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DEI Document - USD ($) $ in Millions	12 Months Ended
DEI Document - USD ($) $ in Millions	Sep. 30, 2011	Dec. 09, 2011	Mar. 31, 2011
Document Information [Line Items]
Entity Registrant Name	INTL FCSTONE INC.
Entity Central Index Key	0000913760
Current Fiscal Year End Date	--09-30
Entity Filer Category	Accelerated Filer
Document Type	10-K
Document Period End Date	Sep. 30, 2011
Document Fiscal Year Focus	2011
Document Fiscal Period Focus	Q4
Amendment Flag	false
Entity Common Stock, Shares Outstanding		18,742,025
Entity Well-Know Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Public Float			$ 295.7

Consolidated Balance Sheets Statement - USD ($) $ in Millions	Sep. 30, 2011	Sep. 30, 2010
ASSETS
Cash and cash equivalents	$ 220.6	$ 81.9
Cash, securities and other assets segregated under federal and other regulations (including $22.7 and $0.8 at fair value at September 30, 2011 and September 30, 2010, respectively)	119.4	15.3
Securities purchased under agreements to resell	0.0	342.0
Deposits and receivables from:
Exchange-clearing organizations (including $1408.2 and $906.4 at fair value at September 30, 2011 and September 30, 2010, respectively)	1,489.2	903.4
Broker-dealers, clearing organizations and counterparties (including $16.2 and $56.1 at fair value at September 30, 2011 and September 30, 2010, respectively)	146.5	173.9
Receivables from customers, net	115.9	78.0
Notes receivable, net	26.3	29.2
Income taxes receivable	8.8	9.4
Financial instruments owned, at fair value	223.1	159.8
Physical commodities inventory, at cost	160.6	125.0
Deferred income taxes	20.7	21.0
Property and equipment, net	15.0	7.3
Goodwill and intangible assets, net	56.1	53.4
Other assets	33.5	22.1
Total assets	2,635.7	2,021.7
Liabilities:
Accounts payable and other accrued liabilities (including $22.3 and $32.3 at fair value at September 30, 2011 and September 30, 2010)	122.0	99.4
Payables to:
Customers	1,739.8	1,351.0
Broker-dealers, clearing organizations and counterparties	3.4	3.9
Lenders under loans and overdrafts	77.4	114.9
Income taxes payable	4.6	2.8
Financial instruments sold, not yet purchased, at fair value	390.9	189.6
Liabilities Subtotal	2,338.1	1,761.6
Subordinated debt	0.0	0.5
Convertible subordinated notes payable	0.0	16.7
Liabilities	2,338.1	1,778.8
INTL FCStone Inc. stockholders’ equity:
Preferred stock, $.01 par value. Authorized 1,000,000 shares; no shares issued or outstanding	0.0	0.0
Common stock, $.01 par value. Authorized 30,000,000 shares; 18,653,964 issued and 18,642,407 outstanding at September 30, 2011 and 17,612,792 issued and 17,601,535 outstanding at September 30, 2010	0.2	0.2
Common stock in treasury, at cost - 11,557 shares at September 30, 2011 and 11,257 shares at September 30, 2010	(0.1)	(0.1)
Additional paid-in capital	205.2	184.6
Retained earnings	97.0	59.7
Accumulated other comprehensive loss	(6.0)	(3.1)
Total INTL FCStone Inc. stockholders’ equity	296.3	241.3
Noncontrolling interests	1.3	1.6
Total equity	297.6	242.9
Total liabilities and equity	$ 2,635.7	$ 2,021.7

Consolidated Balance Sheet Parentheticals - USD ($) $ in Millions	Sep. 30, 2011	Sep. 30, 2010
Assets
Cash, securities - fair value	$ 22.7	$ 0.8
Dep and rec -exch clear org - fair value	1,408.2	906.4
Dep and rec -b/d - fair value	16.2	56.1
Accounts pay and other accrued - fair value	$ 22.3	$ 32.3
Preferred stock - par value	$ 0.01	$ 0.01
Preferred stock - authorized	1,000,000	1,000,000
Preferred stock - issued	0	0
Preferred stock - outstanding	0	0
Common stock - par value	$ 0.01	$ 0.01
Common stock - authorized	30,000,000	30,000,000
Common stock - issued	18,653,964	17,612,792
Common stock - outstanding	18,642,407	17,601,535
Treasury stock - shares	11,557	11,257

Consolidated Income Statements Statement - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2011	Sep. 30, 2010	Sep. 30, 2009
Revenues:
Sales of physical commodities	$ 75,123.4	$ 46,709.2	$ 43,554.0
Trading gains	205.7	86.5	39.1
Commission and clearing fees	134.5	119.9	6.5
Consulting and management fees	22.7	17.2	1.9
Interest income	10.3	7.0	1.8
Other income	1.0	0.5	0.4
Total revenues	75,497.6	46,940.3	43,603.7
Cost of sales of physical commodities	75,074.4	46,671.3	43,513.1
Operating revenues	423.2	269.0	90.6
Interest expense	11.3	9.9	8.0
Net revenues	411.9	259.1	82.6
Non-interest expenses:
Compensation and benefits	176.6	104.2	40.2
Clearing and related expenses	77.4	68.2	16.0
Communication and data services	15.5	11.1	2.1
Introducing broker commissions	24.0	18.9	0.0
Occupancy and equipment rental	8.9	6.2	1.1
Professional fees	10.6	8.1	2.2
Depreciation and amortization	4.7	1.6	0.8
Bad debts and impairments	6.2	5.8	3.0
Other	28.5	17.1	3.9
Total non-interest expenses	352.4	241.2	69.3
Income from continuing operations, before tax	59.5	17.9	13.3
Income tax expense	22.5	6.4	2.6
Income from continuing operations	37.0	11.5	10.7
Income (loss) from discontinued operations, net of tax	0.2	0.6	(1.1)
Income before extraordinary (loss) income	37.2	12.1	9.6
Extraordinary (loss) income	0.0	(7.0)	18.5
Net income	37.2	5.1	28.1
Add: Net loss (income) attributable to noncontrolling interests	0.1	0.3	0.5
Net income attributable to INTL FCStone Inc. common stockholders	$ 37.3	$ 5.4	$ 27.6
Basic earnings per share:
Income from continuing operations attributable to INTL FCStone Inc. common stockholders	$ 2.06	$ 0.68	$ 1.16
Income (loss) from discontinued operations attributable to INTL FCStone Inc. common stockholders	0.01	0.03	(0.13)
Extraordinary (loss) income attributable to INTL FCStone Inc. common stockholders	0.00	(0.40)	2.08
Net income attributable to INTL FCStone Inc. common stockholders	2.07	0.31	3.11
Diluted earnings per share:
Income from continuing operations attributable to INTL FCStone Inc. common stockholders	1.95	0.66	1.1
Income (loss) from discontinued operations attributable to INTL FCStone Inc. common stockholders	0.01	0.03	(0.12)
Extraordinary (loss) income attributable to INTL FCStone Inc. common stockholders	0.00	(0.39)	1.82
Net income attributable to INTL FCStone Inc. common stockholders	$ 1.96	$ 0.3	$ 2.8
Weighted-average number of common shares outstanding:
Basic	17,618,085	17,306,019	8,895,697
Diluted	18,567,454	17,883,233	10,182,586
Amounts attributable to INTL FCStone Inc. common stockholders:
Income from continuing operations, net of tax	$ 37.1	$ 11.8	$ 10.2
Income (loss) from discontinued operations, net of tax	0.2	0.6	(1.1)
Extraordinary (loss) income	0.0	(7.0)	18.5
Net Income	$ 37.3	$ 5.4	$ 27.6

Consolidated Cash Flows Statements Statement - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2011	Sep. 30, 2010	Sep. 30, 2009
Cash flows from operating activities:
Net income	$ 37.2	$ 5.1	$ 28.1
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	4.7	1.7	0.7
Provision for bad debts and impairments	6.2	3.5	0.0
Deferred income taxes	1.8	3.7	(3.7)
Amortization of debt issuance costs and debt discount	1.6	0.2	0.2
Convertible debt interest settled in company stock upon conversion	0.2	0.0	0.0
Noncontrolling interest	0.0	0.0	0.7
Amortization of stock-based compensation expense	2.3	1.9	1.9
Unrealized gains from INTL Consilium managed funds	0.0	0.0	(2.0)
Loss on disposition of INTL Consilium	0.0	0.0	0.4
Extraordinary loss (gain) on acquisition of FCStone	0.0	7.0	(18.5)
Impairment of INTL Sieramet	0.0	1.1	1.1
Deconsolidation and impairment of Agora-X subsidiary	0.0	(2.9)	0.0
Gain on acquisition of INTL Provident	(0.4)	0.0	0.0
Changes in operating assets and liabilities, net:
Cash, securities and other assets segregated under federal and other regulations	(104.1)	(0.3)	0.0
Deposits and receivables from exchange-clearing organizations	(586.0)	(4.2)	0.0
Deposits and receivables from broker-dealers, clearing organizations, and counterparties	47.1	(57.6)	11.2
Receivable from customers, net	(39.1)	(18.2)	1.9
Notes receivable from customers, net	2.9	(7.0)	0.0
Income taxes receivable	0.6	35.4	(4.6)
Financial instruments owned and securities purchased under agreements to resell, at fair value	280.7	(212.7)	44.9
Physical commodities inventory	(35.6)	(18.1)	(49.6)
Other assets	(12.1)	3.9	(2.2)
Accounts payable and other accrued liabilities	30.8	1.9	(6.0)
Payable to customers	366.2	415.3	26.1
Payable to broker-dealers, clearing organizations and counterparties	(0.5)	(0.4)	(22.5)
Income taxes payable	1.6	0.4	0.6
Financial instruments sold, not yet purchased, at fair value	202.9	(46.7)	(26.1)
Net cash provided by (used in) operating activities	209.0	113.0	(17.4)
Cash flows from investing activities:
Capital contribution of consolidated joint venture partner	0.0	0.0	0.2
Capital distribution to consolidated joint venture partner	0.0	0.0	(2.8)
Deconsolidation of affiliates	0.0	(0.3)	(8.2)
Disposition of affiliates	0.0	0.2	0.4
Investment withdrawals from managed funds	0.0	0.0	17.9
Cash acquired with acquisition of FCStone	0.0	0.0	24.2
Cash paid for other acquisitions, net	(9.3)	(37.6)	(1.1)
Purchase of exchange memberships and common stock	(3.4)	0.0	0.0
Sale of exchange memberships and common stock	1.3	0.0	0.0
Purchase of property and equipment	(10.1)	(4.7)	(2.8)
Net cash (used in) provided by investing activities	(21.5)	(42.4)	27.8
Cash flows from financing activities:
Net change in payable to lenders under loans and overdrafts	(37.5)	6.1	(13.8)
Payments related to earn-outs on acquisitions	(9.4)	0.0	0.0
Repayment of subordinated debt	(0.5)	(56.0)	0.0
Share repurchase	0.0	0.0	(0.1)
Debt issuance costs	(2.4)	0.0	0.0
Exercise of stock options	1.4	0.7	0.4
Income tax benefit on stock options and awards	0.0	0.0	0.3
Net cash used in financing activities	(48.4)	(49.2)	(13.2)
Effect of exchange rates on cash and cash equivalents	(0.4)	0.0	0.5
Net increase (decrease) in cash and cash equivalents	138.7	21.4	(2.3)
Cash and cash equivalents at beginning of period	81.9	60.5	62.8
Cash and cash equivalents at end of period	220.6	81.9	60.5
Supplemental disclosure of cash flow information:
Cash paid for interest	9.5	7.4	8.8
Income taxes paid (received), net of cash refunds	17.6	(33.3)	8.3
Supplemental disclosure of non-cash investing and financing activities:
Conversion of subordinated notes to common stock, net	16.7	0.0	0.1
Estimated beginning fair value of assets and (liabilities) received on consolidation:
Additional consideration payable related to acquisitions	5.4
Assets acquired	0.0	0.0	1,178.9
Liabilities assumed	0.0	0.0	(1,020.5)
Noncontrolling interests	0.0	0.0	1.6
Total net assets acquired	0.0	0.0	160.0
Identified intangible assets and goodwill on acquisitions	4.9	39.8	0.7
Additional consideration payable related to acquisitions		26.3	0.0
Issuance of common stock related to acquisitions	$ 0.0	$ 0.0	$ 135.5

Consolidated Statement of Stockholders’ Equity Statement - USD ($) $ in Millions	Total	Common Stock [Member]	Treasury Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Noncontrolling Interest [Member]
Balances at beginning of period at Sep. 30, 2008	$ 82.9	$ 0.1	$ 0.0	$ 48.9	$ 26.7	$ (0.9)	$ 8.1
Components of comprehensive income
Net income (loss)	28.1				27.6		0.5
Change in foreign currency translation	(0.2)					(0.2)
Change in unrealized loss on derivative instruments	(1.5)					(1.5)
Total comprehensive income	26.4
Exercise of stock options	0.4			0.4
Stock-based Compensation	2.2			2.2
Debt Conversion, Converted Instrument, Amount	0.1			0.1
Noncontrolling Interest, Increase from Business Combination	1.0						1.0
Noncontrolling Interest, Decrease from Deconsolidation	(7.9)						(7.9)
Treasury Stock, Value, Acquired, Cost Method	(0.1)		(0.1)
Issuance of common stock related to acquisitions	135.5	0.1		135.4
Balances at end of period at Sep. 30, 2009	240.5	0.2	(0.1)	187.0	54.3	(2.6)	1.7
Components of comprehensive income
Net income (loss)	5.1				5.4		(0.3)
Change in foreign currency translation	(0.1)					(0.1)
Change in unrealized loss on derivative instruments	1.1					1.1
Change in pension liabilities	(1.7)					(1.7)
Change in unrealized gain or loss on available-for-sale securities	0.2					0.2
Total comprehensive income	4.6
Exercise of stock options	0.7			0.7
Stock-based Compensation	1.9			1.9
Noncontrolling Interest, Increase from Business Combination	1.6						1.6
Noncontrolling Interest, Decrease from Deconsolidation	(1.4)						(1.4)
Stock Repurchased During Period, Value	(5.0)			(5.0)
Issuance of common stock related to acquisitions	0.0
Balances at end of period at Sep. 30, 2010	242.9	0.2	(0.1)	184.6	59.7	(3.1)	1.6
Components of comprehensive income
Net income (loss)	37.2				37.3		(0.1)
Change in foreign currency translation	(0.4)					(0.4)
Change in unrealized loss on derivative instruments	1.0					1.0
Change in pension liabilities	(2.9)					(2.9)
Change in unrealized gain or loss on available-for-sale securities	(0.6)					(0.6)
Total comprehensive income	34.3
Exercise of stock options	1.4			1.4
Stock-based Compensation	2.3			2.3
Debt Conversion, Converted Instrument, Amount	16.9			16.9
Redemption of fund units	(0.2)						(0.2)
Issuance of common stock related to acquisitions	0.0
Balances at end of period at Sep. 30, 2011	$ 297.6	$ 0.2	$ (0.1)	$ 205.2	$ 97.0	$ (6.0)	$ 1.3

Description of Business and Significant Accounting Policies

12 Months Ended

Sep. 30, 2011

Basis of Presentation and Consolidation and Recently Issued Accounting Standards [Abstract]

Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]

Description of Business and Significant Accounting Policies

INTL FCStone Inc., formerly known as International Assets Holding Corporation, a Delaware corporation, and its consolidated subsidiaries (collectively “INTL” or “the Company”), form a financial services group focused on domestic and select international markets. The Company’s services include comprehensive risk management advisory services for commercial customers; execution of listed futures and options on futures contracts on all major commodity exchanges; structured over-the-counter (“OTC”) products in a wide range of commodities; physical trading and hedging of precious and base metals and select other commodities; trading of more than 130 foreign currencies; market-making in international equities; debt origination and asset management.

The Company provides these services to a diverse group of more than 20,000 customers located throughout the world, including producers, processors and end-users of nearly all widely-traded physical commodities to manage their risks and enhance margins; to commercial counterparties who are end-users of the firm’s products and services; to governmental and non-governmental organizations; and to commercial banks, brokers, institutional investors and major investment banks.

The Company entered into an Agreement and Plan of Merger dated July 1, 2009, with FCStone Group, Inc. (“FCStone”) that was approved by the stockholders of the Company on September 25, 2009 and was effective on September 30, 2009 (the "FCStone transaction"). The conclusion of the transaction on September 30, 2009, the last day of the previous fiscal year, means that the consolidated income statements of the Company for the years ended September 30, 2011 and 2010 include the results of FCStone, and the consolidated income statement for the year ended September 30, 2009 reflects the results of INTL as it existed before the transaction except for the extraordinary gain. The consolidated balance sheets as of September 30, 2011 and 2010 reflect the financial condition of INTL after the FCStone transaction. See additional discussion of the transaction in Note 18.

Prior to the acquisition of FCStone in September 2009, the Company’s activities were divided into five reportable segments: International Equities Market-making, Foreign Exchange Trading, Commodities Trading, International Debt Capital Markets and Asset Management. The Company revised its segment reporting as a result of the FCStone transaction, and the Company’s activities are now divided into the following five reportable segments:


•	Commodity and Risk Management Services ("C&RM")


•	Foreign Exchange


•	Securities


•	Clearing and Execution Services ("CES")


•	Other

To conform to the current segment presentation, the Company has restated certain segment information for the year ended September 30, 2009 (see Note 22).

Basis of Presentation

The accompanying consolidated financial statements include the accounts of INTL FCStone Inc. and all other entities in which the Company has a controlling financial interest. All material intercompany transactions and balances have been eliminated in consolidation. All adjustments that, in the opinion of management and consisting only of a normal and recurring nature, are necessary for a fair presentation for the periods presented have been reflected.

In accordance with the Consolidation Topic of the Accounting Standards Codification (“ASC”) the Company consolidates any variable interest entities for which it is the primary beneficiary, as defined. The Company applies the equity method of accounting when the Company does not have a controlling interest in an entity, but exerts significant influence over the entity.

The Company has a majority interest in the Blackthorn Multi-Advisor Fund, LP (the “Blackthorn Fund”). The Blackthorn Fund is a commodity investment pool, which allocates most of its assets to third-party commodity trading advisors and other investment managers. The Blackthorn Fund engages in speculative trading of a wide variety of commodity futures and options on futures contracts, securities and other financial instruments. In addition to the majority interest that was acquired, a subsidiary of the Company is also the general partner of the Blackthorn Fund. Under the provisions of the Consolidations Topic of the ASC, the Company is required to consolidate the Blackthorn Fund as a variable interest entity since it is the general partner and owns a majority interest. The creditors of the Blackthorn Fund have no recourse to the general assets of the Company.

The Blackthorn Fund had net assets of $3.2 million and $5.2 million as of September 30, 2011 and 2010, respectively. The net assets of the Blackthorn fund consisted of cash and cash equivalents of $17 thousand and $0.6 million, deposits and receivables from broker-dealers, clearing organizations and counterparties of $2.6 million and $2.8 million, investments in managed funds of $1.3 million and $1.8 million, and accounts payable and other accrued liabilities of $0.7 million and less than $50 thousand as of September 30, 2011 and 2010, respectively. Accordingly, the noncontrolling interest shown in the consolidated balance sheets includes the noncontrolling interest of the Blackthorn Fund of $1.3 million and $1.6 million as of September 30, 2011 and 2010, respectively. See Note 5 for discussion of fair value of the financial assets and liabilities.

Unless otherwise stated herein, all references to 2011, 2010, and 2009 refer to the Company’s fiscal years ended September 30.

Use of Estimates

The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent liabilities as of the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. The most significant of these estimates and assumptions relate to fair value measurements for financial instruments and investments, revenue recognition, the provision for potential losses from bad debts, valuation of inventories, valuation of goodwill and intangible assets, incomes taxes and contingencies. Although these and other estimates and assumptions are based on the best available information, actual results could be materially different from these estimates.

Foreign Currency Translation

Assets and liabilities recorded in foreign currencies are translated at the exchange rates prevailing on the balance sheet date. Revenue and expenses are translated at average rates of exchange prevailing during the period. Gains or losses on translation of the financial statements of a non-U.S. operation, when the functional currency is other than the U.S. dollar, are recorded in other comprehensive income (“OCI”), net of tax, a component of stockholder's equity. Foreign currency remeasurement gains or losses on transactions in nonfunctional currencies are included within 'trading gains' in the consolidated income statements.

Cash and Cash Equivalents

The Company considers cash held at banks and all highly liquid investments, including certificates of deposit, which may be withdrawn at any time at the discretion of the Company without penalty, to be cash and cash equivalents. Cash and cash equivalents consist of cash, foreign currency, money market funds and certificates of deposit not deposited with or pledged to an exchange-clearing organization. The money market funds are valued at period-end at the net asset value provided by the fund’s administrator, which approximates fair value. Certificates of deposit are stated at cost plus accrued interest, which approximates fair value. All cash and cash equivalents deposited with brokers, dealers and clearing organizations support the Company’s trading activities, and are subject to contractual restrictions. The Company has an investment policy, which limits the maximum amount placed in any one fund and with any one institution in order to reduce credit risk. The Company does not believe that it is exposed to significant risk on cash and cash equivalents.

Cash, Securities and Other Assets Segregated under Federal and other Regulations

Pursuant to requirements of the Commodity Exchange Act, funds deposited by customers relating to futures and options on futures contracts in regulated commodities must be carried in separate accounts which are designated as segregated customer accounts. The deposits in segregated customer accounts are not commingled with the funds of the Company. As of September 30, 2011 and 2010, cash, securities and other assets segregated under federal and other regulations consisted of cash held at banks and money market funds of approximately $96.7 million and $14.5 million, respectively, U.S. government securities and federal agency obligations of approximately $3.7 million and $0.8 million, respectively, and commodities warehouse receipts of approximately $19.0 million and $0, respectively (see fair value measurements discussion in Note 5).

Securities purchased under agreements to resell

The Company has an overnight sweep reverse repurchase agreement program to allow the Company to enter into secured overnight investments (reverse repurchase agreements or reverse repos), which generally provides a higher investment yield than a regular operating account. The reverse repurchase agreements are recorded at amounts at which the securities were initially acquired. It is the policy of the Company to take possession of the securities purchased under agreements to resell. The Company receives U.S. Treasury securities as collateral for the overnight agreements. The securities received are recorded at no more than the lesser of the current fair value of the securities or the net amount to be realized by the Company upon resale of the securities. The maturity of the reverse repurchase agreements is typically one day, at which point the securities are sold and the proceeds are returned to the Company, plus any accrued interest. There were no agreements to resell securities as of September 30, 2011. Agreements to resell securities in the amount of $342.0 million were outstanding as of September 30, 2010.

Deposits and Receivables from Exchange-Clearing Organizations, Broker-dealers, Clearing Organizations and Counterparties, and Payables to Broker-dealers, Clearing Organizations and Counterparties

As required by the regulations of the U.S. Commodity Futures Trading Commission (“CFTC”), customer funds received to margin, guarantee, and/or secure commodity futures transactions are segregated and accounted for separately from the general assets of the Company. Deposits with exchange-clearing organizations, broker-dealers and counterparties pertain primarily to deposits made to satisfy margin requirements on customer and proprietary open futures and options on futures positions and to satisfy the requirements set by clearing exchanges for clearing membership. As of September 30, 2011 and 2010, the Company had cash and cash equivalents on deposit with or pledged to exchange-clearing organizations, broker-dealers and counterparties of $1.2 billion and $532.1 million, respectively.

These balances also include securities pledged by the Company on behalf of customers and customer-owned securities that are pledged. It is the Company’s practice to include customer owned securities on its consolidated balance sheets, as the rights to those securities have been transferred to the Company under the terms of the futures trading agreement. Securities pledged include U.S. Treasury bills and instruments backed by U.S. government sponsored entities and government-sponsored enterprise backed mortgage-backed securities ("mortgage-backed securities"). The securities that are not customer-owned are adjusted to fair value with associated changes in unrealized gains or losses recorded in OCI, net of tax, until realized, a component of stockholders' equity. For customer owned securities, the change in fair value is offset against the customer accounts payable with no impact recognized on the consolidated income statements.

