v3.25.4
Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2025
Significant Accounting Policies [Abstract]  
Schedule Of Securities Segregated For Regulatory Purposes

The table below presents the composition of the Company’s securities segregated for regulatory purposes for the periods indicated.

 

 

 

December 31,

 

 

2025

 

2024

 

 

 

 

 

 

 

 

 

(in millions)

 

 

 

 

 

 

 

U.S. and foreign government securities

 

$

6,031

 

$

6,460

Municipal securities

 

 

66

 

 

33

Securities purchased under agreements to resell 1

 

 

17,981

 

 

21,353

Securities borrowed 1

 

 

2,443

 

 

-

 

$

26,521

 

$

27,846

 

These balances are collateralized by U.S. government securities.
Composition Of Investment

The table below presents the composition of the Company’s investments for the periods indicated.

 

 

 

December 31,

 

 

2025

 

2024

 

 

 

 

 

 

 

 

 

(in millions)

 

 

 

 

 

 

 

Equity method investments 1

 

$

159

 

$

172

Investments in equity securities at adjusted cost 2

 

 

39

 

 

29

Investments in equity securities at fair value 2

 

 

88

 

 

32

Investments in exchange memberships and equity securities of certain exchanges 2

 

 

2

 

 

2

 

$

288

 

$

235

 

(1)
The Company’s share of income or losses is reported in “Other income” in the consolidated statements of comprehensive income.
(2)
These investments do not qualify for the equity method of accounting. Dividends received are reported in “Other income” in the consolidated statements of comprehensive income.