
Weighted average grant date fair value, beginning (in dollar per share) | 14.57 | ||
Weighted average grant date fair value, granted (in dollar per share) | 33.21 | 22.82 | $ 19.83 |
Weighted average grant date fair value, exercised (in dollar per share) | 13.06 | ||
Weighted average grant date fair value, forfeited (in dollar per share) | 23.39 | ||
Weighted average grant date fair value, expired (in dollar per share) | 14.74 | ||
Weighted average grant date fair value, ending (in dollar per share) | 15.82 | $ 14.57 | |
Weighted average grant date fair value, exercisable (in dollar per share) | $ 13.61 | ||
Stock Option Activity, Additional Disclosures | |||
Weighted average remaining term (in years) | 3 years 9 months 18 days | 4 years 6 months 14 days | |
Weighted average remaining term (in years), exercisable | 3 years 5 months 26 days | ||
Aggregate intrinsic value | $ 51.1 | $ 39 | |
Aggregate intrinsic value, exercisable | $ 18.5 |
Share-Based Compensation - Opti
Share-Based Compensation - Options by Exercise Price (Details) | 12 Months Ended |
Sep. 30, 2023 $ / shares shares | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Number of outstanding options (in shares) | shares | 1,175,364 |
Weighted average exercise price (in dollars per share) | $ 53.46 |
Weighted average remaining term (in years) | 3 years 9 months 18 days |
$40.00 - $45.00 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise price range, lower range limit (in dollars per share) | $ 40 |
Exercise price range, upper range limit (in dollars per share) | $ 45 |
Number of outstanding options (in shares) | shares | 700,000 |
Weighted average exercise price (in dollars per share) | $ 45 |
Weighted average remaining term (in years) | 3 years 2 months 4 days |
$45.00 - $95.00 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise price range, lower range limit (in dollars per share) | $ 45 |
Exercise price range, upper range limit (in dollars per share) | $ 95 |
Number of outstanding options (in shares) | shares | 475,364 |
Weighted average exercise price (in dollars per share) | $ 65.92 |
Weighted average remaining term (in years) | 4 years 8 months 15 days |
Share-Based Compensation - Rest
Share-Based Compensation - Restricted Stock Plan (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Number of Shares Outstanding | ||
Number of shares outstanding, beginning (in shares) | 579,666 | |
Number of shares outstanding, granted (in shares) | 413,545 | |
Number of shares outstanding, vested (in shares) | (305,561) | |
Number of shares outstanding, forfeited (in shares) | (638) | |
Number of shares outstanding, ending (in shares) | 687,012 | 579,666 |
Weighted Average Grant Date Fair Value | ||
Weighted average grant date fair value, beginning (in dollar per share) | $ 60.22 | |
Weighted average grant date fair value, granted (in dollar per share) | 93.59 | |
Weighted average grant date fair value, vested (in dollar per share) | 58.38 | |
Weighted average grant date fair value, forfeited (in dollar per share) | 80.69 | |
Weighted average grant date fair value, ending (in dollars per share) | $ 81.10 | $ 60.22 |
Stock Option Activity, Additional Disclosures | ||
Weighted average remaining term (in years) | 1 year 2 months 26 days | 1 year 2 months 19 days |
Aggregate intrinsic value | $ 66.5 | $ 48.1 |
Retirement Plans - Defined Bene
Retirement Plans - Defined Benefit Retirement Plans (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Net periodic benefit cost (benefit) | $ 0.3 | $ (0.1) | $ (0.3) |
Expected long-term return | 4.15% | ||
Defined benefit plan contributions | $ 0.1 | 0.1 | |
Defined benefit plan, expected future benefit payment, year one | 2.1 | ||
Defined benefit plan, expected future benefit payment, year two | 2 | ||
Defined benefit plan, expected future benefit payment, year three | 2 | ||
Defined benefit plan, expected future benefit payment, year four | 2.1 | ||
Defined benefit plan, expected future benefit payment, year five | 2.1 | ||
Defined benefit plan, expected future benefit payment, five fiscal years thereafter | 9.9 | ||
Qualified Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, plan assets, amount | 29.6 | 30.9 | |
Defined benefit plan, benefit obligation | $ 24.6 | $ 26.3 | |
Defined benefit plan, assumptions used calculating benefit obligation, discount rate | 5.80% | 5.40% | |
Defined benefit plan, funded (unfunded) status of plan | $ 5 | $ 4.6 | |
Nonqualified Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, benefit obligation | 1.1 | 1.2 | |
Defined benefit plan, funded (unfunded) status of plan | (1.1) | (1.2) | |
Nonqualified Plan | Maximum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, plan assets, amount | $ 0.1 | $ 0.1 | |