The securities, primarily U.S. Government obligations and mortgage-backed securities, held by FCStone as collateral or as margin have been deposited with exchange-clearing organizations, broker-dealers or other counterparties. The fair value of these securities was approximately $479.2 million and $998.1 million as of September 30, 2011 and 2010, respectively.

Management has considered guidance required by the Transfers and Servicing Topic of the ASC as it relates to securities pledged by customers to margin their accounts. Based on a review of the agreements with the customer, management believes a legal basis exists to support that the transferor surrenders control over those assets if all of the following three conditions are met: (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 customer collateral assets and corresponding liabilities in the Company’s consolidated balance sheets as of September 30, 2011 and 2010.

In addition to margin, deposits with exchange-clearing organizations include guaranty deposits. The guaranty deposits are held by the clearing organization for use in potential default situations by one or more members of the clearing organization. The guaranty deposits may be applied to the Company’s obligations to the clearing organization, or to the clearing organization’s obligations to other clearing members or third parties. Deposits with and receivables from exchange-clearing organizations and broker-dealers and counterparties are reported gross, except where a right of offset exists.

The Company maintains customer omnibus and proprietary accounts with other counterparties, and the equity balances in those accounts along with any margin cash or securities deposited with the carrying broker are included in deposits and receivables from broker-dealers and counterparties.

The Company pledges margin deposit with various counterparties for OTC derivative contracts, and the deposits are included in deposits and receivables from counterparties.

Receivables from and payables to exchange-clearing organizations are primarily comprised of amounts due from or due to exchange-clearing organizations for daily variation settlements on open futures and options on futures positions. The variation settlements due from or due to exchange-clearing organizations are paid in cash on the following business day.

Receivables from and Payables to Customers

Receivables from customers, net of the allowance for doubtful accounts, include the total of net deficits in individual futures trading accounts carried by the Company. Customer deficits arise from realized and unrealized trading losses on futures and options on futures positions and amounts due on cash and margin transactions. Customer deficit accounts are reported gross of customer accounts that contain net credit or positive balances, except where a right of offset exists. Net deficits in individual futures trading accounts include both secured and unsecured deficit balances due from customers as of the balance sheet date. Secured deficit amounts are backed by U.S. Treasury bills and notes with a fair value of $0.4 million and $0.2 million as of September 30, 2011 and 2010, respectively, and commodity warehouse receipts with a fair value of $16.2 million as of September 30, 2011. These U.S Treasury bills and notes and commodity warehouse receipts are not netted against the secured deficit amounts, as the conditions for right of setoff have not been met.

Payables to customers represent the total of customer accounts with credit or positive balances. Customer accounts are used primarily in connection with commodity transactions and include gains and losses on open commodity trades as well as securities and other deposits made as required by the Company or the exchange-clearing organizations. Customer accounts with credit or positive balances are reported gross of customer deficit accounts, except where a right of offset exists. Payables to customers for regulated accounts are for transactions facilitated by FCStone, a futures commission merchants ("FCM"), with exchange-clearing organizations. Payables to customers for unregulated accounts are for transactions occurring in the OTC markets.

For regulatory purposes, certain customers, which would include persons who are affiliated with the Company or is a principal, such as an officer or director, and any person who is materially involved in the management of the Company, are identified as noncustomers. A noncustomer account may not be carried as a customer account due to an affiliation with the Company. In a liquidation event, amounts owed to noncustomers are paid in the same priority as amounts owed to general creditors of the Company. These accounts are also referred to as proprietary accounts. The amounts related to noncustomer accounts are included in 'payables to customers' on the consolidated balance sheets.

The future collectability of the receivables from customers can be impacted by the Company’s collection efforts, the financial stability of its customers, and the general economic climate in which it operates. 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 customers. The Company may unilaterally close customer trading positions in certain circumstances. In addition, to evaluate customer margining and collateral requirements, customer positions are stress tested regularly and monitored for excessive concentration levels relative to the overall market size.

The Company generally charges off an outstanding receivable balance when all economically sensible means of recovery have been exhausted. That determination considers information such as the occurrence of significant changes in the customer's financial position such that the customer can no longer pay the obligation, or that the proceeds from collateral will not be sufficient to pay the balance.

Notes Receivable from Customers

The Company accepts notes receivable under sale/repurchase agreements with customers whereby the customers sell certain commodity inventory to the Company and agree to repurchase the commodity inventory at a future date at either a fixed or floating rate. In accordance with the guidance contained in the Revenue Recognition Topic of the ASC, these transactions are treated as secured borrowings rather than commodity inventory in the Company’s consolidated financial statements.

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 operations for notes receivable losses when management believes that collectability of the principal is unlikely.

Physical Commodities Inventory

Physical commodities inventories are stated at the lower of cost or market ("LCM"), using the weighted-average price and first-in first-out costing method. Cost includes finished commodity or raw material and processing costs related to the purchase and processing of inventories.

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 lives of the assets. 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. Certain costs of software developed or obtained for internal use are capitalized and amortized over the estimated useful life of the software. Expenditures for maintenance, repairs, and minor replacements are charged to operations, as incurred. Expenditures that increase the value or productive capacity of assets are capitalized. When property and equipment are retired, sold, or otherwise disposed of, the asset's carrying amount and related accumulated depreciation are removed from the accounts and any gain or loss is included in earnings.

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. In accordance with the Intangibles – Goodwill and Other Topic of the ASC, goodwill is tested for impairment on an annual basis at the fiscal year-end, and between annual tests if indicators of potential impairment exist, using a fair-value-based approach. No impairment of goodwill has been identified during any of the periods presented.

Identifiable intangible assets subject to amortization are amortized using the straight-line method over their estimated period of benefit, ranging from two to twenty years. Identifiable intangible assets are tested for impairment whenever events or changes in circumstances suggest that an asset’s or asset group’s carrying value may not be fully recoverable in accordance with the Intangibles – Goodwill and Other Topic of the ASC. Residual value is presumed to be zero. Identifiable intangible assets not subject to amortization are reviewed at each reporting period to reevaluate if the intangible asset’s useful life remains indefinite. Additionally, intangible assets not subject to amortization are tested annually for impairment at the fiscal year-end, and between annual tests if indicators of potential impairment exist, using a fair-value-based approach. No impairments of identifiable intangible assets have been identified during any of the periods presented.

Financial Instruments and Derivatives

Financial instruments owned, at fair value and financial instruments sold, not yet purchased, at fair value consist of financial instruments carried at fair value or amounts that approximate fair value, with related unrealized changes in gains or losses recognized in the Company’s results of operations, except for securities classified as available-for-sale. The fair value of a financial instrument is the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale.

The Company accounts for its securities pledged on behalf of customers and proprietary securities in accordance with the Investments - Debt and Equity Securities Topic in the ASC. In accordance with this guidance, the Company determines the appropriate classification of its investments as trading, available-for-sale, or held-to-maturity at the time of purchase and reevaluates the designation as of each reporting period.

The Company has classified certain U.S. government obligations, mortgage-backed securities, corporate debt securities and exchange firm common stock not pledged for clearing purposes as available-for-sale, which are carried at fair value based on observable or quoted market prices and associated unrealized gains or losses are recorded as a component of OCI, net of tax, until realized, unless an unrealized loss is determined to be other than temporary, in which case such loss is charged to earnings. The Company classifies those securities as available-for-sale because it would consider selling them prior to maturity to meet liquidity needs or as part of the Company’s risk management program.

The Company computes the cost of its securities on a specific identification basis. Such cost includes the direct costs to acquire securities, adjusted for the amortization of any discount or premium. The amortized cost of securities is computed under the effective-interest method and is included in interest income. Realized gains and losses, declines in value judged to be other than temporary and interest on available-for-sale securities are included in earnings.

Investment in managed funds, at fair value represents investments in funds managed by the Company’s fund managers. The investments are valued at period-end at the net asset value provided by the fund’s administrator.

Commodities warehouse receipts are valued at the cash price for the commodity based on published market quotes. For commodities warehouse receipts, the change in fair value is offset against the payable to customers with no impact on the consolidated income statements.

The Company utilizes derivative instruments to manage exposures to foreign currency, commodity price and interest rate risks for the Company and its customers. The Company’s objectives for holding derivatives include reducing, eliminating, and efficiently managing the economic impact of these exposures as effectively as possible. Derivative instruments are recognized as either assets or liabilities and are measured at fair value. The accounting for changes in the fair value of a derivative depends on the intended use of the derivative and the resulting designation. For a derivative instrument designated as a hedge, the effective portion of the derivative’s gain or loss is initially recorded in OCI, net of tax, and is subsequently recognized in earnings when the hedged exposure affects earnings. The ineffective portion of the gain or loss is recognized in earnings. Gains and losses from changes in fair values of derivatives that are not designated as hedges for accounting purposes are recognized in earnings.

The Company’s derivative contracts consist of exchange-traded and OTC derivatives. Fair values of exchange-traded derivatives are generally determined from quoted market prices. OTC derivatives are valued using valuation models. The valuation models used to derive the fair values of OTC derivatives require inputs including contractual terms, market prices, yield curves and measurements of volatility. The Company uses similar models to value similar instruments. Where possible, the Company verifies the values produced by pricing models by comparing them to market transactions. Inputs may involve judgment where market prices are not readily available. The Company does not elect hedge accounting under the Derivatives and Hedging Topic of the ASC in accounting for derivatives used as economic hedges in its commodities.

The Company provides clearing and execution of exchange-traded futures and options on futures for middle-market intermediaries, end-users, producers of commodities and the institutional and professional trader market segments. The Company has a subsidiary that is a registered FCM, clearing on various exchanges. The primary sources of revenues for the Company's FCM are commissions and clearing fees derived from executing and clearing orders for commodity futures contracts and options on futures on behalf of its customers.

The Company also brokers foreign exchange forwards, options and cash, or spot, transactions between customers 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.

In addition, the Company engages in speculative trading and holds proprietary positions in futures, options, swaps and forward contracts, including corn, wheat, soybeans, sugar and silver. Since some of the derivatives held or sold by the Company are for speculative trading purposes, these derivative instruments are not designated as hedging instruments and accordingly, the changes in fair value during the period are recorded in the consolidated income statements as a component of 'trading gains' (see Note 6).

The Company also holds proprietary positions in its foreign exchange line of business. On a limited basis, the Company's foreign exchange trade desk will accept a customer 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 customer. These spot and forward contracts are accounted for as free-standing derivatives and reported in the consolidated balance sheets at their fair values. The Company does not seek hedge accounting treatment for these derivatives, and accordingly, the changes in fair value during the period are recorded in the consolidated income statements within 'trading gains' (see Note 6). In applying the guidance in the Balance Sheet-Offsetting Topic of the ASC, the Company's accounting policy is such that open contracts with the same customer are netted at the account level, in accordance with netting arrangements in place with each party, as applicable and rights to reclaim cash collateral or obligations to return cash collateral are netted against fair value amounts recognized for derivative instruments with the same customer in accordance with the master netting arrangements in place with each customer.

The Company may lease commodities to or from customers or counterparties, or advance commodities to customers on an unpriced basis, receiving payment as and when they become priced. These are valued at fair value and classified under financial instruments as hybrid contracts with embedded derivative features that cannot be reliably measured and separated from the host contract. As permitted by the Derivatives and Hedging Topic of the ASC, the entire instrument is recorded at fair value, with the corresponding change in fair value recognized as revenue within the consolidated income statements as a component of 'trading gains'.

Exchange Memberships and Stock

The Company is required to hold certain exchange membership seats and exchange firm common stock and pledge them for clearing purposes, in order to provide the Company the right to process trades directly with the various exchanges. Exchange memberships include seats on the Chicago Board of Trade ("CBOT"), the Board of Trade of Kansas City, Missouri, Inc., the Minnesota Grain Exchange, the New York Mercantile Exchange ("NYMEX"), the 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 and London Metal Exchange ("LME"). Exchange firm common stock include shares of CME Group, Inc., ICE and LME.

Exchange memberships and firm common stocks pledged for clearing purposes are recorded at cost, in accordance with U.S. GAAP and CFTC regulations and are included within 'other assets' on the consolidated balance sheets. Equity investments in exchange firm common stock not pledged for clearing purposes are classified as available-for-sale and recorded at fair value, with unrealized gains and losses recorded as a component of OCI, net of tax, until realized. Equity investments in exchange firm common stock not pledged for clearing purposes are included within the 'financial instruments owned' on the consolidated balance sheets.

The cost basis for FCStone’s exchange memberships and firm common stock was established using fair value on September 30, 2009 as a result of applying purchase accounting relating to the acquisition of FCStone’s assets. The cost basis for the Hanley Companies' exchange memberships was established using fair value on July 1, 2010, as a result of applying purchase accounting relating to the acquisition of the Hanley Companies' assets. The Company acquired shares of the LME during the year ended September 30, 2011 at a cost of $3.4 million.

In January 2011, excess shares of exchange firm common stock, with a cost basis of $1.2 million, were sold, resulting in a nominal gain. In July 2011, the CME Group removed the requirement of its member firms to hold a specified quantity of its exchange firm common stock in order to process trades directly with the exchange. Since the shares of CME Group common stock are no longer pledged for clearing purposes, during the fiscal year ended September 30, 2011, the Company designated the shares as available-for-sale and recorded them at fair value within 'financial instruments owned' in the consolidated balance sheets.

The cost basis for exchange memberships and firm common stock pledged for clearing purposes was $10.3 million and $11.9 million as of September 30, 2011 and 2010, respectively. The fair value of exchange memberships and firm common stock pledged for clearing purposes was $10.5 million and $9.9 million as of September 30, 2011 and 2010, respectively. The fair value of exchange firm common stock is determined by quoted market prices, and the fair value of exchange memberships is determined by recent sale transactions. The Company monitors the fair value of exchange membership seats and firm common stock on a quarterly basis, and does not consider any current unrealized losses on individual exchange memberships to be anything other than a temporary impairment.

Business Combinations

Acquisitions during fiscal 2011 and 2010 are accounted for as business combinations in accordance with the provisions of the Business Combinations Topic of the ASC. Under the new accounting guidance the method of accounting for a number of aspects of business combinations was revised, such that more assets and liabilities acquired will be measured at fair value as of the acquisition date. Certain contingent liabilities acquired will require remeasurement at fair value in each subsequent reporting period. Noncontrolling interests will initially be measured at fair value and classified as a separate component of equity. Acquisition related costs, such as fees for attorneys, accountants, and investment bankers, will be expensed as incurred and no longer capitalized as part of the purchase price. For all acquisitions, regardless of the consummation date, deferred tax assets, valuation allowances, and uncertain tax position adjustments occurring after the measurement period will be recorded as a component of income, rather than adjusted through goodwill.

Acquisitions during fiscal 2009 were accounted for as purchase business combinations in accordance with the provisions of Statement of Financial Accounting Standards (“SFAS”) No. 141, Business Combinations. Under the purchase method of accounting, the costs, including transaction costs, are allocated to the underlying net assets acquired, based on their respective estimated fair values. Any excess of the purchase price over the estimated fair values of the net assets acquired is recorded as goodwill, which is not amortized to expense. Any excess of the estimated fair values of the net assets acquired over the purchase price results in negative goodwill. Negative goodwill is allocated as a pro rata reduction of the amounts assigned to the assets acquired excluding financial assets, deferred taxes and other current assets. If negative goodwill exceeds the amount of those assets, the remaining excess is recognized as an extraordinary gain in the income statement. Direct out-of-pocket or incremental costs that are directly related to a business combination are included in the cost of the acquired enterprise. Costs included in the cost of the acquired enterprise include finder’s fees or other fees paid to outside consultants for accounting, legal or appraisal services.

Determining the fair value of certain assets and liabilities acquired is subjective in nature and often involves the use of significant estimates and assumptions. Estimating the fair value of the assets and liabilities acquired requires significant judgment.

Revenue Recognition

Sales of physical commodities revenue are recognized when persuasive evidence of an arrangement exists, delivery has occurred, the fee is fixed or determinable, and collectability is probable. The Company reports its physical commodities revenues on a gross basis, with the corresponding cost of sales shown separately, in accordance with the guidelines provided in the Revenue Recognition Topic of the ASC.

Trading gains include brokerage fees and margins generated from OTC derivative trades executed with customers and other counterparties and are recognized when trades are executed. Trading gains also include activities where the Company acts as principal in the purchase and sale of individual securities, currencies, commodities or derivative instruments with our customers. These transactions may be offset simultaneously with another customer or counterparty, offset with similarly but not identical positions on an exchange, made from inventory, or may be aggregated with other purchases to provide liquidity intraday, for a number of days, or in some cases, particularly the base metals business, even longer periods (during which fair value may fluctuate). In addition, trading gains includes activities from the Company's operations of a proprietary foreign exchange desk which arbitrages the futures and cash markets (see additional discussion in the Financial Instruments and Derivatives policy note for revenue recognition on proprietary trading activities). 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. Dividend income and dividend expense, on short equity positions, are recognized net, within 'trading gain' on the ex-dividend date.

Commissions on futures contracts are recognized on a half-turn basis in two equal parts. The first half is recognized when the contract is purchased (opened) and the second half is recognized when the transaction is closed. Commissions on options on futures contracts are generally recognized on a half-turn basis, except that full commissions are recognized on options expected to expire without being exercised or offset. Commissions and fees are charged at various rates based on the type of account, the products traded, and the method of trade. Clearing and transaction fees are charged to customers on a per exchange contract basis based on the trade date. Such fees are for clearing customers’ exchange trades and include fees charged to the Company by the various futures exchanges.

Consulting and management fees include risk management consulting fees which are billed and recognized as revenue on a monthly basis when risk management services are provided. Such agreements are generally for one year periods, but are cancelable by either party upon providing thirty days written notice to the other party and the amounts are not variable based on customer trading activities. Asset management fees are recognized as they are earned based on estimates of fees due at each period-end date. These include estimated performance fees based on the amount that would be due under the formula for exceeding performance targets as of the period-end date. Estimated performance fees may be at risk due to future performance contingencies until such time as they are fixed. Fee income for structuring and arrangement of debt transactions and management and investment advisory income is recorded when the services related to the underlying transactions are provided and success fees are recorded when complete, as determined under the terms of the assignment or engagement.

Interest income, generated primarily from investments and customer inventory financing, is recognized on an accrual basis. Interest from investments is generated from securities purchased using customer funds deposited with the Company to satisfy margin requirements, net of interest returned to customers, and from securities acquired through internally-generated company funds. Interest also includes unrealized gains and losses on securities owned and those deposited with other parties.

Revenue generally is recognized net of any taxes collected from customers and subsequently remitted to governmental authorities.

Cost of Revenue

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 the physical commodities.

Compensation and Benefits

Compensation and benefits consists primarily of salaries, incentive compensation, commissions, related payroll taxes and employee benefits. The Company classifies employees as either traders / risk management consultants, operational or administrative personnel, which includes our executive officers. The most significant component of the Company’s compensation expense is the employment of the traders / risk management consultants, who are paid commissions based on the revenues that their customer portfolios generate. The Company accrues commission expense on a trade date basis.

Share-Based Compensation

The Company accounts for share-based compensation in accordance with the guidance of the Compensation-Stock Compensation Topic of the ASC. 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. Expected forfeitures are included in determining share-based employee compensation expense. In the first quarter of 2006, the Company adopted the guidance under the Compensation-Stock Compensation Topic of the ASC using the modified prospective method. For option awards granted subsequent to the adoption, compensation cost is recognized on a straight-line basis over the vesting period for the entire award. The expense of unvested option awards granted prior to the adoption are recognized on a straight-line basis, over the balance of the vesting period.

Clearing and Related Expenses

Clearing fees and related expenses include expenses for exchange-traded futures and options on futures clearing and settlement services, including fees the Company pays to the exchanges and the floor pit brokers. These fees are based on transaction volume, and recorded as expense on the trade date. Clearing fees are passed on to our customers and presented gross in the consolidated statements of operations under the Revenue Recognition Topic of the ASC, as the Company acts as a principal for these transactions.

Introducing Broker Commissions

Introducing broker commissions include commissions paid to non-employee third parties that have introduced customers to the Company. Introducing brokers are individuals or organizations that maintain relationships with customers and accept futures and options orders from those customers. We directly provide all account, transaction and margining services to introducing brokers, including accepting money, securities and property from the customers. The commissions are determined and settled monthly.

Income Taxes

Income tax expense includes U.S. federal and state and foreign income taxes. Certain items of income and expense are not reported in tax returns and financial statements in the same year. The tax effect of such temporary differences is reported as deferred income taxes. Tax provisions are computed in accordance with the Income Taxes Topic of the ASC.

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 losses from defined benefit pension plans, unrealized gains and losses on available-for-sale securities, and changes in the fair value of interest rate swap agreements, to the extent they are, or previously were, effective as cash flow hedges.

Preferred Stock

The Company is authorized to issue one million shares of preferred stock, par value of $0.01 per share, in one or more classes or series to be established by the Company's board of directors. As of September 30, 2011 and 2010, no preferred shares were outstanding and the Company's board of directors had not yet established any class or series of shares.

Reclassifications

During the year ended September 30, 2011, the Company reclassified give-up fee revenue in the consolidated income statement to 'commission and clearing fees', from 'consulting and management fees'. Reclassification in the amount of $1.9 million has been made to the year ended September 30, 2010 to conform to the current year presentation. This reclassification had no effect on previously reported total or net revenues.

Recent Accounting Pronouncements

In June 2009, new guidance was issued on transfers and servicing of financial assets to eliminate the concept of a qualifying special-purpose entity, change the requirements for off balance sheet accounting for financial assets including limiting the circumstances where off balance sheet treatment for a portion of a financial asset is allowable, and require additional disclosures. The guidance was effective at the beginning of the Company's 2011 fiscal year. The adoption of this guidance did not have a material impact on the Company's consolidated financial statements.

In June 2009, new guidance was issued to revise the approach to determine when a variable interest entity ("VIE") should be consolidated. The new consolidation model for VIEs considers whether the Company has the power to direct the activities that most significantly impact the VIEs economic performance and shares in the significant risks and rewards of the entity. The guidance on VIEs requires companies to continually reassess VIEs to determine if consolidation is appropriate and provide additional disclosures. The guidance was effective for the beginning of the Company's 2011 fiscal year. The adoption of this guidance did not have a material impact on the Company's consolidated financial statements.

In January 2010, new guidance was issued to require new disclosures and clarify existing disclosure requirements about fair value measurements as set forth in the Fair Value Measurements and Disclosures Topic in the ASC. The guidance requires that a reporting entity should disclose separately the amounts of significant transfers in and out of Level 1 and Level 2 fair value measurements and describe the reasons for the transfers; and in the reconciliation for fair value measurements using significant unobservable inputs, a reporting entity should present separately information about purchases, sales, issuances, and settlements. In addition, the guidance clarifies that for purposes of reporting fair value measurement for each class of assets and liabilities, a reporting entity needs to use judgment in determining the appropriate classes of assets and liabilities; and a reporting entity should provide disclosures about the valuation techniques and inputs used to measure fair value for both recurring and nonrecurring fair value measurements. This guidance was effective for the Company as of the quarter ended March 31, 2010 except for the detailed level 3 roll forward disclosure, which is effective for fiscal years beginning after December 15, 2010. The adoption of this guidance did not have a material impact on the Company's disclosures in its consolidated financial statements.

In May 2011, the Financial Accounting Standards Board ("FASB") issued an update to the fair value measurement guidance to achieve common fair value measurement and disclosure requirements in U.S. GAAP and International Financial Reporting Standards. The amendments in the update change the wording used to describe many of the requirements in U.S. GAAP for measuring fair value and for disclosing information about fair value measurements. The amendment is not intended to result in a change in the application of the requirements in the Fair Value Measurements Topic in the ASC. This guidance is effective for annual periods beginning after December 15, 2011. Early application is permitted. The Company is expecting to adopt this guidance in the fiscal year 2012. The adoption of this guidance is not expected to have a significant impact on the Company's consolidated financial statements.

