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Share Name | Share Symbol | Market | Type |
---|---|---|---|
INTL FCStone Inc | NASDAQ:INTL | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 55.63 | 53.63 | 56.74 | 0 | 01:00:00 |
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x
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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o
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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Delaware
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59-2921318
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(State or other jurisdiction of
incorporation or organization)
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(I.R.S. Employer
Identification No.)
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Large accelerated filer
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o
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Accelerated filer
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x
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Non-accelerated filer
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o
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(Do not check if a smaller reporting company)
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Smaller reporting company
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o
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Emerging growth company
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o
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Page
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Part I. FINANCIAL INFORMATION
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Item 1.
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Item 2.
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Item 3.
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Item 4.
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Part II. OTHER INFORMATION
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Item 1.
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Item 1A.
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Item 2.
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Item 6.
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(in millions, except par value and share amounts)
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March 31,
2017 |
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September 30,
2016 |
||||
ASSETS
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|
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|
||||
Cash and cash equivalents
|
$
|
296.3
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|
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$
|
316.2
|
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Cash, securities and other assets segregated under federal and other regulations (including $247.6 and $618.8 at fair value at March 31, 2017 and September 30, 2016, respectively)
|
1,085.5
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1,136.3
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Securities purchased under agreements to resell
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738.8
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609.6
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Securities borrowed
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73.6
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—
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Deposits with and receivables from:
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||||
Exchange-clearing organizations (including $636.5 and $868.5 at fair value at March 31, 2017 and September 30, 2016, respectively)
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1,679.4
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1,524.4
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Broker-dealers, clearing organizations and counterparties (including $34.7 and $(15.2) at fair value at March 31, 2017 and September 30, 2016, respectively)
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170.3
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237.0
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Receivables from customers, net
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204.0
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194.5
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Notes receivable, net
|
11.0
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18.9
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Income taxes receivable
|
0.8
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1.1
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Financial instruments owned, at fair value (includes securities pledged as collateral that can be sold or repledged of $324.6 and $47.2 at March 31, 2017 and September 30, 2016, respectively)
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1,906.7
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1,606.1
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Physical commodities inventory (including $117.8 and $71.2 at fair value at March 31, 2017 and September 30, 2016, respectively)
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181.7
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123.8
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Deferred income taxes, net
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38.1
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34.5
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Property and equipment, net
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32.4
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29.4
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Goodwill and intangible assets, net
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61.2
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56.6
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Other assets
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48.8
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61.9
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Total assets
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$
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6,528.6
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$
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5,950.3
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LIABILITIES AND STOCKHOLDERS' EQUITY
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Liabilities:
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Accounts payable and other accrued liabilities (including $0.9 and $0.8 at fair value at March 31, 2017 and September 30, 2016, respectively)
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$
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147.4
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$
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161.3
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Payables to:
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Customers
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2,855.5
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2,854.2
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Broker-dealers, clearing organizations and counterparties (including $9.8 and $3.5 at fair value at March 31, 2017 and September 30, 2016, respectively)
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178.2
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260.1
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Lenders under loans
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263.4
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182.8
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Senior unsecured notes
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—
|
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44.5
|
|
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Income taxes payable
|
7.9
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7.1
|
|
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Securities sold under agreements to repurchase
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1,431.9
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1,167.1
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Securities loaned
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107.4
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—
|
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Financial instruments sold, not yet purchased, at fair value
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1,081.2
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839.4
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Total liabilities
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6,072.9
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5,516.5
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Commitments and contingencies (Note 11)
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Stockholders' Equity:
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Preferred stock, $0.01 par value. Authorized 1,000,000 shares; no shares issued or outstanding
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—
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—
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Common stock, $0.01 par value. Authorized 30,000,000 shares; 20,781,686 issued and 18,659,729 outstanding at March 31, 2017 and 20,557,175 issued and 18,435,218 outstanding at September 30, 2016
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0.2
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0.2
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Common stock in treasury, at cost - 2,121,957 shares at March 31, 2017 and September 30, 2016
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(46.3
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)
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(46.3
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)
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Additional paid-in capital
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254.2
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249.4
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Retained earnings
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272.4
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255.1
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Accumulated other comprehensive loss, net
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(24.8
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)
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(24.6
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)
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Total stockholders' equity
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455.7
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433.8
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Total liabilities and stockholders' equity
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$
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6,528.6
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$
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5,950.3
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Three Months Ended March 31,
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Six Months Ended March 31,
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||||||||||||
(in millions, except share and per share amounts)
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2017
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2016
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2017
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2016
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||||||||
Revenues:
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Sales of physical commodities
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$
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5,273.3
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$
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3,548.0
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$
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11,169.3
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$
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6,800.6
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Trading gains, net
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84.0
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80.7
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167.0
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160.4
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Commission and clearing fees
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70.3
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52.1
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139.5
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101.2
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Consulting and management fees
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15.5
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9.6
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31.2
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19.3
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Interest income
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17.7
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18.5
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28.1
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27.2
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Other income
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—
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—
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0.1
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0.1
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Total revenues
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5,460.8
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3,708.9
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11,535.2
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7,108.8
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Cost of sales of physical commodities
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5,265.0
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3,542.8
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11,153.9
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6,791.4
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Operating revenues
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195.8
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166.1
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381.3
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317.4
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Transaction-based clearing expenses
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33.7
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32.9
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67.3
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62.7
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Introducing broker commissions
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28.2
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13.2
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56.9
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26.0