Debt Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, plan assets, actual allocation, percentage | 90% | ||
Equity Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, plan assets, actual allocation, percentage | 10% |
Retirement Plans - Defined Cont
Retirement Plans - Defined Contribution Retirement Plans (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021 | |
Defined Contribution Plan Disclosure [Line Items] | |||
Defined contribution plan, employer discretionary contribution amount | $ 19.2 | $ 16.9 | $ 15.2 |
United States | 401k Plan | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Defined contribution plan, employer matching contribution, percent of employees' gross pay | 62.50% | ||
Defined contribution plan, employers matching contribution, annual vesting percentage | 8% | ||
Defined contribution plan, employers matching contribution, annual vesting percentage, two to three years | 33% | ||
Defined contribution plan, employers matching contribution, annual vesting percentage, three to four years | 66% | ||
Defined contribution plan, employers matching contribution, annual vesting percentage, all years | 100% | ||
United Kingdom | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Defined contribution plan, employers matching contribution, annual vesting percentage | 100% | ||
Minimum | United States | 401k Plan | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Defined contribution plan, annual contributions per employee, percent | 1% | ||
Maximum | United States | 401k Plan | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Defined contribution plan, annual contributions per employee, percent | 80% | ||
Maximum | United Kingdom | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Defined contribution plan, employer matching contribution, percent of employees' gross pay | 10% |
Other Expenses - Components (De
Other Expenses - Components (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021 | |
Other Expenses [Abstract] | |||
Non-income taxes | $ 16.8 | $ 13.5 | $ 14.8 |
Insurance | 11.1 | 10.8 | 7.1 |
Employee related expenses | 10.1 | 9.6 | 7 |
Other direct business expenses | 14.8 | 10 | 6.3 |
Membership fees | 3.4 | 3.3 | 2.8 |
Director and public company expenses | 2.3 | 1.8 | 1.5 |
Office expenses | 1.9 | 1.7 | 1.3 |
Other expenses | 6 | 9.9 | 5.5 |
Total other expenses | $ 66.4 | $ 60.6 | $ 46.3 |
Income Taxes - Income Tax Expen
Income Taxes - Income Tax Expense (Benefit) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | |||
Income tax expense attributable to income from operations | $ 84.5 | $ 70.1 | $ 37.8 |
Taxes allocated to stockholders’ equity, related to pension liabilities | 0.2 | (0.1) | 0.5 |
Taxes allocated to stockholders’ equity, related to hedge accounting | 11.1 | (17) | 0 |
Total income tax expense | $ 95.8 | $ 53 | $ 38.3 |
Income Taxes - Current and Defe
Income Taxes - Current and Deferred Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021 | |
Current taxes: | |||
U.S. federal | $ 15.8 | $ 8.2 | $ 6.7 |
U.S. state and local | 3.9 | 3.6 | (0.1) |
Total current taxes | 86.9 | 70.4 | 34.6 |
Deferred taxes: | |||
U.S. federal | (1.1) | 3.4 | 1.4 |
U.S. state and local | 0 | (0.1) | 2.7 |
Total deferred taxes | (2.4) | (0.3) | 3.2 |
Income tax expense | 84.5 | 70.1 | 37.8 |
Australia | |||
Current taxes: | |||
Foreign tax expense | 2.2 | 2.8 | 1.8 |
Deferred taxes: | |||
Other international | 0.1 | (0.2) | 0.3 |
Brazil | |||
Current taxes: | |||
Foreign tax expense | 16 | 12.6 | 8 |
Deferred taxes: | |||
Other international | 0 | (0.8) | (1.3) |
Germany | |||
Current taxes: | |||
Foreign tax expense | 4.5 | 8.9 | 6 |
Singapore | |||
Current taxes: | |||
Foreign tax expense | 4.9 | 2 | 1.9 |
Deferred taxes: | |||
Other international | 0 | 0 | 0.4 |
Switzerland | |||
Current taxes: | |||
Foreign tax expense | 2.6 | 0 | 0 |
Deferred taxes: | |||
Other international | 0.4 | 0 | 0 |
United Kingdom | |||
Current taxes: | |||
Foreign tax expense | 30.9 | 29.2 | 6.6 |
Deferred taxes: | |||
Other international | (1.4) | (2.7) | 0.1 |
Other international | |||
Current taxes: | |||
Foreign tax expense | 6.1 | 3.1 | 3.7 |
Deferred taxes: | |||
Other international | $ (0.4) | $ 0.1 | $ (0.4) |
Income Taxes - U.S. and Interna
Income Taxes - U.S. and International Components of Income from Operations (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021 | |
Operating Loss Carryforwards [Line Items] | |||
U.S. | $ 135.1 | $ 50 | $ 37.3 |
Income from operations, before tax | 323 | 277.2 | 154.1 |
Australia | |||
Operating Loss Carryforwards [Line Items] | |||
Non-U.S. | 7.4 | 8.7 | 7.8 |
Brazil | |||
Operating Loss Carryforwards [Line Items] | |||
Non-U.S. | 35.3 | 25.3 | 13.7 |
Germany | |||
Operating Loss Carryforwards [Line Items] | |||
Non-U.S. | 13.3 | 27.8 | 17.2 |
Singapore | |||