In June 2011, the FASB issued new guidance on the presentation of comprehensive income. This guidance eliminates the current option to report OCI and its components in the statement of changes in equity. Under this guidance, an entity can elect to present items of net income and OCI in one continuous statement or in two separate, but consecutive, statements. In addition, the guidance requires entities to show the effects of items reclassified from OCI to net income on the face of the financial statements. This guidance is effective for fiscal years beginning after December 15, 2012 and interim and annual periods thereafter. Early adoption is permitted, but full retrospective application is required. The FASB has issued a proposal that would defer the requirement to separately present within net income reclassification adjustments of items out of accumulated other comprehensive income. The proposed deferral is intended to be temporary until the FASB has time to reconsider these changes. The other provisions of the guidance will become effective as originally planned by the FASB. The Company is expecting to adopt this guidance in the fiscal year 2012. As the Company reports comprehensive income within its consolidated statements of stockholders' equity, the adoption of this guidance will result in a change in the presentation of comprehensive income in the Company's consolidated financial statements.

In September 2011, the FASB issued amended guidance on goodwill impairment testing. Under the revised guidance, entities testing goodwill for impairment have the option of performing a qualitative assessment before calculating the fair value of the reporting unit. Because the qualitative assessment is optional, entities may bypass it for any reporting unit in any period and begin their impairment analysis with the quantitative calculation in step 1. Entities may resume performing the qualitative assessment in any subsequent period. In the qualitative assessment, entities would determine whether it is more likely than not (i.e., a likelihood of more than 50 percent) that the fair value of the reporting unit is less than the carrying amount. If entities determine, on the basis of qualitative factors, that the fair value of the reporting unit is more likely than not less than the carrying amount, the two-step impairment test would be required. However, if it is not more likely than not that the fair value of the reporting unit is less than the carrying amount, further testing of goodwill for impairment would not be performed. The guidance does not change how goodwill is calculated or assigned to reporting units, nor does it revise the requirement to test goodwill annually for impairment. In addition, the guidance does not amend the requirement to test goodwill for impairment between annual tests if events or circumstances warrant, however, it does revise the examples of events and circumstances that an entity should consider. The amended guidance is effective for annual and interim goodwill impairment tests performed for fiscal years beginning after December 15, 2011. Early adoption is permitted. The adoption of this guidance will not have a material impact on the Company's consolidated financial statements.

Earnings per Share

12 Months Ended

Sep. 30, 2011

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

Earnings per Share

The Company presents basic and diluted earnings per share ("EPS") using the two-class method which requires all outstanding unvested share-based payment awards that contain rights to non-forfeitable dividends and therefore participate in undistributed earnings with common stockholders be included in computing earnings per share. Under the two-class method, net earnings are 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 and shares held in trust for the Provident Group acquisition 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)	2011			2010			2009
Numerator:
Income from continuing operations attributable to INTL FCStone Inc. stockholders	$	37.1		$	11.8		$	10.2
Less: Allocation to participating securities	(0.9		)	(0.2		)	(0.2		)
Income from continuing operations allocated to common stockholders	$	36.2		$	11.6		$	10.0
Interest on convertible debt, net of tax	$	—		$	—		$	0.9
Less: Allocation to participating securities	—			—			—
Interest on convertible debt allocated to common stockholders, net of tax	$	—		$	—		$	0.9
Loss (income) from discontinued operations	$	0.2		$	0.6		$	(1.1	)
Less: Allocation to participating securities	—			—			—
Loss (income) from discontinued operations allocated to common stockholders	$	0.2		$	0.6		$	(1.1	)
Extraordinary loss (income)	$	—		$	(7.0	)	$	18.5
Less: Allocation to participating securities	—			0.1			(0.3		)
Extraordinary loss (income) allocated to common stockholders	$	—		$	(6.9	)	$	18.2
Diluted net income	$	37.3		$	5.4		$	28.5
Less: Allocation to participating securities	(0.9		)	(0.1		)	(0.5		)
Diluted net income allocated to common stockholders	$	36.4		$	5.3		$	28.0
Denominator:
Weighted average number of:
Common shares outstanding	17,618,085			17,306,019			8,895,697
Dilutive potential common shares outstanding:
Share-based awards	949,369			577,214			514,680
Convertible debt	—			—			772,209
Diluted weighted-average shares	18,567,454			17,883,233			10,182,586

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 required under the Compensation – Stock Compensation Topic of the ASC. The dilutive effect of convertible debt is reflected in diluted net income per share by application of the if-converted method.

Options to purchase 386,031, 815,066 and 825,302 shares of common stock for fiscal years ended 2011, 2010 and 2009, respectively, were excluded from the calculation of diluted earnings per share because they would have been anti-dilutive.

Segregated Requirements

12 Months Ended

Sep. 30, 2011

Segregated Requirements [Abstract]

Cash and Cash Equivalents Disclosure [Text Block]

Segregated Requirements

Pursuant to the requirements of the Commodity Exchange Act, funds deposited by customers of FCStone, LLC relating to futures and options on futures positions in regulated commodities must be carried in separate accounts which are designated as segregated customers’ accounts. Certain amounts in the accompanying table reflect reclassifications and eliminations required for regulatory filing and as a result, may differ from those presented in the accompanying consolidated balance sheets. Funds deposited by customers and other assets, which have been aggregated as belonging to the commodity customers as of September 30, 2011 and 2010, are as follows:



(in millions)	September 30, 2011		September 30, 2010
Cash, at banks - segregated	$	71.3	$	3.6
Securities - customer segregated	5.5		352.1
Securities held for customers in lieu of cash, at banks	3.7		0.8
Deposits with and receivables from:
Exchange-clearing organizations, including securities, net of omnibus eliminations	1,358.0		808.8
Other futures commission merchants	—		0.6
Securities held for customers in lieu of cash	19.0		18.4
Total customer-segregated funds	1,457.5		1,184.3
Amount required to be segregated	1,406.6		1,162.4
Excess funds in segregation	$	50.9	$	21.9

Funds deposited by customers and other assets, which are held in separate accounts for customers trading foreign futures and foreign options customers, as of September 30, 2011 and 2010 are as follows:



(in millions)	September 30, 2011		September 30, 2010
Cash - secured	$	6.4	$	3.9
Equities with futures commission merchants	30.3		9.8
Amounts held by members of foreign boards of trade	2.1		2.2
Total customer-secured funds	38.8		15.9
Amount required to be secured	27.2		12.3
Excess secured funds	$	11.6	$	3.6

Receivables from customers and notes receivable, net

12 Months Ended

Sep. 30, 2011

Receivables from customers and notes receivable, net [Abstract]

Financing Receivables [Text Block]

Receivables From Customers and Notes Receivable, net

Receivables from customers, net and notes receivable, net include a provision for bad debts, which reflects our best estimate of probable losses inherent in the receivables from customers and notes receivable. The Company provides for an allowance for doubtful accounts based on a specific-identification basis. The Company continually reviews its provision for bad debts. The allowance for doubtful accounts related to receivables from customers was $11.8 million and $4.9 million as of September 30, 2011 and 2010, respectively. The allowance for doubtful accounts related to notes receivable was $0.1 million and $114.3 million as of September 30, 2011 and 2010, respectively.

During the year ended September 30, 2011, the Company recorded bad debt expense, net of recoveries, of $4.5 million, including provision increases and direct write-offs of $8.2 million, offset by recoveries of $3.7 million. The provision increases during 2011 were primarily related to credit losses recognized on consigned gold transactions, within the C&RM segment, and a clearing customer deficit account within the CES segment. A portion of the loss on consigned gold related to a customer for which a partial provision was recorded during the fourth quarter of 2010. During 2011, negotiation efforts with the customer resulted in settlement of the loss in excess of the amount previously estimated and a charge to bad debt expense for the incremental uncollectible portion. During 2011, the Company recorded recoveries of $3.7 million of bad debt expense related to collection of a previous customer account deficit, within the C&RM segment, and collection following a settlement relating to a disputed trade, within the CES segment, that was “given-up” to FCStone, LLC during the quarter ended June 30, 2010 by another FCM, discussed further below.

During the year ended September 30, 2010, the Company recorded bad debt expense, net of recoveries, of $3.5 million, including provision increases and direct write-offs of $4.2 million, offset by recoveries of $0.7 million. The provision increases during 2010 included a recorded charge to bad debt expense of $2.3 million related to a disputed trade that was "given-up" to FCStone, LLC by another FCM for a customer that held an account with FCStone, LLC. Despite expressly informing the FCM that FCStone, LLC would not accept the "give-up" trade, the "give-up" trade was submitted through the electronic clearing process and erroneously cleared, generating a deficit in the customer's trading account. The customer lacked the financial capacity to cover the account deficit. Additionally, the Company recorded a $2.5 million charge to bad debt expense related to a Dubai customer to whom INTL Commodities DMCC had consigned gold.

As a result of the acquisition of FCStone, the Company acquired notes receivable of $133.7 million as of September 30, 2009 from certain customers and an introducing broker which arose from previous customer account deficits. At the time of the acquisition, the Company estimated collectability of these notes to be $16.7 million. During 2011, the Company recovered $15.6 million as partial payment against these notes, and charged off $111.5 million of note receivable which was fully reserved. Since the acquisition of FCStone, total recoveries from these customers and introducing broker through September 30, 2011 is $15.5 million, and remaining notes receivable related to these customer account deficits is $1.2 million. The Company expects to collect the remaining amounts from the introducing broker, by withholding commissions due on future revenues collected by the Company, although no assurance can be given as to the timing of collection.

Activity in the allowance for doubtful accounts and notes for the years ended September 30, 2011 and 2010 was as follows:



(in millions)	2011			2010
Balance, beginning of year	$	119.2		$	123.4
Provision for bad debts	7.2			2.3
Transfer in ⁽¹⁾	2.5			—
Deductions:
Charge-offs	(113.3		)	(5.8		)
Recoveries	(3.7		)	(0.7		)
Balance, end of year	$	11.9		$	119.2

(1)

During the three months ended December 31, 2010, certain open position derivative contracts, which had a $2.5 million credit reserve as of September 30, 2010 were closed, and the deficit account balance was reclassified from financial instruments owned to a receivable from customer. Accordingly, the previously established credit reserve amount was transferred into the allowance for doubtful accounts during the three months ended December 31, 2010.

Additionally, in the normal course of operations the Company accepts notes receivable under sale/repurchase agreements with customers whereby the customers sell certain commodity inventory and agree to repurchase the commodity inventory at a future date at either a fixed or floating rate. These transactions are short-term in nature, and are treated as secured borrowings rather than commodity inventory, purchases and sales in the Company’s consolidated financial statements. As of September 30, 2011 and 2010, the Company had outstanding notes receivable of $24.3 million and $13.6 million, respectively, related to this program.

Assets and Liabilities, at Fair Value

12 Months Ended

Sep. 30, 2011

Assets and Liabilities, at Fair Value [Abstract]

Fair Value Disclosures [Text Block]

Assets and Liabilities, at Fair Value

The Company’s financial and nonfinancial assets and liabilities reported at fair value are included within the following captions on the consolidated balance sheets:


•	Cash and cash equivalents


•	Cash, securities and other assets segregated under federal and other regulations


•	Securities purchased under agreements to resell


•	Deposits and receivables from exchange-clearing organizations


•	Deposits and receivables from broker-dealers, clearing organizations and counterparties


•	Financial instruments owned


•	Accounts payable and other accrued liabilities


•	Payables to customers


•	Payables to broker-dealers, clearing organizations and counterparties


•	Financial instruments sold, not yet purchased

The table below sets forth an analysis of the carrying value of financial instruments owned and financial instruments sold, not yet purchased as of September 30, 2011 and 2010. This is followed by tables that provide the information required by the Fair Value Measurements and Disclosures Topic of the ASC for all financial assets and liabilities that are carried at fair value.



	September 30, 2011				September 30, 2010
(in millions)	Owned		Sold, not yet purchased		Owned		Sold, not yet purchased
Common stock and American Depositary Receipts ("ADRs")	$	46.9	$	23.4	$	17.4	$	8.5
Exchangeable foreign ordinary equities and ADRs	9.8		23.8		6.6		7.5
Corporate and municipal bonds	8.7		—		13.1		—
U.S. government obligations	0.8		—		5.4		0.2
Foreign government obligations	6.7		—		3.3		—
Derivatives	101.9		122.9		40.2		87.6
Commodities leases and unpriced positions	26.1		220.8		69.2		85.8
Commodities warehouse receipts	16.2		—		—		—
Exchange firm common stock	3.7		—		—		—
Mutual funds and other	1.0		—		2.1		—
Investment in managed funds	1.3		—		2.5		—
	$	223.1	$	390.9	$	159.8	$	189.6

Fair Value Hierarchy

As required by the Fair Value Measurements and Disclosures Topic of the ASC, 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 to 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 the credit guarantee by 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.

The majority of financial assets and liabilities on the consolidated balance sheets are reported at fair value. Cash is reported at the balance held at financial institutions. Cash equivalents includes money market funds, which are valued at period-end at the net asset value provided by the fund’s administrator, and certificates of deposit, which are stated at cost plus accrued interest, which approximates fair value. Cash, securities and other assets segregated under federal and other regulations include the value of cash collateral as well as the value of other pledged investments, primarily U.S. Treasury bills and obligations issued by government sponsored entities and commodities warehouse receipts. Deposits with and receivables from exchange-clearing organizations and broker-dealers, clearing organizations and counterparties and payables to customers and broker-dealers, clearing organizations and counterparties include the value of cash collateral as well as the value of money market funds and other pledged investments, primarily U.S. Treasury bills and obligations issued by government sponsored entities and mortgage-backed securities. These balances also include the fair value of exchange-traded futures and options on futures and exchange-cleared swaps and options determined by prices on the applicable exchange. Financial instruments owned and sold, not yet purchased include the value of U.S. and foreign government obligations, corporate debt securities, derivative financial instruments, commodities, mutual funds and investments in managed funds. The fair value of exchange common stock is determined by quoted market prices, and the fair value of exchange memberships is determined by recent sale transactions. Notes payable and subordinated debt carry variable rates of interest and thus approximate fair value.

The fair value estimates presented herein are based on pertinent information available to management as of September 30, 2011 and 2010. 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 financial statements since that date and current estimates of fair value may differ significantly from the amounts presented herein.

Cash equivalents, securities, commodities warehouse receipts, derivative financial instruments and contingent liabilities are carried at fair value, on a recurring basis, and are classified and disclosed into three levels within the fair value hierarchy. The Company did not have any fair value adjustments for assets or liabilities measured at fair value on a non-recurring basis during the years ended September 30, 2011 and 2010, except as disclosed in Note 18. The three levels of the fair value hierarchy under the Fair Value Measurements and Disclosures Topic of the ASC are:

Level 1 - 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. Included in Level 1 are money market funds, certificates of deposit, commodities warehouse receipts, common stock and ADRs, some U.S. and foreign obligations, equity investments in exchange firms, some mutual funds, as well as futures and options on futures contracts traded on national exchanges, exchange-cleared swaps and options which are valued using exchange closing prices, and OTC swaps and options contracts using quoted prices from national exchanges in which the Company executes transactions for customer and proprietary accounts;

Level 2 - 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. Included in Level 2 are U.S. and foreign government obligations, mortgage-backed securities, some common stock and ADRs, corporate and municipal bonds, some mutual funds, investments in managed funds and OTC forwards, swaps, and options; and

Level 3 - 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. Included in Level 3 are common stock and ADRs, some corporate and municpal bonds, some other investments and contingent liabilities.

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, 2011 and September 30, 2010 by level within the fair value hierarchy. There were no assets or liabilities that were measured at fair value on a nonrecurring basis as of September 30, 2011 and 2010.



	September 30, 2011
(in millions)	Level 1		Level 2		Level 3		Netting and Collateral ⁽¹⁾			Total
Assets:
Money market funds	$	0.1	$	—	$	—	$	—		$	0.1
Certificate of deposits	12.6		—		—		—			12.6
Unrestricted cash equivalents	12.7		—		—		—			12.7
Commodities warehouse receipts	19.0		—		—		—			19.0
U.S. government obligations	—		3.7		—		—			3.7
Securities and other assets segregated under federal and other regulations	19.0		3.7		—		—			22.7
Money market funds	1,193.5		—		—		—			1,193.5
U.S. government obligations	—		470.5		—		—			470.5
Mortgage-backed securities	—		8.5		—		—			8.5
Derivatives	7,227.4		—		—		(7,491.7		)	(264.3		)
Deposits and receivables from exchange-clearing organizations	8,420.9		479.0		—		(7,491.7		)	1,408.2
U.S. government obligations	—		0.1		—		—			0.1
Derivatives	47.3		1,073.5		—		(1,104.7		)	16.1
Deposits and receivables from broker-dealers, clearing organizations and counterparties	47.3		1,073.6		—		(1,104.7		)	16.2
Common stock and ADRs	53.4		2.2		1.1		—			56.7
Corporate and municipal bonds	—		5.1		3.6		—			8.7
U.S. government obligations	—		0.8		—		—			0.8
Foreign government obligations	5.8		0.9		—		—			6.7
Derivatives	210.5		557.6		—		(666.2		)	101.9
Commodities leases and unpriced positions	—		66.3		—		(40.2		)	26.1
Commodities warehouse receipts	16.2		—		—		—			16.2
Exchange firm common stock	3.0		0.7		—		—			3.7
Mutual funds and other	0.6		—		0.4		—			1.0
Investment in managed funds	—		1.3		—		—			1.3
Financial instruments owned	289.5		634.9		5.1		(706.4		)	223.1
Total assets at fair value	$	8,789.4	$	2,191.2	$	5.1	$	(9,302.8	)	$	1,682.9
Liabilities:
Accounts payable and other accrued liabilities - contingent liabilities	$	—	$	—	$	22.3	$	—		$	22.3
Payables to customers - derivatives	6,234.7		—		—		(6,234.7		)	—
Common stock and ADRs	44.9		2.3		—		—			47.2
U.S. and foreign government obligations	—		—		—		—			—
Derivatives	219.9		1,679.1		—		(1,776.1		)	122.9
Commodities leases and unpriced positions	—		431.9		—		(211.1		)	220.8
Financial instruments sold, not yet purchased	264.8		2,113.3		—		(1,987.2		)	390.9
Total liabilities at fair value	$	6,499.5	$	2,113.3	$	22.3	$	(8,221.9	)	$	413.2


(1)	Represents cash collateral and the impact of netting across the levels of the fair value hierarchy. Netting among positions classified within the same level are included in that level.



	September 30, 2010
(in millions)	Level 1		Level 2		Level 3		Netting and Collateral ⁽¹⁾			Total
Assets:
Unrestricted cash equivalents - money market funds	$	0.3	$	—	$	—	$	—		$	0.3
U.S. government obligations	—		0.8		—		—			0.8
Securities segregated under federal and other regulations	—		0.8		—		—			0.8
Securities purchased under agreements to resell	342.0		—		—		—			342.0
Money market funds	428.2		—		—		—			428.2
U.S. government obligations	—		988.1		—		—			988.1
Mortgage-backed securities	—		10.0		—		—			10.0
Derivatives	4,228.1		—		—		(4,748.0		)	(519.9		)
Deposits and receivables from exchange-clearing organizations	4,656.3		998.1		—		(4,748.0		)	906.4
Common stock and ADRs	22.1		0.7		1.2		—			24.0
Corporate and municipal bonds	—		5.1		8.0		—			13.1
U.S. government obligations	0.1		5.3		—		—			5.4
Foreign government obligations	2.7		0.6		—		—			3.3
Derivatives ⁽²⁾	186.0		897.9		—		(1,043.7		)	40.2
Commodities leases and unpriced positions	—		201.9		—		(132.7		)	69.2
Mutual funds and other	1.7		—		0.4		—			2.1
Investment in managed funds	—		1.9		0.6		—			2.5
Financial instruments owned	212.6		1,113.4		10.2		(1,176.4		)	159.8
Total assets at fair value	$	5,211.2	$	2,112.3	$	10.2	$	(5,924.4	)	$	1,409.3
Liabilities:
Accounts payable and other accrued liabilities - contingent liabilities	$	—	$	—	$	32.3	$	—		$	32.3
Payables to customers - derivatives	5,451.0		—		—		(5,451.0		)	—
Common stock and ADRs	15.5		0.5		—		—			16.0
U.S. and foreign government obligations	—		0.2		—		—			0.2
Derivatives ⁽²⁾	189.3		859.5		—		(961.2		)	87.6
Commodities leases and unpriced positions	—		127.2		—		(41.4		)	85.8
Financial instruments sold, not yet purchased	204.8		987.4		—		(1,002.6		)	189.6
Total liabilities at fair value	$	5,655.8	$	987.4	$	32.3	$	(6,453.6	)	$	221.9


(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 are included in that level.


(2)	The derivatives include net unrealized gains (losses) that are reclassified to deposits and receivables from broker-dealers, clearing organizations and counterparties and receivables from customers of $56.1 million as of September 30, 2010, as a result of netting and collateral.

Realized and unrealized gains and losses are included within ‘trading gains’ in the consolidated income statements.

Information on Level 3 Financial Assets and Liabilities

The Company’s financial assets at fair value classified within level 3 of the fair value hierarchy as of September 30, 2011 and 2010 are summarized below:



(in millions)	September 30, 2011			September 30, 2010
Total level 3 assets	$	5.1		$	10.2
Level 3 assets for which the Company bears economic exposure	$	5.1		$	10.2
Total assets	$	2,635.7		$	2,021.7
Total financial assets at fair value	$	1,682.9		$	1,409.3
Total level 3 assets as a percentage of total assets	0.2		%	0.5		%
Level 3 assets for which the Company bears economic exposure as a percentage of total assets	0.2		%	0.5		%
Total level 3 assets as a percentage of total financial assets at fair value	0.3		%	0.7		%

The following tables set forth a summary of changes in the fair value of the Company’s level 3 financial assets and liabilities during the fiscal years ended September 30, 2011 and 2010, including a summary of unrealized gains (losses) during the fiscal year ended on the Company’s level 3 financial assets and liabilities still held as of September 30, 2011.



	Level 3 Financial Assets and Financial Liabilities For the Year Ended September 30, 2011
(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	$	1.2	$	—	$	(0.1	)	$	—		$	—	$	1.1
Corporate and municipal bonds	8.0		—		(1.7		)	(2.7		)	—		3.6
U.S. and foreign government obligations	—		—		—			—			—		—
Mutual funds and other	0.4		—		—			—			—		0.4
Investment in managed funds	0.6		0.2		—			(0.8		)	—		—
	$	10.2	$	0.2	$	(1.8	)	$	(3.5	)	$	—	$	5.1
Liabilities:
Contingent liabilities	$	32.3	$	—	$	(2.9	)	$	(7.1	)	$	—	$	22.3



	Level 3 Financial Assets and Financial Liabilities For the Year Ended September 30, 2010
(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	$	1.2	$	—	$	—		$	—		$	—		$	1.2
Corporate and municipal bonds	4.3		—		0.5			3.2			—			8.0
U.S. and foreign government obligations	0.7		—		—			—			(0.7		)	—
Mutual funds and other	0.4		—		—			—			—			0.4
Investment in managed funds	2.7		—		(0.3		)	(1.8		)	—			0.6
	$	9.3	$	—	$	0.2		$	1.4		$	(0.7	)	$	10.2
Liabilities:
Contingent liabilities	$	—	$	—	$	—		$	32.3		$	—		$	32.3

In August 2008, INTL Asia Pte, Ltd., a subsidiary of the Company, arranged a 550 million Thai Baht ("THB"), an $18 million U.S. dollar ("USD") equivalent, issue of debentures for the single asset owning company of Suriwongse Hotel located in Chiang Mai, Thailand. The debentures have a 9.5% coupon and were scheduled to mature in August 2011. The Company arranged for the sale of 375.5 million THB ($12.6 million USD) of the debentures to two investors and the Company retained debentures in the amount of 174.5 million THB ($5.4 million USD). The debentures were secured by a mortgage on the land and hotel buildings, the personal guarantee of the owner, and conditional assignments of accounts and agreements.

The proceeds of this issue were to be used to refinance the previous loan to the hotel owner, finance the hotel's renovation and fund interest up to 50.0 million THB. Renovations were initially planned to be completed by April 2011 and the outstanding debentures were to be refinanced following the completion of renovations. The renovations have been delayed and are currently expected to be completed by the end of fiscal 2012.