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Interest expense
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10.0
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7.1
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18.9
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13.1
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Net operating revenues
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123.9
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112.9
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238.2
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215.6
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Compensation and other expenses:
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||||||||
Compensation and benefits
|
76.6
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65.2
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147.2
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128.3
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Communication and data services
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9.7
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7.3
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19.8
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15.2
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|
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Occupancy and equipment rental
|
3.8
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3.2
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7.2
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6.5
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Professional fees
|
3.4
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2.7
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8.2
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5.6
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|
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Travel and business development
|
3.0
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2.3
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6.6
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5.5
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Depreciation and amortization
|
2.4
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2.2
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4.8
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4.1
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|
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Bad debts
|
1.3
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|
2.6
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3.8
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|
4.6
|
|
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Other
|
9.4
|
|
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7.4
|
|
|
17.9
|
|
|
13.7
|
|
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Total compensation and other expenses
|
109.6
|
|
|
92.9
|
|
|
215.5
|
|
|
183.5
|
|
||||
Income before tax
|
14.3
|
|
|
20.0
|
|
|
22.7
|
|
|
32.1
|
|
||||
Income tax expense
|
3.3
|
|
|
5.5
|
|
|
5.4
|
|
|
8.8
|
|
||||
Net income
|
$
|
11.0
|
|
|
$
|
14.5
|
|
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$
|
17.3
|
|
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$
|
23.3
|
|
Earnings per share:
|
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||||||||
Basic
|
$
|
0.58
|
|
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$
|
0.77
|
|
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$
|
0.92
|
|
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$
|
1.24
|
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Diluted
|
$
|
0.58
|
|
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$
|
0.76
|
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$
|
0.92
|
|
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$
|
1.22
|
|
Weighted-average number of common shares outstanding:
|
|
|
|
|
|
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|
||||||||
Basic
|
18,404,236
|
|
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18,592,643
|
|
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18,325,383
|
|
|
18,621,337
|
|
||||
Diluted
|
18,661,418
|
|
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18,755,450
|
|
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18,637,480
|
|
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18,821,822
|
|
|
Three Months Ended March 31,
|
|
Six Months Ended March 31,
|
||||||||||||
(in millions)
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Net income
|
$
|
11.0
|
|
|
$
|
14.5
|
|
|
$
|
17.3
|
|
|
$
|
23.3
|
|
Other comprehensive (loss) income, net of tax:
|
|
|
|
|
|
|
|
||||||||
Foreign currency translation adjustment
|
0.7
|
|
|
(1.3
|
)
|
|
(0.2
|
)
|
|
(6.9
|
)
|
||||
Pension liabilities adjustment
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.2
|
)
|
||||
Reclassification of adjustments included in net income:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Periodic pension costs (included in compensation and benefits)
|
—
|
|
|
—
|
|
|
—
|
|
|
0.4
|
|
||||
Reclassification adjustment included in net income:
|
—
|
|
|
—
|
|
|
—
|
|
|
0.4
|
|
||||
Other comprehensive loss
|
0.7
|
|
|
(1.3
|
)
|
|
(0.2
|
)
|
|
(6.7
|
)
|
||||
Comprehensive income
|
$
|
11.7
|
|
|
$
|
13.2
|
|
|
$
|
17.1
|
|
|
$
|
16.6
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended March 31,
|
||||||
(in millions)
|
2017
|
|
2016
|
||||
Cash flows from operating activities:
|
|
|
|
||||
Net income
|
$
|
17.3
|
|
|
$
|
23.3
|
|
Adjustments to reconcile net income to net cash used in operating activities:
|
|
|
|
||||
Depreciation and amortization
|
4.8
|
|
|
3.9
|
|
||
Bad debts
|
3.8
|
|
|
4.6
|
|
||
Deferred income taxes
|
(3.6
|
)
|
|
(1.8
|
)
|
||
Amortization of debt issuance costs and debt discount
|
1.4
|
|
|
0.5
|
|
||
Amortization of share-based compensation
|
2.6
|
|
|
2.5
|
|
||
Loss on sale of property and equipment
|
(0.3
|
)
|
|
0.3
|
|
||
Changes in operating assets and liabilities, net:
|
|
|
|
||||
Cash, securities and other assets segregated under federal and other regulations
|
47.4
|
|
|
(174.1
|
)
|
||
Securities purchased under agreements to resell
|
(129.2
|
)
|
|
(377.0
|
)
|
||
Securities borrowed
|
(66.7
|
)
|
|
—
|
|
||
Deposits with and receivables from exchange-clearing organizations
|
(158.4
|
)
|
|
111.7
|
|
||
Deposits with and receivables from broker-dealers, clearing organizations, and counterparties
|
32.1
|
|
|
128.5
|
|
||
Receivables from customers, net
|
(2.5
|
)
|
|
108.8
|
|
||
Notes receivable, net
|
7.9
|
|
|
12.7
|
|
||
Income taxes receivable
|
—
|
|
|
0.5
|
|
||
Financial instruments owned, at fair value
|
(304.8
|
)
|
|
(454.5
|
)
|
||
Physical commodities inventory
|
(58.2
|
)
|
|
1.6
|
|
||
Other assets
|
7.8
|
|
|
(4.8
|
)
|
||
Accounts payable and other accrued liabilities
|
(8.8
|
)
|
|
(25.6
|
)
|
||
Payables to customers
|
27.8
|
|
|
(144.6
|
)
|
||
Payables to broker-dealers, clearing organizations and counterparties
|
(64.3
|
)
|
|
62.3
|
|
||
Income taxes payable
|
0.9
|
|
|
(0.1
|
)
|
||
Securities sold under agreements to repurchase
|
264.8
|
|
|
108.3
|
|
||
Securities loaned
|
89.9
|
|
|
—
|
|
||
Financial instruments sold, not yet purchased, at fair value
|
243.7
|
|
|
465.7
|
|
||
Net cash used in operating activities
|
(44.6
|
)
|
|
(147.3
|
)
|
||
Cash flows from investing activities:
|
|
|
|
||||
Cash paid for acquisitions, net
|
(6.0
|
)
|
|
—
|
|
||
Purchase of property and equipment
|
(6.1
|
)
|
|
(8.0
|
)
|
||
Net cash used in investing activities
|
(12.1
|
)
|
|
(8.0
|
)
|
||
Cash flows from financing activities:
|
|
|
|
||||
Net change in payable to lenders under loans
|
81.0
|
|
|
110.3
|
|
||
Repayment of senior unsecured notes
|
(45.5
|
)
|
|
—
|
|
||
Payments of note payable
|
(0.4
|
)
|
|
(0.4
|
)
|
||
Deferred payments on acquisitions
|
—
|
|
|
(2.7
|
)
|
||
Debt issuance costs
|
(0.1
|
)
|
|
(1.9
|
)
|
||
Exercise of stock options
|
2.5
|
|
|
1.7
|
|
||
Share repurchases
|
—
|
|
|
(10.3
|
)
|
||
Excess income tax benefit on stock options and awards
|
(0.2
|
)
|
|
0.7
|
|
||
Net cash provided by financing activities
|
37.3
|
|
|
97.4
|
|
||
Effect of exchange rates on cash and cash equivalents
|
(0.5
|
)
|
|
(7.0
|
)
|
||
Net decrease in cash and cash equivalents
|
(19.9
|
)
|
|
(64.9
|
)
|
||
Cash and cash equivalents at beginning of period
|
316.2
|
|
|
268.1
|
|
||
Cash and cash equivalents at end of period
|
$
|
296.3
|
|
|
$
|
203.2
|
|
Supplemental disclosure of cash flow information:
|
|
|
|
||||
Cash paid for interest
|
$
|
17.1
|
|
|
$
|
11.8
|
|
Income taxes paid, net of cash refunds
|
$
|
8.1
|
|
|
$
|
9.2
|
|
Supplemental disclosure of non-cash investing and financing activities:
|
|
|
|
||||
Identified intangible assets and goodwill on acquisitions
|
$
|
6.0
|
|
|
$
|
—
|
|
Additional consideration payable related to acquisitions, net
|
$
|
—
|
|
|
$
|
0.3
|
|
(in millions)
|
Common
Stock
|
|
Treasury
Stock
|
|
Additional
Paid-in
Capital
|
|
Retained
Earnings
|
|
Accumulated
Other
Comprehensive
Loss
|
|
Total
|
||||||||||||
Balances as of September 30, 2016
|
$
|
0.2
|
|
|
$
|
(46.3
|
)
|
|
$
|
249.4
|
|
|
$
|
255.1
|
|
|
$
|
(24.6
|
)
|
|
$
|
433.8
|
|
Net income
|
|
|
|
|
|
|
17.3
|
|
|
|
|
17.3
|
|
||||||||||
Other comprehensive loss
|
|
|
|
|
|
|
|
|
(0.2
|
)
|
|
(0.2
|
)
|
||||||||||
Exercise of stock options
|
|
|
|
|
2.2
|
|
|
|
|
|
|
2.2
|
|
||||||||||
Share-based compensation
|
|
|
|
|
2.6
|
|
|
|
|
|
|
2.6
|
|
||||||||||
Balances as of March 31, 2017
|
$
|
0.2
|
|
|
$
|
(46.3
|
)
|
|
$
|
254.2
|
|
|
$
|
272.4
|
|
|
$
|
(24.8
|
)
|
|
$
|
455.7
|
|
|
Three Months Ended March 31,
|
|
Six Months Ended March 31,
|
||||||||||||
(in millions, except share amounts)
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Numerator:
|
|
|
|
|
|
|
|
||||||||
Net income
|
$
|
11.0
|
|
|
$
|
14.5
|
|
|
$
|
17.3
|
|
|
$
|
23.3
|
|
Less: Allocation to participating securities
|
(0.2
|
)
|
|
(0.3
|
)
|
|
(0.3
|
)
|
|
(0.4
|
)
|
||||
Net income allocated to common stockholders
|
$
|
10.8
|
|
|
$
|
14.2
|
|
|
$
|
17.0
|
|
|
$
|
22.9
|
|
Denominator:
|
|
|
|
|
|
|
|
||||||||
Weighted average number of:
|
|
|
|
|
|
|
|
||||||||
Common shares outstanding
|
18,404,236
|
|
|
18,592,643
|
|
|
18,325,383
|
|
|
18,621,337
|
|
||||
Dilutive potential common shares outstanding:
|
|
|
|
|
|
|
|
||||||||
Share-based awards
|
257,182
|
|
|
162,807
|
|
|
312,097
|
|
|
200,485
|
|
||||
Diluted weighted-average shares
|
18,661,418
|
|
|
18,755,450
|
|
|
18,637,480
|
|
|
18,821,822
|
|
•
|
Cash and cash equivalents
|
•
|
Cash, securities and other assets segregated under federal and other regulations
|
•
|
Securities purchased under agreements to resell
|
•
|
Securities borrowed
|
•
|
Deposits with and receivables from exchange-clearing organizations, broker-dealers, clearing organizations and counterparties
|
•
|
Financial instruments owned and sold, not yet purchased
|
•
|
Physical commodities inventory
|
•
|
Accounts payable and other accrued liabilities
|
•
|
Payables to broker-dealers, clearing organizations and counterparties
|
•
|
Securities sold under agreements to repurchase
|
•
|
Securities loaned
|
|
March 31, 2017
|
||||||||||||||||||
(in millions)
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Netting and
Collateral (1) |
|
Total
|
||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
||||||||||
Unrestricted cash equivalents - certificate of deposits
|
$
|
3.4
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
3.4
|
|
Commodities warehouse receipts
|
21.9
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
21.9
|
|
|||||
U.S. government obligations
|
—
|
|
|
225.7
|
|
|
—
|
|
|
—
|
|
|
225.7
|
|
|||||
Securities and other assets segregated under federal and other regulations
|
21.9
|
|
|
225.7
|
|
|
—
|
|
|
—
|
|
|
247.6
|
|
|||||
Money market funds
|
376.0
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
376.0
|
|
|||||
U.S. government obligations
|
—
|
|
|
281.8
|
|
|
—
|
|
|
—
|
|
|
281.8
|
|
|||||
Derivatives
|
1,799.0
|
|
|
—
|
|
|
—
|
|
|
(1,820.3
|
)
|
|
(21.3
|
)
|
|||||
Deposits with and receivables from exchange-clearing organizations
|
2,175.0
|
|
|
281.8
|
|
|
—
|
|
|
(1,820.3
|
)
|
|
636.5
|
|
|||||
"To be announced" (TBA) and forward settling securities
|
—
|
|
|
6.2
|
|
|
—
|
|
|
(0.9
|
)
|
|
5.3
|
|
|||||
Derivatives
|
—
|
|
|
89.2
|
|
|
—
|
|
|
(59.8
|
)
|
|
29.4
|
|
|||||
Deposits with and receivables from broker-dealers, clearing organizations and counterparties
|
—
|
|
|
95.4
|
|
|
—
|
|
|
(60.7
|
)
|
|
34.7
|
|
|||||
Common and preferred stock and ADRs
|
28.5
|
|
|
2.0
|
|
|
0.2
|
|
|
—
|
|
|
30.7
|
|
|||||
Exchangeable foreign ordinary equities and ADRs
|
31.3
|
|
|
0.4
|
|
|
—
|
|
|
—
|
|
|
31.7
|
|
|||||
Corporate and municipal bonds
|
4.9
|
|
|
1.3
|
|
|
—
|
|
|
—
|
|
|
6.2
|
|
|||||
U.S. government obligations
|
—
|
|
|
625.4
|
|
|
—
|
|
|
—
|
|
|
625.4
|
|
|||||
Foreign government obligations
|
—
|
|
|
49.4
|
|
|
—
|
|
|
—
|
|
|
49.4
|
|
|||||
Mortgage-backed securities
|
—
|
|
|
926.6
|
|
|
—
|
|
|
—
|
|
|
926.6
|
|
|||||
Derivatives
|
266.4
|
|
|
1,419.0
|
|
|
—
|
|
|
(1,487.0
|
)
|
|
198.4
|
|
|||||
Commodities leases
|
—
|
|
|
117.2
|
|
|
—
|
|
|
(100.0
|
)
|
|
17.2
|
|
|||||
Commodities warehouse receipts
|
8.0
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8.0
|
|
|||||
Exchange firm common stock
|
7.1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7.1
|
|
|||||
Mutual funds and other
|
6.0
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6.0
|
|
|||||
Financial instruments owned
|
352.2
|
|
|
3,141.3
|
|
|
0.2
|
|
|
(1,587.0
|
)
|
|
1,906.7
|
|
|||||
Physical commodities inventory
|
117.8
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
117.8
|
|
|||||
Total assets at fair value
|
$
|
2,670.3
|
|
|
$
|
3,744.2
|
|
|
$
|
0.2
|
|
|
$
|
(3,468.0
|
)
|
|
$
|
2,946.7
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Accounts payable and other accrued liabilities - contingent liabilities
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
0.9
|
|
|
$
|
—
|
|
|
$
|
0.9
|
|
TBA and forward settling securities
|
—
|
|
|
10.8
|
|
|
—
|
|
|
(0.9
|
)
|
|
9.9
|
|
|||||
Derivatives
|
1,560.8
|
|
|
103.0
|
|
|
—
|
|
|
(1,663.9
|
)
|
|
(0.1
|
)
|
|||||
Payable to broker-dealers, clearing organizations and counterparties
|
1,560.8
|
|
|
113.8
|
|
|
—
|
|
|
(1,664.8
|
)
|
|
9.8
|
|
|||||
Common and preferred stock and ADRs
|
45.4
|
|
|
0.5
|
|
|
—
|
|
|
—
|
|
|
45.9
|
|
|||||
Exchangeable foreign ordinary equities and ADRs
|
31.6
|
|
|
0.3
|
|
|
—
|
|
|
—
|
|
|
31.9
|
|
|||||
Corporate and municipal bonds
|
1.2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1.2
|
|
|||||
U.S. government obligations
|
—
|
|
|
699.9
|
|
|
—
|
|
|
—
|
|
|
699.9
|
|
|||||
Foreign government obligations
|
—
|
|
|
10.1
|
|
|
—
|
|
|
—
|
|
|
10.1
|
|
|||||
Mortgage-backed securities
|
—
|
|
|
4.7
|
|
|
—
|
|
|
—
|
|
|
4.7
|
|
|||||
Derivatives
|
261.0
|
|
|
1,575.9
|
|
|
—
|
|
|
(1,607.3
|
)
|
|
229.6
|
|
|||||
Commodities leases
|
—
|
|
|
164.8
|
|
|
—
|
|
|
(106.9
|
)
|
|
57.9
|
|
|||||
Financial instruments sold, not yet purchased
|
339.2
|
|
|
2,456.2
|
|
|
—
|
|
|
(1,714.2
|
)
|
|
1,081.2
|
|
|||||
Total liabilities at fair value
|
$
|
1,900.0
|
|
|
$
|
2,570.0
|
|
|
$
|
0.9
|
|
|
$
|
(3,379.0
|
)
|
|
$
|
1,091.9
|
|
(1)
|
Represents cash collateral and the impact of netting across the levels of the fair value hierarchy. Netting among positions classified within the same level is included in that level.