Operating Loss Carryforwards [Line Items] | |||
Non-U.S. | 38.1 | 19.4 | 16 |
Switzerland | |||
Operating Loss Carryforwards [Line Items] | |||
Non-U.S. | 22.5 | 0 | 0 |
United Kingdom | |||
Operating Loss Carryforwards [Line Items] | |||
Non-U.S. | 77.7 | 104.8 | 41.4 |
Other international | |||
Operating Loss Carryforwards [Line Items] | |||
Non-U.S. | $ (6.4) | $ 41.2 | $ 20.7 |
Income Taxes - Effective Rate R
Income Taxes - Effective Rate Reconciliation (Details) | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | |||
Federal statutory rate effect of: | 21% | 21% | 21% |
U.S. State and local income taxes | 1% | 1% | 1.80% |
Foreign earnings and losses taxed at different rates | 1.10% | 1.10% | 1% |
Change in valuation allowance | (0.40%) | 0.90% | 1.90% |
U.K. bank tax | 0.003 | 0.026 | 0.004 |
U.S. permanent items | 0.002 | 0.002 | (0.012) |
Non-deductible compensation | 2% | 0.70% | 1.90% |
Foreign permanent items | 0.40% | (2.80%) | (2.30%) |
U.S. bargain purchase gain | (1.40%) | 0% | (0.50%) |
GILTI | 2% | 0.60% | 0.60% |
Effective rate | 26.20% | 25.30% | 24.60% |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Sep. 30, 2022 |
Deferred tax assets: | ||
Share-based compensation | $ 7.4 | $ 4.8 |
Deferred compensation | 5.4 | 5.1 |
Net operating loss carryforwards | 17.2 | 18.7 |
Intangible assets | 3.8 | 6.4 |
Bad debt reserve | 9.6 | 7.8 |
Hedging | 5.9 | 17 |
Foreign tax credit carryforwards | 0.6 | 1.6 |
Other compensation | 7.8 | 8 |
Pension | 3.6 | 2.1 |
Right of use assets | 20.1 | 23.8 |
Other | 1.1 | 2 |
Total gross deferred tax assets | 82.5 | 97.3 |
Less valuation allowance | (12.4) | (15.8) |
Deferred tax assets | 70.1 | 81.5 |
Deferred income tax liabilities: | ||
Unrealized gain on securities | 2.8 | 2.5 |
Prepaid expenses | 5 | 3.8 |
Property and equipment | 1.6 | 2 |
Right of use liabilities | 17.2 | 20.8 |
Mark to market on inventory | 4.8 | 0 |
Other deferred liabilities | 1.4 | 0.4 |
Deferred income tax liabilities | 32.8 | 29.5 |
Deferred income taxes, net | $ 37.3 | $ 52 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Income Tax Disclosure [Abstract] | ||
Operating loss carryforwards | $ 5.4 | $ 5.2 |
State and local net operating loss carryforwards of net of valuation allowance | 4.4 | |
Federal operating loss carryforwards, net of valuation allowances | 0.7 | |
Foreign operating loss carryforwards, net of valuation allowances | 0.4 | |
Valuation allowance | 12.4 | 15.8 |
Decrease in total valuation allowance | 3.4 | |
Foreign earnings repatriated | $ 35.5 | $ 29.7 |
Acquisitions - Cotton Distribut
Acquisitions - Cotton Distributors Inc. (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Oct. 31, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021 | |
Business Acquisition [Line Items] | ||||
Net operating revenues | $ 1,621 | $ 1,475.9 | $ 1,150 | |
Net income | 238.5 | $ 207.1 | $ 116.3 | |
Cotton Distributors Inc. | ||||
Business Acquisition [Line Items] | ||||
Purchase price | $ 42.7 | |||
Net operating revenues | 36.9 | |||
Net income | $ 18.6 |
Acquisitions - Cotton Distrib_2
Acquisitions - Cotton Distributors Inc. Preliminary Purchase Price Allocation (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Oct. 31, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021 | |
Business Acquisition [Line Items] | ||||
Gain on acquisition | $ 23.5 | $ 0 | $ 3.3 | |
Cotton Distributors Inc. | ||||
Business Acquisition [Line Items] | ||||
Cash and cash equivalents | $ 8.2 | |||
Deposits with and receivables from broker-dealers, clearing organizations, and counterparties | 7.7 | |||
Receivable from clients, net | 51.9 | |||
Financial instruments owned, at fair value | 45.7 | |||
Deferred income taxes, net | (3.3) | |||
Property and equipment, net | 0.1 | |||
Physical commodities inventory, net | 22.5 | |||
Other assets | 6.7 | |||
Total fair value of tangible assets acquired | 139.5 | |||
Accounts payable and other accrued liabilities | 40 | |||
Financial instruments sold, not yet purchased, at fair value | 28.3 | |||
Payables to lenders under loans | 10.1 | |||
Payables to broker-dealers, clearing organizations, and counterparties | 0.4 | |||
Payables to clients | 2.6 | |||
Income taxes payable | 0.8 | |||
Total fair value of liabilities assumed | 82.2 | |||
Fair value of tangible net assets acquired | 57.3 | |||
Total fair value of intangible assets acquired | 8.9 | |||
Fair value of identifiable net assets acquired | 66.2 | |||
Total merger consideration | 42.7 | |||
Gain on acquisition | 23.5 | |||
Cotton Distributors Inc. | Client relationships | ||||
Business Acquisition [Line Items] | ||||
Total fair value of intangible assets acquired | 4.7 | |||
Cotton Distributors Inc. | Supplier relationships | ||||
Business Acquisition [Line Items] | ||||