In addition, the political and economic conditions in Thailand over the past two years have impacted the performance of the hotel. Following the interest capitalization period, the hotel owner was able to meet four quarterly interest payments on the debentures, however the hotel owner defaulted on the interest payment that was due in March 2011. The Company and other debenture holders have exercised their rights under the share pledge provisions of the debentures, and held a share auction of 100% of the shares of the single asset owning company. The debenture holders won the share auction (see additional discussion in Note 14).

In accordance with the Fair Value Measurements and Disclosures Topic of the ASC, the Company has estimated the fair value of the debentures on a recurring basis each period. As of September 30, 2011, the Company's investment in the hotel is $3.6 million, and included within the corporate and municipal bonds classification in the level 3 financial assets and financial liabilities tables. The Company has classified its investment in the hotel within level 3 of the fair value hierarchy because the fair value is determined using significant unobservable inputs, which include projected cash flows. These cash flows are discounted employing present value techniques. During the year ended September 30, 2011, the Company recorded a loss of $1.7 million, representing an other than temporary impairment.

The Company is required to make additional future cash payments based on certain financial performance measures of its acquired businesses. The Company is required to remeasure the fair value of the cash earnout arrangements on a recurring basis in accordance with the guidance in the Business Combinations Topic of the ASC. The Company has classified its net liabilities for the contingent earnout arrangements within level 3 of the fair value hierarchy because the fair value is determined using significant unobservable inputs, which include projected cash flows. The estimated fair value of the contingent purchase consideration is based upon management-developed forecasts, a level 3 input in the fair value hierarchy. These cash flows are discounted employing present value techniques in arriving at the acquisition-date fair value. The discount rate was developed using market participant company data, a level 2 input in the fair value hierarchy, and there have been no significant changes in the discount rate environment. From the dates of acquisition to September 30, 2011, certain acquisitions have had changes in the estimates of undiscounted cash flows, based on actual performances fluctuating from estimates. During the fiscal year ended September 30, 2011, the fair value of the contingent consideration increased $2.9 million, with the corresponding expense classified as 'other' within the consolidated income statements.

The Company reports transfers in and out of levels 1, 2 and 3, as applicable, using the fair value of the securities as of the beginning of the reporting period in which the transfer occurred.

The value of an exchange-traded derivative 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 derivative contract or if the securities underlying the contract experience significant price fluctuations after the determination of the settlement price. When a settlement price cannot be used, derivative contracts will be valued at their fair value as determined in good faith pursuant to procedures adopted by management of the Company.

On June 30, 2011, the commodities market experienced downward limit price movements on certain commodities, and on March 31, 2011, the commodities market experienced upward limit price movements on certain commodities. As a result, certain exchange-traded derivative contracts, which would normally be valued using quoted market prices and classified as level 1 within the fair value hierarchy, were priced using a valuation model using observable inputs. Due to the change in valuation techniques because of the limit moves, some derivative assets and derivative liabilities were transferred from level 1 and classified as level 2 during the year ended September 30, 2011. Such derivative assets and liabilities were valued using quoted market prices prior to March 31, 2011 and as of September 30, 2011 and as such, were classified as level 1.

The Company did not have any additional significant transfers between level 1 and level 2 fair value measurements for the year ended September 30, 2011.

The Company transferred $0.7 million of U.S. and foreign obligations from level 3 to level 2 during the fiscal year ended September 30, 2010. The Company re-evaluated the observability of the inputs for the fair value of the securities that were transferred into level 2 from level 3 and determined that there was improvement in the market for these securities and that resulted in the Company being able to utilize inputs that were observable.

The Company has recorded unrealized gains of $0.2 million, net of income tax expense of $0.1 million related to U.S. government obligations and corporate bonds classified as available-for-sale securities in OCI as of September 30, 2011. The following tables summarize the amortized cost basis, the aggregate fair value and gross unrealized holding gains and losses of the Company’s investment securities classified as available-for-sale as of September 30, 2011 and September 30, 2010:



September 30, 2011
Amounts included in financial instruments owned:
	Amortized Cost		Unrealized Holding ⁽¹⁾				Estimated Fair Value
(in millions)	Amortized Cost		Gains		(Losses)		Estimated Fair Value
U.S. government obligations	$	0.5	$	—	$	—	$	0.5
Corporate bonds	5.0		—		—		5.0
	$	5.5	$	—	$	—	$	5.5


(1)	Unrealized gain/loss on financial instruments owned as of September 30, 2011, is less than $0.1 million.



Amounts included in deposits with and receivables from exchange-clearing organizations:
	Amortized Cost		Unrealized Holding				Estimated Fair Value
(in millions)	Amortized Cost		Gains		(Losses)		Estimated Fair Value
U.S. government obligations	$	440.6	$	0.1	$	—	$	440.7
Mortgage-backed securities	8.3		0.2		—		8.5
	$	448.9	$	0.3	$	—	$	449.2



September 30, 2010
Amounts included in financial instruments owned:
	Amortized Cost		Unrealized Holding ⁽¹⁾				Estimated Fair Value
(in millions)	Amortized Cost		Gains		(Losses)		Estimated Fair Value
U.S. government obligations	$	5.0	$	—	$	—	$	5.0
Corporate bonds	5.1		—		—		5.1
	$	10.1	$	—	$	—	$	10.1


(1)	Unrealized gain/loss on financial instruments owned as of September 30, 2010, is less than $0.1 million.



Amounts included in deposits with and receivables from exchange-clearing organizations:
	Amortized Cost		Unrealized Holding					Estimated Fair Value
(in millions)	Amortized Cost		Gains		(Losses)			Estimated Fair Value
U.S. government obligations	$	936.0	$	0.4	$	—		$	936.4
Mortgage-backed securities	10.1		—		(0.1		)	10.0
	$	946.1	$	0.4	$	(0.1	)	$	946.4

As of September 30, 2011 and September 30, 2010, investments in debt securities classified as available-for-sale (AFS) mature as follows:



September 30, 2011
	Due in				Estimated Fair Value
(in millions)	Less than 1 year		1 year or more		Estimated Fair Value
U.S. government obligations	$	441.2	$	—	$	441.2
Corporate bonds	5.0		—		5.0
Mortgage-backed securities	—		8.5		8.5
	$	446.2	$	8.5	$	454.7



September 30, 2010
	Due in				Estimated Fair Value
(in millions)	Less than 1 year		1 year or more		Estimated Fair Value
U.S. government obligations	$	876.0	$	65.4	$	941.4
Corporate bonds	—		5.1		5.1
Mortgage-backed securities	—		10.0		10.0
	$	876.0	$	80.5	$	956.5

There were no sales of AFS Securities during three and nine months ended September 30, 2011 and September 30, 2010, and as a result, no realized gains or losses were recorded for the three and nine months ended September 30, 2011 and September 30, 2010.

For the purposes of the maturity schedule, mortgage-backed securities, which are not due at a single maturity date, have been allocated over maturity groupings based on the expected maturity of the underlying collateral. Mortgage-backed securities may mature earlier than their stated contractual maturities because of accelerated principal repayments of the underlying loans.

The Company has also classified equity investments in exchange firms' common stock not pledged for clearing purposes as available-for-sale. The investments are recorded at fair value, with unrealized gains and losses recorded, net of taxes, as a component of OCI until realized. As of September 30, 2011, the cost and fair value of the equity investments in exchange firms is $4.4 million and $3.7 million, respectively. As of September 30, 2010, all equity investments in exchange firms held by the Company were pledged for clearing purposes and recorded at cost within 'other assets' in the consolidated balance sheet. The Company has recorded unrealized losses of $0.4 million, net of income tax benefit of $0.3 million in OCI related to equity investments in exchange firms as of September 30, 2011. The Company monitors the fair value of exchange common stock on a periodic basis, and does not consider any current unrealized losses to be anything other than temporary impairment.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 133
-Paragraph 44A, 44B
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 15C, 15D
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 15A
-Subparagraph a-d
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 15B
-Subparagraph a, b
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 3, 10, 14, 15
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 157
-Paragraph 32, 33, 34
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 159
-Paragraph 17-22, 27, 28
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+ Details

Financial Instruments with Off-Balance Sheet Risk and Concentrations of Credit Risk

12 Months Ended

Sep. 30, 2011

Financial Instruments with Off-Balance Sheet Risk and Concentrations of Credit Risk [Abstract]

Derivative Instruments and Hedging Activities Disclosure [Text Block]

Financial Instruments with Off-Balance Sheet Risk and Concentrations of Credit Risk

The Company is party to certain financial instruments with off-balance sheet risk in the normal course of its business. The Company has sold financial instruments that it does not currently own and will therefore be obliged to purchase such financial instruments at a future date. The Company has recorded these obligations in the consolidated financial statements as of September 30, 2011 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, 2011. The total of $390.9 million as of September 30, 2011 includes $122.9 million for derivative contracts, which represent a liability to the Company based on their fair values as of September 30, 2011.

Derivatives

The Company utilizes derivative products in its trading capacity as a dealer in order to satisfy client needs and mitigate risk. The Company manages risks from both derivatives and non-derivative cash instruments on a consolidated basis. The risks of derivatives should not be viewed in isolation, but in aggregate with the Company’s other trading activities. The majority of the Company’s derivative positions are included in the consolidating balance sheets within ‘financial instruments owned, at fair value’, ‘deposits and receivables from exchange-clearing organizations’ and ‘financial instruments sold, not yet purchased, at fair value’.

The Company continues to employ an interest rate risk management strategy, implemented in April 2010, that uses derivative financial instruments in the form of interest rate swaps to manage a portion of the aggregate interest rate position. The Company’s objective is to invest the majority of customer segregated deposits in high quality, short-term investments and swap the resulting variable interest earnings into the medium-term interest stream, by using a strip of interest rate swaps that mature every quarter, in order to achieve the two year moving average of the two year swap rate. The risk mitigation of these interest rate swaps is not within the documented hedging designation requirements of the Derivatives and Hedging Topic of the ASC, and as a result they are recorded at fair value, with changes in the marked-to-market valuation of the financial instruments recorded within 'trading gains' in the consolidated income statements. As of September 30, 2011, $1.1 billion in notional principal of interest rate swaps were outstanding with a weighted-average life of 14 months.

Listed below are the fair values of the Company's derivative assets and liabilities as of September 30, 2011 and 2010. Assets represent net unrealized gains and liabilities represent net unrealized losses.



	September 30, 2011						September 30, 2010
(in millions)	Assets ⁽¹⁾			Liabilities ⁽¹⁾			Assets ⁽¹⁾			Liabilities ⁽¹⁾
Derivative contracts not accounted for as hedges:
Exchange-traded commodity derivatives	$	7,074.2		$	6,062.4		$	4,126.2		$	5,332.6
OTC commodity derivatives	763.7			780.1			563.3			562.9
Exchange-traded foreign exchange derivatives	126.9			89.8			84.6			98.7
OTC foreign exchange derivatives ⁽²⁾⁽³⁾	1,074.3			1,118.9			512.6			478.3
Interest rate derivatives	5.5			2.8			22.5			18.6
Equity index derivatives	71.7			79.7			2.8			7.6
Derivative contracts accounted for as hedges:
Interest rate derivatives	—			—			—			1.1
Gross fair value of derivative contracts	9,116.3			8,133.7			5,312.0			6,499.8
Impact of netting and collateral	(9,262.6		)	(8,010.8		)	(5,791.7		)	(6,412.2		)
Total fair value included in ‘Deposits and receivables from exchange-clearing organizations’	$	(264.3	)				$	(519.9	)
Total fair value included in 'Deposits and receivables from broker-dealers, clearing organizations and counterparties'	$	16.1					$	—
Total fair value included in ‘Financial instruments owned, at fair value’	$	101.9					$	40.2
Fair value included in ‘Financial instruments sold, not yet purchased, at fair value’				$	122.9					$	87.6


(1)	As of September 30, 2011 and 2010, the Company’s derivative contract volume for open positions was approximately 3.9 million and 3.5 million contracts, respectively.


(2)	In accordance with agreements with counterparties, the Company is allowed to periodically take advances against its open trade fair value. These amounts exclude advances against open trade fair value of $0 and $27.0 million outstanding as of September 30, 2011 and 2010, respectively.


(3)	In accordance with agreements with counterparties, the Company has to maintain a sufficient margin collateral balance based on the value of the open positions. These amounts exclude deposits with the counterparties for margin collateral, which are included in netting and collateral line, of $53.5 million and $0 as of September 30, 2011 and 2010, respectively.

The Company’s derivative contracts are principally held in its Commodities and Risk Management Services ("C&RM") segment. The Company assists its C&RM segment customers 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 C&RM segment customers with sophisticated option products, including combinations of buying and selling puts and calls. The Company mitigates its risk by generally offsetting the customer'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, unrealized gains in inventory or cash collateral paid or received.

The following table sets forth the Company's gains (losses) related to derivative financial instruments for the fiscal year ended September 30, 2011, 2010 and 2009, in accordance with the Derivatives and Hedging Topic of the ASC. The gains (losses) set forth below are included within ‘trading gains’ in the consolidated income statements.



	Year Ended September 30,
(in millions)	2011		2010			2009
Gains (losses) from derivative contracts	$	52.6	$	(3.3	)	$	(26.1	)

Periodically, the Company uses interest rate swap contracts to hedge certain forecasted transactions. The Company’s primary objective in holding these types of derivatives is to reduce the volatility of earnings and cash flows associated with changes in interest rates. The Company had two interest rate swap contracts, each with a notional amount of $50 million, that matured during the fiscal year ended September 30, 2011. The interest rate swap contracts were entered into in order to hedge potential changes in cash flows resulting from the Company’s variable rate LIBOR based borrowings.

The interest rate swaps were initially classified under the Derivatives and Hedging Topic of the ASC as cash flow hedges. As a result of decreased borrowings by the Company in fiscal year 2010, it was determined that one of the interest rate swaps no longer met the criteria, specified under the Derivatives and Hedging Topic, to allow for the deferral of the effective portion of unrecognized hedging gains or losses in other comprehensive income or loss since all of the forecasted variable interest payments are not expected to occur. However, the Company expected that a portion of those forecasted transactions were still going to occur. As a result, the Company had a loss of $0.2 million, net of tax, as of December 31, 2010 remaining in accumulated other comprehensive income or loss relating to transactions that were still expected to occur for the discontinued hedge.

As of December 31, 2010, the remaining unrecognized loss relating to both interest rate swaps in accumulated other comprehensive income (loss) was $0.6 million, net of tax. That amount was expected to be recognized in earnings as the forecasted payments affected interest expense. However, at the end of the period ended March 31, 2011, the Company's borrowing levels again decreased significantly and it was determined that the one remaining swap, that was being classified as a cash flow hedge, no longer met the criteria for the deferral of the effective portion of unrecognized hedging gains or losses and the Company discontinued hedge accounting for the remaining swap. In addition, as the Company did not expect the borrowing levels to increase significantly before the swaps were due to mature, the remaining balances were recognized in earnings. The Company recognized a loss of $0.3 million, net of tax, for the fiscal year ended September 30, 2011, as a result of the discontinuation of hedge accounting which is included within ‘trading gains’ in the consolidated income statements.

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 customers. If either the customer 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, customers, broker-dealers and other financial institutions. These activities primarily involve collateralized and uncollateralized arrangements and may result in credit exposure in the event that a counterparty fails to meet its contractual obligations. The Company’s exposure to credit risk can be directly impacted by volatile financial markets, which may impair the ability of counterparties to satisfy their contractual obligations. The Company seeks to control its credit risk through a variety of reporting and control procedures, including establishing credit limits based upon a review of the counterparties’ financial condition and credit ratings. The Company monitors collateral levels on a daily basis for compliance with regulatory and internal guidelines and requests changes in collateral levels as appropriate.

The Company is a party to financial instruments in the normal course of its business through customer 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 customers, substantially all of which are transacted on a margin basis. Such transactions may expose the Company to significant credit risk in the event margin requirements are not sufficient to fully cover losses which customers may incur. The Company controls the risks associated with these transactions by requiring customers to maintain margin deposits in compliance with individual exchange regulations and internal guidelines. The Company monitors required margin levels daily and, therefore, may require customers to deposit additional collateral or reduce positions when necessary. The Company also establishes credit limits for customers, which are monitored daily. The Company evaluates each customer’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 customers and exchanges are subject to master netting, or customer agreements, which reduce the exposure to the Company by permitting receivables and payables with such customers to be offset in the event of a customer default. Management believes that the margin deposits held as of September 30, 2011 and September 30, 2010 were adequate to minimize the risk of material loss that could be created by positions held at that time. Additionally, the Company monitors collateral fair value on a daily basis and adjusts collateral levels in the event of excess market exposure. Generally, these exposures to both customers and counterparties are subject to master netting, or customer agreements which reduce the exposure to the Company.

The Company is also a party to a guarantee of payment and performance by a third party of an ethanol marketing agreement with a risk management customer which would require the Company to purchase the output of the customer if the third party could not perform under the marketing agreement. The guarantee does not have a set term, and the underlying agreement cannot be terminated by the third party unless the customer breaches the agreement. The maximum potential amount of future payments required under the guarantee cannot be estimated because the underlying marketing agreement does not specify the amount or the price of the ethanol to be purchased during the term of the agreement. The price of the ethanol to be purchased is at the discretion of the Company.

Derivative financial instruments involve varying degrees of off-balance sheet market risk whereby changes in the fair values of underlying financial instruments may result in changes in the fair value of the financial instruments in excess of the amounts reflected in the consolidated balance sheets. Exposure to market risk is influenced by a number of factors, including the relationships between the financial instruments and the Company’s positions, as well as the volatility and liquidity in the markets in which the financial instruments are traded. The principal risk components of financial instruments include, among other things, interest rate volatility, the duration of the underlying instruments and changes in foreign exchange rates. The Company attempts to manage its exposure to market risk through various techniques. Aggregate market limits have been established and market risk measures are routinely monitored against these limits.

- Definition

The entire disclosure for the entity's entire derivative instruments and hedging activities. Describes an entity's risk management strategies, derivatives in hedging activities and non-hedging derivative instruments, the assets, obligations, liabilities, revenues and expenses arising therefrom, and the amounts of and methodologies and assumptions used in determining the amounts of such items.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 133
-Paragraph 45
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4J
-URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5708773-113959

Reference 22: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 30
-Section 45
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6441202&loc=d3e80720-113993

+ Details

Physical Commodities Inventory

12 Months Ended

Sep. 30, 2011

Physical Commodities Inventory [Abstract]

Inventory Disclosure [Text Block]

Physical Commodities Inventory

Commodities in process include commodities in the process of being recycled. As of September 30, 2011 and 2010, $159.4 million and $124.8 million, respectively, of physical commodities inventory served as collateral under one of the Company’s credit facilities, as detailed further in Note 12. The carrying values of the Company’s inventory as of September 30, 2011 and 2010 are shown below.



(in millions)	September 30, 2011		September 30, 2010
Commodities in process	$	2.4	$	3.6
Finished commodities	158.2		121.4
Physical commodities inventory	$	160.6	$	125.0

As a result of declining market prices for some commodities, the Company recorded LCM adjustments for physical commodities inventory of $21.9 million and $0.7 million as of September 30, 2011 and 2010, respectively. The adjustments are included within 'cost of sales of physical commodities' in the consolidated income statements.

Property and Equipment, Net

12 Months Ended

Sep. 30, 2011

Property and Equipment, net [Abstract]

Property, Plant and Equipment Disclosure [Text Block]

Property and Equipment, net

Property and equipment are stated at cost, and reported net of accumulated depreciation on the consolidated balance sheets. Depreciation on plant and equipment is calculated on the straight-line method over the estimated useful lives of the assets. The estimated useful lives of property and equipment range from 3 to 10 years. During fiscal years 2011, 2010, and 2009, depreciation expense was $2.4 million, $1.0 million and $0.7 million, respectively. A summary of property and equipment, at cost less accumulated depreciation as of September 30, 2011 and 2010 is as follows:



(in millions)	September 30, 2011			September 30, 2010
Property and equipment:
Furniture and fixtures	$	4.8		$	3.7
Software	2.4			0.9
Equipment	6.0			2.4
Leasehold improvements	7.1			3.2
Total property and equipment	20.3			10.2
Less accumulated depreciation	(5.3		)	(2.9		)
Property and equipment, net	$	15.0		$	7.3

- Definition

The entire disclosure for long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. This disclosure may include property plant and equipment accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives, income statement disclosures, assets held for sale and public utility disclosures.

+ References + Details

Goodwill

12 Months Ended

Sep. 30, 2011

Goodwill [Abstract]

Goodwill Disclosure [Text Block]

Goodwill

During the fiscal years ended September 30, 2011 and 2010, the Company recognized $2.2 million and $27.0 million, respectively, in additional goodwill related to acquisitions. See discussion in Note 18 related to the additional goodwill recorded for the Company's acquisitions.

Goodwill allocated to the Company’s operating segments as of September 30, 2011 and 2010 is as follows:



(in millions)	September 30, 2011		September 30, 2010
Commodity and Risk Management Services	$	30.9	$	28.7
Foreign Exchange	6.3		6.3
Securities	5.3		5.3
Goodwill	$	42.5	$	40.3

Intangible Assets

12 Months Ended

Sep. 30, 2011

Intangible Assets [Abstract]

Intangible Assets Disclosure [Text Block]

Intangible Assets

Intangible assets acquired during the year ended September 30, 2011 relate to acquisitions, as discussed in Note 18. The gross and net carrying values of intangible assets as of the balance sheet dates, by major intangible asset class are as follows:



	September 30, 2011							September 30, 2010
(in millions)	Gross Amount		Accumulated Amortization			Net Amount		Gross Amount		Accumulated Amortization			Net Amount
Intangible assets subject to amortization
Noncompete agreement	$	3.7	$	(1.7	)	$	2.0	$	3.3	$	(0.5	)	$	2.8
Trade name	0.6		(0.5		)	0.1		0.8		(0.4		)	0.4
Software programs/platforms	2.1		(0.6		)	1.5		2.1		(0.2		)	1.9
Customer base	8.9		(1.0		)	7.9		7.4		(0.4		)	7.0
	15.3		(3.8		)	11.5		13.6		(1.5		)	12.1
Intangible assets not subject to amortization
Trade name	2.1		—			2.1		1.0		—			1.0
Total intangible assets	$	17.4	$	(3.8	)	$	13.6	$	14.6	$	(1.5	)	$	13.1

Amortization expense related to intangible assets was $2.3 million, $0.7 million, and $0.2 million for the fiscal years ended 2011, 2010 and 2009, respectively. As of September 30, 2011, the estimated future amortization expense was as follows:



(in millions)
Fiscal 2012	$	2.3
Fiscal 2013	1.6
Fiscal 2014	0.9
Fiscal 2015	0.7
Fiscal 2016	0.4
Fiscal 2017 and thereafter	5.6
	$	11.5

Other Expenses

12 Months Ended

Sep. 30, 2011

Other Expenses [Abstract]

Other Expenses [Text Block]

Other Expenses

Other expenses for the years ended September 30, 2011, 2010 and 2009 are comprised of the following:



	Year Ended September 30,
(in millions)	2011		2010		2009
Business development	$	8.9	$	6.3	$	1.9
Non-trading hardware and software maintenance and software licensing	2.8		1.3		0.4
Contingent consideration, net⁽¹⁾	4.7		—		—
Insurance	1.5		1.8		0.3
Other non-income taxes	2.8		1.3		0.2
Advertising, meetings and conferences	1.8		1.7		0.1
Office supplies and printing	1.1		1.2		0.1
Other	4.9		3.5		0.9
Total other expenses	$	28.5	$	17.1	$	3.9

(1) Contingent consideration includes remeasurement of contingent liabilities related to business combinations accounted for in accordance with the provisions of the Business Combinations Topic of the ASC (see Note 5) and additional purchase price, based on achieving specific conditions and earnings targets, relating to FCStone, LLC's previous acquisitions of Downes O'Neill, LLC ("Downes O'Neill") and Globecot, Inc. ("Globecot"). When the Downes O'Neill and Globecot acquisitions occurred, they were recorded in accordance with SFAS No. 141, Business Combinations ("SFAS 141"). As a result of the FCStone transaction on September 30, 2009, these contingent purchase price amounts were considered pre-acquisition contingencies, which were not reasonably estimable during the merger allocation period following the FCStone transaction. In accordance with SFAS 141, adjustments to pre-acquisition contingencies, made after the end of the allocation period, are included in earnings in the current period. There are no further contingent payments relating to the Downes O'Neill acquisition. See Note 14 for discussion of the remaining contingent payments related to the acquisition of Globecot.