|
|
September 30, 2016
|
||||||||||||||||||
(in millions)
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Netting and
Collateral (1) |
|
Total
|
||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
||||||||||
Unrestricted cash equivalents - certificates of deposits
|
$
|
7.1
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
7.1
|
|
Commodities warehouse receipts
|
23.3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
23.3
|
|
|||||
U.S. government obligations
|
—
|
|
|
595.5
|
|
|
—
|
|
|
—
|
|
|
595.5
|
|
|||||
Securities and other assets segregated under federal and other regulations
|
23.3
|
|
|
595.5
|
|
|
—
|
|
|
—
|
|
|
618.8
|
|
|||||
Money market funds
|
512.7
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
512.7
|
|
|||||
U.S. government obligations
|
—
|
|
|
472.1
|
|
|
—
|
|
|
—
|
|
|
472.1
|
|
|||||
Derivatives
|
2,149.9
|
|
|
—
|
|
|
—
|
|
|
(2,266.2
|
)
|
|
(116.3
|
)
|
|||||
Deposits with and receivables from exchange-clearing organizations
|
2,662.6
|
|
|
472.1
|
|
|
—
|
|
|
(2,266.2
|
)
|
|
868.5
|
|
|||||
TBA and forward settling securities
|
—
|
|
|
0.3
|
|
|
—
|
|
|
—
|
|
|
0.3
|
|
|||||
Derivatives
|
—
|
|
|
8.0
|
|
|
—
|
|
|
(23.5
|
)
|
|
(15.5
|
)
|
|||||
Deposits with and receivables from broker-dealers, clearing organizations and counterparties
|
—
|
|
|
8.3
|
|
|
—
|
|
|
(23.5
|
)
|
|
(15.2
|
)
|
|||||
Common and preferred stock and ADRs
|
34.6
|
|
|
1.7
|
|
|
0.2
|
|
|
—
|
|
|
36.5
|
|
|||||
Exchangeable foreign ordinary equities and ADRs
|
25.2
|
|
|
0.5
|
|
|
—
|
|
|
—
|
|
|
25.7
|
|
|||||
Corporate and municipal bonds
|
36.9
|
|
|
0.9
|
|
|
3.0
|
|
|
—
|
|
|
40.8
|
|
|||||
U.S. government obligations
|
—
|
|
|
514.9
|
|
|
—
|
|
|
—
|
|
|
514.9
|
|
|||||
Foreign government obligations
|
—
|
|
|
14.6
|
|
|
—
|
|
|
—
|
|
|
14.6
|
|
|||||
Mortgage-backed securities
|
—
|
|
|
747.5
|
|
|
—
|
|
|
—
|
|
|
747.5
|
|
|||||
Derivatives
|
206.9
|
|
|
1,350.8
|
|
|
—
|
|
|
(1,363.8
|
)
|
|
193.9
|
|
|||||
Commodities leases
|
—
|
|
|
137.2
|
|
|
—
|
|
|
(129.1
|
)
|
|
8.1
|
|
|||||
Commodities warehouse receipts
|
8.9
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8.9
|
|
|||||
Exchange firm common stock
|
6.4
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6.4
|
|
|||||
Mutual funds and other
|
8.8
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8.8
|
|
|||||
Financial instruments owned
|
327.7
|
|
|
2,768.1
|
|
|
3.2
|
|
|
(1,492.9
|
)
|
|
1,606.1
|
|
|||||
Physical commodities inventory, net - precious metals
|
71.2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
71.2
|
|
|||||
Total assets at fair value
|
$
|
3,091.9
|
|
|
$
|
3,844.0
|
|
|
$
|
3.2
|
|
|
$
|
(3,782.6
|
)
|
|
$
|
3,156.5
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Accounts payable and other accrued liabilities - contingent liabilities
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
0.8
|
|
|
$
|
—
|
|
|
$
|
0.8
|
|
TBA and forward settling securities
|
—
|
|
|
2.6
|
|
|
—
|
|
|
0.9
|
|
|
3.5
|
|
|||||
Derivatives
|
1,961.7
|
|
|
97.5
|
|
|
—
|
|
|
(2,059.2
|
)
|
|
—
|
|
|||||
Payable to broker-dealers, clearing organizations and counterparties
|
1,961.7
|
|
|
100.1
|
|
|
—
|
|
|
(2,058.3
|
)
|
|
3.5
|
|
|||||
Common and preferred stock and ADRs
|
23.5
|
|
|
0.4
|
|
|
—
|
|
|
—
|
|
|
23.9
|
|
|||||
Exchangeable foreign ordinary equities and ADRs
|
25.3
|
|
|
0.5
|
|
|
—
|
|
|
—
|
|
|
25.8
|
|
|||||
U.S. government obligations
|
—
|
|
|
509.8
|
|
|
—
|
|
|
—
|
|
|
509.8
|
|
|||||
Corporate and municipal bonds
|
6.9
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6.9
|
|
|||||
Derivatives
|
199.4
|
|
|
1,319.3
|
|
|
—
|
|
|
(1,307.8
|
)
|
|
210.9
|
|
|||||
Commodities leases
|
—
|
|
|
207.8
|
|
|
—
|
|
|
(145.7
|
)
|
|
62.1
|
|
|||||
Financial instruments sold, not yet purchased
|
255.1
|
|
|
2,037.8
|
|
|
—
|
|
|
(1,453.5
|
)
|
|
839.4
|
|
|||||
Total liabilities at fair value
|
$
|
2,216.8
|
|
|
$
|
2,137.9
|
|
|
$
|
0.8
|
|
|
$
|
(3,511.8
|
)
|
|
$
|
843.7
|
|
(1)
|
Represents cash collateral and the impact of netting across the levels of the fair value hierarchy. Netting among positions classified within the same level is included in that level.