Total fair value of intangible assets acquired | 3.7 | |||
Cotton Distributors Inc. | Trade name | ||||
Business Acquisition [Line Items] | ||||
Total fair value of intangible assets acquired | 0.4 | |||
Cotton Distributors Inc. | Non-compete | ||||
Business Acquisition [Line Items] | ||||
Total fair value of intangible assets acquired | $ 0.1 |
Acquisitions - Incomm S.A.S.. (
Acquisitions - Incomm S.A.S.. (Details) - USD ($) $ in Millions | Feb. 03, 2023 | Sep. 30, 2023 | Sep. 30, 2022 |
Business Acquisition [Line Items] | |||
Purchase price allocated to goodwill | $ 59.3 | $ 58.2 | |
Incomm S.A.S.. | |||
Business Acquisition [Line Items] | |||
Purchase price | $ 0.2 | ||
Fair value of contingent consideration | $ 1.3 | ||
Contingent consideration, liability term | 4 years | ||
Purchase price allocated to goodwill | $ 1.3 |
Acquisitions - Chasing Returns
Acquisitions - Chasing Returns Ltd (Details) - USD ($) $ in Millions | 1 Months Ended | ||
Aug. 31, 2021 | Sep. 30, 2023 | Sep. 30, 2022 | |
Business Acquisition [Line Items] | |||
Goodwill | $ 59.3 | $ 58.2 | |
Chasing Returns Limited | |||
Business Acquisition [Line Items] | |||
Purchase price | $ 6 | ||
Goodwill | 3.6 | ||
Chasing Returns Limited | Software programs/platforms | |||
Business Acquisition [Line Items] | |||
Finite-lived intangible assets acquired | $ 2.4 |
Acquisitions - EncoreFx Ltd (De
Acquisitions - EncoreFx Ltd (Details) - EncoreFx Ltd $ in Millions | 1 Months Ended |
Dec. 31, 2020 USD ($) | |
Business Acquisition [Line Items] | |
Purchase price | $ 0.9 |
Licensing agreements | |
Business Acquisition [Line Items] | |
Indefinite-lived intangible assets acquired | $ 0.5 |
Regulatory Requirements and S_3
Regulatory Requirements and Subsidiary Dividend Restrictions - Narrative (Details) | 12 Months Ended |
Sep. 30, 2023 USD ($) | |
Capital and Other Regulatory Requirements [Line Items] | |
Adjusted net capital | $ 10,000,000 |
StoneX Financial Inc. | |
Capital and Other Regulatory Requirements [Line Items] | |
Adjusted net capital | $ 1,500,000 |
Adjusted net capital of percentage | 8% |
Broker-dealer, minimum net capital required, dividend withdrawal threshold, percent | 120% |
Net capital under commodity exchange act computation | $ 353,000,000 |
Required net capital under commodity exchange act | 220,500,000 |
Gain Capital Group, LLC | |
Capital and Other Regulatory Requirements [Line Items] | |
Net capital under commodity exchange act computation | 50,100,000 |
Required net capital under commodity exchange act | 29,300,000 |
Gain Capital Group, LLC | Customer and non-customer risk maintenance margin | |
Capital and Other Regulatory Requirements [Line Items] | |
Adjusted net capital | $ 1,000,000 |
Adjusted net capital of percentage | 8% |
Gain Capital Group, LLC | Retail customer liabilities | |
Capital and Other Regulatory Requirements [Line Items] | |
Net capital under commodity exchange act computation | $ 20,000,000 |
Percentage of net capital under commodity exchange act computation | 5% |
Gain Capital Group, LLC | Liabilities owed to counterparties | |
Capital and Other Regulatory Requirements [Line Items] | |
Required net capital under commodity exchange act | $ 10,000,000 |
Percentage of required net capital under commodity exchange act | 10% |
StoneX Markets LLC | |
Capital and Other Regulatory Requirements [Line Items] | |
Net capital under commodity exchange act computation | $ 221,300,000 |
Required net capital under commodity exchange act | 122,100,000 |
Minimum regulatory capital requirement | $ 20,000,000 |
Regulatory Requirements and S_4
Regulatory Requirements and Subsidiary Dividend Restrictions - Customer Reserve Requirements (Details) - USD ($) $ in Millions | Oct. 03, 2023 | Sep. 30, 2023 |
Capital and Other Regulatory Requirements [Line Items] | ||
Cash reserve deposit required | $ 4.3 | |
Customer SRBA | ||
Capital and Other Regulatory Requirements [Line Items] | ||
Cash reserve deposit required | 13.8 | |
Customer SRBA | Subsequent Event | ||
Capital and Other Regulatory Requirements [Line Items] | ||
Cash reserve deposit made | $ 3.7 | |
PAB | ||
Capital and Other Regulatory Requirements [Line Items] | ||
Cash reserve deposit required | 6.9 | |
PAB Reserve Requirement | ||
Capital and Other Regulatory Requirements [Line Items] | ||
Cash reserve deposit required | 6.9 | |
PAB SRBA | ||
Capital and Other Regulatory Requirements [Line Items] | ||
Cash reserve deposit required | $ 4.2 |
Regulatory Requirements and S_5
Regulatory Requirements and Subsidiary Dividend Restrictions - Regulatory Capital Requirements (Details) $ in Millions | Sep. 30, 2023 USD ($) |
StoneX Financial Inc. | |
Capital and Other Regulatory Requirements [Line Items] | |
Cash and securities segregated under commodity exchange act regulation | $ 6,166.2 |