Credit Facilities

12 Months Ended

Sep. 30, 2011

Credit Facilities [Abstract]

Debt Disclosure [Text Block]

Credit Facilities

As of September 30, 2011, the Company had four committed credit facilities under which the Company may borrow up to $375.0 million, subject to certain conditions. Additionally, the Company had an uncommitted forward contract for commodities agreement under which the Company may borrow up to $50.0 million to fund forward contract commodity transactions. The amounts outstanding under these credit facilities are short term borrowings and carry variable rates of interest, thus approximating fair value.

The Company’s credit facilities as of September 30, 2011 consisted of the following:

A one-year revolving syndicated committed loan facility established on September 22, 2010 and renewed by amendment on September 21, 2011, under which the Company’s subsidiary, INTL Commodities, Inc. ("INTL Commodities") is entitled to borrow up to $140 million, subject to certain conditions. The loan proceeds are used to finance the activities of INTL Commodities and are secured by its assets. Unused portions of the loan facility require a commitment fee of 0.75% on the unused commitment. The borrowings outstanding under the facility bear interest at the Eurodollar Rate, as defined and 0.375% as of September 30, 2011, plus 2.875% for the applicable term, at INTL Commodities’ election. The agreement contains financial covenants related to INTL Commodities’ working capital, equity and leverage ratio, as defined. The Company was in compliance with these covenants as of September 30, 2011. The Company paid debt issuance costs of $1.1 million in connection with the renewal of this credit facility, which are being amortized over the twelve month term of the facility. The facility is guaranteed by the Company.

A three-year syndicated committed loan facility established on October 29, 2010 and amended on September 30, 2011 to increase the amount under which the Company is entitled to borrow up to $85 million, subject to certain conditions. The loan proceeds are used to finance working capital needs of the Company and certain subsidiaries. The line of credit is secured by a pledge of shares held in certain of the Company’s subsidiaries. Unused portions of the loan facility require a commitment fee of 0.625% on the unused commitment. Borrowings under the facility may bear interest at the Eurodollar Rate, as defined, plus 3.00% or Base Rate, as defined, plus 2.00%. The agreement contains financial covenants related to consolidated tangible net worth, consolidated domestic tangible net worth, consolidated interest coverage ratio and consolidated net unencumbered liquid assets, as defined. The Company was in compliance with these financial covenants as of September 30, 2011. The agreement also includes a negative covenant prohibiting consolidated capital expenditures to exceed $3.5 million annually. The Company's consolidated capital expenditures during fiscal 2011 exceeded $3.5 million, and the Company requested and was granted a waiver from the lenders, dated September 27, 2011, waiving the limitation on consolidated capital expenditures for the fiscal year ended September 30, 2011. The Company intends to discuss amendment of the consolidated capital expenditures covenant with the lender in fiscal 2012. The Company paid debt issuance costs of $1.2 million in connection with the issuance of this credit facility, which are being amortized over the thirty-six month term of the facility. This committed loan facility replaced two previous lines of credit with a commercial bank under which the Company was entitled to borrow up to $60 million.

An unsecured syndicated committed line of credit, established on June 21, 2010 and renewed by amendment on June 20, 2011, under which FCStone, LLC may borrow up to $75 million. This line of credit is intended to provide short term funding of margin to commodity exchanges as necessary. This line of credit is subject to annual review, and the continued availability of this line of credit is subject to FCStone, LLC’s financial condition and operating results continuing to be satisfactory as set forth in the agreement. Unused portions of the margin line require a commitment fee of 0.50% on the unused commitment. Borrowings under the margin line are on a demand basis and bear interest at the Base Rate, as defined, plus 2.0%, which was5.25% as of September 30, 2011. The agreement contains financial covenants related to FCStone, LLC’s tangible net worth, leverage ratio, and net capital, as defined. FCStone, LLC was in compliance with these covenants as of September 30, 2011. FCStone, LLC paid fees and other debt issuance costs of $0.1 million in connection with the renewal of this credit facility, which are being amortized over the twelve month term of the facility. The facility is guaranteed by the Company.

A one-year syndicated committed borrowing facility established on December 2, 2010, and renewed by amendment on October 11, 2011, under which the Company’s subsidiary, FCStone Financial, Inc. ("FCStone Financial") is entitled to borrow up to $75 million, subject to certain conditions. The loan proceeds are used to finance traditional commodity financing arrangements or the purchase of eligible commodities from sellers who have agreed to sell and later repurchase such commodities from FCStone Financial, and are secured by its assets. Unused portions of the borrowing facility require a commitment fee of 0.50% on the unused commitment. The borrowings outstanding under the facility bear interest at a rate per annum equal to the Base Rate plus Applicable Margin, as defined, which was 2.73% as of September 30, 2011. The agreement contains financial covenants related to tangible net worth, as defined. FCStone Financial was in compliance with this covenant as of September 30, 2011. FCStone Financial paid debt issuance costs of less than $0.1 million in connection with this credit facility, which are being amortized over the twelve month term of the facility. The facility is guaranteed by the Company.

An uncommitted forward contract for commodities agreement established on June 23, 2011, under which the Company’s subsidiary, FCStone Merchant Services, LLC ("FCStone Merchant Services") is entitled to borrow up to $50 million to fund forward contracts on specified commodities. The forward contract commodity transactions include a simultaneous agreement from the lender to purchase specified commodities from FCStone Merchant Services and to sell the same specified commodities to FCStone Merchant Services, on a forward sale basis. The price at which FCStone Merchant Services will be obligated to repurchase the specified commodities from lender is calculated as the purchase price plus accrued interest on the purchase price at the cost of funds rate determined by the lender, which was 2.13% as of September 30, 2011. The facility is guaranteed by the Company.

Credit facilities and outstanding borrowings, including subordinated debt, as of September 30, 2011 and 2010 were as follows:



(in millions)				Amounts Outstanding
Security	Renewal / Expiration Date	Total Commitment		September 30, 2011		September 30, 2010
Certain pledged shares	October 1, 2013	$	85.0	$	—	$	—
Certain foreign exchange assets	Terminated October 2010	—		—		12.5
Certain pledged shares	Terminated October 2010	—		—		11.9
Certain commodities assets	September 20, 2012	140.0		60.0		90.5
None	June 18, 2012	75.0		—		—
Certain commodities assets	October 9, 2012	75.0		15.5		—
Certain forward commodity contracts	n/a	—		1.9		—
None	Terminated December 2010	—		—		0.5
		$	375.0	$	77.4	$	115.4

During fiscal 2012, $215 million of the Company’s committed credit facilities are scheduled to expire. While there is no guarantee that the Company will be able to renew or replace current agreements when they expire, based on a strong liquidity position and capital structure the Company believes it will be able to do so.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References + Details

Convertible Subordinated Notes	12 Months Ended
Convertible Subordinated Notes	Sep. 30, 2011
Convertible Subordinated Notes [Abstract]
Subordinated Borrowings Disclosure [Text Block]	Convertible Subordinated Notes The Company had $16.7 million in aggregate principal amount of the Company’s senior subordinated convertible notes due September 2011 (the "Notes") outstanding as of September 30, 2010. The Notes were general unsecured obligations of the Company and bore interest at the rate of 7.625% per annum, payable quarterly in arrears. During the fiscal year ended September 30, 2011, the Notes were converted along with accrued interest of $0.2 million into 778,703 shares of common stock of the Company.

Commitments and Contingencies

12 Months Ended

Sep. 30, 2011

Commitments and Contingencies [Abstract]

Commitments and Contingencies Disclosure [Text Block]

Commitments and Contingencies

Legal 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 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 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 had 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. We accrue legal fees related to contingent liabilities as they are incurred.

In addition to the matters discussed below, from time to time and in the ordinary course of business, we are involved in various legal actions and proceedings, including tort claims, contractual disputes, employment matters, workers' compensation claims and collections. We carry insurance that provides protection against certain types of claims, up to the policy limits of our insurance. During the year ended September 30, 2011, loss contingency accruals, not having a material impact on the consolidated financial statements, have been recorded. In the opinion of management, possible exposure in these matters in excess of the amounts accrued, is not material to the Company's earnings, financial position, or liquidity.

The following is a summary of significant legal matters involving the Company.

Securities Litigation

FCStone and certain officers of FCStone were named as defendants in an action filed in the United States District Court for the Western District of Missouri on July 15, 2008. A consolidated amended complaint ("CAC") was subsequently filed on September 25, 2009. As alleged in the CAC, the action purports to be brought as a class action on behalf of purchasers of FCStone common stock between November 15, 2007 and February 24, 2009. The CAC seeks to hold defendants liable under Section 10(b) and Section 20(a) of the Securities Exchange Act of 1934 and concerns disclosures included in FCStone's fiscal year 2008 public filings. Specifically, the CAC relates to FCStone's public disclosures regarding an interest rate hedge, a bad debt expense arising from unprecedented events in the cotton trading market, and certain disclosures beginning on November 3, 2008 related to losses it expected to incur arising primarily from a customer energy trading account. FCStone and the named officers moved to dismiss the action. Although the Court denied that motion on November 16, 2010, it limited the action to the public disclosures made on November 3, 2008 and November 4, 2008 related to the energy trading account. As a result of the Court's order and lead plaintiffs' decision not to amend their complaint, the lead plaintiffs lost standing to prosecute the action because they were not shareholders at the relevant time. Counsel for lead plaintiffs have since added named plaintiffs who purport to possess standing. Motion practice with respect to class certification is currently pending before the Court pursuant to which plaintiffs seek to certify a class on behalf of purchasers of FCStone stock between April 14, 2008 and February 24, 2009. The Company and the FCStone defendants continue to believe the action is meritless, and intend to defend the action vigorously.

In August, 2008, a shareholder derivative action was filed against FCStone and certain directors of FCStone in the Circuit Court of Platte County, Missouri, alleging breaches of fiduciary duties, waste of corporate assets and unjust enrichment. An amended complaint was subsequently filed in May, 2009 to add claims based upon the losses sustained by FCStone arising out of a customer's energy trading account. On July 7, 2009, the same plaintiff filed a motion for leave to amend the existing case to add a purported class action claim on behalf of the holders of FCStone common stock.

On July 8, 2009, a purported shareholder class action complaint was filed against FCStone and its directors, as well as the Company in the Circuit Court of Clay County, Missouri. The complaint alleged that FCStone and its directors breached their fiduciary duties by failing to maximize stockholder value in connection with the contemplated acquisition of FCStone by the Company. This complaint was subsequently consolidated with the complaint filed in the Circuit Court of Platte County, Missouri. The plaintiffs subsequently filed an amended consolidated complaint which does not assert any claims against the Company. This complaint purports to be filed derivatively on FCStone and the Company's behalf and against certain of FCStone current and former directors and officers and directly against the same individuals. The Company, FCStone, and the defendants filed motions to dismiss on multiple grounds. That motion is fully briefed and pending decision.

The staff of the Fort Worth Regional Office of the SEC is conducting a formal investigation of FCStone's disclosures and accounting for losses associated with the energy trading account, which occurred prior to the Company's acquisition of FCStone on September 30, 2009. During the quarters ended March 31, 2011 and June 30, 2011, certain employees of the Company testified before the SEC in connection with this investigation. The Company is cooperating fully with the SEC staff in its investigation, but cannot predict the scope, duration or outcome of the matter, including monetary penalties or fines, if any.

The Company has also received a request from the CFTC for certain information relating to the energy trading account matter. The Company is cooperating fully with the staff of the CFTC, and cannot predict the scope, duration or outcome of the CFTC's review, including monetary penalties or fines, if any.

On February 24, 2011, the Company's Board of Directors formed a special committee to conduct an independent investigation of FCStone's disclosures and accounting for losses associated with the energy trading account. The Company's Board of Directors determined that it would be appropriate and consistent with its governance and oversight responsibilities to form the special committee to investigate these matters as they pertain to the private litigation and the SEC investigation described above. The special committee, which is comprised solely of independent directors of the Company who were not formerly directors of FCStone, retained an independent law firm to represent and assist it in its investigation.

Convertible Note Holder Litigation

In November, 2009, an investor in a principal amount of $3.7 million of the Company’s senior subordinated convertible notes due 2011 (the “Notes”), Portside Growth and Opportunity Fund (“Portside”), managed by Ramius LLC, served a notice of motion for summary judgment on the Company, claiming that the FCStone transaction resulted in a change of control as defined in the Notes; and that, as a result, the Company should have afforded Portside the opportunity to have the Notes redeemed at a 15% premium. Portside also claimed default interest at the rate of 15% per annum established in the Notes. Portside’s motion was denied in March, 2010. Portside filed an amended complaint in April, 2010. The remaining three holders of the Notes, Highbridge International LLC ("Highbridge"), LBI Group Inc. and Iroquois Master Fund Ltd. ("Iroquois"), holding Notes in an aggregate amount of $13.0 million, filed a similar lawsuit on the Company on October 20, 2010.

On December 14, 2010 Portside delivered a Conversion Notice to the Company in compliance with the terms of the relevant agreement. The full remaining principal amount and accrued interest converted into 173,966 shares of common stock of the Company. Portside filed a notice of discontinuance thereafter.

On April 21, 2011 the Company's motion to dismiss the investors' lawsuit was denied. Prior to April 21, 2011, one of the investors, Iroquois, converted $3.0 million of its $4.0 million investment in principal amount of the Notes, and accrued interest, into 139,136 shares of common stock of the Company. On April 25, 2011, Iroquois converted the remaining $1.0 million of its original $4.0 million investment in the Notes into 46,133 shares of common stock of the Company.

During July, 2011, LBI Group Inc. sold its entire $5.0 million investment in principal amount of the Notes to Leucadia National Corporation (the holder of approximately 8% of the outstanding common stock of the Company), filed a stipulation of discontinuance in the aforementioned lawsuit and released the Company from any further claims in connection with its prior investment in the Notes.

During September, 2011, Highbridge and Leucadia National Corporation converted the remaining $9.0 million, and accrued interest, into 419,468 shares of common stock of the Company.

Highbridge and Iroquois, each holder of $4.0 million in principal amount of the convertible notes as of September 30, 2009, persist in their claim against the Company. The Company intends to defend the claim vigorously. The matter is expected to go to trial during the summer of 2012.

Sentinel Litigation

In August, 2008, the bankruptcy trustee of Sentinel Management Group, Inc. ("Sentinel") filed adversary proceedings against one of the Company's subsidiaries, FCStone, LLC, and a number of other FCMs in the Bankruptcy Court, subsequently reassigned within the United States District Court, for the Northern District of Illinois seeking avoidance of alleged transfers or withdrawals of funds received by the Company and other FCMs within 90 days prior to the filing of the Sentinel bankruptcy petition, as well as avoidance of post-petition distributions and disallowance of the proof of claim filed by the FCStone, LLC. The trustee seeks recovery of pre- and post-petition transfers totaling approximately $15.5 million and, in April, 2009, filed an amended complaint adding a claim for unjust enrichment. FCStone, LLC answered the complaints and all parties entered into the discovery phase of the litigation. On January 21, 2011 the bankruptcy trustee of Sentinel filed a motion for summary judgment against FCStone, LLC on various counts in the adversary proceedings filed in August, 2008 against FCStone, LLC and a number of other FCMs. The motion has since been fully briefed, and is pending before the Court awaiting decision. FCStone, LLC intends to defend the matter vigorously, and to coordinate its defense with the other FCMs.

Contractual Commitments

Contingent Liabilities - Acquisitions

Under the terms of the purchase agreements, related to the acquisitions listed below, the Company has obligations to pay additional consideration if specific conditions and earnings targets are met. In accordance with the Business Combinations Topic of the ASC, the fair value of the additional consideration is recognized as a contingent liability as of the acquisition date. The contingent liability for these estimated additional purchase price considerations are included within ‘accounts payable and other accrued liabilities’ in the consolidated balance sheet as of September 30, 2011. The acquisition date fair value of additional consideration is remeasured to its fair value each reporting period, with changes in fair value recorded in current earnings.

The Company has a contingent liability relating to the October 2010 acquisition of Hencorp Becstone Futures, L.C., subsequently renamed INTL Hencorp Futures, LLC ("Hencorp Futures"), which may result in the payment of additional purchase price consideration, see Note 18 for discussion of the acquisition. The acquisition date fair value of additional consideration was estimated to be $2.3 million. The contingent liability recorded represents a contingent payment of $0.3 million based on adjusted pre-tax net earnings of Hencorp Futures for fiscal 2011 and the fair value of the expected consideration to be paid, based on the forecasted adjusted pre-tax net earnings during the second, third and fourth fiscal years following the closing of the acquistion and a discount rate being applied to those future payments. The change in fair value for the year ended September 30, 2011 was an increase of $0.5 million, included within ‘other expense’ in the consolidated income statements. The present value of the estimated total purchase price, including contingent consideration, is $6.4 million as of September 30, 2011, of which $2.7 million has not been paid and is included within ‘accounts payable and other liabilities’ in the consolidated balance sheets.

The Company has a contingent liability relating to the July 2010 acquisition of the Hanley Companies, which may result in the payment of additional purchase price consideration, see Note 18 for discussion of the acquisition. The acquisition date fair value of additional consideration was estimated to be $15.6 million. The contingent liability recorded represents contingent payments equal to 15% of the adjusted earnings before interest and taxes of the soft commodities derivatives business of the acquired Hanley Companies and INTL Hanley, LLC (the “Derivatives Division”) for the two twelve-month periods ending June 30, 2012 and June 30, 2013, a final contingent payment based on the cumulative Adjusted EBIT of the Derivatives Division for the three year period commencing on July 1, 2010, with a discount rate being applied to those future payments. The change in fair value for the year ended September 30, 2011 was an increase of $4.2 million, included within ‘other expense’ in the consolidated income statements. The present value of the estimated total purchase price, including contingent consideration, is $51.6 million as of September 30, 2011, of which $13.5 million has not been paid and is included within ‘accounts payable and other liabilities’ in the consolidated balance sheets.

The Company has a contingent liability relating to the April 2010 acquisition of the RMI Companies, which may result in the payment of additional consideration, see Note 18 for discussion of the acquisition. The acquisition date fair value of additional consideration was estimated to be $10.7 million. The contingent liability recorded represents the fair value of expected consideration to be paid based on the forecasted sales during the two-twelve month periods ending March 31, 2012 and 2013, and a discount rate being applied to those future payments. The change in fair value for the year ended September 30, 2011 was a decrease of $1.5 million, included within ‘other expense’ in the consolidated income statements. The present value of the estimated total purchase price, including contingent consideration, is $15.2 million as of September 30, 2011, of which $6.1 million has not been paid and is included within ‘accounts payable and other liabilities’ in the consolidated balance sheets.

The Company has a contingent liability relating to the February, 2008 acquisition of Globecot, Inc. Under the terms of the purchase agreement, the Company has an obligation to pay additional consideration if specific conditions and earnings targets are met in each of the two twelve-month periods ending January 31, 2012 and 2013. As a result of the FCStone transactions, any additional consideration would be considered an adjustment to a pre-acquisition contingency, made after the end of the allocation period, and included in earnings in the current period. The additional consideration is limited to $0.4 million for each of the two twelve-month periods.

Operating Leases

The Company is obligated under various noncancelable operating leases for the rental of office facilities, aircraft, automobiles, service obligations and certain office equipment, and accounts for these lease obligations on a straight line basis. The expense associated with operating leases amounted to $7.2 million, $5.5 million and $1.9 million, for fiscal years ended 2011, 2010 and 2009, respectively. The expenses associated with the operating leases and service obligations are reported in the consolidated income statements within occupancy and equipment rental, clearing and related and other expenses.

Future aggregate minimum lease payments under noncancelable operating leases as of September 30, 2011 are as follows:



(in millions)
Year ending September 30,
	2012	$	7.3
	2013	6.8
	2014	5.7
	2015	4.8
	2016	5.6
	Thereafter	13.4
		$	43.6

Exchange Member Guarantees

The Company is a member of various exchanges that trade and clear futures and option contracts. 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 guarantee obligations would arise only if the exchange had previously exhausted its resources. In addition, any such guarantee obligation would be apportioned among the other non-defaulting members of the exchange. Any potential contingent liability under these membership agreements cannot be estimated. 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.

Impairment

The Company recorded an impairment charge of $1.1 million for the year ended September 30, 2010 in connection with INTL Sieramet LLC, a corporation in which it holds a 55% equity interest. This amount is recorded within ‘bad debts and impairments’ in the consolidated income statement for the year ended September 30, 2010. The impairment charge recognizes the pending liquidation of INTL Sieramet and the probability that there may be incomplete recovery of the full value of its assets.

- Definition

The entire disclosure for commitments and contingencies.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Interpretation (FIN)
-Number 14
-Paragraph 3
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 5
-Paragraph 9, 10, 11, 12
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.25)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 450
-SubTopic 20
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6952336&loc=d3e14435-108349

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 460
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=6398077&loc=d3e12565-110249

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 440
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6394976&loc=d3e25287-109308

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6449706&loc=d3e16207-108621

+ Details

Capital and Other Regulatory Requirements

12 Months Ended

Sep. 30, 2011

Capital and Other Regulatory Requirements [Abstract]

Regulatory Capital Requirements under Banking Regulations [Text Block]

Capital and Other Regulatory Requirements

The Company's subsidiary FCStone, LLC is a commodity futures commission merchant registered with the CFTC servicing customers primarily in grain, energy and food service-related businesses. Pursuant to the rules, regulations, and requirements of the CFTC and other regulatory agencies, FCStone, LLC is required to maintain certain minimum net capital as defined in such rules, regulations, and requirements. Net capital and the related net capital requirement may fluctuate on a daily basis. Pursuant to the requirements of the Commodity Exchange Act, funds deposited by customers of FCStone, LLC relating to futures and options on futures in regulated commodities must be carried in separate accounts which are designated as segregated customers’ accounts.

The Company’s subsidiary INTL Trading, Inc. ("INTL Trading") is a registered broker dealer and member of the Financial Industry Regulatory Authority ("FINRA") and is subject to the SEC Uniform Net Capital Rule 15c3-1. This rule requires the maintenance of minimum net capital, and requires that the ratio of aggregate indebtedness to net capital not exceed 15 to 1. A further requirement is that equity capital may not be withdrawn if this ratio would exceed 10 to 1 after such withdrawal.

The Company’s subsidiary FCStone Australia Pty Ltd ("FCStone Australia") is regulated by the Australian Securities and Investment Commission and is subject to a surplus liquid funds requirement. FCStone Australia is also regulated by the New Zealand Clearing Limited, and is subject to a capital adequacy requirement.

The Company’s subsidiary FCC Investments, Inc. is a registered broker-dealer and a member of FINRA, and is subject to the SEC Uniform Net Capital Rule 15c3-1.

The Company's subsidiaries Risk Management Incorporated and Hencorp Futures are regulated by the CFTC and the National Futures Association and are both subject to a minimum capital requirement.

The Company's subsidiaries INTL FCStone (Europe) and INTL Global Currencies Limited are regulated by the Financial Services Authority ("FSA"), the regulator of the financial services industry in the United Kingdom, and subject to a consolidated net capital requirement.

The subsidiaries of the Company are in compliance with all of their regulatory requirements as of September 30, 2011, as follows:



(in millions)			As of September 30, 2011
Subsidiary	Regulatory Authority	Requirement Type	Actual		Minimum Requirement
FCStone, LLC	CFTC	Net capital	$	116.6	$	58.7
FCStone, LLC	CFTC	Segregated funds	$	1,457.5	$	1,406.6
INTL Trading	SEC	Net capital	$	2.0	$	1.0
FCC Investments, Inc.	SEC	Net capital	$	0.4	$	0.3
FCStone Australia	Australian Securities and Investment Commission	Net capital	$	3.3	$	0.8
FCStone Australia	New Zealand Clearing Ltd	Capital adequacy	$	11.3	$	3.9
Risk Management Incorporated	CFTC	Net capital	$	0.7	$	0.1
Hencorp Futures	CFTC	Net capital	$	1.8	$	0.1
INTL FCStone (Europe)	FSA	Net capital	$	16.3	$	4.2
FCStone Europe	Central Bank of Ireland	Net capital	$	1.1	$	0.6
INTL Global Currencies Limited	FSA	Net capital	$	3.1	$	1.1

Certain other non-U.S. subsidiaries of the Company are also subject to capital adequacy requirements promulgated by authorities of the countries in which they operate. As of September 30, 2011, these subsidiaries were in compliance with their local capital adequacy requirements.