|
(in millions)
|
March 31, 2017
|
|
September 30, 2016
|
||||
Total level 3 assets
|
$
|
0.2
|
|
|
$
|
3.2
|
|
Level 3 assets for which the Company bears economic exposure
|
$
|
0.2
|
|
|
$
|
3.2
|
|
Total assets
|
$
|
6,528.6
|
|
|
$
|
5,950.3
|
|
Total assets at fair value
|
$
|
2,946.7
|
|
|
$
|
3,156.5
|
|
Total level 3 assets as a percentage of total assets
|
—
|
%
|
|
0.1
|
%
|
||
Level 3 assets for which the Company bears economic exposure as a percentage of total assets
|
—
|
%
|
|
0.1
|
%
|
||
Total level 3 assets as a percentage of total financial assets at fair value
|
—
|
%
|
|
0.1
|
%
|
|
Level 3 Financial Assets and Financial Liabilities For the Three Months Ended March 31, 2017
|
||||||||||||||||||||||||||
(in millions)
|
Balances at
beginning of period |
|
Realized gains
(losses) during period |
|
Unrealized
gains (losses) during period |
|
Purchases/issuances
|
|
Settlements
|
|
Transfers in
or (out) of Level 3 |
|
Balances at
end of period |
||||||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Common stock and ADRs
|
$
|
0.2
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
0.2
|
|
Corporate and municipal bonds
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
|
$
|
0.2
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
0.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
(in millions)
|
Balances at
beginning of period |
|
Realized (gains)
losses during period |
|
Unrealized
(gains) losses during period |
|
Purchases/issuances
|
|
Settlements
|
|
Transfers in
or (out) of Level 3 |
|
Balances at
end of period |
||||||||||||||
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Contingent liabilities
|
$
|
0.8
|
|
|
$
|
—
|
|
|
$
|
0.1
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
0.9
|
|
|
Level 3 Financial Assets and Financial Liabilities For the Six Months Ended March 31, 2017
|
||||||||||||||||||||||||||
(in millions)
|
Balances at
beginning of period |
|
Realized gains
(losses) during period |
|
Unrealized
gains (losses) during period |
|
Purchases/issuances
|
|
Settlements
|
|
Transfers in
or (out) of Level 3 |
|
Balances at
end of period |
||||||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Common stock and ADRs
|
$
|
0.2
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
0.2
|
|
Corporate and municipal bonds
|
3.0
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3.0
|
)
|
|
—
|
|
|
—
|
|
|||||||
|
$
|
3.2
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(3.0
|
)
|
|
$
|
—
|
|
|
$
|
0.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
(in millions)
|
Balances at
beginning of period |
|
Realized (gains)
losses during period |
|
Unrealized
(gains) losses during period |
|
Purchases/issuances
|
|
Settlements
|
|
Transfers in
or (out) of Level 3 |
|
Balances at
end of period |
||||||||||||||
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Contingent liabilities
|
$
|
0.8
|
|
|
$
|
—
|
|
|
$
|
0.1
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
0.9
|
|
|
Level 3 Financial Assets and Financial Liabilities For the Three Months Ended March 31, 2016
|
||||||||||||||||||||||||||
(in millions)
|
Balances at
beginning of period |
|
Realized gains
(losses) during period |
|
Unrealized
gains (losses) during period |
|
Purchases/issuances
|
|
Settlements
|
|
Transfers in
or (out) of Level 3 |
|
Balances at
end of period |
||||||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Common stock and ADRs
|
$
|
0.3
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
0.3
|
|
Corporate and municipal bonds
|
3.2
|
|
|
—
|
|
|
0.1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3.3
|
|
|||||||
|
$
|
3.5
|
|
|
$
|
—
|
|
|
$
|
0.1
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
3.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
(in millions)
|
Balances at
beginning of period |
|
Realized (gains)
losses during period |
|
Unrealized
(gains) losses during period |
|
Purchases/issuances
|
|
Settlements
|
|
Transfers in
or (out) of Level 3 |
|
Balances at
end of period |
||||||||||||||
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Contingent liabilities
|
$
|
3.5
|
|
|
$
|
—
|
|
|
$
|
0.1
|
|
|
$
|
—
|
|
|
$
|
(2.1
|
)
|
|
$
|
—
|
|
|
$
|
1.5
|
|
|
Level 3 Financial Assets and Financial Liabilities For the Six Months Ended March 31, 2016
|
||||||||||||||||||||||||||
(in millions)
|
Balances at
beginning of period |
|
Realized gains
(losses) during period |
|
Unrealized
gains (losses) during period |
|
Purchases/issuances
|
|
Settlements
|
|
Transfers in
or (out) of Level 3 |
|
Balances at
end of period |
||||||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Common stock and ADRs
|
$
|
0.5
|
|
|
$
|
—
|
|
|
$
|
(0.2
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
0.3
|
|
Corporate and municipal bonds
|
3.2
|
|
|
—
|
|
|
0.1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3.3
|
|
|||||||
|
$
|
3.7
|
|
|
$
|
—
|
|
|
$
|
(0.1
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
3.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
(in millions)
|
Balances at
beginning of period |
|
Realized (gains)
losses during period |
|
Unrealized
(gains) losses during period |
|
Purchases/issuances
|
|
Settlements
|
|
Transfers in
or (out) of Level 3 |
|
Balances at
end of period |
||||||||||||||
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Contingent liabilities
|
$
|
3.3
|
|
|
$
|
—
|
|
|
$
|
0.3
|
|
|
$
|
—
|
|
|
$
|
(2.1
|
)
|
|
$
|
—
|
|
|
$
|
1.5
|
|
|
March 31, 2017
|
|
September 30, 2016
|
||||||||||||
(in millions)
|
Assets
(1)
|
|
Liabilities
(1)
|
|
Assets
(1)
|
|
Liabilities
(1)
|
||||||||
Derivative contracts not accounted for as hedges:
|
|
|
|
|
|
|
|
||||||||
Exchange-traded commodity derivatives
|
$
|
1,617.7
|
|
|
$
|
1,496.9
|
|
|
$
|
2,022.1
|
|
|
$
|
1,920.5
|
|
OTC commodity derivatives
|
1,336.7
|
|
|
1,518.4
|
|
|
1,217.0
|
|
|
1,188.9
|
|
||||
Exchange-traded foreign exchange derivatives
|
22.6
|
|
|
21.0
|
|
|
12.2
|
|
|
7.5
|
|
||||
OTC foreign exchange derivatives
|
434.8
|
|
|
317.8
|
|
|
346.5
|
|
|
290.2
|
|
||||
Exchange-traded interest rate derivatives
|
132.9
|
|
|
113.9
|
|
|
78.7
|
|
|
120.5
|
|
||||
Equity index derivatives
|
28.9
|
|
|
32.7
|
|
|
39.1
|
|
|
50.3
|
|
||||
TBA and forward settling securities
|
6.2
|
|
|
10.8
|
|
|
0.3
|
|
|
2.6
|
|
||||
Gross fair value of derivative contracts
|
3,579.8
|
|
|
3,511.5
|
|
|
3,715.9
|
|
|
3,580.5
|
|
||||
Impact of netting and collateral
|
(3,368.0
|
)
|
|
(3,272.1
|
)
|
|
(3,653.5
|
)
|
|
(3,366.1
|
)
|
||||
Total fair value included in ‘Deposits with and receivables from exchange-clearing organizations’
|
$
|
(21.3
|
)
|
|
|
|
$
|
(116.3
|
)
|
|
|
||||
Total fair value included in ‘Deposits with and receivables from broker-dealers, clearing organizations and counterparties’
|
$
|
34.7
|
|
|
|
|
$
|
(15.2
|
)
|
|
|
||||
Total fair value included in ‘Financial instruments owned, at fair value’
|
$
|
198.4
|
|
|
|
|
$
|
193.9
|
|
|
|
||||
Total fair value included in ‘Payables to broker-dealers, clearing organizations and counterparties
|
|
|
$
|
9.8
|
|
|
|
|
$
|
3.5
|
|
||||
Fair value included in ‘Financial instruments sold, not yet purchased, at fair value’
|
|
|
$
|
229.6
|
|
|
|
|
$
|
210.9
|
|
(1)
|
As of
March 31, 2017 and September 30, 2016
, the Company’s derivative contract volume for open positions were approximately
4.1 million
and
4.0 million
contracts, respectively.
|
|
March 31, 2017
|
|
September 30, 2016
|
||||||||||||
(in millions)
|
Gain / (Loss)
|
|
Notional Amounts
|
|
Gain / (Loss)
|
|
Notional Amounts
|
||||||||
Unrealized gain on TBA securities purchased within receivables from broker-dealers, clearing organizations and counterparties and related notional amounts (1)
|
$
|
3.2
|
|
|
$
|
795.7
|
|
|
$
|
0.8
|
|
|
$
|
289.8
|
|
Unrealized loss on TBA securities purchased within receivables from broker-dealers, clearing organizations and counterparties and related notional amounts (1)
|
$
|
(0.4
|
)
|
|
$
|
180.4
|
|
|
$
|
(0.8
|
)
|
|
$
|
485.5
|
|
Unrealized gain on TBA securities sold within payables to broker-dealers, clearing organizations and counterparties and related notional amounts (1)
|
$
|
0.6
|
|
|
$
|
(351.4
|
)
|
|
$
|
1.3
|
|
|
$
|
(702.3
|
)
|
Unrealized loss on TBA securities sold within payables to broker-dealers, clearing organizations and counterparties and related notional amounts (1)
|
$
|
(9.6
|
)
|
|
$
|
(1,537.9
|
)
|
|
$
|
(1.7
|
)
|
|
$
|
(754.3
|
)
|
Unrealized gain on forward settling securities purchased within receivables from broker-dealers, clearing organizations and counterparties and related notional amounts
|
$
|
2.5
|
|
|
$
|
595.5
|
|
|
$
|
0.1
|
|
|
$
|
607.9
|
|
Unrealized (loss) gain on forward settling securities sold within receivables from and payables to broker-dealers, clearing organizations and counterparties and related notional amounts
|
$
|
(0.9
|
)
|
|
$
|
(301.4
|
)
|
|
$
|
0.2
|
|
|
$
|
(470.4
|
)
|
(1) The notional amounts of these instruments reflect the extent of the Company's involvement in TBA and forward settling securities and do not represent risk of loss due to counterparty non-performance.
|
|
|
|
|
|
|
|
|
Three Months Ended March 31,
|
|
Six Months Ended March 31,
|
||||||||||||
(in millions)
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Commodities
|
$
|
13.9
|
|
|
$
|
5.0
|
|
|
$
|
18.8
|
|
|
$
|
25.0
|
|
Foreign exchange
|
0.8
|
|
|
1.8
|
|
|
2.0
|
|
|
3.6
|
|
||||
Interest rate
|
—
|
|
|
2.9
|
|
|
(1.0
|
)
|
|
1.0
|
|
||||
TBA and forward settling securities
|
(4.9
|
)
|
|
(5.7
|
)
|
|
8.5
|
|
|
(5.0
|
)
|
||||
Net gains from derivative contracts
|
$
|
9.8
|
|
|
$
|
4.0
|
|
|
$
|
28.3
|
|
|
$
|
24.6
|
|
(in millions)
|
March 31,
2017 |
|
September 30,
2016 |
||||
Physical Ag & Energy
(1)
|
$
|
139.5
|
|
|
$
|
65.9
|
|
Precious metals - held by broker-dealer subsidiary
(2)
|
17.0
|
|
|
5.3
|
|
||
Precious metals - held by non-broker-dealer subsidiaries
(3)
|
25.2
|
|
|
52.6
|
|
||
Physical commodities inventory
|
$
|
181.7
|
|
|
$
|
123.8
|
|
(in millions)
|
March 31,
2017 |
|
September 30,
2016 |
||||
Commercial Hedging
|
$
|
30.7
|
|
|
$
|
30.7
|
|
Global Payments
|
6.3
|
|
|
6.3
|
|
||
Physical Commodities
|
2.4
|
|
|
2.4
|
|
||
Securities
|
8.1
|
|
|
8.1
|
|
||
Goodwill
|
$
|
47.5
|
|
|
$
|
47.5
|
|
|
March 31, 2017
|
|
September 30, 2016
|
||||||||||||||||||||
(in millions)
|
Gross Amount
|
|
Accumulated
Amortization
|
|
Net Amount
|
|
Gross Amount
|
|
Accumulated
Amortization
|
|
Net Amount
|
||||||||||||
Intangible assets subject to amortization
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Trade name
|
$
|
1.1
|
|
|
$
|
(0.8
|
)
|
|
$
|
0.3
|
|
|
$
|
1.1
|
|
|
$
|
(0.6
|
)
|
|
$
|
0.5
|
|
Software programs/platforms
|
2.7
|
|
|
(2.4
|
)
|
|
0.3
|
|
|
2.7
|
|
|
(2.4
|
)
|
|
0.3
|
|
||||||
Customer base
|
20.0
|
|
|
(6.9
|
)
|
|
13.1
|
|
|
14.0
|
|
|
(5.7
|
)
|
|
8.3
|
|
||||||
Total intangible assets
|
$
|
23.8
|
|
|
$
|
(10.1
|
)
|
|
$
|
13.7
|
|
|
$
|
17.8
|
|
|
$
|
(8.7
|
)
|
|
$
|
9.1
|
|
•
|
$247 million
facility available to INTL FCStone Inc. for general working capital requirements.