Secured funds | 261 |
Minimum regulatory requirement | 6,091.9 |
Secured funds required under commodity exchange act | 249 |
StoneX Financial Ltd. | |
Capital and Other Regulatory Requirements [Line Items] | |
Cash and securities segregated under commodity exchange act regulation | 1,266.6 |
Minimum regulatory requirement | 1,253.7 |
StoneX Financial Pte. Ltd. | |
Capital and Other Regulatory Requirements [Line Items] | |
Cash and securities segregated under commodity exchange act regulation | 789 |
Minimum regulatory requirement | $ 772.4 |
Regulatory Requirements and S_6
Regulatory Requirements and Subsidiary Dividend Restrictions - Minimum Regulatory Net Capital (Details) | Sep. 30, 2023 USD ($) |
Capital and Other Regulatory Requirements [Abstract] | |
Adjusted net capital | $ 10,000,000 |
StoneX Financial Inc. | |
Capital and Other Regulatory Requirements [Abstract] | |
Adjusted net capital | 1,500,000 |
Capital and Other Regulatory Requirements [Line Items] | |
Actual | 353,000,000 |
Minimum Requirement | 220,500,000 |
StoneX Financial Ltd. | |
Capital and Other Regulatory Requirements [Line Items] | |
Actual | 458,500,000 |
Minimum Requirement | 358,000,000 |
Gain Capital Group, LLC | |
Capital and Other Regulatory Requirements [Line Items] | |
Actual | 50,100,000 |
Minimum Requirement | 29,300,000 |
StoneX Financial Pte. Ltd. | |
Capital and Other Regulatory Requirements [Line Items] | |
Actual | 76,500,000 |
Minimum Requirement | 24,400,000 |
StoneX Markets LLC | |
Capital and Other Regulatory Requirements [Line Items] | |
Actual | 221,300,000 |
Minimum Requirement | $ 122,100,000 |
Segment and Geographic Inform_3
Segment and Geographic Information - Narrative (Details) | 12 Months Ended |
Sep. 30, 2023 employee currency market country | |
Segment Reporting Information [Line Items] | |
Number of employees | employee | 4,000 |
Number of countries in which entity operates (more than) | 180 |
Retail | |
Segment Reporting Information [Line Items] | |
Number of countries in which entity operates (more than) | 180 |
Number of global financial markets | market | 18,000 |
Global Payments | |
Segment Reporting Information [Line Items] | |
Number of countries in which entity operates (more than) | 180 |
Number of different types of foreign currencies (more than) | currency | 140 |
Segment and Geographic Inform_4
Segment and Geographic Information - Reportable Segments (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021 | |
Segment Reporting Information [Line Items] | |||
Total revenues | $ 60,856.1 | $ 66,036 | $ 42,534.2 |
Operating revenues | 2,914.1 | 2,107.4 | 1,673.1 |
Net operating revenues (loss) | 1,621 | 1,475.9 | 1,150 |
Net contribution | 1,273.6 | 1,121.9 | 868.7 |
Segment income | 763.5 | 675.7 | 506.2 |
Net costs not allocated to operating segments | (463.8) | (398.5) | (355.5) |
Gain on acquisitions and other gains, net | 23.3 | 0 | 3.4 |
Income from operations, before tax | 323 | 277.2 | 154.1 |
Assets | 21,938.7 | 19,859.6 | 18,839.6 |
Corporate Unallocated | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 31.7 | 7.8 | 1.7 |
Operating revenues | 31.7 | 7.8 | 1.7 |
Net operating revenues (loss) | (62.9) | (59.5) | (54.8) |
Assets | 812.3 | 746.3 | 841.7 |
Eliminations | |||
Segment Reporting Information [Line Items] | |||
Total revenues | (39.5) | (23) | (17.1) |
Operating revenues | (39.5) | (23) | (17.1) |
Commercial | |||
Segment Reporting Information [Line Items] | |||
Net contribution | 544.9 | 415.3 | 299.7 |
Segment income | 390.7 | 288.3 | 192.2 |
Commercial | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 58,249.2 | 63,743.2 | 39,884 |
Operating revenues | 862.7 | 692.1 | 534.8 |
Net operating revenues (loss) | 721.3 | 586.5 | 433.1 |
Assets | 4,676.3 | 5,931 | 3,969.9 |
Institutional | |||
Segment Reporting Information [Line Items] | |||
Net contribution | 351.5 | 295.1 | 260.9 |
Segment income | 217.9 | 174.6 | 167.7 |
Institutional | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 1,513.6 | 831.8 | 668.4 |
Operating revenues | 1,513.6 | 831.8 | 668.4 |
Net operating revenues (loss) | 532 | 483.5 | 419.4 |
Assets | 15,059.3 | 11,687.1 | 12,403.3 |
Retail | |||
Segment Reporting Information [Line Items] | |||
Net contribution | 212.7 | 280.3 | 204.4 |
Segment income | 45.8 | 115.4 | 67.8 |
Retail | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 888.5 | 1,304.2 | 1,859.9 |
Operating revenues | 333 | 426.7 | 348 |
Net operating revenues (loss) | 227.3 | 302.9 | 222.4 |
Assets | 1,014.2 | 971.2 | 1,380.9 |
Global Payments | |||
Segment Reporting Information [Line Items] | |||
Net contribution | 164.5 | 131.2 | 103.7 |
Segment income | 109.1 | 97.4 | 78.5 |
Global Payments | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 212.6 | 172 | 137.3 |