- Definition

The entire disclosure for banks, savings institutions, and credit unions, for regulatory capital requirements imposed by the Federal Reserve System (FRB), the Federal Deposit Insurance Corporation (FDIC), the Office of Thrift Supervision (OTS) or for any state imposed capital requirements, as applicable. The disclosure may include (1) a description of regulatory capital requirements (a) for capital adequacy purposes and (b) established by the prompt corrective action provisions of Section 38 of the Federal Depository Insurance Act; (2) the actual or possible material effects of noncompliance with such requirements; (3) whether the entity is in compliance with the regulatory capital requirements including (a) required and actual ratios and amounts of Tier 1 leverage, Tier 1 risk-based, and total risk-based capital, tangible capital (for savings institutions), and Tier 3 capital for market risk (for certain banks and bank holding companies), (b) factors that may significantly affect capital adequacy; (4) the prompt corrective action category in which the entity was classified as of its most recent notification; (5) whether management believes any conditions or events since notification have changed the entity's category. Also may include additional information that might be disclosed in situations where substantial doubt about the entity's ability to continue as a going concern for a reasonable period of time.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Audit and Accounting Guide (AAG)
-Number AAG-DEP
-Chapter 17
-Paragraph 15, 16, 17
-IssueDate 2006-05-01
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 505
-Section 50
-Paragraph 1B
-URI http://asc.fasb.org/extlink&oid=6918689&loc=SL5958570-112826

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 505
-Section 50
-Paragraph 1E
-URI http://asc.fasb.org/extlink&oid=6918689&loc=SL5958574-112826

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 505
-Section 50
-Paragraph 1D
-URI http://asc.fasb.org/extlink&oid=6918689&loc=SL5958573-112826

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 505
-Section 50
-Paragraph 1F
-URI http://asc.fasb.org/extlink&oid=6918689&loc=SL5958575-112826

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 505
-Section 50
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=6918689&loc=SL5958569-112826

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 505
-Section 50
-Paragraph 1G
-URI http://asc.fasb.org/extlink&oid=6918689&loc=SL5958577-112826

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 505
-Section 50
-Paragraph 1C
-URI http://asc.fasb.org/extlink&oid=6918689&loc=SL5958572-112826

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 505
-Section 50
-Paragraph 1H
-URI http://asc.fasb.org/extlink&oid=6918689&loc=d3e65071-112826

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 505
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6918689&loc=SL5958568-112826

+ Details

Stock-Based Compensation

12 Months Ended

Sep. 30, 2011

Stock-Based Compensation [Abstract]

Disclosure of Compensation Related Costs, Share-based Payments [Text Block]

Stock-Based Compensation

Stock-based compensation expense is included within Compensation and benefits in the consolidated income statements and totaled $2.3 million, $1.9 million and $1.9 million for the fiscal years ended 2011, 2010 and 2009, respectively.

Stock Option Plans

The Company sponsors a stock option plan for its directors, officers, employees and consultants. As of September 30, 2011, 750,481 shares were authorized for future grant under this plan. Awards that expire or are canceled generally become available for issuance again under the plan. We settle 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,
	2011		2010		2009
Expected stock price volatility	77	%	85	%	114	%
Expected dividend yield	—	%	—	%	—	%
Risk free interest rate	0.72	%	1.45	%	2.23	%
Average expected life (in years)	2.94		2.80		4.70

Expected stock price volatility rates are based on the historical volatility of the Company’s common stock. 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 fiscal years ended 2011, 2010 and 2009 was $11.66, $8.12 and $10.21, respectively.

The following is a summary of stock option activity for the year ended September 30, 2011:



	Shares Available for Grant		Number of Options Outstanding		Weighted Average Price		Weighted Average Grant Date Fair Value		Weighted Average Remaining Term (in years)	Aggregate Intrinsic Value ($ millions)
Balances at September 30, 2010	744,871		1,476,500		$	20.42	$	8.93	3.68	$	8.4
Granted	(49,323	)	49,323		$	23.45	$	11.66
Exercised			(126,244	)	$	11.44	$	7.79
Forfeited	8,333		(8,333	)	$	24.69	$	10.90
Expired	46,600		(46,600	)	$	28.81	$	14.43
Balances at September 30, 2011	750,481		1,344,646		$	21.05	$	8.93	3.06	$	9.8
Exercisable at September 30, 2011			846,117		$	27.99	$	11.67	3.03	$	4.0

The total compensation cost not yet recognized for non-vested awards of $1.1 million as of September 30, 2011 has a weighted-average period of 2.08 years over which the compensation expense is expected to be recognized. The total intrinsic value of options exercised during fiscal years 2011, 2010 and 2009 was $1.6 million, $1.4 million and $0.6 million, respectively.

The options outstanding as of September 30, 2011 broken down by exercise price are as follows:



Exercise Price					Number of Options Outstanding	Weighted Average Exercise Price		Weighted Average Remaining Term (in Years)
$	—	-	$	5.00	168,874	$	2.48	1.42
$	5.00	-	$	10.00	420,664	$	7.04	3.11
$	10.00	-	$	15.00	8,823	$	14.56	1.64
$	15.00	-	$	20.00	355,889	$	18.19	3.32
$	20.00	-	$	25.00	55,536	$	23.48	2.86
$	25.00	-	$	30.00	41,481	$	27.56	0.19
$	30.00	-	$	35.00	1,476	$	34.25	0.84
$	35.00	-	$	40.00	—	n/a		n/a
$	40.00	-	$	45.00	—	n/a		n/a
$	45.00	-	$	50.00	—	n/a		n/a
$	50.00	-	$	55.00	291,903	$	54.23	4.10
					1,344,646	$	21.05	3.06

Restricted Stock Plan

The Company sponsors a restricted stock plan for its directors, officers and employees. As of September 30, 2011, 290,963 shares were authorized for future grant under our restricted stock plan. Awards that expire or are canceled generally become available for issuance again under the 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, 2011:



	Shares Available for Grant		Number of Shares Outstanding		Weighted Average Grant Date Fair Value		Weighted Average Remaining Term (in years)	Aggregate Intrinsic Value ($ millions)
Balances at September 30, 2010	430,882		240,368		$	13.66	2.13	$	4.4
Granted	(139,919	)	139,919		$	24.27
Vested			(81,169	)	$	17.01
Balances at September 30, 2011	290,963		299,118		$	17.71	1.92	$	6.2

The total compensation cost not yet recognized of $3.8 million as of September 30, 2011 has a weighted-average period of 1.92 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.

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 123R
-Paragraph 64, 65, A240
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Statement of Position (SOP)
-Number 93-6
-Paragraph 53
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 14

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 50
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6406099&loc=d3e25284-112666

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 40
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929

+ Details

Retirement Plans

12 Months Ended

Sep. 30, 2011

Retirement Plans [Abstract]

Pension and Other Postretirement Benefits Disclosure [Text Block]

Retirement Plans

Defined Benefit Retirement Plans

As a result of its acquisition of FCStone, the Company has a qualified and a nonqualified noncontributory retirement plan, which are defined benefit plans that cover certain employees. Prior to acquisition, the plans were closed to new employees, and amended to freeze all future benefit accruals, therefore no additional benefits accrue for active participants under the plans. The Company’s funding policy as it relates to these plans is to fund amounts that are intended to provide for benefits attributed to service to date.

The following table presents changes in, and components of, the Company’s net liability for retirement costs as of and for the years ended September 30, 2011 and 2010, based on measurement dates of September 30, 2011 and 2010:



(in millions)	September 30, 2011			September 30, 2010
Changes in benefit obligation:
Benefit obligation, beginning of year	$	37.6		$	35.6
Service cost	—			—
Interest cost	1.9			2.0
Actuarial (gain) loss	2.6			2.8
Benefits paid	(3.1		)	(2.8		)
Benefit obligation, end of year	39.0			37.6
Changes in plan assets:
Fair value, beginning of year	24.2			18.9
Actual return	(0.4		)	1.7
Employer contribution	3.5			6.4
Benefits paid	(3.1		)	(2.8		)
Fair value, end of year	24.2			24.2
Funded status	$	14.8		$	13.4

The Company is required to recognize the funded status of its defined benefit pension plans measured as the difference between plan assets at fair value and the projected benefit obligation on the consolidated balance sheets as of September 30, 2011 and 2010, and to recognize changes in the funded status, that arise during the periods but are not recognized as components of net periodic pension cost, within accumulated other comprehensive income, net of tax. Amounts recognized in the consolidated balance sheets consist of $0.2 million and $0.3 million included within ‘other assets’ as of September 30, 2011 and 2010, respectively, and $15.0 million and $13.7 million included within ‘accounts payable and other accrued liabilities’ as of September 30, 2011 and 2010, respectively.

Accumulated other comprehensive loss, net of tax, includes amounts for actuarial losses in the amount of $4.6 million and $1.7 million as of September 30, 2011 and 2010, respectively. The estimated net loss for the defined benefit pension plans that will be amortized from accumulated other comprehensive loss into net periodic pension cost during fiscal 2012 is $0.4 million.

The following table displays the Company’s defined benefit plans that have accumulated benefit obligations and projected benefit obligations in excess of the fair value of plans assets (underfunded ABO) as of September 30, 2011 and 2010:



(in millions)	September 30, 2011		September 30, 2010
Accumulated benefit obligations	$	39.0	$	37.6
Projected benefit obligations	$	39.0	$	37.6
Plan assets	$	24.2	$	24.2

The defined benefit obligations were based upon annual measurement dates of September 30, 2011 and 2010. The following weighted-average assumptions were used to determine benefit obligations in the accompanying consolidated balance sheets as of September 30, 2011 and 2010:



	September 30, 2011	September 30, 2010
Weighted average assumptions:
Discount rate	4.80%	5.30%
Expected return on assets	7.30%	7.30%

The following weighted-average assumptions were used to determine net periodic pension cost for the years ended September 30, 2011 and 2010:



	September 30, 2011	September 30, 2010
Weighted average assumptions:
Discount rate	5.30%	5.90%
Expected return on assets	7.30%	8.25%

To account for the defined benefit pension plans in accordance with the guidance in the Compensation – Retirement Benefits Topic of the ASC the Company makes two main determinations at the end of each fiscal year. These determinations are reviewed annually and updated as necessary, but nevertheless, are subjective and may vary from actual results.

First, the Company must determine the actuarial assumption for the discount rate used to reflect the time value of money in the calculation of the projected benefit obligations for the end of the current fiscal year and to determine the net periodic pension cost for the subsequent fiscal year. The objective of the discount rate assumption is to reflect the interest rate at which pension benefits could be effectively settled. In making this determination, the Company considers the timing and amount of benefits that would be available under the plans. The discount rates as of September 30, 2011 and 2010 were based on a model portfolio of high-quality fixed-income debt instruments with durations that are consistent with the expected cash flows of the benefit obligations.

Second, the Company must determine the expected long-term rate of return on assets assumption that is used to determine the expected return on plan assets component of the net periodic pension cost for the subsequent period. The expected long-term rate of return on asset assumption was determined, with the assistance of the Company’s investment consultants, based on a variety of factors. These factors include, but are not limited to, the plan’s asset allocations, a review of historical capital market performance, historical plan performance, current market factors such as inflation and interest rates, and a forecast of expected future asset returns. The Company reviews this long-term assumption on an annual basis.

As a result of the defined benefit plans having a frozen status, no additional benefits will be accrued for active participants under the plan, and accordingly no assumption will be made for the rate of increase in compensation levels in the future.

The components of net periodic pension cost recognized in the consolidated income statements for the years ended September 30, 2011 and 2010 were as follows:



	Year Ended September 30,
(in millions)	2011			2010
Interest cost	$	1.9		$	2.0
Less expected return on assets	(1.7		)	(1.7		)
Net periodic pension cost	$	0.2		$	0.3

Plan Assets

The following table sets forth the actual asset allocation as of September 30, 2011 and 2010, and the target asset allocation for the Company’s plan assets:



	September 30, 2011	September 30, 2010	Target Asset Allocation
Equity securities	70%	70%	70%
Debt securities	30%	30%	30%
Total	100%	100%

The long-term goal for equity exposure and for fixed income exposure is presented above. The exact allocation at any point in time is at the discretion of the investment manager, but should recognize the need to satisfy both the volatility and the rate of return objectives for equity exposure and satisfy the objective of preserving capital for the fixed income exposure.

The investment philosophy of the Company’s pension plans reflect that over the long-term, the risk of owning equities has been and should continue to be rewarded with a greater return than that available from fixed income investments. The primary objective is for the plan to achieve a rate of return sufficient to fully fund the pension obligation without assuming undue risk.

Investments in the Company’s pension plans include debt and equity securities. The fair value of plan assets is based upon the fair value of the underlying investments, which include cash equivalents, common stock, U.S. government securities and federal agency obligations, municipal and corporate bonds, and equity funds. Cash equivalents consist of short-term money market funds that are stated at cost, which approximates fair value. The shares of common stock, U.S. government securities and federal agency obligations, municipal and corporate bonds are stated at estimated fair value based upon quoted market prices, if available, or dealer quotes. The equity funds are investment vehicles valued using the net asset value (“NAV”) provided by the administrator of the fund. The NAV is based on the underlying assets owned by the fund, minus its liabilities, and then divided by the number of shares outstanding.

The methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Company believes the valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.

Equity securities did not include any INTL FCStone Inc. common stock as of September 30, 2011 and 2010, respectively.

The following tables summarize the Company’s pension assets, excluding cash held in the plan, by major category of plan assets measured at fair value on a recurring basis (at least annually) as of September 30, 2011 and 2010. For additional information and a detailed description of each level within the fair value hierarchy, see Note 5.



	September 30, 2011
(in millions)	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents	$	—	$	0.5	$	—	$	0.5
Fixed income:
Government and agencies	—		0.9		—		0.9
Municipal bonds	—		—		—		—
Corporate bonds and notes	—		—		—		—
Mutual funds	0.2		—		—		0.2
Collective funds:
Fixed income	—		6.0		—		6.0
Equities	—		15.5		—		15.5
Real estate	—		1.7		—		1.7
Total	$	0.2	$	24.6	$	—	$	24.8



	September 30, 2010
(in millions)	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents	$	—	$	0.5	$	—	$	0.5
Fixed income:
Government and agencies	—		3.3		—		3.3
Municipal bonds	—		0.6		—		0.6
Corporate bonds and notes	—		2.7		—		2.7
Mutual funds	0.2		—		—		0.2
Collective funds:
Fixed income	—		12.3		—		12.3
Equities	—		3.2		—		3.2
Real estate	—		—		1.3		1.3
Total	$	0.2	$	22.6	$	1.3	$	24.1

Cash equivalents are mostly comprised of short-term money market instruments and the valuation is based on inputs derived from observable market data of related assets.

Fixed Income: These securities primarily include debt issued by the U.S. Department of Treasury and securities issued or backed by U.S. government sponsored entities and municipal bonds. These investments are valued utilizing a market approach that includes various valuation techniques and sources such as, broker quotes in active and non-active markets, benchmark yields and securities, reported trades, issuer spreads, and/or other applicable reference data and are generally classified within Level 2.

Corporate Bonds and Notes: Securities in this category primarily include fixed income securities issued by domestic and foreign corporations. These investments are valued utilizing a market approach that includes various valuation techniques and sources such as value generation models, broker quotes in active and non-active markets, benchmark yields and securities, reported trades, issuer spreads, and/or other applicable reference data, and are generally classified as Level 2.

Mutual Funds: Mutual funds held by the Company’s plans are primarily invested in mutual funds with underlying common stock investments. The fair value of these investments is based on the net asset value of the units held in the respective fund which are determined by obtaining quoted prices on nationally recognized securities exchanges.

Collective Funds: These collective investment funds are unregistered investment vehicles that invest in portfolios of stock, bonds, or other securities. The value of equity collective funds is based upon review of the audited statement of the funds. Substantially all of the underlying investments in the funds were either Level 1 or Level 2 investments. As such, the plan has classified the investment in the funds (which is not exchange traded) as Level 2 investments. As of September 30, 2010, the value of a certain real estate collective fund was based upon review of the audited statement of the specific fund, in which substantially all of the underlying investments in the fund were Level 3 investments. Accordingly, the Company classified the investment in the funds (which was not exchange traded) as Level 3 investments. During fiscal 2011, the plans' assets in the certain real estate collective funds were sold, and no amounts relating to those instruments were held as of September 30, 2011.

The following table summarizes the changes in the Company’s Level 3 pension assets for the years ended September 30, 2011 and 2010:



(in millions)	Real Estate
Balance as of September 30, 2009	$	1.3
Purchases, sales, issuances and settlements, net	—
Unrealized gains/(losses), net, relating to instruments still held at year end	—
Balance as of September 30, 2010	$	1.3
Purchases, sales, issuances and settlements, net	(1.3		)
Unrealized gains/(losses), net, relating to instruments still held at year end	—
Balance as of September 30, 2011	$	—

The Company expects to contribute $2.0 million to the pension plans during fiscal 2011, which represents the minimum funding requirement. However, the Company is currently determining what voluntary pension plan contributions, if any, will be made in fiscal 2012.

The following benefit payments, which reflect expected future service, are expected to be paid:



(in millions)
Year ending September 30,
2012	$	3.4
2013	3.3
2014	2.7
2015	2.4
2016	2.3
2017 - 2021	10.5
	$	24.6

Defined Contribution Retirement Plans

Effective December 31, 2009, the Company discontinued its Savings Incentive Match Plan for Employees IRA (“SIMPLE IRA”), which allowed participating U.S. employees of INTL FCStone to contribute up to 100% of their salary, but not more than statutory limits. The Company contributed a dollar for each dollar of a participant’s contribution to this plan, up to a maximum contribution of 3% of a participant’s earnings. Under the SIMPLE IRA, employees are 100% vested in both the employee and employer contributions at all times.

U.K. based employees of INTL FCStone 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.

The Company offers participation in the International Assets Holding Corporation 401(k) Plan (“401(k) Plan”), a defined contribution plan providing retirement benefits, to all domestic employees who have reached 21 years of age, and provided four months of service to the Company. 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%. Matching contributions vest, by participant, based on the following years of service schedule: less than two years – none, two to three years – 20%, three to four years – 40%, four to five years – 60%, and greater than five years – 100%.

For fiscal years ended 2011, 2010 and 2009, the Company’s contribution to these defined contribution plans were $2.8 million, $2.1 million and $0.5 million, respectively.

Employee Stock Ownership Plan

The FCStone Group Employee Stock Ownership Plan ("the Plan") was a defined contribution plan which was available to all full-time employees of FCStone and wholly subsidiaries who met established criteria of age and service, prior to the FCStone transaction. In connection with the FCStone transaction, the Board of Directors of FCStone elected to terminate the Plan as of December 31, 2009 (the "termination date"). As a result of an amendment to the Plan in 2009, no new participants are being admitted to the Plan, and no additional contributions have been made to the Plan for services performed by participants after the termination date. All participant account balances became 100% vested as of the termination date, and are not subject to forfeiture. During fiscal 2011, FCStone, the plan sponsor, received a favorable determination letter from the IRS with respect to the Plan, and has directed the trustee to distribute to the participants all remaining assets of the Plan which are distributable on account of the Plan's termination.

- Definition

The entire disclosure for pension and other postretirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 5
-Subparagraph a
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 5
-Subparagraph b
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 5
-Subparagraph h
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 5
-Subparagraph q
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 8
-Subparagraph m
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 106
-Paragraph 518
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
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Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 03-2
-Paragraph 8
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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-Publisher AICPA
-Name Accounting Principles Board Opinion (APB)
-Number 30
-Paragraph 26
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Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Staff Position (FSP)
-Number FAS106-2
-Paragraph 20, 21, 22
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Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 158
-Paragraph 7, 21, 22
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 5, 6, 7, 8
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Implementation Guide (Q and A)
-Number FAS88
-Paragraph 63
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-URI http://asc.fasb.org/topic&trid=2235017

+ Details

Acquisitions

12 Months Ended

Sep. 30, 2011

Acquisitions [Abstract]

Business Combination Disclosure [Text Block]

Acquisitions

Acquisitions in 2011

During fiscal year 2011, the Company acquired two businesses, Hencorp Futures and Ambrian Commodities Limited, and certain assets from Hudson Capital Energy, LLC, which were not considered significant on an individual or aggregate basis. The Company’s consolidated financial statements include the operating results of the two businesses and certain purchased assets from the dates of acquisition.

The total amount of goodwill and intangible assets that is expected to be deductible for tax purposes is $47.1 million and $40.9 million as of September 30, 2011 and 2010, respectively.

Hencorp Futures

In October, 2010, the Company acquired all of the ownership interests in Hencorp Futures, the commodity futures operation of Miami-based Hencorp Group. Hencorp Futures specializes in the development and execution of risk-management programs designed to hedge price volatility in a number of widely traded commodities, including coffee, sugar, cocoa, grains and energy products. The transaction will enable the Company to round out its portfolio of commodity risk management services to include a more robust capability in soft commodities, especially coffee, where Hencorp Futures has established a substantial presence and reputation globally, and especially in Central and South America.

The purchase price of the Hencorp Futures acquisition consisted of an initial payment of $2.3 million, two payments totaling $1.4 million and representing the adjusted tangible equity of Hencorp Futures as of September 30, 2010, an amount due of $0.3 million based on the adjusted pre-tax net earnings of Hencorp Futures for the fiscal year ended September 30, 2011, three additional annual contingent payments and a final contingent payment. See Note 14 for discussion of the contingent payments. The present value of the estimated total purchase price, including contingent consideration, is $6.4 million.

The Company obtained a third-party valuation of the intangible assets and contingent liabilities, and allocated the purchase costs among tangible assets, identified intangible assets with determinable useful lives, intangible assets with indefinite lives and goodwill. The intangible assets and goodwill recognized in this transaction were assigned to the C&RM segment. Purchase costs allocated to intangible assets with determinable useful lives are $1.7 million, which are being amortized over the remaining useful lives of the assets, and include customer relationships of $1.3 million (twenty-year weighted-average useful life) and non-compete agreements of $0.4 million (two-year weighted-average useful life). Purchase costs allocated to intangible assets with indefinite lives are $0.8 million, and relate to a trade name. Goodwill of $2.1 million was calculated as the excess of the fair value of the consideration transferred over the fair value of the identified net assets acquired and liabilities assumed, and is expected to be deductible for tax purposes. The Company’s consolidated financial statements include the operating results of Hencorp Futures from the date of acquisition.

Certain Asset Purchased from Hudson Capital Energy, LLC

In April 2011, the Company entered into an agreement with Hudson Capital Energy LLC ("HCEnergy"), a New York-based energy risk-management firm, to acquire certain assets from HCEnergy. The transaction enables the Company's energy risk management services to include a more robust capability in crude oil and refined products. HCEnergy is a specialist in exchange cleared options, swaps and futures, and has grown its business to include hedging and trading professionals across the spectrum of global petroleum products.

The purchase price of the acquisition of certain assets from HCEnergy consisted of the aggregate net asset value of certain commodity futures brokerage accounts and certain proprietary software, totaling $1.0 million. There was no contingent consideration associated with this transaction.

The Company has made a preliminary allocation of the purchase costs among tangible assets. There were no intangible assets or goodwill recognized in this transaction.

Ambrian Commodities Limited

In April 2011, the Company's wholly owned subsidiary in the United Kingdom, INTL Global Currencies Limited, agreed to acquire the issued share capital of Ambrian Commodities Limited (“Ambrian”), the London Metals Exchange brokerage subsidiary of Ambrian Capital Plc. In August 2011, the Financial Services Authority granted its approval of the change of control of Ambrian. The transaction was effective on August 31, 2011, subsequently, Ambrian was renamed INTL FCStone (Europe) Ltd. ("INTL FCStone Europe"). INTL FCStone Europe, a non-clearing LME member, specializes in the development and execution of risk-management programs designed to hedge price fluctuations in base metals for a wide variety of producers, manufacturers and fabricators. INTL FCStone Europe has a niche focus on smaller industrial clients, including lead recyclers, brass producers, zinc galvanizers, metal refineries and copper foil producers that use LME futures and options for hedging raw material costs or output prices.