|
•
|
$75 million
facility available to the Company’s wholly owned subsidiary, INTL FCStone Financial Inc., for short-term funding of margin to commodity exchanges. The facility is subject to annual review and guaranteed by INTL FCStone Inc.
|
•
|
$100 million
facility available to the Company’s wholly owned subsidiary, FCStone Merchant Services, LLC, for financing traditional commodity financing arrangements and commodity repurchase agreements. The facility is subject to annual review and is guaranteed by INTL FCStone Inc.
|
•
|
$25 million
facility available to the Company’s wholly owned subsidiary, INTL FCStone Ltd, for short-term funding of margin to commodity exchanges. The facility is subject to annual review and is guaranteed by INTL FCStone Inc.
|
|
Three Months Ended March 31,
|
|
Six Months Ended March 31,
|
||||||||||||
(in millions)
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Contingent consideration, net
|
$
|
0.1
|
|
|
$
|
0.1
|
|
|
$
|
0.1
|
|
|
$
|
0.3
|
|
Insurance
|
0.8
|
|
|
0.3
|
|
|
1.3
|
|
|
0.7
|
|
||||
Advertising, meetings and conferences
|
1.2
|
|
|
2.3
|
|
|
2.1
|
|
|
3.0
|
|
||||
Non-trading hardware and software maintenance and software licensing
|
2.8
|
|
|
1.3
|
|
|
5.7
|
|
|
2.8
|
|
||||
Office supplies and printing
|
0.5
|
|
|
0.3
|
|
|
1.1
|
|
|
0.6
|
|
||||
Other clearing related expenses
|
0.3
|
|
|
0.3
|
|
|
0.7
|
|
|
0.5
|
|
||||
Other non-income taxes
|
1.2
|
|
|
1.1
|
|
|
2.3
|
|
|
2.1
|
|
||||
Other
|
2.5
|
|
|
1.7
|
|
|
4.6
|
|
|
3.7
|
|
||||
Total other expenses
|
$
|
9.4
|
|
|
$
|
7.4
|
|
|
$
|
17.9
|
|
|
$
|
13.7
|
|
(in millions)
|
|
Foreign Currency Translation Adjustment
|
|
Pension Benefits Adjustment
|
|
Accumulated Other Comprehensive Loss
|
||||||
Balances as of September 30, 2016
|
|
$
|
(20.1
|
)
|
|
$
|
(4.5
|
)
|
|
$
|
(24.6
|
)
|
Other comprehensive loss, net of tax
|
|
(0.2
|
)
|
|
—
|
|
|
(0.2
|
)
|
|||
Balances as of March 31, 2017
|
|
$
|
(20.3
|
)
|
|
$
|
(4.5
|
)
|
|
$
|
(24.8
|
)
|
|
|
|
|
|
|
|
•
|
Commercial Hedging
(includes components Financial Agricultural (Ag) & Energy and LME Metals)
|
•
|
Global Payments
|
•
|
Securities
(includes components Equity Market-Making, Debt Trading, Investment Banking, and Asset Management)
|
•
|
Physical Commodities
(includes components Precious Metals and Physical Ag & Energy)
|
•
|
Clearing and Execution Services
(includes components Exchange-traded Futures & Options, FX Prime Brokerage, Correspondent Clearing, Independent Wealth Management and Derivative Voice Brokerage)
|
|
Three Months Ended March 31,
|
|
Six Months Ended March 31,
|
||||||||||||||||||
(in millions)
|
2017
|
|
%
Change
|
|
2016
|
|
2017
|
|
%
Change
|
|
2016
|
||||||||||
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Sales of physical commodities
|
$
|
5,273.3
|
|
|
49
|
%
|
|
$
|
3,548.0
|
|
|
$
|
11,169.3
|
|
|
64
|
%
|
|
$
|
6,800.6
|
|
Trading gains, net
|
84.0
|
|
|
4
|
%
|
|
80.7
|
|
|
167.0
|
|
|
4
|
%
|
|
160.4
|
|
||||
Commission and clearing fees
|
70.3
|
|
|
35
|
%
|
|
52.1
|
|
|
139.5
|
|
|
38
|
%
|
|
101.2
|
|
||||
Consulting and management fees
|
15.5
|
|
|
61
|
%
|
|
9.6
|
|
|
31.2
|
|
|
62
|
%
|
|
19.3
|
|
||||
Interest income
|
17.7
|
|
|
(4
|
)%
|
|
18.5
|
|
|
28.1
|
|
|
3
|
%
|
|
27.2
|
|
||||
Other income
|
—
|
|
|
—
|
|
|
—
|
|
|
0.1
|
|
|
—
|
%
|
|
0.1
|
|
||||
Total revenues
|
5,460.8
|
|
|
47
|
%
|
|
3,708.9
|
|
|
11,535.2
|
|
|
62
|
%
|
|
7,108.8
|
|
||||
Cost of sales of physical commodities
|
5,265.0
|
|
|
49
|
%
|
|
3,542.8
|
|
|
11,153.9
|
|
|
64
|
%
|
|
6,791.4
|
|
||||
Operating revenues
|
195.8
|
|
|
18
|
%
|
|
166.1
|
|
|
381.3
|
|
|
20
|
%
|
|
317.4
|
|
||||
Transaction-based clearing expenses
|
33.7
|
|
|
2
|
%
|
|
32.9
|
|
|
67.3
|
|
|
7
|
%
|
|
62.7
|
|
||||
Introducing broker commissions
|
28.2
|
|
|
114
|
%
|
|
13.2
|
|
|
56.9
|
|
|
119
|
%
|
|
26.0
|
|
||||
Interest expense
|
10.0
|
|
|
41
|
%
|
|
7.1
|
|
|
18.9
|
|
|
44
|
%
|
|
13.1
|
|
||||
Net operating revenues
|
123.9
|
|
|
10
|
%
|
|
112.9
|
|
|
238.2
|
|
|
10
|
%
|
|
215.6
|
|
||||
Compensation and other expenses
|
109.6
|
|
|
18
|
%
|
|
92.9
|
|
|
215.5
|
|
|
17
|
%
|
|
183.5
|
|
||||
Income before tax
|
14.3
|
|
|
(29
|
)%
|
|
20.0
|
|
|
22.7
|
|
|
(29
|
)%
|
|
32.1
|
|
||||
Income tax expense
|
3.3
|
|
|
(40
|
)%
|
|
5.5
|
|
|
5.4
|
|
|
(39
|
)%
|
|
8.8
|
|
||||
Net income
|
$
|
11.0
|
|
|
(24
|
)%
|
|
$
|
14.5
|
|
|
$
|
17.3
|
|
|
(26
|
)%
|
|
$
|
23.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Balance Sheet information:
|
|
|
|
|
|
|
March 31, 2017
|
|
%
Change |
|
March 31, 2016
|
||||||||||
Total assets
|
|
|
|
|
|
|
$
|
6,528.6
|
|
|
15
|
%
|
|
$
|
5,657.9
|
|
|||||
Payables to lenders under loans
|
|
|
|
|
|
|
$
|
263.4
|
|
|
74
|
%
|
|
$
|
151.5
|
|
|||||
Senior unsecured notes
|
|
|
|
|
|
|
$
|
—
|
|
|
(100
|
)%
|
|
$
|
45.5
|
|
|||||
Stockholders’ equity
|
|
|
|
|
|
|
$
|
455.7
|
|
|
12
|
%
|
|
$
|
408.2
|
|
|
Three Months Ended March 31,
|
|
Six Months Ended March 31,
|
||||||||||||||||||
|
2017
|
|
%
Change
|
|
2016
|
|
2017
|
|
%
Change
|
|
2016
|
||||||||||
Volumes and Other Data:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Exchange-traded - futures and options (contracts, 000’s)
|
25,460.0
|
|
|
(4
|
)%
|
|
26,596.2
|
|
|
49,572.7
|
|
|
(2
|
)%
|
|
50,821.3
|
|
||||
OTC (contracts, 000’s)
|
350.8
|
|
|
16
|
%
|
|
302.0
|
|
|
652.7
|
|
|
6
|
%
|
|
616.7
|
|
||||
Global Payments (# of payments, 000’s)
|
153.7
|
|
|
52
|
%
|
|
101.1
|
|
|
300.3
|
|
|
53
|
%
|
|
196.7
|
|
||||
Gold equivalent ounces traded (000’s)
|
27,239.4
|
|
|
26
|
%
|
|
21,619.3
|
|
|
51,568.6
|
|
|
14
|
%
|
|
45,139.1
|
|
||||
Equity Market-Making (gross dollar volume, millions)
|
$
|
23,631.3
|
|
|
(3
|
)%
|
|
$
|
24,475.6
|
|
|
$
|
45,986.6
|
|
|
(3
|
)%
|
|
$
|
47,559.7
|
|
Debt Trading (gross dollar volume, millions)
|
$
|
37,429.2
|
|
|
41
|
%
|
|
$
|
26,476.9
|
|
|
$
|
70,474.8
|
|
|
45
|
%
|
|
$
|
48,583.5
|
|
FX Prime Brokerage volume (U.S. notional, millions)
|
$
|
171,593.1
|
|
|
11
|
%
|
|
$
|
154,108.5
|
|
|
$
|
341,465.7
|
|
|
23
|
%
|
|
$
|
278,660.1
|
|
Average assets under management in Argentina (U.S. dollar, millions)
|
$
|
548.9
|
|
|
6
|
%
|
|
$
|
515.4
|
|
|
$
|
529.4
|
|
|
(9
|
)%
|
|
$
|
581.9
|
|
Average customer equity - futures and options (millions)
|
$
|
2,015.6
|
|
|
11
|
%
|
|
$
|
1,817.0
|
|
|
$
|
2,046.9
|
|
|
12
|
%
|
|
$
|
1,820.9
|
|
|
Three Months Ended March 31,
|
|
Six Months Ended March 31,
|