Operating revenues | 212.6 | 172 | 137.3 |
Net operating revenues (loss) | 203.3 | 162.5 | 129.9 |
Assets | $ 376.6 | $ 524 | $ 243.8 |
Segment and Geographic Inform_5
Segment and Geographic Information - Total Revenues by Geographic Location (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021 | |
Total revenues | $ 60,856.1 | $ 66,036 | $ 42,534.2 |
Operating revenues | 2,914.1 | 2,107.4 | 1,673.1 |
Long-lived assets | 123.5 | 112.9 | 93.3 |
United States | |||
Total revenues | 6,017.4 | 5,102.3 | 3,313.1 |
Operating revenues | 2,120.4 | 1,448.2 | 1,157.4 |
Long-lived assets | 76 | 67.9 | 54.1 |
Europe | |||
Total revenues | 3,498.9 | 3,440.2 | 1,889.6 |
Operating revenues | 494.3 | 474.6 | 371.3 |
Long-lived assets | 40.7 | 41.1 | 36 |
South America | |||
Total revenues | 271.4 | 87.2 | 64.5 |
Operating revenues | 127 | 87.2 | 64.5 |
Long-lived assets | 4.4 | 2.9 | 2.1 |
Middle East and Asia | |||
Total revenues | 51,023.6 | 57,395.5 | 37,259.1 |
Operating revenues | 127.6 | 86.6 | 72 |
Long-lived assets | 2.4 | 1 | 0.9 |
Other | |||
Total revenues | 44.8 | 10.8 | 7.9 |
Operating revenues | 44.8 | 10.8 | 7.9 |
Long-lived assets | $ 0 | $ 0 | $ 0.2 |
Condensed Financial Informati_2
Condensed Financial Information of Parent Company Only Disclosure - Condensed Balance Sheets (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2020 |
ASSETS | ||||
Cash and cash equivalents | $ 1,108.3 | $ 1,108.5 | $ 1,109.6 | |
Deposits with and receivables from subsidiary broker-dealer, net | 7,443.8 | 6,842.6 | ||
Notes receivable, net | 5.2 | 5.1 | ||
Income taxes receivable | 25.1 | 16.8 | ||
Financial instruments owned | 5,044.8 | 4,167.3 | ||
Deferred tax assets | 45.4 | 52 | ||
Property and equipment, net | 123.5 | 112.9 | ||
Operating right of use assets | 122.1 | 121.8 | ||
Other assets | 182.8 | 117.7 | ||
Total assets | 21,938.7 | 19,859.6 | 18,839.6 | |
Liabilities: | ||||
Accounts payable and other accrued liabilities | 533 | 400.6 | ||
Operating lease liabilities | 149.3 | 143 | ||
Lenders under loans | 341 | 485.1 | ||
Financial instruments sold, not yet purchased, at fair value | 3,085.6 | 2,469.6 | ||
Total liabilities | 20,559.6 | 18,789.5 | ||
StoneX Group Inc. (Parent Company Only) 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 200,000,000 shares; 23,403,960 issued and 20,796,637 outstanding at September 30, 2023 and 22,911,227 issued and 20,303,904 outstanding at September 30, 2022 | 0.2 | 0.2 | ||
Common stock in treasury, at cost - 2,607,323 shares at September 30, 2023 and 2022 | (69.3) | (69.3) | ||
Additional paid-in capital | 371.9 | 340.2 | ||
Retained earnings | 1,128.1 | 889.6 | ||
Accumulated other comprehensive loss, net | (51.8) | (90.6) | ||
Total equity | 1,379.1 | 1,070.1 | $ 904 | $ 767.5 |
Total liabilities and stockholders' equity | 21,938.7 | 19,859.6 | ||
StoneX Group | ||||
ASSETS | ||||
Cash and cash equivalents | 2.1 | 6.1 | ||
Receivable from clients, net | 0 | 0.2 | ||
Deposits with and receivables from subsidiary broker-dealer, net | 77 | 89.1 | ||
Notes receivable, net | 5 | 5 | ||
Income taxes receivable | 132.1 | 55.5 | ||
Investment in subsidiaries | 1,325.3 | 1,286.8 | ||
Financial instruments owned | 7.6 | 5.1 | ||
Deferred tax assets | 7.2 | 14.7 | ||
Property and equipment, net | 66.3 | 62.1 | ||
Operating right of use assets | 65.5 | 69 | ||
Other assets | 35.6 | 30.8 | ||
Total assets | 1,723.7 | 1,624.4 | ||
Liabilities: | ||||
Accounts payable and other accrued liabilities | 135.7 | 90.7 | ||
Operating lease liabilities | 91.1 | 93.3 | ||
Payable to subsidiaries, net | 288.3 | 293.3 | ||
Lenders under loans | 157.5 | 268.1 | ||
Senior secured borrowings, net | 342.1 | 339.1 | ||
Financial instruments sold, not yet purchased, at fair value | 27 | 73.6 | ||
Total liabilities | 1,041.7 | 1,158.1 | ||
StoneX Group Inc. (Parent Company Only) 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 200,000,000 shares; 23,403,960 issued and 20,796,637 outstanding at September 30, 2023 and 22,911,227 issued and 20,303,904 outstanding at September 30, 2022 | 0.2 | 0.2 | ||
Common stock in treasury, at cost - 2,607,323 shares at September 30, 2023 and 2022 | (69.3) | (69.3) | ||
Additional paid-in capital | 371.9 | 340.2 | ||
Retained earnings | 397.9 | 248.8 | ||
Accumulated other comprehensive loss, net | (18.7) | (53.6) | ||
Total equity | 682 | 466.3 | ||
Total liabilities and stockholders' equity | 1,723.7 | 1,624.4 | ||
Adjustment to investment in subsidiaries for equity method accounting | $ 730.2 | $ 640.8 |
Condensed Financial Informati_3
Condensed Financial Information of Parent Company Only Disclosure - Condensed Balance Sheets (Share Information) (Details) - $ / shares | Sep. 30, 2023 | Sep. 30, 2022 |