At closing, the Company paid $7.1 million, representing the net asset value of Ambrian less certain intercompany balances due to Ambrian from its affiliates.There was no contingent consideration associated with this transaction.

The Company has allocated the purchase costs among tangible assets. There were no intangible assets or goodwill recognized in this transaction.

Acquisitions in 2010

During fiscal year 2010, the Company acquired three separate business groups, Risk Management Incorporated and RMI Consulting, Inc, Hanley Group and Provident Group, which were not considered significant on an individual or aggregate basis. The Company’s consolidated financial statements include the operating results of each business from the dates of acquisition.

Risk Management Incorporated and RMI Consulting, Inc.

In April 2010, the Company acquired all of the outstanding capital stock of Risk Management Incorporated and RMI Consulting, Inc. (the “RMI Companies”). The RMI Companies provides execution and consulting services to some of the largest natural gas consumers in North America, including municipalities and large manufacturing firms, as well as major utilities. In addition to the risk-management and brokerage services, the RMI Companies also offer a wide range of other programs, including a proprietary on-line energy procurement platform. The acquisition adds extensive and proven expertise in the natural gas, electricity and related energy markets where the RMI Companies have a leading presence, as well as a broad range of long-term relationships with some major organizations.

The purchase price for the acquisition of the RMI Companies consisted of an initial payment of $6.0 million, which was paid during the year ended September 30, 2010, a payment of $3.1 million, based on the net income of the RMI Companies for the twelve-month period ended March 31, 2011, which was paid during the year ended September 30, 2011 and two contingent payments. See Note 14 for discussion of the contingent payments. The present value of the estimated total purchase price, including contingent consideration, is $15.2 million.

The Company obtained a third-party valuation of the intangible assets and contingent liabilities, and allocated the purchase costs among tangible assets, identified intangible assets, with determinable useful lives, intangible assets with indefinite lives and goodwill. Purchase costs allocated to intangible assets with determinable useful lives are amortized over the remaining useful lives of the assets. The intangible assets and goodwill recognized in this transaction were assigned to the Consulting and Risk Management (“C&RM”) segment. The intangible assets recognized included customer relationships of $7.0 million (20 year useful life); software programs and platforms of $0.8 million (5 year useful life) and trade name of $1.2 million (indefinite useful life). The goodwill is calculated as the excess of the fair value of the consideration transferred over the fair value of the identified net assets acquired and liabilities assumed. Purchase costs allocated to goodwill were $7.7 million. The Company’s consolidated financial statements include the operating results of the RMI Companies from the date of acquisition.

Hanley Group

In July 2010, the Company entered into a Purchase Agreement to acquire all of the outstanding membership interests in HGC Trading, LLC; HGC Asset Management, LLC; HGC Advisory Services, LLC; Hanley Alternative Trade Group, LLC and HGC Office Services, LLC (the "Hanley Companies"). The Hanley Companies are engaged in the business of acting as market makers and dealers in exchange traded options and futures on soft commodities; executing and trading derivatives on soft commodities in the over the counter market; and providing related advisory services.

The purchase price for the acquisition of the Hanley Companies consisted of an initial payment of $7.5 million, which was paid during the year ended September 30, 2010, two payments equaling $24.3 million, for the adjusted net asset value of the Hanley Companies as of June 30, 2010, of which $18.2 million and $6.1 million was paid during the year ended September 30, 2011 and 2010, respectively, a payment of $6.3 million, based on specific results of the Hanley Companies for the twelve-month period ended June 30, 2011, which was paid during the year ended September 30, 2011, two annual contingent payments and a final contingent payment. See Note 14 for discussion of the contingent payments. The present value of the estimated total purchase price, including contingent consideration is $51.6 million.

At the closing under the Purchase Agreement, the Company and the sellers of the Hanley Companies entered into an option agreement (the "Option Agreement"), pursuant to which the sellers of the Hanley Companies have the right to elect, in their discretion, to receive up to thirty percent (30%) of the final contingent EBIT Payment in the form of restricted shares of the common stock of the Company. The Option may be exercised by the sellers of the Hanley Companies at any time during the twenty day period commencing on June 30, 2013. The option price will be equal to the greater of: (i) $16.00 per share, or (ii) seventy five percent (75%) of the fair value of the common stock of the Company as of June 30, 2013. The maximum number of restricted shares issuable upon the exercise of the Option is 187,500 shares. The restricted shares will be subject to restrictions on transfer which will lapse at the rate of one-third per year over the three year period commencing on June 30, 2013. The Option Agreement was included in determining the fair value of the contingent consideration.

The Company obtained a third-party valuation of the intangible assets and contingent liabilities, and allocated the purchase costs among tangible assets, identified intangible assets, with determinable useful lives, intangible assets with indefinite lives and goodwill. Purchase costs allocated to intangible assets with determinable useful lives are amortized over the remaining useful lives of the assets. The intangible assets and goodwill recognized in this transaction were assigned to the C&RM segment. The intangible assets recognized include customer relationships of $0.2 million (5 year useful life); software programs and platforms of $1.2 million (5 year useful life), non-compete agreements of $2.9 million (3 year useful life) and trade name of $0.1 million (indefinite useful life). Goodwill is calculated as the excess of the fair value of the consideration transferred over the fair value of the identified net assets acquired and liabilities assumed. Purchase costs allocated to goodwill were $18.7 million. The Company’s consolidated financial statements include the operating results of the Hanley Companies from the date of acquisition.

As part of the acquisition of the Hanley Companies, the Company acquired a majority interest in the Blackthorn Multi-Advisor Fund, LP (“Blackthorn Fund”). The Blackthorn Fund is a commodity investment pool, which allocates most of its assets to third-party commodity trading advisors and other investment managers. The Blackthorn Fund engages in the speculative trading of a wide variety of commodity futures and option contracts, securities and other financial instruments. In addition to the majority interest that was acquired, a subsidiary of the Company is also the general partner of the Blackthorn Fund. Under the provisions of the Consolidations Topic of the ASC, the Company is required to consolidate the Blackthorn Fund as a variable interest entity since it is the general partner and owns a majority interest. The creditors of the Blackthorn Fund have no recourse to the general assets of the Company.

Provident Group

In September 2010, the Company acquired certain assets of Provident Group (“Provident”), a New York-based investment banking and advisory firm. Under terms of the acquisition agreement, the Company acquired assets secured the services of the individual sellers, as set forth in the agreement. Provident is engaged in the business of providing investment banking services. Provident will play a critical role in building out a comprehensive investment banking and advisory platform delivering financing solutions to the middle market.

The purchase price for the assets and services of the sellers was $5.0 million. Subsequent to closing, the individual sellers placed the $5.0 million purchase price into an escrow account and the funds were used to purchase outstanding shares of the Company on the open market. There were 214,325 shares purchased and placed into escrow as a result of this agreement, with 8,700 shares being purchased during 2010, and 205,625 shares being purchased during 2011. The $5.0 million purchase price was recorded as a reduction in additional paid in capital as shares held in escrow for business combinations. The shares held in escrow for business combinations will be released to the individual sellers, over a five year period from the date of closing based on net profits, in accordance with the provisions of the acquisition agreement. As dividend and voting rights on these shares reside with the sellers throughout the time they are held in escrow, they are considered participating securities under the two-class method. Upon the release of the shares, they will be owned by the individual sellers free and clear of any further encumbrance under the acquisition agreement or the custody agreement and the Company will reduce the shares held in escrow for business combinations amounts. However, if the terms of the agreement are not met, the remaining shares will be forfeited and the remaining shares and balance in the shares held in escrow for business combinations will be recorded as treasury stock. During the year ended September 30, 2011, 2,840 shares were earned and subsequently released to the sellers.

The Company obtained a third-party valuation of the intangible assets and allocated the purchase costs among tangible assets, an identified intangible asset, with a determinable useful life, and an intangible asset with an indefinite life. Purchase price consideration of $0.2 million was allocated to customer relationships, an intangible asset with a determinable useful life of two years, over which the cost will be amortized. Purchase costs allocated to intangible assets with indefinite lives were $0.2 million, and relate to a trade name. The intangible assets recognized in this transaction were assigned to the Securities segment. Negative goodwill of $0.4 million was recognized as a gain on bargain purchase in the consolidated income statement as a result of the identification of intangible assets upon completion of purchase accounting during the first quarter of 2011. The Company’s consolidated financial statements include the operating results of Provident from the date of acquisition.

Acquisitions in 2009

CIBSA

In April 2009, the Company acquired Compania Inversora Bursatil S.A. Sociedad de Bolsa ("CIBSA"), now renamed INTL CIBSA Sociedad de Bolsa S.A.). CIBSA is a leading securities broker-dealer based in Argentina. The purchase price for the acquisition of CIBSA consisted of an initial payment of $1.7 million on the date of purchase and an additional contingent payment of $0.8 million in May 2010, based on the level of revenues achieved. The net revenues for the twelve-month period ended March 31, 2011 were below the minimum target, so no further amounts were paid. The Company has recorded goodwill of $1.5 million during the previous fiscal years as a result of completing its purchase accounting for this transaction, including the additional contingent consideration paid. The Company’s consolidated financial statements include the operating results of CIBSA from the date of acquisition.

FCStone Group, Inc.

On September 30, 2009, the Company acquired FCStone Group, Inc. (“FCStone”) through the issuance of 8,239,319 shares of the Company’s common stock. As a result of the acquisition, FCStone became a wholly-owned subsidiary of the Company.

FCStone is an integrated risk management company that provides risk management consulting and transaction execution services to commercial commodity intermediaries, end-users and producers. The Company believes that the acquisition will create a leading global provider of consulting and trade execution services. Management believes the combined entity will be better positioned to take advantage of market opportunities and enjoy better access to capital sources. In addition to those factors, other primary factors for the acquisition includes revenue diversification, additional product offerings, creation of critical mass, enhanced geographic footprint, expanded stockholder base and liquidity in the stock and an experienced management team.

Since the acquisition was completed on September 30, 2009, which is the last day of the Company’s fiscal year end, no results of operations from FCStone have been included in the Company’s consolidated income statement for the year ended September 30, 2009.

The purchase price of approximately $137.6 million includes the fair value of common stock issued and related acquisition costs. The components of the purchase price are as follows:



(in millions, except shares and per share amounts	September 30, 2009
Number of shares of INTL FCStone Inc. common stock issued	8,239,319
Weighted average price per share of INTL FCStone Inc. common stock, for the period covering two days immediately before and after September 30, 2009	$	16.45
Consideration attributable to issuance of INTL FCStone Inc. common stock	$	135.5
INTL FCStone Inc. acquisition costs	2.1
Total purchase price	$	137.6

In connection with the merger, the holders of FCStone common stock and stock options became holders of the Company’s common stock and stock options, respectively. As a result of the acquisition, all unvested FCStone stock options became fully vested as of the effective date of the acquisition. Each outstanding share of common stock of FCStone was converted into 0.295 shares (the "exchange ratio") of the Company’s common stock. In addition, each outstanding vested FCStone stock option granted under FCStone’s stock option plan was converted into a vested option to purchase shares of the Company’s common stock, with adjustments to the number of shares and the strike price to reflect the exchange ratio.

The fair value of the common stock issued was determined using a value of $16.45 per share, which represents the average closing price of the Company’s common stock for the five-day period comprised of the two days prior to, and the two days subsequent to the date of the acquisition on September 30, 2009.

The total purchase price of the assets acquired and liabilities assumed for the acquisition of FCStone is allocated to the net tangible and intangible assets based on their estimated fair value as of the date of the acquisition. Management’s estimates of fair value are based upon assumptions believed to be reasonable, but which are inherently uncertain and unpredictable. Applying purchase accounting resulted in the mark-up of FCStone’s exchange memberships and stock to fair value, resulting in an increase of $2.6 million to exchange memberships and stock, net of estimated deferred income taxes of $1.8 million, the recording of an actuarial loss of $0.5 million on the FCStone defined-benefit pension plan and a decrease to the recorded Agora-X minority interest balance of $4.4 million.

The allocation of the purchase price to assets acquired and liabilities assumed as of the date of acquisition resulted in negative goodwill. In accordance with Statement of Financial Accounting Standard No. 141, Business Combinations, the negative goodwill was allocated as a pro rata deduction of the amounts assigned to the assets acquired excluding financial assets, deferred taxes and other current assets. This resulted in the allocation of negative goodwill to the writing down of $4.2 million in non-current assets, net of estimated deferred taxes of $2.9 million. The remaining negative goodwill of $18.5 million has been recognized as an extraordinary item in the consolidated income statement for the year ended September 30, 2009.



(in millions)	September 30, 2010			September 30, 2009
Book value of net assets acquired	$	146.8		$	153.8
Adjusted for:
FCStone mark-up of exchange memberships and stock, net of deferred income tax	2.6			2.6
FCStone write-down of non-current assets, net of deferred income tax	(4.2		)	(4.2		)
FCStone pension actuarial loss	(0.5		)	(0.5		)
FCStone adjustment to Agora-X, LLC minority interest	4.4			4.4
Adjusted book value of net assets acquired	149.1			156.1
Adjusted for:
Excess net assets over purchase price (negative goodwill)	(11.5		)	(18.5		)
Total purchase price	$	137.6		$	137.6

During fiscal 2010, the Company revised the estimate of state tax allocations resulting in a reduction in the consolidated effective state tax rate. As a result, the net deferred tax assets decreased by $2.2 million, including a change in estimate related to the valuation of state net operating loss carryforwards. The Company’s change in estimate was the result of revised revenue apportionment factors in certain jurisdictions due to analysis and activities completed subsequent to the filing of the fiscal year ended September 30, 2009 financial statements. Typically, changes within the measurement period that result from new information about facts and circumstances that existed at the acquisition date are recognized through a corresponding adjustment to goodwill. However, in the absence of goodwill recorded in connection with this transaction, the $2.2 million decrease in net deferred tax assets has been reported as an extraordinary loss in the consolidated income statement for fiscal 2010. Additionally, during January 2010, the Company paid $1.2 million in additional consideration related to a pre-acquisition contingency that has been reported as a $0.8 million extraordinary loss, net of taxes, in the consolidated income statement for fiscal 2010.

During the three months ended September 30, 2010, the Company identified accounting errors related to the recording of deferred tax assets by FCStone in the amount of $4.0 million that occurred prior to the acquisition. The Company has evaluated materiality under the guidance of SEC Staff Accounting Bulletin No. 99, Materiality, and considered relevant qualitative and quantitative factors. Based on this analysis and the belief that these errors would not have changed the purchase price at acquisition, the Company has corrected the errors through the recognition of a purchase price adjustments in the amount of $4.0 million reported as an extraordinary loss in the consolidated income statement for fiscal 2010, and a corresponding $4.0 million decrease in deferred tax assets reported on the consolidated balance sheet as of September 30, 2010. The Company’s analysis supports the conclusion that these errors are not material to the fourth quarter of fiscal 2010 or any prior periods impacted by the errors.

The following table presents the unaudited pro forma condensed consolidated results of continuing operations of the Company as if the acquisition were completed as of the beginning of the fiscal year ended September 30, 2009.



UNAUDITED, PRO FORMA
(in millions, except share and per share numbers)	Year Ended September 30, 2009
Income Statement
Operating revenues	$	320.6
Interest expense	12.5
Non-interest expenses	391.6
Loss before income tax benefit and minority interest	(83.5		)
Income tax benefit	(37.1		)
Minority interest	(0.4		)
Loss from continuing operations	$	(46.0	)
Loss from continuing operations per share:
Basic	$	(2.69	)
Diluted	$	(2.69	)
Weighted-average number of common shares outstanding:
Basic	17,116,639
Diluted	17,116,639

The unaudited pro forma amounts are presented for illustrative purposes only and are not necessarily indicative of expected future consolidated results of continuing operations. FCStone’s results have been included using the results from their August 31, 2009 fiscal year. Pro forma adjustments were made to exclude $9.9 million from FCStone’s expenses for the fiscal year ended August 31, 2009, net of taxes of $6.0 million. The pro forma adjustments consist of the elimination of depreciation and amortization expense, impairment on goodwill and merger costs and amortization of equipment related to research and development activities for FCStone. Average basic and diluted shares outstanding were adjusted to reflect the exchange ratio of 0.295 shares of the Company for each FCStone common share.

- Definition

The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 88-16
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141
-Paragraph 51, 52
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141R
-Appendix F
-Paragraph F4
-Subparagraph e

Reference 4: http://www.xbrl.org/2003/role/presentationRef
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-Name Statement of Financial Accounting Standard (FAS)
-Number 141R
-Paragraph 67-73
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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-Paragraph 1
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+ Details

Income Taxes

12 Months Ended

Sep. 30, 2011

Income Taxes [Abstract]

Income Tax Disclosure [Text Block]

Income Taxes

Income tax expense on comprehensive income for the years ended September 30, 2011, 2010 and 2009 was allocated as follows:



	Year Ended September 30,
(in millions)	2011			2010			2009
Income tax expense attributable to income from continuing operations	$	22.5		$	6.4		$	2.6
Income tax expense attributable to loss from discontinued operations	0.1			0.6			0.1
Income tax expense attributable to income from extraordinary gain	—			5.8			—
Taxes allocated to stockholders' equity, related to unrealized (losses) gains on available-for-sale securities	(0.3		)	0.1			—
Taxes allocated to stockholders' equity, related to pension liabilities	(1.7		)	(1.1		)	—
Taxes allocated to stockholders' equity, related to unrealized loss (gain) on derivatives	0.6			0.7			(1.2		)
Total income tax expense	$	21.2		$	12.5		$	1.5

The components of the provision for income taxes attributable to income from continuing operations were as follows:



	Year Ended September 30,
(in millions)	2011		2010		2009
Current taxes:
U.S. Federal	$	9.1	$	—	$	1.7
U.S. State and local	1.7		0.4		0.2
International	9.9		4.8		4.4
Total current taxes	20.7		5.2		6.3
Deferred taxes	1.8		1.2		(3.7		)
Income tax expense	$	22.5	$	6.4	$	2.6

U.S. and international components of income from continuing operations, before income taxes, was as follows:



	Year Ended September 30,
(in millions)	2011		2010		2009
U.S.	$	27.3	$	4.4	$	(4.8	)
International	32.2		13.5		18.1
Income from continuing operations, before tax	$	59.5	$	17.9	$	13.3

Items accounting for the difference between income taxes computed at the federal statutory rate and the provision for income taxes were as follows:



	Year Ended September 30,
	2011		2010		2009
Federal statutory rate effect of:	35.0	%	35.0	%	34.0	%
U.S. State income taxes	0.9	%	2.9	%	(1.4	)%
Foreign earnings taxed at lower rates	(2.9	)%	(7.0	)%	(13.7	)%
Change in foreign valuation allowance	0.7	%	5.0	%	—	%
Change in state valuation allowance	1.0	%	—	%	—	%
Tax impact of state rate change	1.1	%	—	%	—	%
Uncertain tax positions	1.4	%	—	%	—	%
Stock-based compensation expense	—	%	—	%	3.4	%
Non-deductible meals and entertainment	—	%	(0.8	)%	0.4	%
Other reconciling items	0.6	%	0.5	%	(2.8	)%
Effective rate	37.8	%	35.6	%	19.9	%

The components of deferred income tax assets and liabilities were as follows:



(in millions)	September 30, 2011			September 30, 2010
Deferred tax assets:
Stock-based compensation	$	1.9		$	1.7
Pension liability	5.5			5.2
Deferred compensation	4.0			4.4
Foreign net operating loss carryforwards	1.5			1.1
State net operating loss carryforwards	4.1			4.3
Intangible assets	5.0			3.1
Partnership tax basis timing differences	2.4			1.2
Unrealized loss on derivatives	—			0.6
Bad debt reserve	1.1			2.4
Foreign tax credit	0.6			1.3
Other compensation	3.3			—
Other	1.2			1.8
Total gross deferred tax assets	30.6			27.1
Less valuation allowance	(3.7		)	(2.6		)
Deferred tax assets	26.9			24.5
Deferred income tax liabilities:
Unrealized gain on securities	1.1			1.6
Prepaid expenses	1.5			1.4
Fixed assets	3.6			0.5
Deferred income tax liabilities	6.2			3.5
Net deferred tax assets	$	20.7		$	21.0

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.

The Company collected $37.1 million during 2010, relating to the net operating loss of FCStone Group, Inc. for its fiscal year ended August 31, 2009. The Company elected to carry back the net operating loss to recapture taxes paid in the prior two fiscal years.

As of September 30, 2011 and 2010, respectively, the Company has net operating loss carryforwards for foreign and state income tax purposes of $1.9 million and $2.8 million, net of valuation allowances, which are available to offset future state taxable income. The net operating loss carryforwards expire in tax years ending in 2020 through 2030.

The valuation allowance for deferred tax assets as of September 30, 2011 was $3.7 million. The net change in the total valuation allowance for the year ended September 30, 2011 was an increase of $1.1 million. The valuation allowances as of September 30, 2011 and 2010, respectively, were primarily related to state and foreign net operating loss carryforwards that, in the judgment of management, are not more likely than not to be realized. 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. Based on the level of historical taxable income and projections for future taxable income over the state net operating loss carry over periods, management believes that it is more likely than not that the Company will realize the benefit of the carryforwards, net of the existing valuation allowance, in the future.

The Company is party to a tax incentive agreement covering certain Singapore operations. The incentive provides for a concessionary rate of tax for the specific qualifying income. The tax incentive expires in 2015 and is subject to certain conditions with which the Company expects to comply. In fiscal 2011, the first year of the tax incentive, the Company recognized a tax benefit of $0.4 million.

The total amount of undistributed earnings in the Company’s foreign subsidiaries, for income tax purposes, was $75.7 million and $45.9 million as of September 30, 2011 and 2010, respectively. It is the Company’s current intention to reinvest undistributed earnings of its foreign subsidiaries in the foreign jurisdictions, resulting in the indefinite postponement of the remittance of those earnings. Accordingly, no provision has been made for foreign withholding taxes or United States income taxes which may become payable if undistributed earnings of foreign subsidiaries were paid as dividends to the Company. For the same reason, it is not practicable to calculate the unrecognized deferred tax liability on those earnings.

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 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. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:



	Year Ended September 30,
(in millions)	2011		2010		2009
Balance, beginning of year	$	—	$	—	$	—
Gross increases for tax positions related to current year	—		—		—
Gross increases for tax positions related to prior years	0.9		—		—
Gross decreases for tax positions of prior years	—		—		—
Settlements	—		—		—
Lapse of statute of limitations	—		—		—
Balance, end of year	$	0.9	$	—	$	—

Included in the balance of uncertain tax benefits as of September 30, 2011, is $0.8 million of tax benefits that, if recognized, would affect the effective tax rate. While it is expected that the amount of unrecognized tax benefits will change in the next twelve months, the Company does not expect this change to have a material impact on the results of operations or the financial position of the Company.

The Company recognizes accrued interest and penalties as a component of income tax expense. Accrued interest and penalties are included within the related tax liability line in the consolidated balance sheet. Interest, net of federal benefit, and penalties included in the balance as of September 30, 2011 was $0.2 million.