||||||||||||||||||
(in millions)
|
2017
|
|
%
Change
|
|
2016
|
|
2017
|
|
%
Change
|
|
2016
|
||||||||||
Compensation and benefits:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Fixed compensation and benefits
|
$
|
40.4
|
|
|
28
|
%
|
|
$
|
31.6
|
|
|
$
|
76.5
|
|
|
24
|
%
|
|
$
|
61.5
|
|
Variable compensation and benefits
|
36.2
|
|
|
8
|
%
|
|
33.6
|
|
|
70.7
|
|
|
6
|
%
|
|
66.8
|
|
||||
|
76.6
|
|
|
17
|
%
|
|
65.2
|
|
|
147.2
|
|
|
15
|
%
|
|
128.3
|
|
||||
Other non-compensation expenses:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Communication and data services
|
9.7
|
|
|
33
|
%
|
|
7.3
|
|
|
19.8
|
|
|
30
|
%
|
|
15.2
|
|
||||
Occupancy and equipment rental
|
3.8
|
|
|
19
|
%
|
|
3.2
|
|
|
7.2
|
|
|
11
|
%
|
|
6.5
|
|
||||
Professional fees
|
3.4
|
|
|
26
|
%
|
|
2.7
|
|
|
8.2
|
|
|
46
|
%
|
|
5.6
|
|
||||
Travel and business development
|
3.0
|
|
|
30
|
%
|
|
2.3
|
|
|
6.6
|
|
|
20
|
%
|
|
5.5
|
|
||||
Depreciation and amortization
|
2.4
|
|
|
9
|
%
|
|
2.2
|
|
|
4.8
|
|
|
17
|
%
|
|
4.1
|
|
||||
Bad debts
|
1.3
|
|
|
(50
|
)%
|
|
2.6
|
|
|
3.8
|
|
|
(17
|
)%
|
|
4.6
|
|
||||
Other expense
|
9.4
|
|
|
27
|
%
|
|
7.4
|
|
|
17.9
|
|
|
31
|
%
|
|
13.7
|
|
||||
|
33.0
|
|
|
19
|
%
|
|
27.7
|
|
|
68.3
|
|
|
24
|
%
|
|
55.2
|
|
||||
Total compensation and other expenses
|
$
|
109.6
|
|
|
18
|
%
|
|
$
|
92.9
|
|
|
$
|
215.5
|
|
|
17
|
%
|
|
$
|
183.5
|
|
|
Three Months Ended March 31,
|
|
Six Months Ended March 31,
|
||||||||||||||||||
(in millions)
|
2017
|
|
%
Change
|
|
2016
|
|
2017
|
|
%
Change
|
|
2016
|
||||||||||
Compensation and benefits:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Fixed compensation and benefits
|
$
|
15.2
|
|
|
30
|
%
|
|
$
|
11.7
|
|
|
$
|
28.0
|
|
|
28
|
%
|
|
$
|
21.8
|
|
Variable compensation and benefits
|
4.8
|
|
|
(24
|
)%
|
|
6.3
|
|
|
8.8
|
|
|
(31
|
)%
|
|
12.7
|
|
||||
|
20.0
|
|
|
11
|
%
|
|
18.0
|
|
|
36.8
|
|
|
7
|
%
|
|
34.5
|
|
||||
Other non-compensation expenses:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Communication and data services
|
1.8
|
|
|
29
|
%
|
|
1.4
|
|
|
3.5
|
|
|
30
|
%
|
|
2.7
|
|
||||
Occupancy and equipment rental
|
3.7
|
|
|
19
|
%
|
|
3.1
|
|
|
7.1
|
|
|
11
|
%
|
|
6.4
|
|
||||
Professional fees
|
2.4
|
|
|
60
|
%
|
|
1.5
|
|
|
5.0
|
|
|
56
|
%
|
|
3.2
|
|
||||
Travel and business development
|
0.7
|
|
|
40
|
%
|
|
0.5
|
|
|
1.7
|
|
|
55
|
%
|
|
1.1
|
|
||||
Depreciation and amortization
|
2.0
|
|
|
11
|
%
|
|
1.8
|
|
|
4.0
|
|
|
21
|
%
|
|
3.3
|
|
||||
Other expense
|
4.8
|
|
|
(8
|
)%
|
|
5.2
|
|
|
9.9
|
|
|
(7
|
)%
|
|
10.6
|
|
||||
|
15.4
|
|
|
14
|
%
|
|
13.5
|
|
|
31.2
|
|
|
14
|
%
|
|
27.3
|
|
||||
Total compensation and other expenses
|
$
|
35.4
|
|
|
12
|
%
|
|
$
|
31.5
|
|
|
$
|
68.0
|
|
|
10
|
%
|
|
$
|
61.8
|
|
|
Three Months Ended March 31,
|
|
Six Months Ended March 31,
|
||||||||||||||||||||||||
(in millions)
|
2017
|
|
% of
Total
|
|
2016
|
|
% of
Total
|
|
2017
|
|
% of
Total
|
|
2016
|
|
% of
Total
|
||||||||||||
Variable compensation and benefits
|
$
|
36.2
|
|
|
21
|
%
|
|
$
|
33.6
|
|
|
24
|
%
|
|
$
|
70.7
|
|
|
21
|
%
|
|
$
|
66.8
|
|
|
25
|
%
|
Transaction-based clearing expenses
|
33.7
|
|
|
20
|
%
|
|
32.9
|
|
|
24
|
%
|
|
67.3
|
|
|
20
|
%
|
|
62.7
|
|
|
23
|
%
|
||||
Introducing broker commissions
|
28.2
|
|
|
16
|
%
|
|
13.2
|
|
|
9
|
%
|
|
56.9
|
|
|
16
|
%
|
|
26.0
|
|
|
9
|
%
|
||||
Total variable expenses
|
98.1
|
|
|
57
|
%
|
|
79.7
|
|
|
57
|
%
|
|
194.9
|
|
|
57
|
%
|
|
155.5
|
|
|
57
|
%
|
||||
Fixed compensation and benefits
|
40.4
|
|
|
24
|
%
|
|
31.6
|
|
|
23
|
%
|
|
76.5
|
|
|
23
|
%
|
|
61.5
|
|
|
23
|
%
|
||||
Other fixed expenses
|
31.7
|
|
|
18
|
%
|
|
25.1
|
|
|
18
|
%
|
|
64.5
|
|
|
19
|
%
|
|
50.6
|
|
|
18
|
%
|
||||
Bad debts and impairments
|
1.3
|
|
|
1
|
%
|
|
2.6
|
|
|
2
|
%
|
|
3.8
|
|
|
1
|
%
|
|
4.6
|
|
|
2
|
%
|
||||
Total non-variable expenses
|
73.4
|
|
|
43
|
%
|
|
59.3
|
|
|
43
|
%
|
|
144.8
|
|
|
43
|
%
|
|
116.7
|
|
|
43
|
%
|
||||
Total non-interest expenses
|
$
|
171.5
|
|
|
100
|
%
|
|
$
|
139.0
|
|
|
100
|
%
|
|
$
|
339.7
|
|
|
100
|
%
|
|
$
|
272.2
|
|
|
100
|
%
|
|
Three Months Ended March 31,
|
|
Six Months Ended March 31,
|
||||||||||||||||||||
(in millions)
|
2017
|
|
% of Operating Revenues
|
|
2016
|
|
% of Operating Revenues
|
|
2017
|
|
% of Operating Revenues
|
|
2016
|
|
% of Operating Revenues
|
||||||||
Sales of physical commodities
|
$
|
5,273.3
|
|
|
|
|
$
|
3,548.0
|
|
|
|
|
$
|
11,169.3
|
|
|
|
|
$
|
6,800.6
|
|
|
|
Trading gains, net
|
83.8
|
|
|
|
|
77.3
|
|
|
|
|
167.0
|
|
|
|
|
158.5
|
|
|
|
||||
Commission and clearing fees
|
70.1
|
|
|
|
|
52.0
|
|
|
|
|
139.2
|
|
|
|
|
101.2
|
|
|
|
||||
Consulting and management fees
|
15.3
|
|
|
|
|
9.3
|
|
|
|
|
30.7
|
|
|
|
|
18.7
|
|
|
|
||||
Interest income
|
20.0
|
|
|
|
|
15.1
|
|
|
|
|
36.6
|
|
|
|
|
29.5
|
|
|
|
||||
Other
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
||||
Total revenues
|
5,462.5
|
|
|
|
|
3,701.7
|
|
|
|
|
11,542.8
|
|
|
|
|
7,108.5
|
|
|
|
||||
Cost of sales of physical commodities
|
5,265.0
|
|
|
|
|
3,542.8
|
|
|
|
|
11,153.9
|
|
|
|
|
6,791.4
|
|
|
|
||||
Operating revenues
|
197.5
|
|
|
100%
|
|
158.9
|
|
|
100%
|
|
388.9
|
|
|
100%
|
|
317.1
|
|
|
100%
|
||||
Transaction-based clearing expenses
|
33.0
|
|
|
17%
|
|
32.3
|
|
|
20%
|
|
66.1
|
|
|
17%
|
|
61.6
|
|
|
19%
|
||||
Introducing broker commissions
|
28.2
|
|
|
14%
|
|
13.2
|
|
|
8%
|
|
56.9
|
|
|
15%
|
|
26.0
|
|
|
8%
|
||||
Interest expense
|
8.2
|
|
|
4%
|
|
5.3
|
|
|
3%
|
|
14.3
|
|
|
4%
|
|
9.7
|
|
|
3%
|
||||
Net operating revenues
|
128.1
|
|
|
|
|
108.1
|
|
|
|
|
251.6
|
|
|
|
|
219.8
|
|
|
|
||||
Variable direct compensation and benefits
|
30.9
|
|
|
16%
|
|
26.7
|
|
|
17%
|
|
61.0
|
|
|
16%
|
|
52.9
|
|
|
17%
|
||||
Net contribution
|
97.2
|
|
|
|
|
81.4
|
|
|
|
|
190.6
|
|
|
|
|
166.9
|
|
|
|
||||
Non-variable direct expenses
|
43.3
|
|
|
22%
|
|
34.7
|
|
|
22%
|
|
86.5
|
|
|
22%
|
|
68.8
|
|
|
22%
|
||||
Segment income
|
$
|
53.9
|
|
|
|
|
$
|
46.7
|
|
|
|
|
$
|
104.1
|
|
|
|
|
$
|
98.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31,
|
|
Six Months Ended March 31,
|
||||||||||||||||
(in millions)
|
2017
|
|
% Change
|
|
2016
|
|
2017
|
|
% Change
|
|
2016
|
||||||||
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Sales of physical commodities
|
$
|
—
|
|
|
—
|
|
$
|
—
|
|
|
$
|
—
|
|
|
—
|
|
$
|
—
|
|
Trading gains, net
|
30.6
|
|
|
14%
|
|
26.9
|
|
|
57.1
|
|
|
4%
|
|
54.7
|
|