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Preferred stock, par value (in dollar per share) | $ 0.01 | $ 0.01 |
Preferred stock, authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred stock, issued (in shares) | 0 | 0 |
Preferred stock, outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollar per share) | $ 0.01 | $ 0.01 |
Common stock, authorized (in shares) | 200,000,000 | 200,000,000 |
Common stock, issued (in shares) | 23,403,960 | 22,911,227 |
Common stock, outstanding (in shares) | 20,796,637 | 20,303,904 |
Treasury stock, shares (in shares) | 2,607,323 | 2,607,323 |
StoneX Group | ||
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Preferred stock, par value (in dollar per share) | $ 0.01 | $ 0.01 |
Preferred stock, authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred stock, issued (in shares) | 0 | 0 |
Preferred stock, outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollar per share) | $ 0.01 | $ 0.01 |
Common stock, authorized (in shares) | 200,000,000 | 200,000,000 |
Common stock, issued (in shares) | 23,403,960 | 22,911,227 |
Common stock, outstanding (in shares) | 20,796,637 | 20,303,904 |
Treasury stock, shares (in shares) | 2,607,323 | 2,607,323 |
Condensed Financial Informati_4
Condensed Financial Information of Parent Company Only Disclosure - Condensed Statements of Operations (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021 | |
Condensed Income Statements, Captions [Line Items] | |||
Total revenues | $ 60,856.1 | $ 66,036 | $ 42,534.2 |
Interest expense | 802.2 | 135.5 | 49.6 |
Net operating revenues | 1,621 | 1,475.9 | 1,150 |
Non-interest expenses: | |||
Compensation and benefits | 868.6 | 794.8 | 679.1 |
Trade systems and market information | 74 | 66.2 | 58.8 |
Occupancy and equipment rental | 40.4 | 36.1 | 34.2 |
Selling and marketing | 54 | 55.3 | 33.3 |
Professional fees | 57 | 54.3 | 40.9 |
Travel and business development | 24.8 | 16.9 | 4.5 |
Non-trading technology and support | 61.6 | 52.4 | 46 |
Depreciation and amortization | 51 | 44.4 | 36.5 |
Communications | 9.1 | 8.3 | 9.3 |
Other | 66.4 | 60.6 | 46.3 |
Total compensation and other expenses | 1,323.4 | 1,205.1 | 999.3 |
Gain on acquisitions | 25.4 | 6.4 | 3.4 |
Income from operations, before tax | 323 | 277.2 | 154.1 |
Income tax benefit | (84.5) | (70.1) | (37.8) |
Net income | 238.5 | 207.1 | 116.3 |
Interest income | |||
Condensed Income Statements, Captions [Line Items] | |||
Total revenues | 987.6 | 219 | 102.4 |
StoneX Group | |||
Condensed Income Statements, Captions [Line Items] | |||
Total revenues | 615.1 | 233.8 | 426.9 |
Interest expense | 83.1 | 60.9 | 49.6 |
Net operating revenues | 532 | 172.9 | 377.3 |
Non-interest expenses: | |||
Compensation and benefits | 137.9 | 113.7 | 99.9 |
Trade systems and market information | 10.2 | 6.5 | 6 |
Occupancy and equipment rental | 9.3 | 8.4 | 8.7 |
Selling and marketing | 2.2 | 4.9 | 1 |
Professional fees | 12.7 | 11.9 | 6.9 |
Travel and business development | 3.1 | 2.3 | 0.8 |
Non-trading technology and support | 37.4 | 30.6 | 24.9 |
Depreciation and amortization | 13.7 | 11 | 8.7 |
Communications | 3.4 | 1.8 | 1.7 |
Impairment | 0 | 0 | 0.1 |
Management services fees to affiliates | 188.4 | 4.3 | 3.6 |
Other | 12.1 | 12.4 | 8.7 |
Total compensation and other expenses | 430.4 | 207.8 | 171 |
Gain on acquisitions | 2.1 | 0 | 3.4 |
Income from operations, before tax | 103.7 | (34.9) | 209.7 |
Income tax benefit | 45.4 | 45 | 33.8 |
Net income | 149.1 | 10.1 | 243.5 |
Investment in subsidiaries for equity method accounting, earnings (loss) | 89.4 | 197 | (127.2) |
StoneX Group | Management fees from affiliates | |||
Condensed Income Statements, Captions [Line Items] | |||
Total revenues | 328.7 | 109.9 | 52.5 |
StoneX Group | Trading gains (losses), net | |||
Condensed Income Statements, Captions [Line Items] | |||
Total revenues | 1.8 | (2.8) | (0.1) |
StoneX Group | Consulting fees | |||
Condensed Income Statements, Captions [Line Items] | |||
Total revenues | 0.2 | 0.1 | 0.3 |
StoneX Group | Interest income | |||
Condensed Income Statements, Captions [Line Items] | |||
Total revenues | 3.3 | 2.2 | 1.5 |
StoneX Group | Dividend income from subsidiaries | |||
Condensed Income Statements, Captions [Line Items] | |||
Total revenues | $ 281.1 | $ 124.4 | $ 372.7 |
Condensed Financial Informati_5
Condensed Financial Information of Parent Company Only Disclosure - Condensed Statements of Cash Flows (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021 | |
Cash flows from operating activities: | |||
Net income | $ 238.5 | $ 207.1 | $ 116.3 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 51 | 44.4 | 36.5 |
Amortization of operating right of use assets | 14 | 15.9 | 12.2 |
Deferred income taxes | (2.4) | (0.3) | 3.2 |