The Company and its subsidiaries file income tax returns with the U.S. federal jurisdiction and various state and foreign jurisdictions. The Internal Revenue Service has commenced an examination of the U.S. income tax return of FCStone for its fiscal year ended August 31, 2009, which was prior to acquisition. FCStone is a wholly-owned subsidiary acquired on September 30, 2009. Additionally, both INTL FCStone Inc. and FCStone are under separate state examinations for various periods, ranging from August 31, 2006 through September 30, 2009.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Paragraph h
-Article 4

Reference 2: http://www.xbrl.org/2003/role/presentationRef
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-Name Statement of Financial Accounting Standard (FAS)
-Number 109
-Paragraph 136, 172
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
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-Name Statement of Financial Accounting Standard (FAS)
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-Paragraph 43, 44, 45, 46, 47, 48, 49
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+ Details

Discontinued Operations	12 Months Ended
Discontinued Operations	Sep. 30, 2011
Discontinued Operations [Abstract]
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]	Discontinued Operations As of December 31, 2009, the Company owned 80% of the shares outstanding of Agora-X, LLC (“Agora”) and the Company’s consolidated balance sheet and income statement as of December 31, 2009, reflected the Company’s consolidation of Agora. On February 12, 2010, the Company and NASDAQ OMX (“NASDAQ”), the noncontrolling interest holder prior to this purchase transaction, signed a restructuring agreement, effective January 1, 2010, whereby NASDAQ acquired an additional 65% interest in Agora in exchange for an investment of $6.6 million. In accordance with the Consolidation Topic of the ASC, since the Company no longer had a controlling financial interest, it deconsolidated the subsidiary from the date of the agreement. The Company retained a 15% noncontrolling ownership interest in Agora. The Company recorded its retained 15% noncontrolling interest under the equity method, in accordance with the guidance in the Investments – Equity Method and Joint Ventures Topic of the ASC. On June 10, 2010, the board of directors of Agora agreed to discontinue the operations of the entity. In evaluating the fair value of the Company’s investment in Agora during the third quarter of fiscal year 2010, it was determined that its carrying value would no longer be recoverable and was in fact impaired. The Company wrote down its investment in Agora to zero, which resulted in a $0.5 million impairment charge. Since the discontinuation of operations of Agora occurred within the one year assessment period, beginning with the Company’s loss of controlling interest, the Company determined that Agora had met the criteria established with the guidance in the Presentation of Financial Statements – Discontinued Operations Topic of the ASC for reporting discontinued operations. In accordance with the guidance, the results of Agora, including the Company’s 15% share of the losses and impairment charge for the remaining investment in Agora from January 1, 2010 through September 30, 2010, were included within discontinued operations, net of tax, on the consolidated income statement for 2010. For fiscal 2010, the Company recorded a pre-tax gain of $1.9 million and a gain, net of tax, of $1.3 million, related to Agora within discontinued operations. During 2011, the Company recognized a gain of $0.2 million, net of taxes, related to the final liquidation of Agora, within discontinued operations. The results of Agora were previously included within the Other segment. In May 2010, the Company sold its interest in INTL Capital Limited ("INTL Capital") to an independent third party for a purchase price equal to book value. The subsidiary operated an asset management business in Dubai. Subsequent to the sale of its subsidiary, the Company liquidated its position in the INTL Trade Finance Fund Limited, a fund managed by INTL Capital. This fund invested primarily in global trade finance-related assets. For 2010 and 2009, the Company recorded losses, net of tax, related to INTL Capital of $0.7 million and $0.5 million, respectively, within discontinued operations. The results of operations for INTL Capital were previously included within the Other segment. In May 2009, the Company agreed to redeem its partnership interest in INTL Consilium, LLC (“INTL Consilium”), effective April 30, 2009. For 2009, the Company recorded losses, net of tax, related to INTL Consilium of $0.6 million, within discontinued operations. The results of INTL Consilium were previously included within the Other segment.

- Definition

The entire disclosure for the facts and circumstances leading to the completed or expected disposal, manner and timing of disposal, the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss), amounts of revenues and pretax profit or loss reported in discontinued operations, the segment in which the disposal group was reported, and the classification (whether sold or classified as held for sale) and carrying value of the assets and liabilities comprising the disposal group. Includes all disposal groups, including those classified as components of the entity (discontinued operations).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 144
-Paragraph 43-48
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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+ Details

Quarterly Financial Information (Unaudited)

12 Months Ended

Sep. 30, 2011

Quarterly Financial Information (Unaudited) [Abstract]

Quarterly Financial Information [Text Block]

Quarterly Financial Information (Unaudited)

The Company has set forth certain quarterly unaudited financial data for the past two years in the tables below:



	For the 2011 Fiscal Quarter Ended
(in millions, except per share amounts)	September 30			June 30		March 31		December 31
Total revenues	24,070.4			20,573.4		14,583.0		16,270.8
Cost of sales of physical commodities	23,962.3			20,468.0		14,470.0		16,174.1
Operating revenues	$	108.1		$	105.4	$	113.0	$	96.7
Interest expense	2.2			2.0		3.3		3.8
Net revenues	105.9			103.4		109.7		92.9
Total non-interest expense	92.9			86.1		86.4		87.0
Income from continuing operations, before tax	13.0			17.3		23.3		5.9
Income tax expense	5.4			7.0		8.0		2.1
Income from continuing operations	7.6			10.3		15.3		3.8
Income from discontinued operations	—			—		—		0.2
Net income	7.6			10.3		15.3		4.0
Add: Net (income) loss attributable to noncontrolling interests	(0.1		)	0.1		0.1		—
Net income attributable to INTL FCStone Inc. common stockholders	$	7.5		$	10.4	$	15.4	$	4.0
Net basic earnings per share	$	0.41		$	0.58	$	0.87	$	0.23
Net diluted earnings per share	$	0.39		$	0.55	$	0.81	$	0.22



	For the 2010 Fiscal Quarter Ended
(in millions, except per share amounts)	September 30			June 30			March 31		December 31
Total revenues	$	15,706.3		$	14,192.4		$	9,054.6	$	7,987.0
Cost of sales of physical commodities	$	15,640.4		$	14,114.2		$	8,989.3	$	7,927.4
Operating revenues	$	65.9		$	78.2		$	65.3	$	59.6
Interest expense	2.4			2.7			2.3		2.5
Net revenues	63.5			75.5			63.0		57.1
Total non-interest expense	68.2			62.1			53.3		57.6
(Loss) income from continuing operations, before tax	(4.7		)	13.4			9.7		(0.5		)
Income tax (benefit) expense	(1.7		)	4.8			3.5		(0.2		)
(Loss) income from continuing operations	(3.0		)	8.6			6.2		(0.3		)
Income (loss) from discontinued operations	1.3			(1.1		)	1.2		(0.8		)
Net (loss) income before extraordinary items	(1.7		)	7.5			7.4		(1.1		)
Extraordinary loss	(2.8		)	(0.8		)	—		(3.4		)
Net (loss) income	(4.5		)	6.7			7.4		(4.5		)
Add: Net loss attributable to noncontrolling interests	—			—			—		0.3
Net (loss) income attributable to INTL FCStone Inc. common stockholders	$	(4.5	)	$	6.7		$	7.4	$	(4.2	)
Net basic (loss) earnings per share	$	(0.26	)	$	0.39		$	0.43	$	(0.25	)
Net diluted (loss) earnings per share	$	(0.26	)	$	0.38		$	0.41	$	(0.25	)

During the fourth quarter of fiscal year 2010, the Company made an adjustment between loss (income) from discontinued operations and extraordinary loss (gain). Additionally, see discussion in Note 18 of purchase accounting adjustments and corrections of immaterial errors that impacted extraordinary loss (gain) for the respective quarters during fiscal year 2010.

- Definition

The entire disclosure for the quarterly financial data in the annual financial statements. The disclosure may include a tabular presentation of financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income or loss before extraordinary items and earnings per share data. It also includes an indication if the information in the note is unaudited, comments on the aggregate effect of year-end adjustments, and an explanation of matters or transactions that affect comparability or are pertinent to an understanding of the information furnished.

+ References + Details

Segment Analysis

12 Months Ended

Sep. 30, 2011

Segment Analysis [Abstract]

Segment Reporting Disclosure [Text Block]

Segment Analysis

The Company reports its operating segments based on services provided to customers. The Company’s activities are divided into the following five functional areas:


•	Commodity and Risk Management Services


•	Foreign Exchange


•	Securities


•	Clearing and Execution Services


•	Other

Commodity and Risk Management Services (C&RM)

The Company serves its commercial customers through its force of approximately 167 risk management consultants with a high value added service that differentiates us from other competitors and maximizes the opportunity to retain customers. The Integrated Risk Management Program ("IRMP®") involves providing customers with commodity risk management consulting services that are designed to develop a customized long term hedging program to help them mitigate their exposure to commodity price risk and maximize the amount and certainty of their operating profits. Customers are assisted in the execution of their hedging strategies through the Company’s exchange-traded futures and options clearing and execution operations and through access to more customized alternatives provided by the OTC trading desk. Generally, customers direct their own trading activity and risk management consultants do not have discretionary authority to transact trades on behalf of customers. When transacting OTC contracts with customers, the Company may offset the customer’s transaction simultaneously with one of its trading counterparties. Alternatively, the OTC trade desk will accept a customer transaction and offset that transaction with a similar but not identical position on the exchange.

In addition, the Company provides a full range of trading and hedging capabilities to select producers, consumers, recyclers and investors in precious metals and certain base metals. Acting as a principal, the Company commits its own capital to buy and sell the metals on a spot and forward basis.

The Company records its physical commodities revenues on a gross basis. Operating revenues and losses from the Company’s commodities derivatives activities are included within ‘trading gains’ in the consolidated income statements. Inventory for the commodities business is valued at the lower of cost or fair value under the provisions of the Inventory Topic of the ASC. The Company generally mitigates the price risk associated with commodities held in inventory through the use of derivatives. The Company does not elect hedge accounting under U.S. GAAP in accounting for this price risk mitigation. In such situations, unrealized gains in inventory are not recognized under U.S. GAAP, but unrealized gains and losses in related derivative positions are recognized under U.S. GAAP. As a result, the Company’s reported earnings from commodities trading may be subject to significant volatility when calculated under U.S. GAAP.

Foreign Exchange

The Company provides treasury, global payment and foreign exchange services to financial institutions, multi-national corporations, government organizations and charitable organizations as well as assisting commercial customers with the execution of foreign exchange hedging strategies. The Company transacts in over 130 currencies and specializes in smaller, more difficult emerging markets where there is limited liquidity. In addition, the Company executes trades based on the foreign currency flows inherent in the Company’s existing business activities. The Company primarily acts as a principal in buying and selling foreign currencies on a spot basis. The Company derives revenue from the difference between the purchase and sale prices.

The Company also provides spot foreign currency trading for a customer base of eligible contract participants and high net worth retail customers as well as operating a proprietary foreign exchange desk which arbitrages the futures and cash markets.

Securities

Through INTL Trading, the Company acts as a wholesale market maker in select foreign securities including unlisted ADRs and foreign ordinary shares. INTL Trading provides execution and liquidity to national broker-dealers, regional broker-dealers and institutional investors.

The Company also originates, structures and places a wide array of emerging market debt instruments in the international and domestic capital markets. These instruments include complex asset backed securities, unsecured bond and loan issues, negotiable notes and other trade-related debt instruments used in cross-border trade finance. On occasions the Company may invest its own capital in debt instruments before selling them. It also actively trades in a variety of international debt instruments.

Clearing and Execution Services (CES)

The Company seeks to provide competitive and efficient clearing and execution of exchange-traded futures and options for the institutional and professional trader market segments. Through its platform, customer orders are accepted and directed to the appropriate exchange for execution. The Company then facilitates the clearing of customers’ transactions. Clearing involves the matching of customers’ trades with the exchange, the collection and management of margin deposits to support the transactions, and the accounting and reporting of the transactions to customers. The Company seeks to leverage its capabilities and capacity by offering facilities management or outsourcing solutions to other FCMs.

Other

This segment consists of the Company’s asset management and commodity financing and facilitation business. The asset management revenues include fees, commissions and other revenues received by the Company for management of third party assets and investment gains or losses on the Company’s investments in funds and proprietary accounts managed either by the Company’s investment managers or by independent investment managers.

The Company operates a commodity financing and facilitation business which provides financing to commercial commodity-related companies against physical inventories, including grain, lumber, meats, energy products and renewable fuels. Sale and repurchase agreements are used to purchase commodities evidenced by warehouse receipts, subject to a simultaneous agreement to sell such commodities back to the original seller at a later date. These transactions are accounted for as product financing arrangements, and accordingly no commodity inventory, purchases or sales are recorded. Additionally, the Company, as a principal, engages in physical purchase and sale transactions related to inputs to the renewable fuels and feed ingredient industries.

********

The total revenues reported combine gross revenues for the physical commodities business and net revenues for all other businesses. In order to reflect the way that the Company’s management views the results, the tables below also reflect 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, clearing and related expenses, variable compensation, introducing broker commissions and interest expense. Variable compensation paid to risk management consultants / traders generally represents a fixed percentage of an amount equal to revenues generated, and in some cases, revenues produced less clearing and related charges, 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, charges, receivables and payables are eliminated upon consolidation, except revenues and costs related to foreign currency transactions undertaken on an arm’s length basis by the foreign exchange trading business for the securities business. The foreign exchange trading business competes for this business as it does for any other business. If its rates are not competitive, the securities businesses buy or sell their foreign currency through other market counterparties.

To conform to the current presentation, the Company has reclassified $2.2 million and $1.7 million, for the fiscal years ended September 30, 2010 and 2009, respectively, of costs not allocated to operating segments as non-variable direct segment costs, impacting reported net segment income. Additionally, to conform to the current presentation, the Company has reclassified $52.8 million of segment assets from CES to Foreign Exchange as of September 30, 2010. On a recurring basis, the Company sweeps excess cash from certain operating segments to a centralized corporate treasury function in exchange for an intercompany receivable asset. The intercompany receivable asset is eliminated during consolidation, and therefore this practice may impact reported total assets between segments.

Information concerning operations in these segments of business is shown in accordance with the Segment Reporting Topic of the ASC as follows:



	Year Ended September 30,
(in millions)	2011		2010		2009
Total revenues:
Commodity and Risk Management Services	$	75,274.1	$	46,785.2	$	43,532.3
Foreign Exchange	59.3		47.5		30.3
Securities	30.5		20.8		39.1
Clearing and Execution Services	66.1		61.8		—
Other	67.2		24.8		3.4
Corporate unallocated	0.4		0.2		(1.4		)
Total	$	75,497.6	$	46,940.3	$	43,603.7
Operating revenues (loss):
Commodity and Risk Management Services	$	252.6	$	129.8	$	19.2
Foreign Exchange	59.3		47.5		30.3
Securities	30.5		20.8		39.1
Clearing and Execution Services	66.1		61.8		—
Other	14.3		8.9		3.4
Corporate unallocated	0.4		0.2		(1.4		)
Total	$	423.2	$	269.0	$	90.6
Net contribution:
(Revenues less cost of sales, clearing and related expenses, variable bonus compensation, introducing broker commissions and interest expense):
Commodity and Risk Management Services	$	151.6	$	70.9	$	10.1
Foreign Exchange	37.1		28.0		20.3
Securities	16.5		11.4		22.9
Clearing and Execution Services	14.3		10.7		—
Other	10.0		7.1		1.2
Total	$	229.5	$	128.1	$	54.5
Net segment income:
(Net contribution less non-variable direct segment costs):
Commodity and Risk Management Services	$	93.5	$	32.8	$	1.7
Foreign Exchange	28.0		21.8		14.7
Securities	1.9		5.6		18.6
Clearing and Execution Services	4.9		1.1		—
Other	5.6		3.7		(0.7		)
Total	$	133.9	$	65.0	$	34.3
Reconciliation of segment income to income from continuing operations, before tax:
Net segment income	$	133.9	$	65.0	$	34.3
Costs not allocated to operating segments	74.4		47.1		21.0
Income from continuing operations, before tax	$	59.5	$	17.9	$	13.3

(in millions)	As of September 30, 2011		As of September 30, 2010
Total assets:
Commodity and Risk Management Services	$	1,540.8	$	1,182.8
Foreign Exchange	146.1		117.6
Securities	104.8		49.5
Clearing and Execution Services	734.4		594.9
Other	43.4		30.8
Corporate unallocated	66.2		46.1
Total	$	2,635.7	$	2,021.7

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 131
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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-Paragraph 35
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-Paragraph 42
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-Name Accounting Standards Codification
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Reference 6: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-Paragraph 31
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 10
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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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+ Details

Subsequent Event	12 Months Ended
Subsequent Event	Sep. 30, 2011
Subsequent Events [Abstract]
Subsequent Events [Text Block]	Subsequent Event On November 25, 2011, INTL FCStone (Europe), the Company's wholly owned subsidiary in the United Kingdom, arranged with the trustee of MF Global's UK operations to acquire the Metals Division of MF Global UK Limited (in special administration). As part of the arrangement, the Company has received assignment of customer accounts and customer account documentation. Additionally, the Company has hired more than 50 professional staff from MF Global's metals trading business based in London. The Company anticipates that a substantial number of the customers of this metals trading operation will elect to become active trading customers of the Company. The purchase price of this transaction is not material to the consolidated financial statements of the Company. The Company expects to allocate equity capital to integrate these brokers and their customers into the Company's operations, through a combination of increased regulatory capital to support the accounts of these customers and increased compensation and related personnel costs for the brokers. The amount of the required capital will primarily depend upon the activity in and balances of the new accounts. As part of this transaction, INTL FCStone (Europe) has received approval from the LME to upgrade its LME Category Two membership to a LME Category One ring dealing membership.

Parent-Only Financial Statements

12 Months Ended

Sep. 30, 2011

Parent-Only Balance Sheet [Abstract]

Condensed Financial Information of Parent Company Only Disclosure [Text Block]

Schedule I

INTL FCStone Inc.

Condensed Balance Sheets

Parent Company Only



(in millions)	September 30, 2011			September 30, 2010
ASSETS
Cash and cash equivalents	$	2.0		$	0.4
Receivables from subsidiaries	43.9			81.2
Income taxes receivable	21.4			7.9
Financial instruments owned, at fair value	3.2			2.8
Investment in subsidiaries	207.9			206.9
Deferred income taxes	0.8			2.5
Property and equipment, net	2.6			—
Goodwill and intangible assets, net	0.3			—
Other assets	3.5			1.6
Total assets	$	285.6		$	303.3
LIABILITIES AND EQUITY
Liabilities:
Accounts payable and other accrued liabilities	$	6.4		$	4.8
Payables to lenders under loans and overdrafts	—			11.9
Financial instruments sold, not yet purchased, at fair value	58.7			60.8
	65.1			77.5
Convertible subordinated notes payable	—			16.7
Total liabilities	65.1			94.2

Equity:
INTL FCStone Inc. (Parent Company Only) stockholders’ equity:
Preferred stock, $.01 par value. Authorized 1,000,000 shares; no shares issued or outstanding	—			—
Common stock, $.01 par value. Authorized 30,000,000 shares; 18,653,964 issued and 18,642,407 outstanding at September 30, 2011 and 17,612,792 issued and 17,601,535 outstanding at September 30, 2010	0.2			0.2
Common stock in treasury, at cost - 11,557 shares at September 30, 2011 and 11,257 shares at September 30, 2010	(0.1		)	(0.1		)
Additional paid-in capital	205.0			184.6
Retained earnings	15.4			25.4
Accumulated other comprehensive loss	—			(1.0		)
Total INTL FCStone Inc. (Parent Company Only) stockholders’ equity	220.5			209.1
Total liabilities and equity	$	285.6		$	303.3

Schedule I

INTL FCStone Inc.

Condensed Income Statements

Parent Company Only



	Year Ended September 30,
(in millions)	2011			2010			2009
Revenues:
Trading gains	$	3.1		$	2.5		$	(2.5	)
Commission and clearing fees	—			0.9			0.3
Interest income	4.3			1.7			0.3
Other income	0.4			13.9			15.1
Total revenues	7.8			19.0			13.2
Interest expense	9.7			6.3			3.9
Net revenues	(1.9		)	12.7			9.3
Non-interest expenses:
Compensation and benefits	8.6			10.2			10.7
Clearing and related expenses	0.1			0.1			0.1
Introducing broker commissions	0.2			0.2			—
Communication and data services	0.5			0.5			0.3
Occupancy and equipment rental	1.2			0.8			0.2
Professional fees	3.8			1.3			0.9
Depreciation and amortization	0.6			—			—
Bad debts and impairments	—			(1.1		)	2.7
Other	(0.5		)	3.1			0.7
Total non-interest expenses	14.5			15.1			15.6
Loss from continuing operations, before tax	(16.4		)	(2.4		)	(6.3		)
Income tax benefit	6.4			5.7			5.1
(Loss) income before extraordinary gain	(10.0		)	3.3			(1.2		)
Extraordinary gain	—			—			18.5
Net (loss) income	$	(10.0	)	$	3.3		$	17.3

Schedule I

INTL FCStone Inc.

Condensed Statements of Cash Flows

Parent Company Only



	Year Ended September 30,
(in millions)	2011			2010			2009
Cash flows from operating activities:
Net (loss) income	$	(10.0	)	$	3.3		$	17.3
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation and amortization	0.6			—			—
Deferred income taxes	1.1			(1.6		)	0.3
Amortization of debt issuance costs and debt discount	0.2			0.2			0.2
Convertible debt interest settled in common stock upon conversion	0.2			—			—
Amortization of stock-based compensation expense	2.3			1.9			1.9
Extraordinary gain on acquisition of FCStone	—			—			(18.5		)
Gain on acquisition of INTL Provident	(0.4		)	—			—
Impairment of INTL Sieramet, LLC	—			(1.1		)	1.1
Changes in operating assets and liabilities:
Receivable from customers	—			—			3.8
Receivables from subsidiaries	35.7			(6.5		)	12.5
Subordinated loan due from affiliate	—			—			1.0
Income taxes receivable	(13.6		)	(0.5		)	(7.4		)
Financial instruments owned, at fair value	(0.4		)	(2.8		)	0.3
Other assets	(0.8		)	(0.3		)	(2.5		)
Accounts payable and other accrued liabilities	1.7			(1.3		)	2.0
Income taxes payable	—			—			(1.0		)
Financial instruments sold, not yet purchased, at fair value	(0.5		)	37.1			(18.3		)
Net cash provided by operating activities	16.1			28.4			(7.3		)
Cash flows from investing activities:
Cash paid for acquisitions, net	—			(5.0		)	(1.4		)
Capital contribution in affiliates	(1.0		)	(0.7		)	—
Purchase of property and equipment	(1.7		)	—			—
Net cash used in investing activities	(2.7		)	(5.7		)	(1.4		)
Cash flows from financing activities:
Payable to lenders under loans and overdrafts	(11.9		)	(23.0		)	3.8
Share repurchase	—			—			(0.1		)
Debt issuance costs	(1.2		)	—			—
Exercise of stock options	1.3			0.7			0.4
Income tax benefit on stock options and awards	—			—			0.3
Net cash provided by (used in) financing activities	(11.8		)	(22.3		)	4.4
Net increase in cash and cash equivalents	1.6			0.4			(4.3		)
Cash and cash equivalents at beginning of period	0.4			—			4.3
Cash and cash equivalents at end of period	$	2.0		$	0.4		$	—
Supplemental disclosure of cash flow information:
Cash paid for interest	$	3.0		$	3.8		$	3.9
Income taxes paid (received), net of cash refunds	$	10.8		$	(1.7	)	$	6.4
Supplemental disclosure of non-cash investing and financing activities:
Conversion of subordinated notes to common stock, net	$	16.7		$	—		$	0.1
Issuance of common stock related to acquisitions	$	—		$	—		$	135.5

- Definition

The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document.

+ References + Details

Valuation and Qualifying Accounts

3 Months Ended

Sep. 30, 2011

Valuation and Qualifying Accounts [Abstract]

Schedule of Valuation and Qualifying Accounts Disclosure [Text Block]

INTL FCStone Inc.

Valuation and Qualifying Accounts



(in millions)			Additions
Those reserves which are deducted in the Consolidated Financial Statements from Receivables	Balance at Beginning of Period		Charged to Costs and Expenses		Charged to Other Accounts			Deductions			Balance at End of Period
Fiscal Year Ended September 30, 2011:
Allowance for doubtful accounts and notes	$	119.2	$	3.5	$	2.5		$	(113.3	)	$	11.9
Fiscal Year Ended September 30, 2010:
Allowance for doubtful accounts and notes	$	123.4	$	1.6	$	—	—	$	(5.8	)	$	119.2
Fiscal Year Ended September 30, 2009:
Allowance for doubtful accounts and notes ⁽¹⁾	$	—	$	—	$	123.4		$	—		$	123.4


(1)	In connection with the acquisition of FCStone Group, Inc. effective on September 30, 2009, after applying purchase accounting, the Company recorded receivables and notes receivable from customers of $30.6 million, net of allowance for doubtful accounts and notes of $123.4 million.