||||
Commission and clearing fees
|
25.0
|
|
|
12%
|
|
22.3
|
|
|
50.0
|
|
|
12%
|
|
44.8
|
|
||||
Consulting and management fees
|
3.7
|
|
|
9%
|
|
3.4
|
|
|
7.4
|
|
|
10%
|
|
6.7
|
|
||||
Interest income
|
3.4
|
|
|
62%
|
|
2.1
|
|
|
5.7
|
|
|
46%
|
|
3.9
|
|
||||
Other
|
—
|
|
|
—%
|
|
—
|
|
|
—
|
|
|
—
|
|
—
|
|
||||
Total revenues
|
62.7
|
|
|
15%
|
|
54.7
|
|
|
120.2
|
|
|
9%
|
|
110.1
|
|
||||
Cost of sales of physical commodities
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
|
—
|
|
—
|
|
||||
Operating revenues
|
62.7
|
|
|
15%
|
|
54.7
|
|
|
120.2
|
|
|
9%
|
|
110.1
|
|
||||
Transaction-based clearing expenses
|
7.1
|
|
|
6%
|
|
6.7
|
|
|
14.2
|
|
|
5%
|
|
13.5
|
|
||||
Introducing broker commissions
|
5.0
|
|
|
16%
|
|
4.3
|
|
|
9.7
|
|
|
14%
|
|
8.5
|
|
||||
Interest expense
|
0.1
|
|
|
—%
|
|
0.1
|
|
|
0.2
|
|
|
—%
|
|
0.2
|
|
||||
Net operating revenues
|
50.5
|
|
|
16%
|
|
43.6
|
|
|
96.1
|
|
|
9%
|
|
87.9
|
|
||||
Variable direct compensation and benefits
|
13.6
|
|
|
4%
|
|
13.1
|
|
|
25.8
|
|
|
—%
|
|
25.7
|
|
||||
Net contribution
|
36.9
|
|
|
21%
|
|
30.5
|
|
|
70.3
|
|
|
13%
|
|
62.2
|
|
||||
Non-variable direct expenses
|
18.2
|
|
|
9%
|
|
16.7
|
|
|
36.2
|
|
|
8%
|
|
33.4
|
|
||||
Segment income
|
$
|
18.7
|
|
|
36%
|
|
$
|
13.8
|
|
|
$
|
34.1
|
|
|
18%
|
|
$
|
28.8
|
|
|
Three Months Ended March 31,
|
|
Six Months Ended March 31,
|
||||||||||||||||
(in millions)
|
2017
|
|
% Change
|
|
2016
|
|
2017
|
|
% Change
|
|
2016
|
||||||||
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Sales of physical commodities
|
$
|
—
|
|
|
—
|
|
$
|
—
|
|
|
$
|
—
|
|
|
—
|
|
$
|
—
|
|
Trading gains, net
|
20.8
|
|
|
25%
|
|
16.7
|
|
|
43.4
|
|
|
26%
|
|
34.4
|
|
||||
Commission and clearing fees
|
0.7
|
|
|
—%
|
|
0.7
|
|
|
1.2
|
|
|
(8)%
|
|
1.3
|
|
||||
Consulting and management fees
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
|
—
|
|
—
|
|
||||
Interest income
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
|
—
|
|
—
|
|
||||
Other income
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
|
—
|
|
—
|
|
||||
Total revenues
|
21.5
|
|
|
24%
|
|
17.4
|
|
|
44.6
|
|
|
25%
|
|
35.7
|
|
||||
Cost of sales of physical commodities
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
|
—
|
|
—
|
|
||||
Operating revenues
|
21.5
|
|
|
24%
|
|
17.4
|
|
|
44.6
|
|
|
25%
|
|
35.7
|
|
||||
Transaction-based clearing expenses
|
1.1
|
|
|
—%
|
|
1.1
|
|
|
2.3
|
|
|
10%
|
|
2.1
|
|
||||
Introducing broker commissions
|
1.1
|
|
|
38%
|
|
0.8
|
|
|
2.4
|
|
|
33%
|
|
1.8
|
|
||||
Interest expense
|
0.2
|
|
|
—
|
|
—
|
|
|
0.2
|
|
|
—
|
|
—
|
|
||||
Net operating revenues
|
19.1
|
|
|
23%
|
|
15.5
|
|
|
39.7
|
|
|
25%
|
|
31.8
|
|
||||
Variable direct compensation and benefits
|
3.8
|
|
|
23%
|
|
3.1
|
|
|
8.0
|
|
|
25%
|
|
6.4
|
|
||||
Net contribution
|
15.3
|
|
|
23%
|
|
12.4
|
|
|
31.7
|
|
|
25%
|
|
25.4
|
|
||||
Non-variable direct expenses
|
3.6
|
|
|
16%
|
|
3.1
|
|
|
6.8
|
|
|
11%
|
|
6.1
|
|
||||
Segment income
|
$
|
11.7
|
|
|
26%
|
|
$
|
9.3
|
|
|
$
|
24.9
|
|
|
29%
|
|
$
|
19.3
|
|
Selected data:
|
|
|
|
|
|
|
|
|
|||||||||||
Global Payments (# of payments, 000’s)
|
153.7
|
|
|
52%
|
|
101.1
|
|
|
300.3
|
|
|
53%
|
|
196.7
|
|
||||
Average revenue per trade
|
$
|
139.88
|
|
|
(19)%
|
|
$
|
172.11
|
|
|
$
|
148.52
|
|
|
(18)%
|
|
$
|
181.49
|
|
|
Three Months Ended March 31,
|
|
Six Months Ended March 31,
|
||||||||||||||||
(in millions)
|
2017
|
|
% Change
|
|
2016
|
|
2017
|
|
% Change
|
|
2016
|
||||||||
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Sales of physical commodities
|
$
|
—
|
|
|
—
|
|
$
|
—
|
|
|
$
|
—
|
|
|
—
|
|
$
|
—
|
|
Trading gains, net
|
21.1
|
|
|
(23)%
|
|
27.3
|
|
|
43.0
|
|
|
(26)%
|
|
58.0
|
|
||||
Commission and clearing fees
|
2.2
|
|
|
(27)%
|
|
3.0
|
|
|
4.5
|
|
|
(27)%
|
|
6.2
|
|
||||
Consulting and management fees
|
3.4
|
|
|
(36)%
|
|
5.3
|
|
|
6.9
|
|
|
(35)%
|
|
10.6
|
|
||||
Interest income
|
11.2
|
|
|
12%
|
|
10.0
|
|
|
20.9
|
|
|
7%
|
|
19.6
|
|
||||
Other income
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
|
—
|
|
—
|
|
||||
Total revenues
|
37.9
|
|
|
(17)%
|
|
45.6
|
|
|
75.3
|
|
|
(20)%
|
|
94.4
|
|
||||
Cost of sales of physical commodities
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
|
—
|
|
—
|
|
||||
Operating revenues
|
37.9
|
|
|
(17)%
|
|
45.6
|
|
|
75.3
|
|
|
(20)%
|
|
94.4
|
|
||||
Transaction-based clearing expenses
|
6.1
|
|
|
(6)%
|
|
6.5
|
|
|
12.3
|
|
|
(1)%
|
|
12.4
|
|
||||
Introducing broker commissions
|
2.2
|
|
|
(35)%
|
|
3.4
|
|
|
4.3
|
|
|
(39)%
|
|
7.0
|
|
||||
Interest expense
|
5.5
|
|
|
41%
|
|
3.9
|
|
|
9.5
|
|
|
32%
|
|
7.2
|
|
||||
Net operating revenues
|
24.1
|
|
|
(24)%
|
|
31.8
|
|
|
49.2
|
|
|
(27)%
|
|
67.8
|
|
||||
Variable direct compensation and benefits
|
5.2
|
|
|
(24)%
|
|
6.8
|
|
|
10.5
|
|
|
(21)%
|
|
13.3
|
|
||||
Net contribution
|
18.9
|
|
|
(24)%
|
|
25.0
|
|
|
38.7
|
|
|
(29)%
|
|
54.5
|
|
||||
Non-variable direct expenses
|
7.2
|
|
|
6%
|
|
6.8
|
|
|
14.1
|
|
|
(2)%
|
|
14.4
|
|
||||
Segment income
|
$
|
11.7
|
|
|
(36)%
|
|
$
|
18.2
|
|
|
$
|
24.6
|
|
|
(39)%
|
|
$
|
40.1
|
|
|
Three Months Ended March 31,
|
|
Six Months Ended March 31,
|
||||||||||||||||
(in millions)
|
2017
|
|
% Change
|
|
2016
|
|
2017
|
|
% Change
|
|
2016
|
||||||||
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Sales of physical commodities
|
$
|
5,273.3
|
|
|
49%
|
|
$
|
3,548.0
|
|
|
$
|
11,169.3
|
|
|
64%
|
|
$
|
6,800.6
|
|
Trading gains (losses), net
|
0.8
|
|
|
14%
|
|
0.7
|
|
|
1.0
|
|
|
n/m
|
|
—
|
|
||||
Commission and clearing fees
|
0.2
|
|
|
100%
|
|
0.1
|
|
|
0.4
|
|
|
100%
|
|
0.2
|
|
||||
Consulting and management fees
|
0.1
|
|
|
(50)%
|
|
0.2
|
|
|
0.8
|
|
|
33%
|
|
0.6
|
|
||||
Interest income
|
1.8
|
|
|
6%
|
|
1.7
|
|
|
3.4
|
|
|
(11)%
|
|
3.8
|
|
||||
Other income
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
|
—
|
|
—
|
|
||||
Total revenues
|
5,276.2
|
|
|
49%
|
|
3,550.7
|
|
|
11,174.9
|
|
|
64%
|
|
6,805.2
|
|
||||
Cost of sales of physical commodities
|
5,265.0
|
|
|
49%
|
|
3,542.8
|
|
|
11,153.9
|
|
|
64%
|
|
6,791.4
|
|
||||
Operating revenues
|
11.2
|
|
|
42%
|
|
7.9
|
|
|
21.0
|
|
|
52%
|
|
13.8
|
|
||||
Transaction-based clearing expenses
|
0.2
|
|
|
100%
|
|
0.1
|
|
|
0.4
|
|
|
33%
|
|
0.3
|
|
||||
Introducing broker commissions
|
0.1
|
|
|
n/m
|
|
—
|
|
|
0.2
|
|
|
100%
|
|
0.1
|
|
||||
Interest expense
|
1.9
|
|
|
90%
|
|
1.0
|
|
|
3.3
|
|
|
74%
|
|