Amortization and extinguishment of debt issuance costs | 5.8 | 4.5 | 3.9 |
Loss on extinguishment of debt | 0 | ||
Amortization of share-based compensation expense | 28 | 17.8 | 13.9 |
Gain on acquisition | (23.5) | 0 | (3.3) |
Changes in operating assets and liabilities: | |||
Receivable from clients, net | (80.5) | (119.7) | (68.3) |
Deposits with and receivables from broker-dealers, clearing organizations, and counterparties, net | (595.6) | (2,174.3) | (132) |
Notes receivable, net | (0.1) | 1 | (4.4) |
Income taxes receivable | (13.4) | 10.4 | (9.6) |
Financial instruments owned, at fair value | (857.9) | 187.3 | (1,626.9) |
Other assets | (60.4) | (9.8) | (16.7) |
Accounts payable and other accrued liabilities | 82.5 | 101.4 | 35.7 |
Operating lease liabilities | (8) | (16) | (8.6) |
Payable to clients | 81.4 | 2,055.1 | 2,146.7 |
Financial instruments sold, not yet purchased, at fair value | 658.4 | 627.8 | 1,085.2 |
Net cash (used in)/provided by operating activities | (23.7) | (229.5) | 2,122.7 |
Cash flows from investing activities: | |||
Purchase of property and equipment and internally developed software | (46.9) | (49.5) | (62.1) |
Net cash used in investing activities | (53) | (49.5) | (59.8) |
Cash flows from financing activities: | |||
Repayments of senior secured term loan | 0 | (170.3) | (9.8) |
Repayment of senior secured notes | 0 | (0.5) | (1.6) |
Issuance of note payable | 0 | 0 | 9 |
Deferred payments on acquisitions | (18.7) | (3) | (2.2) |
Share repurchase | 0 | 0 | (11.7) |
Exercise of stock options | 3.7 | 6.7 | 9.2 |
Net cash (used in)/provided by financing activities | (169.3) | 65.8 | (35.6) |
Net (decrease)/increase in cash, segregated cash, cash equivalents, and segregated cash equivalents | (243.4) | (224.4) | 2,041.1 |
Cash, segregated cash, cash equivalents, and segregated cash equivalents at beginning of period | 6,285.1 | 6,509.5 | 4,468.4 |
Cash, segregated cash, cash equivalents, and segregated cash equivalents at end of period | 6,041.7 | 6,285.1 | 6,509.5 |
Supplemental disclosure of cash flow information: | |||
Cash paid for interest | 786.5 | 149.2 | 87 |
Income taxes paid, net of cash refunds | 71 | 56.3 | 52 |
StoneX Group | |||
Cash flows from operating activities: | |||
Net income | 149.1 | 10.1 | 243.5 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 13.7 | 11 | 8.7 |
Amortization of operating right of use assets | 5.8 | 6.1 | 6.1 |
Deferred income taxes | (3.6) | 4.7 | 1.8 |
Amortization and extinguishment of debt issuance costs | 3.9 | 3.2 | 3.3 |
Loss on extinguishment of debt | 0 | 0.1 | |
Amortization of share-based compensation expense | 26.2 | 16.5 | 12.9 |
Dividends | (12.7) | (9.6) | (125) |
Gain on acquisition | 0 | 0 | (3.3) |
Changes in operating assets and liabilities: | |||
Payable to subsidiaries, net | 11 | 113.6 | 118.3 |
Receivable from clients, net | 0.2 | 0.2 | 0 |
Deposits with and receivables from broker-dealers, clearing organizations, and counterparties, net | 12.1 | (89.1) | 0 |
Notes receivable, net | 0 | 1.1 | (4.4) |
Income taxes receivable | (76.6) | 8.2 | (17.4) |
Financial instruments owned, at fair value | (0.8) | (5.1) | 0 |
Other assets | (5.7) | (7.3) | (4.2) |
Accounts payable and other accrued liabilities | 45.8 | 12 | 12.7 |
Operating lease liabilities | (4.5) | (1.7) | (2.6) |
Payable to clients | 0 | 0 | (0.3) |
Financial instruments sold, not yet purchased, at fair value | (3.1) | 2.1 | (0.2) |
Net cash (used in)/provided by operating activities | 160.8 | 76 | 250 |
Cash flows from investing activities: | |||
Capital contribution to affiliates | (40) | (180.8) | (170.2) |
Purchase of property and equipment and internally developed software | (17.9) | (17.8) | (22) |
Net cash used in investing activities | (57.9) | (198.6) | (192.2) |
Cash flows from financing activities: | |||
Net change in lenders under loans | (110.6) | 259.5 | (23.4) |
Repayments of senior secured term loan | 0 | (170.3) | (9.8) |
Repayment of senior secured notes | 0 | 0 | (1.6) |
Issuance of note payable | 0 | 0 | 9 |
Deferred payments on acquisitions | 0 | (1.9) | (2.2) |
Share repurchase | 0 | 0 | (11.7) |
Exercise of stock options | 3.7 | 6.7 | 9.2 |
Net cash (used in)/provided by financing activities | (106.9) | 94 | (30.5) |
Net (decrease)/increase in cash, segregated cash, cash equivalents, and segregated cash equivalents | (4) | (28.6) | 27.3 |
Cash, segregated cash, cash equivalents, and segregated cash equivalents at beginning of period | 6.1 | 34.7 | 7.4 |
Cash, segregated cash, cash equivalents, and segregated cash equivalents at end of period | 2.1 | 6.1 | 34.7 |
Supplemental disclosure of cash flow information: | |||
Cash paid for interest | 15.3 | 34.9 | 28.5 |
Income taxes paid, net of cash refunds | $ 34.9 | $ 2.6 | $ 9.8 |