1.9
|
|
||||
Net operating revenues
|
9.0
|
|
|
32%
|
|
6.8
|
|
|
17.1
|
|
|
49%
|
|
11.5
|
|
||||
Variable direct compensation and benefits
|
2.5
|
|
|
67%
|
|
1.5
|
|
|
4.8
|
|
|
71%
|
|
2.8
|
|
||||
Net contribution
|
6.5
|
|
|
23%
|
|
5.3
|
|
|
12.3
|
|
|
41%
|
|
8.7
|
|
||||
Non-variable direct expenses
|
2.6
|
|
|
(24)%
|
|
3.4
|
|
|
5.4
|
|
|
(7)%
|
|
5.8
|
|
||||
Segment income
|
$
|
3.9
|
|
|
105%
|
|
$
|
1.9
|
|
|
$
|
6.9
|
|
|
138%
|
|
$
|
2.9
|
|
|
Precious Metals
|
||||||||||||||||||
|
Three Months Ended March 31,
|
|
Six Months Ended March 31,
|
||||||||||||||||
|
2017
|
|
% Change
|
|
2016
|
|
2017
|
|
% Change
|
|
2016
|
||||||||
Total revenues
|
$
|
5,069.3
|
|
|
46%
|
|
$
|
3,470.9
|
|
|
$
|
10,792.2
|
|
|
63%
|
|
$
|
6,638.9
|
|
Cost of sales of physical commodities
|
5,063.5
|
|
|
46%
|
|
3,465.9
|
|
|
10,781.0
|
|
|
63%
|
|
6,629.4
|
|
||||
Operating revenues
|
$
|
5.8
|
|
|
16%
|
|
$
|
5.0
|
|
|
$
|
11.2
|
|
|
18%
|
|
$
|
9.5
|
|
Selected data:
|
|
|
|
|
|
|
|
|
|||||||||||
Gold equivalent ounces traded (000’s)
|
27,239.4
|
|
|
26%
|
|
21,619.3
|
|
|
51,568.6
|
|
|
14%
|
|
45,139.1
|
|
||||
Average revenue per ounce traded
|
$
|
0.21
|
|
|
(9)%
|
|
$
|
0.23
|
|
|
$
|
0.22
|
|
|
5%
|
|
$
|
0.21
|
|
|
Physical Ag & Energy
|
||||||||||||||||||
|
Three Months Ended March 31,
|
|
Six Months Ended March 31,
|
||||||||||||||||
|
2017
|
|
% Change
|
|
2016
|
|
2017
|
|
% Change
|
|
2016
|
||||||||
Total revenues
|
$
|
206.9
|
|
|
159%
|
|
$
|
79.8
|
|
|
$
|
382.7
|
|
|
130%
|
|
$
|
166.3
|
|
Cost of sales of physical commodities
|
201.5
|
|
|
162%
|
|
76.9
|
|
|
372.9
|
|
|
130%
|
|
162.0
|
|
||||
Operating revenues
|
$
|
5.4
|
|
|
86%
|
|
$
|
2.9
|
|
|
$
|
9.8
|
|
|
128%
|
|
$
|
4.3
|
|
|
Three Months Ended March 31,
|
|
Six Months Ended March 31,
|
||||||||||||||||
(in millions)
|
2017
|
|
% Change
|
|
2016
|
|
2017
|
|
% Change
|
|
2016
|
||||||||
Sales of physical commodities
|
$
|
—
|
|
|
—
|
|
$
|
—
|
|
|
$
|
—
|
|
|
—
|
|
$
|
—
|
|
Trading gains, net
|
10.5
|
|
|
84%
|
|
5.7
|
|
|
22.5
|
|
|
97%
|
|
11.4
|
|
||||
Commission and clearing fees
|
42.0
|
|
|
62%
|
|
25.9
|
|
|
83.1
|
|
|
71%
|
|
48.7
|
|
||||
Consulting and management fees
|
8.1
|
|
|
1,925%
|
|
0.4
|
|
|
15.6
|
|
|
1,850%
|
|
0.8
|
|
||||
Interest income
|
3.6
|
|
|
177%
|
|
1.3
|
|
|
6.6
|
|
|
200%
|
|
2.2
|
|
||||
Other
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
|
—
|
|
—
|
|
||||
Total revenues
|
64.2
|
|
|
93%
|
|
33.3
|
|
|
127.8
|
|
|
103%
|
|
63.1
|
|
||||
Cost of physical commodities sold
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
|
—
|
|
—
|
|
||||
Operating revenues
|
64.2
|
|
|
93%
|
|
33.3
|
|
|
127.8
|
|
|
103%
|
|
63.1
|
|
||||
Transaction-based clearing expenses
|
18.5
|
|
|
3%
|
|
17.9
|
|
|
36.9
|
|
|
11%
|
|
33.3
|
|
||||
Introducing broker commissions
|
19.8
|
|
|
321%
|
|
4.7
|
|
|
40.3
|
|
|
369%
|
|
8.6
|
|
||||
Interest expense
|
0.5
|
|
|
67%
|
|
0.3
|
|
|
1.1
|
|
|
175%
|
|
0.4
|
|
||||
Net operating revenues
|
25.4
|
|
|
144%
|
|
10.4
|
|
|
49.5
|
|
|
138%
|
|
20.8
|
|
||||
Variable direct compensation and benefits
|
5.8
|
|
|
164%
|
|
2.2
|
|
|
11.9
|
|
|
153%
|
|
4.7
|
|
||||
Net contribution
|
19.6
|
|
|
139%
|
|
8.2
|
|
|
37.6
|
|
|
134%
|
|
16.1
|
|
||||
Non-variable direct expenses
|
11.7
|
|
|
149%
|
|
4.7
|
|
|
24.0
|
|
|
164%
|
|
9.1
|
|
||||
Segment income
|
$
|
7.9
|
|
|
126%
|
|
$
|
3.5
|
|
|
$
|
13.6
|
|
|
94%
|
|
$
|
7.0
|
|
•
|
A three-year syndicated loan facility, committed until
March 18, 2019
, under which INTL FCStone Inc. is entitled to borrow up to
$247.0 million
, subject to certain terms and conditions of the credit agreement. The loan proceeds are used to finance our working capital needs of us and certain subsidiaries. We paid debt issuance costs of $1.8 million in connection with this credit facility, which are being amortized over the thirty-six month term.
|
•
|
An unsecured syndicated loan facility, committed until
April 5, 2018
, under which our subsidiary, INTL FCStone Financial is entitled to borrow up to
$75.0 million
, subject to certain terms and conditions of the credit agreement. This facility is intended to provide short-term funding of margin to commodity exchanges as necessary.
|
•
|
A syndicated loan facility, committed until
May 1, 2018
, under which our subsidiary, FCStone Merchant Services, LLC is entitled to borrow up to $100 million, subject to certain terms and conditions of the credit agreement. The loan proceeds are used to finance traditional commodity financing arrangements and commodity repurchase agreements.
|
•
|
An unsecured syndicated loan facility, committed until
October 27, 2017
, under which our subsidiary, INTL FCStone Ltd is entitled to borrow up to
$25.0 million
, subject to certain terms and conditions of the credit agreement. This facility is intended to provide short-term funding of margin to commodity exchanges as necessary.
|
•
|
Diversification of business activities and instruments;
|
•
|
Limitations on positions;
|
•
|
Allocation of capital and limits based on estimated weighted risks; and
|
•
|
Daily monitoring of positions and mark-to-market profitability.
|
Period
|
Total Number of Shares Purchased
(1)
|
|
Average Price Paid per Share
|
|
Total Number of Shares Purchased as Part of Publicly Announced Program
|
|
Maximum Number of Shares Remaining to be Purchased Under the Program
|
|||||
January 1, 2017 to January 31, 2017
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
1,000,000
|
|
February 1, 2017 to February 28, 2017
|
—
|
|
|
—
|
|
|
—
|
|
|
1,000,000
|
|
|
March 1, 2017 to March 31, 2017
|
—
|
|
|
—
|
|
|
—
|
|
|
1,000,000
|
|
|
Total
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
|
31.1
|
|
Certification of Chief Executive Officer, pursuant to Rule 13a—14(a).
|
|
|
|
31.2
|
|
Certification of Chief Financial Officer, pursuant to Rule 13a—14(a).
|
|
|
|
32.1
|
|
Certification of Chief Executive Officer, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
32.2
|
|
Certification of Chief Financial Officer, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
Date:
|
May 10, 2017
|
|
/s/ Sean M. O’Connor
|
|
|
|
|
Sean M. O’Connor
|
|
|
|
|
Chief Executive Officer
|
|
|
|
|
|
|
Date:
|
May 10, 2017
|
|
/s/ William J. Dunaway
|
|
|
|
|
William J. Dunaway
|
|
|
|
|
Chief Financial Officer
|
|
1 Year INTL FCStone Chart |
1 Month INTL FCStone Chart |
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